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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, 04 April 12
CHURCHILL MINING TO ACCELERATE INTERNATIONAL ARBITRATION AGAINST INDONESIA
Churchill Mining plc (AIM: CHL), advises that notations on the Indonesian Supreme Court's register of cases shows the Supreme Court has rejected th ...
Monday, 02 April 12
BANGLADESH EYEING INDONESIA FOR COAL
COALspot.com - The high level executives of Center for Environmental and Geographic Information Services (CEGIS) of Bangladesh is visiting Ind ...
Monday, 02 April 12
WEEKLY DRY MARKET OVERVIEW - MARIA BERTZELETOU, HELLENIC SHIPPING
The first quarter of the New Year ended with the BDI standing 42% above from the 26 years’ bottom low of 662 points on February 1st, and a pos ...
Saturday, 31 March 12
THE BDI CONTINUED TO MOVE UPWARD - VISTAAR
COALspot.com - The BDI continued to move upward and rose by 2.86 pct closing at 934 points.
The cape index was up by 3.14 pct closing at 1,412 po ...
Saturday, 31 March 12
SRI LANKA IMPORTS 152,555 MT OF INDONESIAN COAL IN FEBRUARY
COALspot.com: Indonesia, the world largest coal exporter, shipped 27.126* million tons of coal in February 2012, compared to 28.21* million to ...
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- Cement Manufacturers Association - India
- Bhoruka Overseas - Indonesia
- Bangladesh Power Developement Board
- Meenaskhi Energy Private Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Global Green Power PLC Corporation, Philippines
- Power Finance Corporation Ltd., India
- Karaikal Port Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Wilmar Investment Holdings
- Globalindo Alam Lestari - Indonesia
- SMC Global Power, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Grasim Industreis Ltd - India
- Riau Bara Harum - Indonesia
- McConnell Dowell - Australia
- Wood Mackenzie - Singapore
- Global Business Power Corporation, Philippines
- Interocean Group of Companies - India
- PowerSource Philippines DevCo
- Singapore Mercantile Exchange
- LBH Netherlands Bv - Netherlands
- Coal and Oil Company - UAE
- GMR Energy Limited - India
- Ceylon Electricity Board - Sri Lanka
- Essar Steel Hazira Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Bulk Trading Sa - Switzerland
- Krishnapatnam Port Company Ltd. - India
- Coastal Gujarat Power Limited - India
- Indogreen Group - Indonesia
- Oldendorff Carriers - Singapore
- Rashtriya Ispat Nigam Limited - India
- New Zealand Coal & Carbon
- Asmin Koalindo Tuhup - Indonesia
- Bayan Resources Tbk. - Indonesia
- Africa Commodities Group - South Africa
- Dalmia Cement Bharat India
- Lanco Infratech Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Vizag Seaport Private Limited - India
- Gujarat Sidhee Cement - India
- Marubeni Corporation - India
- Uttam Galva Steels Limited - India
- Jindal Steel & Power Ltd - India
- Banpu Public Company Limited - Thailand
- SMG Consultants - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Alfred C Toepfer International GmbH - Germany
- The State Trading Corporation of India Ltd
- Planning Commission, India
- Bukit Makmur.PT - Indonesia
- Ambuja Cements Ltd - India
- Indian Energy Exchange, India
- Cigading International Bulk Terminal - Indonesia
- Attock Cement Pakistan Limited
- PTC India Limited - India
- Merrill Lynch Commodities Europe
- South Luzon Thermal Energy Corporation
- Kaltim Prima Coal - Indonesia
- Tamil Nadu electricity Board
- Central Java Power - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Therma Luzon, Inc, Philippines
- Tata Chemicals Ltd - India
- Posco Energy - South Korea
- Aboitiz Power Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Heidelberg Cement - Germany
- Metalloyd Limited - United Kingdom
- Jaiprakash Power Ventures ltd
- PNOC Exploration Corporation - Philippines
- Australian Coal Association
- Rio Tinto Coal - Australia
- Toyota Tsusho Corporation, Japan
- CIMB Investment Bank - Malaysia
- Energy Development Corp, Philippines
- Barasentosa Lestari - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Trasteel International SA, Italy
- Port Waratah Coal Services - Australia
- Parry Sugars Refinery, India
- Holcim Trading Pte Ltd - Singapore
- Orica Mining Services - Indonesia
- Indika Energy - Indonesia
- Mjunction Services Limited - India
- Antam Resourcindo - Indonesia
- Simpson Spence & Young - Indonesia
- Siam City Cement - Thailand
- Latin American Coal - Colombia
