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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 $470 billion. He concluded by saying that Chinese banks are entering the global market with ambitions. The secret to do business with them is to be patient and have large investment projects in place said Mr. Xiradakis.
Speaking on the matter from a banking point of view, Mr. Ted Petropoulos, managing director of Petrofin Research said that uncertainty is the main ingredient in the course of the global financial activity. “The international banking system is facing serious liquidity problems, which in turn impacts its decision for investments” said Mr. Petropoulos. He concluded his speech by saying that the fact that the crisis have been made clear to all players of the global economy, gives reason for optimism, regarding its successful resolvement.
Source: Nikos Roussanoglou, Hellenic Shipping
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Thursday, 14 July 11
INDO GOVT. SETS JULY COAL REFERENCE PRICE AT US$ 118.24 PER TON
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia sets coal spot price benchmark for July 2011 at US$ 118.24 per ton, US$ 0 ...
Thursday, 14 July 11
DRY BULK MARKET KEEPS FALLING ON WEAK CAPESIZE SENTIMENT - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market kept on retreating on Wednesday, with the Baltic Dry Index (BDI) falling to 1,383 points, from 1,411 of the previous day. Capesi ...
Thursday, 14 July 11
UNITED TRACTORS BUYS DUTA SEJAHTERA - INSIDER STORIES
Insider Stories reported that, PT United Tractors Tbk (UNTR), via a wholly-owned subsidiary PT Tuah Turangga Agung, will acquire PT Duta Sejahtera a ...
Wednesday, 13 July 11
ANOTHER FIRMER WEEK FOR THE CAPES - BRS
Barry Rogliano Salles reported that, there were mixed results for the dry bulk market this week: the Capesize and Panamax markets performed well gai ...
Tuesday, 12 July 11
INDONESIAN MINERS PLAN $70M INVESTMENT TO UPGRADE QUALITY OF COAL - THE JAKARTA GLOBE
One of the leading english language news paper in indonesia, the Jakarta globe reported that, as the government implements a ban on the export of po ...
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- McConnell Dowell - Australia
- Global Coal Blending Company Limited - Australia
- Sree Jayajothi Cements Limited - India
- Coalindo Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Intertek Mineral Services - Indonesia
- India Bulls Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Therma Luzon, Inc, Philippines
- Mintek Dendrill Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Siam City Cement PLC, Thailand
- Malabar Cements Ltd - India
- Sindya Power Generating Company Private Ltd
- International Coal Ventures Pvt Ltd - India
- Interocean Group of Companies - India
- Renaissance Capital - South Africa
- Semirara Mining and Power Corporation, Philippines
- Mercator Lines Limited - India
- Orica Australia Pty. Ltd.
- Indogreen Group - Indonesia
- Trasteel International SA, Italy
- Binh Thuan Hamico - Vietnam
- Economic Council, Georgia
- GVK Power & Infra Limited - India
- Dalmia Cement Bharat India
- VISA Power Limited - India
- Edison Trading Spa - Italy
- Kartika Selabumi Mining - Indonesia
- Minerals Council of Australia
- Meenaskhi Energy Private Limited - India
- MS Steel International - UAE
- IHS Mccloskey Coal Group - USA
- Wood Mackenzie - Singapore
- Iligan Light & Power Inc, Philippines
- Deloitte Consulting - India
- Bhushan Steel Limited - India
- Thai Mozambique Logistica
- Kapuas Tunggal Persada - Indonesia
- Kideco Jaya Agung - Indonesia
- Electricity Generating Authority of Thailand
- White Energy Company Limited
- Baramulti Group, Indonesia
- Planning Commission, India
- Toyota Tsusho Corporation, Japan
- Maharashtra Electricity Regulatory Commission - India
- Formosa Plastics Group - Taiwan
- CIMB Investment Bank - Malaysia
- Indian Energy Exchange, India
- Standard Chartered Bank - UAE
- Goldman Sachs - Singapore
- Oldendorff Carriers - Singapore
- Commonwealth Bank - Australia
- Eastern Energy - Thailand
- Pendopo Energi Batubara - Indonesia
- SN Aboitiz Power Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Samtan Co., Ltd - South Korea
- SMC Global Power, Philippines
- New Zealand Coal & Carbon
- Sical Logistics Limited - India
- Posco Energy - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- ASAPP Information Group - India
- Gujarat Mineral Development Corp Ltd - India
- Global Business Power Corporation, Philippines
- Chamber of Mines of South Africa
- Tamil Nadu electricity Board
- The State Trading Corporation of India Ltd
- PTC India Limited - India
- Ceylon Electricity Board - Sri Lanka
- Africa Commodities Group - South Africa
- Bhoruka Overseas - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Vedanta Resources Plc - India
- Xindia Steels Limited - India
