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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, 18 July 12
SHIP PRICES HAVE FALLEN RAPIDLY THIS YEAR, FAVORING INVESTORS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The price for a 5 year old Capesize dry bulk carrier of 172,000 dwt has fallen to about $33,4mil from $42.9 at the end of June 2011, while at end of ...
Saturday, 14 July 12
FREIGHT MARKET SEEMS TO BE QUITE VOLATILE - VISTAAR
COALspot.com - The market seems to be quite volatile with the trend changing almost every week. This week all the segments were down except for Pana ...
Friday, 13 July 12
TRANSCOAL MINERGY HAS RECEIVED PMA STATUS IN INDONESIA
COALspot.com - PT Transcoal Minergy (“TCM”) has received official foreign owned company status from the Capital Investment Coordinating ...
Thursday, 12 July 12
LACK OF CAPESIZE DEMAND DRAGS DRY BULK MARKET LOWER - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
A lack of demand for the larger Capesize dry bulk carriers had as a result the fall of the industry’s benchmark, the BDI (Baltic Dry Index), w ...
Thursday, 12 July 12
RIO TINTO'S SENIOR MANAGEMENT CHANGES
COALspot.com - Rio Tinto is making changes to its senior management team as chief financial officer (CFO) Guy Elliott has decided to retire at the e ...
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- Africa Commodities Group - South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Commonwealth Bank - Australia
- ASAPP Information Group - India
- Mercuria Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Rashtriya Ispat Nigam Limited - India
- Bharathi Cement Corporation - India
- Makarim & Taira - Indonesia
- CNBM International Corporation - China
- Port Waratah Coal Services - Australia
- Marubeni Corporation - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Interocean Group of Companies - India
- Indian Oil Corporation Limited
- Standard Chartered Bank - UAE
- Meenaskhi Energy Private Limited - India
- Kumho Petrochemical, South Korea
- Petron Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- IHS Mccloskey Coal Group - USA
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Directorate General of MIneral and Coal - Indonesia
- Parry Sugars Refinery, India
- Riau Bara Harum - Indonesia
- Sojitz Corporation - Japan
- Indogreen Group - Indonesia
- Goldman Sachs - Singapore
- Directorate Of Revenue Intelligence - India
- LBH Netherlands Bv - Netherlands
- Ministry of Transport, Egypt
- Antam Resourcindo - Indonesia
- Minerals Council of Australia
- Grasim Industreis Ltd - India
- Cement Manufacturers Association - India
- Altura Mining Limited, Indonesia
- Sindya Power Generating Company Private Ltd
- SN Aboitiz Power Inc, Philippines
- Bhushan Steel Limited - India
- Jindal Steel & Power Ltd - India
- Global Green Power PLC Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Trasteel International SA, Italy
- Tata Chemicals Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Georgia Ports Authority, United States
- GAC Shipping (India) Pvt Ltd
- Sarangani Energy Corporation, Philippines
- Siam City Cement PLC, Thailand
- Global Coal Blending Company Limited - Australia
- Independent Power Producers Association of India
- Bangladesh Power Developement Board
- Energy Link Ltd, New Zealand
- Eastern Coal Council - USA
- Kobexindo Tractors - Indoneisa
- Baramulti Group, Indonesia
- Anglo American - United Kingdom
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indo Tambangraya Megah - Indonesia
- Therma Luzon, Inc, Philippines
- Gujarat Sidhee Cement - India
- PNOC Exploration Corporation - Philippines
- Wilmar Investment Holdings
- OPG Power Generation Pvt Ltd - India
- Renaissance Capital - South Africa
- Eastern Energy - Thailand
- Bayan Resources Tbk. - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Madhucon Powers Ltd - India
- Uttam Galva Steels Limited - India
- Aboitiz Power Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Price Waterhouse Coopers - Russia
- Power Finance Corporation Ltd., India
- San Jose City I Power Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Electricity Authority, New Zealand
- Heidelberg Cement - Germany
- GVK Power & Infra Limited - India
- Leighton Contractors Pty Ltd - Australia
- Australian Commodity Traders Exchange
- PetroVietnam Power Coal Import and Supply Company
- Videocon Industries ltd - India
- Binh Thuan Hamico - Vietnam
- PowerSource Philippines DevCo
