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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already there to provide new loans and in 2014 a big part of their € 700mil budget has been committed and most of it withdrawn already.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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Monday, 13 October 14
NEWCASTLE COAL SWAP FOR Q1' 2015 DELIVERY CLOSED AT US$ 54.92, SGX DATA SHOWS
COALspot.com: API 5 FOB Newcastle Coal swap for delivery Q4' 2014 decreased US$ 0.80 (-1.46%) month over month and US$ 0.52 (-0.95%) week over ...
Monday, 13 October 14
INDONESIAN COAL SWAPS FOR DELIVERY Q4' 2014 GAINED WEEK ON WEEK AND DAY ON DAY
COALspot.com: Indonesian coal swaps for delivery Q4' 2014 gained week on week and day on day.
The swap lost US$ 0.13 (-0.25%) month on mon ...
Monday, 13 October 14
Q1' 2015 CFR SOUTH CHINA COAL SWAP CLOSED US$ 0.31 PMT HIGHER THAN Q4' 2014 CLOSING
COALspot.com: API 8 CFR South China Coal swap for Q4’ 2014 delivery decreased US$ 0.66 (-1.00%) month over month and US$ 0.40 (-0.61%) ...
Sunday, 12 October 14
INDONESIA TO INDIA FREIGHT RATES ARE EXPECTED TO BE WEAK - VISTAAR
COALspot.com: This week all the segments softened. The BDI down 7.13 pct week on week and closed below 1000 points at 963 points.
The Cape ind ...
Saturday, 11 October 14
COAL PRODUCTION RISES ONLY SLIGHTLY AS GOVT LIMITS MINING OPERATIONS - THE JAKARTA POST
Indonesian coal production rose by only 4 percent in the first nine months of this year, a relatively low increase compared to previous years, as t ...
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- Central Java Power - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Eastern Energy - Thailand
- Vedanta Resources Plc - India
- Siam City Cement PLC, Thailand
- Attock Cement Pakistan Limited
- Barasentosa Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Kaltim Prima Coal - Indonesia
- Posco Energy - South Korea
- Siam City Cement - Thailand
- Orica Mining Services - Indonesia
- Meralco Power Generation, Philippines
- Bharathi Cement Corporation - India
- Indika Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Aboitiz Power Corporation - Philippines
- PTC India Limited - India
- Bhatia International Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parry Sugars Refinery, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kepco SPC Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Thai Mozambique Logistica
- Ambuja Cements Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Georgia Ports Authority, United States
- Petron Corporation, Philippines
- Madhucon Powers Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Manunggal Multi Energi - Indonesia
- Global Green Power PLC Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Lanco Infratech Ltd - India
- Mintek Dendrill Indonesia
- Indogreen Group - Indonesia
- Australian Commodity Traders Exchange
- Maharashtra Electricity Regulatory Commission - India
- Coastal Gujarat Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Economic Council, Georgia
- The Treasury - Australian Government
- Indian Oil Corporation Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Port Waratah Coal Services - Australia
- PowerSource Philippines DevCo
- GAC Shipping (India) Pvt Ltd
- SN Aboitiz Power Inc, Philippines
- Carbofer General Trading SA - India
- GVK Power & Infra Limited - India
- Mjunction Services Limited - India
- Bhoruka Overseas - Indonesia
- Alfred C Toepfer International GmbH - Germany
- London Commodity Brokers - England
- Borneo Indobara - Indonesia
- Trasteel International SA, Italy
- Ministry of Finance - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Anglo American - United Kingdom
- Dalmia Cement Bharat India
- Africa Commodities Group - South Africa
- Ministry of Transport, Egypt
- Star Paper Mills Limited - India
- Ministry of Mines - Canada
- Petrochimia International Co. Ltd.- Taiwan
- Timah Investasi Mineral - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Toyota Tsusho Corporation, Japan
- Wood Mackenzie - Singapore
- Parliament of New Zealand
- Gujarat Sidhee Cement - India
- Ind-Barath Power Infra Limited - India
- European Bulk Services B.V. - Netherlands
- Intertek Mineral Services - Indonesia
- The State Trading Corporation of India Ltd
- PNOC Exploration Corporation - Philippines
- Sical Logistics Limited - India
- Coalindo Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Bulk Trading Sa - Switzerland
- Orica Australia Pty. Ltd.
