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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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Sunday, 10 April 11
SOFT FREIGHT MARKET TREND LIKELY TO BE CONTINUED - VISTAAR SHIPPING
COALspot.com - The freight market continued to soften further with the BDI breaking the 1,500 points and closing at 1376 points down by almost 10 pc ...
Thursday, 07 April 11
HANDY RATES SLIDING NOW - FEARNBULK
Handy
Slowly softening rates as more tonnage is accumulating in the Atlantic basin.The trans-Atlantic round is around $15k pd with trips to ...
Thursday, 07 April 11
DRY BULK MARKET PLUNGING EVEN FURTHER ON LOW CARGO DEMAND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has continued its falling pattern this week, with every day proving to be painful for ship owners, especially those of the large ...
Thursday, 07 April 11
INDIKA BUYS MITRABAHTERA AT US$ 0.183
PT Indika Energy Tbk (INDY), integrated energy company, today has exercised an option agreement to acquire 51% shareholding in newly listed coal tug ...
Wednesday, 06 April 11
FORBES & MANHATTAN COAL ANNOUNCES SIGNIFICANT OFF TAKE AGREEMENT
Steady Cash Flow Will Fund Production Ramp Up
Forbes & Manhattan Coal Corp., ("Forbes Coal" or the "Company") is a produc ...
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- International Coal Ventures Pvt Ltd - India
- Planning Commission, India
- PTC India Limited - India
- Kapuas Tunggal Persada - Indonesia
- Simpson Spence & Young - Indonesia
- Attock Cement Pakistan Limited
- VISA Power Limited - India
- Coalindo Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bhoruka Overseas - Indonesia
- Mercuria Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Electricity Generating Authority of Thailand
- McConnell Dowell - Australia
- Xindia Steels Limited - India
- Grasim Industreis Ltd - India
- Central Java Power - Indonesia
- European Bulk Services B.V. - Netherlands
- Iligan Light & Power Inc, Philippines
- Trasteel International SA, Italy
- Bulk Trading Sa - Switzerland
- Latin American Coal - Colombia
- TeaM Sual Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Asam (Persero) Tbk - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Tata Chemicals Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Ind-Barath Power Infra Limited - India
- Edison Trading Spa - Italy
- Antam Resourcindo - Indonesia
- Coal and Oil Company - UAE
- Orica Australia Pty. Ltd.
- Metalloyd Limited - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- Anglo American - United Kingdom
- Power Finance Corporation Ltd., India
- Vizag Seaport Private Limited - India
- Gujarat Sidhee Cement - India
- Borneo Indobara - Indonesia
- Sree Jayajothi Cements Limited - India
- SMG Consultants - Indonesia
- Aboitiz Power Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mjunction Services Limited - India
- Indian Energy Exchange, India
- Pendopo Energi Batubara - Indonesia
- Price Waterhouse Coopers - Russia
- Parliament of New Zealand
- Formosa Plastics Group - Taiwan
- Agrawal Coal Company - India
- The University of Queensland
- Straits Asia Resources Limited - Singapore
- Semirara Mining and Power Corporation, Philippines
- Ministry of Transport, Egypt
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indian Oil Corporation Limited
- Sindya Power Generating Company Private Ltd
- Globalindo Alam Lestari - Indonesia
- Energy Link Ltd, New Zealand
- Wilmar Investment Holdings
- Standard Chartered Bank - UAE
- White Energy Company Limited
- Bukit Baiduri Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Karaikal Port Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Rio Tinto Coal - Australia
- Singapore Mercantile Exchange
- Kaltim Prima Coal - Indonesia
- Semirara Mining Corp, Philippines
- Banpu Public Company Limited - Thailand
- Meralco Power Generation, Philippines
- Barasentosa Lestari - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Port Waratah Coal Services - Australia
- ASAPP Information Group - India
- The State Trading Corporation of India Ltd
- Ministry of Mines - Canada
- Kepco SPC Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- GMR Energy Limited - India
- Videocon Industries ltd - India
- Energy Development Corp, Philippines
- Medco Energi Mining Internasional
- Thiess Contractors Indonesia
- Rashtriya Ispat Nigam Limited - India
- Billiton Holdings Pty Ltd - Australia
- PowerSource Philippines DevCo
