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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already there to provide new loans and in 2014 a big part of their € 700mil budget has been committed and most of it withdrawn already.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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Friday, 26 September 14
NEWCASTLMAXES ARE THE MOST SOUGHT AFTER VESSELS BY SHIP OWNERS TODAY SAYS VESSELS VALUE
KNOWLEDGE TO ELEVATE
Determining a ship’s fair value can be a very tricky business, especially when you’re the one paying. As such ...
Thursday, 25 September 14
LACK OF COAL BUSINESS PUSHING DOWN PANAMAX EARNINGS IN PACIFIC
Handy
In the Atlantic we see rates steady climbing upwards. More coal cargoes out of USG and USEC are helping the TA market which is up some USD ...
Wednesday, 24 September 14
ADARO AGREED TO REDUCE ITS CONCESSION AREA TO 31,379.8 HECTARES
COALspot.com: PT Adaro Energy Tbk (Adaro Energy) today announced that, PT Adaro Indonesia (AI), its wholly owned subsidiary, entered into a M ...
Wednesday, 24 September 14
CAPESIZE: ACTIVITY IN BOTH BASINS WAS UNIMPRESSIVE
COALspot.com: The end of the week prior seems to have marked the tone for the days that followed, with the Dry Bulk market giving up a significant ...
Tuesday, 23 September 14
MEDCO TO INCREASE ITS COAL PRODUCTION NEXT YEAR
COALspot.com: PT Medco Energi Internasional is looking to increase its coal production next year, supported by the launch of operations at its Duta ...
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- Aboitiz Power Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Samtan Co., Ltd - South Korea
- Antam Resourcindo - Indonesia
- Binh Thuan Hamico - Vietnam
- TeaM Sual Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Energy Development Corp, Philippines
- CIMB Investment Bank - Malaysia
- International Coal Ventures Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Aditya Birla Group - India
- Tamil Nadu electricity Board
- Bangladesh Power Developement Board
- Marubeni Corporation - India
- Parry Sugars Refinery, India
- White Energy Company Limited
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Mines - Canada
- Rio Tinto Coal - Australia
- Bhushan Steel Limited - India
- Interocean Group of Companies - India
- Gujarat Electricity Regulatory Commission - India
- Borneo Indobara - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- IHS Mccloskey Coal Group - USA
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Carbofer General Trading SA - India
- Savvy Resources Ltd - HongKong
- Parliament of New Zealand
- Coal and Oil Company - UAE
- OPG Power Generation Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Transport, Egypt
- Agrawal Coal Company - India
- Straits Asia Resources Limited - Singapore
- Power Finance Corporation Ltd., India
- Timah Investasi Mineral - Indoneisa
- The State Trading Corporation of India Ltd
- Semirara Mining and Power Corporation, Philippines
- Central Electricity Authority - India
- GAC Shipping (India) Pvt Ltd
- Vizag Seaport Private Limited - India
- Bukit Baiduri Energy - Indonesia
- Australian Coal Association
- Global Green Power PLC Corporation, Philippines
- Tata Chemicals Ltd - India
- VISA Power Limited - India
- Directorate Of Revenue Intelligence - India
- Economic Council, Georgia
- Chettinad Cement Corporation Ltd - India
- Price Waterhouse Coopers - Russia
- Wilmar Investment Holdings
- MS Steel International - UAE
- Indian Energy Exchange, India
- Pendopo Energi Batubara - Indonesia
- Mercator Lines Limited - India
- Indonesian Coal Mining Association
- Electricity Generating Authority of Thailand
- Siam City Cement - Thailand
- Eastern Coal Council - USA
- Simpson Spence & Young - Indonesia
- Mintek Dendrill Indonesia
- ASAPP Information Group - India
- San Jose City I Power Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Ministry of Finance - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Uttam Galva Steels Limited - India
- Vedanta Resources Plc - India
- PowerSource Philippines DevCo
- European Bulk Services B.V. - Netherlands
- Maheswari Brothers Coal Limited - India
- Ambuja Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sakthi Sugars Limited - India
- Baramulti Group, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Georgia Ports Authority, United States
- Bhoruka Overseas - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Semirara Mining Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Siam City Cement PLC, Thailand
