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Wednesday, 10 September 14
ARE GREEK BANKS ON THE VERGE TO START LENDING AGAIN? - JOHN N. COTZIAS
 It is well known that Greek Banks had suffered severely after the economic crisis of 2008. From that period onwards, major changes have occurred, with rounds of recapitalizations, consolidations, buyouts and mergers and leaving today 4 major Greek systemic banks which are: National Bank of Greece, Piraeus Bank, Alpha Bank and Eurobank. € 8.3billion of Private funds were raised this year between them, allowing them to start expanding their portfolio as the overlooking state control is gradually relaxed, said Intermodal SnP Broker John N. Cotzias in his latest report.
In its latest report, shipbroker Intermodal further said that, the meetings between these banks and the officials of the ECB in Frankfurt last week has launched the final phase of the stress tests. One of the key issues put on the table was that of Greek Shipping loans. The Bank representatives had a direct opportunity to learn and receive clarifications on the details of the procedure and especially on how the findings of the AQR (Asset Quality Review) will blend with the results of the stress tests. Regarding their shipping loans, there were however differences between the Greek Banks’ outlook and that of the ECB, as there are contrasting opinions and predictions as to how the shipping markets will move in the future. Nevertheless the extra scrutiny that the ECB will need to perform in the case of the German Banks, fortunately puts Greek Banks as less of a concern for the time being.
According to Intermodal, it should be noted that the shipping portfolio held by Greek banks exceeds € 8bil, while Greek shipping’s total loans provided by both Greek and foreign banks exceeds € 12bil. According to 2Q2014 results, Piraeus Bank is the leader with a portfolio of nearly € 3bil. National Bank of Greece has € 1.9bil euros while Alpha Bank has € 1.7bil and Eurobank totals € 1bil. Aegean Baltic Bank concludes the list of the top major Greek Shipping banks, holding a portfolio of € 0.3bil.
National Bank of Greece has stated that they are already there to provide new loans and in 2014 a big part of their € 700mil budget has been committed and most of it withdrawn already. It seems that it is the first time post crisis that these major Greek Banks are trying to create new accounts instead of providing financing to a selective existing clientele, and the space provided by traditional foreign banks that have withdrawn their presence from Shipping leaves an opportunistic space for Greek Banks to obtain new clients. However despite any premature optimism, we have to note the Greek banks still face an uncompetitive cost of lending, as the cost of obtaining funding is still a bet that needs to be settled.
Intermodal noted, as portrayed in the BlackRock Exercise results published this year, the Shipping portfolio of Greek Banks shows very low loss rates, and the NPL’s are considered the lowest amongst the spectrum of their overall lending. Based on this fact, Greek Bank Ship-lending can soon find the right time to re-enter as vessel values are at levels that can be considered again attractive and the amount of risk involved in bank lending is not that great if done in a prudent manner. In addition all banks continue to proceed with their own restructuring and reorganization, and we expect that by 2015 bank lending will be back to “business as usual”, and will slowly reach within grasps reach for most Greek Ship-owners.
One thing that we have to stress and this comes merely out of our own personal experience, is that from these major Greek Banks, their highly prized experience and knowledge puts them ahead of the crowd in attracting and accepting the “right type” of shipping investment proposals, the shipbroker concluded.
Compiled by:
Intermodal Research & Valuations
Analysts:
Mr. George Lazaridis
Ms. Eva Tzima
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no re-producing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Tuesday, 11 November 14
PORT OF NEWCASTLE'S OCTOBER COAL SHIPMENTS SLIPPED 7.40% M-O-M
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port, has shipped $1,115.7 mil ...
Monday, 10 November 14
Q4' 15 FOB INDONESIA COAL SWAP CLOSED LOWER THAN Q1' 15 CLOSING PRICE OF US$ 49.58 ON LAST FRIDAY
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 lost month on month, week on week and day on day.
The Q1 swap has lost just US$ ...
