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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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Wednesday, 16 November 11
TAX OFFICE VOWS TO CRACK DOWN ON COAL MINERS - JP
The Jakarta Post reported that, the Finance Ministry’s Directorate General of Taxation says that it will strengthen its supervision of coal mi ...
Wednesday, 16 November 11
A STRONG WEEK FOR THE CAPES - BRS
A sharp bounce by the Cape market pushed the BDI up by 3% last week. This was despite a softening in the other indices with the Panamax, Supramax an ...
Monday, 14 November 11
BORL SEEKS 660K MT OF LOW SULPHUR COAL
COALspot.com - BORL India has issued a tender for around 660,000 MT of 4500 - 5500 kcal/kg sub-bituminous Coal.
Bharat Oman Refineries Ltd ...
Sunday, 13 November 11
BUNKER PRICES REMAINED FIRM
COALspot.com - The market seemed to recover this week with the BDI and Cape Index up.
The BDI was up by only about 2.86 pct closing at 1835 point ...
Saturday, 12 November 11
COALINDO ENERGY LAUNCHED INDEX FOR 3400 GAR COAL
COALspot.com - PT Coalindo Energy, in cooperation with Argus Media Limited, launched the coal index for low-rank coal with a calorific value of 3,40 ...
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- Meralco Power Generation, Philippines
- Madhucon Powers Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ceylon Electricity Board - Sri Lanka
- Mjunction Services Limited - India
- PowerSource Philippines DevCo
- Asia Pacific Energy Resources Ventures Inc, Philippines
- TeaM Sual Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Renaissance Capital - South Africa
- Kohat Cement Company Ltd. - Pakistan
- Singapore Mercantile Exchange
- Global Coal Blending Company Limited - Australia
- PNOC Exploration Corporation - Philippines
- Agrawal Coal Company - India
- Economic Council, Georgia
- White Energy Company Limited
- Manunggal Multi Energi - Indonesia
- Central Java Power - Indonesia
- Sree Jayajothi Cements Limited - India
- Siam City Cement - Thailand
- Aditya Birla Group - India
- South Luzon Thermal Energy Corporation
- Attock Cement Pakistan Limited
- Petron Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Baramulti Group, Indonesia
- Miang Besar Coal Terminal - Indonesia
- London Commodity Brokers - England
- Maheswari Brothers Coal Limited - India
- Bangladesh Power Developement Board
- Ministry of Transport, Egypt
- Chamber of Mines of South Africa
- MS Steel International - UAE
- Ministry of Finance - Indonesia
- Sical Logistics Limited - India
- Bulk Trading Sa - Switzerland
- Georgia Ports Authority, United States
- Intertek Mineral Services - Indonesia
- Samtan Co., Ltd - South Korea
- Tamil Nadu electricity Board
- Tata Chemicals Ltd - India
- Central Electricity Authority - India
- Mintek Dendrill Indonesia
- Kaltim Prima Coal - Indonesia
- SMG Consultants - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Barasentosa Lestari - Indonesia
- Minerals Council of Australia
- McConnell Dowell - Australia
- Indo Tambangraya Megah - Indonesia
- Aboitiz Power Corporation - Philippines
- Latin American Coal - Colombia
- Bhushan Steel Limited - India
- CNBM International Corporation - China
- Bank of Tokyo Mitsubishi UFJ Ltd
- IEA Clean Coal Centre - UK
- Indian Energy Exchange, India
- Xindia Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Neyveli Lignite Corporation Ltd, - India
- Indonesian Coal Mining Association
- Vedanta Resources Plc - India
- Commonwealth Bank - Australia
- Alfred C Toepfer International GmbH - Germany
- Makarim & Taira - Indonesia
- Kepco SPC Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Pendopo Energi Batubara - Indonesia
- Star Paper Mills Limited - India
- Gujarat Electricity Regulatory Commission - India
- Deloitte Consulting - India
- AsiaOL BioFuels Corp., Philippines
- European Bulk Services B.V. - Netherlands
- Holcim Trading Pte Ltd - Singapore
- VISA Power Limited - India
- Salva Resources Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Global Green Power PLC Corporation, Philippines
- Orica Mining Services - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Marubeni Corporation - India
- Karaikal Port Pvt Ltd - India
- Cement Manufacturers Association - India
- Binh Thuan Hamico - Vietnam
- Bukit Asam (Persero) Tbk - Indonesia
- Medco Energi Mining Internasional
