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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already there to provide new loans and in 2014 a big part of their € 700mil budget has been committed and most of it withdrawn already.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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Thursday, 16 October 14
PANAMAX OWNERS RECEIVE A PREMIUM FOR GOING TO INDIA VIA INDONESIA - FEARNLEYS AS
Handy
The Handy/Supra market continues to slide in both hemispheres, said Fearnleys AS in its latest week report. In the Atlantic we see rates co ...
Thursday, 16 October 14
ARE WE GOING TO SHOOT OURSELVES IN THE FOOT ONCE AGAIN? - PANOS MAKRINOS
As the East part of our globe was coming back from its October holidays last week, everyone expected that the Dry Bulk market would follow suit and ...
Wednesday, 15 October 14
PANAMAX: ACTIVITY IN THE PACIFIC WAS UNIMPRESSIVE
The Dry Bulk market noted another weekly decline last week, while the BDI moved below 1,000 points taking down with it expectations that a post hol ...
Wednesday, 15 October 14
INDONESIAN COAL PRICE REFERENCE FELL TO FRESH MULTI-YEAR LOWS IN OCTOBER
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia revised down the coal bench mark price once again in October 2014.
...
Wednesday, 15 October 14
DRY BULK SHIPPING: RATE IMPROVEMENTS ARRIVED AS FORECAST, BUT UNCERTAINTY MOUNTS FOR 2015 DEMAND - BIMCO
BIMCO released its latest short term assessment of the dry bulk market, estimating that over the October-November period, the level of Capesize TC ...
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- Videocon Industries ltd - India
- London Commodity Brokers - England
- PNOC Exploration Corporation - Philippines
- Mercator Lines Limited - India
- Sojitz Corporation - Japan
- Oldendorff Carriers - Singapore
- Star Paper Mills Limited - India
- Renaissance Capital - South Africa
- Maheswari Brothers Coal Limited - India
- Merrill Lynch Commodities Europe
- Indika Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Meenaskhi Energy Private Limited - India
- Bukit Baiduri Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- GVK Power & Infra Limited - India
- Bangladesh Power Developement Board
- Bhushan Steel Limited - India
- Orica Mining Services - Indonesia
- CNBM International Corporation - China
- Wilmar Investment Holdings
- GMR Energy Limited - India
- Latin American Coal - Colombia
- Grasim Industreis Ltd - India
- Global Green Power PLC Corporation, Philippines
- Savvy Resources Ltd - HongKong
- IEA Clean Coal Centre - UK
- Bahari Cakrawala Sebuku - Indonesia
- PowerSource Philippines DevCo
- McConnell Dowell - Australia
- Minerals Council of Australia
- Chamber of Mines of South Africa
- Aboitiz Power Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Vedanta Resources Plc - India
- Directorate Of Revenue Intelligence - India
- Asmin Koalindo Tuhup - Indonesia
- Parliament of New Zealand
- Economic Council, Georgia
- Gujarat Sidhee Cement - India
- Binh Thuan Hamico - Vietnam
- Samtan Co., Ltd - South Korea
- Riau Bara Harum - Indonesia
- Port Waratah Coal Services - Australia
- Georgia Ports Authority, United States
- Iligan Light & Power Inc, Philippines
- Ministry of Transport, Egypt
- Eastern Energy - Thailand
- Eastern Coal Council - USA
- South Luzon Thermal Energy Corporation
- GN Power Mariveles Coal Plant, Philippines
- Kepco SPC Power Corporation, Philippines
- Indonesian Coal Mining Association
- Bank of Tokyo Mitsubishi UFJ Ltd
- Holcim Trading Pte Ltd - Singapore
- Standard Chartered Bank - UAE
- Mintek Dendrill Indonesia
- Interocean Group of Companies - India
- Banpu Public Company Limited - Thailand
- Coal and Oil Company - UAE
- Uttam Galva Steels Limited - India
- Energy Development Corp, Philippines
- Lanco Infratech Ltd - India
- Antam Resourcindo - Indonesia
- New Zealand Coal & Carbon
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Heidelberg Cement - Germany
- Singapore Mercantile Exchange
- Jindal Steel & Power Ltd - India
- The State Trading Corporation of India Ltd
- Mjunction Services Limited - India
- Bharathi Cement Corporation - India
- Electricity Generating Authority of Thailand
- Toyota Tsusho Corporation, Japan
- Planning Commission, India
- Sical Logistics Limited - India
- Marubeni Corporation - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- Formosa Plastics Group - Taiwan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Siam City Cement - Thailand
- Siam City Cement PLC, Thailand
