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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already there to provide new loans and in 2014 a big part of their € 700mil budget has been committed and most of it withdrawn already.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, 02 October 14
CAPESIZE - DULL AND WITHOUT MUCH DIRECTION AS IRON ORE AND COAL VOLUMES FAIL TO LIVE UP EXPECTATIONS
Handy
After the recent weeks´ rate increase in the Atlantic we see Panamaxes snapping up handymax and Supra cargoes at much lower levels, p ...
Wednesday, 01 October 14
ASIAN THERMAL COAL PRICES TO REMAIN WEAK ON OVERSUPPLY - FITCH
COALspot.com: The thermal coal market in Asia will remain oversupplied in the next 12 months, in spite of on-going rationalisation of production, a ...
Wednesday, 01 October 14
PANAMAXES: DEFENSIVE, STRUGGLING TO KEEP ANY FURTHER DECREASES - INTERMODAL
COALspot.com: The Dry Bulk market seemed unable to shake off the trend of the week prior and the BDI remained on a downward slope for the bigger pa ...
Wednesday, 01 October 14
FITCH: GLOBAL ECONOMY FACES MULTI-SPEED RECOVERY, MULTIPLE RISKS
Fitch Ratings says in its latest Global Economic Outlook (GEO) that global growth will pick up in 2015 and 2016, but risks are weighted to the down ...
Tuesday, 30 September 14
COALVIEW TO PARTICIPATE AT MET COKE WORLD SUMMIT 2014 IN CHICAGO
COALspot.com: Coalview Ltd., LLC(“Coalview”) America's leading fully integrated coal technology and fine coal recovery company prov ...
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- Aditya Birla Group - India
- PTC India Limited - India
- Grasim Industreis Ltd - India
- Commonwealth Bank - Australia
- Orica Australia Pty. Ltd.
- Siam City Cement - Thailand
- Semirara Mining and Power Corporation, Philippines
- Rio Tinto Coal - Australia
- Ceylon Electricity Board - Sri Lanka
- Maheswari Brothers Coal Limited - India
- Coastal Gujarat Power Limited - India
- Barasentosa Lestari - Indonesia
- Kideco Jaya Agung - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Mercator Lines Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Simpson Spence & Young - Indonesia
- Global Coal Blending Company Limited - Australia
- Uttam Galva Steels Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pipit Mutiara Jaya. PT, Indonesia
- Star Paper Mills Limited - India
- Marubeni Corporation - India
- Coalindo Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Meenaskhi Energy Private Limited - India
- Essar Steel Hazira Ltd - India
- Krishnapatnam Port Company Ltd. - India
- South Luzon Thermal Energy Corporation
- Bangladesh Power Developement Board
- Thai Mozambique Logistica
- TeaM Sual Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Edison Trading Spa - Italy
- Savvy Resources Ltd - HongKong
- Parliament of New Zealand
- Global Green Power PLC Corporation, Philippines
- The State Trading Corporation of India Ltd
- Dalmia Cement Bharat India
- MS Steel International - UAE
- Alfred C Toepfer International GmbH - Germany
- CNBM International Corporation - China
- GN Power Mariveles Coal Plant, Philippines
- ASAPP Information Group - India
- Iligan Light & Power Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Electricity Authority, New Zealand
- Semirara Mining Corp, Philippines
- Mercuria Energy - Indonesia
- Planning Commission, India
- VISA Power Limited - India
- Orica Mining Services - Indonesia
- International Coal Ventures Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Parry Sugars Refinery, India
- Deloitte Consulting - India
- PNOC Exploration Corporation - Philippines
- Cement Manufacturers Association - India
- Indian Oil Corporation Limited
- Standard Chartered Bank - UAE
- Tata Chemicals Ltd - India
- Antam Resourcindo - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhoruka Overseas - Indonesia
- CIMB Investment Bank - Malaysia
- IEA Clean Coal Centre - UK
- Metalloyd Limited - United Kingdom
- Africa Commodities Group - South Africa
- European Bulk Services B.V. - Netherlands
- Sindya Power Generating Company Private Ltd
- Kumho Petrochemical, South Korea
- Meralco Power Generation, Philippines
- Borneo Indobara - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Kohat Cement Company Ltd. - Pakistan
- Georgia Ports Authority, United States
- Pendopo Energi Batubara - Indonesia
- Altura Mining Limited, Indonesia
- Vizag Seaport Private Limited - India
- GAC Shipping (India) Pvt Ltd
- New Zealand Coal & Carbon
- Baramulti Group, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Madhucon Powers Ltd - India
