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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 $470 billion. He concluded by saying that Chinese banks are entering the global market with ambitions. The secret to do business with them is to be patient and have large investment projects in place said Mr. Xiradakis.
Speaking on the matter from a banking point of view, Mr. Ted Petropoulos, managing director of Petrofin Research said that uncertainty is the main ingredient in the course of the global financial activity. “The international banking system is facing serious liquidity problems, which in turn impacts its decision for investments” said Mr. Petropoulos. He concluded his speech by saying that the fact that the crisis have been made clear to all players of the global economy, gives reason for optimism, regarding its successful resolvement.
Source: Nikos Roussanoglou, Hellenic Shipping
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Wednesday, 12 January 11
BULKER DELIVERIES WEIGHING IN ON FREIGHT RATES KEEPING SENTIMENT ON A NEGATIVE MODE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
A flurry of new buildings still hitting the water has caught up for good with the freight market, with capesizes unable to weather the storm. With r ...
Tuesday, 11 January 11
SUPRAMAX TRIP VIA INDONESIA TO INDIA US$ 8,000 PER DAY
Despite continued growth in the bulk trades, the delivery of new vessels is beginning to take its toll. The BDI continued its decline, finishing las ...
Tuesday, 11 January 11
DRY BULK MARKET REACHES NEW LOWS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market’s benchmark index, the Baltic Dry Index (BDI) lost further ground in the beginning of the week, following the trend of the ...
Monday, 10 January 11
MINING INVESTMENT TARGET TOO LOW - TEMPO INTERACTIVE
TEMPO Interactive reported that, the Indonesian Mining Association’s executive director, Priyo Pribadi, believes the government’s invest ...
Monday, 10 January 11
COAL MONGOLIA IS INVITING YOU TO THE INTERNATIONAL COAL SECTOR INVESTORS CONFERENCE
COALspot.com - (Press Release) - The Coal Mongolian Conference will take place at Chinggis Hotel, in Ulaanbaatar on 24-25, Feb 2011. The coal bonanz ...
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- Holcim Trading Pte Ltd - Singapore
- Orica Mining Services - Indonesia
- Jaiprakash Power Ventures ltd
- Dalmia Cement Bharat India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- London Commodity Brokers - England
- Iligan Light & Power Inc, Philippines
- Grasim Industreis Ltd - India
- Planning Commission, India
- Global Coal Blending Company Limited - Australia
- Marubeni Corporation - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indogreen Group - Indonesia
- IHS Mccloskey Coal Group - USA
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coal and Oil Company - UAE
- Attock Cement Pakistan Limited
- Ind-Barath Power Infra Limited - India
- Gujarat Electricity Regulatory Commission - India
- Oldendorff Carriers - Singapore
- PTC India Limited - India
- Eastern Coal Council - USA
- Deloitte Consulting - India
- San Jose City I Power Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- ICICI Bank Limited - India
- Edison Trading Spa - Italy
- Kohat Cement Company Ltd. - Pakistan
- Rio Tinto Coal - Australia
- Power Finance Corporation Ltd., India
- Star Paper Mills Limited - India
- Bhoruka Overseas - Indonesia
- Tata Chemicals Ltd - India
- Energy Development Corp, Philippines
- Central Java Power - Indonesia
- Straits Asia Resources Limited - Singapore
- Orica Australia Pty. Ltd.
