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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, 04 May 12
DEMOLITION KEY FOR DRY BULK MARKET RECOVERY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The overflow of newbuilding vessels which “spilled over” into 2012 from 2011 brought the dry bulk market to a near collapse level at the ...
Thursday, 03 May 12
DRY BULK MARKET REMAINS INACTIVE, POSTING MILD DECREASE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has kept retreating this week, although at a very low pace, on the back of a lull in demand. The industry's benchmark, th ...
Thursday, 03 May 12
MINERS DEMAND LEGAL CERTAINTY ON PRE-BAN INTERIM POLICY - THE JAKARTA POST
The Jakarta Post reported that, Mining companies represented by the Indonesian Mining Association (IMA) welcomed the government’s plan to impo ...
Thursday, 03 May 12
HANDY EAST COAST INDIA - CHINA AROUND USD 7000 - FEARNLEYS AS
Handy - Stable demand in the Atlantic offered good rates for the tonnage.
USG/Cont was worth USD 17500 and more. Baltic and Black Sea appeared to ...
Wednesday, 02 May 12
CHINA BLACKOUTS HIGHLIGHT PRICING POLICY WEAKNESS - FITCH
Fitch reported that, the likelihood of further electricity blackouts in China this summer underlines Fitch's view of the basic problem f ...
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- Sakthi Sugars Limited - India
- Iligan Light & Power Inc, Philippines
- Thai Mozambique Logistica
- Jorong Barutama Greston.PT - Indonesia
- Coalindo Energy - Indonesia
- Gujarat Sidhee Cement - India
- IHS Mccloskey Coal Group - USA
- Billiton Holdings Pty Ltd - Australia
- Therma Luzon, Inc, Philippines
- Orica Australia Pty. Ltd.
- Kapuas Tunggal Persada - Indonesia
- Tata Chemicals Ltd - India
- Pendopo Energi Batubara - Indonesia
- Essar Steel Hazira Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Singapore Mercantile Exchange
- Deloitte Consulting - India
- Madhucon Powers Ltd - India
- Siam City Cement - Thailand
- Miang Besar Coal Terminal - Indonesia
- Coal and Oil Company - UAE
- Indian Oil Corporation Limited
- Asmin Koalindo Tuhup - Indonesia
- International Coal Ventures Pvt Ltd - India
- White Energy Company Limited
- Vedanta Resources Plc - India
- Eastern Coal Council - USA
- Metalloyd Limited - United Kingdom
- Tamil Nadu electricity Board
- Samtan Co., Ltd - South Korea
- Jindal Steel & Power Ltd - India
- Sindya Power Generating Company Private Ltd
- Renaissance Capital - South Africa
- Simpson Spence & Young - Indonesia
- The State Trading Corporation of India Ltd
- Karaikal Port Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Kideco Jaya Agung - Indonesia
- MS Steel International - UAE
- Holcim Trading Pte Ltd - Singapore
- Attock Cement Pakistan Limited
- Antam Resourcindo - Indonesia
- Bukit Baiduri Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Videocon Industries ltd - India
- Ambuja Cements Ltd - India
- Aboitiz Power Corporation - Philippines
- Africa Commodities Group - South Africa
- Banpu Public Company Limited - Thailand
- PTC India Limited - India
- Alfred C Toepfer International GmbH - Germany
- Carbofer General Trading SA - India
- Central Java Power - Indonesia
- Star Paper Mills Limited - India
- Posco Energy - South Korea
- Mercator Lines Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Central Electricity Authority - India
- Baramulti Group, Indonesia
- Bhushan Steel Limited - India
- Mintek Dendrill Indonesia
- Bukit Makmur.PT - Indonesia
- Australian Coal Association
- Georgia Ports Authority, United States
- Intertek Mineral Services - Indonesia
- Kaltim Prima Coal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Anglo American - United Kingdom
- Parry Sugars Refinery, India
- Economic Council, Georgia
- Bayan Resources Tbk. - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- CNBM International Corporation - China
- Agrawal Coal Company - India
- Ind-Barath Power Infra Limited - India
- Eastern Energy - Thailand
- Altura Mining Limited, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Malabar Cements Ltd - India
- Indogreen Group - Indonesia
- Lanco Infratech Ltd - India
- South Luzon Thermal Energy Corporation
- Bhoruka Overseas - Indonesia
- Energy Development Corp, Philippines
- ASAPP Information Group - India
- PetroVietnam Power Coal Import and Supply Company
