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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 $470 billion. He concluded by saying that Chinese banks are entering the global market with ambitions. The secret to do business with them is to be patient and have large investment projects in place said Mr. Xiradakis.
Speaking on the matter from a banking point of view, Mr. Ted Petropoulos, managing director of Petrofin Research said that uncertainty is the main ingredient in the course of the global financial activity. “The international banking system is facing serious liquidity problems, which in turn impacts its decision for investments” said Mr. Petropoulos. He concluded his speech by saying that the fact that the crisis have been made clear to all players of the global economy, gives reason for optimism, regarding its successful resolvement.
Source: Nikos Roussanoglou, Hellenic Shipping
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Tuesday, 22 May 12
NEW ONE-YEAR TIME CHARTERS FOR TWO VESSELS OF EXCEL MARITIME CARRIERS LTD.
Excel Maritime Carriers Ltd. (NYSE: EXM), an owner and operator of dry bulk carriers and an international provider of worldwide seaborne transportat ...
Tuesday, 22 May 12
DRY BULK MARKET STEADY, AWAITING FURTHER RISE IN DEMAND WHICH IS DOUBTFUL - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Traditionally, the second and third quarters of the year are the strongest for the dry bulk market, but this year, things seem to be quite subdued, ...
Sunday, 20 May 12
SPOT FREIGHT RATE DIPS FURTHER - VISTAAR
COALspot.com - The BDI was marginally up by 3 points (0.26 pct) closing at 1,141 points.
The cape index was up by 1.17 pct closing at 1,633 point ...
Saturday, 19 May 12
INDONESIAN SUB-BITUMINOUS COAL SWAPS DROP US$ 2.88 PMT W-O-W
COALspot.com - Indonesian sub-bituminous coal swaps and CFR South China coal contracts for June deliveries have drops this week by 3.86 percent and& ...
Saturday, 19 May 12
INDONESIAN EXPORT TAX GIVES COAL MINERS A CHEAP RIDE: ANALYSTS - THE JAKARTA GLOBE
The Jakarta Globe reported that, Indonesia’s policy to exclude coal from an export tax that has been applied to 14 other mineral commodities h ...
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- Oldendorff Carriers - Singapore
- Uttam Galva Steels Limited - India
- Billiton Holdings Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Vizag Seaport Private Limited - India
- The Treasury - Australian Government
- Sakthi Sugars Limited - India
- TeaM Sual Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Orica Mining Services - Indonesia
- Global Business Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Bangladesh Power Developement Board
- Price Waterhouse Coopers - Russia
- Directorate General of MIneral and Coal - Indonesia
- Timah Investasi Mineral - Indoneisa
- London Commodity Brokers - England
- Renaissance Capital - South Africa
- Marubeni Corporation - India
- Energy Link Ltd, New Zealand
- Minerals Council of Australia
- Ministry of Mines - Canada
- Kalimantan Lumbung Energi - Indonesia
- Makarim & Taira - Indonesia
- Star Paper Mills Limited - India
- Port Waratah Coal Services - Australia
- Bharathi Cement Corporation - India
- SN Aboitiz Power Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Petron Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Indogreen Group - Indonesia
- Videocon Industries ltd - India
- Aditya Birla Group - India
- The State Trading Corporation of India Ltd
- The University of Queensland
- Singapore Mercantile Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Latin American Coal - Colombia
- Electricity Authority, New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GVK Power & Infra Limited - India
- Cigading International Bulk Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Indian Oil Corporation Limited
- Holcim Trading Pte Ltd - Singapore
- Indo Tambangraya Megah - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- ASAPP Information Group - India
- Sindya Power Generating Company Private Ltd
- Maheswari Brothers Coal Limited - India
- Bhoruka Overseas - Indonesia
- MS Steel International - UAE
- Metalloyd Limited - United Kingdom
- PetroVietnam Power Coal Import and Supply Company
- Manunggal Multi Energi - Indonesia
- Carbofer General Trading SA - India
- Kohat Cement Company Ltd. - Pakistan
- Global Green Power PLC Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Riau Bara Harum - Indonesia
- Therma Luzon, Inc, Philippines
- Meralco Power Generation, Philippines
- Coastal Gujarat Power Limited - India
- PowerSource Philippines DevCo
- Rio Tinto Coal - Australia
- Ambuja Cements Ltd - India
- Semirara Mining Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Mercuria Energy - Indonesia
- Lanco Infratech Ltd - India
- Barasentosa Lestari - Indonesia
- Goldman Sachs - Singapore
- Altura Mining Limited, Indonesia
- Ministry of Finance - Indonesia
