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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 $470 billion. He concluded by saying that Chinese banks are entering the global market with ambitions. The secret to do business with them is to be patient and have large investment projects in place said Mr. Xiradakis.
Speaking on the matter from a banking point of view, Mr. Ted Petropoulos, managing director of Petrofin Research said that uncertainty is the main ingredient in the course of the global financial activity. “The international banking system is facing serious liquidity problems, which in turn impacts its decision for investments” said Mr. Petropoulos. He concluded his speech by saying that the fact that the crisis have been made clear to all players of the global economy, gives reason for optimism, regarding its successful resolvement.
Source: Nikos Roussanoglou, Hellenic Shipping
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Sunday, 28 August 11
FREIGHT MARKET COULD BE FIRM NEXT MONTH - VISTAAR
COALspot.com - The freight market continued the upward trend first half of the week . However, towards the end of the week lost momentum and the BDI ...
Saturday, 27 August 11
JAPANESE BULK CARRIER SETS RECORD ON NORTHERN SEA ROUTE - BARENTS OBSERVER
The Northern Sea Route will see its third record in less than a month when the largest ever bulk carrier to take the route leaves Murmansk next week ...
Saturday, 27 August 11
RBCT-INDIA ROUNDS FIXED AT AROUND US$ 12K - FEARNBULK
Handy
Stable but very positional markets across all segments in the Atlantic: the gap between owners and charterers rate ideas is building up as o ...
Friday, 26 August 11
TUAH TURANGGA AGUNG ACQUIRES AN ADDITIONAL 40% SHARES IN BARA PRIMA AGUNG
COALspot.com - PT Tuah Turangga Agung, a subsidiary of PT United Tractors Tbk, has signed an acquisition agreement to acquire 40% of PT Bara Prima A ...
Friday, 26 August 11
INTRACO EYES US$200 MIO COAL TAKEOVER - INSIDER STORIES
Heavy equipment distributor PT Intraco Penta Tbk, that was founded by Halex Halim, is scouting a coal acquisition with the valuation above US$200 mi ...
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- ASAPP Information Group - India
- Kobexindo Tractors - Indoneisa
- Salva Resources Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Posco Energy - South Korea
- Global Coal Blending Company Limited - Australia
- Semirara Mining Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Energy Link Ltd, New Zealand
- Borneo Indobara - Indonesia
- Oldendorff Carriers - Singapore
- Malabar Cements Ltd - India
- Global Business Power Corporation, Philippines
- Deloitte Consulting - India
- Indika Energy - Indonesia
- Heidelberg Cement - Germany
- SMG Consultants - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Cement Manufacturers Association - India
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Finance - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Electricity Generating Authority of Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Dalmia Cement Bharat India
- International Coal Ventures Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- ICICI Bank Limited - India
- Ambuja Cements Ltd - India
- London Commodity Brokers - England
- Carbofer General Trading SA - India
- Indian Energy Exchange, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GAC Shipping (India) Pvt Ltd
- Bhoruka Overseas - Indonesia
- Anglo American - United Kingdom
- Ministry of Mines - Canada
- Australian Coal Association
- Bahari Cakrawala Sebuku - Indonesia
- Mercuria Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Energy Development Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Sojitz Corporation - Japan
- Coal and Oil Company - UAE
- OPG Power Generation Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Bayan Resources Tbk. - Indonesia
- Trasteel International SA, Italy
- Thiess Contractors Indonesia
- Xindia Steels Limited - India
- Power Finance Corporation Ltd., India
- Holcim Trading Pte Ltd - Singapore
- Iligan Light & Power Inc, Philippines
- Tamil Nadu electricity Board
- Riau Bara Harum - Indonesia
- Eastern Coal Council - USA
- Banpu Public Company Limited - Thailand
- Timah Investasi Mineral - Indoneisa
- Marubeni Corporation - India
- Bukit Makmur.PT - Indonesia
- Bharathi Cement Corporation - India
- Orica Mining Services - Indonesia
- Ministry of Transport, Egypt
- San Jose City I Power Corp, Philippines
- Tata Chemicals Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Aboitiz Power Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Economic Council, Georgia
- Bukit Baiduri Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Directorate Of Revenue Intelligence - India
- GMR Energy Limited - India
- Essar Steel Hazira Ltd - India
- McConnell Dowell - Australia
- Makarim & Taira - Indonesia
