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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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Wednesday, 10 August 11
KILLARA RESOURCES TO ACQUIRE SIX COAL CONCESSIONS OF TASON HOLDINGS
COALspot.com - Killara Resources Limited, an Australian listed company has formed PT Tavesco Killara Energy (TKE), a joint company with PT Tavesco I ...
Wednesday, 10 August 11
RESOURCE NATIONALISM IS MAIN BUSINESS RISK FOR MINING SECTORS, E&Y SURVEY
Resource nationalism is top of the business risk list for mining and metals companies around the world, while supply capacity constraint issues cont ...
Wednesday, 10 August 11
INDONESIAN COAL MINING ASSOCIATION OPPOSES LOW-GRADE COAL EXPORT BAN
COALspot.com - The Indonesian Coal Mining Association (ICMA) frowns on and challenges the government plan to ban the low-grade coal export inf ...
Wednesday, 10 August 11
ABM INVESTAMA TO OFFLOAD 20% IPO
Integrated coal mining PT ABM Investama, affiliated company of Tiara Marga Trakindo Group, aims to dispose 20% stake during an initial public offeri ...
Tuesday, 09 August 11
INDONESIAS COAL PRODUCTION GREW BY 19.4% LAST YEAR - BP
COALspot.com - Indonesia’s coal production grew by 19.4% last year to 305.879 million tonnes from 256.181 million tonnes in 2009, the fastest ...
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- Energy Development Corp, Philippines
- Commonwealth Bank - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Baiduri Energy - Indonesia
- Planning Commission, India
- Videocon Industries ltd - India
- Orica Mining Services - Indonesia
- Ind-Barath Power Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indonesian Coal Mining Association
- Medco Energi Mining Internasional
- European Bulk Services B.V. - Netherlands
- Anglo American - United Kingdom
- Economic Council, Georgia
- Merrill Lynch Commodities Europe
- Oldendorff Carriers - Singapore
- White Energy Company Limited
- Baramulti Group, Indonesia
- Mercator Lines Limited - India
- Salva Resources Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Toyota Tsusho Corporation, Japan
- CIMB Investment Bank - Malaysia
- Holcim Trading Pte Ltd - Singapore
- Thai Mozambique Logistica
- Kohat Cement Company Ltd. - Pakistan
- Petron Corporation, Philippines
- Larsen & Toubro Limited - India
- New Zealand Coal & Carbon
- Agrawal Coal Company - India
- The Treasury - Australian Government
- Energy Link Ltd, New Zealand
- South Luzon Thermal Energy Corporation
- GMR Energy Limited - India
- Bhushan Steel Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Directorate Of Revenue Intelligence - India
- Savvy Resources Ltd - HongKong
- Indo Tambangraya Megah - Indonesia
- Rio Tinto Coal - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Kapuas Tunggal Persada - Indonesia
- Semirara Mining Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Posco Energy - South Korea
- Bhatia International Limited - India
- Vedanta Resources Plc - India
- Aditya Birla Group - India
- Sojitz Corporation - Japan
- India Bulls Power Limited - India
- Kobexindo Tractors - Indoneisa
- Marubeni Corporation - India
- Cigading International Bulk Terminal - Indonesia
- Siam City Cement PLC, Thailand
- Parliament of New Zealand
- Mercuria Energy - Indonesia
- Latin American Coal - Colombia
- Alfred C Toepfer International GmbH - Germany
- Minerals Council of Australia
- Renaissance Capital - South Africa
- Independent Power Producers Association of India
- Asmin Koalindo Tuhup - Indonesia
- Siam City Cement - Thailand
- Aboitiz Power Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Metalloyd Limited - United Kingdom
- Parry Sugars Refinery, India
- Indian Oil Corporation Limited
- Sindya Power Generating Company Private Ltd
- IHS Mccloskey Coal Group - USA
- Wilmar Investment Holdings
- Star Paper Mills Limited - India
- Port Waratah Coal Services - Australia
- Directorate General of MIneral and Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Coal Association
- Offshore Bulk Terminal Pte Ltd, Singapore
- Pendopo Energi Batubara - Indonesia
- Eastern Coal Council - USA
- Sakthi Sugars Limited - India
- Borneo Indobara - Indonesia
- Formosa Plastics Group - Taiwan
- Singapore Mercantile Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- PTC India Limited - India
- Indika Energy - Indonesia
- Cement Manufacturers Association - India
