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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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Friday, 01 April 11
DRY BULK MARKET WEAKENS ON SLOWER DEMAND, HOPES FOR MID-TERM REBOUND ON JAPANS RECONSTRUCTION - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market, as reflected in the Baltic Dry Index (BDI) retreated for a third day yesterday, after staying flat on Monday, to end at 1,530 p ...
Wednesday, 30 March 11
CHALLENGER SIGNS OPTION AGREEMENTS TO PURCHASE FOUR COAL PROJECTS IN INDONESIA
Challenger Signs Three Exclusive Option Agreements to Purchase Four Coal Projects in East Kalimantan, Indonesia
Challenger Deep Resources Corp.ha ...
Wednesday, 30 March 11
KPCL TO IMPORT ONE MILLION TONS OF 6300 GAD COAL
COALspot.com - Karnataka Power Corporation a state utility of Karnataka, India called for open tender for supply of one million tons of 6300 Kcal/kg ...
Wednesday, 30 March 11
WIKA GRABS PROJECT FROM ADARO INDONESIA - INSIDER STORIES
One of Indonesia's largest thermal coal PT Adaro Indonesia has finally mandated PT Wijaya Karya Tbk (WIKA) as a contractor to install and manage ov ...
Tuesday, 29 March 11
JAPAN FACTOR RIPPLING THROUGH THE SHIPPING MARKETS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
With the world watching the latest developments regarding the nuclear crisis in Japan and the devastating effects of the recent tragedy that struck ...
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- Neyveli Lignite Corporation Ltd, - India
- Kohat Cement Company Ltd. - Pakistan
- Tamil Nadu electricity Board
- Indika Energy - Indonesia
- Uttam Galva Steels Limited - India
- Semirara Mining and Power Corporation, Philippines
- Parry Sugars Refinery, India
- Global Coal Blending Company Limited - Australia
- Marubeni Corporation - India
- Africa Commodities Group - South Africa
- Directorate General of MIneral and Coal - Indonesia
- Oldendorff Carriers - Singapore
- IEA Clean Coal Centre - UK
- Aboitiz Power Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Power Finance Corporation Ltd., India
- Savvy Resources Ltd - HongKong
- Merrill Lynch Commodities Europe
- Altura Mining Limited, Indonesia
- Kapuas Tunggal Persada - Indonesia
- Wilmar Investment Holdings
- Mintek Dendrill Indonesia
- Alfred C Toepfer International GmbH - Germany
- Georgia Ports Authority, United States
- Ind-Barath Power Infra Limited - India
- European Bulk Services B.V. - Netherlands
- Leighton Contractors Pty Ltd - Australia
- Maharashtra Electricity Regulatory Commission - India
- Trasteel International SA, Italy
- Antam Resourcindo - Indonesia
- TeaM Sual Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- London Commodity Brokers - England
- Vijayanagar Sugar Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Sinarmas Energy and Mining - Indonesia
- ASAPP Information Group - India
- Globalindo Alam Lestari - Indonesia
- Rio Tinto Coal - Australia
- LBH Netherlands Bv - Netherlands
- CNBM International Corporation - China
- Videocon Industries ltd - India
- Ministry of Mines - Canada
- Mjunction Services Limited - India
- Jaiprakash Power Ventures ltd
- Carbofer General Trading SA - India
- Pipit Mutiara Jaya. PT, Indonesia
- Sojitz Corporation - Japan
- Iligan Light & Power Inc, Philippines
- Latin American Coal - Colombia
- Planning Commission, India
- Vedanta Resources Plc - India
- VISA Power Limited - India
- Energy Development Corp, Philippines
- CIMB Investment Bank - Malaysia
- Interocean Group of Companies - India
- Lanco Infratech Ltd - India
- Indonesian Coal Mining Association
- MS Steel International - UAE
- Ambuja Cements Ltd - India
- Siam City Cement - Thailand
- Borneo Indobara - Indonesia
- Maheswari Brothers Coal Limited - India
- Wood Mackenzie - Singapore
- Sakthi Sugars Limited - India
- Kobexindo Tractors - Indoneisa
- PNOC Exploration Corporation - Philippines
- Baramulti Group, Indonesia
- The Treasury - Australian Government
- Malabar Cements Ltd - India
- Sical Logistics Limited - India
- AsiaOL BioFuels Corp., Philippines
- GMR Energy Limited - India
- Siam City Cement PLC, Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Eastern Energy - Thailand
- Kumho Petrochemical, South Korea
- Coal and Oil Company - UAE
- Mercator Lines Limited - India
- OPG Power Generation Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Indogreen Group - Indonesia
- Karaikal Port Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Price Waterhouse Coopers - Russia
- Makarim & Taira - Indonesia