- Lanco Infratech Ltd - India
- White Energy Company Limited
- Gujarat Sidhee Cement - India
- Sarangani Energy Corporation, Philippines
- Goldman Sachs - Singapore
- Indian Energy Exchange, India
- Ambuja Cements Ltd - India
- Bulk Trading Sa - Switzerland
- Ind-Barath Power Infra Limited - India
- Carbofer General Trading SA - India
- Price Waterhouse Coopers - Russia
- Indogreen Group - Indonesia
- Sojitz Corporation - Japan
- GMR Energy Limited - India
- Directorate Of Revenue Intelligence - India
- AsiaOL BioFuels Corp., Philippines
- Thiess Contractors Indonesia
- Interocean Group of Companies - India
- Bahari Cakrawala Sebuku - Indonesia
- Samtan Co., Ltd - South Korea
- Eastern Coal Council - USA
- Agrawal Coal Company - India
- Kepco SPC Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- IHS Mccloskey Coal Group - USA
- Oldendorff Carriers - Singapore
- Central Electricity Authority - India
- Directorate General of MIneral and Coal - Indonesia
- Anglo American - United Kingdom
- OPG Power Generation Pvt Ltd - India
- India Bulls Power Limited - India
- Aboitiz Power Corporation - Philippines
- PowerSource Philippines DevCo
- Neyveli Lignite Corporation Ltd, - India
- McConnell Dowell - Australia
- Latin American Coal - Colombia
- LBH Netherlands Bv - Netherlands
- Binh Thuan Hamico - Vietnam
- Siam City Cement PLC, Thailand
- Australian Coal Association
- Heidelberg Cement - Germany
- Salva Resources Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Ministry of Finance - Indonesia
- Riau Bara Harum - Indonesia
- GVK Power & Infra Limited - India
- Bhushan Steel Limited - India
- Xindia Steels Limited - India
- Kobexindo Tractors - Indoneisa
- Toyota Tsusho Corporation, Japan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Tamil Nadu electricity Board
- Minerals Council of Australia
- Coal and Oil Company - UAE
- Indika Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Petron Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Ministry of Transport, Egypt
- Formosa Plastics Group - Taiwan
- Wood Mackenzie - Singapore
- Port Waratah Coal Services - Australia
- Videocon Industries ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Malabar Cements Ltd - India
- Indonesian Coal Mining Association
- San Jose City I Power Corp, Philippines
- The University of Queensland
- Romanian Commodities Exchange
- Ministry of Mines - Canada
- Wilmar Investment Holdings
- Bayan Resources Tbk. - Indonesia
- Globalindo Alam Lestari - Indonesia
- Medco Energi Mining Internasional
- Energy Link Ltd, New Zealand
- Chamber of Mines of South Africa
- Economic Council, Georgia
- Makarim & Taira - Indonesia
- Sakthi Sugars Limited - India
- Independent Power Producers Association of India
- Asmin Koalindo Tuhup - Indonesia
- Trasteel International SA, Italy
- Australian Commodity Traders Exchange
- SMC Global Power, Philippines
- Global Business Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Posco Energy - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Central Java Power - Indonesia
- Bukit Baiduri Energy - Indonesia
- Attock Cement Pakistan Limited
- TNB Fuel Sdn Bhd - Malaysia
- Chettinad Cement Corporation Ltd - India
- ICICI Bank Limited - India
- Bharathi Cement Corporation - India
- London Commodity Brokers - England
- Mintek Dendrill Indonesia
- Power Finance Corporation Ltd., India
- Sical Logistics Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Energy Development Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Sree Jayajothi Cements Limited - India
- Banpu Public Company Limited - Thailand
- Leighton Contractors Pty Ltd - Australia
- Mjunction Services Limited - India
- Intertek Mineral Services - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Jindal Steel & Power Ltd - India
- Eastern Energy - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Renaissance Capital - South Africa
- Merrill Lynch Commodities Europe
- Larsen & Toubro Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bukit Makmur.PT - Indonesia
- Kaltim Prima Coal - Indonesia
- SMG Consultants - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhatia International Limited - India
- Billiton Holdings Pty Ltd - Australia
- The Treasury - Australian Government
- Electricity Generating Authority of Thailand
- Maharashtra Electricity Regulatory Commission - India
- SN Aboitiz Power Inc, Philippines
- Vedanta Resources Plc - India
- Jaiprakash Power Ventures ltd
- Singapore Mercantile Exchange
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