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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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Monday, 27 December 10
RIO TINTO EYES AUSTRALIAN COAL MINER - RTE NEWS
Global resources giant Rio Tinto has made a $3.9 billion bid for Australian coal miner Riversdale.
RTE News reported that, Global resources giant ...
Sunday, 26 December 10
ANGLO SELLS AUSTRALIAN COAL ASSETS - BARCELONA NEWS
Barcelona News reported that, Anglo American has sold off undeveloped Australia coal assets for $577 million.
The global resources giant ha ...
Saturday, 25 December 10
FREIGHT MARKET - LOWEST FIXTURES REPORTED SINCE MID 2009 - CAPT. REDDY
COALspot.com - We wish you a Merry Christmas and a Happy New Year 2011.
The holiday season seems to have severely affected the fr ...
Friday, 24 December 10
CIL SHORTLISTS 21 FIRMS TO IMPORT 250 MT COAL - THE HINDU
The Hindu reported that, Coal India plans to import about 250 million tonnes (mt) over the next 10 years to meet the country's growing requirement. ...
Friday, 24 December 10
DRY BULK OWNERS COULD SOON RECONSIDER SCRAPPING OLDER VESSELS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
With the dry bulk market close to its lowest levels in months and indeed close to 2010 lows, ship owners could be heading towards scrapyards in a bi ...
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- Holcim Trading Pte Ltd - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Australian Commodity Traders Exchange
- Goldman Sachs - Singapore
- Lanco Infratech Ltd - India
- Vedanta Resources Plc - India
- Kohat Cement Company Ltd. - Pakistan
- Indonesian Coal Mining Association
- Bahari Cakrawala Sebuku - Indonesia
- Electricity Authority, New Zealand
- Global Coal Blending Company Limited - Australia
- Neyveli Lignite Corporation Ltd, - India
- Toyota Tsusho Corporation, Japan
- Singapore Mercantile Exchange
- Heidelberg Cement - Germany
- Independent Power Producers Association of India
- Sakthi Sugars Limited - India
- Gujarat Electricity Regulatory Commission - India
- White Energy Company Limited
- Metalloyd Limited - United Kingdom
- Banpu Public Company Limited - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SMG Consultants - Indonesia
- Uttam Galva Steels Limited - India
- Wood Mackenzie - Singapore
- Aditya Birla Group - India
- Standard Chartered Bank - UAE
- Aboitiz Power Corporation - Philippines
- Sical Logistics Limited - India
- McConnell Dowell - Australia
- CNBM International Corporation - China
- Sree Jayajothi Cements Limited - India
- Borneo Indobara - Indonesia
- PowerSource Philippines DevCo
- Energy Link Ltd, New Zealand
- Coal and Oil Company - UAE
- Kideco Jaya Agung - Indonesia
- Baramulti Group, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Salva Resources Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- International Coal Ventures Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Energy Development Corp, Philippines
- Latin American Coal - Colombia
- Dalmia Cement Bharat India
- Bayan Resources Tbk. - Indonesia
- Antam Resourcindo - Indonesia
- Kaltim Prima Coal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Kalimantan Lumbung Energi - Indonesia
- MS Steel International - UAE
- Ind-Barath Power Infra Limited - India
- Bhatia International Limited - India
- Ministry of Mines - Canada
- Bhushan Steel Limited - India
- The State Trading Corporation of India Ltd
- Directorate General of MIneral and Coal - Indonesia
- Simpson Spence & Young - Indonesia
- Parry Sugars Refinery, India
- Larsen & Toubro Limited - India
- Indika Energy - Indonesia
- Mintek Dendrill Indonesia
- Sinarmas Energy and Mining - Indonesia
- Thai Mozambique Logistica
- Ceylon Electricity Board - Sri Lanka
- Savvy Resources Ltd - HongKong
- Tamil Nadu electricity Board
- Attock Cement Pakistan Limited
- Siam City Cement PLC, Thailand
- Manunggal Multi Energi - Indonesia
- Cement Manufacturers Association - India
- Kartika Selabumi Mining - Indonesia
- Mercator Lines Limited - India
- Jindal Steel & Power Ltd - India
- Pendopo Energi Batubara - Indonesia
- Semirara Mining Corp, Philippines
- GMR Energy Limited - India
- Meralco Power Generation, Philippines
- Posco Energy - South Korea
- Trasteel International SA, Italy
- Gujarat Sidhee Cement - India
- Power Finance Corporation Ltd., India
- Krishnapatnam Port Company Ltd. - India
