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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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Tuesday, 27 September 11
A STRONG REBOUND FOR THE CAPE MARKET - BRS
A strong rebound for the Cape market, as cargoes continued to flow into the market and tonnage remained tight in the Atlantic, according to Barry Ro ...
Tuesday, 27 September 11
INTRACO SEALS US$25.3 MIO ORDER - INSIDER STORIES
Insider Stories reported that, Heavy equipment distributor PT Intraco Penta Tbk (INTA) obtained a US$25.3 million order on hand of heavy equipments ...
Sunday, 25 September 11
THE CHARTER RATES FOR INDONESIA TO INDIA WAS FIRM - VISTAAR
COALspot.com - The freight market moved up sharply with the cape Index up by 11 pct pushing the BDI by almost 6 pct and closing at 1,920 point ...
Saturday, 24 September 11
GOVT PLANS TO RENEGOTIATE ALL CONTRACTS INCLUDING FREEPORT - JP
The Jakarta Post reported that, the Energy and Mineral Resources Ministry has confirmed plans to renegotiate all mining contracts including those wi ...
Friday, 23 September 11
ICMA TO BUILD UPGRADE FACILITIES TO ANTICIPATE BAN ON LOW-GRADE COAL EXPORT BY 2014
COALspot.com - January to August of this year, Indonesia’s coal production had already reached 235 million tons. Earlier estimates had targete ...
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- Neyveli Lignite Corporation Ltd, - India
- Bukit Makmur.PT - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Commonwealth Bank - Australia
- Semirara Mining Corp, Philippines
- Energy Development Corp, Philippines
- Riau Bara Harum - Indonesia
- GMR Energy Limited - India
- Vedanta Resources Plc - India
- Bayan Resources Tbk. - Indonesia
- Jaiprakash Power Ventures ltd
- Kobexindo Tractors - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- Attock Cement Pakistan Limited
- GN Power Mariveles Coal Plant, Philippines
- OPG Power Generation Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Eastern Energy - Thailand
- San Jose City I Power Corp, Philippines
- Mintek Dendrill Indonesia
- Bhushan Steel Limited - India
- Interocean Group of Companies - India
- Minerals Council of Australia
- Coalindo Energy - Indonesia
- Merrill Lynch Commodities Europe
- Dalmia Cement Bharat India
- Rio Tinto Coal - Australia
- Kumho Petrochemical, South Korea
- Georgia Ports Authority, United States
- Videocon Industries ltd - India
- Grasim Industreis Ltd - India
- International Coal Ventures Pvt Ltd - India
- Central Electricity Authority - India
- Cement Manufacturers Association - India
- Sinarmas Energy and Mining - Indonesia
- Coastal Gujarat Power Limited - India
- ASAPP Information Group - India
- Iligan Light & Power Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Formosa Plastics Group - Taiwan
- Straits Asia Resources Limited - Singapore
- Borneo Indobara - Indonesia
- Larsen & Toubro Limited - India
- White Energy Company Limited
- Parry Sugars Refinery, India
- Sakthi Sugars Limited - India
- Maheswari Brothers Coal Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Global Green Power PLC Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Africa Commodities Group - South Africa
- Cigading International Bulk Terminal - Indonesia
- Aditya Birla Group - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bangladesh Power Developement Board
- Kohat Cement Company Ltd. - Pakistan
- Xindia Steels Limited - India
- Therma Luzon, Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ambuja Cements Ltd - India
- Global Coal Blending Company Limited - Australia
- Sarangani Energy Corporation, Philippines
- India Bulls Power Limited - India
- LBH Netherlands Bv - Netherlands
- Mjunction Services Limited - India
- Ministry of Finance - Indonesia
- IHS Mccloskey Coal Group - USA
- Maharashtra Electricity Regulatory Commission - India
- Petrochimia International Co. Ltd.- Taiwan
- Ceylon Electricity Board - Sri Lanka
- GAC Shipping (India) Pvt Ltd
- SN Aboitiz Power Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Goldman Sachs - Singapore
- Bharathi Cement Corporation - India
- Gujarat Sidhee Cement - India
- Intertek Mineral Services - Indonesia
- Simpson Spence & Young - Indonesia
- Energy Link Ltd, New Zealand
- Barasentosa Lestari - Indonesia
- Mercuria Energy - Indonesia
- Wilmar Investment Holdings
- Standard Chartered Bank - UAE
- Miang Besar Coal Terminal - Indonesia
- Agrawal Coal Company - India
- Latin American Coal - Colombia
- Planning Commission, India
- Makarim & Taira - Indonesia
- Global Business Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- The State Trading Corporation of India Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indian Energy Exchange, India
- Globalindo Alam Lestari - Indonesia
- PTC India Limited - India
- Indonesian Coal Mining Association
- Star Paper Mills Limited - India
- Orica Australia Pty. Ltd.
