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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already there to provide new loans and in 2014 a big part of their € 700mil budget has been committed and most of it withdrawn already.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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Wednesday, 17 September 14
SHIPPING MARKET INSIGHT - GEORGE LAZARIDIS
Since the onslaught of 2013 the rising tide of asset prices had been primarily driven by the increasing freight market conditions and the improving ...
Tuesday, 16 September 14
INDONESIAN GOVERNMENT DECLARED HBA SUFFERED ANOTHER SETBACK IN SEPTEMBER
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia revised down the coal bench mark price once again in September. HBA for ...
Tuesday, 16 September 14
INDONESIAN COAL OUTPUT WON'T EXCEED 421M TONS: GOVT - JP
The government is optimistic that it will meet its coal production target for this year, which caps nationwide production at a flat number compared ...
Monday, 15 September 14
CHINA'S COAL PROPOSALS LEAVE SOME HOPE FOR EXPORTERS - DAILY NEWS
When the best thing you can say about new policies is that they aren’t as bad as they could have been, then you know your industry is in deep ...
Monday, 15 September 14
SUB-BIT FOB INDONESIA COAL SWAP, JANUARY 2015 DELIVERY GAINED DAY ON DAY AND WEEK ON WEEK
COALspot.com: Indonesian coal swaps for average October 2014 increased US$ 0.40 (+0.78%) day on day and US$ 0.55 (+1.08%) per mt week on week. The ...
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- Cigading International Bulk Terminal - Indonesia
- Minerals Council of Australia
- Asmin Koalindo Tuhup - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indo Tambangraya Megah - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- South Luzon Thermal Energy Corporation
- Semirara Mining Corp, Philippines
- Makarim & Taira - Indonesia
- Bukit Baiduri Energy - Indonesia
- Mercuria Energy - Indonesia
- Ministry of Transport, Egypt
- Commonwealth Bank - Australia
- Mercator Lines Limited - India
- Bukit Makmur.PT - Indonesia
- San Jose City I Power Corp, Philippines
- Goldman Sachs - Singapore
- Agrawal Coal Company - India
- Kobexindo Tractors - Indoneisa
- Sakthi Sugars Limited - India
- Holcim Trading Pte Ltd - Singapore
- European Bulk Services B.V. - Netherlands
- Merrill Lynch Commodities Europe
- GVK Power & Infra Limited - India
- Banpu Public Company Limited - Thailand
- Leighton Contractors Pty Ltd - Australia
- Port Waratah Coal Services - Australia
- Formosa Plastics Group - Taiwan
- The University of Queensland
- CNBM International Corporation - China
- LBH Netherlands Bv - Netherlands
- Bayan Resources Tbk. - Indonesia
- Mjunction Services Limited - India
- Bhushan Steel Limited - India
- Ind-Barath Power Infra Limited - India
- Orica Australia Pty. Ltd.
- Singapore Mercantile Exchange
- Ministry of Finance - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Mining Services - Indonesia
- Borneo Indobara - Indonesia
- Xindia Steels Limited - India
- GMR Energy Limited - India
- ASAPP Information Group - India
- Heidelberg Cement - Germany
- Siam City Cement - Thailand
- Aboitiz Power Corporation - Philippines
- Independent Power Producers Association of India
- Rio Tinto Coal - Australia
- Ceylon Electricity Board - Sri Lanka
- London Commodity Brokers - England
- Bukit Asam (Persero) Tbk - Indonesia
- Eastern Energy - Thailand
- Madhucon Powers Ltd - India
- Latin American Coal - Colombia
- Global Green Power PLC Corporation, Philippines
- Electricity Authority, New Zealand
- Thiess Contractors Indonesia
- Sarangani Energy Corporation, Philippines
- Mintek Dendrill Indonesia
- Binh Thuan Hamico - Vietnam
- Semirara Mining and Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Vizag Seaport Private Limited - India
- MS Steel International - UAE
- Global Coal Blending Company Limited - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
- Maharashtra Electricity Regulatory Commission - India
- The Treasury - Australian Government
- Jaiprakash Power Ventures ltd
- Indonesian Coal Mining Association
- Antam Resourcindo - Indonesia
- Barasentosa Lestari - Indonesia
- White Energy Company Limited
- SMG Consultants - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Global Business Power Corporation, Philippines
- Energy Development Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Tamil Nadu electricity Board
- Kepco SPC Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Trasteel International SA, Italy
- Intertek Mineral Services - Indonesia
