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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, 16 June 11
FREIGHT MARKET FAILS TO RECOVER - DREWRY / HELLENIC SHIPPING
With demand failing to improve enough to contain the colossal increases in supply, the dry bulk freight market stayed near the dreadfully low levels ...
Thursday, 16 June 11
VALLAR CONTROLS 84.7 PERCENT STAKE IN BERAU COAL - INSIDER STORIES
Insider Stories reported that, London-based investment company Vallar Plc, via its subsidiary dubbed Vallar Investments UK Limited, today announced ...
Wednesday, 15 June 11
INDONESIA NEW COAL POLICY WORRIES INDIA POWER FIRMS - MYDIGITALFC
Tata Power, Adani group, Lanco Infratech and Reliance Power, among other Indian coal importers, are waiting to assess the impact of the Indonesian g ...
Wednesday, 15 June 11
BAYAN RESOURCES OWNS 56 PERCENT KANGAROO - INSIDER STORIES
Australia-listed coal miner Kangaroo Resources Limited (KRL) has obtained final approval from its shareholders to complete its US$277 million acquis ...
Wednesday, 15 June 11
DRY BULK MARKET WEAKENS AGAIN - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Despite this time of year traditionally being one of the busiest for the dry bulk market, it seems that in the post-crisis era trade patterns are co ...
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- PetroVietnam Power Coal Import and Supply Company
- Ministry of Finance - Indonesia
- Indika Energy - Indonesia
- Sojitz Corporation - Japan
- Wood Mackenzie - Singapore
- Parry Sugars Refinery, India
- Borneo Indobara - Indonesia
- IHS Mccloskey Coal Group - USA
- Kobexindo Tractors - Indoneisa
- Rio Tinto Coal - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- New Zealand Coal & Carbon
- Madhucon Powers Ltd - India
- Bhoruka Overseas - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Manunggal Multi Energi - Indonesia
- Antam Resourcindo - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Cigading International Bulk Terminal - Indonesia
- Lanco Infratech Ltd - India
- Maheswari Brothers Coal Limited - India
- Commonwealth Bank - Australia
- Ministry of Transport, Egypt
- Thai Mozambique Logistica
- McConnell Dowell - Australia
- Binh Thuan Hamico - Vietnam
- Coalindo Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Vizag Seaport Private Limited - India
- Merrill Lynch Commodities Europe
- TeaM Sual Corporation - Philippines
- Singapore Mercantile Exchange
- Economic Council, Georgia
- Sree Jayajothi Cements Limited - India
- Indian Energy Exchange, India
- Power Finance Corporation Ltd., India
- Bangladesh Power Developement Board
- GN Power Mariveles Coal Plant, Philippines
- Straits Asia Resources Limited - Singapore
- The State Trading Corporation of India Ltd
- London Commodity Brokers - England
- SMG Consultants - Indonesia
- Bhatia International Limited - India
- Heidelberg Cement - Germany
- Siam City Cement PLC, Thailand
- Mintek Dendrill Indonesia
- Global Coal Blending Company Limited - Australia
- Mercuria Energy - Indonesia
- Sakthi Sugars Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Minerals Council of Australia
- Billiton Holdings Pty Ltd - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Anglo American - United Kingdom
- Goldman Sachs - Singapore
- Leighton Contractors Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Coal and Oil Company - UAE
- Therma Luzon, Inc, Philippines
- Kumho Petrochemical, South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Energy Link Ltd, New Zealand
- SN Aboitiz Power Inc, Philippines
- European Bulk Services B.V. - Netherlands
- TNB Fuel Sdn Bhd - Malaysia
- Chamber of Mines of South Africa
- Aboitiz Power Corporation - Philippines
- Indogreen Group - Indonesia
- Standard Chartered Bank - UAE
- Savvy Resources Ltd - HongKong
- CIMB Investment Bank - Malaysia
- GAC Shipping (India) Pvt Ltd
- South Luzon Thermal Energy Corporation
- Bayan Resources Tbk. - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ambuja Cements Ltd - India
- Mercator Lines Limited - India
- LBH Netherlands Bv - Netherlands
- Intertek Mineral Services - Indonesia
- Parliament of New Zealand
- San Jose City I Power Corp, Philippines
- Deloitte Consulting - India
- Samtan Co., Ltd - South Korea
- Metalloyd Limited - United Kingdom
- Romanian Commodities Exchange
- Wilmar Investment Holdings
- PowerSource Philippines DevCo
- Jindal Steel & Power Ltd - India
