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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already there to provide new loans and in 2014 a big part of their € 700mil budget has been committed and most of it withdrawn already.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, 19 September 14
PRICES FOR DRY BULK CARRIERS HAVEN'T CORRECTED ENOUGH, DESPITE LOWER THAN EXPECTED FREIGHT RATES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
A lot has been said and written about the looming dry bulk market recovery over the past few months. However, even if this hasn’t been materi ...
Thursday, 18 September 14
INDONESIA'S JULY COAL EXPORT VOLUME DROPPED 5.13% M-O-M
COALspot.com: Indonesia, one of the world's largest coal producer and the global leading multi grade coal exporter shipped around $1.65* ...
Thursday, 18 September 14
PANAMAX : US GULF/CHINA FRONTHAUL ARE NOW PAYING TYPICALLY 14.5K + 450K BB - FEARNRESEARCH
Handy
We still see a firming tendency in the Atlantic and it is still ECSA and USG leading on. USG/Cont now up in about USD 17/18k for a Smax whi ...
Thursday, 18 September 14
ELECTRONIC BILLS OF LADING: A GUIDE TO PAPERLESS TRADING WHICH HAS TAKEN THE SHIPPING INDUSTRY BY STORM
Bimco has recently developed and published a charter party clause that specifically addresses the use of electronic bills of lading. Increasing use ...
Wednesday, 17 September 14
PANAMAX: LIMITED INTEREST IN BOTH BASINS; RISING TONNAGE - INTERMODAL
With the week starting off at a fast pace and with the positive momentum from the previous Friday seemingly sticking around for a bit longer, most ...
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- Medco Energi Mining Internasional
- OPG Power Generation Pvt Ltd - India
- Independent Power Producers Association of India
- Merrill Lynch Commodities Europe
- Asmin Koalindo Tuhup - Indonesia
- MS Steel International - UAE
- Indogreen Group - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Finance - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Borneo Indobara - Indonesia
- India Bulls Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Krishnapatnam Port Company Ltd. - India
- Edison Trading Spa - Italy
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Goldman Sachs - Singapore
- CNBM International Corporation - China
- Bukit Baiduri Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Minerals Council of Australia
- Cement Manufacturers Association - India
- Alfred C Toepfer International GmbH - Germany
- International Coal Ventures Pvt Ltd - India
- Ambuja Cements Ltd - India
- Therma Luzon, Inc, Philippines
- Planning Commission, India
- Global Green Power PLC Corporation, Philippines
- PTC India Limited - India
- LBH Netherlands Bv - Netherlands
- Attock Cement Pakistan Limited
- Bukit Makmur.PT - Indonesia
- Siam City Cement - Thailand
- Oldendorff Carriers - Singapore
- Bhushan Steel Limited - India
- Sindya Power Generating Company Private Ltd
- PNOC Exploration Corporation - Philippines
- Coalindo Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Lanco Infratech Ltd - India
- SN Aboitiz Power Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Heidelberg Cement - Germany
- Tata Chemicals Ltd - India
- Globalindo Alam Lestari - Indonesia
- Ministry of Transport, Egypt
- Central Java Power - Indonesia
- Grasim Industreis Ltd - India
- Aboitiz Power Corporation - Philippines
- Semirara Mining Corp, Philippines
- Metalloyd Limited - United Kingdom
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Central Electricity Authority - India
- Bahari Cakrawala Sebuku - Indonesia
- Kaltim Prima Coal - Indonesia
- Savvy Resources Ltd - HongKong
- Baramulti Group, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Vedanta Resources Plc - India
- Thiess Contractors Indonesia
- Georgia Ports Authority, United States
- South Luzon Thermal Energy Corporation
- Petron Corporation, Philippines
- Aditya Birla Group - India
- The University of Queensland
- Sinarmas Energy and Mining - Indonesia
- The Treasury - Australian Government
- Energy Link Ltd, New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indonesian Coal Mining Association
- Iligan Light & Power Inc, Philippines
- Thai Mozambique Logistica
- Africa Commodities Group - South Africa
- Larsen & Toubro Limited - India
- GVK Power & Infra Limited - India
- Renaissance Capital - South Africa
- Jindal Steel & Power Ltd - India
- Bhatia International Limited - India
- Electricity Authority, New Zealand
- Bayan Resources Tbk. - Indonesia
- Sree Jayajothi Cements Limited - India
- Price Waterhouse Coopers - Russia
- Sojitz Corporation - Japan
- Marubeni Corporation - India
