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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 $470 billion. He concluded by saying that Chinese banks are entering the global market with ambitions. The secret to do business with them is to be patient and have large investment projects in place said Mr. Xiradakis.
Speaking on the matter from a banking point of view, Mr. Ted Petropoulos, managing director of Petrofin Research said that uncertainty is the main ingredient in the course of the global financial activity. “The international banking system is facing serious liquidity problems, which in turn impacts its decision for investments” said Mr. Petropoulos. He concluded his speech by saying that the fact that the crisis have been made clear to all players of the global economy, gives reason for optimism, regarding its successful resolvement.
Source: Nikos Roussanoglou, Hellenic Shipping
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Tuesday, 24 January 12
BUKIT ASAM FY11 NET PROFIT SURGES 50% - INSIDER STORIES
Insider Stories reported that, the state-controlled PT Bukit Asam Tbk (PTBA) estimated to book Rp3 trillion (approximately US$ 335,570,469) net prof ...
Sunday, 22 January 12
FREIGHT MARKET DROPPED TO THE LOWEST LEVEL SINCE 2008
COALspot.com - "The markets continued to soften almost reaching 2008 levels breaking the 1,000 point mark", said Capt. Reddy of Vistaar Sh ...
Saturday, 21 January 12
ASIAS PREMIER COMPREHENSIVE OPEN CUT MINING CONFERENCE SCHEDULED FOR FEBRUARY 2012
As the only such conference in the region for miners and service providers, IBC Asia’s Open Cut Mine Planning & Operational Excellence con ...
Saturday, 21 January 12
COAL MARKETS CELEBRATES A DECADE OF BRINGING BUYERS & SELLERS TOGETHER
In 2012, IBC Asia’s premier Coal Markets conference series – Asia’s only globally focused coal import, export and supply chain eve ...
Saturday, 21 January 12
SAMIN TAN COMPLETES BUMI PLC TAKEOVER - INSIDER STORIES
Insider Stories reported that, Indonesian coking coal miner PT Borneo Lumbung Energi & Metal Tbk (BORN), that is controlled by stellar businessm ...
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- Jindal Steel & Power Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Anglo American - United Kingdom
- Parry Sugars Refinery, India
- CNBM International Corporation - China
- Tamil Nadu electricity Board
- Intertek Mineral Services - Indonesia
- Sindya Power Generating Company Private Ltd
- SMC Global Power, Philippines
- Interocean Group of Companies - India
- Mercuria Energy - Indonesia
- Vizag Seaport Private Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Port Waratah Coal Services - Australia
- Semirara Mining and Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Bharathi Cement Corporation - India
- Samtan Co., Ltd - South Korea
- Essar Steel Hazira Ltd - India
- Bukit Baiduri Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- VISA Power Limited - India
- Planning Commission, India
- Renaissance Capital - South Africa
- Tata Chemicals Ltd - India
- OPG Power Generation Pvt Ltd - India
- Thai Mozambique Logistica
- Antam Resourcindo - Indonesia
- Price Waterhouse Coopers - Russia
- International Coal Ventures Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Deloitte Consulting - India
- Ceylon Electricity Board - Sri Lanka
- Pendopo Energi Batubara - Indonesia
- SN Aboitiz Power Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Mjunction Services Limited - India
- Thiess Contractors Indonesia
- Africa Commodities Group - South Africa
- Sarangani Energy Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Global Business Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Minerals Council of Australia
- Videocon Industries ltd - India
- The Treasury - Australian Government
- Malabar Cements Ltd - India
- Sree Jayajothi Cements Limited - India
- Mercator Lines Limited - India
- Kepco SPC Power Corporation, Philippines
- Agrawal Coal Company - India
- Coastal Gujarat Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kumho Petrochemical, South Korea
- Dalmia Cement Bharat India
- Riau Bara Harum - Indonesia
- Bulk Trading Sa - Switzerland
- SMG Consultants - Indonesia
- Petron Corporation, Philippines
- Eastern Energy - Thailand
- Oldendorff Carriers - Singapore
- ICICI Bank Limited - India
- Chamber of Mines of South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Green Power PLC Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Singapore Mercantile Exchange
- GVK Power & Infra Limited - India
- Kohat Cement Company Ltd. - Pakistan
- European Bulk Services B.V. - Netherlands
- Indonesian Coal Mining Association
- Makarim & Taira - Indonesia
- Coal and Oil Company - UAE
- Central Electricity Authority - India
- Wilmar Investment Holdings
- Directorate Of Revenue Intelligence - India
- Siam City Cement - Thailand
- Semirara Mining Corp, Philippines
