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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already there to provide new loans and in 2014 a big part of their € 700mil budget has been committed and most of it withdrawn already.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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Sunday, 09 November 14
CAPE INDEX UP 3.06%; PANAMAX INDEX FELL 4.05%
COALspot.com: The BDI was almost at same levels compared to last week closing or just increased 0.77 pct from last week. The BDI was closed at 1437 ...
Friday, 07 November 14
U.S. PRODUCED 85.60 MILLION SHORT TONS OF COAL IN OCTOBER, UP 2.88% M-O-M
COALspot.com – United States the world's one of the largest coal producers, produced approximately 19.0 million short tons (mmst) of coal ...
Thursday, 06 November 14
THE ATLANTIC HAS REMAINED STRONG WITH A HEALTHY SUPPLY OF NEW CARGOES
Handy
This week has continued its slow trend in both hemispheres and even though rates are a bit up w-o-w it is not a clear sign for any improvem ...
Wednesday, 05 November 14
CAPESIZE SEGMENT ENJOYED FIRMING RATES ACROSS BOTH BASINS
Following a fantastic week in terms of rate performance for Capes, the Dry Bulk market managed to note another positive weekly closing, which stron ...
Wednesday, 05 November 14
SHIPPING MARKET INSIGHT - PANOS TSILINGIRIS
COALspot.com: The steep appreciation in dry bulker values between late 2012 and March 2014 resulted in unrealistically expensive ship values compar ...
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- Kobexindo Tractors - Indoneisa
- Kaltim Prima Coal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Iligan Light & Power Inc, Philippines
- Jindal Steel & Power Ltd - India
- Kapuas Tunggal Persada - Indonesia
- International Coal Ventures Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Borneo Indobara - Indonesia
- IHS Mccloskey Coal Group - USA
- Bukit Baiduri Energy - Indonesia
- London Commodity Brokers - England
- Madhucon Powers Ltd - India
- Marubeni Corporation - India
- Karaikal Port Pvt Ltd - India
- Ambuja Cements Ltd - India
- Sical Logistics Limited - India
- Pendopo Energi Batubara - Indonesia
- Toyota Tsusho Corporation, Japan
- Ministry of Transport, Egypt
- SMC Global Power, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Makarim & Taira - Indonesia
- The Treasury - Australian Government
- San Jose City I Power Corp, Philippines
- Eastern Coal Council - USA
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indogreen Group - Indonesia
- Global Green Power PLC Corporation, Philippines
- Standard Chartered Bank - UAE
- Kumho Petrochemical, South Korea
- Gujarat Sidhee Cement - India
- European Bulk Services B.V. - Netherlands
- Larsen & Toubro Limited - India
- Georgia Ports Authority, United States
- Minerals Council of Australia
- Lanco Infratech Ltd - India
- SN Aboitiz Power Inc, Philippines
- Dalmia Cement Bharat India
- Asmin Koalindo Tuhup - Indonesia
- Siam City Cement PLC, Thailand
- Mercator Lines Limited - India
- Indian Energy Exchange, India
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- LBH Netherlands Bv - Netherlands
- White Energy Company Limited
- Coalindo Energy - Indonesia
- Chamber of Mines of South Africa
- Bukit Makmur.PT - Indonesia
- Interocean Group of Companies - India
- Salva Resources Pvt Ltd - India
- Bhushan Steel Limited - India
- Energy Development Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Bulk Trading Sa - Switzerland
- Maheswari Brothers Coal Limited - India
- Savvy Resources Ltd - HongKong
- Gujarat Mineral Development Corp Ltd - India
- PTC India Limited - India
- Energy Link Ltd, New Zealand
- VISA Power Limited - India
- The State Trading Corporation of India Ltd
- Wood Mackenzie - Singapore
- Posco Energy - South Korea
- TeaM Sual Corporation - Philippines
- Mintek Dendrill Indonesia
- Trasteel International SA, Italy
- Indika Energy - Indonesia
- Electricity Authority, New Zealand
- Goldman Sachs - Singapore
- Australian Coal Association
- Electricity Generating Authority of Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Xindia Steels Limited - India
- Sarangani Energy Corporation, Philippines
- Bharathi Cement Corporation - India
- New Zealand Coal & Carbon
- Bhoruka Overseas - Indonesia
- Australian Commodity Traders Exchange
- Power Finance Corporation Ltd., India
- Simpson Spence & Young - Indonesia
- OPG Power Generation Pvt Ltd - India
- Independent Power Producers Association of India
- Metalloyd Limited - United Kingdom
- Bahari Cakrawala Sebuku - Indonesia
- Binh Thuan Hamico - Vietnam
- PowerSource Philippines DevCo
- Jaiprakash Power Ventures ltd
