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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already there to provide new loans and in 2014 a big part of their € 700mil budget has been committed and most of it withdrawn already.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, 08 October 14
OIL COULD FALL TO USD80 BEFORE SHALE SUPPLY RESPONSE - FITCH
COALspot.com: Brent oil could fall as low as USD80 a barrel before triggering a self-correcting supply response with shale-oil drillers cutting inv ...
Wednesday, 08 October 14
IS THERE ANY BRIGHT SIDE ON THE DRY BULK SEGMENT? - YANNIS OLZIERSKY
In the movie “Life Of Brian”, a character on a nearby cross was singing the famous “Always look on the bright side of life” ...
Tuesday, 07 October 14
TAIPOWER TO IMPORT 525K MT OF LOW ASH AND EXTRA LOW SULFUR SUB-BITUMINOUS COAL
COALspot.com: Taiwan Power Company intends to procure 525,000 metric tons of low ash and extra low sulfur sub-bituminous coal for Taipower thermal ...
Tuesday, 07 October 14
SUB-BIT FOB INDONESIA COAL SWAP SHOWS A FLAT TO WEAK TREND THIS PAST WEEK
COALspot.com: Indonesian coal swaps November 2014 delivery flat week on week and gained US$ 0.10 (-0.20%) per mt day on day. The swap also lost US$ ...
Tuesday, 07 October 14
THE RIO TINTO CONFIRMS THAT NO DISCUSSIONS ARE TAKING PLACE WITH GLENCORE
COALspot.com: The board of Rio Tinto notes the recent press speculation regarding a possible combination of Rio Tinto and Glencore.The Rio Tinto bo ...
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- Uttam Galva Steels Limited - India
- Anglo American - United Kingdom
- Riau Bara Harum - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Formosa Plastics Group - Taiwan
- Oldendorff Carriers - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- San Jose City I Power Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Indogreen Group - Indonesia
- Attock Cement Pakistan Limited
- Holcim Trading Pte Ltd - Singapore
- Medco Energi Mining Internasional
- Xindia Steels Limited - India
- GMR Energy Limited - India
- Global Business Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Tamil Nadu electricity Board
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Edison Trading Spa - Italy
- Romanian Commodities Exchange
- India Bulls Power Limited - India
- Madhucon Powers Ltd - India
- Globalindo Alam Lestari - Indonesia
- Ceylon Electricity Board - Sri Lanka
- TeaM Sual Corporation - Philippines
- CIMB Investment Bank - Malaysia
- VISA Power Limited - India
- Bukit Makmur.PT - Indonesia
- Coastal Gujarat Power Limited - India
- Central Electricity Authority - India
- Georgia Ports Authority, United States
- GVK Power & Infra Limited - India
- Australian Coal Association
- Toyota Tsusho Corporation, Japan
- Lanco Infratech Ltd - India
- Singapore Mercantile Exchange
- Minerals Council of Australia
- Gujarat Mineral Development Corp Ltd - India
- Borneo Indobara - Indonesia
- Marubeni Corporation - India
- Thiess Contractors Indonesia
- Sindya Power Generating Company Private Ltd
- European Bulk Services B.V. - Netherlands
- Kapuas Tunggal Persada - Indonesia
- Mercuria Energy - Indonesia
- Baramulti Group, Indonesia
- SN Aboitiz Power Inc, Philippines
- Eastern Energy - Thailand
- Tata Chemicals Ltd - India
- ICICI Bank Limited - India
- Rashtriya Ispat Nigam Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Orica Mining Services - Indonesia
- Power Finance Corporation Ltd., India
- Timah Investasi Mineral - Indoneisa
- Binh Thuan Hamico - Vietnam
- Kalimantan Lumbung Energi - Indonesia
- McConnell Dowell - Australia
- Mintek Dendrill Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Straits Asia Resources Limited - Singapore
- Electricity Authority, New Zealand
- Makarim & Taira - Indonesia
- Coalindo Energy - Indonesia
- Energy Development Corp, Philippines
- Banpu Public Company Limited - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Barasentosa Lestari - Indonesia
- Eastern Coal Council - USA
- Dalmia Cement Bharat India
- Kideco Jaya Agung - Indonesia
- Videocon Industries ltd - India
- Sical Logistics Limited - India
- Aboitiz Power Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Ind-Barath Power Infra Limited - India
- LBH Netherlands Bv - Netherlands
- Parry Sugars Refinery, India
- The University of Queensland
- IEA Clean Coal Centre - UK
- Kaltim Prima Coal - Indonesia
- CNBM International Corporation - China
- OPG Power Generation Pvt Ltd - India
- SMC Global Power, Philippines