- PNOC Exploration Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Directorate General of MIneral and Coal - Indonesia
- CNBM International Corporation - China
- Indogreen Group - Indonesia
- Baramulti Group, Indonesia
- Siam City Cement - Thailand
- VISA Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Binh Thuan Hamico - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Malabar Cements Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Bhatia International Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Bhoruka Overseas - Indonesia
- Madhucon Powers Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Lanco Infratech Ltd - India
- Kideco Jaya Agung - Indonesia
- Meenaskhi Energy Private Limited - India
- Bulk Trading Sa - Switzerland
- SMC Global Power, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Economic Council, Georgia
- Chamber of Mines of South Africa
- Eastern Coal Council - USA
- SMG Consultants - Indonesia
- Power Finance Corporation Ltd., India
- Mercator Lines Limited - India
- Ministry of Mines - Canada
- Central Java Power - Indonesia
- Banpu Public Company Limited - Thailand
- ICICI Bank Limited - India
- Antam Resourcindo - Indonesia
- Singapore Mercantile Exchange
- Metalloyd Limited - United Kingdom
- Oldendorff Carriers - Singapore
- Carbofer General Trading SA - India
- Manunggal Multi Energi - Indonesia
- The Treasury - Australian Government
- Romanian Commodities Exchange
- Timah Investasi Mineral - Indoneisa
- Parliament of New Zealand
- Semirara Mining and Power Corporation, Philippines
- The University of Queensland
- Gujarat Electricity Regulatory Commission - India
- Holcim Trading Pte Ltd - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jorong Barutama Greston.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Electricity Generating Authority of Thailand
- Krishnapatnam Port Company Ltd. - India
- Meralco Power Generation, Philippines
- Renaissance Capital - South Africa
- Anglo American - United Kingdom
- Bukit Asam (Persero) Tbk - Indonesia
- Marubeni Corporation - India
- Uttam Galva Steels Limited - India
- Karaikal Port Pvt Ltd - India
- Tamil Nadu electricity Board
- South Luzon Thermal Energy Corporation
- Kepco SPC Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Jindal Steel & Power Ltd - India
- IEA Clean Coal Centre - UK
- London Commodity Brokers - England
- Bukit Baiduri Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Salva Resources Pvt Ltd - India
- Edison Trading Spa - Italy
- Posco Energy - South Korea
- Sindya Power Generating Company Private Ltd
- PowerSource Philippines DevCo
- Australian Commodity Traders Exchange
- Chettinad Cement Corporation Ltd - India
- Sical Logistics Limited - India
- Indo Tambangraya Megah - Indonesia
- European Bulk Services B.V. - Netherlands
- Sree Jayajothi Cements Limited - India
- Trasteel International SA, Italy
- Essar Steel Hazira Ltd - India
- Thiess Contractors Indonesia
- TeaM Sual Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Australian Coal Association
- Petron Corporation, Philippines
- Thai Mozambique Logistica
- Sojitz Corporation - Japan
- New Zealand Coal & Carbon
- Tata Chemicals Ltd - India
- Ind-Barath Power Infra Limited - India
- GVK Power & Infra Limited - India
- Indian Oil Corporation Limited
- Coal and Oil Company - UAE
- Medco Energi Mining Internasional
- Kapuas Tunggal Persada - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Altura Mining Limited, Indonesia
- Electricity Authority, New Zealand
- Kaltim Prima Coal - Indonesia
- Wood Mackenzie - Singapore
- CIMB Investment Bank - Malaysia
- Independent Power Producers Association of India
- TNB Fuel Sdn Bhd - Malaysia
- Leighton Contractors Pty Ltd - Australia
- Deloitte Consulting - India
- Pendopo Energi Batubara - Indonesia
- Aboitiz Power Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- McConnell Dowell - Australia
- PetroVietnam Power Coal Import and Supply Company
- Rashtriya Ispat Nigam Limited - India
- MS Steel International - UAE
- Heidelberg Cement - Germany
- Orica Mining Services - Indonesia
- Ministry of Transport, Egypt
- Indika Energy - Indonesia
- Port Waratah Coal Services - Australia
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