- Uttam Galva Steels Limited - India
- Parliament of New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Cement Manufacturers Association - India
- Kumho Petrochemical, South Korea
- Electricity Generating Authority of Thailand
- Energy Link Ltd, New Zealand
- Indian Energy Exchange, India
- Standard Chartered Bank - UAE
- IHS Mccloskey Coal Group - USA
- IEA Clean Coal Centre - UK
- Edison Trading Spa - Italy
- Miang Besar Coal Terminal - Indonesia
- Essar Steel Hazira Ltd - India
- SN Aboitiz Power Inc, Philippines
- Lanco Infratech Ltd - India
- OPG Power Generation Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- ICICI Bank Limited - India
- Metalloyd Limited - United Kingdom
- Videocon Industries ltd - India
- Grasim Industreis Ltd - India
- Coal and Oil Company - UAE
- Petron Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Aditya Birla Group - India
- Therma Luzon, Inc, Philippines
- Central Electricity Authority - India
- Power Finance Corporation Ltd., India
- Gujarat Sidhee Cement - India
- Baramulti Group, Indonesia
- Riau Bara Harum - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Africa Commodities Group - South Africa
- Pendopo Energi Batubara - Indonesia
- Central Java Power - Indonesia
- Meralco Power Generation, Philippines
- Sical Logistics Limited - India
- Interocean Group of Companies - India
- Indogreen Group - Indonesia
- VISA Power Limited - India
- Planning Commission, India
- PetroVietnam Power Coal Import and Supply Company
- Dalmia Cement Bharat India
- Coastal Gujarat Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Chamber of Mines of South Africa
- Deloitte Consulting - India
- Ministry of Mines - Canada
- Bulk Trading Sa - Switzerland
- Straits Asia Resources Limited - Singapore
- Australian Commodity Traders Exchange
- Altura Mining Limited, Indonesia
- Coalindo Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- McConnell Dowell - Australia
- Jorong Barutama Greston.PT - Indonesia
- SMC Global Power, Philippines
- Australian Coal Association
- India Bulls Power Limited - India
- Sojitz Corporation - Japan
- Billiton Holdings Pty Ltd - Australia
- Marubeni Corporation - India
- GN Power Mariveles Coal Plant, Philippines
- Anglo American - United Kingdom
- CIMB Investment Bank - Malaysia
- Indika Energy - Indonesia
- Parry Sugars Refinery, India
- Romanian Commodities Exchange
- Manunggal Multi Energi - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Kartika Selabumi Mining - Indonesia
- Kideco Jaya Agung - Indonesia
- International Coal Ventures Pvt Ltd - India
- Attock Cement Pakistan Limited
- Sinarmas Energy and Mining - Indonesia
- Malabar Cements Ltd - India
- Savvy Resources Ltd - HongKong
- Renaissance Capital - South Africa
- Thai Mozambique Logistica
- PNOC Exploration Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Wilmar Investment Holdings
- Medco Energi Mining Internasional
- Meenaskhi Energy Private Limited - India
- Carbofer General Trading SA - India
- Bahari Cakrawala Sebuku - Indonesia
- Directorate Of Revenue Intelligence - India
- Tata Chemicals Ltd - India
- Maheswari Brothers Coal Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Posco Energy - South Korea
- Alfred C Toepfer International GmbH - Germany
- PowerSource Philippines DevCo
- Offshore Bulk Terminal Pte Ltd, Singapore
- Iligan Light & Power Inc, Philippines
- Jindal Steel & Power Ltd - India
- TeaM Sual Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Larsen & Toubro Limited - India
- GAC Shipping (India) Pvt Ltd
- Globalindo Alam Lestari - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Bhatia International Limited - India
- PTC India Limited - India
- Siam City Cement PLC, Thailand
- Vedanta Resources Plc - India
- Bharathi Cement Corporation - India
- Eastern Coal Council - USA
- Karaikal Port Pvt Ltd - India
- New Zealand Coal & Carbon
- Gujarat Electricity Regulatory Commission - India
- Wood Mackenzie - Singapore
- Georgia Ports Authority, United States
- Sree Jayajothi Cements Limited - India
- Star Paper Mills Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Economic Council, Georgia
- Gujarat Mineral Development Corp Ltd - India
- Salva Resources Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Simpson Spence & Young - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Indian Oil Corporation Limited
- Ambuja Cements Ltd - India
- Oldendorff Carriers - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bangladesh Power Developement Board
- Samtan Co., Ltd - South Korea
- Rashtriya Ispat Nigam Limited - India
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