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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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Monday, 05 December 11
THE DECEMBER HBA FELL 11% FROM ITS PEAK AT US$127.05 PER TON IN FEBRUARY 2011
COALspot.com - Ministry of Energy and Mineral Resources of Indonesia has sets the December 2011 coal reference price at US$ 112.67 per ton US$ 3.98 ...
Monday, 05 December 11
SGX LAUNCHED IHS MCCLOSKEY/XINHUA INFOLINK OTC CFR SOUTH CHINA COAL CONTRACT TODAY
COALspot.com - In order to meet the demand of the coal industry for an effective coal hedging tool with counterparty credit risk mitigation facility ...
Monday, 05 December 11
DRY BULK RATES LOOKING TO EXTEND GAINS THIS WEEK - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Capesize dry bulk carrier owners have had a great week, with rates rising for six straight sessions (including the end of the week before that). As ...
Sunday, 04 December 11
SUPRAMAX TRIPS VIA INDONESIA WERE REPORTED AROUND $ 7500 - 8000 PD
COALspot.com - The BDI and Cape index recovered this week. The BDI was up by 3.26 pct and Cape index saw a big jump and closed at 3409 points (up by ...
Saturday, 03 December 11
BORNEO TO SPEND US$600 MIO CAPEX - INSIDER STORIES
Insider Stories reported that, Coking coal miner PT Borneo Lumbung Energi & Metal Tbk (BORN) plans to spend US$600 million capital expenditure ( ...
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- Central Electricity Authority - India
- Straits Asia Resources Limited - Singapore
- Lanco Infratech Ltd - India
- India Bulls Power Limited - India
- Posco Energy - South Korea
- Videocon Industries ltd - India
- Miang Besar Coal Terminal - Indonesia
- Jindal Steel & Power Ltd - India
- Energy Development Corp, Philippines
- Kaltim Prima Coal - Indonesia
- MS Steel International - UAE
- Mjunction Services Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Kumho Petrochemical, South Korea
- Vizag Seaport Private Limited - India
- Eastern Coal Council - USA
- Bayan Resources Tbk. - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Riau Bara Harum - Indonesia
- New Zealand Coal & Carbon
- Gujarat Mineral Development Corp Ltd - India
- Manunggal Multi Energi - Indonesia
- Port Waratah Coal Services - Australia
- Indika Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Bhoruka Overseas - Indonesia
- GVK Power & Infra Limited - India
- Marubeni Corporation - India
- Intertek Mineral Services - Indonesia
- Globalindo Alam Lestari - Indonesia
- Simpson Spence & Young - Indonesia
- Agrawal Coal Company - India
- Therma Luzon, Inc, Philippines
- IEA Clean Coal Centre - UK
- Parliament of New Zealand
- SMG Consultants - Indonesia
- Africa Commodities Group - South Africa
- CIMB Investment Bank - Malaysia
- Holcim Trading Pte Ltd - Singapore
- Trasteel International SA, Italy
- Dalmia Cement Bharat India
- Leighton Contractors Pty Ltd - Australia
- Interocean Group of Companies - India
- Renaissance Capital - South Africa
- Romanian Commodities Exchange
- Commonwealth Bank - Australia
- Price Waterhouse Coopers - Russia
- Grasim Industreis Ltd - India
- Indo Tambangraya Megah - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Asam (Persero) Tbk - Indonesia
- SMC Global Power, Philippines
- Georgia Ports Authority, United States
- Salva Resources Pvt Ltd - India
- Tamil Nadu electricity Board
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Mines - Canada
- London Commodity Brokers - England
- Aboitiz Power Corporation - Philippines
- Semirara Mining Corp, Philippines
- Ambuja Cements Ltd - India
- Bukit Makmur.PT - Indonesia
- Electricity Generating Authority of Thailand
- Goldman Sachs - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- ICICI Bank Limited - India
- Cement Manufacturers Association - India
- Merrill Lynch Commodities Europe
- Wilmar Investment Holdings
- GN Power Mariveles Coal Plant, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Borneo Indobara - Indonesia
- Thiess Contractors Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Indogreen Group - Indonesia
- Global Green Power PLC Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Semirara Mining and Power Corporation, Philippines
- Chamber of Mines of South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Siam City Cement - Thailand
- Chettinad Cement Corporation Ltd - India
- Sojitz Corporation - Japan
- Kobexindo Tractors - Indoneisa
- Standard Chartered Bank - UAE
- Edison Trading Spa - Italy
- Indonesian Coal Mining Association