- Wilmar Investment Holdings
- GMR Energy Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bayan Resources Tbk. - Indonesia
- Energy Link Ltd, New Zealand
- Eastern Coal Council - USA
- TeaM Sual Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Aditya Birla Group - India
- SMG Consultants - Indonesia
- London Commodity Brokers - England
- Metalloyd Limited - United Kingdom
- PNOC Exploration Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Romanian Commodities Exchange
- IEA Clean Coal Centre - UK
- Rashtriya Ispat Nigam Limited - India
- Leighton Contractors Pty Ltd - Australia
- Kepco SPC Power Corporation, Philippines
- Central Java Power - Indonesia
- Parry Sugars Refinery, India
- Indika Energy - Indonesia
- Australian Coal Association
- Indian Oil Corporation Limited
- Timah Investasi Mineral - Indoneisa
- Energy Development Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Semirara Mining Corp, Philippines
- Sojitz Corporation - Japan
- Thiess Contractors Indonesia
- Singapore Mercantile Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Antam Resourcindo - Indonesia
- Cement Manufacturers Association - India
- Coal and Oil Company - UAE
- Heidelberg Cement - Germany
- Neyveli Lignite Corporation Ltd, - India
- PowerSource Philippines DevCo
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indonesian Coal Mining Association
- Tata Chemicals Ltd - India
- Banpu Public Company Limited - Thailand
- Parliament of New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Petrochimia International Co. Ltd.- Taiwan
- Kumho Petrochemical, South Korea
- Ministry of Mines - Canada
- Australian Commodity Traders Exchange
- OPG Power Generation Pvt Ltd - India
- Rio Tinto Coal - Australia
- Agrawal Coal Company - India
- Billiton Holdings Pty Ltd - Australia
- Lanco Infratech Ltd - India
- Barasentosa Lestari - Indonesia
- The University of Queensland
- Grasim Industreis Ltd - India
- Salva Resources Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Port Waratah Coal Services - Australia
- Bukit Makmur.PT - Indonesia
- Maheswari Brothers Coal Limited - India
- Krishnapatnam Port Company Ltd. - India
- Georgia Ports Authority, United States
- The Treasury - Australian Government
- Marubeni Corporation - India
- Carbofer General Trading SA - India
- Ministry of Transport, Egypt
- Videocon Industries ltd - India
- Coastal Gujarat Power Limited - India
- Power Finance Corporation Ltd., India
- Bharathi Cement Corporation - India
- Globalindo Alam Lestari - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Ind-Barath Power Infra Limited - India
- Directorate Of Revenue Intelligence - India
- Vizag Seaport Private Limited - India
- Kohat Cement Company Ltd. - Pakistan
- San Jose City I Power Corp, Philippines
- Uttam Galva Steels Limited - India
- Anglo American - United Kingdom
- Star Paper Mills Limited - India
- Larsen & Toubro Limited - India
- Central Electricity Authority - India
- Electricity Authority, New Zealand
- Riau Bara Harum - Indonesia
- Gujarat Sidhee Cement - India
- Independent Power Producers Association of India
- Karaikal Port Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Makarim & Taira - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Green Power PLC Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Jaiprakash Power Ventures ltd
- Ambuja Cements Ltd - India
- Manunggal Multi Energi - Indonesia
- Kobexindo Tractors - Indoneisa
- Mjunction Services Limited - India
- Borneo Indobara - Indonesia
- European Bulk Services B.V. - Netherlands
- Sinarmas Energy and Mining - Indonesia
- Savvy Resources Ltd - HongKong
- Bangladesh Power Developement Board
- Price Waterhouse Coopers - Russia
- Mercuria Energy - Indonesia
- Petron Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Sakthi Sugars Limited - India
- CNBM International Corporation - China
- Simpson Spence & Young - Indonesia
- Essar Steel Hazira Ltd - India
- Bhatia International Limited - India
- Medco Energi Mining Internasional
- AsiaOL BioFuels Corp., Philippines
- Siam City Cement - Thailand
- ICICI Bank Limited - India
- Jindal Steel & Power Ltd - India
- Orica Mining Services - Indonesia
- Latin American Coal - Colombia
- South Luzon Thermal Energy Corporation
- Merrill Lynch Commodities Europe
- TNB Fuel Sdn Bhd - Malaysia
- Attock Cement Pakistan Limited
- Meralco Power Generation, Philippines
- LBH Netherlands Bv - Netherlands
- Alfred C Toepfer International GmbH - Germany
- Ministry of Finance - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Chettinad Cement Corporation Ltd - India
- Sarangani Energy Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Madhucon Powers Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Altura Mining Limited, Indonesia
- Straits Asia Resources Limited - Singapore
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