- Grasim Industreis Ltd - India
- Sical Logistics Limited - India
- Kalimantan Lumbung Energi - Indonesia
- IEA Clean Coal Centre - UK
- Manunggal Multi Energi - Indonesia
- Bhatia International Limited - India
- Georgia Ports Authority, United States
- Kartika Selabumi Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- Lanco Infratech Ltd - India
- Globalindo Alam Lestari - Indonesia
- Borneo Indobara - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Directorate General of MIneral and Coal - Indonesia
- Orica Mining Services - Indonesia
- Star Paper Mills Limited - India
- Meenaskhi Energy Private Limited - India
- Leighton Contractors Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- Bukit Makmur.PT - Indonesia
- Aboitiz Power Corporation - Philippines
- GMR Energy Limited - India
- Siam City Cement PLC, Thailand
- Sinarmas Energy and Mining - Indonesia
- Posco Energy - South Korea
- White Energy Company Limited
- Timah Investasi Mineral - Indoneisa
- Standard Chartered Bank - UAE
- Metalloyd Limited - United Kingdom
- Billiton Holdings Pty Ltd - Australia
- Edison Trading Spa - Italy
- Kapuas Tunggal Persada - Indonesia
- Ministry of Transport, Egypt
- Heidelberg Cement - Germany
- PowerSource Philippines DevCo
- Bank of Tokyo Mitsubishi UFJ Ltd
- PTC India Limited - India
- South Luzon Thermal Energy Corporation
- Chettinad Cement Corporation Ltd - India
- Wood Mackenzie - Singapore
- Aditya Birla Group - India
- LBH Netherlands Bv - Netherlands
- Formosa Plastics Group - Taiwan
- Australian Coal Association
- Power Finance Corporation Ltd., India
- Sakthi Sugars Limited - India
- Neyveli Lignite Corporation Ltd, - India
- San Jose City I Power Corp, Philippines
- Banpu Public Company Limited - Thailand
- Central Java Power - Indonesia
- Xindia Steels Limited - India
- Cement Manufacturers Association - India
- PetroVietnam Power Coal Import and Supply Company
- Commonwealth Bank - Australia
- Gujarat Electricity Regulatory Commission - India
- Ambuja Cements Ltd - India
- TeaM Sual Corporation - Philippines
- Romanian Commodities Exchange
- Vedanta Resources Plc - India
- Binh Thuan Hamico - Vietnam
- London Commodity Brokers - England
- Ministry of Finance - Indonesia
- Independent Power Producers Association of India
- Sojitz Corporation - Japan
- Meralco Power Generation, Philippines
- Merrill Lynch Commodities Europe
- Asmin Koalindo Tuhup - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Medco Energi Mining Internasional
- GAC Shipping (India) Pvt Ltd
- Indika Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Goldman Sachs - Singapore
- Bangladesh Power Developement Board
- Indogreen Group - Indonesia
- Mintek Dendrill Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kobexindo Tractors - Indoneisa
- Electricity Authority, New Zealand
- Toyota Tsusho Corporation, Japan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Salva Resources Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- India Bulls Power Limited - India
- ASAPP Information Group - India
- Bhushan Steel Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Marubeni Corporation - India
- Savvy Resources Ltd - HongKong
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Larsen & Toubro Limited - India
- Economic Council, Georgia
- The State Trading Corporation of India Ltd
- Bhoruka Overseas - Indonesia
- Global Coal Blending Company Limited - Australia
- Indian Oil Corporation Limited
- Gujarat Mineral Development Corp Ltd - India
- Straits Asia Resources Limited - Singapore
- Barasentosa Lestari - Indonesia
- Energy Link Ltd, New Zealand
- Altura Mining Limited, Indonesia
- Ind-Barath Power Infra Limited - India
- Ministry of Mines - Canada
- Electricity Generating Authority of Thailand
- Krishnapatnam Port Company Ltd. - India
- GN Power Mariveles Coal Plant, Philippines
- Rio Tinto Coal - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Indian Energy Exchange, India
- Energy Development Corp, Philippines
- MS Steel International - UAE
- Latin American Coal - Colombia
- Simpson Spence & Young - Indonesia
- Parliament of New Zealand
- Baramulti Group, Indonesia
- Orica Australia Pty. Ltd.
- Australian Commodity Traders Exchange
- Holcim Trading Pte Ltd - Singapore
- New Zealand Coal & Carbon
- Gujarat Sidhee Cement - India
- The University of Queensland
- Trasteel International SA, Italy
- Madhucon Powers Ltd - India
- Kaltim Prima Coal - Indonesia
- Eastern Coal Council - USA
- Uttam Galva Steels Limited - India
- Rashtriya Ispat Nigam Limited - India
- Coalindo Energy - Indonesia
- Carbofer General Trading SA - India
- McConnell Dowell - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Therma Luzon, Inc, Philippines
- Attock Cement Pakistan Limited
- Jaiprakash Power Ventures ltd
- CIMB Investment Bank - Malaysia
- Kideco Jaya Agung - Indonesia
- AsiaOL BioFuels Corp., Philippines
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