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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, 27 January 12
DEMOLITION ACTIVITY NEEDS TO INCREASE SIGNIFICANTLY THIS YEAR AS WELL - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The oversupply of vessels in most shipping sectors is so intense that it’s become clear to ship owners that unless they scrap as many of their ...
Thursday, 26 January 12
ABM INVESTAMA SEALS US$100 MIO CONTRACT - INSIDER STORIES
Insider Stories reported that, PT Reswara Minergi Hartama, a subsidary of PT ABM Investama Tbk (ABMM), has sealed a 2 million tons of coal export co ...
Thursday, 26 January 12
DRY BULK MARKETS DOWNFALL KNOWS NO LIMITS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market’s demise seems to have no visible end, as China’s Lunar Year Holidays continue this week, thus leaving demand with n ...
Wednesday, 25 January 12
CLEAN AND CLEAR MINING PERMITS TO BE COMPLETED END OF 2012 - BISNIS.COM
Bisnis.com reported that, the government plans to announce 700 mining permits with "clean and clear" status without overlapping on other p ...
Tuesday, 24 January 12
ANOTHER SEVERE DROP IN THE CAPESIZE - BRS
The lunar year celebrations and the high number of new building deliveries (more than 35 Capes so far in January as owners push 2011 deliveries into ...
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- ASAPP Information Group - India
- Agrawal Coal Company - India
- Banpu Public Company Limited - Thailand
- Price Waterhouse Coopers - Russia
- Indo Tambangraya Megah - Indonesia
- Jindal Steel & Power Ltd - India
- Minerals Council of Australia
- Trasteel International SA, Italy
- Rashtriya Ispat Nigam Limited - India
- Thiess Contractors Indonesia
- Gujarat Sidhee Cement - India
- Anglo American - United Kingdom
- London Commodity Brokers - England
- Holcim Trading Pte Ltd - Singapore
- Sinarmas Energy and Mining - Indonesia
- Sarangani Energy Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Sakthi Sugars Limited - India
- Lanco Infratech Ltd - India
- Videocon Industries ltd - India
- Ambuja Cements Ltd - India
- Altura Mining Limited, Indonesia
- Kapuas Tunggal Persada - Indonesia
- South Luzon Thermal Energy Corporation
- Alfred C Toepfer International GmbH - Germany
- Xindia Steels Limited - India
- Australian Coal Association
- Madhucon Powers Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Formosa Plastics Group - Taiwan
- Straits Asia Resources Limited - Singapore
- Global Green Power PLC Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Mintek Dendrill Indonesia
- Medco Energi Mining Internasional
- Leighton Contractors Pty Ltd - Australia
- Sojitz Corporation - Japan
- Miang Besar Coal Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Oldendorff Carriers - Singapore
- VISA Power Limited - India
- Essar Steel Hazira Ltd - India
- Dalmia Cement Bharat India
- Samtan Co., Ltd - South Korea
- Economic Council, Georgia
- Meenaskhi Energy Private Limited - India
- Electricity Authority, New Zealand
- Pendopo Energi Batubara - Indonesia
- Coalindo Energy - Indonesia
- SMC Global Power, Philippines
- Grasim Industreis Ltd - India
- Central Java Power - Indonesia
- The University of Queensland
- Karbindo Abesyapradhi - Indoneisa
- Meralco Power Generation, Philippines
- Australian Commodity Traders Exchange
- IHS Mccloskey Coal Group - USA
- Coal and Oil Company - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Makarim & Taira - Indonesia
- Simpson Spence & Young - Indonesia
- LBH Netherlands Bv - Netherlands
- Indian Energy Exchange, India
- Eastern Energy - Thailand
- Kepco SPC Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Interocean Group of Companies - India
- Global Business Power Corporation, Philippines
- GMR Energy Limited - India
- Singapore Mercantile Exchange
- Edison Trading Spa - Italy
- Wilmar Investment Holdings
- Eastern Coal Council - USA
- Thai Mozambique Logistica
- Gujarat Mineral Development Corp Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The Treasury - Australian Government
- Bhushan Steel Limited - India
- Kideco Jaya Agung - Indonesia
- Bhatia International Limited - India
- Manunggal Multi Energi - Indonesia
- Georgia Ports Authority, United States
- Power Finance Corporation Ltd., India
- European Bulk Services B.V. - Netherlands
- CNBM International Corporation - China
- Orica Mining Services - Indonesia
- Therma Luzon, Inc, Philippines
- Indian Oil Corporation Limited
- Malabar Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- PNOC Exploration Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Kartika Selabumi Mining - Indonesia
- Orica Australia Pty. Ltd.
