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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, 19 January 12
SOUTHGOBI RESOURCES SELLS MORE THAN FOUR MILLION TONNES OF COAL IN 2011, 58% MORE THAN 2010
COALspot.com - SouthGobi Resources Ltd. (TSX: SGQ, HK: 1878) has successfully complets year 2011 on guidance in terms of coal sales and production.
...
Thursday, 19 January 12
14TH VOGP MEETING IN HO CHI MINH CITY HANDS OUT LATEST UPDATES AND DEVELOPMENTS IN VIETNAM'S ENERGY INDUSTRY
Press Release: At upcoming 14th Vietnam Oil Gas Power on 27-28 Feb in Ho Chi Minh City the industry’s most influential names including Petrovi ...
Thursday, 19 January 12
DELTA DUNIA SEALS US$820 MIO CONTRACT INSIDER STORIES
Insider Stories reported that, PT Delta Dunia Makmur Tbk (DOID) has announced that its primary operating subsidiary, PT Bukit Makmur Mandiri Utama ( ...
Wednesday, 18 January 12
WARM WINTER ACROSS EUROPE HAS IMPACTED NEGATIVELY COAL DEMAND - BRS
With the Chinese New Year just a week away, all markets are slowing down. The drop in freight rates for all sizes has been significant over the past ...
Wednesday, 18 January 12
DRY BULK MARKET'S DRAMA CONTINUES IN START OF NEW WEEK - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
A flurry of newbuilding deliveries, coupled with a slow start to the new year, a typical trend for the dry bulk market, has led the industry's benc ...
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- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Business Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Marubeni Corporation - India
- Economic Council, Georgia
- GN Power Mariveles Coal Plant, Philippines
- Sindya Power Generating Company Private Ltd
- Alfred C Toepfer International GmbH - Germany
- Central Electricity Authority - India
- Latin American Coal - Colombia
- Indian Oil Corporation Limited
- Mercuria Energy - Indonesia
- Sakthi Sugars Limited - India
- Xindia Steels Limited - India
- Semirara Mining Corp, Philippines
- Indonesian Coal Mining Association
- The University of Queensland
- Deloitte Consulting - India
- Ministry of Finance - Indonesia
- Maheswari Brothers Coal Limited - India
- Indika Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Petron Corporation, Philippines
- Thiess Contractors Indonesia
- Kapuas Tunggal Persada - Indonesia
- Meralco Power Generation, Philippines
- Central Java Power - Indonesia
- Larsen & Toubro Limited - India
- Dalmia Cement Bharat India
- Tata Chemicals Ltd - India
- Timah Investasi Mineral - Indoneisa
- Siam City Cement PLC, Thailand
- Thai Mozambique Logistica
- Pipit Mutiara Jaya. PT, Indonesia
- Borneo Indobara - Indonesia
- Mintek Dendrill Indonesia
- Carbofer General Trading SA - India
- European Bulk Services B.V. - Netherlands
- Cement Manufacturers Association - India
- Kohat Cement Company Ltd. - Pakistan
- Billiton Holdings Pty Ltd - Australia
- Gujarat Mineral Development Corp Ltd - India
- Samtan Co., Ltd - South Korea
- Barasentosa Lestari - Indonesia
- CIMB Investment Bank - Malaysia
- Miang Besar Coal Terminal - Indonesia
- Trasteel International SA, Italy
- White Energy Company Limited
- Wood Mackenzie - Singapore
- Kartika Selabumi Mining - Indonesia
- Posco Energy - South Korea
- Mercator Lines Limited - India
- LBH Netherlands Bv - Netherlands
- Antam Resourcindo - Indonesia
- Eastern Energy - Thailand
- Parry Sugars Refinery, India
- Kumho Petrochemical, South Korea
- Ind-Barath Power Infra Limited - India
- Pendopo Energi Batubara - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Eastern Coal Council - USA
- Star Paper Mills Limited - India
- PTC India Limited - India
- VISA Power Limited - India
- San Jose City I Power Corp, Philippines
- Tamil Nadu electricity Board
- Iligan Light & Power Inc, Philippines
- Parliament of New Zealand
- Directorate General of MIneral and Coal - Indonesia
- South Luzon Thermal Energy Corporation
- Coal and Oil Company - UAE
- Orica Mining Services - Indonesia
- Heidelberg Cement - Germany
- Meenaskhi Energy Private Limited - India
- Mjunction Services Limited - India
- McConnell Dowell - Australia
- Edison Trading Spa - Italy
- Intertek Mineral Services - Indonesia
- Bhoruka Overseas - Indonesia
- Sical Logistics Limited - India
- Jindal Steel & Power Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Ministry of Mines - Canada
- Karbindo Abesyapradhi - Indoneisa
- Madhucon Powers Ltd - India
- Therma Luzon, Inc, Philippines
- Planning Commission, India
- Bukit Makmur.PT - Indonesia
