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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, 03 August 12
INDIA - LIGHTS OUT! - SALVA
The Indian power sector hit global headlines this week for all the wrong reasons. Firstly, on Monday, over 350 million people lost power across nort ...
Thursday, 02 August 12
OIL & GAS COMPANIES TO MEET IN MYANMAR FOR UPDATES ON NEW ROUND OF BIDDING AND INVESTMENT POTENTIAL IN UPSTREAM OIL, GAS, AND POWER GENERATION
Press Release - 2nd MOGP Summit (Myanmar Oil, Gas & Power) will convene in Yangon from 3 – 6 September 2012, to unveil new round of biddin ...
Thursday, 02 August 12
DRY BULK MARKET RATES CONTINUE SLUMP AMID SLOWER DEMAND NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market kept on its downward path Wednesday, as the BDI (Baltic Dry Index) kept retreating to new lows. The index was down by 2.12 perce ...
Monday, 30 July 12
DRY BULK MARKET TO REMAIN UNDER PRESSURE FOR THE REST OF 2012 - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
In an interview with Hellenic Shipping News Worldwide, Mr. Yannis Pachoulis, President of the Hellenic Shipbrokers' Association, remains cautiously ...
Sunday, 29 July 12
FREIGHT MARKET MOMENTUM CONTINUES TO WEAK
COALspot.com - The freight market continued to soft this week with all the segments dropped and the BDI fell below 1,000 points and closed at 933 po ...
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- Thiess Contractors Indonesia
- Jaiprakash Power Ventures ltd
- Rashtriya Ispat Nigam Limited - India
- Indian Energy Exchange, India
- GN Power Mariveles Coal Plant, Philippines
- Timah Investasi Mineral - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- The Treasury - Australian Government
- Sree Jayajothi Cements Limited - India
- Miang Besar Coal Terminal - Indonesia
- IEA Clean Coal Centre - UK
- Independent Power Producers Association of India
- Kalimantan Lumbung Energi - Indonesia
- Georgia Ports Authority, United States
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Rio Tinto Coal - Australia
- Directorate Of Revenue Intelligence - India
- New Zealand Coal & Carbon
- Eastern Energy - Thailand
- Chettinad Cement Corporation Ltd - India
- Thai Mozambique Logistica
- IHS Mccloskey Coal Group - USA
- Bhushan Steel Limited - India
- Bukit Baiduri Energy - Indonesia
- Central Electricity Authority - India
- Therma Luzon, Inc, Philippines
- Ministry of Mines - Canada
- TNB Fuel Sdn Bhd - Malaysia
- Antam Resourcindo - Indonesia
- Tamil Nadu electricity Board
- GMR Energy Limited - India
- Gujarat Electricity Regulatory Commission - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Mercuria Energy - Indonesia
- Larsen & Toubro Limited - India
- Vedanta Resources Plc - India
- Alfred C Toepfer International GmbH - Germany
- Samtan Co., Ltd - South Korea
- Kepco SPC Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Interocean Group of Companies - India
- PNOC Exploration Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Commonwealth Bank - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Sojitz Corporation - Japan
- Jindal Steel & Power Ltd - India
- Posco Energy - South Korea
- Planning Commission, India
- Oldendorff Carriers - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Latin American Coal - Colombia
- Sakthi Sugars Limited - India
- Wood Mackenzie - Singapore
- Australian Commodity Traders Exchange
- Africa Commodities Group - South Africa
- Baramulti Group, Indonesia
- Manunggal Multi Energi - Indonesia
- SMC Global Power, Philippines
- Meenaskhi Energy Private Limited - India
- South Luzon Thermal Energy Corporation
- Bhoruka Overseas - Indonesia
- Aboitiz Power Corporation - Philippines
- Uttam Galva Steels Limited - India
- The University of Queensland
- Bayan Resources Tbk. - Indonesia
- Maheswari Brothers Coal Limited - India
- Borneo Indobara - Indonesia
- Salva Resources Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Ministry of Finance - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Lanco Infratech Ltd - India
- Edison Trading Spa - Italy
- Vizag Seaport Private Limited - India
- Global Business Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Carbofer General Trading SA - India
- Wilmar Investment Holdings
- Deloitte Consulting - India
- PTC India Limited - India
- SMG Consultants - Indonesia
- Mintek Dendrill Indonesia
- Power Finance Corporation Ltd., India
- Parry Sugars Refinery, India
- Singapore Mercantile Exchange
- Indogreen Group - Indonesia
