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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, 14 August 11
SUPRAMAX CHARTER RATES SHARPLY UP - CAPT.REDDY
COALspot.com - The BDI ended positive with gains in Cape and Panamax index. The BDI was up by 1.50 pct and the cape and panamax index was up by almo ...
Saturday, 13 August 11
GMR HAS ENTERED INTO CSPA WITH GEMS TO ACQUIRE 30% STAKE
COALspot.com - GMR Infrastructure Investments (Singapore) Pte Ltd, a subsidiary of GMR Infrastructure, has signed conditional sale and purchase agre ...
Friday, 12 August 11
COAL MINERS WILL ALLOW TO CONSTRUCT MINE MOUTH POWER PLANT
COALspot.com - The government is set to draft a regulation to enable construction of steam-fired power plants (PLTU) by coal mining companies for th ...
Friday, 12 August 11
CAPESIZE DEMAND HELPS LIFTING OF DRY BULK MARKET - HELLENIC SHIPPING NEWS
The dry bulk market has recovered a small fraction of its lost ground this week, with higher returns as a result of increased capesize demand. This ...
Thursday, 11 August 11
INDO TAMBANGRAYA 1H NET PROFIT SOARS 53.09%
Coal miner PT Indo Tambangraya Megah Tbk (ITMG) today reported a 53.09% jump in net profit for the first 6 months of this year on the back of higher ...
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- Thiess Contractors Indonesia
- Billiton Holdings Pty Ltd - Australia
- Star Paper Mills Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Global Business Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Siam City Cement - Thailand
- Cigading International Bulk Terminal - Indonesia
- Maheswari Brothers Coal Limited - India
- Indika Energy - Indonesia
- Eastern Coal Council - USA
- Krishnapatnam Port Company Ltd. - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Sical Logistics Limited - India
- The Treasury - Australian Government
- Formosa Plastics Group - Taiwan
- GVK Power & Infra Limited - India
- Planning Commission, India
- Interocean Group of Companies - India
- Pipit Mutiara Jaya. PT, Indonesia
- Riau Bara Harum - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- McConnell Dowell - Australia
- Sakthi Sugars Limited - India
- International Coal Ventures Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- The State Trading Corporation of India Ltd
- PowerSource Philippines DevCo
- PetroVietnam Power Coal Import and Supply Company
- Ceylon Electricity Board - Sri Lanka
- GMR Energy Limited - India
- Anglo American - United Kingdom
- Independent Power Producers Association of India
- Maharashtra Electricity Regulatory Commission - India
- Electricity Generating Authority of Thailand
- Toyota Tsusho Corporation, Japan
- Simpson Spence & Young - Indonesia
- Ambuja Cements Ltd - India
- Energy Link Ltd, New Zealand
- Sojitz Corporation - Japan
- Kumho Petrochemical, South Korea
- Uttam Galva Steels Limited - India
- Edison Trading Spa - Italy
- Kapuas Tunggal Persada - Indonesia
- CNBM International Corporation - China
- White Energy Company Limited
- Mercator Lines Limited - India
- Mercuria Energy - Indonesia
- Georgia Ports Authority, United States
- Ministry of Transport, Egypt
- Power Finance Corporation Ltd., India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vedanta Resources Plc - India
- Chamber of Mines of South Africa
- Wood Mackenzie - Singapore
- Eastern Energy - Thailand
- Indogreen Group - Indonesia
- Agrawal Coal Company - India
- Goldman Sachs - Singapore
- Rio Tinto Coal - Australia
- Jindal Steel & Power Ltd - India
- Iligan Light & Power Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Australia Pty. Ltd.
