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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already there to provide new loans and in 2014 a big part of their € 700mil budget has been committed and most of it withdrawn already.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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Wednesday, 15 October 14
SHIPOWNER NOT LIABLE FOR CARGO DAMAGE RESULTING FROM POOR STOWAGE - CLYDE & CO
KNOWLEDGE TO ELEVATE
Russian metal trading company Yuzhny Zavod Metall Profil (YZMP), the holder of a CONGEN 1994 bill of lading, took delivery o ...
Wednesday, 15 October 14
NEWCASTLE SHIPPED 13.96 MILLION TONS OF COAL IN SEPTEMBER; UP 5.72%
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port, has shipped $1,227.7 wor ...
Tuesday, 14 October 14
KING COAL UNDER ATTACK? - EVA TZIMA
With the last quarter of the year being well underway and with no strong signs that the Dry Bulk market could be ready for a big positive reversal, ...
Tuesday, 14 October 14
THE NEW CHINESE TRANSPORTATION TAX LAW: WHAT DOES IT MEAN FOR GREEK SHIPPING? - DELOITTE
China has recently promulgated a new law which imposes tax on profits from freights of inbound routes. The objective of the new tax law titled &ldq ...
Monday, 13 October 14
CHINESE COAL IMPORT TARIFFS YET ANOTHER BLOW TO AUSTRALIAN COAL EXPORTS - TIM BUCKLEY
COALspot.com: China’s unexpected move to reintroduce thermal coal import tariffs of 6% will have a materially negative impact on the viabilit ...
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- Ind-Barath Power Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- Aditya Birla Group - India
- Mercator Lines Limited - India
- Tata Chemicals Ltd - India
- IHS Mccloskey Coal Group - USA
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Lanco Infratech Ltd - India
- Samtan Co., Ltd - South Korea
- Sojitz Corporation - Japan
- Alfred C Toepfer International GmbH - Germany
- Vizag Seaport Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Sree Jayajothi Cements Limited - India
- Central Java Power - Indonesia
- SMC Global Power, Philippines
- Manunggal Multi Energi - Indonesia
- Dalmia Cement Bharat India
- Economic Council, Georgia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vedanta Resources Plc - India
- Meralco Power Generation, Philippines
- Standard Chartered Bank - UAE
- Cement Manufacturers Association - India
- Eastern Energy - Thailand
- Electricity Generating Authority of Thailand
- Xindia Steels Limited - India
- Ministry of Finance - Indonesia
- Iligan Light & Power Inc, Philippines
- Deloitte Consulting - India
- Trasteel International SA, Italy
- Gujarat Mineral Development Corp Ltd - India
- Carbofer General Trading SA - India
- PTC India Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Siam City Cement PLC, Thailand
- ICICI Bank Limited - India
- Gujarat Electricity Regulatory Commission - India
- Bangladesh Power Developement Board
- Kartika Selabumi Mining - Indonesia
- Mjunction Services Limited - India
- Madhucon Powers Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- San Jose City I Power Corp, Philippines
- Marubeni Corporation - India
- Baramulti Group, Indonesia
- Jaiprakash Power Ventures ltd
- Sical Logistics Limited - India
- Coastal Gujarat Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Latin American Coal - Colombia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The University of Queensland
- Borneo Indobara - Indonesia
- SN Aboitiz Power Inc, Philippines
- GVK Power & Infra Limited - India
- Eastern Coal Council - USA
- Rio Tinto Coal - Australia
- Billiton Holdings Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- Videocon Industries ltd - India
- ASAPP Information Group - India
- Energy Link Ltd, New Zealand
- Kepco SPC Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Africa Commodities Group - South Africa
- Orica Australia Pty. Ltd.
