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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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Wednesday, 12 October 11
INDONESIAS COAL RUSH - JOSEPH KIRSCHKE
COALspot.com - Last winter, the Chinese government mobilized thousands of soldiers and reservists of the People’s Liberation Army to the port ...
Wednesday, 12 October 11
CAPESIZE - A SURPRISE JUMP IN RATES - BRS
There was a surge across all sizes last week, resulting in the BDI gaining 101 points to end the week at 2,000 points (+5.3%). The BCI reached 3,218 ...
Wednesday, 12 October 11
CAPESIZE FREIGHT RATES BOUND TO RETREAT FROM 2011 HIGHS ON THE BACK OF TONNAGE OVERSUPPLY SAYS BIMCO
According to Nikos Roussanoglou, Hellenic Shipping, with the BDI (Baltic Dry Index) breaking yet another 2011 high yesterday and ending the se ...
Tuesday, 11 October 11
GLENCORE, SUITOR FOR BUMI PLC? - INSIDER STORIES
Insider Stories reported that, the largest commodities trader in the world, Glencore International Plc, is considering an opportunity to acquire a m ...
Tuesday, 11 October 11
RENUKA COALINDO BUYS JAMBI COAL
PT Renuka Coalindo Tbk, formerly PT Allbond Makmur Usaha Tbk plans to acquire PT Jambi Prima Coal holder of mining concession in Pauh, Sa ...
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- Simpson Spence & Young - Indonesia
- Kideco Jaya Agung - Indonesia
- Planning Commission, India
- Barasentosa Lestari - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- GVK Power & Infra Limited - India
- IHS Mccloskey Coal Group - USA
- Maheswari Brothers Coal Limited - India
- Chettinad Cement Corporation Ltd - India
- Essar Steel Hazira Ltd - India
- Australian Coal Association
- Mercuria Energy - Indonesia
- Malabar Cements Ltd - India
- Coal and Oil Company - UAE
- Tata Chemicals Ltd - India
- Orica Australia Pty. Ltd.
- Minerals Council of Australia
- Kaltim Prima Coal - Indonesia
- Central Java Power - Indonesia
- Energy Development Corp, Philippines
- TeaM Sual Corporation - Philippines
- Tamil Nadu electricity Board
- Orica Mining Services - Indonesia
- Power Finance Corporation Ltd., India
- Straits Asia Resources Limited - Singapore
- Videocon Industries ltd - India
- Meenaskhi Energy Private Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Formosa Plastics Group - Taiwan
- Semirara Mining and Power Corporation, Philippines
- Economic Council, Georgia
- GAC Shipping (India) Pvt Ltd
- Indian Energy Exchange, India
- Kepco SPC Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Ministry of Finance - Indonesia
- Medco Energi Mining Internasional
- TNB Fuel Sdn Bhd - Malaysia
- Altura Mining Limited, Indonesia
- Bhoruka Overseas - Indonesia
- San Jose City I Power Corp, Philippines
- Vizag Seaport Private Limited - India
- Baramulti Group, Indonesia
- London Commodity Brokers - England
- Singapore Mercantile Exchange
- Bharathi Cement Corporation - India
- Kobexindo Tractors - Indoneisa
- Trasteel International SA, Italy
- CIMB Investment Bank - Malaysia
- GMR Energy Limited - India
- Holcim Trading Pte Ltd - Singapore
- Posco Energy - South Korea
- Latin American Coal - Colombia
- McConnell Dowell - Australia
- Georgia Ports Authority, United States
- Banpu Public Company Limited - Thailand
- Heidelberg Cement - Germany
- Ministry of Mines - Canada
- South Luzon Thermal Energy Corporation
- The Treasury - Australian Government
- Star Paper Mills Limited - India
- PowerSource Philippines DevCo
- PNOC Exploration Corporation - Philippines
- Deloitte Consulting - India
- Renaissance Capital - South Africa
- Gujarat Sidhee Cement - India
- GN Power Mariveles Coal Plant, Philippines
- Cigading International Bulk Terminal - Indonesia
- Goldman Sachs - Singapore
- Commonwealth Bank - Australia
- Electricity Generating Authority of Thailand
- The University of Queensland
- Merrill Lynch Commodities Europe
- IEA Clean Coal Centre - UK
- Mercator Lines Limited - India
- Vedanta Resources Plc - India
- Miang Besar Coal Terminal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- PTC India Limited - India
- Intertek Mineral Services - Indonesia
- Sarangani Energy Corporation, Philippines
- Indonesian Coal Mining Association
- Bhatia International Limited - India
- Attock Cement Pakistan Limited
