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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, 18 May 12
EXPORT TAX WILL ERODE PROFITS, INDONESIAN COAL EXEC COMPLAINS - THE JAKARTA GLOBE
The Jakarta Globe reported that, A 20 percent export duty the government has imposed on 14 mineral ore products will not only take a toll on mining ...
Friday, 18 May 12
KOREA EAST WEST POWER LOOKING FOR TOTAL 2.6 MILLION TONS OF 4600 NAR COAL AT FIXED PRICE FOR 5 YEARS
COALspot.com - Korea East West Power Co., Ltd is inviting bids to supply of 520,000 Metric Tons (per annum) of minimum 4,600 kcal/kg coal of N ...
Friday, 18 May 12
NICKEL ORE CARGOES ARE NOT SEEN IN MARKET ANYMORE DUE TO ON-GOING INDONESIAN BAN - FEARNLEYS AS
Handy
The market remained variable.
Fronthaul voyages both from Baltic and Black Sea paid over USD 18k/day. From USG to Cont tonnage would get ...
Thursday, 17 May 12
COAL MINERS OPPOSE EXPORT TAX, SUGGEST OUTPUT QUOTA - THE JAKARTA POST
The Jakarta Post reported that, coal miners have suggested that the government apply a production quota instead of implementing an export tax in ord ...
Thursday, 17 May 12
DRY BULK MARKET STILL LOOKING FOR NEW DIRECTION - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has kept on moving sideways during this week, with the mixed performance across all segments. Yesterday, the industry’s be ...
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- Holcim Trading Pte Ltd - Singapore
- PNOC Exploration Corporation - Philippines
- Malabar Cements Ltd - India
- Independent Power Producers Association of India
- GMR Energy Limited - India
- IHS Mccloskey Coal Group - USA
- Makarim & Taira - Indonesia
- Energy Link Ltd, New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Semirara Mining Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Ministry of Transport, Egypt
- PetroVietnam Power Coal Import and Supply Company
- Madhucon Powers Ltd - India
- Antam Resourcindo - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Indogreen Group - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Vedanta Resources Plc - India
- London Commodity Brokers - England
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- MS Steel International - UAE
- Planning Commission, India
- Ind-Barath Power Infra Limited - India
- Rio Tinto Coal - Australia
- Marubeni Corporation - India
- Siam City Cement PLC, Thailand
- GVK Power & Infra Limited - India
- Indian Oil Corporation Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coastal Gujarat Power Limited - India
- Renaissance Capital - South Africa
- Coalindo Energy - Indonesia
- The University of Queensland
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kaltim Prima Coal - Indonesia
- Siam City Cement - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Borneo Indobara - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indian Energy Exchange, India
- Bharathi Cement Corporation - India
- Wood Mackenzie - Singapore
- Alfred C Toepfer International GmbH - Germany
- Bayan Resources Tbk. - Indonesia
- Gujarat Sidhee Cement - India
- Bukit Asam (Persero) Tbk - Indonesia
- Barasentosa Lestari - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Meralco Power Generation, Philippines
- Dalmia Cement Bharat India
- Petron Corporation, Philippines
- Altura Mining Limited, Indonesia
- Larsen & Toubro Limited - India
- AsiaOL BioFuels Corp., Philippines
- Kobexindo Tractors - Indoneisa
- Eastern Coal Council - USA
- Samtan Co., Ltd - South Korea
- Interocean Group of Companies - India
- Sakthi Sugars Limited - India
- Mjunction Services Limited - India
- Bangladesh Power Developement Board
- Latin American Coal - Colombia
- Chettinad Cement Corporation Ltd - India
- Pendopo Energi Batubara - Indonesia
- Standard Chartered Bank - UAE
- Uttam Galva Steels Limited - India
- The Treasury - Australian Government
- Africa Commodities Group - South Africa
- Vizag Seaport Private Limited - India
- Ministry of Finance - Indonesia
- Globalindo Alam Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jaiprakash Power Ventures ltd
- Billiton Holdings Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Star Paper Mills Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Global Business Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Global Coal Blending Company Limited - Australia
- Edison Trading Spa - Italy
- Vijayanagar Sugar Pvt Ltd - India
- Sojitz Corporation - Japan
- Central Java Power - Indonesia
- Commonwealth Bank - Australia
