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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, 09 September 11
SUPRA BARA SECURES $20 MILLION LOAN - JP
The Jakarta Post reported that, Coal miner PT Supra Bara Energi says it has secured a US$20 million loan facility from BNP Paribas to buy heavy equi ...
Friday, 09 September 11
CAPESIZE CAN SECURE USD 17-18K SHORT PERIOD - FEARNBULK
Handy
The US Gulf has remained relatively steady, slightly more activity in the South Atlantic with owners aiming for low to mid USD 20k´s f ...
Thursday, 08 September 11
UKRAINES COAL PRODUCTION TO RISE 8% - IFANDP
Industrial fuels & power reported that, Ukraine will increase its coal output by about 8% this year compared to last year, said the country&rsqu ...
Thursday, 08 September 11
DRY BULK MARKETS RALLY COMES TO AN END - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
As was widely expected by analysts and shipbrokers alike, the latest rally of the dry bulk market came to a halt yesterday, with the Baltic Dry Inde ...
Thursday, 08 September 11
TRADA MARITIME BUYS GUNUNG BARA UTAMA
Insider Stories reported that, PT Trada Maritime Tbk (TRAM) has purchased convertible bonds issued by PT Awesome Coal from Zakia Limited. The memora ...
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- Indogreen Group - Indonesia
- CIMB Investment Bank - Malaysia
- Bharathi Cement Corporation - India
- Orica Australia Pty. Ltd.
- Ind-Barath Power Infra Limited - India
- Bukit Makmur.PT - Indonesia
- Port Waratah Coal Services - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Wilmar Investment Holdings
- SMG Consultants - Indonesia
- London Commodity Brokers - England
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Coalindo Energy - Indonesia
- Indonesian Coal Mining Association
- Sinarmas Energy and Mining - Indonesia
- Rio Tinto Coal - Australia
- Bahari Cakrawala Sebuku - Indonesia
- The Treasury - Australian Government
- Price Waterhouse Coopers - Russia
- India Bulls Power Limited - India
- Tamil Nadu electricity Board
- Electricity Generating Authority of Thailand
- Jaiprakash Power Ventures ltd
- Directorate Of Revenue Intelligence - India
- ASAPP Information Group - India
- Indian Oil Corporation Limited
- LBH Netherlands Bv - Netherlands
- Antam Resourcindo - Indonesia
- McConnell Dowell - Australia
- Independent Power Producers Association of India
- Star Paper Mills Limited - India
- Central Electricity Authority - India
- Kumho Petrochemical, South Korea
- Interocean Group of Companies - India
- Ambuja Cements Ltd - India
- Anglo American - United Kingdom
- Latin American Coal - Colombia
- Karaikal Port Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Xindia Steels Limited - India
- Sojitz Corporation - Japan
- Romanian Commodities Exchange
- Thai Mozambique Logistica
- Deloitte Consulting - India
- New Zealand Coal & Carbon
- Heidelberg Cement - Germany
- Parliament of New Zealand
- Parry Sugars Refinery, India
- Savvy Resources Ltd - HongKong
- Borneo Indobara - Indonesia
- Economic Council, Georgia
- Australian Coal Association
- Global Business Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Bukit Baiduri Energy - Indonesia
- Trasteel International SA, Italy
- Goldman Sachs - Singapore
- Dalmia Cement Bharat India
- Binh Thuan Hamico - Vietnam
- IEA Clean Coal Centre - UK
- Rashtriya Ispat Nigam Limited - India
- Kartika Selabumi Mining - Indonesia
- Edison Trading Spa - Italy
- Sindya Power Generating Company Private Ltd
- Chamber of Mines of South Africa
- Bulk Trading Sa - Switzerland
- Meralco Power Generation, Philippines
- Madhucon Powers Ltd - India
- Planning Commission, India
- Vijayanagar Sugar Pvt Ltd - India
- SMC Global Power, Philippines
- Agrawal Coal Company - India
- Semirara Mining Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- VISA Power Limited - India
- San Jose City I Power Corp, Philippines
- Indika Energy - Indonesia
- Power Finance Corporation Ltd., India
- Kalimantan Lumbung Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Jindal Steel & Power Ltd - India
- Merrill Lynch Commodities Europe
- ICICI Bank Limited - India
- Sarangani Energy Corporation, Philippines
- TeaM Sual Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- South Luzon Thermal Energy Corporation
- CNBM International Corporation - China
- IHS Mccloskey Coal Group - USA