- Rio Tinto Coal - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indian Oil Corporation Limited
- Sarangani Energy Corporation, Philippines
- PowerSource Philippines DevCo
- Sree Jayajothi Cements Limited - India
- Indonesian Coal Mining Association
- Kideco Jaya Agung - Indonesia
- Simpson Spence & Young - Indonesia
- Electricity Authority, New Zealand
- IHS Mccloskey Coal Group - USA
- Billiton Holdings Pty Ltd - Australia
- Kohat Cement Company Ltd. - Pakistan
- SMC Global Power, Philippines
- Intertek Mineral Services - Indonesia
- Wood Mackenzie - Singapore
- Jaiprakash Power Ventures ltd
- Kaltim Prima Coal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Star Paper Mills Limited - India
- The University of Queensland
- Petron Corporation, Philippines
- Mintek Dendrill Indonesia
- Metalloyd Limited - United Kingdom
- CIMB Investment Bank - Malaysia
- Krishnapatnam Port Company Ltd. - India
- Port Waratah Coal Services - Australia
- Straits Asia Resources Limited - Singapore
- Cigading International Bulk Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Kartika Selabumi Mining - Indonesia
- MS Steel International - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PNOC Exploration Corporation - Philippines
- Larsen & Toubro Limited - India
- Indogreen Group - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- LBH Netherlands Bv - Netherlands
- The State Trading Corporation of India Ltd
- Bhatia International Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Toyota Tsusho Corporation, Japan
- GVK Power & Infra Limited - India
- Pendopo Energi Batubara - Indonesia
- Kepco SPC Power Corporation, Philippines
- Wilmar Investment Holdings
- Central Java Power - Indonesia
- Siam City Cement PLC, Thailand
- Standard Chartered Bank - UAE
- SN Aboitiz Power Inc, Philippines
- Jindal Steel & Power Ltd - India
- Savvy Resources Ltd - HongKong
- Coalindo Energy - Indonesia
- Mercator Lines Limited - India
- Samtan Co., Ltd - South Korea
- PetroVietnam Power Coal Import and Supply Company
- Ind-Barath Power Infra Limited - India
- Vedanta Resources Plc - India
- Interocean Group of Companies - India
- TNB Fuel Sdn Bhd - Malaysia
- Commonwealth Bank - Australia
- Goldman Sachs - Singapore
- Sakthi Sugars Limited - India
- Attock Cement Pakistan Limited
- Antam Resourcindo - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Latin American Coal - Colombia
- Chamber of Mines of South Africa
- Indo Tambangraya Megah - Indonesia
- Parliament of New Zealand
- Thai Mozambique Logistica
- Bangladesh Power Developement Board
- The Treasury - Australian Government
- Altura Mining Limited, Indonesia
- Eastern Energy - Thailand
- Ceylon Electricity Board - Sri Lanka
- Petrochimia International Co. Ltd.- Taiwan
- Manunggal Multi Energi - Indonesia
- Chettinad Cement Corporation Ltd - India
- VISA Power Limited - India
- Singapore Mercantile Exchange
- Uttam Galva Steels Limited - India
- Lanco Infratech Ltd - India
- CNBM International Corporation - China
- South Luzon Thermal Energy Corporation
- Romanian Commodities Exchange
- Orica Australia Pty. Ltd.
- Madhucon Powers Ltd - India
- Sindya Power Generating Company Private Ltd
- Barasentosa Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- White Energy Company Limited
- Bulk Trading Sa - Switzerland
- Edison Trading Spa - Italy
- Parry Sugars Refinery, India
- PTC India Limited - India
- Aditya Birla Group - India
- Binh Thuan Hamico - Vietnam
- Australian Commodity Traders Exchange
- European Bulk Services B.V. - Netherlands
- Siam City Cement - Thailand
- Planning Commission, India
- Kalimantan Lumbung Energi - Indonesia
- Grasim Industreis Ltd - India
- Bhushan Steel Limited - India
- Kumho Petrochemical, South Korea
- India Bulls Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Price Waterhouse Coopers - Russia
- New Zealand Coal & Carbon
- Sinarmas Energy and Mining - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Africa Commodities Group - South Africa
- Meenaskhi Energy Private Limited - India
- TeaM Sual Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Maheswari Brothers Coal Limited - India
- Minerals Council of Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Georgia Ports Authority, United States
- Merrill Lynch Commodities Europe
- Independent Power Producers Association of India
- Central Electricity Authority - India
- Videocon Industries ltd - India
- Renaissance Capital - South Africa
- Meralco Power Generation, Philippines
- Mjunction Services Limited - India
- Agrawal Coal Company - India
- Medco Energi Mining Internasional
- Gujarat Sidhee Cement - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Karaikal Port Pvt Ltd - India
- Sical Logistics Limited - India
- Baramulti Group, Indonesia
- Therma Luzon, Inc, Philippines
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