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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, 22 August 11
MACRO ECONOMICS - PETER SAND BIMCO / HELLENIC SHIPPING
The US is jeopardising the global recovery as job creation remains top challenge across the board.
Global economy: While growth in most emerging ...
Sunday, 21 August 11
SUPRAMAX AVAILABILITY WAS TIGHT DUE TO UPCOMING RAMADAN HOLIDAYS
COALspot.com - The financial markets have been in turmoil with all major stock exchanges down and uncertainty prevails. However the shipping market ...
Sunday, 21 August 11
TUAH TURANGGA ACQUIRES DUTA NURCAHYA
Coal miner PT Tuah Turangga Agung, a wholly owned subsidiary of PT United Tractors Tbk (UNTR) via PT Pamapersada Nusantara), has agreed to acquire 6 ...
Friday, 19 August 11
INDIAS CICTL HAS ACHIEVED ONE MILLION TONS OF DISCHARGE
COALspot.com - Chettinad International Coal Terminal (CICTL) in Ennore port, a state of the art mechanized coal terminal, which was inaugurated on 28t ...
Friday, 19 August 11
AUSTRALIAS' ATH TO ACQUIRE 60% OF APUAH COAL MINE IN INDONESIA
COALspot.com - Australian listed company, Atech Holdings Limited (ATH) has entered into a conditional binding term sheet to acquire 60 percent stake ...
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- Star Paper Mills Limited - India
- Bayan Resources Tbk. - Indonesia
- Renaissance Capital - South Africa
- Samtan Co., Ltd - South Korea
- Binh Thuan Hamico - Vietnam
- Billiton Holdings Pty Ltd - Australia
- Pendopo Energi Batubara - Indonesia
- Edison Trading Spa - Italy
- Barasentosa Lestari - Indonesia
- Globalindo Alam Lestari - Indonesia
- ASAPP Information Group - India
- Medco Energi Mining Internasional
- Kohat Cement Company Ltd. - Pakistan
- Vizag Seaport Private Limited - India
- Indonesian Coal Mining Association
- New Zealand Coal & Carbon
- Bulk Trading Sa - Switzerland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The State Trading Corporation of India Ltd
- Latin American Coal - Colombia
- South Luzon Thermal Energy Corporation
- India Bulls Power Limited - India
- Australian Coal Association
- Aboitiz Power Corporation - Philippines
- Global Business Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Global Green Power PLC Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Krishnapatnam Port Company Ltd. - India
- PetroVietnam Power Coal Import and Supply Company
- MS Steel International - UAE
- Rio Tinto Coal - Australia
- Bhatia International Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PNOC Exploration Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Kaltim Prima Coal - Indonesia
- Directorate Of Revenue Intelligence - India
- Heidelberg Cement - Germany
- GN Power Mariveles Coal Plant, Philippines
- Malabar Cements Ltd - India
- Semirara Mining Corp, Philippines
- Gujarat Sidhee Cement - India
- Orica Australia Pty. Ltd.
- Sinarmas Energy and Mining - Indonesia
- Minerals Council of Australia
- Cement Manufacturers Association - India
- London Commodity Brokers - England
- Sakthi Sugars Limited - India
- Aditya Birla Group - India
- Dalmia Cement Bharat India
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Finance - Indonesia
- Meralco Power Generation, Philippines
- Kepco SPC Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Ministry of Transport, Egypt
- IEA Clean Coal Centre - UK
- Simpson Spence & Young - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Baramulti Group, Indonesia
- ICICI Bank Limited - India
- CIMB Investment Bank - Malaysia
- Commonwealth Bank - Australia
- Indika Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Madhucon Powers Ltd - India
- Videocon Industries ltd - India
- Central Electricity Authority - India
- Sarangani Energy Corporation, Philippines
- Africa Commodities Group - South Africa
- Eastern Coal Council - USA
- Uttam Galva Steels Limited - India
- Sindya Power Generating Company Private Ltd
- SMG Consultants - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Makarim & Taira - Indonesia
- Bharathi Cement Corporation - India
- Oldendorff Carriers - Singapore
- GVK Power & Infra Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Merrill Lynch Commodities Europe
- Petrochimia International Co. Ltd.- Taiwan
- Georgia Ports Authority, United States
- White Energy Company Limited
- Asmin Koalindo Tuhup - Indonesia
- International Coal Ventures Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Carbofer General Trading SA - India