- Bank of Tokyo Mitsubishi UFJ Ltd
- Port Waratah Coal Services - Australia
- Jaiprakash Power Ventures ltd
- Metalloyd Limited - United Kingdom
- ICICI Bank Limited - India
- Antam Resourcindo - Indonesia
- Karaikal Port Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Wilmar Investment Holdings
- Pendopo Energi Batubara - Indonesia
- Parliament of New Zealand
- Sree Jayajothi Cements Limited - India
- San Jose City I Power Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Economic Council, Georgia
- Bayan Resources Tbk. - Indonesia
- Essar Steel Hazira Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Meralco Power Generation, Philippines
- Barasentosa Lestari - Indonesia
- European Bulk Services B.V. - Netherlands
- Africa Commodities Group - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Singapore Mercantile Exchange
- London Commodity Brokers - England
- SMC Global Power, Philippines
- New Zealand Coal & Carbon
- LBH Netherlands Bv - Netherlands
- Kartika Selabumi Mining - Indonesia
- Marubeni Corporation - India
- Ministry of Mines - Canada
- Merrill Lynch Commodities Europe
- Petron Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Manunggal Multi Energi - Indonesia
- Therma Luzon, Inc, Philippines
- Energy Development Corp, Philippines
- Australian Commodity Traders Exchange
- VISA Power Limited - India
- Coastal Gujarat Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Oldendorff Carriers - Singapore
- GAC Shipping (India) Pvt Ltd
- Bhoruka Overseas - Indonesia
- Global Coal Blending Company Limited - Australia
- Indonesian Coal Mining Association
- Directorate Of Revenue Intelligence - India
- TeaM Sual Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Kohat Cement Company Ltd. - Pakistan
- Australian Coal Association
- Baramulti Group, Indonesia
- Trasteel International SA, Italy
- Posco Energy - South Korea
- Alfred C Toepfer International GmbH - Germany
- Vizag Seaport Private Limited - India
- Lanco Infratech Ltd - India
- Grasim Industreis Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Bharathi Cement Corporation - India
- Bangladesh Power Developement Board
- IEA Clean Coal Centre - UK
- Aditya Birla Group - India
- Attock Cement Pakistan Limited
- Makarim & Taira - Indonesia
- Central Electricity Authority - India
- GN Power Mariveles Coal Plant, Philippines
- Globalindo Alam Lestari - Indonesia
- Ministry of Finance - Indonesia
- PNOC Exploration Corporation - Philippines
- Central Java Power - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Medco Energi Mining Internasional
- Videocon Industries ltd - India
- Bhatia International Limited - India
- Bhushan Steel Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- SN Aboitiz Power Inc, Philippines
- Orica Mining Services - Indonesia
- Timah Investasi Mineral - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Tamil Nadu electricity Board
- Semirara Mining and Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Renaissance Capital - South Africa
- Sinarmas Energy and Mining - Indonesia
- Deloitte Consulting - India
- Ind-Barath Power Infra Limited - India
- Electricity Authority, New Zealand
- SMG Consultants - Indonesia
- Commonwealth Bank - Australia
- Leighton Contractors Pty Ltd - Australia
- Xindia Steels Limited - India
- Sarangani Energy Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Price Waterhouse Coopers - Russia
- Chettinad Cement Corporation Ltd - India
- Dalmia Cement Bharat India
- Semirara Mining Corp, Philippines
- Indian Energy Exchange, India
- Savvy Resources Ltd - HongKong
- Coalindo Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Romanian Commodities Exchange
- Minerals Council of Australia
- Bukit Makmur.PT - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Parry Sugars Refinery, India
- Holcim Trading Pte Ltd - Singapore
- ASAPP Information Group - India
- Binh Thuan Hamico - Vietnam
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PTC India Limited - India
- Madhucon Powers Ltd - India
- Indian Oil Corporation Limited
- Petrochimia International Co. Ltd.- Taiwan
- Borneo Indobara - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Asmin Koalindo Tuhup - Indonesia
- Larsen & Toubro Limited - India
- MS Steel International - UAE
- Tata Chemicals Ltd - India
- Cement Manufacturers Association - India
- Kideco Jaya Agung - Indonesia
- Thai Mozambique Logistica
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Aboitiz Power Corporation - Philippines
- Malabar Cements Ltd - India
- Banpu Public Company Limited - Thailand
- Samtan Co., Ltd - South Korea
- IHS Mccloskey Coal Group - USA
- Kaltim Prima Coal - Indonesia
- CIMB Investment Bank - Malaysia
- Indo Tambangraya Megah - Indonesia
- Coal and Oil Company - UAE
- Mjunction Services Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Straits Asia Resources Limited - Singapore
- Latin American Coal - Colombia
- The University of Queensland
- Heidelberg Cement - Germany
- Global Green Power PLC Corporation, Philippines
- Carbofer General Trading SA - India
- Bukit Baiduri Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Altura Mining Limited, Indonesia
- Mintek Dendrill Indonesia
- Kobexindo Tractors - Indoneisa
- Salva Resources Pvt Ltd - India
- India Bulls Power Limited - India
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