- Metalloyd Limited - United Kingdom
- Aditya Birla Group - India
- Binh Thuan Hamico - Vietnam
- Kepco SPC Power Corporation, Philippines
- Thai Mozambique Logistica
- GN Power Mariveles Coal Plant, Philippines
- The University of Queensland
- Banpu Public Company Limited - Thailand
- Barasentosa Lestari - Indonesia
- Energy Link Ltd, New Zealand
- Standard Chartered Bank - UAE
- Port Waratah Coal Services - Australia
- Sarangani Energy Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- GAC Shipping (India) Pvt Ltd
- International Coal Ventures Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Bukit Baiduri Energy - Indonesia
- Renaissance Capital - South Africa
- Directorate Of Revenue Intelligence - India
- ICICI Bank Limited - India
- San Jose City I Power Corp, Philippines
- White Energy Company Limited
- Krishnapatnam Port Company Ltd. - India
- Central Electricity Authority - India
- Romanian Commodities Exchange
- Minerals Council of Australia
- Samtan Co., Ltd - South Korea
- Central Java Power - Indonesia
- Indian Energy Exchange, India
- Manunggal Multi Energi - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Miang Besar Coal Terminal - Indonesia
- Sindya Power Generating Company Private Ltd
- India Bulls Power Limited - India
- Coalindo Energy - Indonesia
- Singapore Mercantile Exchange
- Timah Investasi Mineral - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Larsen & Toubro Limited - India
- Semirara Mining Corp, Philippines
- Global Business Power Corporation, Philippines
- Electricity Authority, New Zealand
- Xindia Steels Limited - India
- Kalimantan Lumbung Energi - Indonesia
- The State Trading Corporation of India Ltd
- Star Paper Mills Limited - India
- Attock Cement Pakistan Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PowerSource Philippines DevCo
- Holcim Trading Pte Ltd - Singapore
- Mercuria Energy - Indonesia
- Commonwealth Bank - Australia
- Goldman Sachs - Singapore
- Petron Corporation, Philippines
- Vizag Seaport Private Limited - India
- Eastern Coal Council - USA
- Thiess Contractors Indonesia
- IHS Mccloskey Coal Group - USA
- Cigading International Bulk Terminal - Indonesia
- Parliament of New Zealand
- Deloitte Consulting - India
- Posco Energy - South Korea
- South Luzon Thermal Energy Corporation
- Heidelberg Cement - Germany
- Gujarat Sidhee Cement - India
- Bhatia International Limited - India
- Economic Council, Georgia
- Bharathi Cement Corporation - India
- Coastal Gujarat Power Limited - India
- Meenaskhi Energy Private Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Indian Oil Corporation Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Finance - Indonesia
- Chettinad Cement Corporation Ltd - India
- Electricity Generating Authority of Thailand
- Medco Energi Mining Internasional
- Straits Asia Resources Limited - Singapore
- Australian Commodity Traders Exchange
- Orica Mining Services - Indonesia
- PTC India Limited - India
- Tata Chemicals Ltd - India
- Simpson Spence & Young - Indonesia
- Intertek Mineral Services - Indonesia
- Orica Australia Pty. Ltd.
- Edison Trading Spa - Italy
- Cement Manufacturers Association - India
- GVK Power & Infra Limited - India
- Gujarat Electricity Regulatory Commission - India
- Asmin Koalindo Tuhup - Indonesia
- New Zealand Coal & Carbon
- Indo Tambangraya Megah - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Transport, Egypt
- Madhucon Powers Ltd - India
- Australian Coal Association
- Meralco Power Generation, Philippines
- Bangladesh Power Developement Board
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Chamber of Mines of South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Agrawal Coal Company - India
- Rashtriya Ispat Nigam Limited - India
- Sree Jayajothi Cements Limited - India
- Independent Power Producers Association of India
- Jindal Steel & Power Ltd - India
- Anglo American - United Kingdom
- Salva Resources Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- SMG Consultants - Indonesia
- Toyota Tsusho Corporation, Japan
- Formosa Plastics Group - Taiwan
- SMC Global Power, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Bayan Resources Tbk. - Indonesia
- Essar Steel Hazira Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Riau Bara Harum - Indonesia
- Bukit Makmur.PT - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dalmia Cement Bharat India
- Bhushan Steel Limited - India
- Kideco Jaya Agung - Indonesia
- McConnell Dowell - Australia
- Grasim Industreis Ltd - India
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