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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, 19 May 11
OVERSUPPLY, VERY LARGE ORE CARRIERS EAT UP ON DRY BULK FREIGHT RATES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
After a brief upward momentum which ended early last week, the Baltic Dry Index, the dry bulk market’s benchmark has returned to its usual pat ...
Wednesday, 18 May 11
THE US COAL INDUSTRY LOGGED EXPORTS OF AROUND 25M TONNES IN 1Q OF 2011 - BRS
Another slow decline in the bulk markets this week, with the BCI losing the most at nearly 5%, the BPI 2.8% and the smaller sizes sub-1% amounts. Th ...
Wednesday, 18 May 11
AKR AIMS TO SELL COAL WORTH RP216 BILLION - PAPER
Bisnis Indonesia, an Indonesia's one of the leading business paper reported that, PT AKR Corporindo Tbk has targeted coal sales valued at Rp216 bil ...
Wednesday, 18 May 11
OVERHAUL OF MINING LAW MAY DETER INVESTMENT, S&P SAYS - THE JAKARTA GLOBE
The Jakarta Globe, an Indonesian English language news paper reported that, A report by Standard & Poor’s Ratings Services that a regulatory ...
Tuesday, 17 May 11
DRY BULK MARKET ENTERS WEEK ON WEAK MODE - HELLENIC SHIPPING
In yet another sign of softening freight rates for dry bulk carriers and oversupply issues, the dry bulk market entered this week on a downward path ...
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- Orica Mining Services - Indonesia
- Orica Australia Pty. Ltd.
- International Coal Ventures Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Savvy Resources Ltd - HongKong
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Baiduri Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Maheswari Brothers Coal Limited - India
- Minerals Council of Australia
- Goldman Sachs - Singapore
- Semirara Mining Corp, Philippines
- Xindia Steels Limited - India
- Mercator Lines Limited - India
- Directorate Of Revenue Intelligence - India
- Bayan Resources Tbk. - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Baramulti Group, Indonesia
- India Bulls Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Straits Asia Resources Limited - Singapore
- Posco Energy - South Korea
- VISA Power Limited - India
- Bukit Makmur.PT - Indonesia
- Bharathi Cement Corporation - India
- Interocean Group of Companies - India
- Tata Chemicals Ltd - India
- Wilmar Investment Holdings
- Intertek Mineral Services - Indonesia
- TeaM Sual Corporation - Philippines
- McConnell Dowell - Australia
- Ambuja Cements Ltd - India
- Globalindo Alam Lestari - Indonesia
- Mintek Dendrill Indonesia
- Attock Cement Pakistan Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Carbofer General Trading SA - India
- Samtan Co., Ltd - South Korea
- Borneo Indobara - Indonesia
- GAC Shipping (India) Pvt Ltd
- Larsen & Toubro Limited - India
- Kepco SPC Power Corporation, Philippines
- Edison Trading Spa - Italy
- Vedanta Resources Plc - India
- Indonesian Coal Mining Association
- Jaiprakash Power Ventures ltd
- Agrawal Coal Company - India
- Riau Bara Harum - Indonesia
- Global Business Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- GN Power Mariveles Coal Plant, Philippines
- CIMB Investment Bank - Malaysia
- Pendopo Energi Batubara - Indonesia
- Barasentosa Lestari - Indonesia
- PNOC Exploration Corporation - Philippines
- Ministry of Transport, Egypt
- Semirara Mining and Power Corporation, Philippines
- Mjunction Services Limited - India
- Cigading International Bulk Terminal - Indonesia
- The University of Queensland
- Electricity Generating Authority of Thailand
- SN Aboitiz Power Inc, Philippines
- Central Java Power - Indonesia
- Romanian Commodities Exchange
- Global Coal Blending Company Limited - Australia
- Medco Energi Mining Internasional
- The Treasury - Australian Government
- Therma Luzon, Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Wood Mackenzie - Singapore
- Ceylon Electricity Board - Sri Lanka
- Sakthi Sugars Limited - India
- Sree Jayajothi Cements Limited - India
- Uttam Galva Steels Limited - India
- Indian Oil Corporation Limited
- Oldendorff Carriers - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indian Energy Exchange, India
- Karbindo Abesyapradhi - Indoneisa
- GMR Energy Limited - India
- Rashtriya Ispat Nigam Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Commonwealth Bank - Australia
- Alfred C Toepfer International GmbH - Germany
- Energy Link Ltd, New Zealand
- Gujarat Electricity Regulatory Commission - India
- Sojitz Corporation - Japan
