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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 $470 billion. He concluded by saying that Chinese banks are entering the global market with ambitions. The secret to do business with them is to be patient and have large investment projects in place said Mr. Xiradakis.
Speaking on the matter from a banking point of view, Mr. Ted Petropoulos, managing director of Petrofin Research said that uncertainty is the main ingredient in the course of the global financial activity. “The international banking system is facing serious liquidity problems, which in turn impacts its decision for investments” said Mr. Petropoulos. He concluded his speech by saying that the fact that the crisis have been made clear to all players of the global economy, gives reason for optimism, regarding its successful resolvement.
Source: Nikos Roussanoglou, Hellenic Shipping
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Wednesday, 29 June 11
ANOTHER STRONG PERFORMANCE BY CAPESIZE - BRS
Another strong performance by the Capesize market this week, bringing the BCI up 8% to 1,974 points. However the Panamax market was penalised, losin ...
Monday, 27 June 11
THE IRON ORE IMPORTS BY CHINA SEEMED TO SLOW DOWN - VISTAAR
COALspot.com - The BDI was holding as previous week and was just up by 1 point and closed at 1424 points end of last week. The biggest gain was ...
Friday, 24 June 11
THE INDONESIAN GOVERNMENT WILL NOT EXTEND ALL EXPIRED MINING CONTRACTS - JAKARTA UPDATES
The Indonesian Government have decided not to extend all mining concessions under the scheme called Contract of Work and instead will take over the ...
Friday, 24 June 11
BERAU EYEING 70 PERCENT GROWTH IN EBITDA
Indonesia's coal producer PT Berau Coal Energy Tbk (BRAU) is eyeing a 60 -70 percent growth in EBITDA to US$ 560 million-US$595 million this year. ...
Thursday, 23 June 11
DRY BULK MARKET KEEPS EXHIBITING SIGNS OF WEAKNESS THIS WEEK - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market seems to be unable to climb at new highs this week, showing signs of weakness, across most ship types. Yesterday, the Baltic Dry ...
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- Australian Coal Association
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coal and Oil Company - UAE
- LBH Netherlands Bv - Netherlands
- MS Steel International - UAE
- Economic Council, Georgia
- Chamber of Mines of South Africa
- Sakthi Sugars Limited - India
- TeaM Sual Corporation - Philippines
- Aboitiz Power Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Therma Luzon, Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- Formosa Plastics Group - Taiwan
- Ind-Barath Power Infra Limited - India
- Baramulti Group, Indonesia
- Bulk Trading Sa - Switzerland
- Borneo Indobara - Indonesia
- Semirara Mining Corp, Philippines
- Star Paper Mills Limited - India
- Banpu Public Company Limited - Thailand
- Merrill Lynch Commodities Europe
- India Bulls Power Limited - India
- Meralco Power Generation, Philippines
- Lanco Infratech Ltd - India
- Bharathi Cement Corporation - India
- Sree Jayajothi Cements Limited - India
- Ministry of Mines - Canada
- Mintek Dendrill Indonesia
- Metalloyd Limited - United Kingdom
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Transport, Egypt
- Goldman Sachs - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Madhucon Powers Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Renaissance Capital - South Africa
- Kumho Petrochemical, South Korea
- Commonwealth Bank - Australia
- Vijayanagar Sugar Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Thai Mozambique Logistica
- Australian Commodity Traders Exchange
- Parry Sugars Refinery, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SMG Consultants - Indonesia
- Attock Cement Pakistan Limited
- The Treasury - Australian Government
- Meenaskhi Energy Private Limited - India
- Coastal Gujarat Power Limited - India
- GMR Energy Limited - India
- Altura Mining Limited, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Semirara Mining and Power Corporation, Philippines
- Sical Logistics Limited - India
- Xindia Steels Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Standard Chartered Bank - UAE
- Coalindo Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Directorate Of Revenue Intelligence - India
- Electricity Authority, New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Indogreen Group - Indonesia
- Price Waterhouse Coopers - Russia
- Jorong Barutama Greston.PT - Indonesia
- London Commodity Brokers - England
- Medco Energi Mining Internasional
- Energy Link Ltd, New Zealand
- The University of Queensland
- Bhatia International Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- ICICI Bank Limited - India
- European Bulk Services B.V. - Netherlands