- Bukit Makmur.PT - Indonesia
- Formosa Plastics Group - Taiwan
- Africa Commodities Group - South Africa
- Bulk Trading Sa - Switzerland
- Alfred C Toepfer International GmbH - Germany
- Xindia Steels Limited - India
- Standard Chartered Bank - UAE
- India Bulls Power Limited - India
- Semirara Mining Corp, Philippines
- White Energy Company Limited
- Neyveli Lignite Corporation Ltd, - India
- AsiaOL BioFuels Corp., Philippines
- Minerals Council of Australia
- MS Steel International - UAE
- Agrawal Coal Company - India
- Gujarat Sidhee Cement - India
- Sical Logistics Limited - India
- Salva Resources Pvt Ltd - India
- Baramulti Group, Indonesia
- Madhucon Powers Ltd - India
- GMR Energy Limited - India
- Sojitz Corporation - Japan
- The University of Queensland
- Sarangani Energy Corporation, Philippines
- Ministry of Mines - Canada
- Latin American Coal - Colombia
- Karbindo Abesyapradhi - Indoneisa
- Barasentosa Lestari - Indonesia
- Indian Oil Corporation Limited
- The Treasury - Australian Government
- South Luzon Thermal Energy Corporation
- VISA Power Limited - India
- Thai Mozambique Logistica
- Directorate Of Revenue Intelligence - India
- Posco Energy - South Korea
- Larsen & Toubro Limited - India
- Toyota Tsusho Corporation, Japan
- Parliament of New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Australian Commodity Traders Exchange
- Jindal Steel & Power Ltd - India
- Indo Tambangraya Megah - Indonesia
- Merrill Lynch Commodities Europe
- Sakthi Sugars Limited - India
- Malabar Cements Ltd - India
- Goldman Sachs - Singapore
- Commonwealth Bank - Australia
- Kaltim Prima Coal - Indonesia
- Kumho Petrochemical, South Korea
- Antam Resourcindo - Indonesia
- Mjunction Services Limited - India
- Ministry of Transport, Egypt
- Electricity Authority, New Zealand
- Rashtriya Ispat Nigam Limited - India
- Sindya Power Generating Company Private Ltd
- Wilmar Investment Holdings
- Australian Coal Association
- Vijayanagar Sugar Pvt Ltd - India
- Eastern Energy - Thailand
- Vedanta Resources Plc - India
- Meenaskhi Energy Private Limited - India
- McConnell Dowell - Australia
- The State Trading Corporation of India Ltd
- Bayan Resources Tbk. - Indonesia
- Aboitiz Power Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Cement Manufacturers Association - India
- Vizag Seaport Private Limited - India
- Romanian Commodities Exchange
- Singapore Mercantile Exchange
- CNBM International Corporation - China
- PNOC Exploration Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Bangladesh Power Developement Board
- Kideco Jaya Agung - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Aditya Birla Group - India
- Makarim & Taira - Indonesia
- Georgia Ports Authority, United States
- Heidelberg Cement - Germany
- Central Electricity Authority - India
- Electricity Generating Authority of Thailand
- Metalloyd Limited - United Kingdom
- Petrochimia International Co. Ltd.- Taiwan
- Riau Bara Harum - Indonesia
- Anglo American - United Kingdom
- Semirara Mining and Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cigading International Bulk Terminal - Indonesia
- Coastal Gujarat Power Limited - India
- Mercator Lines Limited - India
- LBH Netherlands Bv - Netherlands
- Kepco SPC Power Corporation, Philippines
- Bhushan Steel Limited - India
- Sinarmas Energy and Mining - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Ambuja Cements Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Kobexindo Tractors - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Samtan Co., Ltd - South Korea
- Savvy Resources Ltd - HongKong
- Offshore Bulk Terminal Pte Ltd, Singapore
- Port Waratah Coal Services - Australia
- Pendopo Energi Batubara - Indonesia
- Altura Mining Limited, Indonesia
- Carbofer General Trading SA - India
- Meralco Power Generation, Philippines
- Indika Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Petron Corporation, Philippines
- Independent Power Producers Association of India
- Bhatia International Limited - India
- Essar Steel Hazira Ltd - India
- Intertek Mineral Services - Indonesia
- Kartika Selabumi Mining - Indonesia
- Banpu Public Company Limited - Thailand
- Chettinad Cement Corporation Ltd - India
- Medco Energi Mining Internasional
- IEA Clean Coal Centre - UK
- Bukit Baiduri Energy - Indonesia
- SMG Consultants - Indonesia
- Therma Luzon, Inc, Philippines
- Lanco Infratech Ltd - India
- Videocon Industries ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Maharashtra Electricity Regulatory Commission - India
- Wood Mackenzie - Singapore
- Parry Sugars Refinery, India
- Bahari Cakrawala Sebuku - Indonesia
- New Zealand Coal & Carbon
- CIMB Investment Bank - Malaysia
- Coalindo Energy - Indonesia
- Interocean Group of Companies - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- ASAPP Information Group - India
- Maheswari Brothers Coal Limited - India
- Bharathi Cement Corporation - India
- Borneo Indobara - Indonesia
- Price Waterhouse Coopers - Russia
- Tamil Nadu electricity Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- Billiton Holdings Pty Ltd - Australia
- Mercuria Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- TeaM Sual Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- PowerSource Philippines DevCo
- Gujarat Mineral Development Corp Ltd - India
- Thiess Contractors Indonesia
- Indonesian Coal Mining Association
- SMC Global Power, Philippines
- OPG Power Generation Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Energy Link Ltd, New Zealand
- Uttam Galva Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- Binh Thuan Hamico - Vietnam
- Mintek Dendrill Indonesia
- International Coal Ventures Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Siam City Cement - Thailand
- Renaissance Capital - South Africa
- Global Business Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Manunggal Multi Energi - Indonesia
- Chamber of Mines of South Africa
- Siam City Cement PLC, Thailand
- Economic Council, Georgia
- Leighton Contractors Pty Ltd - Australia
- Trasteel International SA, Italy
- Indian Energy Exchange, India
- Karaikal Port Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Finance - Indonesia
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