- SMG Consultants - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Directorate Of Revenue Intelligence - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bayan Resources Tbk. - Indonesia
- Thai Mozambique Logistica
- SN Aboitiz Power Inc, Philippines
- Electricity Authority, New Zealand
- SMC Global Power, Philippines
- Bangladesh Power Developement Board
- Ind-Barath Power Infra Limited - India
- European Bulk Services B.V. - Netherlands
- MS Steel International - UAE
- Indogreen Group - Indonesia
- Parliament of New Zealand
- Aditya Birla Group - India
- Karaikal Port Pvt Ltd - India
- ICICI Bank Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Eastern Energy - Thailand
- Manunggal Multi Energi - Indonesia
- White Energy Company Limited
- Indo Tambangraya Megah - Indonesia
- Leighton Contractors Pty Ltd - Australia
- AsiaOL BioFuels Corp., Philippines
- Sree Jayajothi Cements Limited - India
- Kumho Petrochemical, South Korea
- Alfred C Toepfer International GmbH - Germany
- Marubeni Corporation - India
- Globalindo Alam Lestari - Indonesia
- Madhucon Powers Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Agrawal Coal Company - India
- Coastal Gujarat Power Limited - India
- Riau Bara Harum - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Petron Corporation, Philippines
- CNBM International Corporation - China
- Africa Commodities Group - South Africa
- Parry Sugars Refinery, India
- Sical Logistics Limited - India
- Global Business Power Corporation, Philippines
- Meralco Power Generation, Philippines
- New Zealand Coal & Carbon
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bulk Trading Sa - Switzerland
- Siam City Cement - Thailand
- Metalloyd Limited - United Kingdom
- Salva Resources Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Interocean Group of Companies - India
- Pipit Mutiara Jaya. PT, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Lanco Infratech Ltd - India
- Ministry of Transport, Egypt
- Indika Energy - Indonesia
- Cement Manufacturers Association - India
- Makarim & Taira - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Wood Mackenzie - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Grasim Industreis Ltd - India
- Therma Luzon, Inc, Philippines
- Dalmia Cement Bharat India
- Thiess Contractors Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Standard Chartered Bank - UAE
- VISA Power Limited - India
- Larsen & Toubro Limited - India
- LBH Netherlands Bv - Netherlands
- Coalindo Energy - Indonesia
- Sakthi Sugars Limited - India
- Sojitz Corporation - Japan
- Eastern Coal Council - USA
- Siam City Cement PLC, Thailand
- Antam Resourcindo - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Central Electricity Authority - India
- Borneo Indobara - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bhushan Steel Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Savvy Resources Ltd - HongKong
- Romanian Commodities Exchange
- Uttam Galva Steels Limited - India
- Sindya Power Generating Company Private Ltd
- Independent Power Producers Association of India
- Mjunction Services Limited - India
- Wilmar Investment Holdings
- Gujarat Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- Petrochimia International Co. Ltd.- Taiwan
- Rio Tinto Coal - Australia
- Energy Link Ltd, New Zealand
- Samtan Co., Ltd - South Korea
- Global Coal Blending Company Limited - Australia
- Oldendorff Carriers - Singapore
- International Coal Ventures Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Iligan Light & Power Inc, Philippines
- Binh Thuan Hamico - Vietnam
- India Bulls Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Australian Commodity Traders Exchange
- Bukit Makmur.PT - Indonesia
- Xindia Steels Limited - India
- Port Waratah Coal Services - Australia
- ASAPP Information Group - India
- Kapuas Tunggal Persada - Indonesia
- OPG Power Generation Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Ambuja Cements Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Anglo American - United Kingdom
- Carbofer General Trading SA - India
- Asmin Koalindo Tuhup - Indonesia
- Chamber of Mines of South Africa
- Aboitiz Power Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Indian Oil Corporation Limited
- Bukit Baiduri Energy - Indonesia
- The State Trading Corporation of India Ltd
- Edison Trading Spa - Italy
- Mintek Dendrill Indonesia
- Semirara Mining Corp, Philippines
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