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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, 27 April 11
KEWESPO CALLS FOR 765KT OF THERMAL COAL
COALspot.com - South Korea's East-West Power Co's (KEWESPO) has issued a tender to buy total 765,000 tonnes of thermal coal for delivery between J ...
Wednesday, 27 April 11
HARUM ENERGY TO PAY RP 659.1B IN DIVIDENDS - THE JAKARTA POST
The Jakarta Post reported that, Indonesian coal miner Harum Energy is planning to pay out Rp 659.1 billion (US$76.46 million) in dividends this year ...
Wednesday, 27 April 11
TSIS $5 MILLION PLANT TO START PRODUCING UPGRADED COAL - THE JAKARTA POST
The Jakartapost reported that, PT Total Sinergy International (TSI), in association with Agritrade Resources Limited of Hong Kong, will upgrade its ...
Wednesday, 27 April 11
RAIN CONSIDERS COAL MINES TAKEOVER - INSIDER STORIES
Indonesian's tenth largest coal miner in term of coal concession, PT Resource Alam Indonesia Tbk (KKGI), is considering to acquire several coalmine ...
Wednesday, 27 April 11
DRY BULK MARKET LACKS ACTIVITY, RATES KEEP RETREATING - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
With the Easter Holidays for a large of the world now behind, the dry bulk market kept lacking activity on Tuesday, which led the Baltic Dry Index ( ...
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- Electricity Authority, New Zealand
- Petron Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- The University of Queensland
- Bukit Baiduri Energy - Indonesia
- Marubeni Corporation - India
- Parry Sugars Refinery, India
- Heidelberg Cement - Germany
- Parliament of New Zealand
- Orica Australia Pty. Ltd.
- Minerals Council of Australia
- Wilmar Investment Holdings
- Samtan Co., Ltd - South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bangladesh Power Developement Board
- Edison Trading Spa - Italy
- Antam Resourcindo - Indonesia
- ASAPP Information Group - India
- Indonesian Coal Mining Association
- Trasteel International SA, Italy
- Bhatia International Limited - India
- McConnell Dowell - Australia
- Central Electricity Authority - India
- Salva Resources Pvt Ltd - India
- Sojitz Corporation - Japan
- The Treasury - Australian Government
- Kideco Jaya Agung - Indonesia
- Banpu Public Company Limited - Thailand
- Videocon Industries ltd - India
- Sindya Power Generating Company Private Ltd
- Independent Power Producers Association of India
- Bulk Trading Sa - Switzerland
- Star Paper Mills Limited - India
- Australian Coal Association
- Power Finance Corporation Ltd., India
- Central Java Power - Indonesia
- Sakthi Sugars Limited - India
- Jindal Steel & Power Ltd - India
- Borneo Indobara - Indonesia
- Jaiprakash Power Ventures ltd
- Energy Development Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Aditya Birla Group - India
- Planning Commission, India
- Asmin Koalindo Tuhup - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Mercator Lines Limited - India
- Africa Commodities Group - South Africa
- Merrill Lynch Commodities Europe
- Romanian Commodities Exchange
- Bukit Makmur.PT - Indonesia
- Altura Mining Limited, Indonesia
- Coastal Gujarat Power Limited - India
- Ministry of Mines - Canada
- Semirara Mining Corp, Philippines
- Electricity Generating Authority of Thailand
- Bhushan Steel Limited - India
- Australian Commodity Traders Exchange
- Sarangani Energy Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- PetroVietnam Power Coal Import and Supply Company
- Anglo American - United Kingdom
- Standard Chartered Bank - UAE
- San Jose City I Power Corp, Philippines
- Mjunction Services Limited - India
- Tata Chemicals Ltd - India
- Renaissance Capital - South Africa
- Karbindo Abesyapradhi - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
- CIMB Investment Bank - Malaysia
- Globalindo Alam Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- Price Waterhouse Coopers - Russia
- The State Trading Corporation of India Ltd
- Billiton Holdings Pty Ltd - Australia
- Siam City Cement PLC, Thailand
- Thiess Contractors Indonesia
- Ministry of Transport, Egypt
- Coalindo Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Bank of Tokyo Mitsubishi UFJ Ltd
- SMG Consultants - Indonesia
- Manunggal Multi Energi - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Indian Oil Corporation Limited
- Kalimantan Lumbung Energi - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Goldman Sachs - Singapore