- Sarangani Energy Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Africa Commodities Group - South Africa
- CIMB Investment Bank - Malaysia
- Bhatia International Limited - India
- Planning Commission, India
- Sojitz Corporation - Japan
- Trasteel International SA, Italy
- Malabar Cements Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Interocean Group of Companies - India
- LBH Netherlands Bv - Netherlands
- Oldendorff Carriers - Singapore
- Semirara Mining and Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- The Treasury - Australian Government
- Price Waterhouse Coopers - Russia
- Meenaskhi Energy Private Limited - India
- Chettinad Cement Corporation Ltd - India
- Posco Energy - South Korea
- GMR Energy Limited - India
- Simpson Spence & Young - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Carbofer General Trading SA - India
- Parliament of New Zealand
- Sindya Power Generating Company Private Ltd
- Merrill Lynch Commodities Europe
- Kumho Petrochemical, South Korea
- Heidelberg Cement - Germany
- Electricity Generating Authority of Thailand
- Lanco Infratech Ltd - India
- Mercuria Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Coastal Gujarat Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Energy Link Ltd, New Zealand
- Kapuas Tunggal Persada - Indonesia
- Energy Development Corp, Philippines
- Uttam Galva Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Bayan Resources Tbk. - Indonesia
- Jindal Steel & Power Ltd - India
- Borneo Indobara - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Wilmar Investment Holdings
- Krishnapatnam Port Company Ltd. - India
- GN Power Mariveles Coal Plant, Philippines
- Larsen & Toubro Limited - India
- Iligan Light & Power Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Dalmia Cement Bharat India
- ICICI Bank Limited - India
- Indian Oil Corporation Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Authority, New Zealand
- Essar Steel Hazira Ltd - India
- Antam Resourcindo - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indogreen Group - Indonesia
- New Zealand Coal & Carbon
- Australian Coal Association
- Altura Mining Limited, Indonesia
- Thiess Contractors Indonesia
- IHS Mccloskey Coal Group - USA
- Therma Luzon, Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Indika Energy - Indonesia
- Standard Chartered Bank - UAE
- The State Trading Corporation of India Ltd
- Gujarat Sidhee Cement - India
- Grasim Industreis Ltd - India
- Coalindo Energy - Indonesia
- Anglo American - United Kingdom
- Offshore Bulk Terminal Pte Ltd, Singapore
- Wood Mackenzie - Singapore
- Australian Commodity Traders Exchange
- Jaiprakash Power Ventures ltd
- Riau Bara Harum - Indonesia
- Independent Power Producers Association of India
- Mercator Lines Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- Formosa Plastics Group - Taiwan
- PTC India Limited - India
- GVK Power & Infra Limited - India
- Bukit Makmur.PT - Indonesia
- Bharathi Cement Corporation - India
- GAC Shipping (India) Pvt Ltd
- Banpu Public Company Limited - Thailand
- Kalimantan Lumbung Energi - Indonesia
- Sakthi Sugars Limited - India
- Metalloyd Limited - United Kingdom
- Ind-Barath Power Infra Limited - India
- Kartika Selabumi Mining - Indonesia
- Parry Sugars Refinery, India
- SMC Global Power, Philippines
- Toyota Tsusho Corporation, Japan
- OPG Power Generation Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Goldman Sachs - Singapore
- Videocon Industries ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Orica Australia Pty. Ltd.
- Thai Mozambique Logistica
- Edison Trading Spa - Italy
- Asmin Koalindo Tuhup - Indonesia
- Kobexindo Tractors - Indoneisa
- Romanian Commodities Exchange
- The University of Queensland
- Semirara Mining Corp, Philippines
- Ministry of Mines - Canada
- Coal and Oil Company - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Power Finance Corporation Ltd., India
- San Jose City I Power Corp, Philippines
- Port Waratah Coal Services - Australia
- Bhoruka Overseas - Indonesia
- Ambuja Cements Ltd - India
- Global Business Power Corporation, Philippines
- Eastern Energy - Thailand
- ASAPP Information Group - India
- PetroVietnam Power Coal Import and Supply Company
- Eastern Coal Council - USA
- Billiton Holdings Pty Ltd - Australia
- India Bulls Power Limited - India
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