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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already there to provide new loans and in 2014 a big part of their € 700mil budget has been committed and most of it withdrawn already.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, 15 September 14
CFR SOUTH CHINA COAL SWAP GAINED DAY ON DAY AND WEEK ON WEEK
COALspot.com: API 8 CFR South China Coal swap for delivery in October 2014 decreased US$ 2.30 (-3.36%) month over month, but increased day on day a ...
Sunday, 14 September 14
FREIGHT RATES RALLY AS DEMAND INCREASED
COALspot.com: The Baltic Dry Index (BDI) is a number (in US$) issued daily by the London-based Baltic Exchange up 2.25 percent week on week. BDI cl ...
Friday, 12 September 14
U.S. YEAR-TO-DATE COAL PRODUCTION TOTALED 673.3 MMST, SAYS EIA
COALspot.com – United States the world's second largest coal producer, produced approximately 19.20 million short tons (mmst) of coal in ...
Thursday, 11 September 14
THE PANAMAX MARKET IS TAKING A BREATHER - FEARNLEYS
Handy
We have experienced more activity in both hemispheres this week, said Fearnleys in this week's weekly report.
"We see rates c ...
Tuesday, 09 September 14
WEAK M&A DESPITE ABUNDANT DISTRESSED INDONESIA COAL ASSETS - FITCH RATINGS
COALspot.com: Fitch Ratings says that a meaningful level of merger and acquisition (M&A) activity leading to a consolidation of the coal sector ...
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- LBH Netherlands Bv - Netherlands
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- SMC Global Power, Philippines
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- Energy Link Ltd, New Zealand
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- Banpu Public Company Limited - Thailand
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- Filglen & Citicon Mining (HK) Ltd - Hong Kong
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- Coastal Gujarat Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Global Green Power PLC Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Minerals Council of Australia
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- Uttam Galva Steels Limited - India
- Global Coal Blending Company Limited - Australia
- Indian Energy Exchange, India
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- Electricity Generating Authority of Thailand
- Gujarat Mineral Development Corp Ltd - India
- Ambuja Cements Ltd - India
- Edison Trading Spa - Italy
- Kideco Jaya Agung - Indonesia
- Economic Council, Georgia
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- Port Waratah Coal Services - Australia
- White Energy Company Limited
- Kartika Selabumi Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- Samtan Co., Ltd - South Korea
- Trasteel International SA, Italy
- Planning Commission, India
- Jaiprakash Power Ventures ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- OPG Power Generation Pvt Ltd - India
- Standard Chartered Bank - UAE
- Price Waterhouse Coopers - Russia
- Marubeni Corporation - India
- Medco Energi Mining Internasional
- Independent Power Producers Association of India
- TeaM Sual Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Parliament of New Zealand
- Bangladesh Power Developement Board
- The Treasury - Australian Government
- Riau Bara Harum - Indonesia
- McConnell Dowell - Australia
- Gujarat Electricity Regulatory Commission - India
- Baramulti Group, Indonesia
- Romanian Commodities Exchange
- PNOC Exploration Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Deloitte Consulting - India
- Carbofer General Trading SA - India
- Kapuas Tunggal Persada - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Transport, Egypt
- New Zealand Coal & Carbon
- MS Steel International - UAE
- CNBM International Corporation - China
- Wood Mackenzie - Singapore
- Sindya Power Generating Company Private Ltd
- Aboitiz Power Corporation - Philippines
- Mercator Lines Limited - India
- Bharathi Cement Corporation - India
- Kobexindo Tractors - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Maheswari Brothers Coal Limited - India
- Indonesian Coal Mining Association
- ICICI Bank Limited - India
- Singapore Mercantile Exchange
- Pendopo Energi Batubara - Indonesia