- Globalindo Alam Lestari - Indonesia
- Oldendorff Carriers - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Interocean Group of Companies - India
- Baramulti Group, Indonesia
- Ceylon Electricity Board - Sri Lanka
- LBH Netherlands Bv - Netherlands
- Energy Development Corp, Philippines
- Straits Asia Resources Limited - Singapore
- VISA Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Rio Tinto Coal - Australia
- Goldman Sachs - Singapore
- Banpu Public Company Limited - Thailand
- Mercuria Energy - Indonesia
- CNBM International Corporation - China
- International Coal Ventures Pvt Ltd - India
- Independent Power Producers Association of India
- Videocon Industries ltd - India
- Karaikal Port Pvt Ltd - India
- Mercator Lines Limited - India
- Electricity Generating Authority of Thailand
- Central Electricity Authority - India
- ICICI Bank Limited - India
- Semirara Mining Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bangladesh Power Developement Board
- Makarim & Taira - Indonesia
- Directorate Of Revenue Intelligence - India
- Gujarat Mineral Development Corp Ltd - India
- Cement Manufacturers Association - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sakthi Sugars Limited - India
- Xindia Steels Limited - India
- CIMB Investment Bank - Malaysia
- SMC Global Power, Philippines
- SMG Consultants - Indonesia
- Samtan Co., Ltd - South Korea
- Agrawal Coal Company - India
- Chettinad Cement Corporation Ltd - India
- Bukit Baiduri Energy - Indonesia
- Aditya Birla Group - India
- Billiton Holdings Pty Ltd - Australia
- Kideco Jaya Agung - Indonesia
- Edison Trading Spa - Italy
- Neyveli Lignite Corporation Ltd, - India
- Salva Resources Pvt Ltd - India
- India Bulls Power Limited - India
- GMR Energy Limited - India
- Riau Bara Harum - Indonesia
- Heidelberg Cement - Germany
- Sree Jayajothi Cements Limited - India
- Formosa Plastics Group - Taiwan
- TeaM Sual Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Standard Chartered Bank - UAE
- Indian Energy Exchange, India
- Kobexindo Tractors - Indoneisa
- Planning Commission, India
- Cigading International Bulk Terminal - Indonesia
- Therma Luzon, Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Sojitz Corporation - Japan
- Medco Energi Mining Internasional
- Malabar Cements Ltd - India
- Bukit Makmur.PT - Indonesia
- IHS Mccloskey Coal Group - USA
- Indonesian Coal Mining Association
- Sarangani Energy Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- The University of Queensland
- Sindya Power Generating Company Private Ltd
- MS Steel International - UAE
- Singapore Mercantile Exchange
- IEA Clean Coal Centre - UK
- McConnell Dowell - Australia
- Simpson Spence & Young - Indonesia
- Essar Steel Hazira Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Pendopo Energi Batubara - Indonesia
- Tamil Nadu electricity Board
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Marubeni Corporation - India
- Karbindo Abesyapradhi - Indoneisa
- Altura Mining Limited, Indonesia
- Grasim Industreis Ltd - India
- Australian Coal Association
- Eastern Coal Council - USA
- Bahari Cakrawala Sebuku - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Binh Thuan Hamico - Vietnam
- White Energy Company Limited
- Electricity Authority, New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Uttam Galva Steels Limited - India
- Tata Chemicals Ltd - India
- Jaiprakash Power Ventures ltd
- Chamber of Mines of South Africa
- Antam Resourcindo - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Vizag Seaport Private Limited - India
- South Luzon Thermal Energy Corporation
- Thiess Contractors Indonesia
- Bhushan Steel Limited - India
- Indo Tambangraya Megah - Indonesia
- Iligan Light & Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Meenaskhi Energy Private Limited - India
- Jindal Steel & Power Ltd - India
- Renaissance Capital - South Africa
- New Zealand Coal & Carbon
- Romanian Commodities Exchange
- Merrill Lynch Commodities Europe
- San Jose City I Power Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- ASAPP Information Group - India
- Commonwealth Bank - Australia
- Coal and Oil Company - UAE
- Power Finance Corporation Ltd., India
- Price Waterhouse Coopers - Russia
- Minerals Council of Australia
- Global Coal Blending Company Limited - Australia
- Wilmar Investment Holdings
- Sinarmas Energy and Mining - Indonesia
- Deloitte Consulting - India
- Metalloyd Limited - United Kingdom
- Latin American Coal - Colombia
- Global Business Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Energy Link Ltd, New Zealand
- Larsen & Toubro Limited - India
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