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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, 20 November 11
THE FREIGHT MARKETS EXPECTED TO BE FIRM NEXT WEEK - VISTAAR
COALspot.com - The market continued to move up with all sectors gaining except for handy size.
The BDI was up by 3.26 pct and closed at 1895 poin ...
Friday, 18 November 11
MMTC SEEKS 1.365 MMT OF IMPORTED COAL
COALspot.com - India's MMTC, the largest trading company of India and a major trading company of Asia, has issued a term supply tender for 1.365Mt ...
Friday, 18 November 11
KPC, ARUTMIN OUTPUT REACHED 47.1 MIO TONS - INSIDER STORIES
PT Kaltim Prima Coal (KPC) and PT Arutmin Indonesia, reported 47.1 million tons of coal production in 9M 2011, according to Indiser Stories.
Insi ...
Friday, 18 November 11
THE ATLANTIC SUPRAMAX MARKET EXPERIENCED A STEADY AND FIRM TENDENCY
Handy
The Atlantic Supramax market experienced a steady and firm tendency this week. Especially the North Atlantic and Mediterranean position ...
Friday, 18 November 11
BERAU COAL 9M PROFIT SOARS 194.46% - INSIDER STORIES
Insider Stories reported that, PT Berau Coal Energy Tbk (BRAU), which is 84.7% owned by Bumi Plc, reported a 194.46% jump in net profit by end of Se ...
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- Aboitiz Power Corporation - Philippines
- Eastern Coal Council - USA
- Formosa Plastics Group - Taiwan
- Siam City Cement - Thailand
- Xindia Steels Limited - India
- Straits Asia Resources Limited - Singapore
- Directorate Of Revenue Intelligence - India
- Semirara Mining Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Posco Energy - South Korea
- Chettinad Cement Corporation Ltd - India
- Agrawal Coal Company - India
- Georgia Ports Authority, United States
- Borneo Indobara - Indonesia
- Karaikal Port Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Kobexindo Tractors - Indoneisa
- Kideco Jaya Agung - Indonesia
- Kepco SPC Power Corporation, Philippines
- Indika Energy - Indonesia
- Australian Coal Association
- Wood Mackenzie - Singapore
- Global Coal Blending Company Limited - Australia
- Tata Chemicals Ltd - India
- Thai Mozambique Logistica
- Riau Bara Harum - Indonesia
- Parry Sugars Refinery, India
- Cement Manufacturers Association - India
- Sakthi Sugars Limited - India
- Kartika Selabumi Mining - Indonesia
- IEA Clean Coal Centre - UK
- India Bulls Power Limited - India
- Energy Link Ltd, New Zealand
- SMC Global Power, Philippines
- Port Waratah Coal Services - Australia
- GAC Shipping (India) Pvt Ltd
- Binh Thuan Hamico - Vietnam
- Bukit Baiduri Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Grasim Industreis Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Alfred C Toepfer International GmbH - Germany
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Mines - Canada
- Pendopo Energi Batubara - Indonesia
- Dalmia Cement Bharat India
- Gujarat Mineral Development Corp Ltd - India
- Jindal Steel & Power Ltd - India
- MS Steel International - UAE
- Bharathi Cement Corporation - India
- Krishnapatnam Port Company Ltd. - India
- Power Finance Corporation Ltd., India
- Central Electricity Authority - India
- Banpu Public Company Limited - Thailand
- Orica Mining Services - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Meenaskhi Energy Private Limited - India
- Ministry of Finance - Indonesia
- International Coal Ventures Pvt Ltd - India
- Madhucon Powers Ltd - India
- CIMB Investment Bank - Malaysia
- The Treasury - Australian Government
- Malabar Cements Ltd - India
- San Jose City I Power Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Iligan Light & Power Inc, Philippines
- IHS Mccloskey Coal Group - USA
- South Luzon Thermal Energy Corporation
- Aditya Birla Group - India
- London Commodity Brokers - England
- European Bulk Services B.V. - Netherlands
- Independent Power Producers Association of India
- Toyota Tsusho Corporation, Japan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Australian Commodity Traders Exchange
- Global Green Power PLC Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- Renaissance Capital - South Africa
- Petron Corporation, Philippines
- PowerSource Philippines DevCo
- Rio Tinto Coal - Australia
- Edison Trading Spa - Italy
- Sical Logistics Limited - India
- Meralco Power Generation, Philippines
- Africa Commodities Group - South Africa