- Bukit Baiduri Energy - Indonesia
- Port Waratah Coal Services - Australia
- Ambuja Cements Ltd - India
- Rio Tinto Coal - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Australian Coal Association
- TNB Fuel Sdn Bhd - Malaysia
- IEA Clean Coal Centre - UK
- Makarim & Taira - Indonesia
- Banpu Public Company Limited - Thailand
- Bharathi Cement Corporation - India
- SMG Consultants - Indonesia
- Renaissance Capital - South Africa
- Bulk Trading Sa - Switzerland
- Indian Energy Exchange, India
- Toyota Tsusho Corporation, Japan
- Commonwealth Bank - Australia
- Ceylon Electricity Board - Sri Lanka
- Kideco Jaya Agung - Indonesia
- Interocean Group of Companies - India
- Price Waterhouse Coopers - Russia
- Singapore Mercantile Exchange
- SN Aboitiz Power Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Karaikal Port Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Uttam Galva Steels Limited - India
- Videocon Industries ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Aditya Birla Group - India
- Anglo American - United Kingdom
- Salva Resources Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- GMR Energy Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- Wilmar Investment Holdings
- PowerSource Philippines DevCo
- Jaiprakash Power Ventures ltd
- Directorate Of Revenue Intelligence - India
- Cigading International Bulk Terminal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Indogreen Group - Indonesia
- Power Finance Corporation Ltd., India
- Chettinad Cement Corporation Ltd - India
- Sree Jayajothi Cements Limited - India
- Global Green Power PLC Corporation, Philippines
- Sojitz Corporation - Japan
- India Bulls Power Limited - India
- New Zealand Coal & Carbon
- Maharashtra Electricity Regulatory Commission - India
- Formosa Plastics Group - Taiwan
- Independent Power Producers Association of India
- Aboitiz Power Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Merrill Lynch Commodities Europe
- Vizag Seaport Private Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Metalloyd Limited - United Kingdom
- ICICI Bank Limited - India
- Savvy Resources Ltd - HongKong
- MS Steel International - UAE
- International Coal Ventures Pvt Ltd - India
- GVK Power & Infra Limited - India
- London Commodity Brokers - England
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Petrochimia International Co. Ltd.- Taiwan
- Riau Bara Harum - Indonesia
- The State Trading Corporation of India Ltd
- Chamber of Mines of South Africa
- Minerals Council of Australia
- Attock Cement Pakistan Limited
- Bangladesh Power Developement Board
- Manunggal Multi Energi - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Binh Thuan Hamico - Vietnam
- Globalindo Alam Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- Lanco Infratech Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- ASAPP Information Group - India
- SMC Global Power, Philippines
- Indo Tambangraya Megah - Indonesia
- Bhushan Steel Limited - India
- Agrawal Coal Company - India
- Straits Asia Resources Limited - Singapore
- Rashtriya Ispat Nigam Limited - India
- Standard Chartered Bank - UAE
- IHS Mccloskey Coal Group - USA
- Vedanta Resources Plc - India
- PNOC Exploration Corporation - Philippines
- Australian Commodity Traders Exchange
- The Treasury - Australian Government
- Simpson Spence & Young - Indonesia
- Electricity Authority, New Zealand
- Oldendorff Carriers - Singapore
- Africa Commodities Group - South Africa
- Coastal Gujarat Power Limited - India
- Altura Mining Limited, Indonesia
- Goldman Sachs - Singapore
- Siam City Cement - Thailand
- CNBM International Corporation - China
- TeaM Sual Corporation - Philippines
- Gujarat Sidhee Cement - India
- GAC Shipping (India) Pvt Ltd
- OPG Power Generation Pvt Ltd - India
- Energy Development Corp, Philippines
- Ministry of Transport, Egypt
- Bhatia International Limited - India
- Orica Australia Pty. Ltd.
- Sarangani Energy Corporation, Philippines
- Romanian Commodities Exchange
- Kobexindo Tractors - Indoneisa
- Electricity Generating Authority of Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Malabar Cements Ltd - India
- Kaltim Prima Coal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Baramulti Group, Indonesia
- Coalindo Energy - Indonesia
- Grasim Industreis Ltd - India
- Georgia Ports Authority, United States
- AsiaOL BioFuels Corp., Philippines
- Energy Link Ltd, New Zealand
- Medco Energi Mining Internasional
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