- VISA Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Ambuja Cements Ltd - India
- Jindal Steel & Power Ltd - India
- Kartika Selabumi Mining - Indonesia
- Madhucon Powers Ltd - India
- Barasentosa Lestari - Indonesia
- Uttam Galva Steels Limited - India
- Sarangani Energy Corporation, Philippines
- Tamil Nadu electricity Board
- GAC Shipping (India) Pvt Ltd
- Jorong Barutama Greston.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
- Ministry of Mines - Canada
- Chamber of Mines of South Africa
- Goldman Sachs - Singapore
- Deloitte Consulting - India
- Vijayanagar Sugar Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Altura Mining Limited, Indonesia
- London Commodity Brokers - England
- MS Steel International - UAE
- Kepco SPC Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Gujarat Sidhee Cement - India
- Eastern Energy - Thailand
- Australian Commodity Traders Exchange
- Ministry of Transport, Egypt
- Indian Energy Exchange, India
- Sinarmas Energy and Mining - Indonesia
- Bangladesh Power Developement Board
- Makarim & Taira - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Globalindo Alam Lestari - Indonesia
- SMG Consultants - Indonesia
- Edison Trading Spa - Italy
- Essar Steel Hazira Ltd - India
- ASAPP Information Group - India
- Meenaskhi Energy Private Limited - India
- AsiaOL BioFuels Corp., Philippines
- Gujarat Mineral Development Corp Ltd - India
- Bhoruka Overseas - Indonesia
- Coalindo Energy - Indonesia
- McConnell Dowell - Australia
- Karbindo Abesyapradhi - Indoneisa
- Bayan Resources Tbk. - Indonesia
- CNBM International Corporation - China
- Maheswari Brothers Coal Limited - India
- Orica Australia Pty. Ltd.
- Global Coal Blending Company Limited - Australia
- Ministry of Finance - Indonesia
- Central Electricity Authority - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coal and Oil Company - UAE
- Standard Chartered Bank - UAE
- Rashtriya Ispat Nigam Limited - India
- Sree Jayajothi Cements Limited - India
- International Coal Ventures Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- LBH Netherlands Bv - Netherlands
- San Jose City I Power Corp, Philippines
- Georgia Ports Authority, United States
- Lanco Infratech Ltd - India
- PNOC Exploration Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Central Java Power - Indonesia
- Sical Logistics Limited - India
- Samtan Co., Ltd - South Korea
- Coastal Gujarat Power Limited - India
- IEA Clean Coal Centre - UK
- Global Business Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Electricity Generating Authority of Thailand
- GVK Power & Infra Limited - India
- Chettinad Cement Corporation Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Kaltim Prima Coal - Indonesia
- TeaM Sual Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Africa Commodities Group - South Africa
- Carbofer General Trading SA - India
- SN Aboitiz Power Inc, Philippines
- Power Finance Corporation Ltd., India
- Heidelberg Cement - Germany
- Mjunction Services Limited - India
- Jaiprakash Power Ventures ltd
- Antam Resourcindo - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Grasim Industreis Ltd - India
- Interocean Group of Companies - India
- Straits Asia Resources Limited - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Bukit Makmur.PT - Indonesia
- Riau Bara Harum - Indonesia
- The State Trading Corporation of India Ltd
- Binh Thuan Hamico - Vietnam
- Vizag Seaport Private Limited - India
- Karaikal Port Pvt Ltd - India
- Wood Mackenzie - Singapore
- ICICI Bank Limited - India
- Intertek Mineral Services - Indonesia
- Dalmia Cement Bharat India
- Mintek Dendrill Indonesia
- Thiess Contractors Indonesia
- Attock Cement Pakistan Limited
- Bharathi Cement Corporation - India
- Leighton Contractors Pty Ltd - Australia
- Manunggal Multi Energi - Indonesia
- The University of Queensland
- Indogreen Group - Indonesia
- Electricity Authority, New Zealand
- Timah Investasi Mineral - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Trasteel International SA, Italy
- Xindia Steels Limited - India
- PowerSource Philippines DevCo
- Malabar Cements Ltd - India
- Romanian Commodities Exchange
- Bulk Trading Sa - Switzerland
- Tata Chemicals Ltd - India
- Meralco Power Generation, Philippines
- SMC Global Power, Philippines
- OPG Power Generation Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
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