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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already there to provide new loans and in 2014 a big part of their € 700mil budget has been committed and most of it withdrawn already.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.
Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Monday, 27 October 14
CFR SOUTH CHINA COAL SWAPS PERFORMED POSITIVE THIS PAST WEEK
COALspot.com: API 8 CFR South China Coal swap for Q4’ 2014 delivery decreased US$ 1.68 (-2.55%) month over month and increased US$ 0.87 (+1.3 ...
Sunday, 26 October 14
CAPE'S STRONG PERFORMANCE PUSHES BDI INDEX UPWARDS
COALspot.com: The BDI was up by 26.27 pct and closed at 1192 points week and week. The Cape size performance has pushed up BDI and Cape size index ...
Friday, 24 October 14
WEEKLY U.S COAL PRODUCTION DOWN 2.7% FOR THE WEEK ENDING OCTOBER 18
COALspot.com – United States the world's one of largest coal producers, produced approximately 18.7 million short tons (mmst) of coal in ...
Thursday, 23 October 14
THE BEARS, HOWEVER, STILL CRY; FOR HOW LONG WILL IT LAST? - FEARNLEYS
Handy
"We experience a typical oversupply of ships in the Atlantic which causing rates to slide. In the USG it is just enough cargoes to kee ...
Wednesday, 22 October 14
MARKET INSIGHT - THEODORE NTALAKOS, INTERMODAL
ECO designs - revisited
The ECO vessels are already here but the oil and bunker prices are plummeting to their cheapest level since 2010. Is this ...
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- Indonesian Coal Mining Association
- Attock Cement Pakistan Limited
- Essar Steel Hazira Ltd - India
- Electricity Authority, New Zealand
- Siam City Cement PLC, Thailand
- Coalindo Energy - Indonesia
- Jaiprakash Power Ventures ltd
- AsiaOL BioFuels Corp., Philippines
- Kepco SPC Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Cement Manufacturers Association - India
- Dalmia Cement Bharat India
- Bayan Resources Tbk. - Indonesia
- Sojitz Corporation - Japan
- Thiess Contractors Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Latin American Coal - Colombia
- CNBM International Corporation - China
- Thai Mozambique Logistica
- Alfred C Toepfer International GmbH - Germany
- Altura Mining Limited, Indonesia
- Therma Luzon, Inc, Philippines
- Kumho Petrochemical, South Korea
- Sarangani Energy Corporation, Philippines
- Baramulti Group, Indonesia
- Uttam Galva Steels Limited - India
- Medco Energi Mining Internasional
- Global Coal Blending Company Limited - Australia
- IEA Clean Coal Centre - UK
- The University of Queensland
- Agrawal Coal Company - India
- Petrochimia International Co. Ltd.- Taiwan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indika Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Krishnapatnam Port Company Ltd. - India
- Carbofer General Trading SA - India
- Coastal Gujarat Power Limited - India
- Indian Energy Exchange, India
- PowerSource Philippines DevCo
- Ministry of Mines - Canada
- Central Electricity Authority - India
- Borneo Indobara - Indonesia
- India Bulls Power Limited - India
- Mjunction Services Limited - India
- Simpson Spence & Young - Indonesia
- PTC India Limited - India
- Australian Coal Association
- Interocean Group of Companies - India
- Leighton Contractors Pty Ltd - Australia
- Gujarat Sidhee Cement - India
- Bukit Makmur.PT - Indonesia
- Samtan Co., Ltd - South Korea
- Metalloyd Limited - United Kingdom
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Eastern Coal Council - USA
- Deloitte Consulting - India
- Anglo American - United Kingdom
- Mercator Lines Limited - India
- Ind-Barath Power Infra Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Singapore Mercantile Exchange
- Cigading International Bulk Terminal - Indonesia
- Kideco Jaya Agung - Indonesia
- Mintek Dendrill Indonesia
- Iligan Light & Power Inc, Philippines
- South Luzon Thermal Energy Corporation
- Africa Commodities Group - South Africa
- Kalimantan Lumbung Energi - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Minerals Council of Australia
- Ministry of Finance - Indonesia
- Port Waratah Coal Services - Australia
- Global Business Power Corporation, Philippines
- White Energy Company Limited
- Straits Asia Resources Limited - Singapore
- Georgia Ports Authority, United States
- Pipit Mutiara Jaya. PT, Indonesia
- Meralco Power Generation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Barasentosa Lestari - Indonesia
- San Jose City I Power Corp, Philippines
- ICICI Bank Limited - India
- Tamil Nadu electricity Board