- TeaM Sual Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Kartika Selabumi Mining - Indonesia
- Thai Mozambique Logistica
- Meenaskhi Energy Private Limited - India
- VISA Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Mercator Lines Limited - India
- Cigading International Bulk Terminal - Indonesia
- Karaikal Port Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- PowerSource Philippines DevCo
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Latin American Coal - Colombia
- Uttam Galva Steels Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Independent Power Producers Association of India
- SN Aboitiz Power Inc, Philippines
- The Treasury - Australian Government
- ASAPP Information Group - India
- Coalindo Energy - Indonesia
- Larsen & Toubro Limited - India
- Mercuria Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Medco Energi Mining Internasional
- LBH Netherlands Bv - Netherlands
- Indian Oil Corporation Limited
- Economic Council, Georgia
- Karbindo Abesyapradhi - Indoneisa
- Australian Coal Association
- Energy Link Ltd, New Zealand
- Maheswari Brothers Coal Limited - India
- Global Business Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Indian Energy Exchange, India
- Directorate General of MIneral and Coal - Indonesia
- Jaiprakash Power Ventures ltd
- Electricity Authority, New Zealand
- Bangladesh Power Developement Board
- Deloitte Consulting - India
- Minerals Council of Australia
- Orica Mining Services - Indonesia
- Bhatia International Limited - India
- GAC Shipping (India) Pvt Ltd
- Alfred C Toepfer International GmbH - Germany
- Tata Chemicals Ltd - India
- PTC India Limited - India
- Barasentosa Lestari - Indonesia
- Meralco Power Generation, Philippines
- Xindia Steels Limited - India
- Directorate Of Revenue Intelligence - India
- Kohat Cement Company Ltd. - Pakistan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- International Coal Ventures Pvt Ltd - India
- Central Java Power - Indonesia
- Savvy Resources Ltd - HongKong
- Oldendorff Carriers - Singapore
- Planning Commission, India
- Madhucon Powers Ltd - India
- Toyota Tsusho Corporation, Japan
- Malabar Cements Ltd - India
- Anglo American - United Kingdom
- Parry Sugars Refinery, India
- Kideco Jaya Agung - Indonesia
- Banpu Public Company Limited - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- South Luzon Thermal Energy Corporation
- AsiaOL BioFuels Corp., Philippines
- Antam Resourcindo - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Altura Mining Limited, Indonesia
- Samtan Co., Ltd - South Korea
- McConnell Dowell - Australia
- Binh Thuan Hamico - Vietnam
- Ministry of Finance - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Neyveli Lignite Corporation Ltd, - India
- Bhushan Steel Limited - India
- Attock Cement Pakistan Limited
- Sree Jayajothi Cements Limited - India
- European Bulk Services B.V. - Netherlands
- Metalloyd Limited - United Kingdom
- Sakthi Sugars Limited - India
- Star Paper Mills Limited - India
- Rio Tinto Coal - Australia
- GMR Energy Limited - India
- Petron Corporation, Philippines
- Baramulti Group, Indonesia
- Orica Australia Pty. Ltd.
- Maharashtra Electricity Regulatory Commission - India
- Sical Logistics Limited - India
- Wood Mackenzie - Singapore
- Mintek Dendrill Indonesia
- Sarangani Energy Corporation, Philippines
- Carbofer General Trading SA - India
- Heidelberg Cement - Germany
- Makarim & Taira - Indonesia
- Global Coal Blending Company Limited - Australia
- CNBM International Corporation - China
- Formosa Plastics Group - Taiwan
- Gujarat Sidhee Cement - India
- Aditya Birla Group - India
- The University of Queensland
- Vedanta Resources Plc - India
- Bukit Baiduri Energy - Indonesia
- Eastern Energy - Thailand
- The State Trading Corporation of India Ltd
- Gujarat Electricity Regulatory Commission - India
- Power Finance Corporation Ltd., India
- Kapuas Tunggal Persada - Indonesia
- Bulk Trading Sa - Switzerland
- White Energy Company Limited
- Australian Commodity Traders Exchange
- Coastal Gujarat Power Limited - India
- Siam City Cement PLC, Thailand
- Singapore Mercantile Exchange
- Timah Investasi Mineral - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Pendopo Energi Batubara - Indonesia
- Krishnapatnam Port Company Ltd. - India
- San Jose City I Power Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Ministry of Transport, Egypt
- Bharathi Cement Corporation - India
- Coal and Oil Company - UAE
- Pipit Mutiara Jaya. PT, Indonesia
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