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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already there to provide new loans and in 2014 a big part of their € 700mil budget has been committed and most of it withdrawn already.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, 29 September 14
INDONESIAN COAL EXPORT VOLUME FALL IN AUGUST
COALspot.com: Indonesia, one of the world's largest coal producers and the global leading multi grade coal exporter shipped around $1.50 ...
Monday, 29 September 14
INDONESIAN COAL SWAPS LOST WEEK ON WEEK AND MONTH OVER MONTH
COALspot.com: Indonesian coal swaps for average November 2014 flat day on day and lost US$ 0.85 (-1.66%) per mt week on week. The swap also lost US ...
Monday, 29 September 14
CFR SOUTH CHINA COAL LOST AROUND 5% MONTH ON MONTH
COALspot.com: API 8 CFR South China Coal swap for delivery in November 2014 decreased US$ 3.55 (-5.10%) month over month and flat week over week.
...
Sunday, 28 September 14
FREIGHT RATES FROM INDONESIA TO INDIA IS EXPECTED TO BE FIRM NEXT WEEK - CAPT. REDDY
COALspot.com: The freight market shows a bit weak trend this week.
The BDI was lost 2.42% week on week and closed at 1049 points on 26 Se ...
Sunday, 28 September 14
BERAU AGREES DEAL WITH GOVT, MINING AREA REDUCED - THE JAKARTA POST
Coal miner PT Berau Coal, a subsidiary of Jakarta-listed PT Berau Coal Energy (BRAU), has signed a memorandum of understanding (MoU) with the gover ...
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- Ambuja Cements Ltd - India
- GAC Shipping (India) Pvt Ltd
- Wilmar Investment Holdings
- Karbindo Abesyapradhi - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- LBH Netherlands Bv - Netherlands
- Iligan Light & Power Inc, Philippines
- White Energy Company Limited
- Cement Manufacturers Association - India
- Karaikal Port Pvt Ltd - India
- Minerals Council of Australia
- Star Paper Mills Limited - India
- Deloitte Consulting - India
- Indo Tambangraya Megah - Indonesia
- Siam City Cement - Thailand
- Essar Steel Hazira Ltd - India
- ASAPP Information Group - India
- Kapuas Tunggal Persada - Indonesia
- CIMB Investment Bank - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- PowerSource Philippines DevCo
- SN Aboitiz Power Inc, Philippines
- Edison Trading Spa - Italy
- GVK Power & Infra Limited - India
- Intertek Mineral Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Latin American Coal - Colombia
- Neyveli Lignite Corporation Ltd, - India
- Cigading International Bulk Terminal - Indonesia
- SMC Global Power, Philippines
- Marubeni Corporation - India
- Standard Chartered Bank - UAE
- PetroVietnam Power Coal Import and Supply Company
- Power Finance Corporation Ltd., India
- Simpson Spence & Young - Indonesia
- Therma Luzon, Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Bhatia International Limited - India
- Australian Coal Association
- McConnell Dowell - Australia
- Antam Resourcindo - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Singapore Mercantile Exchange
- Indogreen Group - Indonesia
- Siam City Cement PLC, Thailand
- Kideco Jaya Agung - Indonesia
- Mintek Dendrill Indonesia
- Tata Chemicals Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Central Java Power - Indonesia
- Coastal Gujarat Power Limited - India
- IEA Clean Coal Centre - UK
- Semirara Mining and Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Economic Council, Georgia
- New Zealand Coal & Carbon
- Semirara Mining Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Banpu Public Company Limited - Thailand
- Romanian Commodities Exchange
- Borneo Indobara - Indonesia
- Ministry of Mines - Canada
- Wood Mackenzie - Singapore
- Krishnapatnam Port Company Ltd. - India
- Vizag Seaport Private Limited - India
- Sakthi Sugars Limited - India
- Grasim Industreis Ltd - India
- Oldendorff Carriers - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- AsiaOL BioFuels Corp., Philippines
- ICICI Bank Limited - India
- Vedanta Resources Plc - India
- Bukit Baiduri Energy - Indonesia
- Indonesian Coal Mining Association
- Formosa Plastics Group - Taiwan
- Barasentosa Lestari - Indonesia
- Salva Resources Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Aboitiz Power Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Eastern Energy - Thailand
- Coal and Oil Company - UAE
- Uttam Galva Steels Limited - India
- Samtan Co., Ltd - South Korea
- Miang Besar Coal Terminal - Indonesia
- Sindya Power Generating Company Private Ltd
- Altura Mining Limited, Indonesia