- Wood Mackenzie - Singapore
- Wilmar Investment Holdings
- Sical Logistics Limited - India
- Borneo Indobara - Indonesia
- SMG Consultants - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Mjunction Services Limited - India
- SN Aboitiz Power Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Romanian Commodities Exchange
- Straits Asia Resources Limited - Singapore
- Vizag Seaport Private Limited - India
- New Zealand Coal & Carbon
- Electricity Authority, New Zealand
- Thiess Contractors Indonesia
- Ministry of Finance - Indonesia
- Kartika Selabumi Mining - Indonesia
- Port Waratah Coal Services - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Parliament of New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Petron Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Siam City Cement PLC, Thailand
- European Bulk Services B.V. - Netherlands
- Mercuria Energy - Indonesia
- Commonwealth Bank - Australia
- GMR Energy Limited - India
- Bangladesh Power Developement Board
- Gujarat Electricity Regulatory Commission - India
- The University of Queensland
- Global Green Power PLC Corporation, Philippines
- London Commodity Brokers - England
- Sree Jayajothi Cements Limited - India
- LBH Netherlands Bv - Netherlands
- Makarim & Taira - Indonesia
- Minerals Council of Australia
- Independent Power Producers Association of India
- Aditya Birla Group - India
- Barasentosa Lestari - Indonesia
- Sarangani Energy Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jaiprakash Power Ventures ltd
- Chettinad Cement Corporation Ltd - India
- Medco Energi Mining Internasional
- Cement Manufacturers Association - India
- Riau Bara Harum - Indonesia
- Power Finance Corporation Ltd., India
- Offshore Bulk Terminal Pte Ltd, Singapore
- GAC Shipping (India) Pvt Ltd
- Latin American Coal - Colombia
- Coastal Gujarat Power Limited - India
- Energy Link Ltd, New Zealand
- Leighton Contractors Pty Ltd - Australia
- Interocean Group of Companies - India
- Edison Trading Spa - Italy
- CIMB Investment Bank - Malaysia
- Indian Energy Exchange, India
- Savvy Resources Ltd - HongKong
- Indo Tambangraya Megah - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cigading International Bulk Terminal - Indonesia
- IEA Clean Coal Centre - UK
- TNB Fuel Sdn Bhd - Malaysia
- The Treasury - Australian Government
- Marubeni Corporation - India
- OPG Power Generation Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Larsen & Toubro Limited - India
- Uttam Galva Steels Limited - India
- Bharathi Cement Corporation - India
- Electricity Generating Authority of Thailand
- Rio Tinto Coal - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- TeaM Sual Corporation - Philippines
- Planning Commission, India
- Ministry of Mines - Canada
- Goldman Sachs - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- GVK Power & Infra Limited - India
- Indonesian Coal Mining Association
- Kumho Petrochemical, South Korea
- Petrochimia International Co. Ltd.- Taiwan
- VISA Power Limited - India
- Australian Commodity Traders Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Indika Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Xindia Steels Limited - India
- Meralco Power Generation, Philippines
- Maheswari Brothers Coal Limited - India
- Formosa Plastics Group - Taiwan
- Ministry of Transport, Egypt
- Sojitz Corporation - Japan
- Semirara Mining Corp, Philippines
- Oldendorff Carriers - Singapore
- PowerSource Philippines DevCo
- Dalmia Cement Bharat India
- Trasteel International SA, Italy
- PNOC Exploration Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Global Coal Blending Company Limited - Australia
- India Bulls Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Toyota Tsusho Corporation, Japan
- Orica Mining Services - Indonesia
- Heidelberg Cement - Germany
- Global Business Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Bhatia International Limited - India
- Merrill Lynch Commodities Europe
- SMC Global Power, Philippines
- ICICI Bank Limited - India
- Grasim Industreis Ltd - India
- McConnell Dowell - Australia
- Chamber of Mines of South Africa
- Salva Resources Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Manunggal Multi Energi - Indonesia
- Bulk Trading Sa - Switzerland
- Standard Chartered Bank - UAE
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