- Trasteel International SA, Italy
- South Luzon Thermal Energy Corporation
- International Coal Ventures Pvt Ltd - India
- Rio Tinto Coal - Australia
- Star Paper Mills Limited - India
- Merrill Lynch Commodities Europe
- SMG Consultants - Indonesia
- ASAPP Information Group - India
- Africa Commodities Group - South Africa
- Pendopo Energi Batubara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Chamber of Mines of South Africa
- Grasim Industreis Ltd - India
- Sojitz Corporation - Japan
- Aditya Birla Group - India
- Ministry of Finance - Indonesia
- Petron Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Indian Oil Corporation Limited
- Coal and Oil Company - UAE
- Maheswari Brothers Coal Limited - India
- Miang Besar Coal Terminal - Indonesia
- Carbofer General Trading SA - India
- White Energy Company Limited
- Asmin Koalindo Tuhup - Indonesia
- Port Waratah Coal Services - Australia
- Bhoruka Overseas - Indonesia
- Ministry of Transport, Egypt
- Bulk Trading Sa - Switzerland
- Directorate Of Revenue Intelligence - India
- Intertek Mineral Services - Indonesia
- New Zealand Coal & Carbon
- Parliament of New Zealand
- Sree Jayajothi Cements Limited - India
- Posco Energy - South Korea
- Bhushan Steel Limited - India
- Interocean Group of Companies - India
- Kohat Cement Company Ltd. - Pakistan
- Kartika Selabumi Mining - Indonesia
- London Commodity Brokers - England
- Planning Commission, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Wilmar Investment Holdings
- Salva Resources Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Savvy Resources Ltd - HongKong
- Offshore Bulk Terminal Pte Ltd, Singapore
- Therma Luzon, Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Sidhee Cement - India
- Essar Steel Hazira Ltd - India
- Indian Energy Exchange, India
- Gujarat Electricity Regulatory Commission - India
- Independent Power Producers Association of India
- Bayan Resources Tbk. - Indonesia
- Kepco SPC Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Goldman Sachs - Singapore
- Bhatia International Limited - India
- Samtan Co., Ltd - South Korea
- Metalloyd Limited - United Kingdom
- Siam City Cement PLC, Thailand
- Deloitte Consulting - India
- Central Java Power - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sarangani Energy Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Mjunction Services Limited - India
- Economic Council, Georgia
- Bangladesh Power Developement Board
- Ambuja Cements Ltd - India
- Global Green Power PLC Corporation, Philippines
- Indonesian Coal Mining Association
- Chettinad Cement Corporation Ltd - India
- Thai Mozambique Logistica
- PowerSource Philippines DevCo
- Meralco Power Generation, Philippines
- Australian Commodity Traders Exchange
- Vizag Seaport Private Limited - India
- Semirara Mining Corp, Philippines
- Antam Resourcindo - Indonesia
- Ministry of Mines - Canada
- Krishnapatnam Port Company Ltd. - India
- Agrawal Coal Company - India
- PTC India Limited - India
- Latin American Coal - Colombia
- Indo Tambangraya Megah - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Heidelberg Cement - Germany
- Karbindo Abesyapradhi - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Jorong Barutama Greston.PT - Indonesia
- Price Waterhouse Coopers - Russia
- Alfred C Toepfer International GmbH - Germany
- Vedanta Resources Plc - India
- Indika Energy - Indonesia
- Renaissance Capital - South Africa
- Jaiprakash Power Ventures ltd
- Wood Mackenzie - Singapore
- Commonwealth Bank - Australia
- Mercator Lines Limited - India
- Cigading International Bulk Terminal - Indonesia
- PNOC Exploration Corporation - Philippines
- Cement Manufacturers Association - India
- Karaikal Port Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- IHS Mccloskey Coal Group - USA
- Bukit Asam (Persero) Tbk - Indonesia
- Electricity Generating Authority of Thailand
- The Treasury - Australian Government
- Kumho Petrochemical, South Korea
- Sakthi Sugars Limited - India
- The State Trading Corporation of India Ltd
- Orica Australia Pty. Ltd.
- Leighton Contractors Pty Ltd - Australia
- Energy Link Ltd, New Zealand
- MS Steel International - UAE
- Standard Chartered Bank - UAE
- Malabar Cements Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Jindal Steel & Power Ltd - India
- Bharathi Cement Corporation - India
- Siam City Cement - Thailand
- Meenaskhi Energy Private Limited - India
- Larsen & Toubro Limited - India
- Manunggal Multi Energi - Indonesia
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