Monday, 10 November 14
SGX'S API 4 FOB RICHARDS BAY COAL SWAP FOR Q1' 2015 DELIVERY CLOSED AT US$ 65.44 ON 7 NOV, LOST 4.08% M-O-M
COALspot.com: API 4 FOB Richards Bay Coal swap for Q1’ 2015 delivery has decreased US$ 2.78 (-4.08%) month over month and US$ 1.41 (-2.11%) w ...
Monday, 10 November 14
MOZAMBIQUE SIGNED CONTRACT WITH ETA STAR OF UAE FOR OPEN CAST COAL MINE IN TETE - AIM
- ETA Star to build slurry pipeline over the 600 kilometers to Beira in Mozambique to transport coal.
- The viability studies show the presence o ...
Monday, 10 November 14
YEAR 2015 CFR SOUTH CHINA COAL SWAP SHOWS A WEAK TREND THIS PAST WEEK
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery has decreased US$ 3.74 (-5.63%) month over month and US$ 2.19 (+3.37%) we ...
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- Star Paper Mills Limited - India
- Kepco SPC Power Corporation, Philippines
- Cement Manufacturers Association - India
- Merrill Lynch Commodities Europe
- Baramulti Group, Indonesia
- Energy Link Ltd, New Zealand
- VISA Power Limited - India
- Borneo Indobara - Indonesia
- Formosa Plastics Group - Taiwan
- OPG Power Generation Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- CIMB Investment Bank - Malaysia
- Timah Investasi Mineral - Indoneisa
- Barasentosa Lestari - Indonesia
- Minerals Council of Australia
- Ambuja Cements Ltd - India
- Bharathi Cement Corporation - India
- Sakthi Sugars Limited - India
- Xindia Steels Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GVK Power & Infra Limited - India
- McConnell Dowell - Australia
- Sindya Power Generating Company Private Ltd
- Salva Resources Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Pipit Mutiara Jaya. PT, Indonesia
- London Commodity Brokers - England
- Karaikal Port Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Metalloyd Limited - United Kingdom
- TeaM Sual Corporation - Philippines
- Wilmar Investment Holdings
- The State Trading Corporation of India Ltd
- Jorong Barutama Greston.PT - Indonesia
- GAC Shipping (India) Pvt Ltd
- LBH Netherlands Bv - Netherlands
- Australian Commodity Traders Exchange
- Gujarat Mineral Development Corp Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Billiton Holdings Pty Ltd - Australia
- Bhoruka Overseas - Indonesia
- PTC India Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Madhucon Powers Ltd - India
- Malabar Cements Ltd - India
- Bayan Resources Tbk. - Indonesia
- SN Aboitiz Power Inc, Philippines
- Africa Commodities Group - South Africa
- Singapore Mercantile Exchange
- PowerSource Philippines DevCo
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Latin American Coal - Colombia
- Kumho Petrochemical, South Korea
- Altura Mining Limited, Indonesia
- Wood Mackenzie - Singapore
- Neyveli Lignite Corporation Ltd, - India
- MS Steel International - UAE
- Orica Australia Pty. Ltd.
