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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already there to provide new loans and in 2014 a big part of their € 700mil budget has been committed and most of it withdrawn already.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, 04 November 14
INDONESIAN COAL SWAPS FOR 2015 DELIVERIES SHOW A WEAK TREND
COALspot.com: Indonesian coal swaps for delivery Q4' 2014 lost month on month and gained day on day and week on week, the trend was same as las ...
Tuesday, 04 November 14
FOB NEWCASTLE COAL SWAPS GAINED WEEK OVER WEEK
COALspot.com: API 5 FOB Newcastle Coal swap for Q4’ 2014 delivery decreased US$ 1.09 (-1.99%) month over month and increased US$ 0.31 (+0.58% ...
Monday, 03 November 14
ADARO PRODUCED 41.90MT OF COAL FOR FIRST 9 MONTHS OF 2014
COALspot.com: Adaro’s coal production in the third quarter reached 14.03 Mt, a 2% increase compared to the same period of last year. Accordin ...
Monday, 03 November 14
CFR SOUTH CHINA COAL SWAP FOR Q4' 2014 DELIVERY LOST 2.80% MONTH OVER MONTH
COALspot.com: API 8 CFR South China Coal swap for Q4’ 2014 delivery has decreased US$ 1.86 (-2.80%) month over month and increased US$ 0.37 ( ...
Monday, 03 November 14
INDONESIAN'S COAL EXPORTS JUMP IN SEPTEMBER
COALspot.com: Indonesia, one of the world's largest coal producers and the global leading multi grade coal exporter shipped around $1.50 ...
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- Metalloyd Limited - United Kingdom
- PTC India Limited - India
- Ministry of Transport, Egypt
- Simpson Spence & Young - Indonesia
- Parry Sugars Refinery, India
- Samtan Co., Ltd - South Korea
- Intertek Mineral Services - Indonesia
- Vizag Seaport Private Limited - India
- Kartika Selabumi Mining - Indonesia
- Goldman Sachs - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Mines - Canada
- Indian Oil Corporation Limited
- Kepco SPC Power Corporation, Philippines
- ASAPP Information Group - India
- Bukit Baiduri Energy - Indonesia
- Romanian Commodities Exchange
- Economic Council, Georgia
- Barasentosa Lestari - Indonesia
- Makarim & Taira - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- TNB Fuel Sdn Bhd - Malaysia
- Renaissance Capital - South Africa
- PNOC Exploration Corporation - Philippines
- Minerals Council of Australia
- Indogreen Group - Indonesia
- Star Paper Mills Limited - India
- Pendopo Energi Batubara - Indonesia
- SMC Global Power, Philippines
- Attock Cement Pakistan Limited
- Central Electricity Authority - India
- Electricity Authority, New Zealand
- Mjunction Services Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Bharathi Cement Corporation - India
- Cigading International Bulk Terminal - Indonesia
- Mintek Dendrill Indonesia
- Energy Development Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Maheswari Brothers Coal Limited - India
- Grasim Industreis Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Globalindo Alam Lestari - Indonesia
- Xindia Steels Limited - India
- Semirara Mining and Power Corporation, Philippines
- Parliament of New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Videocon Industries ltd - India
- Posco Energy - South Korea
- Madhucon Powers Ltd - India
- Karaikal Port Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Baramulti Group, Indonesia
- Vedanta Resources Plc - India
- Kobexindo Tractors - Indoneisa
- TeaM Sual Corporation - Philippines
- Tamil Nadu electricity Board
- Anglo American - United Kingdom
- Essar Steel Hazira Ltd - India
- Banpu Public Company Limited - Thailand
- Power Finance Corporation Ltd., India
- IEA Clean Coal Centre - UK
- London Commodity Brokers - England
- ICICI Bank Limited - India
- Formosa Plastics Group - Taiwan
- GMR Energy Limited - India
- Iligan Light & Power Inc, Philippines
- San Jose City I Power Corp, Philippines
- Altura Mining Limited, Indonesia
- Riau Bara Harum - Indonesia
- CIMB Investment Bank - Malaysia
- Georgia Ports Authority, United States
- Kaltim Prima Coal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- VISA Power Limited - India
- Rio Tinto Coal - Australia
- SMG Consultants - Indonesia
- Planning Commission, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Australian Commodity Traders Exchange
- Orica Australia Pty. Ltd.