- PTC India Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Simpson Spence & Young - Indonesia
- Attock Cement Pakistan Limited
- Singapore Mercantile Exchange
- Metalloyd Limited - United Kingdom
- Pipit Mutiara Jaya. PT, Indonesia
- Bangladesh Power Developement Board
- Barasentosa Lestari - Indonesia
- Sakthi Sugars Limited - India
- Maheswari Brothers Coal Limited - India
- Petron Corporation, Philippines
- Eastern Energy - Thailand
- Coal and Oil Company - UAE
- Miang Besar Coal Terminal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bayan Resources Tbk. - Indonesia
- Siam City Cement - Thailand
- Bhoruka Overseas - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- GAC Shipping (India) Pvt Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Orica Mining Services - Indonesia
- Straits Asia Resources Limited - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Mercator Lines Limited - India
- Commonwealth Bank - Australia
- Vedanta Resources Plc - India
- Grasim Industreis Ltd - India
- Cigading International Bulk Terminal - Indonesia
- The University of Queensland
- Riau Bara Harum - Indonesia
- Banpu Public Company Limited - Thailand
- Sree Jayajothi Cements Limited - India
- Wood Mackenzie - Singapore
- Uttam Galva Steels Limited - India
- Aboitiz Power Corporation - Philippines
- Malabar Cements Ltd - India
- Tata Chemicals Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Karbindo Abesyapradhi - Indoneisa
- GVK Power & Infra Limited - India
- Oldendorff Carriers - Singapore
- Kideco Jaya Agung - Indonesia
- Kepco SPC Power Corporation, Philippines
- Baramulti Group, Indonesia
- Formosa Plastics Group - Taiwan
- The State Trading Corporation of India Ltd
- Billiton Holdings Pty Ltd - Australia
- MS Steel International - UAE
- Mintek Dendrill Indonesia
- Mjunction Services Limited - India
- Ministry of Finance - Indonesia
- Eastern Coal Council - USA
- Coastal Gujarat Power Limited - India
- Marubeni Corporation - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bhushan Steel Limited - India
- Australian Commodity Traders Exchange
- PowerSource Philippines DevCo
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Transport, Egypt
- GMR Energy Limited - India
- Electricity Authority, New Zealand
- Ministry of Mines - Canada
- Altura Mining Limited, Indonesia
- Kaltim Prima Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Indo Tambangraya Megah - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Lanco Infratech Ltd - India
- Vizag Seaport Private Limited - India
- PNOC Exploration Corporation - Philippines
- Georgia Ports Authority, United States
- Energy Link Ltd, New Zealand
- Meenaskhi Energy Private Limited - India
- Timah Investasi Mineral - Indoneisa
- Standard Chartered Bank - UAE
- Kobexindo Tractors - Indoneisa
- Carbofer General Trading SA - India
- OPG Power Generation Pvt Ltd - India
- Central Java Power - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Siam City Cement PLC, Thailand
- European Bulk Services B.V. - Netherlands
- Mercuria Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Intertek Mineral Services - Indonesia
- Posco Energy - South Korea
- Africa Commodities Group - South Africa
- Gujarat Electricity Regulatory Commission - India
- White Energy Company Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Cement Manufacturers Association - India
- Essar Steel Hazira Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Global Green Power PLC Corporation, Philippines
- Gujarat Sidhee Cement - India
- Renaissance Capital - South Africa
- Iligan Light & Power Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Mineral Development Corp Ltd - India
- Chettinad Cement Corporation Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Indian Energy Exchange, India
- Aditya Birla Group - India
- SN Aboitiz Power Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Thiess Contractors Indonesia
- Bhatia International Limited - India
- Semirara Mining and Power Corporation, Philippines
- Energy Development Corp, Philippines
- Samtan Co., Ltd - South Korea
- Salva Resources Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Medco Energi Mining Internasional
- TNB Fuel Sdn Bhd - Malaysia
- Sical Logistics Limited - India
- Makarim & Taira - Indonesia
- Minerals Council of Australia
- Videocon Industries ltd - India
- Holcim Trading Pte Ltd - Singapore
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