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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 $470 billion. He concluded by saying that Chinese banks are entering the global market with ambitions. The secret to do business with them is to be patient and have large investment projects in place said Mr. Xiradakis.
Speaking on the matter from a banking point of view, Mr. Ted Petropoulos, managing director of Petrofin Research said that uncertainty is the main ingredient in the course of the global financial activity. “The international banking system is facing serious liquidity problems, which in turn impacts its decision for investments” said Mr. Petropoulos. He concluded his speech by saying that the fact that the crisis have been made clear to all players of the global economy, gives reason for optimism, regarding its successful resolvement.
Source: Nikos Roussanoglou, Hellenic Shipping
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Friday, 05 August 11
THE WORLDS LARGEST COAL MINER TO INVEST IN INDO MINES
COALspot.com - Golden Energy Mines (GEMS) might go for initial public offering (IPO) by the end of September 2011. The company is planning to off lo ...
Friday, 05 August 11
DRY BULK MARKET FINALLY TAKES A BREATHER - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market at last caught a break mid-week after a constant fall which saw the industry’s benchmark, the BDI (Baltic Dry Index) falli ...
Thursday, 04 August 11
THE HBA CONTINUES TO FALL IN AUGUST
COALspot.com - Ministry of Energy and Mineral Resources of Indonesia has set the August 2011 coal reference price at US$ 117.21 per ton slightly low ...
Wednesday, 03 August 11
DEWA RETURNS TO US$2.65 MIO NET PROFIT - INSIDER STORIES
Coal mining contractor PT Darma Henwa Tbk (DEWA), that most of its revenue is contributed by Kaltim Prima Coal and Arutmin Indonesia, returned to ne ...
Wednesday, 03 August 11
DRY BULK MARKET SINKS TO THREE-MONTH LOWS, BUT CAPESIZES COULD TURN THINGS AROUND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market kept on falling this week, on the back of slow cargo demand amid the summer season. Yesterday, the BDI (Baltic Dry Index), the i ...
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- Sindya Power Generating Company Private Ltd
- Iligan Light & Power Inc, Philippines
- Mjunction Services Limited - India
- Port Waratah Coal Services - Australia
- European Bulk Services B.V. - Netherlands
- Meenaskhi Energy Private Limited - India
- Global Green Power PLC Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Maheswari Brothers Coal Limited - India
- Trasteel International SA, Italy
- Petron Corporation, Philippines
- Global Business Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Metalloyd Limited - United Kingdom
- Pendopo Energi Batubara - Indonesia
- Indo Tambangraya Megah - Indonesia
- Formosa Plastics Group - Taiwan
- Chamber of Mines of South Africa
- Thiess Contractors Indonesia
- VISA Power Limited - India
- Medco Energi Mining Internasional
- Bangladesh Power Developement Board
- Directorate General of MIneral and Coal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Sical Logistics Limited - India
- Meralco Power Generation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Singapore Mercantile Exchange
- Tamil Nadu electricity Board
- Edison Trading Spa - Italy
- MS Steel International - UAE
- Maharashtra Electricity Regulatory Commission - India
- Riau Bara Harum - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Aditya Birla Group - India
- Ministry of Mines - Canada
- Petrochimia International Co. Ltd.- Taiwan
- Wood Mackenzie - Singapore
- Renaissance Capital - South Africa
- Mercator Lines Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Rashtriya Ispat Nigam Limited - India
- AsiaOL BioFuels Corp., Philippines
- Marubeni Corporation - India
- Economic Council, Georgia
- Kaltim Prima Coal - Indonesia
- Antam Resourcindo - Indonesia
- Africa Commodities Group - South Africa
- Coastal Gujarat Power Limited - India
- Ind-Barath Power Infra Limited - India
- TeaM Sual Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Miang Besar Coal Terminal - Indonesia
- Manunggal Multi Energi - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Banpu Public Company Limited - Thailand
- Rio Tinto Coal - Australia
- Globalindo Alam Lestari - Indonesia
- South Luzon Thermal Energy Corporation
- Karbindo Abesyapradhi - Indoneisa
- ASAPP Information Group - India
- Salva Resources Pvt Ltd - India
- Larsen & Toubro Limited - India
- Australian Commodity Traders Exchange
- Kideco Jaya Agung - Indonesia
- Cement Manufacturers Association - India
- Bayan Resources Tbk. - Indonesia
- Grasim Industreis Ltd - India
- Essar Steel Hazira Ltd - India
- Wilmar Investment Holdings
- Pipit Mutiara Jaya. PT, Indonesia
- Videocon Industries ltd - India
- White Energy Company Limited
- The University of Queensland
