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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 $470 billion. He concluded by saying that Chinese banks are entering the global market with ambitions. The secret to do business with them is to be patient and have large investment projects in place said Mr. Xiradakis.
Speaking on the matter from a banking point of view, Mr. Ted Petropoulos, managing director of Petrofin Research said that uncertainty is the main ingredient in the course of the global financial activity. “The international banking system is facing serious liquidity problems, which in turn impacts its decision for investments” said Mr. Petropoulos. He concluded his speech by saying that the fact that the crisis have been made clear to all players of the global economy, gives reason for optimism, regarding its successful resolvement.
Source: Nikos Roussanoglou, Hellenic Shipping
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Thursday, 22 March 12
ECI-CHINA HANDY RATES ARE AROUND US$ 8000 - FEARNLEYS
Handy
Another positive trend was seen last week with more cargoes entering the market. Skaw-Passero/US Gulf climbed slowly up to USD 3700, while US ...
Thursday, 22 March 12
DRY BULK MARKET KEEPS SURGING, CAPESIZES FALLING - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
In what seems to be an establishing pattern, the dry bulk market has kept its upward momentum, edging closer to the 900 point-mark, but the larger s ...
Wednesday, 21 March 12
BUMA HAS PRODUCED 2.3 MILLION TONS OF COAL IN FEBRUARY 2012
COALspot.com - PT. Delta Dunia Makmur's overburden removal in February 2012 has reached totaled 23.8 million bcm (+2.4% YoY) while coal production ...
Tuesday, 20 March 12
SMALLER DRY BULK VESSELS STILL LEADING DRY BULK MARKET TO HIGHER GROUND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has been growing during the past couple of weeks, but contrary to the usual practice, it’s not the larger Capesizes which ...
Monday, 19 March 12
WEEKLY DRY MARKET OVERVIEW: SMALLER VESSELS LEAD RATES HIGHER - MARIA BERTZELETOU, HELLENIC SHIPPING
The upward trend of the Baltic Dry Index persists strong from the end of February, spurred from the supramax market that offsets the weakness in the ...
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- Miang Besar Coal Terminal - Indonesia
- Coastal Gujarat Power Limited - India
- Rio Tinto Coal - Australia
- Trasteel International SA, Italy
- Energy Link Ltd, New Zealand
- Meenaskhi Energy Private Limited - India
- Salva Resources Pvt Ltd - India
- Ministry of Transport, Egypt
- India Bulls Power Limited - India
- South Luzon Thermal Energy Corporation
- Sical Logistics Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meralco Power Generation, Philippines
- Ind-Barath Power Infra Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Eastern Coal Council - USA
- Bahari Cakrawala Sebuku - Indonesia
- Singapore Mercantile Exchange
- Indo Tambangraya Megah - Indonesia
- Sakthi Sugars Limited - India
- London Commodity Brokers - England
- Pendopo Energi Batubara - Indonesia
- Riau Bara Harum - Indonesia
- Goldman Sachs - Singapore
- Toyota Tsusho Corporation, Japan
- Kaltim Prima Coal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kalimantan Lumbung Energi - Indonesia
- Vedanta Resources Plc - India
- Semirara Mining Corp, Philippines
- Bhushan Steel Limited - India
- Manunggal Multi Energi - Indonesia
- Port Waratah Coal Services - Australia
- Coalindo Energy - Indonesia
- Renaissance Capital - South Africa
- Grasim Industreis Ltd - India
- Bhoruka Overseas - Indonesia
- Jindal Steel & Power Ltd - India
- Kideco Jaya Agung - Indonesia
- Standard Chartered Bank - UAE
- Marubeni Corporation - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kumho Petrochemical, South Korea
- Krishnapatnam Port Company Ltd. - India
- Kapuas Tunggal Persada - Indonesia
- Vizag Seaport Private Limited - India
- MS Steel International - UAE
- Indika Energy - Indonesia
- Attock Cement Pakistan Limited
- Samtan Co., Ltd - South Korea
- Bharathi Cement Corporation - India
- Star Paper Mills Limited - India
- Directorate Of Revenue Intelligence - India
- Iligan Light & Power Inc, Philippines
- The State Trading Corporation of India Ltd
- GVK Power & Infra Limited - India
- Power Finance Corporation Ltd., India
- Antam Resourcindo - Indonesia
- Parliament of New Zealand
- Formosa Plastics Group - Taiwan
- Independent Power Producers Association of India
- Ambuja Cements Ltd - India
- Thai Mozambique Logistica
- Makarim & Taira - Indonesia
- Central Electricity Authority - India
- Directorate General of MIneral and Coal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- The University of Queensland
- Coal and Oil Company - UAE
- Latin American Coal - Colombia
- Eastern Energy - Thailand
- International Coal Ventures Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Bayan Resources Tbk. - Indonesia