- Savvy Resources Ltd - HongKong
- Kohat Cement Company Ltd. - Pakistan
- Commonwealth Bank - Australia
- Renaissance Capital - South Africa
- Thiess Contractors Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- OPG Power Generation Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Aditya Birla Group - India
- Bhushan Steel Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Georgia Ports Authority, United States
- Timah Investasi Mineral - Indoneisa
- Kobexindo Tractors - Indoneisa
- Global Coal Blending Company Limited - Australia
- Bharathi Cement Corporation - India
- Petrochimia International Co. Ltd.- Taiwan
- MS Steel International - UAE
- Directorate Of Revenue Intelligence - India
- Intertek Mineral Services - Indonesia
- Edison Trading Spa - Italy
- Videocon Industries ltd - India
- Electricity Generating Authority of Thailand
- Miang Besar Coal Terminal - Indonesia
- Eastern Energy - Thailand
- Salva Resources Pvt Ltd - India
- Parliament of New Zealand
- Samtan Co., Ltd - South Korea
- Borneo Indobara - Indonesia
- Standard Chartered Bank - UAE
- Indo Tambangraya Megah - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- VISA Power Limited - India
- GVK Power & Infra Limited - India
- Kepco SPC Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- Straits Asia Resources Limited - Singapore
- TeaM Sual Corporation - Philippines
- Formosa Plastics Group - Taiwan
- Minerals Council of Australia
- Agrawal Coal Company - India
- Central Electricity Authority - India
- Sinarmas Energy and Mining - Indonesia
- White Energy Company Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Finance - Indonesia
- Bukit Baiduri Energy - Indonesia
- Semirara Mining Corp, Philippines
- Vedanta Resources Plc - India
- Binh Thuan Hamico - Vietnam
- Chettinad Cement Corporation Ltd - India
- Romanian Commodities Exchange
- Sindya Power Generating Company Private Ltd
- IHS Mccloskey Coal Group - USA
- Economic Council, Georgia
- International Coal Ventures Pvt Ltd - India
- Thai Mozambique Logistica
- India Bulls Power Limited - India
- Malabar Cements Ltd - India
- Xindia Steels Limited - India
- Mintek Dendrill Indonesia
- Goldman Sachs - Singapore
- Indonesian Coal Mining Association
- Sarangani Energy Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Maheswari Brothers Coal Limited - India
- Coalindo Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Altura Mining Limited, Indonesia
- Pendopo Energi Batubara - Indonesia
- Orica Australia Pty. Ltd.
- Australian Commodity Traders Exchange
- London Commodity Brokers - England
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Transport, Egypt
- Kalimantan Lumbung Energi - Indonesia
- Chamber of Mines of South Africa
- Deloitte Consulting - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mercator Lines Limited - India
- The Treasury - Australian Government
- IEA Clean Coal Centre - UK
- ICICI Bank Limited - India
- CNBM International Corporation - China
- ASAPP Information Group - India
- Sojitz Corporation - Japan
- Leighton Contractors Pty Ltd - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Baramulti Group, Indonesia
- Ministry of Mines - Canada
- Anglo American - United Kingdom
- SN Aboitiz Power Inc, Philippines
- Indian Oil Corporation Limited
- Price Waterhouse Coopers - Russia
- Carbofer General Trading SA - India
- Bahari Cakrawala Sebuku - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Petron Corporation, Philippines
- Bhatia International Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- San Jose City I Power Corp, Philippines
- Sakthi Sugars Limited - India
- Energy Link Ltd, New Zealand
- Sical Logistics Limited - India
- GAC Shipping (India) Pvt Ltd
- Iligan Light & Power Inc, Philippines
- Mercuria Energy - Indonesia
- The University of Queensland
- Larsen & Toubro Limited - India
- European Bulk Services B.V. - Netherlands
- Semirara Mining and Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Makarim & Taira - Indonesia
- Kartika Selabumi Mining - Indonesia
- Kumho Petrochemical, South Korea
- Independent Power Producers Association of India
- Kapuas Tunggal Persada - Indonesia
- Eastern Coal Council - USA
- Meralco Power Generation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Medco Energi Mining Internasional
- Electricity Authority, New Zealand
- Manunggal Multi Energi - Indonesia
- Star Paper Mills Limited - India
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