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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 $470 billion. He concluded by saying that Chinese banks are entering the global market with ambitions. The secret to do business with them is to be patient and have large investment projects in place said Mr. Xiradakis.
Speaking on the matter from a banking point of view, Mr. Ted Petropoulos, managing director of Petrofin Research said that uncertainty is the main ingredient in the course of the global financial activity. “The international banking system is facing serious liquidity problems, which in turn impacts its decision for investments” said Mr. Petropoulos. He concluded his speech by saying that the fact that the crisis have been made clear to all players of the global economy, gives reason for optimism, regarding its successful resolvement.
Source: Nikos Roussanoglou, Hellenic Shipping
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Saturday, 30 April 11
THE PANAMAX WAS THE BIGGEST GAINER
COALspot.com - The freight market appeared to recover slightly after the Easter holidays. However they market may not move up much and likely to mai ...
Friday, 29 April 11
KOMIPO ISSUES TENDER FOR 710,000 MT OF LCV & HCV COAL
COALspot.com - Korea Midland Power Co. Ltd (KOMIPO) has issued a spot supply tender for supply of total 710,000 MT of thermal coal for delivery betw ...
Friday, 29 April 11
HARUM EYES IDR 2.58 TRILLION COAL TAKEOVER
PT Harum Energy Tbk (HRUM), that is controlled by Indonesian tycoon Kiki Barki, is poised to spend Rp 2.58 trillion (approximately US$ 301.296 mln) ...
Friday, 29 April 11
CHINA'S IMPORTS 27 PERCENT LESS COAL IN Q1 2011 - ICAP SHIPPING
ICAP Shipping reported that, China's coal imports in the first quarter were some 27% down on a year ago at 32.3 Mt (2010: 44.4 Mt). Part of the rea ...
Thursday, 28 April 11
BALTIC DRY INDEX NUDGES UP AFTER DAYS OF LOSSES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
After consecutive falls, the dry bulk freight market, as followed through the Baltic Dry Index, finally caught a breather yesterday, with the BDI ma ...
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- Merrill Lynch Commodities Europe
- Kapuas Tunggal Persada - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Iligan Light & Power Inc, Philippines
- Romanian Commodities Exchange
- Sakthi Sugars Limited - India
- New Zealand Coal & Carbon
- Port Waratah Coal Services - Australia
- Semirara Mining and Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Chamber of Mines of South Africa
- Intertek Mineral Services - Indonesia
- European Bulk Services B.V. - Netherlands
- Riau Bara Harum - Indonesia
- Indo Tambangraya Megah - Indonesia
- Indonesian Coal Mining Association
- White Energy Company Limited
- ICICI Bank Limited - India
- PowerSource Philippines DevCo
- Siam City Cement PLC, Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Binh Thuan Hamico - Vietnam
- Carbofer General Trading SA - India
- Indogreen Group - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Agrawal Coal Company - India
- San Jose City I Power Corp, Philippines
- Mintek Dendrill Indonesia
- Gujarat Sidhee Cement - India
- Orica Mining Services - Indonesia
- Lanco Infratech Ltd - India
- Goldman Sachs - Singapore
- Therma Luzon, Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Ind-Barath Power Infra Limited - India
- Karaikal Port Pvt Ltd - India
- Heidelberg Cement - Germany
- Holcim Trading Pte Ltd - Singapore
- Australian Coal Association
- Ceylon Electricity Board - Sri Lanka
- Ministry of Transport, Egypt
- Rio Tinto Coal - Australia
- PetroVietnam Power Coal Import and Supply Company
- Essar Steel Hazira Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- GVK Power & Infra Limited - India
- Bhoruka Overseas - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Oldendorff Carriers - Singapore
- Eastern Coal Council - USA
- Kalimantan Lumbung Energi - Indonesia
- TeaM Sual Corporation - Philippines
- Dalmia Cement Bharat India
- Gujarat Mineral Development Corp Ltd - India
- Deloitte Consulting - India
- Kobexindo Tractors - Indoneisa
- Maheswari Brothers Coal Limited - India
- Central Electricity Authority - India
- Electricity Generating Authority of Thailand
- Bhushan Steel Limited - India
- Coalindo Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Vedanta Resources Plc - India
- Bukit Baiduri Energy - Indonesia
- Aditya Birla Group - India
- Power Finance Corporation Ltd., India
- Central Java Power - Indonesia
- Savvy Resources Ltd - HongKong
- Bahari Cakrawala Sebuku - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Grasim Industreis Ltd - India
- Kaltim Prima Coal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ambuja Cements Ltd - India
- London Commodity Brokers - England