- Kobexindo Tractors - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Australian Commodity Traders Exchange
- Larsen & Toubro Limited - India
- Orica Mining Services - Indonesia
- London Commodity Brokers - England
- Sinarmas Energy and Mining - Indonesia
- Rio Tinto Coal - Australia
- Ind-Barath Power Infra Limited - India
- Indian Oil Corporation Limited
- GMR Energy Limited - India
- Xindia Steels Limited - India
- Sical Logistics Limited - India
- Kaltim Prima Coal - Indonesia
- Bhoruka Overseas - Indonesia
- SMG Consultants - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Planning Commission, India
- Bharathi Cement Corporation - India
- Sarangani Energy Corporation, Philippines
- Riau Bara Harum - Indonesia
- Carbofer General Trading SA - India
- IHS Mccloskey Coal Group - USA
- The Treasury - Australian Government
- Videocon Industries ltd - India
- Global Business Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Malabar Cements Ltd - India
- Coalindo Energy - Indonesia
- Port Waratah Coal Services - Australia
- VISA Power Limited - India
- Bukit Makmur.PT - Indonesia
- Meralco Power Generation, Philippines
- San Jose City I Power Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- MS Steel International - UAE
- Madhucon Powers Ltd - India
- Mercator Lines Limited - India
- Thai Mozambique Logistica
- Merrill Lynch Commodities Europe
- Eastern Coal Council - USA
- The University of Queensland
- Bangladesh Power Developement Board
- Metalloyd Limited - United Kingdom
- Binh Thuan Hamico - Vietnam
- PNOC Exploration Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Interocean Group of Companies - India
- The State Trading Corporation of India Ltd
- Toyota Tsusho Corporation, Japan
- Parliament of New Zealand
- Aditya Birla Group - India
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Electricity Regulatory Commission - India
- Renaissance Capital - South Africa
- Bulk Trading Sa - Switzerland
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Medco Energi Mining Internasional
- Lanco Infratech Ltd - India
- Indika Energy - Indonesia
- Posco Energy - South Korea
- Energy Link Ltd, New Zealand
- Ministry of Transport, Egypt
- Trasteel International SA, Italy
- Sree Jayajothi Cements Limited - India
- OPG Power Generation Pvt Ltd - India
- Ministry of Finance - Indonesia
- Goldman Sachs - Singapore
- Africa Commodities Group - South Africa
- Energy Development Corp, Philippines
- TeaM Sual Corporation - Philippines
- Orica Australia Pty. Ltd.
- Anglo American - United Kingdom
- Petron Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Heidelberg Cement - Germany
- South Luzon Thermal Energy Corporation
- Parry Sugars Refinery, India
- India Bulls Power Limited - India
- Attock Cement Pakistan Limited
- Rashtriya Ispat Nigam Limited - India
- Alfred C Toepfer International GmbH - Germany
- Maharashtra Electricity Regulatory Commission - India
- Commonwealth Bank - Australia
- Electricity Authority, New Zealand
- Globalindo Alam Lestari - Indonesia
- Agrawal Coal Company - India
- Kumho Petrochemical, South Korea
- Straits Asia Resources Limited - Singapore
- Dalmia Cement Bharat India
- Chamber of Mines of South Africa
- PTC India Limited - India
- Central Electricity Authority - India
- Mercuria Energy - Indonesia
- Makarim & Taira - Indonesia
- Kartika Selabumi Mining - Indonesia
- Bhushan Steel Limited - India
- Electricity Generating Authority of Thailand
- Tamil Nadu electricity Board
- Bayan Resources Tbk. - Indonesia
- Timah Investasi Mineral - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Baramulti Group, Indonesia
- CNBM International Corporation - China
- Meenaskhi Energy Private Limited - India
- Holcim Trading Pte Ltd - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Independent Power Producers Association of India
- Chettinad Cement Corporation Ltd - India
- Mjunction Services Limited - India
- Leighton Contractors Pty Ltd - Australia
- Price Waterhouse Coopers - Russia
- Georgia Ports Authority, United States
- Vijayanagar Sugar Pvt Ltd - India
- Sojitz Corporation - Japan
- Jaiprakash Power Ventures ltd
- Kepco SPC Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Billiton Holdings Pty Ltd - Australia
- Indian Energy Exchange, India
- Global Coal Blending Company Limited - Australia
- Gujarat Sidhee Cement - India
- Thiess Contractors Indonesia
- Directorate General of MIneral and Coal - Indonesia
- European Bulk Services B.V. - Netherlands
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