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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 $470 billion. He concluded by saying that Chinese banks are entering the global market with ambitions. The secret to do business with them is to be patient and have large investment projects in place said Mr. Xiradakis.
Speaking on the matter from a banking point of view, Mr. Ted Petropoulos, managing director of Petrofin Research said that uncertainty is the main ingredient in the course of the global financial activity. “The international banking system is facing serious liquidity problems, which in turn impacts its decision for investments” said Mr. Petropoulos. He concluded his speech by saying that the fact that the crisis have been made clear to all players of the global economy, gives reason for optimism, regarding its successful resolvement.
Source: Nikos Roussanoglou, Hellenic Shipping
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Thursday, 05 January 12
DRY BULK MARKET TAKES A PLUNGE OF LOW ACTIVITY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
As was widely expected the first days of the new year are characterized by significantly low chartering across the board of the dry bulk market, pus ...
Wednesday, 04 January 12
NEWBUILDING ORDERS PICKED UP IN 2011, BUT 2012 EXPECTED TO BE A DIFFERENT STORY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
With the BDI (Baltic Dry Index) starting the year on a sour note, losing 114 points and ending yesterday’s session, the first of the new year, ...
Wednesday, 04 January 12
MAHAGENCO TO IMPORT LOW MOISTURE COAL
COALspot.com - Maharashtra State Power Generation Co. Ltd. is the state power generation utility owned by Government of Maharashtra, intends to proc ...
Tuesday, 03 January 12
INDONESIA COAL REFERENCE PRICE FELL AGAIN
COALspot.com - Ministry of Energy and Mineral Resources of Indonesia has sets the January 2012 coal reference price at US$ 109.29 per ton or US$ 3.3 ...
Tuesday, 03 January 12
WHICH WAY WILL THE DRY BULK MARKET HEAD ON FIRST WEEK OF THE YEAR? - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Dry bulk ship owners will be wondering which way will the BDI (Baltic Dry Index), the industry’s benchmark, will head during the first days of ...
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- Africa Commodities Group - South Africa
- Directorate General of MIneral and Coal - Indonesia
- Commonwealth Bank - Australia
- Latin American Coal - Colombia
- Karbindo Abesyapradhi - Indoneisa
- Mercuria Energy - Indonesia
- Indian Oil Corporation Limited
- Deloitte Consulting - India
- Kepco SPC Power Corporation, Philippines
- McConnell Dowell - Australia
- Cement Manufacturers Association - India
- Kalimantan Lumbung Energi - Indonesia
- ASAPP Information Group - India
- International Coal Ventures Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Globalindo Alam Lestari - Indonesia
- Sindya Power Generating Company Private Ltd
- Trasteel International SA, Italy
- Bank of Tokyo Mitsubishi UFJ Ltd
- Tata Chemicals Ltd - India
- Makarim & Taira - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bhushan Steel Limited - India
- London Commodity Brokers - England
- Australian Commodity Traders Exchange
- IHS Mccloskey Coal Group - USA
- Bukit Baiduri Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Star Paper Mills Limited - India
- Electricity Authority, New Zealand
- Baramulti Group, Indonesia
- Attock Cement Pakistan Limited
- Jindal Steel & Power Ltd - India
- OPG Power Generation Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Global Coal Blending Company Limited - Australia
- Minerals Council of Australia
- Bayan Resources Tbk. - Indonesia
- Agrawal Coal Company - India
- Global Green Power PLC Corporation, Philippines
- Chamber of Mines of South Africa
- Krishnapatnam Port Company Ltd. - India
- PowerSource Philippines DevCo
- Vizag Seaport Private Limited - India
- Central Electricity Authority - India
- San Jose City I Power Corp, Philippines
- Malabar Cements Ltd - India
- Eastern Energy - Thailand
- Binh Thuan Hamico - Vietnam
- Sakthi Sugars Limited - India
- Barasentosa Lestari - Indonesia
- Romanian Commodities Exchange
- European Bulk Services B.V. - Netherlands
- Bharathi Cement Corporation - India
- Directorate Of Revenue Intelligence - India
- Port Waratah Coal Services - Australia
- Indogreen Group - Indonesia
- Antam Resourcindo - Indonesia
- TeaM Sual Corporation - Philippines
- Meralco Power Generation, Philippines
- Coalindo Energy - Indonesia
- Oldendorff Carriers - Singapore
- Kartika Selabumi Mining - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Goldman Sachs - Singapore
- Bhoruka Overseas - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- VISA Power Limited - India
- Carbofer General Trading SA - India
- The University of Queensland
- Madhucon Powers Ltd - India
- Banpu Public Company Limited - Thailand