- Oldendorff Carriers - Singapore
- SMC Global Power, Philippines
- Economic Council, Georgia
- OPG Power Generation Pvt Ltd - India
- Latin American Coal - Colombia
- Uttam Galva Steels Limited - India
- Agrawal Coal Company - India
- Cigading International Bulk Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- Meenaskhi Energy Private Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Interocean Group of Companies - India
- Alfred C Toepfer International GmbH - Germany
- Rashtriya Ispat Nigam Limited - India
- Holcim Trading Pte Ltd - Singapore
- SN Aboitiz Power Inc, Philippines
- MS Steel International - UAE
- CNBM International Corporation - China
- Makarim & Taira - Indonesia
- Chamber of Mines of South Africa
- Aboitiz Power Corporation - Philippines
- Tamil Nadu electricity Board
- Ind-Barath Power Infra Limited - India
- Attock Cement Pakistan Limited
- Bahari Cakrawala Sebuku - Indonesia
- Posco Energy - South Korea
- GAC Shipping (India) Pvt Ltd
- Neyveli Lignite Corporation Ltd, - India
- Indika Energy - Indonesia
- Global Business Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Indogreen Group - Indonesia
- GVK Power & Infra Limited - India
- IHS Mccloskey Coal Group - USA
- Rio Tinto Coal - Australia
- Maheswari Brothers Coal Limited - India
- Kohat Cement Company Ltd. - Pakistan
- PNOC Exploration Corporation - Philippines
- Xindia Steels Limited - India
- Port Waratah Coal Services - Australia
- Carbofer General Trading SA - India
- Meralco Power Generation, Philippines
- Orica Mining Services - Indonesia
- Kobexindo Tractors - Indoneisa
- London Commodity Brokers - England
- Bhoruka Overseas - Indonesia
- Coal and Oil Company - UAE
- Baramulti Group, Indonesia
- Grasim Industreis Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Chettinad Cement Corporation Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- GMR Energy Limited - India
- IEA Clean Coal Centre - UK
- Siam City Cement - Thailand
- LBH Netherlands Bv - Netherlands
- Petrochimia International Co. Ltd.- Taiwan
- New Zealand Coal & Carbon
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Madhucon Powers Ltd - India
- Eastern Coal Council - USA
- Ministry of Finance - Indonesia
- Global Green Power PLC Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Intertek Mineral Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- South Luzon Thermal Energy Corporation
- Medco Energi Mining Internasional
- International Coal Ventures Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Mercuria Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- ICICI Bank Limited - India
- European Bulk Services B.V. - Netherlands
- Malabar Cements Ltd - India
- Deloitte Consulting - India
- Timah Investasi Mineral - Indoneisa
- Mintek Dendrill Indonesia
- Cement Manufacturers Association - India
- TNB Fuel Sdn Bhd - Malaysia
- Sical Logistics Limited - India
- Pendopo Energi Batubara - Indonesia
- Wood Mackenzie - Singapore
- TeaM Sual Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- White Energy Company Limited
- Straits Asia Resources Limited - Singapore
- Barasentosa Lestari - Indonesia
- Eastern Energy - Thailand
- Metalloyd Limited - United Kingdom
- Savvy Resources Ltd - HongKong
- VISA Power Limited - India
- Thai Mozambique Logistica
- Krishnapatnam Port Company Ltd. - India
- Indian Energy Exchange, India
- Ambuja Cements Ltd - India
- Commonwealth Bank - Australia
- Indo Tambangraya Megah - Indonesia
- Gujarat Sidhee Cement - India
- Singapore Mercantile Exchange
- Bharathi Cement Corporation - India
- Georgia Ports Authority, United States
- Larsen & Toubro Limited - India
- Iligan Light & Power Inc, Philippines
- India Bulls Power Limited - India
- Vedanta Resources Plc - India
- Binh Thuan Hamico - Vietnam
- Lanco Infratech Ltd - India
- Karaikal Port Pvt Ltd - India
- Dalmia Cement Bharat India
- Therma Luzon, Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- PowerSource Philippines DevCo
- Energy Link Ltd, New Zealand
- Sree Jayajothi Cements Limited - India
- PTC India Limited - India
- Vizag Seaport Private Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Kumho Petrochemical, South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Simpson Spence & Young - Indonesia
- Semirara Mining and Power Corporation, Philippines
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