- Larsen & Toubro Limited - India
- Australian Coal Association
- McConnell Dowell - Australia
- Coalindo Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Kobexindo Tractors - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Central Electricity Authority - India
- IHS Mccloskey Coal Group - USA
- CIMB Investment Bank - Malaysia
- Asmin Koalindo Tuhup - Indonesia
- Agrawal Coal Company - India
- Grasim Industreis Ltd - India
- Sical Logistics Limited - India
- Indian Energy Exchange, India
- Pipit Mutiara Jaya. PT, Indonesia
- Vedanta Resources Plc - India
- Baramulti Group, Indonesia
- South Luzon Thermal Energy Corporation
- Economic Council, Georgia
- Eastern Coal Council - USA
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karaikal Port Pvt Ltd - India
- Deloitte Consulting - India
- Thai Mozambique Logistica
- Maharashtra Electricity Regulatory Commission - India
- Bhushan Steel Limited - India
- Binh Thuan Hamico - Vietnam
- VISA Power Limited - India
- Mintek Dendrill Indonesia
- Salva Resources Pvt Ltd - India
- Edison Trading Spa - Italy
- Power Finance Corporation Ltd., India
- PNOC Exploration Corporation - Philippines
- Standard Chartered Bank - UAE
- IEA Clean Coal Centre - UK
- Chettinad Cement Corporation Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Tata Chemicals Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Africa Commodities Group - South Africa
- Heidelberg Cement - Germany
- New Zealand Coal & Carbon
- Jindal Steel & Power Ltd - India
- Sree Jayajothi Cements Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Attock Cement Pakistan Limited
- SMG Consultants - Indonesia
- Posco Energy - South Korea
- Antam Resourcindo - Indonesia
- Bukit Makmur.PT - Indonesia
- CNBM International Corporation - China
- Jaiprakash Power Ventures ltd
- Chamber of Mines of South Africa
- Indika Energy - Indonesia
- Independent Power Producers Association of India
- Karbindo Abesyapradhi - Indoneisa
- Parliament of New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Alfred C Toepfer International GmbH - Germany
- Banpu Public Company Limited - Thailand
- Bulk Trading Sa - Switzerland
- Global Coal Blending Company Limited - Australia
- Anglo American - United Kingdom
- Bukit Asam (Persero) Tbk - Indonesia
- Toyota Tsusho Corporation, Japan
- Savvy Resources Ltd - HongKong
- Wood Mackenzie - Singapore
- Sarangani Energy Corporation, Philippines
- Interocean Group of Companies - India
- Essar Steel Hazira Ltd - India
- Thiess Contractors Indonesia
- Kumho Petrochemical, South Korea
- Medco Energi Mining Internasional
- ICICI Bank Limited - India
- Kideco Jaya Agung - Indonesia
- Siam City Cement PLC, Thailand
- GN Power Mariveles Coal Plant, Philippines
- Australian Commodity Traders Exchange
- GMR Energy Limited - India
- Wilmar Investment Holdings
- Rashtriya Ispat Nigam Limited - India
- Krishnapatnam Port Company Ltd. - India
- AsiaOL BioFuels Corp., Philippines
- Kaltim Prima Coal - Indonesia
- Eastern Energy - Thailand
- Aboitiz Power Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Indonesian Coal Mining Association
- Bayan Resources Tbk. - Indonesia
- European Bulk Services B.V. - Netherlands
- Ind-Barath Power Infra Limited - India
- LBH Netherlands Bv - Netherlands
- Semirara Mining and Power Corporation, Philippines
- Romanian Commodities Exchange
- Madhucon Powers Ltd - India
- Cement Manufacturers Association - India
- India Bulls Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Dalmia Cement Bharat India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Formosa Plastics Group - Taiwan
- Malabar Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Sojitz Corporation - Japan
- Energy Development Corp, Philippines
- Intertek Mineral Services - Indonesia
- Tamil Nadu electricity Board
- Parry Sugars Refinery, India
- Ministry of Transport, Egypt
- SMC Global Power, Philippines
- Leighton Contractors Pty Ltd - Australia
- White Energy Company Limited
- Mjunction Services Limited - India
- Mercator Lines Limited - India
- PTC India Limited - India
- Samtan Co., Ltd - South Korea
- Central Java Power - Indonesia
- San Jose City I Power Corp, Philippines
- Electricity Generating Authority of Thailand
- Siam City Cement - Thailand
- Bhatia International Limited - India
- International Coal Ventures Pvt Ltd - India
- Commonwealth Bank - Australia
- GAC Shipping (India) Pvt Ltd
- Gujarat Sidhee Cement - India
- Orica Australia Pty. Ltd.
- Borneo Indobara - Indonesia
- Trasteel International SA, Italy
- Iligan Light & Power Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Georgia Ports Authority, United States
- Directorate Of Revenue Intelligence - India
- Straits Asia Resources Limited - Singapore
- Coal and Oil Company - UAE
- Xindia Steels Limited - India
- Planning Commission, India
- Bahari Cakrawala Sebuku - Indonesia
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