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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already there to provide new loans and in 2014 a big part of their € 700mil budget has been committed and most of it withdrawn already.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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Tuesday, 07 October 14
API 8 CFR SOUTH CHINA COAL SWAP HEADED SOUTH
COALspot.com: API 8 CFR South China Coal swap for delivery in November 2014 decreased US$ 1.10 (-1.64%) month over month and US$ 0.25 (-0.38%) ...
Monday, 06 October 14
' COAL-BY-WIRE' FROM SUMATRA TO JAVA - THE JAKARTA POST
Coal from the island of Sumatra accounts for most of Indonesia’s low-grade lignite, a low-quality coal that receives a poor price in internat ...
Monday, 06 October 14
THE IRON ORE SHIPPING BUSINESS IS FACING SOME ROUGH SEAS - EAST ASIA FORUM
The impact of Chinese demand on global iron ore prices is well known. A less acknowledged consequence of China’s emergence is the transformat ...
Sunday, 05 October 14
BALTIC DRY INDEX SLIPS 1.14%; BALTIC PANAMAX INDEX GAINED 9.91% WEEK ON WEEK
COALspot.com: The BDI was down by 1.14 pct and closed at 1037 points this Friday.
The Cape index was down significantly week on week or lost 5 ...
Friday, 03 October 14
U.S. WEEKLY COAL PRODUCTION UP 5.8% TO 19.9 MMST
COALspot.com – United States the world's one of largest coal producers, produced approximately 19.9 million short tons (mmst) of co ...
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- Thiess Contractors Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Aboitiz Power Corporation - Philippines
- Lanco Infratech Ltd - India
- Ind-Barath Power Infra Limited - India
- International Coal Ventures Pvt Ltd - India
- Indonesian Coal Mining Association
- SMC Global Power, Philippines
- Indo Tambangraya Megah - Indonesia
- Australian Commodity Traders Exchange
- Goldman Sachs - Singapore
- Savvy Resources Ltd - HongKong
- Essar Steel Hazira Ltd - India
- Globalindo Alam Lestari - Indonesia
- CNBM International Corporation - China
- Xindia Steels Limited - India
- London Commodity Brokers - England
- Karbindo Abesyapradhi - Indoneisa
- European Bulk Services B.V. - Netherlands
- Chamber of Mines of South Africa
- Alfred C Toepfer International GmbH - Germany
- Karaikal Port Pvt Ltd - India
- Energy Development Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Kaltim Prima Coal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Minerals Council of Australia
- Sical Logistics Limited - India
- Semirara Mining and Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Central Electricity Authority - India
- Ministry of Transport, Egypt
- Dalmia Cement Bharat India
- Indika Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- South Luzon Thermal Energy Corporation
- Kartika Selabumi Mining - Indonesia
- Agrawal Coal Company - India
- Intertek Mineral Services - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Antam Resourcindo - Indonesia
- Trasteel International SA, Italy
- Iligan Light & Power Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kumho Petrochemical, South Korea
- Kideco Jaya Agung - Indonesia
- SMG Consultants - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Pendopo Energi Batubara - Indonesia
- Chettinad Cement Corporation Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Planning Commission, India
- Jaiprakash Power Ventures ltd
- Holcim Trading Pte Ltd - Singapore
- SN Aboitiz Power Inc, Philippines
- Bhatia International Limited - India
- Directorate Of Revenue Intelligence - India
- Gujarat Mineral Development Corp Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Videocon Industries ltd - India
- Therma Luzon, Inc, Philippines
- Cement Manufacturers Association - India
- Sarangani Energy Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Port Waratah Coal Services - Australia
- Aditya Birla Group - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Marubeni Corporation - India
- Sree Jayajothi Cements Limited - India
- Orica Australia Pty. Ltd.