- The University of Queensland
- Makarim & Taira - Indonesia
- Grasim Industreis Ltd - India
- Indonesian Coal Mining Association
- Gujarat Mineral Development Corp Ltd - India
- Sical Logistics Limited - India
- Price Waterhouse Coopers - Russia
- Meralco Power Generation, Philippines
- Uttam Galva Steels Limited - India
- White Energy Company Limited
- Georgia Ports Authority, United States
- ICICI Bank Limited - India
- Krishnapatnam Port Company Ltd. - India
- Sarangani Energy Corporation, Philippines
- Semirara Mining Corp, Philippines
- Energy Development Corp, Philippines
- Siam City Cement - Thailand
- Gujarat Electricity Regulatory Commission - India
- Essar Steel Hazira Ltd - India
- Larsen & Toubro Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- IEA Clean Coal Centre - UK
- Medco Energi Mining Internasional
- Dalmia Cement Bharat India
- AsiaOL BioFuels Corp., Philippines
- Baramulti Group, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Cement Manufacturers Association - India
- Karaikal Port Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Sinarmas Energy and Mining - Indonesia
- Kideco Jaya Agung - Indonesia
- Bukit Makmur.PT - Indonesia
- Central Electricity Authority - India
- Electricity Authority, New Zealand
- Africa Commodities Group - South Africa
- Toyota Tsusho Corporation, Japan
- Kalimantan Lumbung Energi - Indonesia
- ASAPP Information Group - India
- Agrawal Coal Company - India
- Neyveli Lignite Corporation Ltd, - India
- Star Paper Mills Limited - India
- Australian Commodity Traders Exchange
- The Treasury - Australian Government
- Timah Investasi Mineral - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Thiess Contractors Indonesia
- Tata Chemicals Ltd - India
- Pendopo Energi Batubara - Indonesia
- Ministry of Mines - Canada
- International Coal Ventures Pvt Ltd - India
- Petron Corporation, Philippines
- Marubeni Corporation - India
- Barasentosa Lestari - Indonesia
- Bhushan Steel Limited - India
- Banpu Public Company Limited - Thailand
- Iligan Light & Power Inc, Philippines
- Edison Trading Spa - Italy
- Maharashtra Electricity Regulatory Commission - India
- Bharathi Cement Corporation - India
- Planning Commission, India
- PTC India Limited - India
- Oldendorff Carriers - Singapore
- Simpson Spence & Young - Indonesia
- Riau Bara Harum - Indonesia
- Carbofer General Trading SA - India
- GMR Energy Limited - India
- VISA Power Limited - India
- Eastern Coal Council - USA
- Asmin Koalindo Tuhup - Indonesia
- Kaltim Prima Coal - Indonesia
- Posco Energy - South Korea
- Attock Cement Pakistan Limited
- GVK Power & Infra Limited - India
- Eastern Energy - Thailand
- Aditya Birla Group - India
- Global Business Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Globalindo Alam Lestari - Indonesia
- Independent Power Producers Association of India
- OPG Power Generation Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Australian Coal Association
- SMC Global Power, Philippines
- Renaissance Capital - South Africa
- Port Waratah Coal Services - Australia
- Latin American Coal - Colombia
- Central Java Power - Indonesia
- Vedanta Resources Plc - India
- Videocon Industries ltd - India
- CNBM International Corporation - China
- Sindya Power Generating Company Private Ltd
- Interocean Group of Companies - India
- Trasteel International SA, Italy
- Kepco SPC Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Directorate Of Revenue Intelligence - India
- India Bulls Power Limited - India
- Bulk Trading Sa - Switzerland
- Jorong Barutama Greston.PT - Indonesia
- Tamil Nadu electricity Board
- Xindia Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Orica Mining Services - Indonesia
- Gujarat Sidhee Cement - India
- Bukit Baiduri Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Malabar Cements Ltd - India
- Jaiprakash Power Ventures ltd
- Indian Oil Corporation Limited
- Electricity Generating Authority of Thailand
- PNOC Exploration Corporation - Philippines
- Mjunction Services Limited - India
- Coastal Gujarat Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kapuas Tunggal Persada - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Orica Australia Pty. Ltd.
- Holcim Trading Pte Ltd - Singapore
- Semirara Mining and Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- MS Steel International - UAE
- Ind-Barath Power Infra Limited - India
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