- Orica Mining Services - Indonesia
- Kobexindo Tractors - Indoneisa
- San Jose City I Power Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- AsiaOL BioFuels Corp., Philippines
- Economic Council, Georgia
- Africa Commodities Group - South Africa
- Manunggal Multi Energi - Indonesia
- Essar Steel Hazira Ltd - India
- Siam City Cement - Thailand
- Sinarmas Energy and Mining - Indonesia
- Malabar Cements Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Savvy Resources Ltd - HongKong
- London Commodity Brokers - England
- Indo Tambangraya Megah - Indonesia
- Kumho Petrochemical, South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Cement Manufacturers Association - India
- Ministry of Finance - Indonesia
- Independent Power Producers Association of India
- Neyveli Lignite Corporation Ltd, - India
- Marubeni Corporation - India
- Chamber of Mines of South Africa
- MS Steel International - UAE
- Larsen & Toubro Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Dalmia Cement Bharat India
- GVK Power & Infra Limited - India
- Vedanta Resources Plc - India
- India Bulls Power Limited - India
- Goldman Sachs - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Petron Corporation, Philippines
- Commonwealth Bank - Australia
- Salva Resources Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Carbofer General Trading SA - India
- Global Business Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Bharathi Cement Corporation - India
- Binh Thuan Hamico - Vietnam
- Interocean Group of Companies - India
- Australian Coal Association
- Bukit Makmur.PT - Indonesia
- Altura Mining Limited, Indonesia
- Romanian Commodities Exchange
- Riau Bara Harum - Indonesia
- Kartika Selabumi Mining - Indonesia
- Tamil Nadu electricity Board
- Renaissance Capital - South Africa
- CIMB Investment Bank - Malaysia
- Indogreen Group - Indonesia
- Sical Logistics Limited - India
- Toyota Tsusho Corporation, Japan
- Gujarat Mineral Development Corp Ltd - India
- Makarim & Taira - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Indonesian Coal Mining Association
- ICICI Bank Limited - India
- Directorate Of Revenue Intelligence - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Posco Energy - South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Eastern Energy - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Lanco Infratech Ltd - India
- Indika Energy - Indonesia
- Ambuja Cements Ltd - India
- SMC Global Power, Philippines
- Sojitz Corporation - Japan
- Parry Sugars Refinery, India
- Madhucon Powers Ltd - India
- Australian Commodity Traders Exchange
- Bhatia International Limited - India
- South Luzon Thermal Energy Corporation
- Jaiprakash Power Ventures ltd
- PNOC Exploration Corporation - Philippines
- Central Electricity Authority - India
- Merrill Lynch Commodities Europe
- Uttam Galva Steels Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Intertek Mineral Services - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Mintek Dendrill Indonesia
- Mercator Lines Limited - India
- Heidelberg Cement - Germany
- Timah Investasi Mineral - Indoneisa
- IEA Clean Coal Centre - UK
- Meenaskhi Energy Private Limited - India
- Eastern Coal Council - USA
- Minerals Council of Australia
- Krishnapatnam Port Company Ltd. - India
- Siam City Cement PLC, Thailand
- Bangladesh Power Developement Board
- Samtan Co., Ltd - South Korea
- Sakthi Sugars Limited - India
- Wood Mackenzie - Singapore
- Oldendorff Carriers - Singapore
- Kideco Jaya Agung - Indonesia
- Deloitte Consulting - India
- Bhushan Steel Limited - India
- Cigading International Bulk Terminal - Indonesia
- Thai Mozambique Logistica
- Jindal Steel & Power Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Maharashtra Electricity Regulatory Commission - India
- The Treasury - Australian Government
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Baramulti Group, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Global Coal Blending Company Limited - Australia
- OPG Power Generation Pvt Ltd - India
- Georgia Ports Authority, United States
- Vijayanagar Sugar Pvt Ltd - India
- Aditya Birla Group - India
- Global Green Power PLC Corporation, Philippines
- CNBM International Corporation - China
- Maheswari Brothers Coal Limited - India
- New Zealand Coal & Carbon
- IHS Mccloskey Coal Group - USA
- Electricity Authority, New Zealand
- Star Paper Mills Limited - India
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