- Economic Council, Georgia
- Coalindo Energy - Indonesia
- Sical Logistics Limited - India
- Thiess Contractors Indonesia
- Meenaskhi Energy Private Limited - India
- Straits Asia Resources Limited - Singapore
- Commonwealth Bank - Australia
- Ministry of Finance - Indonesia
- Thai Mozambique Logistica
- Sree Jayajothi Cements Limited - India
- Cigading International Bulk Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Simpson Spence & Young - Indonesia
- Oldendorff Carriers - Singapore
- Coal and Oil Company - UAE
- Medco Energi Mining Internasional
- Directorate General of MIneral and Coal - Indonesia
- Banpu Public Company Limited - Thailand
- Tamil Nadu electricity Board
- Globalindo Alam Lestari - Indonesia
- Meralco Power Generation, Philippines
- Vedanta Resources Plc - India
- Aboitiz Power Corporation - Philippines
- Mercator Lines Limited - India
- PNOC Exploration Corporation - Philippines
- The Treasury - Australian Government
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Rashtriya Ispat Nigam Limited - India
- Edison Trading Spa - Italy
- Power Finance Corporation Ltd., India
- Binh Thuan Hamico - Vietnam
- Bulk Trading Sa - Switzerland
- Semirara Mining and Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Indogreen Group - Indonesia
- Georgia Ports Authority, United States
- TNB Fuel Sdn Bhd - Malaysia
- Jaiprakash Power Ventures ltd
- Lanco Infratech Ltd - India
- Directorate Of Revenue Intelligence - India
- Videocon Industries ltd - India
- Attock Cement Pakistan Limited
- Indian Oil Corporation Limited
- Ind-Barath Power Infra Limited - India
- San Jose City I Power Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Toyota Tsusho Corporation, Japan
- CNBM International Corporation - China
- Essar Steel Hazira Ltd - India
- Coastal Gujarat Power Limited - India
- Uttam Galva Steels Limited - India
- Bhatia International Limited - India
- Maheswari Brothers Coal Limited - India
- Kartika Selabumi Mining - Indonesia
- India Bulls Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Indonesian Coal Mining Association
- Chettinad Cement Corporation Ltd - India
- Bangladesh Power Developement Board
- Iligan Light & Power Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Rio Tinto Coal - Australia
- Dalmia Cement Bharat India
- Energy Development Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Eastern Coal Council - USA
- Bhushan Steel Limited - India
- Semirara Mining Corp, Philippines
- Tata Chemicals Ltd - India
- Petron Corporation, Philippines
- Deloitte Consulting - India
- Aditya Birla Group - India
- Agrawal Coal Company - India
- Ceylon Electricity Board - Sri Lanka
- Sarangani Energy Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Kalimantan Lumbung Energi - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Miang Besar Coal Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- Eastern Energy - Thailand
- Carbofer General Trading SA - India
- Australian Coal Association
- Trasteel International SA, Italy
- Gujarat Electricity Regulatory Commission - India
- International Coal Ventures Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- GN Power Mariveles Coal Plant, Philippines
- SMC Global Power, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Siam City Cement PLC, Thailand
- Anglo American - United Kingdom
- Orica Mining Services - Indonesia
- Gujarat Sidhee Cement - India
- Chamber of Mines of South Africa
- Intertek Mineral Services - Indonesia
- Ministry of Transport, Egypt
- Vijayanagar Sugar Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Bukit Makmur.PT - Indonesia
- IEA Clean Coal Centre - UK
- Siam City Cement - Thailand
- Pendopo Energi Batubara - Indonesia
- Kaltim Prima Coal - Indonesia
- White Energy Company Limited
- The University of Queensland
- Samtan Co., Ltd - South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SMG Consultants - Indonesia
- Port Waratah Coal Services - Australia
- Ministry of Mines - Canada
- Bukit Baiduri Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Indika Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Mintek Dendrill Indonesia
- Mjunction Services Limited - India
- Indian Energy Exchange, India
- Global Business Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Vizag Seaport Private Limited - India
- Sojitz Corporation - Japan
- Independent Power Producers Association of India
- Marubeni Corporation - India
- Kapuas Tunggal Persada - Indonesia
- Riau Bara Harum - Indonesia
- Central Java Power - Indonesia
- Planning Commission, India
- Krishnapatnam Port Company Ltd. - India
- Larsen & Toubro Limited - India
- Central Electricity Authority - India
- AsiaOL BioFuels Corp., Philippines
- Interocean Group of Companies - India
- Standard Chartered Bank - UAE
- Parliament of New Zealand
- Renaissance Capital - South Africa
- Romanian Commodities Exchange
- Electricity Authority, New Zealand
- Electricity Generating Authority of Thailand
- IHS Mccloskey Coal Group - USA
- Sinarmas Energy and Mining - Indonesia
- Global Green Power PLC Corporation, Philippines
- Makarim & Taira - Indonesia
- Therma Luzon, Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Goldman Sachs - Singapore
- Indo Tambangraya Megah - Indonesia
- European Bulk Services B.V. - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- New Zealand Coal & Carbon
- GMR Energy Limited - India
- Parry Sugars Refinery, India
- Heidelberg Cement - Germany
- Posco Energy - South Korea
- ASAPP Information Group - India
- ICICI Bank Limited - India
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