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Saturday, 01 October 11
2012 TO BE ANOTHER CHALLENGING YEAR - CEO, REMI MARITIME
 Shipowners are facing another challenging year in 2012 said Mr. Leonidas Polemis CEO of Remi Maritime Corporation, urging caution towards operating costs, limited investments and control over chartering orders. He was among the speakers of a conference organized in Athens this week and titled: “Shipping Today & Tomorrow -International Developments, Trends and Investments in the Greek and International Shipping-Tourism Market”. According to Mr. Polemis the market will begin its comeback during 2013 or even 2014, provided that no more newbuilding orders are placed.
On the issue of shipping finance, Mr. George Gourdomichalis, head of G. Bros Maritime mentioned that things are getting more and more difficult for the backbone of the Hellenic maritime industry, which is comprised of 600-700 small and medium-sized family shipping companies, owning and managing fleets of about 6 vessels each. He also stated that ship values have dropped, which means that the cost of financing is also being increased, given that since the start of 2009, banks have been increasing speads even in older loan deals, while they are also providing finance only to their older clients.
Speaking on the same matter, Mr. Michalis Bodouroglou, President and CEO of New York-listed Paragon Shipping said that ship values are falling, the risk is high compared to the value and there is limited liquidity. On the other hand, as he stressed, the current crisis creates opportunities and businesses with strong balances will emerge reinforced from this situation and will grow even more. Mr. Bodouroglou also provided with a positive note regarding the current difficulties in securing financing, since the reduction in numbers of newbuilding orders, maximizes the prospects of developing the current ones.
An issue which has risen recently revolves around the Hellenic shipowners’ stance towards the country’s troubled economy. Mr. Polemis said that Hellenic shipowners could invest in other sectors of the country’s economy (some are already doing exactly that), like tourism, ports, green energy, natural gas and oil. Still, besides the patriotism they have exhibited they aren’t any different from most investors, in the fact that the Hellenic economy is lacking in institutional and legislative frameworks necessary to attract invesments and a bad public sector. Speaking on the matter, Mr. Bodouroglou said that the Hellenic shipowners are staying in Hellas by choice and ask nothing in return from the State. Hellas is a maritime centre. All banks, all shipbrokers and all shipbuilders are located here. According to Mr. Gourdomichalis, the presence of the country’s maritime industry provides the State with power and prestige when speaking with its piers and investors. Hellenic Shipping represents a market share greated than 50% of the EU and nearly 20% worldwide. It’s the No1 pillar of the country’s economy, with current account balance of over 140 billion euros during the past decade he said.
Mr. Alexandros Tourkolias, deputy CEO of NBG (National Bank of Greece) spoke about the international financial crisis and its implications on shipping, pointing out to the rise of the cost of money, as one of the key problems faced by shipowners and shipping companies. Mr. Tourkolias also talked about the significant improvement of the average age of the Hellenic fleet, which has fallen from 22 years old back in the early 90s to only 15 years old today. Finally, he said that the current debt crisis is causing banks to adopt more cautious strategies in terms of providing loans, while they are also limiting their available capital, ahead of probable recapitalizations.
Mr. Antonis Lamnidis, senior executive with HSBC said that shipping financing has upward and downward cycles, mentioning that the Hellenic shipping industry is in good state, having placed orders for 600 newbuilding vessels, of a total value of $7.5 billion.
Mr. George Xiradakis, CEO of XRTC Business Consultants talked about the growing role and importance that Chinese banks could have in the country’s shipping, helping shipowners in a decisive matter. Having extensive knowledge of the Chinese banking market, Mr. Xiradakis said that the country’s banks are internationalizing and investing heavily in whatever they can get their hands on both in Europe and in Africa. In terms of shipping finance they have increased their exposure providing loans for deals worth $89.3 billion, out of the total of $470 billion. He concluded by saying that Chinese banks are entering the global market with ambitions. The secret to do business with them is to be patient and have large investment projects in place said Mr. Xiradakis.
Speaking on the matter from a banking point of view, Mr. Ted Petropoulos, managing director of Petrofin Research said that uncertainty is the main ingredient in the course of the global financial activity. “The international banking system is facing serious liquidity problems, which in turn impacts its decision for investments” said Mr. Petropoulos. He concluded his speech by saying that the fact that the crisis have been made clear to all players of the global economy, gives reason for optimism, regarding its successful resolvement.