- Globalindo Alam Lestari - Indonesia
- Sarangani Energy Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Lanco Infratech Ltd - India
- Planning Commission, India
- Coal and Oil Company - UAE
- Attock Cement Pakistan Limited
- Carbofer General Trading SA - India
- Indo Tambangraya Megah - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GMR Energy Limited - India
- Coalindo Energy - Indonesia
- ICICI Bank Limited - India
- Sree Jayajothi Cements Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Economic Council, Georgia
- Cigading International Bulk Terminal - Indonesia
- Mjunction Services Limited - India
- Bhoruka Overseas - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Electricity Regulatory Commission - India
- Vizag Seaport Private Limited - India
- Ministry of Transport, Egypt
- Energy Development Corp, Philippines
- Global Business Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Baramulti Group, Indonesia
- Indogreen Group - Indonesia
- CNBM International Corporation - China
- Romanian Commodities Exchange
- Therma Luzon, Inc, Philippines
- Electricity Generating Authority of Thailand
- Holcim Trading Pte Ltd - Singapore
- Mercuria Energy - Indonesia
- Videocon Industries ltd - India
- ASAPP Information Group - India
- Indonesian Coal Mining Association
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Merrill Lynch Commodities Europe
- Heidelberg Cement - Germany
- Asmin Koalindo Tuhup - Indonesia
- Anglo American - United Kingdom
- Ind-Barath Power Infra Limited - India
- Larsen & Toubro Limited - India
- Kaltim Prima Coal - Indonesia
- Orica Australia Pty. Ltd.
- Uttam Galva Steels Limited - India
- White Energy Company Limited
- Oldendorff Carriers - Singapore
- Kumho Petrochemical, South Korea
- Gujarat Sidhee Cement - India
- TNB Fuel Sdn Bhd - Malaysia
- Vijayanagar Sugar Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- The State Trading Corporation of India Ltd
- Sinarmas Energy and Mining - Indonesia
- Interocean Group of Companies - India
- Maharashtra Electricity Regulatory Commission - India
- Samtan Co., Ltd - South Korea
- New Zealand Coal & Carbon
- Tamil Nadu electricity Board
- Essar Steel Hazira Ltd - India
- Vedanta Resources Plc - India
- Maheswari Brothers Coal Limited - India
- OPG Power Generation Pvt Ltd - India
- Marubeni Corporation - India
- Intertek Mineral Services - Indonesia
- Trasteel International SA, Italy
- Coastal Gujarat Power Limited - India
- Deloitte Consulting - India
- Neyveli Lignite Corporation Ltd, - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Thiess Contractors Indonesia
- Medco Energi Mining Internasional
- SMG Consultants - Indonesia
- Bayan Resources Tbk. - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Indian Energy Exchange, India
- Bangladesh Power Developement Board
- Mercator Lines Limited - India
- The University of Queensland
- Timah Investasi Mineral - Indoneisa
- Indian Oil Corporation Limited
- Kapuas Tunggal Persada - Indonesia
- Chamber of Mines of South Africa
- Bukit Makmur.PT - Indonesia
- Siam City Cement PLC, Thailand
- Parliament of New Zealand
- Wilmar Investment Holdings
- Electricity Authority, New Zealand
- Singapore Mercantile Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Commonwealth Bank - Australia
- Bhatia International Limited - India
- Sojitz Corporation - Japan
- Latin American Coal - Colombia
- LBH Netherlands Bv - Netherlands
- GVK Power & Infra Limited - India
- Karbindo Abesyapradhi - Indoneisa
- VISA Power Limited - India
- Goldman Sachs - Singapore
- Jaiprakash Power Ventures ltd
- Savvy Resources Ltd - HongKong
- TeaM Sual Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Price Waterhouse Coopers - Russia
- Eastern Energy - Thailand
- McConnell Dowell - Australia
- Makarim & Taira - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Standard Chartered Bank - UAE
- GN Power Mariveles Coal Plant, Philippines
- Barasentosa Lestari - Indonesia
- Minerals Council of Australia
- Bhushan Steel Limited - India
- Central Java Power - Indonesia
- Star Paper Mills Limited - India
- PNOC Exploration Corporation - Philippines
- Mintek Dendrill Indonesia
- Ambuja Cements Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- PTC India Limited - India
- Rashtriya Ispat Nigam Limited - India
- Simpson Spence & Young - Indonesia
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