- Gujarat Sidhee Cement - India
- India Bulls Power Limited - India
- Karaikal Port Pvt Ltd - India
- Ministry of Transport, Egypt
- PetroVietnam Power Coal Import and Supply Company
- ICICI Bank Limited - India
- International Coal Ventures Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Bukit Makmur.PT - Indonesia
- Coalindo Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Star Paper Mills Limited - India
- Energy Development Corp, Philippines
- Romanian Commodities Exchange
- Makarim & Taira - Indonesia
- Sarangani Energy Corporation, Philippines
- Medco Energi Mining Internasional
- Electricity Authority, New Zealand
- Kartika Selabumi Mining - Indonesia
- Siam City Cement PLC, Thailand
- Tata Chemicals Ltd - India
- McConnell Dowell - Australia
- Semirara Mining Corp, Philippines
- CNBM International Corporation - China
- Global Green Power PLC Corporation, Philippines
- Bangladesh Power Developement Board
- Cement Manufacturers Association - India
- Kaltim Prima Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- VISA Power Limited - India
- Coastal Gujarat Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Energy Link Ltd, New Zealand
- Sindya Power Generating Company Private Ltd
- Bharathi Cement Corporation - India
- Indo Tambangraya Megah - Indonesia
- Anglo American - United Kingdom
- Orica Australia Pty. Ltd.
- Heidelberg Cement - Germany
- MS Steel International - UAE
- Kapuas Tunggal Persada - Indonesia
- Barasentosa Lestari - Indonesia
- Renaissance Capital - South Africa
- Simpson Spence & Young - Indonesia
- Marubeni Corporation - India
- Siam City Cement - Thailand
- ASAPP Information Group - India
- Malabar Cements Ltd - India
- Petron Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- San Jose City I Power Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- CIMB Investment Bank - Malaysia
- Central Java Power - Indonesia
- Attock Cement Pakistan Limited
- Altura Mining Limited, Indonesia
- Globalindo Alam Lestari - Indonesia
- Minerals Council of Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- LBH Netherlands Bv - Netherlands
- White Energy Company Limited
- Mjunction Services Limited - India
- GAC Shipping (India) Pvt Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indonesian Coal Mining Association
- Port Waratah Coal Services - Australia
- Indika Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- London Commodity Brokers - England
- Xindia Steels Limited - India
- Binh Thuan Hamico - Vietnam
- Agrawal Coal Company - India
- Bulk Trading Sa - Switzerland
- Iligan Light & Power Inc, Philippines
- Metalloyd Limited - United Kingdom
- Trasteel International SA, Italy
- Intertek Mineral Services - Indonesia
- European Bulk Services B.V. - Netherlands
- Toyota Tsusho Corporation, Japan
- Cigading International Bulk Terminal - Indonesia
- Ambuja Cements Ltd - India
- Videocon Industries ltd - India
- Orica Mining Services - Indonesia
- Electricity Generating Authority of Thailand
- Bhatia International Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Standard Chartered Bank - UAE
- Economic Council, Georgia
- PowerSource Philippines DevCo
- Kideco Jaya Agung - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Aditya Birla Group - India
- Meralco Power Generation, Philippines
- TeaM Sual Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Kumho Petrochemical, South Korea
- Merrill Lynch Commodities Europe
- Price Waterhouse Coopers - Russia
- Kohat Cement Company Ltd. - Pakistan
- Sical Logistics Limited - India
- Essar Steel Hazira Ltd - India
- Parliament of New Zealand
- AsiaOL BioFuels Corp., Philippines
- Ceylon Electricity Board - Sri Lanka
- Semirara Mining and Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Banpu Public Company Limited - Thailand
- Pendopo Energi Batubara - Indonesia
- Ind-Barath Power Infra Limited - India
- Chamber of Mines of South Africa
- Mercator Lines Limited - India
- Indian Oil Corporation Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Australian Coal Association
- Maharashtra Electricity Regulatory Commission - India
- Dalmia Cement Bharat India
- Madhucon Powers Ltd - India
- Formosa Plastics Group - Taiwan
- Coal and Oil Company - UAE
- Savvy Resources Ltd - HongKong
- GVK Power & Infra Limited - India
- Riau Bara Harum - Indonesia
- Goldman Sachs - Singapore
- Straits Asia Resources Limited - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Eastern Coal Council - USA
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