Source: Nikos Roussanoglou, Hellenic Shipping
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Friday, 28 October 11
RISING COAL PRICES TO WORSEN CHINA'S WINTER POWER CRUNCH - CRI ENGLISH
CRI English reported that, the rising price of coal is fueling concerns about a power crunch set to plague China this winter, analysts said.
The ...
Thursday, 27 October 11
CAPESIZE REACHING NEW HIGHS - FEARNLEYS
Handy
Pacific market has mixed sentiments with tonnages fixed at firm levels and some tonnages in feast failing on subs.For indo-india, large eco ...
Thursday, 27 October 11
DRY BULK MARKET EDGES DOWN AS CHINAS IRON ORE DEMAND LOSES GROUND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
A plunge in Chinese iron ore demand, as a result of high steel inventories and a bleak outlook regarding steel prices, has prompted the dry bulk mar ...
Thursday, 27 October 11
BUKIT ASAM 3Q PROFIT SURGES 66.91%
Insider Stories reported that, the state-controlled coal miner PT Bukit Asam Tbk (PTBA) experienced a 66.91% increase in its net profit during a per ...
Wednesday, 26 October 11
MOODYS SEES MORE GROWTH FOR INDONESIAN COAL MINERS - THE JAKARTA GLOBE
The Jakarta Globe reported that, Indonesia’s coal mining industry looks set to grow despite an uncertain global economic outlook, according to ...
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- Wilmar Investment Holdings
- Standard Chartered Bank - UAE
- IHS Mccloskey Coal Group - USA
- Kapuas Tunggal Persada - Indonesia
- MS Steel International - UAE
- AsiaOL BioFuels Corp., Philippines
- Eastern Energy - Thailand
- Chamber of Mines of South Africa
- Parry Sugars Refinery, India
- Goldman Sachs - Singapore
- Commonwealth Bank - Australia
- Meralco Power Generation, Philippines
- IEA Clean Coal Centre - UK
- Antam Resourcindo - Indonesia
- Bukit Makmur.PT - Indonesia
- Vedanta Resources Plc - India
- Global Green Power PLC Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Sree Jayajothi Cements Limited - India
- Manunggal Multi Energi - Indonesia
- Ministry of Transport, Egypt
- SN Aboitiz Power Inc, Philippines
- Vizag Seaport Private Limited - India
- Gujarat Sidhee Cement - India
- Krishnapatnam Port Company Ltd. - India
- Georgia Ports Authority, United States
- Parliament of New Zealand
- Minerals Council of Australia
- PetroVietnam Power Coal Import and Supply Company
- Aditya Birla Group - India
- Electricity Authority, New Zealand
- Bharathi Cement Corporation - India
- Kohat Cement Company Ltd. - Pakistan
- Iligan Light & Power Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- The State Trading Corporation of India Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Essar Steel Hazira Ltd - India
- Salva Resources Pvt Ltd - India
- Carbofer General Trading SA - India
- The University of Queensland
- Indo Tambangraya Megah - Indonesia
- VISA Power Limited - India
- Thiess Contractors Indonesia
- Thai Mozambique Logistica
- Heidelberg Cement - Germany
- Ambuja Cements Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- TNB Fuel Sdn Bhd - Malaysia
- London Commodity Brokers - England
- New Zealand Coal & Carbon
- Orica Australia Pty. Ltd.
