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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already there to provide new loans and in 2014 a big part of their € 700mil budget has been committed and most of it withdrawn already.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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Saturday, 27 September 14
OIL MARKET CONTANGO: SPECULATION ON FUTURE PRICES CAN BE A RISKY MOVE, EVEN FOR TANKER OWNERS HELLENIC SHIPPING NEWS
Despite the fact that tanker owners can easily use their vessels as floating storage units for oil, in a bid to exploit the current oil market dyna ...
Saturday, 27 September 14
MORE COAL MINERS AGREE TO AMEND CONTRACTS - THE JAKARTA POST
The Energy and Mineral Resources Ministry is in a rush to beat a deadline for the conclusion of numerous memorandums of understanding (MoUs) with t ...
Friday, 26 September 14
INDIA SUPREME COURT RULING TO HIT STEEL, UTILITY EARNINGS, SAYS FITCH
COALspot.com: The 24 September Supreme Court of India (SCI) decision to cancel almost every coal block allocation since 1993 will have a negative f ...
Friday, 26 September 14
U.S WEEKLY COAL PRODUCTION FELL 1.8% WEEK OVER WEEK, SAYS EIA
COALspot.com – United States the world's one of largest coal producers, produced approximately 18.80 million short tons (mmst) of c ...
Friday, 26 September 14
ORACLE SIGNS EPC FRAMEWORK AGREEMENT WITH SEPCO FOR COAL MINE AND POWER PLANT IN PAKISTAN
COALspot.com: Oracle Coalfields PLC, the UK developer of a lignite coal mine and power plant in the south-eastern Sindh Province, Pakistan, has ann ...
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- PetroVietnam Power Coal Import and Supply Company
- Kapuas Tunggal Persada - Indonesia
- Straits Asia Resources Limited - Singapore
- Coastal Gujarat Power Limited - India
- Heidelberg Cement - Germany
- Bukit Asam (Persero) Tbk - Indonesia
- Energy Development Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Standard Chartered Bank - UAE
- SN Aboitiz Power Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Sinarmas Energy and Mining - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Africa Commodities Group - South Africa
- Power Finance Corporation Ltd., India
- Savvy Resources Ltd - HongKong
- Bhatia International Limited - India
- Global Green Power PLC Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Banpu Public Company Limited - Thailand
- Binh Thuan Hamico - Vietnam
- Renaissance Capital - South Africa
- Port Waratah Coal Services - Australia
- Bukit Baiduri Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Videocon Industries ltd - India
- Ceylon Electricity Board - Sri Lanka
- Jorong Barutama Greston.PT - Indonesia
- ASAPP Information Group - India
- Intertek Mineral Services - Indonesia
- Orica Australia Pty. Ltd.
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vizag Seaport Private Limited - India
- Holcim Trading Pte Ltd - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Bharathi Cement Corporation - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- IHS Mccloskey Coal Group - USA
- Sojitz Corporation - Japan
- Georgia Ports Authority, United States
- Ministry of Finance - Indonesia
- Indogreen Group - Indonesia
- Oldendorff Carriers - Singapore
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement - Thailand
- Thiess Contractors Indonesia
- Independent Power Producers Association of India
- CIMB Investment Bank - Malaysia
- Meralco Power Generation, Philippines
- Thai Mozambique Logistica
- Semirara Mining Corp, Philippines
- Malabar Cements Ltd - India
- London Commodity Brokers - England
- Neyveli Lignite Corporation Ltd, - India
- Kideco Jaya Agung - Indonesia
- Medco Energi Mining Internasional
- Eastern Energy - Thailand
- Coal and Oil Company - UAE
- LBH Netherlands Bv - Netherlands
- Electricity Generating Authority of Thailand
- Edison Trading Spa - Italy
- Mercuria Energy - Indonesia
- Tata Chemicals Ltd - India
- The Treasury - Australian Government
- Toyota Tsusho Corporation, Japan
- Dalmia Cement Bharat India
- India Bulls Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Orica Mining Services - Indonesia
- Barasentosa Lestari - Indonesia
- Sree Jayajothi Cements Limited - India
- Kaltim Prima Coal - Indonesia
- Sindya Power Generating Company Private Ltd
- Ambuja Cements Ltd - India
- Economic Council, Georgia
- Eastern Coal Council - USA
- Petrochimia International Co. Ltd.- Taiwan
- Electricity Authority, New Zealand
- Central Electricity Authority - India