- Indonesian Coal Mining Association
- Orica Mining Services - Indonesia
- Sree Jayajothi Cements Limited - India
- ICICI Bank Limited - India
- CNBM International Corporation - China
- Malabar Cements Ltd - India
- Price Waterhouse Coopers - Russia
- Leighton Contractors Pty Ltd - Australia
- PowerSource Philippines DevCo
- Indian Oil Corporation Limited
- Kumho Petrochemical, South Korea
- Barasentosa Lestari - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Kalimantan Lumbung Energi - Indonesia
- Central Electricity Authority - India
- Krishnapatnam Port Company Ltd. - India
- Borneo Indobara - Indonesia
- Central Java Power - Indonesia
- Therma Luzon, Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Baramulti Group, Indonesia
- London Commodity Brokers - England
- Minerals Council of Australia
- International Coal Ventures Pvt Ltd - India
- Georgia Ports Authority, United States
- Energy Development Corp, Philippines
- Vizag Seaport Private Limited - India
- Savvy Resources Ltd - HongKong
- Parry Sugars Refinery, India
- Bukit Asam (Persero) Tbk - Indonesia
- Australian Coal Association
- Holcim Trading Pte Ltd - Singapore
- Electricity Authority, New Zealand
- McConnell Dowell - Australia
- Ambuja Cements Ltd - India
- Coal and Oil Company - UAE
- Samtan Co., Ltd - South Korea
- Electricity Generating Authority of Thailand
- Asmin Koalindo Tuhup - Indonesia
- Standard Chartered Bank - UAE
- Intertek Mineral Services - Indonesia
- Bukit Baiduri Energy - Indonesia
- Eastern Coal Council - USA
- Sarangani Energy Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Interocean Group of Companies - India
- Commonwealth Bank - Australia
- Karaikal Port Pvt Ltd - India
- Coalindo Energy - Indonesia
- Bhushan Steel Limited - India
- Lanco Infratech Ltd - India
- India Bulls Power Limited - India
- Tata Chemicals Ltd - India
- Latin American Coal - Colombia
- Anglo American - United Kingdom
- Alfred C Toepfer International GmbH - Germany
- Mintek Dendrill Indonesia
- Oldendorff Carriers - Singapore
- Kepco SPC Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Dalmia Cement Bharat India
- SMG Consultants - Indonesia
- Heidelberg Cement - Germany
- The Treasury - Australian Government
- Timah Investasi Mineral - Indoneisa
- Straits Asia Resources Limited - Singapore
- Carbofer General Trading SA - India
- Bahari Cakrawala Sebuku - Indonesia
- Agrawal Coal Company - India
- GVK Power & Infra Limited - India
- Star Paper Mills Limited - India
- CIMB Investment Bank - Malaysia
- Orica Australia Pty. Ltd.
- Ministry of Transport, Egypt
- Romanian Commodities Exchange
- Semirara Mining Corp, Philippines
- Parliament of New Zealand
- Indika Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Sojitz Corporation - Japan
- OPG Power Generation Pvt Ltd - India
- Deloitte Consulting - India
- Ceylon Electricity Board - Sri Lanka
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mercuria Energy - Indonesia
- Uttam Galva Steels Limited - India
- Ministry of Finance - Indonesia
- Altura Mining Limited, Indonesia
- Independent Power Producers Association of India
- Energy Link Ltd, New Zealand
- IEA Clean Coal Centre - UK
- SMC Global Power, Philippines
- Aboitiz Power Corporation - Philippines
- Eastern Energy - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- Madhucon Powers Ltd - India
- Bharathi Cement Corporation - India
- GMR Energy Limited - India
- Jaiprakash Power Ventures ltd
- Bukit Makmur.PT - Indonesia
- Bhoruka Overseas - Indonesia
- Toyota Tsusho Corporation, Japan
- Simpson Spence & Young - Indonesia
- Directorate Of Revenue Intelligence - India
- Bhatia International Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- New Zealand Coal & Carbon
- GAC Shipping (India) Pvt Ltd
- Xindia Steels Limited - India
- Kapuas Tunggal Persada - Indonesia
- Thai Mozambique Logistica
- Merrill Lynch Commodities Europe
- Sakthi Sugars Limited - India
- LBH Netherlands Bv - Netherlands
- Planning Commission, India
- Indogreen Group - Indonesia
- IHS Mccloskey Coal Group - USA
- Goldman Sachs - Singapore
- Binh Thuan Hamico - Vietnam
- Makarim & Taira - Indonesia
- Vedanta Resources Plc - India
- Indian Energy Exchange, India
- GN Power Mariveles Coal Plant, Philippines
- Billiton Holdings Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- Gujarat Electricity Regulatory Commission - India
- Global Coal Blending Company Limited - Australia
- Kobexindo Tractors - Indoneisa
- PTC India Limited - India
- Posco Energy - South Korea
- Sinarmas Energy and Mining - Indonesia
- The State Trading Corporation of India Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- San Jose City I Power Corp, Philippines
- Siam City Cement - Thailand
- Gujarat Sidhee Cement - India
- Attock Cement Pakistan Limited
- Jindal Steel & Power Ltd - India
- Gujarat Mineral Development Corp Ltd - India
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