- Medco Energi Mining Internasional
- Formosa Plastics Group - Taiwan
- Gujarat Sidhee Cement - India
- Bukit Makmur.PT - Indonesia
- Tata Chemicals Ltd - India
- ASAPP Information Group - India
- TeaM Sual Corporation - Philippines
- PNOC Exploration Corporation - Philippines
- Standard Chartered Bank - UAE
- Edison Trading Spa - Italy
- Toyota Tsusho Corporation, Japan
- Metalloyd Limited - United Kingdom
- Australian Coal Association
- Indian Oil Corporation Limited
- IHS Mccloskey Coal Group - USA
- Uttam Galva Steels Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Independent Power Producers Association of India
- Banpu Public Company Limited - Thailand
- Sojitz Corporation - Japan
- Borneo Indobara - Indonesia
- Oldendorff Carriers - Singapore
- Posco Energy - South Korea
- Africa Commodities Group - South Africa
- PetroVietnam Power Coal Import and Supply Company
- MS Steel International - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Anglo American - United Kingdom
- Malabar Cements Ltd - India
- Power Finance Corporation Ltd., India
- Gujarat Electricity Regulatory Commission - India
- Siam City Cement PLC, Thailand
- Coastal Gujarat Power Limited - India
- Coal and Oil Company - UAE
- Eastern Energy - Thailand
- Wilmar Investment Holdings
- IEA Clean Coal Centre - UK
- Kapuas Tunggal Persada - Indonesia
- Bharathi Cement Corporation - India
- Barasentosa Lestari - Indonesia
- Samtan Co., Ltd - South Korea
- Semirara Mining Corp, Philippines
- Orica Mining Services - Indonesia
- Georgia Ports Authority, United States
- OPG Power Generation Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Timah Investasi Mineral - Indoneisa
- Mercator Lines Limited - India
- Petron Corporation, Philippines
- Meralco Power Generation, Philippines
- Price Waterhouse Coopers - Russia
- Ministry of Mines - Canada
- Global Business Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Larsen & Toubro Limited - India
- Manunggal Multi Energi - Indonesia
- Madhucon Powers Ltd - India
- Deloitte Consulting - India
- AsiaOL BioFuels Corp., Philippines
- Meenaskhi Energy Private Limited - India
- Tamil Nadu electricity Board
- Bukit Asam (Persero) Tbk - Indonesia
- GVK Power & Infra Limited - India
- Heidelberg Cement - Germany
- Jorong Barutama Greston.PT - Indonesia
- Mintek Dendrill Indonesia
- Coalindo Energy - Indonesia
- Mercuria Energy - Indonesia
- Altura Mining Limited, Indonesia
- Jindal Steel & Power Ltd - India
- The University of Queensland
- Global Green Power PLC Corporation, Philippines
- Star Paper Mills Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Latin American Coal - Colombia
- Rio Tinto Coal - Australia
- Kobexindo Tractors - Indoneisa
- PowerSource Philippines DevCo
- Binh Thuan Hamico - Vietnam
- Ambuja Cements Ltd - India
- Electricity Authority, New Zealand
- Kepco SPC Power Corporation, Philippines
- McConnell Dowell - Australia
- Grasim Industreis Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Eastern Coal Council - USA
- TNB Fuel Sdn Bhd - Malaysia
- The Treasury - Australian Government
- Bhushan Steel Limited - India
- Wood Mackenzie - Singapore
- Krishnapatnam Port Company Ltd. - India
- White Energy Company Limited
- ICICI Bank Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Singapore Mercantile Exchange
- Billiton Holdings Pty Ltd - Australia
- PTC India Limited - India
- Indogreen Group - Indonesia
- Bangladesh Power Developement Board
- Kohat Cement Company Ltd. - Pakistan
- LBH Netherlands Bv - Netherlands
- Sindya Power Generating Company Private Ltd
- Mjunction Services Limited - India
- VISA Power Limited - India
- Central Java Power - Indonesia
- The State Trading Corporation of India Ltd
- Indian Energy Exchange, India
- GMR Energy Limited - India
- Energy Link Ltd, New Zealand
- Electricity Generating Authority of Thailand
- Interocean Group of Companies - India
- CIMB Investment Bank - Malaysia
- New Zealand Coal & Carbon
- Romanian Commodities Exchange
- Commonwealth Bank - Australia
- Makarim & Taira - Indonesia
- Sakthi Sugars Limited - India
- San Jose City I Power Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Riau Bara Harum - Indonesia
- Salva Resources Pvt Ltd - India
- Parry Sugars Refinery, India
- Vedanta Resources Plc - India
- Parliament of New Zealand
- Miang Besar Coal Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bhoruka Overseas - Indonesia
- GAC Shipping (India) Pvt Ltd
- India Bulls Power Limited - India
- Renaissance Capital - South Africa
- Baramulti Group, Indonesia
- Ministry of Finance - Indonesia
- Carbofer General Trading SA - India
- Economic Council, Georgia
- Thai Mozambique Logistica
- Simpson Spence & Young - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Siam City Cement - Thailand
- Bukit Baiduri Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Attock Cement Pakistan Limited
- Maheswari Brothers Coal Limited - India
- GN Power Mariveles Coal Plant, Philippines
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