- Jaiprakash Power Ventures ltd
- Kideco Jaya Agung - Indonesia
- Orica Mining Services - Indonesia
- Alfred C Toepfer International GmbH - Germany
- IHS Mccloskey Coal Group - USA
- Petron Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ceylon Electricity Board - Sri Lanka
- Neyveli Lignite Corporation Ltd, - India
- European Bulk Services B.V. - Netherlands
- PowerSource Philippines DevCo
- Planning Commission, India
- Mercuria Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Economic Council, Georgia
- Posco Energy - South Korea
- Ind-Barath Power Infra Limited - India
- Grasim Industreis Ltd - India
- Kapuas Tunggal Persada - Indonesia
- The Treasury - Australian Government
- Australian Commodity Traders Exchange
- Borneo Indobara - Indonesia
- Power Finance Corporation Ltd., India
- Jindal Steel & Power Ltd - India
- Wood Mackenzie - Singapore
- Independent Power Producers Association of India
- Gujarat Mineral Development Corp Ltd - India
- Maheswari Brothers Coal Limited - India
- Xindia Steels Limited - India
- San Jose City I Power Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Parry Sugars Refinery, India
- Leighton Contractors Pty Ltd - Australia
- Energy Development Corp, Philippines
- Standard Chartered Bank - UAE
- Rashtriya Ispat Nigam Limited - India
- Kobexindo Tractors - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Metalloyd Limited - United Kingdom
- GMR Energy Limited - India
- Meenaskhi Energy Private Limited - India
- Electricity Generating Authority of Thailand
- Interocean Group of Companies - India
- Anglo American - United Kingdom
- Coastal Gujarat Power Limited - India
- Savvy Resources Ltd - HongKong
- VISA Power Limited - India
- Thiess Contractors Indonesia
- Chettinad Cement Corporation Ltd - India
- Indian Energy Exchange, India
- SMC Global Power, Philippines
- Central Java Power - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Riau Bara Harum - Indonesia
- Antam Resourcindo - Indonesia
- Thai Mozambique Logistica
- Manunggal Multi Energi - Indonesia
- Therma Luzon, Inc, Philippines
- Vedanta Resources Plc - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karbindo Abesyapradhi - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- Intertek Mineral Services - Indonesia
- Sical Logistics Limited - India
- The University of Queensland
- Bangladesh Power Developement Board
- Siam City Cement - Thailand
- Romanian Commodities Exchange
- Bukit Baiduri Energy - Indonesia
- Indogreen Group - Indonesia
- Attock Cement Pakistan Limited
- Maharashtra Electricity Regulatory Commission - India
- Indian Oil Corporation Limited
- Essar Steel Hazira Ltd - India
- Energy Link Ltd, New Zealand
- Chamber of Mines of South Africa
- Banpu Public Company Limited - Thailand
- Salva Resources Pvt Ltd - India
- Marubeni Corporation - India
- Altura Mining Limited, Indonesia
- Coalindo Energy - Indonesia
- Wilmar Investment Holdings
- Singapore Mercantile Exchange
- Eastern Energy - Thailand
- Karaikal Port Pvt Ltd - India
- Deloitte Consulting - India
- Bukit Asam (Persero) Tbk - Indonesia
- Tata Chemicals Ltd - India
- Electricity Authority, New Zealand
- Kumho Petrochemical, South Korea
- Global Coal Blending Company Limited - Australia
- Parliament of New Zealand
- Coal and Oil Company - UAE
- LBH Netherlands Bv - Netherlands
- Timah Investasi Mineral - Indoneisa
- Mintek Dendrill Indonesia
- Lanco Infratech Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Trasteel International SA, Italy
- Sree Jayajothi Cements Limited - India
- Larsen & Toubro Limited - India
- Ministry of Mines - Canada
- Mjunction Services Limited - India
- Gujarat Electricity Regulatory Commission - India
- Siam City Cement PLC, Thailand
- Tamil Nadu electricity Board
- McConnell Dowell - Australia
- Ambuja Cements Ltd - India
- CNBM International Corporation - China
- Toyota Tsusho Corporation, Japan
- PTC India Limited - India
- Kartika Selabumi Mining - Indonesia
- SN Aboitiz Power Inc, Philippines
- Port Waratah Coal Services - Australia
- Sojitz Corporation - Japan
- AsiaOL BioFuels Corp., Philippines
- Mercator Lines Limited - India
- Goldman Sachs - Singapore
- Bhushan Steel Limited - India
- Agrawal Coal Company - India
- Directorate General of MIneral and Coal - Indonesia
- Bukit Makmur.PT - Indonesia
- Formosa Plastics Group - Taiwan
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