- The University of Queensland
- Jorong Barutama Greston.PT - Indonesia
- Parry Sugars Refinery, India
- Maharashtra Electricity Regulatory Commission - India
- Mercuria Energy - Indonesia
- Riau Bara Harum - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- McConnell Dowell - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Kepco SPC Power Corporation, Philippines
- Bhatia International Limited - India
- Bayan Resources Tbk. - Indonesia
- Indo Tambangraya Megah - Indonesia
- Thiess Contractors Indonesia
- Singapore Mercantile Exchange
- Wilmar Investment Holdings
- PetroVietnam Power Coal Import and Supply Company
- Miang Besar Coal Terminal - Indonesia
- Heidelberg Cement - Germany
- Billiton Holdings Pty Ltd - Australia
- Cigading International Bulk Terminal - Indonesia
- SMG Consultants - Indonesia
- Renaissance Capital - South Africa
- Leighton Contractors Pty Ltd - Australia
- Orica Mining Services - Indonesia
- Sojitz Corporation - Japan
- Semirara Mining Corp, Philippines
- GMR Energy Limited - India
- Ministry of Finance - Indonesia
- Rio Tinto Coal - Australia
- Merrill Lynch Commodities Europe
- Neyveli Lignite Corporation Ltd, - India
- Orica Australia Pty. Ltd.
- Timah Investasi Mineral - Indoneisa
- Formosa Plastics Group - Taiwan
- Thai Mozambique Logistica
- Central Java Power - Indonesia
- Manunggal Multi Energi - Indonesia
- Chettinad Cement Corporation Ltd - India
- Meenaskhi Energy Private Limited - India
- Africa Commodities Group - South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Eastern Energy - Thailand
- PNOC Exploration Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Mjunction Services Limited - India
- Economic Council, Georgia
- Latin American Coal - Colombia
- Cement Manufacturers Association - India
- India Bulls Power Limited - India
- Indian Oil Corporation Limited
- CNBM International Corporation - China
- Sinarmas Energy and Mining - Indonesia
- Kideco Jaya Agung - Indonesia
- Deloitte Consulting - India
- Bukit Asam (Persero) Tbk - Indonesia
- Central Electricity Authority - India
- Edison Trading Spa - Italy
- ICICI Bank Limited - India
- Semirara Mining and Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Intertek Mineral Services - Indonesia
- Kartika Selabumi Mining - Indonesia
- Tamil Nadu electricity Board
- Aditya Birla Group - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Malabar Cements Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- ASAPP Information Group - India
- Coal and Oil Company - UAE
- CIMB Investment Bank - Malaysia
- Bangladesh Power Developement Board
- Global Business Power Corporation, Philippines
- Romanian Commodities Exchange
- Attock Cement Pakistan Limited
- Agrawal Coal Company - India
- GAC Shipping (India) Pvt Ltd
- Sakthi Sugars Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Indonesian Coal Mining Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Altura Mining Limited, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Commonwealth Bank - Australia
- Videocon Industries ltd - India
- Vizag Seaport Private Limited - India
- Krishnapatnam Port Company Ltd. - India
- Medco Energi Mining Internasional
- Banpu Public Company Limited - Thailand
- MS Steel International - UAE
- Rashtriya Ispat Nigam Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Baramulti Group, Indonesia
- Ministry of Mines - Canada
- Ceylon Electricity Board - Sri Lanka
- Sree Jayajothi Cements Limited - India
- IEA Clean Coal Centre - UK
- Alfred C Toepfer International GmbH - Germany
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Directorate Of Revenue Intelligence - India
- Star Paper Mills Limited - India
- GVK Power & Infra Limited - India
- Vedanta Resources Plc - India
- Sindya Power Generating Company Private Ltd
- Anglo American - United Kingdom
- Uttam Galva Steels Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Aboitiz Power Corporation - Philippines
- South Luzon Thermal Energy Corporation
- Global Coal Blending Company Limited - Australia
- Antam Resourcindo - Indonesia
- Meralco Power Generation, Philippines
- Parliament of New Zealand
- Ind-Barath Power Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- Carbofer General Trading SA - India
- Planning Commission, India
- Samtan Co., Ltd - South Korea
- Siam City Cement - Thailand
- Port Waratah Coal Services - Australia
- Coastal Gujarat Power Limited - India
- Barasentosa Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Essar Steel Hazira Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Petron Corporation, Philippines
- Tata Chemicals Ltd - India
- Grasim Industreis Ltd - India
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