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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, 22 June 12
GLOBAL ACTION NEEDED ON ENERGY POVERTY - WORLD COAL
Eradicating energy poverty is possibly the biggest challenge facing the world today. Like climate change it can only be addressed with a concerted g ...
Friday, 22 June 12
COAL: THE BACKBONE OF MODERN ELECTRICITY - ECOAL
Coal has been described as the "forgotten fuel," perhaps because many aren't aware of the huge role it plays in powering the global econo ...
Thursday, 21 June 12
DRY BULK MARKET ON THE RISE AGAIN - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market was on the rise once again yesterday, with the Baltic Dry Index (BDI), the industry’s benchmark, rising by 18 points, or 1 ...
Wednesday, 20 June 12
BDI MOVING HIGHER, PANAMAX AND SUPRAMAX VESSELS STRONGER, CAPESIZE RATES NEAR TO HISTORICAL LOWS OF DECEMBER 2008 - MARIA BERTZELETOU, HELLENIC SHIPPING
The dry market seems to follow the dynamic of the previous week with the Baltic Dry Index showing daily increases since June 8th, but is still stand ...
Tuesday, 19 June 12
SMALLER DRY BULK CARRIERS LIFT UP MARKET, PANAMAXES SET TO FALL SAYS ANALYST - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Another rise for the dry bulk market was evident yesterday, as the industry’s benchmark, the BDI (Baltic Dry Index) was up for a ninth straigh ...
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- Marubeni Corporation - India
- Kideco Jaya Agung - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Latin American Coal - Colombia
- Wood Mackenzie - Singapore
- Ministry of Transport, Egypt
- Meenaskhi Energy Private Limited - India
- Therma Luzon, Inc, Philippines
- Jindal Steel & Power Ltd - India
- Siam City Cement PLC, Thailand
- Electricity Generating Authority of Thailand
- Manunggal Multi Energi - Indonesia
- Wilmar Investment Holdings
- Ceylon Electricity Board - Sri Lanka
- Dalmia Cement Bharat India
- Sindya Power Generating Company Private Ltd
- Directorate Of Revenue Intelligence - India
- Videocon Industries ltd - India
- Metalloyd Limited - United Kingdom
- Bhoruka Overseas - Indonesia
- Tata Chemicals Ltd - India
- Indo Tambangraya Megah - Indonesia
- Anglo American - United Kingdom
- Commonwealth Bank - Australia
- Singapore Mercantile Exchange
- Antam Resourcindo - Indonesia
- Thiess Contractors Indonesia
- Tamil Nadu electricity Board
- Baramulti Group, Indonesia
- Trasteel International SA, Italy
- Energy Development Corp, Philippines
- Economic Council, Georgia
- Semirara Mining Corp, Philippines
- Bhushan Steel Limited - India
- Larsen & Toubro Limited - India
- Rashtriya Ispat Nigam Limited - India
- Thai Mozambique Logistica
- Bukit Baiduri Energy - Indonesia
- Agrawal Coal Company - India
- Central Electricity Authority - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coal and Oil Company - UAE
- Chettinad Cement Corporation Ltd - India
- Vizag Seaport Private Limited - India
- Holcim Trading Pte Ltd - Singapore
- Malabar Cements Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indonesian Coal Mining Association
- IHS Mccloskey Coal Group - USA
- Leighton Contractors Pty Ltd - Australia
- Karbindo Abesyapradhi - Indoneisa
- Bayan Resources Tbk. - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Jaiprakash Power Ventures ltd
- International Coal Ventures Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Mintek Dendrill Indonesia
- VISA Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Australian Commodity Traders Exchange
- CIMB Investment Bank - Malaysia
- Bukit Asam (Persero) Tbk - Indonesia
- Energy Link Ltd, New Zealand
- Karaikal Port Pvt Ltd - India
- Independent Power Producers Association of India
- Makarim & Taira - Indonesia
- Bharathi Cement Corporation - India
- European Bulk Services B.V. - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- IEA Clean Coal Centre - UK
- The Treasury - Australian Government
- Standard Chartered Bank - UAE
- Power Finance Corporation Ltd., India
- Chamber of Mines of South Africa
- White Energy Company Limited
- Gujarat Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- Vedanta Resources Plc - India
- Deloitte Consulting - India
- PNOC Exploration Corporation - Philippines
- Indogreen Group - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Heidelberg Cement - Germany
- ASAPP Information Group - India
- Alfred C Toepfer International GmbH - Germany
- Orica Australia Pty. Ltd.