- Miang Besar Coal Terminal - Indonesia
- Uttam Galva Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- European Bulk Services B.V. - Netherlands
- Manunggal Multi Energi - Indonesia
- Meralco Power Generation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Trasteel International SA, Italy
- Deloitte Consulting - India
- Port Waratah Coal Services - Australia
- IHS Mccloskey Coal Group - USA
- Holcim Trading Pte Ltd - Singapore
- Global Coal Blending Company Limited - Australia
- Kumho Petrochemical, South Korea
- Bhushan Steel Limited - India
- Kapuas Tunggal Persada - Indonesia
- Singapore Mercantile Exchange
- Aboitiz Power Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- SN Aboitiz Power Inc, Philippines
- Indonesian Coal Mining Association
- Mercuria Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Central Java Power - Indonesia
- Mercator Lines Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Thiess Contractors Indonesia
- Thai Mozambique Logistica
- Sakthi Sugars Limited - India
- Bayan Resources Tbk. - Indonesia
- Jaiprakash Power Ventures ltd
- Timah Investasi Mineral - Indoneisa
- Kideco Jaya Agung - Indonesia
- Antam Resourcindo - Indonesia
- Indo Tambangraya Megah - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sical Logistics Limited - India
- Cement Manufacturers Association - India
- Sindya Power Generating Company Private Ltd
- Bukit Makmur.PT - Indonesia
- Lanco Infratech Ltd - India
- Carbofer General Trading SA - India
- PowerSource Philippines DevCo
- Siam City Cement - Thailand
- MS Steel International - UAE
- Sree Jayajothi Cements Limited - India
- Binh Thuan Hamico - Vietnam
- International Coal Ventures Pvt Ltd - India
- Australian Coal Association
- Alfred C Toepfer International GmbH - Germany
- GAC Shipping (India) Pvt Ltd
- New Zealand Coal & Carbon
- India Bulls Power Limited - India
- Independent Power Producers Association of India
- Straits Asia Resources Limited - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Medco Energi Mining Internasional
- Leighton Contractors Pty Ltd - Australia
- Orica Mining Services - Indonesia
- LBH Netherlands Bv - Netherlands
- Eastern Energy - Thailand
- Standard Chartered Bank - UAE
- Meenaskhi Energy Private Limited - India
- The State Trading Corporation of India Ltd
- Sinarmas Energy and Mining - Indonesia
- Savvy Resources Ltd - HongKong
- Ceylon Electricity Board - Sri Lanka
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Aditya Birla Group - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coalindo Energy - Indonesia
- Ministry of Finance - Indonesia
- Semirara Mining Corp, Philippines
- Wood Mackenzie - Singapore
- Dalmia Cement Bharat India
- Commonwealth Bank - Australia
- Ambuja Cements Ltd - India
- Edison Trading Spa - Italy
- Oldendorff Carriers - Singapore
- Electricity Generating Authority of Thailand
- Sojitz Corporation - Japan
- GVK Power & Infra Limited - India
- Therma Luzon, Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Chamber of Mines of South Africa
- Bulk Trading Sa - Switzerland
- Krishnapatnam Port Company Ltd. - India
- Bangladesh Power Developement Board
- Africa Commodities Group - South Africa
- Asmin Koalindo Tuhup - Indonesia
- Indian Energy Exchange, India
- Ind-Barath Power Infra Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Coal and Oil Company - UAE
- Sarangani Energy Corporation, Philippines
- Marubeni Corporation - India
- Bhoruka Overseas - Indonesia
- Indika Energy - Indonesia
- Gujarat Sidhee Cement - India
- Tata Chemicals Ltd - India
- Agrawal Coal Company - India
- Global Green Power PLC Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Heidelberg Cement - Germany
- White Energy Company Limited
- Price Waterhouse Coopers - Russia
- CNBM International Corporation - China
- Bhatia International Limited - India
- Salva Resources Pvt Ltd - India
- The Treasury - Australian Government
- Gujarat Electricity Regulatory Commission - India
- Petron Corporation, Philippines
- Eastern Coal Council - USA
- Gujarat Mineral Development Corp Ltd - India
- Wilmar Investment Holdings
- Billiton Holdings Pty Ltd - Australia
- Directorate Of Revenue Intelligence - India
- Interocean Group of Companies - India
- Larsen & Toubro Limited - India
- Malabar Cements Ltd - India
- Borneo Indobara - Indonesia
- McConnell Dowell - Australia
- OPG Power Generation Pvt Ltd - India
- Latin American Coal - Colombia
- Jindal Steel & Power Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- The University of Queensland
- Karbindo Abesyapradhi - Indoneisa
- Global Business Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Energy Link Ltd, New Zealand
- South Luzon Thermal Energy Corporation
- Siam City Cement PLC, Thailand
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