- Renaissance Capital - South Africa
- Ceylon Electricity Board - Sri Lanka
- Anglo American - United Kingdom
- Singapore Mercantile Exchange
- Star Paper Mills Limited - India
- Kaltim Prima Coal - Indonesia
- Medco Energi Mining Internasional
- Savvy Resources Ltd - HongKong
- VISA Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Thiess Contractors Indonesia
- Tamil Nadu electricity Board
- South Luzon Thermal Energy Corporation
- Malabar Cements Ltd - India
- Goldman Sachs - Singapore
- Kideco Jaya Agung - Indonesia
- Georgia Ports Authority, United States
- Maheswari Brothers Coal Limited - India
- Salva Resources Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Kobexindo Tractors - Indoneisa
- Chamber of Mines of South Africa
- London Commodity Brokers - England
- Energy Development Corp, Philippines
- Wood Mackenzie - Singapore
- Meenaskhi Energy Private Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bharathi Cement Corporation - India
- Simpson Spence & Young - Indonesia
- Jindal Steel & Power Ltd - India
- Antam Resourcindo - Indonesia
- Coalindo Energy - Indonesia
- Global Business Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- International Coal Ventures Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- GN Power Mariveles Coal Plant, Philippines
- CIMB Investment Bank - Malaysia
- Formosa Plastics Group - Taiwan
- Karbindo Abesyapradhi - Indoneisa
- Sakthi Sugars Limited - India
- Indian Energy Exchange, India
- Parliament of New Zealand
- Wilmar Investment Holdings
- Altura Mining Limited, Indonesia
- New Zealand Coal & Carbon
- Miang Besar Coal Terminal - Indonesia
- Sindya Power Generating Company Private Ltd
- Commonwealth Bank - Australia
- Kapuas Tunggal Persada - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bhushan Steel Limited - India
- Bhoruka Overseas - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Indonesian Coal Mining Association
- Rashtriya Ispat Nigam Limited - India
- PNOC Exploration Corporation - Philippines
- Romanian Commodities Exchange
- Global Coal Blending Company Limited - Australia
- Australian Coal Association
- Timah Investasi Mineral - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Siam City Cement - Thailand
- Straits Asia Resources Limited - Singapore
- Planning Commission, India
- Globalindo Alam Lestari - Indonesia
- Posco Energy - South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Price Waterhouse Coopers - Russia
- Ministry of Mines - Canada
- MS Steel International - UAE
- Edison Trading Spa - Italy
- Thai Mozambique Logistica
- Global Green Power PLC Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Pendopo Energi Batubara - Indonesia
- GMR Energy Limited - India
- Grasim Industreis Ltd - India
- Uttam Galva Steels Limited - India
- Metalloyd Limited - United Kingdom
- Port Waratah Coal Services - Australia
- Binh Thuan Hamico - Vietnam
- Barasentosa Lestari - Indonesia
- SMG Consultants - Indonesia
- Minerals Council of Australia
- LBH Netherlands Bv - Netherlands
- The Treasury - Australian Government
- Leighton Contractors Pty Ltd - Australia
- Attock Cement Pakistan Limited
- McConnell Dowell - Australia
- Petron Corporation, Philippines
- Makarim & Taira - Indonesia
- Aboitiz Power Corporation - Philippines
- Ambuja Cements Ltd - India
- Directorate Of Revenue Intelligence - India
- Agrawal Coal Company - India
- Therma Luzon, Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Kalimantan Lumbung Energi - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Electricity Authority, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Australian Commodity Traders Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Heidelberg Cement - Germany
- Gujarat Sidhee Cement - India
- The State Trading Corporation of India Ltd
- Kumho Petrochemical, South Korea
- Indo Tambangraya Megah - Indonesia
- Bukit Baiduri Energy - Indonesia
- Bhatia International Limited - India
- Indogreen Group - Indonesia
- Ministry of Transport, Egypt
- Parry Sugars Refinery, India
- Petrochimia International Co. Ltd.- Taiwan
- Indian Oil Corporation Limited
- OPG Power Generation Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Banpu Public Company Limited - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Sarangani Energy Corporation, Philippines
- Central Electricity Authority - India
- Karaikal Port Pvt Ltd - India
- Indika Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Riau Bara Harum - Indonesia
- Bukit Makmur.PT - Indonesia
- TeaM Sual Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Intertek Mineral Services - Indonesia
- Independent Power Producers Association of India
- India Bulls Power Limited - India
- Mercuria Energy - Indonesia
- White Energy Company Limited
- Holcim Trading Pte Ltd - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Toyota Tsusho Corporation, Japan
- Orica Mining Services - Indonesia
- PowerSource Philippines DevCo
- CNBM International Corporation - China
- IEA Clean Coal Centre - UK
- Chettinad Cement Corporation Ltd - India
- Semirara Mining Corp, Philippines
- Larsen & Toubro Limited - India
- Oldendorff Carriers - Singapore
- Interocean Group of Companies - India
- Coal and Oil Company - UAE
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