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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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Sunday, 25 December 11
THERMAL COAL PRICES GAINED UP TO 4.32 PERCENT
COALspot.com - globalCOAL index gained 4.32 percent to US$106.36 per ton in RBCT, benchmark for South Asia and West Europe markets, for the week end ...
Saturday, 24 December 11
CHINAS LEVEL OF GROWTH TO DETERMINE COURSE OF DRY BULK MARKET IN 2012 SAYS SHIPBROKER - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
In its latest report, shipbroker Intermodal attempted to find a silver lining in the tough year that was 2011, as well as what one could expect from ...
Friday, 23 December 11
SPOT PACIFIC CAPESIZE VESSELS HAVE COMMANDED HIGH PREMIUMS - FEARNLEYS
Handy
Rates in the Atlantic kept stable from last week, with a touch of negativity closer to the end. Less spot cargoes seen, and owners are ...
Friday, 23 December 11
CONTENTIOUS ISSUES IN CONTRACT RENEGOTIATION - THE JAKARTA POST
The government has been renegotiating mining contracts, especially those 30-40 years old, with almost all mining companies, including PT Freeport In ...
Friday, 23 December 11
LANCO JOINS HANDS WITH BUKIT ASAM FOR INDONESIAN POWER PROJECT
COALspot.com - PT Tambang Batubara Bukit Asam, Indonesia's state owned coal miner and Indian based Lanco Infratech Ltd plans to build steam power p ...
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- Therma Luzon, Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Intertek Mineral Services - Indonesia
- Mjunction Services Limited - India
- Carbofer General Trading SA - India
- Petron Corporation, Philippines
- Salva Resources Pvt Ltd - India
- MS Steel International - UAE
- GVK Power & Infra Limited - India
- The State Trading Corporation of India Ltd
- Kartika Selabumi Mining - Indonesia
- Bhatia International Limited - India
- Global Green Power PLC Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Madhucon Powers Ltd - India
- European Bulk Services B.V. - Netherlands
- Bank of Tokyo Mitsubishi UFJ Ltd
- Tata Chemicals Ltd - India
- Straits Asia Resources Limited - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Indian Energy Exchange, India
- Coalindo Energy - Indonesia
- Eastern Energy - Thailand
- Sojitz Corporation - Japan
- South Luzon Thermal Energy Corporation
- Semirara Mining Corp, Philippines
- Ministry of Transport, Egypt
- Iligan Light & Power Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indonesian Coal Mining Association
- Port Waratah Coal Services - Australia
- Kumho Petrochemical, South Korea
- Vedanta Resources Plc - India
- McConnell Dowell - Australia
- Thiess Contractors Indonesia
- New Zealand Coal & Carbon
- Rio Tinto Coal - Australia
- Directorate General of MIneral and Coal - Indonesia
- Siam City Cement - Thailand
- Deloitte Consulting - India
- White Energy Company Limited
- Indian Oil Corporation Limited
- Sakthi Sugars Limited - India
- Indo Tambangraya Megah - Indonesia
- Agrawal Coal Company - India
- Thai Mozambique Logistica
- Krishnapatnam Port Company Ltd. - India
- Chamber of Mines of South Africa
- Coal and Oil Company - UAE
- Medco Energi Mining Internasional
- TNB Fuel Sdn Bhd - Malaysia
- Electricity Generating Authority of Thailand
- CIMB Investment Bank - Malaysia
- PetroVietnam Power Coal Import and Supply Company
- Miang Besar Coal Terminal - Indonesia
- London Commodity Brokers - England
- Cement Manufacturers Association - India
- Essar Steel Hazira Ltd - India
- Merrill Lynch Commodities Europe
- Latin American Coal - Colombia
- Wood Mackenzie - Singapore
- Meralco Power Generation, Philippines
- Binh Thuan Hamico - Vietnam
- Siam City Cement PLC, Thailand
- LBH Netherlands Bv - Netherlands
- Trasteel International SA, Italy
- Kapuas Tunggal Persada - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- IEA Clean Coal Centre - UK
- Edison Trading Spa - Italy
- Australian Coal Association
- GMR Energy Limited - India
- Makarim & Taira - Indonesia
- Price Waterhouse Coopers - Russia
- Formosa Plastics Group - Taiwan
- Toyota Tsusho Corporation, Japan
- Kaltim Prima Coal - Indonesia
- Banpu Public Company Limited - Thailand
- Videocon Industries ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Aboitiz Power Corporation - Philippines
- Bhushan Steel Limited - India
- Bangladesh Power Developement Board
- Marubeni Corporation - India
- Malabar Cements Ltd - India