- Wilmar Investment Holdings
- Bulk Trading Sa - Switzerland
- Globalindo Alam Lestari - Indonesia
- Orica Mining Services - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Wood Mackenzie - Singapore
- Price Waterhouse Coopers - Russia
- Karaikal Port Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- VISA Power Limited - India
- Larsen & Toubro Limited - India
- Aditya Birla Group - India
- Holcim Trading Pte Ltd - Singapore
- Goldman Sachs - Singapore
- McConnell Dowell - Australia
- Rio Tinto Coal - Australia
- Energy Development Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Edison Trading Spa - Italy
- International Coal Ventures Pvt Ltd - India
- Economic Council, Georgia
- Tata Chemicals Ltd - India
- Kobexindo Tractors - Indoneisa
- Riau Bara Harum - Indonesia
- Coal and Oil Company - UAE
- Manunggal Multi Energi - Indonesia
- Antam Resourcindo - Indonesia
- Meenaskhi Energy Private Limited - India
- Energy Link Ltd, New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The Treasury - Australian Government
- Videocon Industries ltd - India
- ASAPP Information Group - India
- Chettinad Cement Corporation Ltd - India
- European Bulk Services B.V. - Netherlands
- Standard Chartered Bank - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Australian Commodity Traders Exchange
- Vizag Seaport Private Limited - India
- Parliament of New Zealand
- Jindal Steel & Power Ltd - India
- Siam City Cement - Thailand
- Banpu Public Company Limited - Thailand
- TeaM Sual Corporation - Philippines
- Star Paper Mills Limited - India
- Pendopo Energi Batubara - Indonesia
- Directorate Of Revenue Intelligence - India
- Planning Commission, India
- Bukit Baiduri Energy - Indonesia
- Petron Corporation, Philippines
- MS Steel International - UAE
- Maheswari Brothers Coal Limited - India
- Eastern Energy - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Central Java Power - Indonesia
- Commonwealth Bank - Australia
- Bhatia International Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Chamber of Mines of South Africa
- Marubeni Corporation - India
- Romanian Commodities Exchange
- Semirara Mining and Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- CIMB Investment Bank - Malaysia
- Renaissance Capital - South Africa
- New Zealand Coal & Carbon
- Malabar Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- Oldendorff Carriers - Singapore
- Trasteel International SA, Italy
- LBH Netherlands Bv - Netherlands
- IHS Mccloskey Coal Group - USA
- Kapuas Tunggal Persada - Indonesia
- Kaltim Prima Coal - Indonesia
- PNOC Exploration Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Electricity Generating Authority of Thailand
- Aboitiz Power Corporation - Philippines
- Bhushan Steel Limited - India
- Gujarat Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- Bhoruka Overseas - Indonesia
- Ambuja Cements Ltd - India
- Semirara Mining Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bangladesh Power Developement Board
- Vedanta Resources Plc - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- GMR Energy Limited - India
- Power Finance Corporation Ltd., India
- Heidelberg Cement - Germany
- Indogreen Group - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- GAC Shipping (India) Pvt Ltd
- Independent Power Producers Association of India
- Billiton Holdings Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GVK Power & Infra Limited - India
- Indo Tambangraya Megah - Indonesia
- Lanco Infratech Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Toyota Tsusho Corporation, Japan
- Parry Sugars Refinery, India
- Bharathi Cement Corporation - India
- Posco Energy - South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Xindia Steels Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Transport, Egypt
- SMG Consultants - Indonesia
- Makarim & Taira - Indonesia
- Sinarmas Energy and Mining - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Madhucon Powers Ltd - India
- Sree Jayajothi Cements Limited - India
- London Commodity Brokers - England
- Grasim Industreis Ltd - India
- SMC Global Power, Philippines
- OPG Power Generation Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Mercuria Energy - Indonesia
- The State Trading Corporation of India Ltd
- Rashtriya Ispat Nigam Limited - India
- Binh Thuan Hamico - Vietnam
- Salva Resources Pvt Ltd - India
- Indian Oil Corporation Limited
- Ceylon Electricity Board - Sri Lanka
- Sical Logistics Limited - India
- Savvy Resources Ltd - HongKong
- Karbindo Abesyapradhi - Indoneisa
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