- Madhucon Powers Ltd - India
- OPG Power Generation Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Mintek Dendrill Indonesia
- Baramulti Group, Indonesia
- Indonesian Coal Mining Association
- Xindia Steels Limited - India
- PNOC Exploration Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Kobexindo Tractors - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Tamil Nadu electricity Board
- Savvy Resources Ltd - HongKong
- Orica Mining Services - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Economic Council, Georgia
- Indogreen Group - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Petron Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Edison Trading Spa - Italy
- IEA Clean Coal Centre - UK
- European Bulk Services B.V. - Netherlands
- ICICI Bank Limited - India
- Heidelberg Cement - Germany
- Ministry of Mines - Canada
- TeaM Sual Corporation - Philippines
- PowerSource Philippines DevCo
- SN Aboitiz Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Semirara Mining and Power Corporation, Philippines
- Parry Sugars Refinery, India
- Electricity Generating Authority of Thailand
- Wood Mackenzie - Singapore
- San Jose City I Power Corp, Philippines
- Wilmar Investment Holdings
- Tata Chemicals Ltd - India
- Lanco Infratech Ltd - India
- Anglo American - United Kingdom
- Gujarat Mineral Development Corp Ltd - India
- GMR Energy Limited - India
- Aboitiz Power Corporation - Philippines
- SMG Consultants - Indonesia
- Jaiprakash Power Ventures ltd
- Borneo Indobara - Indonesia
- Sree Jayajothi Cements Limited - India
- The Treasury - Australian Government
- Planning Commission, India
- Energy Development Corp, Philippines
- Sojitz Corporation - Japan
- Bukit Asam (Persero) Tbk - Indonesia
- Bhatia International Limited - India
- Banpu Public Company Limited - Thailand
- ASAPP Information Group - India
- McConnell Dowell - Australia
- Altura Mining Limited, Indonesia
- Gujarat Electricity Regulatory Commission - India
- TNB Fuel Sdn Bhd - Malaysia
- Chamber of Mines of South Africa
- Videocon Industries ltd - India
- Electricity Authority, New Zealand
- VISA Power Limited - India
- Straits Asia Resources Limited - Singapore
- Barasentosa Lestari - Indonesia
- Posco Energy - South Korea
- Africa Commodities Group - South Africa
- Price Waterhouse Coopers - Russia
- Siam City Cement - Thailand
- Kepco SPC Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Australian Coal Association
- Global Coal Blending Company Limited - Australia
- Central Java Power - Indonesia
- LBH Netherlands Bv - Netherlands
- Kohat Cement Company Ltd. - Pakistan
- Interocean Group of Companies - India
- Oldendorff Carriers - Singapore
- Deloitte Consulting - India
- Karaikal Port Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Carbofer General Trading SA - India
- Uttam Galva Steels Limited - India
- Minerals Council of Australia
- Ceylon Electricity Board - Sri Lanka
- Intertek Mineral Services - Indonesia
- Orica Australia Pty. Ltd.
- Merrill Lynch Commodities Europe
- CNBM International Corporation - China
- SMC Global Power, Philippines
- AsiaOL BioFuels Corp., Philippines
- Kartika Selabumi Mining - Indonesia
- Mjunction Services Limited - India
- Bulk Trading Sa - Switzerland
- Sindya Power Generating Company Private Ltd
- Karbindo Abesyapradhi - Indoneisa
- Indian Oil Corporation Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PTC India Limited - India
- Metalloyd Limited - United Kingdom
- Aditya Birla Group - India
- Vijayanagar Sugar Pvt Ltd - India
- White Energy Company Limited
- Globalindo Alam Lestari - Indonesia
- Malabar Cements Ltd - India
- Medco Energi Mining Internasional
- CIMB Investment Bank - Malaysia
- Siam City Cement PLC, Thailand
- Leighton Contractors Pty Ltd - Australia
- Neyveli Lignite Corporation Ltd, - India
- Indian Energy Exchange, India
- Cement Manufacturers Association - India
- Chettinad Cement Corporation Ltd - India
- Larsen & Toubro Limited - India
- New Zealand Coal & Carbon
- Bukit Makmur.PT - Indonesia
- Agrawal Coal Company - India
- Mercator Lines Limited - India
- Georgia Ports Authority, United States
- Mercuria Energy - Indonesia
- Dalmia Cement Bharat India
- Cigading International Bulk Terminal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Maharashtra Electricity Regulatory Commission - India
- Romanian Commodities Exchange
- Maheswari Brothers Coal Limited - India
- Thiess Contractors Indonesia
- Bangladesh Power Developement Board
- Rashtriya Ispat Nigam Limited - India
- Ministry of Finance - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Binh Thuan Hamico - Vietnam
- Holcim Trading Pte Ltd - Singapore
- Australian Commodity Traders Exchange
- Global Business Power Corporation, Philippines
- Commonwealth Bank - Australia
- Sarangani Energy Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Sidhee Cement - India
- GAC Shipping (India) Pvt Ltd
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