- Indo Tambangraya Megah - Indonesia
- Formosa Plastics Group - Taiwan
- Standard Chartered Bank - UAE
- Marubeni Corporation - India
- Miang Besar Coal Terminal - Indonesia
- Kaltim Prima Coal - Indonesia
- Bhushan Steel Limited - India
- IEA Clean Coal Centre - UK
- Mercuria Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Karaikal Port Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Siam City Cement - Thailand
- Rio Tinto Coal - Australia
- Siam City Cement PLC, Thailand
- Altura Mining Limited, Indonesia
- Port Waratah Coal Services - Australia
- Aboitiz Power Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- London Commodity Brokers - England
- MS Steel International - UAE
- SMC Global Power, Philippines
- Parliament of New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Billiton Holdings Pty Ltd - Australia
- ASAPP Information Group - India
- Essar Steel Hazira Ltd - India
- Chamber of Mines of South Africa
- Dalmia Cement Bharat India
- Aditya Birla Group - India
- Independent Power Producers Association of India
- PTC India Limited - India
- Timah Investasi Mineral - Indoneisa
- Power Finance Corporation Ltd., India
- Anglo American - United Kingdom
- Cement Manufacturers Association - India
- Renaissance Capital - South Africa
- Sindya Power Generating Company Private Ltd
- Gujarat Mineral Development Corp Ltd - India
- White Energy Company Limited
- Coastal Gujarat Power Limited - India
- Binh Thuan Hamico - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Mines - Canada
- New Zealand Coal & Carbon
- PowerSource Philippines DevCo
- Indogreen Group - Indonesia
- Price Waterhouse Coopers - Russia
- Makarim & Taira - Indonesia
- Kartika Selabumi Mining - Indonesia
- South Luzon Thermal Energy Corporation
- Maharashtra Electricity Regulatory Commission - India
- Antam Resourcindo - Indonesia
- Coal and Oil Company - UAE
- OPG Power Generation Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Thiess Contractors Indonesia
- Central Electricity Authority - India
- Iligan Light & Power Inc, Philippines
- Simpson Spence & Young - Indonesia
- Bhatia International Limited - India
- GVK Power & Infra Limited - India
- Lanco Infratech Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indika Energy - Indonesia
- ICICI Bank Limited - India
- Coalindo Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Energy Development Corp, Philippines
- Economic Council, Georgia
- Meralco Power Generation, Philippines
- Kideco Jaya Agung - Indonesia
- Holcim Trading Pte Ltd - Singapore
- IHS Mccloskey Coal Group - USA
- Madhucon Powers Ltd - India
- Banpu Public Company Limited - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Meenaskhi Energy Private Limited - India
- Sinarmas Energy and Mining - Indonesia
- Vizag Seaport Private Limited - India
- Parry Sugars Refinery, India
- Ministry of Finance - Indonesia
- Georgia Ports Authority, United States
- Malabar Cements Ltd - India
- Kobexindo Tractors - Indoneisa
- Bangladesh Power Developement Board
- Eastern Coal Council - USA
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sical Logistics Limited - India
- Tamil Nadu electricity Board
- Leighton Contractors Pty Ltd - Australia
- Australian Coal Association
- Latin American Coal - Colombia
- Trasteel International SA, Italy
- Jindal Steel & Power Ltd - India
- Planning Commission, India
- Bulk Trading Sa - Switzerland
- European Bulk Services B.V. - Netherlands
- Neyveli Lignite Corporation Ltd, - India
- LBH Netherlands Bv - Netherlands
- Star Paper Mills Limited - India
- SMG Consultants - Indonesia
- Electricity Authority, New Zealand
- Bhoruka Overseas - Indonesia
- Salva Resources Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Sidhee Cement - India
- Eastern Energy - Thailand
- CNBM International Corporation - China
- Australian Commodity Traders Exchange
- Petron Corporation, Philippines
- Videocon Industries ltd - India
- Sarangani Energy Corporation, Philippines
- Africa Commodities Group - South Africa
- Grasim Industreis Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Merrill Lynch Commodities Europe
- Thai Mozambique Logistica
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Singapore Mercantile Exchange
- Deloitte Consulting - India
- Jorong Barutama Greston.PT - Indonesia
- San Jose City I Power Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Heidelberg Cement - Germany
- Krishnapatnam Port Company Ltd. - India
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