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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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Thursday, 30 December 10
DRY BULK MARKET STAYS SUBDUED AT THE END OF 2010 - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dy bulk market failed to cheer ship owners across the board as the year draws to an end, thus bringing mixed feelings ahead of 2011. On one hand ...
Thursday, 30 December 10
KANGAROO RESOURCES BUYS INDONESIAN COAL COMPANY
Australian-listed Kangaroo Resources Ltd. said Wednesday it will buy 99% of the Pakar thermal coal project in East Kalimantan, for A$277 million thr ...
Wednesday, 29 December 10
WEATHER IMPACTS RIO TINTO COAL AUSTRALIAS QUEENSLAND OPERATIONS
Press Release - As a result of severe monsoonal rain in central and northern Queensland, force majeure has been declared on coal sales contracts fro ...
Monday, 27 December 10
ANALYSIS: CHINA'S COAL PRODUCTION MISMATCHED WITH DOMESTIC DEMAND
As reported by iStock Analyst, China's coal market has been trapped in a strange cycle. Large coal production bases are facing overcapacity, while ...
Monday, 27 December 10
HUNT FOR OVERSEAS COAL ASSETS TO INTENSIFY - FINANCIAL EXPRESS
Financial Express reported that, With the Indian economy back on the track after the slowdown, merger and acquisition (M&A) activities in the re ...
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- Petron Corporation, Philippines
- VISA Power Limited - India
- The State Trading Corporation of India Ltd
- Rio Tinto Coal - Australia
- Oldendorff Carriers - Singapore
- Videocon Industries ltd - India
- Sree Jayajothi Cements Limited - India
- Kideco Jaya Agung - Indonesia
- South Luzon Thermal Energy Corporation
- Mercuria Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Bhoruka Overseas - Indonesia
- Kaltim Prima Coal - Indonesia
- Aboitiz Power Corporation - Philippines
- Parry Sugars Refinery, India
- Africa Commodities Group - South Africa
- Standard Chartered Bank - UAE
- Kartika Selabumi Mining - Indonesia
- Bukit Makmur.PT - Indonesia
- Coal and Oil Company - UAE
- Xindia Steels Limited - India
- Electricity Generating Authority of Thailand
- Formosa Plastics Group - Taiwan
- PNOC Exploration Corporation - Philippines
- Samtan Co., Ltd - South Korea
- SMC Global Power, Philippines
- Savvy Resources Ltd - HongKong
- Metalloyd Limited - United Kingdom
- ICICI Bank Limited - India
- Parliament of New Zealand
- CIMB Investment Bank - Malaysia
- Bayan Resources Tbk. - Indonesia
- Star Paper Mills Limited - India
- Cement Manufacturers Association - India
- CNBM International Corporation - China
- Indonesian Coal Mining Association
- Bahari Cakrawala Sebuku - Indonesia
- Makarim & Taira - Indonesia
- Eastern Coal Council - USA
- Orica Mining Services - Indonesia
- Kumho Petrochemical, South Korea
- Bhatia International Limited - India
- Goldman Sachs - Singapore
- Rashtriya Ispat Nigam Limited - India
- Medco Energi Mining Internasional
- Bukit Baiduri Energy - Indonesia
- Madhucon Powers Ltd - India
- Bulk Trading Sa - Switzerland
- Australian Coal Association
- Meralco Power Generation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Essar Steel Hazira Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Maheswari Brothers Coal Limited - India
- Alfred C Toepfer International GmbH - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Malabar Cements Ltd - India
- San Jose City I Power Corp, Philippines
- Baramulti Group, Indonesia
- Tamil Nadu electricity Board
- Ind-Barath Power Infra Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Mines - Canada
- Sarangani Energy Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Bukit Asam (Persero) Tbk - Indonesia
- Thiess Contractors Indonesia
- Semirara Mining Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bharathi Cement Corporation - India
- Posco Energy - South Korea
- PetroVietnam Power Coal Import and Supply Company
- Jindal Steel & Power Ltd - India
- Gujarat Sidhee Cement - India
- Vedanta Resources Plc - India
- Mintek Dendrill Indonesia
- Antam Resourcindo - Indonesia
- Borneo Indobara - Indonesia
- Commonwealth Bank - Australia
- New Zealand Coal & Carbon
- Planning Commission, India
- Directorate Of Revenue Intelligence - India
- Economic Council, Georgia
- Siam City Cement - Thailand
- Eastern Energy - Thailand
- Krishnapatnam Port Company Ltd. - India
- Edison Trading Spa - Italy