- Australian Coal Association
- Bulk Trading Sa - Switzerland
- Goldman Sachs - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Parliament of New Zealand
- Indonesian Coal Mining Association
- Kartika Selabumi Mining - Indonesia
- Energy Development Corp, Philippines
- Wilmar Investment Holdings
- LBH Netherlands Bv - Netherlands
- OPG Power Generation Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Indo Tambangraya Megah - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Gujarat Mineral Development Corp Ltd - India
- Global Green Power PLC Corporation, Philippines
- Xindia Steels Limited - India
- Central Electricity Authority - India
- India Bulls Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Riau Bara Harum - Indonesia
- Price Waterhouse Coopers - Russia
- Salva Resources Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Anglo American - United Kingdom
- McConnell Dowell - Australia
- Coal and Oil Company - UAE
- ASAPP Information Group - India
- Mercuria Energy - Indonesia
- ICICI Bank Limited - India
- Therma Luzon, Inc, Philippines
- Electricity Authority, New Zealand
- Tamil Nadu electricity Board
- Miang Besar Coal Terminal - Indonesia
- Agrawal Coal Company - India
- GN Power Mariveles Coal Plant, Philippines
- Georgia Ports Authority, United States
- Videocon Industries ltd - India
- Kideco Jaya Agung - Indonesia
- Mintek Dendrill Indonesia
- SMC Global Power, Philippines
- Carbofer General Trading SA - India
- Thai Mozambique Logistica
- VISA Power Limited - India
- TeaM Sual Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- CNBM International Corporation - China
- Sarangani Energy Corporation, Philippines
- Merrill Lynch Commodities Europe
- Attock Cement Pakistan Limited
- Power Finance Corporation Ltd., India
- Sinarmas Energy and Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- Kumho Petrochemical, South Korea
- Aditya Birla Group - India
- Electricity Generating Authority of Thailand
- Mercator Lines Limited - India
- Bhoruka Overseas - Indonesia
- Heidelberg Cement - Germany
- Sical Logistics Limited - India
- Deloitte Consulting - India
- White Energy Company Limited
- Directorate Of Revenue Intelligence - India
- Economic Council, Georgia
- The State Trading Corporation of India Ltd
- Orica Mining Services - Indonesia
- Grasim Industreis Ltd - India
- Bukit Makmur.PT - Indonesia
- New Zealand Coal & Carbon
- Krishnapatnam Port Company Ltd. - India
- Posco Energy - South Korea
- Australian Commodity Traders Exchange
- IEA Clean Coal Centre - UK
- Thiess Contractors Indonesia
- Manunggal Multi Energi - Indonesia
- Jindal Steel & Power Ltd - India
- Aboitiz Power Corporation - Philippines
- Singapore Mercantile Exchange
- Formosa Plastics Group - Taiwan
- CIMB Investment Bank - Malaysia
- Oldendorff Carriers - Singapore
- Bukit Baiduri Energy - Indonesia
- PowerSource Philippines DevCo
- Ambuja Cements Ltd - India
- Orica Australia Pty. Ltd.
- Asmin Koalindo Tuhup - Indonesia
- Eastern Energy - Thailand
- Savvy Resources Ltd - HongKong
- Chamber of Mines of South Africa
- Essar Steel Hazira Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Iligan Light & Power Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Bahari Cakrawala Sebuku - Indonesia
- South Luzon Thermal Energy Corporation
- Bhatia International Limited - India
- Romanian Commodities Exchange
- Toyota Tsusho Corporation, Japan
- Straits Asia Resources Limited - Singapore
- Trasteel International SA, Italy
- PTC India Limited - India
- Intertek Mineral Services - Indonesia
- SMG Consultants - Indonesia
- Ministry of Mines - Canada
- Kepco SPC Power Corporation, Philippines
- Bhushan Steel Limited - India
- Binh Thuan Hamico - Vietnam
- SN Aboitiz Power Inc, Philippines
- Lanco Infratech Ltd - India
- Port Waratah Coal Services - Australia
- San Jose City I Power Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Cement Manufacturers Association - India
- Cigading International Bulk Terminal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Banpu Public Company Limited - Thailand
- Sindya Power Generating Company Private Ltd
- Indika Energy - Indonesia
- Medco Energi Mining Internasional
- European Bulk Services B.V. - Netherlands
- Baramulti Group, Indonesia
- International Coal Ventures Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- TNB Fuel Sdn Bhd - Malaysia
- Minerals Council of Australia
- Simpson Spence & Young - Indonesia
- Parry Sugars Refinery, India
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