- Bhoruka Overseas - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Rio Tinto Coal - Australia
- Commonwealth Bank - Australia
- Maheswari Brothers Coal Limited - India
- IEA Clean Coal Centre - UK
- Central Java Power - Indonesia
- Essar Steel Hazira Ltd - India
- Ministry of Finance - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement - Thailand
- OPG Power Generation Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Ministry of Transport, Egypt
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PTC India Limited - India
- Eastern Energy - Thailand
- Agrawal Coal Company - India
- India Bulls Power Limited - India
- ICICI Bank Limited - India
- Iligan Light & Power Inc, Philippines
- Formosa Plastics Group - Taiwan
- Barasentosa Lestari - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Samtan Co., Ltd - South Korea
- Oldendorff Carriers - Singapore
- Indogreen Group - Indonesia
- Jaiprakash Power Ventures ltd
- European Bulk Services B.V. - Netherlands
- VISA Power Limited - India
- Eastern Coal Council - USA
- Ambuja Cements Ltd - India
- LBH Netherlands Bv - Netherlands
- Economic Council, Georgia
- Indian Oil Corporation Limited
- TNB Fuel Sdn Bhd - Malaysia
- Miang Besar Coal Terminal - Indonesia
- Intertek Mineral Services - Indonesia
- Bukit Baiduri Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Romanian Commodities Exchange
- Renaissance Capital - South Africa
- SMC Global Power, Philippines
- New Zealand Coal & Carbon
- IHS Mccloskey Coal Group - USA
- Madhucon Powers Ltd - India
- Sarangani Energy Corporation, Philippines
- Star Paper Mills Limited - India
- Bangladesh Power Developement Board
- Marubeni Corporation - India
- Vizag Seaport Private Limited - India
- Malabar Cements Ltd - India
- Coalindo Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Port Waratah Coal Services - Australia
- Bharathi Cement Corporation - India
- Karaikal Port Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Deloitte Consulting - India
- Billiton Holdings Pty Ltd - Australia
- Tata Chemicals Ltd - India
- Medco Energi Mining Internasional
- Price Waterhouse Coopers - Russia
- Therma Luzon, Inc, Philippines
- Parliament of New Zealand
- Sojitz Corporation - Japan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GVK Power & Infra Limited - India
- Videocon Industries ltd - India
- Chamber of Mines of South Africa
- Global Business Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Thiess Contractors Indonesia
- Bulk Trading Sa - Switzerland
- AsiaOL BioFuels Corp., Philippines
- Straits Asia Resources Limited - Singapore
- Interocean Group of Companies - India
- GN Power Mariveles Coal Plant, Philippines
- Sindya Power Generating Company Private Ltd
- Timah Investasi Mineral - Indoneisa
- London Commodity Brokers - England
- Australian Coal Association
- The Treasury - Australian Government
- Mercuria Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Merrill Lynch Commodities Europe
- Planning Commission, India
- Orica Australia Pty. Ltd.
- Makarim & Taira - Indonesia
- Coastal Gujarat Power Limited - India
- Grasim Industreis Ltd - India
- South Luzon Thermal Energy Corporation
- Edison Trading Spa - Italy
- Indian Energy Exchange, India
- The University of Queensland
- Minerals Council of Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Altura Mining Limited, Indonesia
- Globalindo Alam Lestari - Indonesia
- GAC Shipping (India) Pvt Ltd
- Central Electricity Authority - India
- SN Aboitiz Power Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Riau Bara Harum - Indonesia
- PNOC Exploration Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Xindia Steels Limited - India
- Leighton Contractors Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- San Jose City I Power Corp, Philippines
- Carbofer General Trading SA - India
- Asmin Koalindo Tuhup - Indonesia
- Global Green Power PLC Corporation, Philippines
- Mjunction Services Limited - India
- Petron Corporation, Philippines
- Georgia Ports Authority, United States
- ASAPP Information Group - India
- Directorate Of Revenue Intelligence - India
- Anglo American - United Kingdom
- Wilmar Investment Holdings
- Orica Mining Services - Indonesia
- CIMB Investment Bank - Malaysia
- Bukit Makmur.PT - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Indo Tambangraya Megah - Indonesia
- Africa Commodities Group - South Africa
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