- GVK Power & Infra Limited - India
- Orica Mining Services - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Goldman Sachs - Singapore
- Anglo American - United Kingdom
- CNBM International Corporation - China
- Xindia Steels Limited - India
- Billiton Holdings Pty Ltd - Australia
- Gujarat Mineral Development Corp Ltd - India
- Port Waratah Coal Services - Australia
- Bukit Makmur.PT - Indonesia
- ICICI Bank Limited - India
- Toyota Tsusho Corporation, Japan
- Therma Luzon, Inc, Philippines
- London Commodity Brokers - England
- Africa Commodities Group - South Africa
- Manunggal Multi Energi - Indonesia
- The Treasury - Australian Government
- Romanian Commodities Exchange
- Commonwealth Bank - Australia
- SMG Consultants - Indonesia
- Rashtriya Ispat Nigam Limited - India
- IEA Clean Coal Centre - UK
- Latin American Coal - Colombia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Lanco Infratech Ltd - India
- Bharathi Cement Corporation - India
- Eastern Energy - Thailand
- Renaissance Capital - South Africa
- Madhucon Powers Ltd - India
- Sarangani Energy Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Bulk Trading Sa - Switzerland
- Thai Mozambique Logistica
- Standard Chartered Bank - UAE
- Ceylon Electricity Board - Sri Lanka
- Minerals Council of Australia
- Attock Cement Pakistan Limited
- Makarim & Taira - Indonesia
- Bhatia International Limited - India
- Global Coal Blending Company Limited - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Sojitz Corporation - Japan
- Sical Logistics Limited - India
- Kohat Cement Company Ltd. - Pakistan
- AsiaOL BioFuels Corp., Philippines
- Iligan Light & Power Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Energy Link Ltd, New Zealand
- Videocon Industries ltd - India
- Indo Tambangraya Megah - Indonesia
- Heidelberg Cement - Germany
- Indian Oil Corporation Limited
- Oldendorff Carriers - Singapore
- India Bulls Power Limited - India
- Cement Manufacturers Association - India
- Kumho Petrochemical, South Korea
- Larsen & Toubro Limited - India
- Barasentosa Lestari - Indonesia
- Deloitte Consulting - India
- Orica Australia Pty. Ltd.
- Posco Energy - South Korea
- Altura Mining Limited, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Trasteel International SA, Italy
- Formosa Plastics Group - Taiwan
- Kobexindo Tractors - Indoneisa
- Australian Commodity Traders Exchange
- Electricity Authority, New Zealand
- Jindal Steel & Power Ltd - India
- Grasim Industreis Ltd - India
- Riau Bara Harum - Indonesia
- Thiess Contractors Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Alfred C Toepfer International GmbH - Germany
- The University of Queensland
- Planning Commission, India
- SMC Global Power, Philippines
- Coalindo Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Globalindo Alam Lestari - Indonesia
- New Zealand Coal & Carbon
- Mercuria Energy - Indonesia
- Wood Mackenzie - Singapore
- Kapuas Tunggal Persada - Indonesia
- Salva Resources Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Indika Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Coastal Gujarat Power Limited - India
- Central Java Power - Indonesia
- GMR Energy Limited - India
- Mjunction Services Limited - India
- Sree Jayajothi Cements Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Banpu Public Company Limited - Thailand
- Edison Trading Spa - Italy
- Chamber of Mines of South Africa
- Petron Corporation, Philippines
- Medco Energi Mining Internasional
- Dalmia Cement Bharat India
- PTC India Limited - India
- Independent Power Producers Association of India
- Metalloyd Limited - United Kingdom
- Gujarat Sidhee Cement - India
- McConnell Dowell - Australia
- Sindya Power Generating Company Private Ltd
- Singapore Mercantile Exchange
- Sinarmas Energy and Mining - Indonesia
- Meralco Power Generation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Global Business Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Meenaskhi Energy Private Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Kartika Selabumi Mining - Indonesia
- PNOC Exploration Corporation - Philippines
- Star Paper Mills Limited - India
- Malabar Cements Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Kaltim Prima Coal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Merrill Lynch Commodities Europe
- Krishnapatnam Port Company Ltd. - India
- Indogreen Group - Indonesia
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