- Wood Mackenzie - Singapore
- International Coal Ventures Pvt Ltd - India
- Siam City Cement - Thailand
- Wilmar Investment Holdings
- Maharashtra Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Planning Commission, India
- Star Paper Mills Limited - India
- Renaissance Capital - South Africa
- Tata Chemicals Ltd - India
- Africa Commodities Group - South Africa
- South Luzon Thermal Energy Corporation
- Directorate Of Revenue Intelligence - India
- Sical Logistics Limited - India
- Alfred C Toepfer International GmbH - Germany
- Madhucon Powers Ltd - India
- Thiess Contractors Indonesia
- Petron Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Larsen & Toubro Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Marubeni Corporation - India
- Borneo Indobara - Indonesia
- Antam Resourcindo - Indonesia
- Uttam Galva Steels Limited - India
- SMG Consultants - Indonesia
- Mercator Lines Limited - India
- OPG Power Generation Pvt Ltd - India
- Baramulti Group, Indonesia
- Sojitz Corporation - Japan
- Edison Trading Spa - Italy
- Krishnapatnam Port Company Ltd. - India
- Commonwealth Bank - Australia
- Bayan Resources Tbk. - Indonesia
- Minerals Council of Australia
- Jorong Barutama Greston.PT - Indonesia
- Vizag Seaport Private Limited - India
- Altura Mining Limited, Indonesia
- Bharathi Cement Corporation - India
- Independent Power Producers Association of India
- Ministry of Mines - Canada
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Jindal Steel & Power Ltd - India
- Semirara Mining Corp, Philippines
- GMR Energy Limited - India
- Samtan Co., Ltd - South Korea
- Banpu Public Company Limited - Thailand
- Bhatia International Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Kumho Petrochemical, South Korea
- Bulk Trading Sa - Switzerland
- Latin American Coal - Colombia
- GN Power Mariveles Coal Plant, Philippines
- Salva Resources Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Global Coal Blending Company Limited - Australia
- Posco Energy - South Korea
- Energy Link Ltd, New Zealand
- Attock Cement Pakistan Limited
- VISA Power Limited - India
- Coal and Oil Company - UAE
- India Bulls Power Limited - India
- Thai Mozambique Logistica
- Energy Development Corp, Philippines
- Australian Commodity Traders Exchange
- IEA Clean Coal Centre - UK
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Globalindo Alam Lestari - Indonesia
- IHS Mccloskey Coal Group - USA
- Singapore Mercantile Exchange
- Timah Investasi Mineral - Indoneisa
- Economic Council, Georgia
- Mercuria Energy - Indonesia
- MS Steel International - UAE
- Meralco Power Generation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Ministry of Finance - Indonesia
- Anglo American - United Kingdom
- Toyota Tsusho Corporation, Japan
- Formosa Plastics Group - Taiwan
- SMC Global Power, Philippines
- Makarim & Taira - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bangladesh Power Developement Board
- Leighton Contractors Pty Ltd - Australia
- Orica Australia Pty. Ltd.
- CNBM International Corporation - China
- Coastal Gujarat Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Xindia Steels Limited - India
- Georgia Ports Authority, United States
- Jaiprakash Power Ventures ltd
- ASAPP Information Group - India
- Kideco Jaya Agung - Indonesia
- SN Aboitiz Power Inc, Philippines
- Mjunction Services Limited - India
- The State Trading Corporation of India Ltd
- Eastern Energy - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Metalloyd Limited - United Kingdom
- LBH Netherlands Bv - Netherlands
- Meenaskhi Energy Private Limited - India
- Indian Oil Corporation Limited
- Barasentosa Lestari - Indonesia
- Cement Manufacturers Association - India
- Asmin Koalindo Tuhup - Indonesia
- Sindya Power Generating Company Private Ltd
- Cigading International Bulk Terminal - Indonesia
- Global Business Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- McConnell Dowell - Australia
- The Treasury - Australian Government
- Medco Energi Mining Internasional
- Videocon Industries ltd - India
- Billiton Holdings Pty Ltd - Australia
- PTC India Limited - India
- Electricity Authority, New Zealand
- The University of Queensland
- Chettinad Cement Corporation Ltd - India
- Parliament of New Zealand
- Interocean Group of Companies - India
- Trasteel International SA, Italy
- Directorate General of MIneral and Coal - Indonesia
- Simpson Spence & Young - Indonesia
- Tamil Nadu electricity Board
- Indika Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Standard Chartered Bank - UAE
- GAC Shipping (India) Pvt Ltd
- Parry Sugars Refinery, India
- Sree Jayajothi Cements Limited - India
- Aboitiz Power Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Malabar Cements Ltd - India
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