- Central Electricity Authority - India
- Energy Link Ltd, New Zealand
- Georgia Ports Authority, United States
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
- Anglo American - United Kingdom
- International Coal Ventures Pvt Ltd - India
- Attock Cement Pakistan Limited
- IEA Clean Coal Centre - UK
- GAC Shipping (India) Pvt Ltd
- Sakthi Sugars Limited - India
- PowerSource Philippines DevCo
- Coalindo Energy - Indonesia
- Indogreen Group - Indonesia
- Carbofer General Trading SA - India
- Chettinad Cement Corporation Ltd - India
- Salva Resources Pvt Ltd - India
- Deloitte Consulting - India
- European Bulk Services B.V. - Netherlands
- Timah Investasi Mineral - Indoneisa
- Chamber of Mines of South Africa
- Asmin Koalindo Tuhup - Indonesia
- Intertek Mineral Services - Indonesia
- Wood Mackenzie - Singapore
- Indika Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Port Waratah Coal Services - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Manunggal Multi Energi - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bhushan Steel Limited - India
- Altura Mining Limited, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bangladesh Power Developement Board
- Karaikal Port Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Miang Besar Coal Terminal - Indonesia
- Energy Development Corp, Philippines
- Interocean Group of Companies - India
- TeaM Sual Corporation - Philippines
- Renaissance Capital - South Africa
- GMR Energy Limited - India
- Heidelberg Cement - Germany
- Leighton Contractors Pty Ltd - Australia
- Kohat Cement Company Ltd. - Pakistan
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Transport, Egypt
- Independent Power Producers Association of India
- Central Java Power - Indonesia
- Global Coal Blending Company Limited - Australia
- Grasim Industreis Ltd - India
- Singapore Mercantile Exchange
- Siam City Cement PLC, Thailand
- Global Business Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Mineral Development Corp Ltd - India
- MS Steel International - UAE
- Tata Chemicals Ltd - India
- Toyota Tsusho Corporation, Japan
- Australian Commodity Traders Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- LBH Netherlands Bv - Netherlands
- Therma Luzon, Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- White Energy Company Limited
- India Bulls Power Limited - India
- Sojitz Corporation - Japan
- Kapuas Tunggal Persada - Indonesia
- Marubeni Corporation - India
- Jorong Barutama Greston.PT - Indonesia
- ASAPP Information Group - India
- Ambuja Cements Ltd - India
- Trasteel International SA, Italy
- Kobexindo Tractors - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Meenaskhi Energy Private Limited - India
- Aditya Birla Group - India
- Indo Tambangraya Megah - Indonesia
- Kepco SPC Power Corporation, Philippines
- Indian Oil Corporation Limited
- Romanian Commodities Exchange
- Banpu Public Company Limited - Thailand
- Coastal Gujarat Power Limited - India
- Sical Logistics Limited - India
- Thai Mozambique Logistica
- Kalimantan Lumbung Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- London Commodity Brokers - England
- GN Power Mariveles Coal Plant, Philippines
- The Treasury - Australian Government
- Orica Australia Pty. Ltd.
- Minerals Council of Australia
- Indian Energy Exchange, India
- GVK Power & Infra Limited - India
- AsiaOL BioFuels Corp., Philippines
- Latin American Coal - Colombia
- Simpson Spence & Young - Indonesia
- Sinarmas Energy and Mining - Indonesia
- SMG Consultants - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- Ministry of Finance - Indonesia
- The University of Queensland
- IHS Mccloskey Coal Group - USA
- Dalmia Cement Bharat India
- McConnell Dowell - Australia
- Iligan Light & Power Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- PTC India Limited - India
- Cigading International Bulk Terminal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Uttam Galva Steels Limited - India
- Mercator Lines Limited - India
- Power Finance Corporation Ltd., India
- Electricity Authority, New Zealand
- SN Aboitiz Power Inc, Philippines
- Riau Bara Harum - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Wilmar Investment Holdings
- OPG Power Generation Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Mjunction Services Limited - India
- Vizag Seaport Private Limited - India
- Agrawal Coal Company - India
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