- PNOC Exploration Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- Grasim Industreis Ltd - India
- Sojitz Corporation - Japan
- Economic Council, Georgia
- Bukit Asam (Persero) Tbk - Indonesia
- South Luzon Thermal Energy Corporation
- Manunggal Multi Energi - Indonesia
- LBH Netherlands Bv - Netherlands
- SMG Consultants - Indonesia
- Thiess Contractors Indonesia
- Singapore Mercantile Exchange
- Power Finance Corporation Ltd., India
- Indian Energy Exchange, India
- MS Steel International - UAE
- Energy Development Corp, Philippines
- Ministry of Mines - Canada
- AsiaOL BioFuels Corp., Philippines
- Leighton Contractors Pty Ltd - Australia
- Georgia Ports Authority, United States
- Kohat Cement Company Ltd. - Pakistan
- Kobexindo Tractors - Indoneisa
- Medco Energi Mining Internasional
- Wood Mackenzie - Singapore
- CIMB Investment Bank - Malaysia
- Mjunction Services Limited - India
- Posco Energy - South Korea
- New Zealand Coal & Carbon
- Jaiprakash Power Ventures ltd
- Interocean Group of Companies - India
- Bulk Trading Sa - Switzerland
- Independent Power Producers Association of India
- Ministry of Finance - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indika Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Vedanta Resources Plc - India
- Xindia Steels Limited - India
- The Treasury - Australian Government
- Wilmar Investment Holdings
- Pipit Mutiara Jaya. PT, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Borneo Indobara - Indonesia
- Marubeni Corporation - India
- Edison Trading Spa - Italy
- Rashtriya Ispat Nigam Limited - India
- Aditya Birla Group - India
- Kumho Petrochemical, South Korea
- India Bulls Power Limited - India
- ICICI Bank Limited - India
- Formosa Plastics Group - Taiwan
- Standard Chartered Bank - UAE
- Metalloyd Limited - United Kingdom
- Coal and Oil Company - UAE
- Siam City Cement - Thailand
- Indonesian Coal Mining Association
- Maharashtra Electricity Regulatory Commission - India
- Iligan Light & Power Inc, Philippines
- Uttam Galva Steels Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- White Energy Company Limited
- Tamil Nadu electricity Board
- Mintek Dendrill Indonesia
- Cigading International Bulk Terminal - Indonesia
- IEA Clean Coal Centre - UK
- Riau Bara Harum - Indonesia
- Samtan Co., Ltd - South Korea
- Mercator Lines Limited - India
- GVK Power & Infra Limited - India
- Energy Link Ltd, New Zealand
- Sarangani Energy Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Australian Coal Association
- Planning Commission, India
- Semirara Mining Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Pendopo Energi Batubara - Indonesia
- Straits Asia Resources Limited - Singapore
- Dalmia Cement Bharat India
- Parry Sugars Refinery, India
- Maheswari Brothers Coal Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Toyota Tsusho Corporation, Japan
- Heidelberg Cement - Germany
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Kideco Jaya Agung - Indonesia
- Indo Tambangraya Megah - Indonesia
- Central Java Power - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- PetroVietnam Power Coal Import and Supply Company
- GMR Energy Limited - India
- Timah Investasi Mineral - Indoneisa
- Thai Mozambique Logistica
- Sinarmas Energy and Mining - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Videocon Industries ltd - India
- Therma Luzon, Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- CNBM International Corporation - China
- Bhatia International Limited - India
- Larsen & Toubro Limited - India
- Semirara Mining and Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Miang Besar Coal Terminal - Indonesia
- Eastern Coal Council - USA
- Aboitiz Power Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Essar Steel Hazira Ltd - India
- Renaissance Capital - South Africa
- SMC Global Power, Philippines
- Orica Australia Pty. Ltd.
- Simpson Spence & Young - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Electricity Generating Authority of Thailand
- Petron Corporation, Philippines
- Global Business Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Ambuja Cements Ltd - India
- Holcim Trading Pte Ltd - Singapore
- SN Aboitiz Power Inc, Philippines
- Ministry of Transport, Egypt
- Orica Mining Services - Indonesia
- PTC India Limited - India
- Rio Tinto Coal - Australia
- Ceylon Electricity Board - Sri Lanka
- Anglo American - United Kingdom
- Karaikal Port Pvt Ltd - India
- Parliament of New Zealand
- Bangladesh Power Developement Board
- Meenaskhi Energy Private Limited - India
- Altura Mining Limited, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Salva Resources Pvt Ltd - India
- Sical Logistics Limited - India
- Chettinad Cement Corporation Ltd - India
- Merrill Lynch Commodities Europe
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Sidhee Cement - India
- Ind-Barath Power Infra Limited - India
- Jorong Barutama Greston.PT - Indonesia
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