- Kobexindo Tractors - Indoneisa
- Port Waratah Coal Services - Australia
- Bharathi Cement Corporation - India
- Parliament of New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- San Jose City I Power Corp, Philippines
- Planning Commission, India
- Cement Manufacturers Association - India
- Indika Energy - Indonesia
- Standard Chartered Bank - UAE
- Latin American Coal - Colombia
- Sical Logistics Limited - India
- Mjunction Services Limited - India
- MS Steel International - UAE
- Semirara Mining and Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- White Energy Company Limited
- McConnell Dowell - Australia
- Savvy Resources Ltd - HongKong
- TNB Fuel Sdn Bhd - Malaysia
- Energy Link Ltd, New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Bukit Makmur.PT - Indonesia
- Toyota Tsusho Corporation, Japan
- Bukit Asam (Persero) Tbk - Indonesia
- Timah Investasi Mineral - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Mercuria Energy - Indonesia
- ICICI Bank Limited - India
- Indonesian Coal Mining Association
- Neyveli Lignite Corporation Ltd, - India
- Jorong Barutama Greston.PT - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Mines - Canada
- Goldman Sachs - Singapore
- Riau Bara Harum - Indonesia
- India Bulls Power Limited - India
- IEA Clean Coal Centre - UK
- Mercator Lines Limited - India
- Vizag Seaport Private Limited - India
- PowerSource Philippines DevCo
- Energy Development Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Indogreen Group - Indonesia
- Africa Commodities Group - South Africa
- Wood Mackenzie - Singapore
- Siam City Cement PLC, Thailand
- Bukit Baiduri Energy - Indonesia
- Coastal Gujarat Power Limited - India
- PTC India Limited - India
- Borneo Indobara - Indonesia
- Directorate Of Revenue Intelligence - India
- Ministry of Finance - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Larsen & Toubro Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- GAC Shipping (India) Pvt Ltd
- Renaissance Capital - South Africa
- Gujarat Electricity Regulatory Commission - India
- Cigading International Bulk Terminal - Indonesia
- Aditya Birla Group - India
- Marubeni Corporation - India
- Siam City Cement - Thailand
- Intertek Mineral Services - Indonesia
- Ministry of Transport, Egypt
- GN Power Mariveles Coal Plant, Philippines
- Rio Tinto Coal - Australia
- Vedanta Resources Plc - India
- Bulk Trading Sa - Switzerland
- Heidelberg Cement - Germany
- Billiton Holdings Pty Ltd - Australia
- Ceylon Electricity Board - Sri Lanka
- Electricity Generating Authority of Thailand
- SMG Consultants - Indonesia
- Deloitte Consulting - India
- OPG Power Generation Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Kumho Petrochemical, South Korea
- Carbofer General Trading SA - India
- Independent Power Producers Association of India
- Directorate General of MIneral and Coal - Indonesia
- Sree Jayajothi Cements Limited - India
- Salva Resources Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Antam Resourcindo - Indonesia
- Chamber of Mines of South Africa
- The State Trading Corporation of India Ltd
- Semirara Mining Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Baramulti Group, Indonesia
- Uttam Galva Steels Limited - India
- Karaikal Port Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Star Paper Mills Limited - India
- Central Electricity Authority - India
- Tata Chemicals Ltd - India
- Bayan Resources Tbk. - Indonesia
- Romanian Commodities Exchange
- Metalloyd Limited - United Kingdom
- Aboitiz Power Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- GVK Power & Infra Limited - India
- International Coal Ventures Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Attock Cement Pakistan Limited
- Maharashtra Electricity Regulatory Commission - India
- Commonwealth Bank - Australia
- Tamil Nadu electricity Board
- Jaiprakash Power Ventures ltd
- Merrill Lynch Commodities Europe
- Sindya Power Generating Company Private Ltd
- Bangladesh Power Developement Board
- Posco Energy - South Korea
- Parry Sugars Refinery, India
- Petron Corporation, Philippines
- Barasentosa Lestari - Indonesia
- New Zealand Coal & Carbon
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