- Carbofer General Trading SA - India
- Kohat Cement Company Ltd. - Pakistan
- Larsen & Toubro Limited - India
- Economic Council, Georgia
- Sakthi Sugars Limited - India
- Thai Mozambique Logistica
- Intertek Mineral Services - Indonesia
- Electricity Generating Authority of Thailand
- Banpu Public Company Limited - Thailand
- Vedanta Resources Plc - India
- Tamil Nadu electricity Board
- Meralco Power Generation, Philippines
- Ministry of Mines - Canada
- Attock Cement Pakistan Limited
- Bukit Makmur.PT - Indonesia
- Coastal Gujarat Power Limited - India
- McConnell Dowell - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Coal and Oil Company - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Salva Resources Pvt Ltd - India
- The Treasury - Australian Government
- Indonesian Coal Mining Association
- Planning Commission, India
- SMC Global Power, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Savvy Resources Ltd - HongKong
- Kapuas Tunggal Persada - Indonesia
- London Commodity Brokers - England
- IEA Clean Coal Centre - UK
- TeaM Sual Corporation - Philippines
- New Zealand Coal & Carbon
- Kepco SPC Power Corporation, Philippines
- Agrawal Coal Company - India
- Holcim Trading Pte Ltd - Singapore
- Romanian Commodities Exchange
- Wood Mackenzie - Singapore
- Singapore Mercantile Exchange
- Parliament of New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Central Java Power - Indonesia
- Sical Logistics Limited - India
- Borneo Indobara - Indonesia
- Indian Energy Exchange, India
- VISA Power Limited - India
- Mintek Dendrill Indonesia
- Posco Energy - South Korea
- Sree Jayajothi Cements Limited - India
- International Coal Ventures Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- India Bulls Power Limited - India
- Kideco Jaya Agung - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Xindia Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- Formosa Plastics Group - Taiwan
- Indika Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Rio Tinto Coal - Australia
- Latin American Coal - Colombia
- Straits Asia Resources Limited - Singapore
- Lanco Infratech Ltd - India
- Deloitte Consulting - India
- Ministry of Finance - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- ICICI Bank Limited - India
- Jorong Barutama Greston.PT - Indonesia
- CIMB Investment Bank - Malaysia
- Essar Steel Hazira Ltd - India
- South Luzon Thermal Energy Corporation
- Malabar Cements Ltd - India
- PTC India Limited - India
- Bulk Trading Sa - Switzerland
- Simpson Spence & Young - Indonesia
- Karaikal Port Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Bukit Baiduri Energy - Indonesia
- Siam City Cement - Thailand
- Merrill Lynch Commodities Europe
- Miang Besar Coal Terminal - Indonesia
- Metalloyd Limited - United Kingdom
- Australian Coal Association
- Ind-Barath Power Infra Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Mercator Lines Limited - India
- Mjunction Services Limited - India
- Aditya Birla Group - India
- GMR Energy Limited - India
- Pendopo Energi Batubara - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Bhoruka Overseas - Indonesia
- Central Electricity Authority - India
- Global Business Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Maheswari Brothers Coal Limited - India
- Edison Trading Spa - Italy
- Iligan Light & Power Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- The University of Queensland
- Vizag Seaport Private Limited - India
- SMG Consultants - Indonesia
- Orica Australia Pty. Ltd.
- Semirara Mining and Power Corporation, Philippines
- Orica Mining Services - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Toyota Tsusho Corporation, Japan
- Semirara Mining Corp, Philippines
- Energy Development Corp, Philippines
- Chamber of Mines of South Africa
- Oldendorff Carriers - Singapore
- White Energy Company Limited
- Jaiprakash Power Ventures ltd
- Ambuja Cements Ltd - India
- The State Trading Corporation of India Ltd
- Chettinad Cement Corporation Ltd - India
- Coalindo Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Karbindo Abesyapradhi - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- Medco Energi Mining Internasional
- Gujarat Electricity Regulatory Commission - India
- Star Paper Mills Limited - India
- Thiess Contractors Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bhatia International Limited - India
- Dalmia Cement Bharat India
- MS Steel International - UAE
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