- Metalloyd Limited - United Kingdom
- The Treasury - Australian Government
- Attock Cement Pakistan Limited
- Leighton Contractors Pty Ltd - Australia
- PNOC Exploration Corporation - Philippines
- Dalmia Cement Bharat India
- Central Java Power - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Romanian Commodities Exchange
- Borneo Indobara - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Ceylon Electricity Board - Sri Lanka
- SN Aboitiz Power Inc, Philippines
- Indika Energy - Indonesia
- Riau Bara Harum - Indonesia
- Karaikal Port Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Wilmar Investment Holdings
- Mercator Lines Limited - India
- Maheswari Brothers Coal Limited - India
- Gujarat Sidhee Cement - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PTC India Limited - India
- ICICI Bank Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Global Business Power Corporation, Philippines
- Tamil Nadu electricity Board
- Mintek Dendrill Indonesia
- PowerSource Philippines DevCo
- Kalimantan Lumbung Energi - Indonesia
- Directorate Of Revenue Intelligence - India
- Manunggal Multi Energi - Indonesia
- VISA Power Limited - India
- CNBM International Corporation - China
- Posco Energy - South Korea
- International Coal Ventures Pvt Ltd - India
- Aditya Birla Group - India
- Planning Commission, India
- Central Electricity Authority - India
- SMG Consultants - Indonesia
- Meenaskhi Energy Private Limited - India
- Globalindo Alam Lestari - Indonesia
- Electricity Authority, New Zealand
- Gujarat Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- Energy Development Corp, Philippines
- Simpson Spence & Young - Indonesia
- Parry Sugars Refinery, India
- GN Power Mariveles Coal Plant, Philippines
- Antam Resourcindo - Indonesia
- Bukit Baiduri Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
- Semirara Mining and Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Goldman Sachs - Singapore
- Chettinad Cement Corporation Ltd - India
- IHS Mccloskey Coal Group - USA
- Samtan Co., Ltd - South Korea
- TeaM Sual Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Australian Commodity Traders Exchange
- Energy Link Ltd, New Zealand
- Rashtriya Ispat Nigam Limited - India
- Star Paper Mills Limited - India
- Global Coal Blending Company Limited - Australia
- Sree Jayajothi Cements Limited - India
- Bhoruka Overseas - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Minerals Council of Australia
- Independent Power Producers Association of India
- Ambuja Cements Ltd - India
- Jaiprakash Power Ventures ltd
- Kobexindo Tractors - Indoneisa
- Power Finance Corporation Ltd., India
- ASAPP Information Group - India
- Pendopo Energi Batubara - Indonesia
- Eastern Coal Council - USA
- Larsen & Toubro Limited - India
- Commonwealth Bank - Australia
- Timah Investasi Mineral - Indoneisa
- Bayan Resources Tbk. - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Coastal Gujarat Power Limited - India
- Mercuria Energy - Indonesia
- Baramulti Group, Indonesia
- Heidelberg Cement - Germany
- Renaissance Capital - South Africa
- Bulk Trading Sa - Switzerland
- Grasim Industreis Ltd - India
- Sarangani Energy Corporation, Philippines
- Africa Commodities Group - South Africa
- San Jose City I Power Corp, Philippines
- Barasentosa Lestari - Indonesia
- Bukit Makmur.PT - Indonesia
- Orica Australia Pty. Ltd.
- Standard Chartered Bank - UAE
- Lanco Infratech Ltd - India
- Anglo American - United Kingdom
- Jindal Steel & Power Ltd - India
- Uttam Galva Steels Limited - India
- The University of Queensland
- Kepco SPC Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Parliament of New Zealand
- Sical Logistics Limited - India
- Cigading International Bulk Terminal - Indonesia
- Georgia Ports Authority, United States
- Kideco Jaya Agung - Indonesia
- SMC Global Power, Philippines
- Economic Council, Georgia
- Bharathi Cement Corporation - India
- Interocean Group of Companies - India
- Orica Mining Services - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Singapore Mercantile Exchange
- Petrochimia International Co. Ltd.- Taiwan
- India Bulls Power Limited - India
- Oldendorff Carriers - Singapore
- Ministry of Mines - Canada
- Ministry of Finance - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Altura Mining Limited, Indonesia
- Xindia Steels Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
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