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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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Monday, 24 October 11
CAPESIZE RENTAL RATES RISE FOR THIRD DAY AS MORE SHIPS HIRED - HELLENIC SHIPPING
Rates to hire capesize vessels advanced for a third day on signs of increased demand to transport iron ore, used to make steel.Daily rates for the s ...
Sunday, 23 October 11
CHINA LOOKING TO RESELL INDONESIAN COAL CARGOES - BARCLAYS
Commodity Online reported that, Anecdotal evidence has suggested that China is even looking to resell Indonesian cargoes back into the seaborne coal ...
Saturday, 22 October 11
THE SHORT-PERIOD RATES FOR PANAMAX REMAINED FIRM - CAPT. REDDY
COALspot.com - "The market seemed to slow down a bit this week, and all sectors were down by about One to five percent", said Capt. Reddy, ...
Saturday, 22 October 11
WILL THE PROPOSED 26 PERCENT PROFIT SHARING CLAUSE IN THE MINING BILL SPEED UP THE PRODUCTION OR SCARE AWAY INVESTORS? - DIPESH DIPU
A draft law has been approved by a ministerial panel headed by Finance Minister Pranab Mukherjee of India which, if passed by the Cabinet, will make ...
Saturday, 22 October 11
INDONESIA'S GOLDEN ENERGY SLASHES ITS IPO PRICE - THE JAKARTA GLOBE
The Jakarta Globe reported that, Golden Energy Mines, a coal mining company affiliated with Sinar Mas Group, lowered its target in an initial public ...
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- MS Steel International - UAE
- Uttam Galva Steels Limited - India
- Semirara Mining Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Orica Australia Pty. Ltd.
- Kaltim Prima Coal - Indonesia
- Bangladesh Power Developement Board
- Singapore Mercantile Exchange
- Toyota Tsusho Corporation, Japan
- Coal and Oil Company - UAE
- Power Finance Corporation Ltd., India
- Directorate Of Revenue Intelligence - India
- Central Java Power - Indonesia
- Tamil Nadu electricity Board
- Timah Investasi Mineral - Indoneisa
- Coalindo Energy - Indonesia
- The Treasury - Australian Government
- Mjunction Services Limited - India
- Economic Council, Georgia
- Siam City Cement PLC, Thailand
- Bhoruka Overseas - Indonesia
- Energy Development Corp, Philippines
- GVK Power & Infra Limited - India
- Kideco Jaya Agung - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Kohat Cement Company Ltd. - Pakistan
- Meenaskhi Energy Private Limited - India
- Chettinad Cement Corporation Ltd - India
- South Luzon Thermal Energy Corporation
- Binh Thuan Hamico - Vietnam
- Indo Tambangraya Megah - Indonesia
- Edison Trading Spa - Italy
- Bhushan Steel Limited - India
- Siam City Cement - Thailand
- Billiton Holdings Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- Kartika Selabumi Mining - Indonesia
- Indika Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Bukit Makmur.PT - Indonesia
- Star Paper Mills Limited - India
- Indogreen Group - Indonesia
- Sojitz Corporation - Japan
- Indian Energy Exchange, India
- Merrill Lynch Commodities Europe
- GAC Shipping (India) Pvt Ltd
- Posco Energy - South Korea
- Deloitte Consulting - India
- Iligan Light & Power Inc, Philippines
- Heidelberg Cement - Germany
- Global Green Power PLC Corporation, Philippines
- Attock Cement Pakistan Limited
- Miang Besar Coal Terminal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- SMG Consultants - Indonesia
- Thiess Contractors Indonesia
- Carbofer General Trading SA - India
- McConnell Dowell - Australia
- White Energy Company Limited
- Vedanta Resources Plc - India
- Neyveli Lignite Corporation Ltd, - India
- Aditya Birla Group - India
- PetroVietnam Power Coal Import and Supply Company
- CNBM International Corporation - China
- Leighton Contractors Pty Ltd - Australia
- Meralco Power Generation, Philippines
- Ind-Barath Power Infra Limited - India
- OPG Power Generation Pvt Ltd - India
- Chamber of Mines of South Africa
- Antam Resourcindo - Indonesia
- Thai Mozambique Logistica
- Standard Chartered Bank - UAE
- Cement Manufacturers Association - India
- Electricity Generating Authority of Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karbindo Abesyapradhi - Indoneisa
- Larsen & Toubro Limited - India
- Orica Mining Services - Indonesia
- The University of Queensland
- Kumho Petrochemical, South Korea
- Intertek Mineral Services - Indonesia
- Altura Mining Limited, Indonesia
- Sical Logistics Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bhatia International Limited - India
- Petron Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Ministry of Mines - Canada