- Edison Trading Spa - Italy
- Rio Tinto Coal - Australia
- Bhoruka Overseas - Indonesia
- Mercuria Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Mintek Dendrill Indonesia
- Videocon Industries ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indian Energy Exchange, India
- The Treasury - Australian Government
- Merrill Lynch Commodities Europe
- Marubeni Corporation - India
- GVK Power & Infra Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Independent Power Producers Association of India
- Deloitte Consulting - India
- Aboitiz Power Corporation - Philippines
- Indika Energy - Indonesia
- Riau Bara Harum - Indonesia
- European Bulk Services B.V. - Netherlands
- Ministry of Mines - Canada
- Kumho Petrochemical, South Korea
- SMG Consultants - Indonesia
- Bangladesh Power Developement Board
- Toyota Tsusho Corporation, Japan
- Formosa Plastics Group - Taiwan
- Semirara Mining Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Sakthi Sugars Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Coal and Oil Company - UAE
- Intertek Mineral Services - Indonesia
- Larsen & Toubro Limited - India
- Coalindo Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- CNBM International Corporation - China
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- PTC India Limited - India
- Electricity Generating Authority of Thailand
- Lanco Infratech Ltd - India
- Bhushan Steel Limited - India
- Makarim & Taira - Indonesia
- India Bulls Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Indogreen Group - Indonesia
- Barasentosa Lestari - Indonesia
- Baramulti Group, Indonesia
- Kartika Selabumi Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- Sinarmas Energy and Mining - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Dalmia Cement Bharat India
- Karbindo Abesyapradhi - Indoneisa
- Banpu Public Company Limited - Thailand
- Meenaskhi Energy Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bulk Trading Sa - Switzerland
- Star Paper Mills Limited - India
- Metalloyd Limited - United Kingdom
- Globalindo Alam Lestari - Indonesia
- Price Waterhouse Coopers - Russia
- Borneo Indobara - Indonesia
- GMR Energy Limited - India
- Attock Cement Pakistan Limited
- Timah Investasi Mineral - Indoneisa
- South Luzon Thermal Energy Corporation
- Malabar Cements Ltd - India
- Planning Commission, India
- Siam City Cement PLC, Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Agrawal Coal Company - India
- Africa Commodities Group - South Africa
- White Energy Company Limited
- Mjunction Services Limited - India
- Central Java Power - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Coastal Gujarat Power Limited - India
- Oldendorff Carriers - Singapore
- Petron Corporation, Philippines
- Tata Chemicals Ltd - India
- ICICI Bank Limited - India
- Indonesian Coal Mining Association
- Sarangani Energy Corporation, Philippines
- Mercator Lines Limited - India
- Simpson Spence & Young - Indonesia
- Sical Logistics Limited - India
- Australian Commodity Traders Exchange
- Pendopo Energi Batubara - Indonesia
- Jindal Steel & Power Ltd - India
- Economic Council, Georgia
- Cement Manufacturers Association - India
- Jaiprakash Power Ventures ltd
- Power Finance Corporation Ltd., India
- Savvy Resources Ltd - HongKong
- Posco Energy - South Korea
- Karaikal Port Pvt Ltd - India
- Medco Energi Mining Internasional
- Bahari Cakrawala Sebuku - Indonesia
- Uttam Galva Steels Limited - India
- Asmin Koalindo Tuhup - Indonesia
- SMC Global Power, Philippines
- Singapore Mercantile Exchange
- Straits Asia Resources Limited - Singapore
- LBH Netherlands Bv - Netherlands
- Holcim Trading Pte Ltd - Singapore
- Directorate Of Revenue Intelligence - India
- Miang Besar Coal Terminal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Indian Oil Corporation Limited
- Port Waratah Coal Services - Australia
- PNOC Exploration Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Energy Development Corp, Philippines
- Latin American Coal - Colombia
- Grasim Industreis Ltd - India
- Chettinad Cement Corporation Ltd - India
- Energy Link Ltd, New Zealand
- Sojitz Corporation - Japan
- McConnell Dowell - Australia
- OPG Power Generation Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Global Coal Blending Company Limited - Australia
- Tamil Nadu electricity Board
- Jorong Barutama Greston.PT - Indonesia
- Orica Mining Services - Indonesia
- Trasteel International SA, Italy
- Renaissance Capital - South Africa
- Binh Thuan Hamico - Vietnam
- Sindya Power Generating Company Private Ltd
- Interocean Group of Companies - India
- Cigading International Bulk Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- TeaM Sual Corporation - Philippines
- Ministry of Finance - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- San Jose City I Power Corp, Philippines
- Xindia Steels Limited - India
- Romanian Commodities Exchange
- Siam City Cement - Thailand
- Wood Mackenzie - Singapore
- Kobexindo Tractors - Indoneisa
- PowerSource Philippines DevCo
- Maheswari Brothers Coal Limited - India
- ASAPP Information Group - India
- Semirara Mining and Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Central Electricity Authority - India
- Bhatia International Limited - India
- Australian Coal Association
- Eastern Coal Council - USA
- Kideco Jaya Agung - Indonesia
- Global Business Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Kalimantan Lumbung Energi - Indonesia
- Madhucon Powers Ltd - India
- CIMB Investment Bank - Malaysia
- Anglo American - United Kingdom
- Pipit Mutiara Jaya. PT, Indonesia
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