- Carbofer General Trading SA - India
- Central Java Power - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhatia International Limited - India
- Posco Energy - South Korea
- MS Steel International - UAE
- SMC Global Power, Philippines
- Renaissance Capital - South Africa
- Riau Bara Harum - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Romanian Commodities Exchange
- Iligan Light & Power Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Maharashtra Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- PowerSource Philippines DevCo
- Edison Trading Spa - Italy
- Kapuas Tunggal Persada - Indonesia
- Straits Asia Resources Limited - Singapore
- Maheswari Brothers Coal Limited - India
- Toyota Tsusho Corporation, Japan
- Ministry of Finance - Indonesia
- Indian Oil Corporation Limited
- Merrill Lynch Commodities Europe
- Global Green Power PLC Corporation, Philippines
- New Zealand Coal & Carbon
- GVK Power & Infra Limited - India
- Bangladesh Power Developement Board
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mjunction Services Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Medco Energi Mining Internasional
- Savvy Resources Ltd - HongKong
- London Commodity Brokers - England
- Sical Logistics Limited - India
- LBH Netherlands Bv - Netherlands
- Georgia Ports Authority, United States
- GAC Shipping (India) Pvt Ltd
- Price Waterhouse Coopers - Russia
- Cement Manufacturers Association - India
- Eastern Coal Council - USA
- Coastal Gujarat Power Limited - India
- PTC India Limited - India
- Attock Cement Pakistan Limited
- Altura Mining Limited, Indonesia
- Uttam Galva Steels Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Formosa Plastics Group - Taiwan
- Billiton Holdings Pty Ltd - Australia
- San Jose City I Power Corp, Philippines
- Australian Coal Association
- Eastern Energy - Thailand
- Samtan Co., Ltd - South Korea
- Salva Resources Pvt Ltd - India
- Coalindo Energy - Indonesia
- ICICI Bank Limited - India
- Meralco Power Generation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Kaltim Prima Coal - Indonesia
- GMR Energy Limited - India
- Parliament of New Zealand
- Binh Thuan Hamico - Vietnam
- Borneo Indobara - Indonesia
- Global Business Power Corporation, Philippines
- Indika Energy - Indonesia
- Planning Commission, India
- The University of Queensland
- Simpson Spence & Young - Indonesia
- Siam City Cement - Thailand
- Kobexindo Tractors - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Indian Energy Exchange, India
- Gujarat Mineral Development Corp Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Parry Sugars Refinery, India
- South Luzon Thermal Energy Corporation
- Bank of Tokyo Mitsubishi UFJ Ltd
- Essar Steel Hazira Ltd - India
- Globalindo Alam Lestari - Indonesia
- Xindia Steels Limited - India
- SN Aboitiz Power Inc, Philippines
- Oldendorff Carriers - Singapore
- Ambuja Cements Ltd - India
- Port Waratah Coal Services - Australia
- Africa Commodities Group - South Africa
- Interocean Group of Companies - India
- India Bulls Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Aboitiz Power Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Kumho Petrochemical, South Korea
- SMG Consultants - Indonesia
- Sarangani Energy Corporation, Philippines
- Sakthi Sugars Limited - India
- Mercuria Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Madhucon Powers Ltd - India
- Aditya Birla Group - India
- Global Coal Blending Company Limited - Australia
- Electricity Authority, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Mines - Canada
- GN Power Mariveles Coal Plant, Philippines
- Grasim Industreis Ltd - India
- Bukit Makmur.PT - Indonesia
- Goldman Sachs - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Asmin Koalindo Tuhup - Indonesia
- Mercator Lines Limited - India
- Ind-Barath Power Infra Limited - India
- Rio Tinto Coal - Australia
- Krishnapatnam Port Company Ltd. - India
- Star Paper Mills Limited - India
- Gujarat Sidhee Cement - India
- OPG Power Generation Pvt Ltd - India
- McConnell Dowell - Australia
- TeaM Sual Corporation - Philippines
- Sojitz Corporation - Japan
- Barasentosa Lestari - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Minerals Council of Australia
- Sree Jayajothi Cements Limited - India
- Cigading International Bulk Terminal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Petron Corporation, Philippines
- CNBM International Corporation - China
- Bulk Trading Sa - Switzerland
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