- Toyota Tsusho Corporation, Japan
- Indo Tambangraya Megah - Indonesia
- Electricity Authority, New Zealand
- Intertek Mineral Services - Indonesia
- Dalmia Cement Bharat India
- Bulk Trading Sa - Switzerland
- Simpson Spence & Young - Indonesia
- Rio Tinto Coal - Australia
- Neyveli Lignite Corporation Ltd, - India
- India Bulls Power Limited - India
- SMG Consultants - Indonesia
- Cement Manufacturers Association - India
- PowerSource Philippines DevCo
- VISA Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Metalloyd Limited - United Kingdom
- Pipit Mutiara Jaya. PT, Indonesia
- Jindal Steel & Power Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Interocean Group of Companies - India
- Holcim Trading Pte Ltd - Singapore
- Alfred C Toepfer International GmbH - Germany
- Eastern Energy - Thailand
- Meenaskhi Energy Private Limited - India
- Borneo Indobara - Indonesia
- Tata Chemicals Ltd - India
- Global Business Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Vizag Seaport Private Limited - India
- Altura Mining Limited, Indonesia
- Attock Cement Pakistan Limited
- Africa Commodities Group - South Africa
- Antam Resourcindo - Indonesia
- Tamil Nadu electricity Board
- Manunggal Multi Energi - Indonesia
- Sical Logistics Limited - India
- Xindia Steels Limited - India
- Orica Mining Services - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Videocon Industries ltd - India
- Bukit Baiduri Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Mintek Dendrill Indonesia
- Orica Australia Pty. Ltd.
- Indian Oil Corporation Limited
- Petrochimia International Co. Ltd.- Taiwan
- Sarangani Energy Corporation, Philippines
- Lanco Infratech Ltd - India
- Barasentosa Lestari - Indonesia
- Sree Jayajothi Cements Limited - India
- Commonwealth Bank - Australia
- GN Power Mariveles Coal Plant, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Oldendorff Carriers - Singapore
- European Bulk Services B.V. - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Mines - Canada
- Kumho Petrochemical, South Korea
- Central Electricity Authority - India
- Bhoruka Overseas - Indonesia
- Australian Coal Association
- GAC Shipping (India) Pvt Ltd
- Malabar Cements Ltd - India
- Grasim Industreis Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Ministry of Finance - Indonesia
- Formosa Plastics Group - Taiwan
- Merrill Lynch Commodities Europe
- Renaissance Capital - South Africa
- PTC India Limited - India
- Eastern Coal Council - USA
- Bayan Resources Tbk. - Indonesia
- Sakthi Sugars Limited - India
- Star Paper Mills Limited - India
- Latin American Coal - Colombia
- London Commodity Brokers - England
- Agrawal Coal Company - India
- IEA Clean Coal Centre - UK
- Madhucon Powers Ltd - India
- South Luzon Thermal Energy Corporation
- CIMB Investment Bank - Malaysia
- Iligan Light & Power Inc, Philippines
- Heidelberg Cement - Germany
- Siam City Cement - Thailand
- Georgia Ports Authority, United States
- San Jose City I Power Corp, Philippines
- Thai Mozambique Logistica
- Vedanta Resources Plc - India
- Mjunction Services Limited - India
- Wilmar Investment Holdings
- Kepco SPC Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Semirara Mining Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Timah Investasi Mineral - Indoneisa
- Bhushan Steel Limited - India
- Indogreen Group - Indonesia
- Meralco Power Generation, Philippines
- Power Finance Corporation Ltd., India
- Gujarat Sidhee Cement - India
- Straits Asia Resources Limited - Singapore
- Bukit Makmur.PT - Indonesia
- International Coal Ventures Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- GVK Power & Infra Limited - India
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- Australian Commodity Traders Exchange
- Sojitz Corporation - Japan
- Salva Resources Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- GMR Energy Limited - India
- Directorate Of Revenue Intelligence - India
- Larsen & Toubro Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Therma Luzon, Inc, Philippines
- Mercuria Energy - Indonesia
- Makarim & Taira - Indonesia
- Aditya Birla Group - India
- Billiton Holdings Pty Ltd - Australia
- The University of Queensland
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