- Ceylon Electricity Board - Sri Lanka
- Power Finance Corporation Ltd., India
- Attock Cement Pakistan Limited
- Global Business Power Corporation, Philippines
- The University of Queensland
- Edison Trading Spa - Italy
- Kobexindo Tractors - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- CIMB Investment Bank - Malaysia
- The Treasury - Australian Government
- Petron Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Medco Energi Mining Internasional
- Meralco Power Generation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Australian Coal Association
- Kartika Selabumi Mining - Indonesia
- Ambuja Cements Ltd - India
- Australian Commodity Traders Exchange
- Salva Resources Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Altura Mining Limited, Indonesia
- Kaltim Prima Coal - Indonesia
- Borneo Indobara - Indonesia
- GAC Shipping (India) Pvt Ltd
- ASAPP Information Group - India
- Kalimantan Lumbung Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Semirara Mining Corp, Philippines
- Indogreen Group - Indonesia
- Wood Mackenzie - Singapore
- Bukit Makmur.PT - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Dalmia Cement Bharat India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Carbofer General Trading SA - India
- Maharashtra Electricity Regulatory Commission - India
- Straits Asia Resources Limited - Singapore
- Madhucon Powers Ltd - India
- Globalindo Alam Lestari - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Larsen & Toubro Limited - India
- Ministry of Mines - Canada
- Sarangani Energy Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Aditya Birla Group - India
- India Bulls Power Limited - India
- Bhatia International Limited - India
- Krishnapatnam Port Company Ltd. - India
- Independent Power Producers Association of India
- Makarim & Taira - Indonesia
- Intertek Mineral Services - Indonesia
- Indian Energy Exchange, India
- PTC India Limited - India
- Baramulti Group, Indonesia
- SMC Global Power, Philippines
- Thiess Contractors Indonesia
- Essar Steel Hazira Ltd - India
- Posco Energy - South Korea
- VISA Power Limited - India
- Indian Oil Corporation Limited
- Central Java Power - Indonesia
- Simpson Spence & Young - Indonesia
- Kumho Petrochemical, South Korea
- Kohat Cement Company Ltd. - Pakistan
- Jaiprakash Power Ventures ltd
- Cigading International Bulk Terminal - Indonesia
- Coastal Gujarat Power Limited - India
- Parry Sugars Refinery, India
- Malabar Cements Ltd - India
- Pendopo Energi Batubara - Indonesia
- MS Steel International - UAE
- Indo Tambangraya Megah - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- TeaM Sual Corporation - Philippines
- Romanian Commodities Exchange
- SN Aboitiz Power Inc, Philippines
- Trasteel International SA, Italy
- Rio Tinto Coal - Australia
- IHS Mccloskey Coal Group - USA
- Bhoruka Overseas - Indonesia
- Commonwealth Bank - Australia
- Miang Besar Coal Terminal - Indonesia
- Metalloyd Limited - United Kingdom
- White Energy Company Limited
- Global Coal Blending Company Limited - Australia
- Thai Mozambique Logistica
- Barasentosa Lestari - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Therma Luzon, Inc, Philippines
- Price Waterhouse Coopers - Russia
- European Bulk Services B.V. - Netherlands
- Mercuria Energy - Indonesia
- Cement Manufacturers Association - India
- Agrawal Coal Company - India
- Sakthi Sugars Limited - India
- ICICI Bank Limited - India
- Deloitte Consulting - India
- Xindia Steels Limited - India
- Ministry of Finance - Indonesia
- Timah Investasi Mineral - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Pipit Mutiara Jaya. PT, Indonesia
- Tata Chemicals Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Anglo American - United Kingdom
- Africa Commodities Group - South Africa
- Kideco Jaya Agung - Indonesia
- Manunggal Multi Energi - Indonesia
- Vizag Seaport Private Limited - India
- LBH Netherlands Bv - Netherlands
- Central Electricity Authority - India
- Goldman Sachs - Singapore
- Electricity Authority, New Zealand
- Energy Link Ltd, New Zealand
- Coalindo Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- International Coal Ventures Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Alfred C Toepfer International GmbH - Germany
- PetroVietnam Power Coal Import and Supply Company
- SMG Consultants - Indonesia
- Sree Jayajothi Cements Limited - India
- Tamil Nadu electricity Board
- Orica Australia Pty. Ltd.
- Karaikal Port Pvt Ltd - India
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