- Mintek Dendrill Indonesia
- ICICI Bank Limited - India
- Barasentosa Lestari - Indonesia
- Energy Link Ltd, New Zealand
- Africa Commodities Group - South Africa
- Rashtriya Ispat Nigam Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Borneo Indobara - Indonesia
- Banpu Public Company Limited - Thailand
- Malabar Cements Ltd - India
- Australian Coal Association
- Coastal Gujarat Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Videocon Industries ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Electricity Authority, New Zealand
- Dalmia Cement Bharat India
- Madhucon Powers Ltd - India
- Manunggal Multi Energi - Indonesia
- Medco Energi Mining Internasional
- Ceylon Electricity Board - Sri Lanka
- Minerals Council of Australia
- IHS Mccloskey Coal Group - USA
- PNOC Exploration Corporation - Philippines
- Oldendorff Carriers - Singapore
- Salva Resources Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Eastern Energy - Thailand
- Renaissance Capital - South Africa
- Jaiprakash Power Ventures ltd
- New Zealand Coal & Carbon
- Maharashtra Electricity Regulatory Commission - India
- Agrawal Coal Company - India
- Grasim Industreis Ltd - India
- Aboitiz Power Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Ministry of Finance - Indonesia
- Eastern Coal Council - USA
- Ambuja Cements Ltd - India
- Maheswari Brothers Coal Limited - India
- Global Business Power Corporation, Philippines
- GMR Energy Limited - India
- Mercuria Energy - Indonesia
- Romanian Commodities Exchange
- CIMB Investment Bank - Malaysia
- San Jose City I Power Corp, Philippines
- Xindia Steels Limited - India
- Tata Chemicals Ltd - India
- Mercator Lines Limited - India
- Formosa Plastics Group - Taiwan
- Central Electricity Authority - India
- Australian Commodity Traders Exchange
- Kalimantan Lumbung Energi - Indonesia
- Latin American Coal - Colombia
- Globalindo Alam Lestari - Indonesia
- Riau Bara Harum - Indonesia
- SN Aboitiz Power Inc, Philippines
- Price Waterhouse Coopers - Russia
- AsiaOL BioFuels Corp., Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Simpson Spence & Young - Indonesia
- Rio Tinto Coal - Australia
- Lanco Infratech Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Kobexindo Tractors - Indoneisa
- Bharathi Cement Corporation - India
- Commonwealth Bank - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Sakthi Sugars Limited - India
- International Coal Ventures Pvt Ltd - India
- Anglo American - United Kingdom
- Wilmar Investment Holdings
- PowerSource Philippines DevCo
- Interocean Group of Companies - India
- The State Trading Corporation of India Ltd
- Essar Steel Hazira Ltd - India
- European Bulk Services B.V. - Netherlands
- Metalloyd Limited - United Kingdom
- Indonesian Coal Mining Association
- Jorong Barutama Greston.PT - Indonesia
- Baramulti Group, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Trasteel International SA, Italy
- Parliament of New Zealand
- Semirara Mining and Power Corporation, Philippines
- Goldman Sachs - Singapore
- ASAPP Information Group - India
- Samtan Co., Ltd - South Korea
- Cigading International Bulk Terminal - Indonesia
- Sarangani Energy Corporation, Philippines
- Gujarat Sidhee Cement - India
- Global Coal Blending Company Limited - Australia
- Georgia Ports Authority, United States
- Alfred C Toepfer International GmbH - Germany
- Indian Oil Corporation Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Wood Mackenzie - Singapore
- Ministry of Transport, Egypt
- Parry Sugars Refinery, India
- London Commodity Brokers - England
- Kepco SPC Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Makarim & Taira - Indonesia
- Port Waratah Coal Services - Australia
- TeaM Sual Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Therma Luzon, Inc, Philippines
- Vizag Seaport Private Limited - India
- Marubeni Corporation - India
- VISA Power Limited - India
- LBH Netherlands Bv - Netherlands
- Bayan Resources Tbk. - Indonesia
- Bukit Baiduri Energy - Indonesia
- PTC India Limited - India
- Sinarmas Energy and Mining - Indonesia
- Kapuas Tunggal Persada - Indonesia
- SMC Global Power, Philippines
- Sindya Power Generating Company Private Ltd
- Holcim Trading Pte Ltd - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Planning Commission, India
- Gujarat Electricity Regulatory Commission - India
- Straits Asia Resources Limited - Singapore
- India Bulls Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Independent Power Producers Association of India
- IEA Clean Coal Centre - UK
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