- Kaltim Prima Coal - Indonesia
- Bhoruka Overseas - Indonesia
- VISA Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Orica Mining Services - Indonesia
- OPG Power Generation Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Wilmar Investment Holdings
- IHS Mccloskey Coal Group - USA
- Deloitte Consulting - India
- Simpson Spence & Young - Indonesia
- Central Electricity Authority - India
- CNBM International Corporation - China
- Ambuja Cements Ltd - India
- Samtan Co., Ltd - South Korea
- Riau Bara Harum - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Planning Commission, India
- Dalmia Cement Bharat India
- Mercuria Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Petron Corporation, Philippines
- IEA Clean Coal Centre - UK
- Barasentosa Lestari - Indonesia
- Marubeni Corporation - India
- San Jose City I Power Corp, Philippines
- Vedanta Resources Plc - India
- Global Coal Blending Company Limited - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Central Java Power - Indonesia
- Sindya Power Generating Company Private Ltd
- Georgia Ports Authority, United States
- Eastern Energy - Thailand
- Eastern Coal Council - USA
- Energy Development Corp, Philippines
- Aditya Birla Group - India
- McConnell Dowell - Australia
- Posco Energy - South Korea
- Romanian Commodities Exchange
- The State Trading Corporation of India Ltd
- Thiess Contractors Indonesia
- Port Waratah Coal Services - Australia
- Trasteel International SA, Italy
- Tamil Nadu electricity Board
- Antam Resourcindo - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Malabar Cements Ltd - India
- Rio Tinto Coal - Australia
- Parliament of New Zealand
- Kalimantan Lumbung Energi - Indonesia
- International Coal Ventures Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Indonesian Coal Mining Association
- Straits Asia Resources Limited - Singapore
- Electricity Generating Authority of Thailand
- New Zealand Coal & Carbon
- Cigading International Bulk Terminal - Indonesia
- Makarim & Taira - Indonesia
- Bangladesh Power Developement Board
- TNB Fuel Sdn Bhd - Malaysia
- Alfred C Toepfer International GmbH - Germany
- Siam City Cement - Thailand
- Jaiprakash Power Ventures ltd
- Intertek Mineral Services - Indonesia
- Power Finance Corporation Ltd., India
- Holcim Trading Pte Ltd - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Mercator Lines Limited - India
- Bhushan Steel Limited - India
- Globalindo Alam Lestari - Indonesia
- Toyota Tsusho Corporation, Japan
- Binh Thuan Hamico - Vietnam
- Sinarmas Energy and Mining - Indonesia
- ASAPP Information Group - India
- Heidelberg Cement - Germany
- Savvy Resources Ltd - HongKong
- Indika Energy - Indonesia
- SMC Global Power, Philippines
- Indian Oil Corporation Limited
- Latin American Coal - Colombia
- Sojitz Corporation - Japan
- AsiaOL BioFuels Corp., Philippines
- Uttam Galva Steels Limited - India
- GAC Shipping (India) Pvt Ltd
- Iligan Light & Power Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Global Green Power PLC Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Agrawal Coal Company - India
- Kobexindo Tractors - Indoneisa
- Tata Chemicals Ltd - India
- Bukit Baiduri Energy - Indonesia
- Gujarat Sidhee Cement - India
- Anglo American - United Kingdom
- Grasim Industreis Ltd - India
- Jindal Steel & Power Ltd - India
- Maheswari Brothers Coal Limited - India
- Bukit Makmur.PT - Indonesia
- Wood Mackenzie - Singapore
- Minerals Council of Australia
- Mjunction Services Limited - India
- PowerSource Philippines DevCo
- Ceylon Electricity Board - Sri Lanka
- Vizag Seaport Private Limited - India
- Larsen & Toubro Limited - India
- Africa Commodities Group - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- South Luzon Thermal Energy Corporation
- Essar Steel Hazira Ltd - India
- Indian Energy Exchange, India
- Carbofer General Trading SA - India
- Ministry of Finance - Indonesia
- Salva Resources Pvt Ltd - India
- Independent Power Producers Association of India
- Neyveli Lignite Corporation Ltd, - India
- Orica Australia Pty. Ltd.
- Interocean Group of Companies - India
- Global Business Power Corporation, Philippines
- White Energy Company Limited
- Manunggal Multi Energi - Indonesia
- Siam City Cement PLC, Thailand
- Asmin Koalindo Tuhup - Indonesia
- Kideco Jaya Agung - Indonesia
- Oldendorff Carriers - Singapore
- Videocon Industries ltd - India
- PTC India Limited - India
- Bayan Resources Tbk. - Indonesia
- Singapore Mercantile Exchange
- Kartika Selabumi Mining - Indonesia
- Edison Trading Spa - Italy
- Cement Manufacturers Association - India
- Rashtriya Ispat Nigam Limited - India
- GVK Power & Infra Limited - India
- Gujarat Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Karaikal Port Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
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