- Price Waterhouse Coopers - Russia
- Krishnapatnam Port Company Ltd. - India
- Kepco SPC Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Ind-Barath Power Infra Limited - India
- Anglo American - United Kingdom
- AsiaOL BioFuels Corp., Philippines
- GVK Power & Infra Limited - India
- GMR Energy Limited - India
- Central Java Power - Indonesia
- Jaiprakash Power Ventures ltd
- Rio Tinto Coal - Australia
- Attock Cement Pakistan Limited
- ICICI Bank Limited - India
- Sical Logistics Limited - India
- Sakthi Sugars Limited - India
- Baramulti Group, Indonesia
- CNBM International Corporation - China
- Xindia Steels Limited - India
- Planning Commission, India
- Global Coal Blending Company Limited - Australia
- The State Trading Corporation of India Ltd
- Metalloyd Limited - United Kingdom
- Trasteel International SA, Italy
- PTC India Limited - India
- Wilmar Investment Holdings
- Maheswari Brothers Coal Limited - India
- Marubeni Corporation - India
- Directorate General of MIneral and Coal - Indonesia
- PowerSource Philippines DevCo
- Indika Energy - Indonesia
- Agrawal Coal Company - India
- VISA Power Limited - India
- IEA Clean Coal Centre - UK
- GN Power Mariveles Coal Plant, Philippines
- Cement Manufacturers Association - India
- Cigading International Bulk Terminal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Bhushan Steel Limited - India
- Billiton Holdings Pty Ltd - Australia
- Kumho Petrochemical, South Korea
- Uttam Galva Steels Limited - India
- Pendopo Energi Batubara - Indonesia
- Essar Steel Hazira Ltd - India
- Borneo Indobara - Indonesia
- Bangladesh Power Developement Board
- Australian Coal Association
- International Coal Ventures Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Petron Corporation, Philippines
- Australian Commodity Traders Exchange
- Formosa Plastics Group - Taiwan
- Ministry of Mines - Canada
- Mercator Lines Limited - India
- Manunggal Multi Energi - Indonesia
- Star Paper Mills Limited - India
- Goldman Sachs - Singapore
- Indian Energy Exchange, India
- Deloitte Consulting - India
- Mjunction Services Limited - India
- Bulk Trading Sa - Switzerland
- Merrill Lynch Commodities Europe
- Energy Link Ltd, New Zealand
- Gujarat Electricity Regulatory Commission - India
- SMG Consultants - Indonesia
- McConnell Dowell - Australia
- TeaM Sual Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- The University of Queensland
- Grasim Industreis Ltd - India
- Iligan Light & Power Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Samtan Co., Ltd - South Korea
- White Energy Company Limited
- Indian Oil Corporation Limited
- Lanco Infratech Ltd - India
- Chamber of Mines of South Africa
- Global Business Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Mintek Dendrill Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Jindal Steel & Power Ltd - India
- Therma Luzon, Inc, Philippines
- SMC Global Power, Philippines
- Interocean Group of Companies - India
- Minerals Council of Australia
- Riau Bara Harum - Indonesia
- Vedanta Resources Plc - India
- OPG Power Generation Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bahari Cakrawala Sebuku - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Meenaskhi Energy Private Limited - India
- Antam Resourcindo - Indonesia
- Chettinad Cement Corporation Ltd - India
- Carbofer General Trading SA - India
- Semirara Mining and Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Parry Sugars Refinery, India
- New Zealand Coal & Carbon
- Kartika Selabumi Mining - Indonesia
- Salva Resources Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Directorate Of Revenue Intelligence - India
- Parliament of New Zealand
- Larsen & Toubro Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Wood Mackenzie - Singapore
- Timah Investasi Mineral - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Siam City Cement PLC, Thailand
- Indonesian Coal Mining Association
- Kalimantan Lumbung Energi - Indonesia
- Singapore Mercantile Exchange
- Madhucon Powers Ltd - India
- Ministry of Transport, Egypt
- Kohat Cement Company Ltd. - Pakistan
- Sarangani Energy Corporation, Philippines
- Posco Energy - South Korea
- Latin American Coal - Colombia
- Makarim & Taira - Indonesia
- Globalindo Alam Lestari - Indonesia
- Tamil Nadu electricity Board
- MS Steel International - UAE
- Commonwealth Bank - Australia
- Bhoruka Overseas - Indonesia
- Romanian Commodities Exchange
- Coalindo Energy - Indonesia
- Aditya Birla Group - India
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