- Mjunction Services Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Bharathi Cement Corporation - India
- Dalmia Cement Bharat India
- London Commodity Brokers - England
- Carbofer General Trading SA - India
- Petrochimia International Co. Ltd.- Taiwan
- Kohat Cement Company Ltd. - Pakistan
- Kapuas Tunggal Persada - Indonesia
- Sarangani Energy Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Siam City Cement PLC, Thailand
- Videocon Industries ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Rio Tinto Coal - Australia
- Australian Commodity Traders Exchange
- Maheswari Brothers Coal Limited - India
- Power Finance Corporation Ltd., India
- Pendopo Energi Batubara - Indonesia
- Madhucon Powers Ltd - India
- Romanian Commodities Exchange
- Holcim Trading Pte Ltd - Singapore
- Posco Energy - South Korea
- Ind-Barath Power Infra Limited - India
- Mercator Lines Limited - India
- Leighton Contractors Pty Ltd - Australia
- SMC Global Power, Philippines
- IHS Mccloskey Coal Group - USA
- Eastern Energy - Thailand
- Tamil Nadu electricity Board
- Trasteel International SA, Italy
- Kartika Selabumi Mining - Indonesia
- Rashtriya Ispat Nigam Limited - India
- GMR Energy Limited - India
- Eastern Coal Council - USA
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- IEA Clean Coal Centre - UK
- Global Coal Blending Company Limited - Australia
- Uttam Galva Steels Limited - India
- Binh Thuan Hamico - Vietnam
- Karaikal Port Pvt Ltd - India
- Electricity Generating Authority of Thailand
- PowerSource Philippines DevCo
- Manunggal Multi Energi - Indonesia
- Wilmar Investment Holdings
- Sakthi Sugars Limited - India
- Commonwealth Bank - Australia
- Standard Chartered Bank - UAE
- Indo Tambangraya Megah - Indonesia
- Intertek Mineral Services - Indonesia
- Parliament of New Zealand
- Bhoruka Overseas - Indonesia
- Anglo American - United Kingdom
- VISA Power Limited - India
- CIMB Investment Bank - Malaysia
- San Jose City I Power Corp, Philippines
- Orica Australia Pty. Ltd.
- Banpu Public Company Limited - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Barasentosa Lestari - Indonesia
- Bangladesh Power Developement Board
- Antam Resourcindo - Indonesia
- Riau Bara Harum - Indonesia
- Deloitte Consulting - India
- Essar Steel Hazira Ltd - India
- Singapore Mercantile Exchange
- Indian Oil Corporation Limited
- Kepco SPC Power Corporation, Philippines
- Global Business Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Orica Mining Services - Indonesia
- Interocean Group of Companies - India
- GAC Shipping (India) Pvt Ltd
- White Energy Company Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ceylon Electricity Board - Sri Lanka
- SMG Consultants - Indonesia
- Altura Mining Limited, Indonesia
- Formosa Plastics Group - Taiwan
- Agrawal Coal Company - India
- The State Trading Corporation of India Ltd
- Samtan Co., Ltd - South Korea
- McConnell Dowell - Australia
- Semirara Mining and Power Corporation, Philippines
- Xindia Steels Limited - India
- European Bulk Services B.V. - Netherlands
- Kobexindo Tractors - Indoneisa
- Ministry of Mines - Canada
- PetroVietnam Power Coal Import and Supply Company
- New Zealand Coal & Carbon
- Coastal Gujarat Power Limited - India
- Sical Logistics Limited - India
- Cigading International Bulk Terminal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indika Energy - Indonesia
- Chamber of Mines of South Africa
- ICICI Bank Limited - India
- Vizag Seaport Private Limited - India
- Simpson Spence & Young - Indonesia
- Australian Coal Association
- Kumho Petrochemical, South Korea
- Gujarat Electricity Regulatory Commission - India
- Parry Sugars Refinery, India
- ASAPP Information Group - India
- Economic Council, Georgia
- Indian Energy Exchange, India
- Makarim & Taira - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Straits Asia Resources Limited - Singapore
- Meralco Power Generation, Philippines
- Salva Resources Pvt Ltd - India
- Malabar Cements Ltd - India
- Coal and Oil Company - UAE
- Miang Besar Coal Terminal - Indonesia
- Toyota Tsusho Corporation, Japan
- Gujarat Mineral Development Corp Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Mintek Dendrill Indonesia
- Bulk Trading Sa - Switzerland
- Timah Investasi Mineral - Indoneisa
- TeaM Sual Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Star Paper Mills Limited - India
- Energy Development Corp, Philippines
- Gujarat Sidhee Cement - India
- Meenaskhi Energy Private Limited - India
- Port Waratah Coal Services - Australia
- Wood Mackenzie - Singapore
- Directorate Of Revenue Intelligence - India
- Latin American Coal - Colombia
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