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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already there to provide new loans and in 2014 a big part of their € 700mil budget has been committed and most of it withdrawn already.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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- Wilmar Investment Holdings
- Thiess Contractors Indonesia
- The State Trading Corporation of India Ltd
- Xindia Steels Limited - India
- Heidelberg Cement - Germany
- Parliament of New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kumho Petrochemical, South Korea
- New Zealand Coal & Carbon
- Sarangani Energy Corporation, Philippines
- Rio Tinto Coal - Australia
- Rashtriya Ispat Nigam Limited - India
- Larsen & Toubro Limited - India
- Orica Mining Services - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Straits Asia Resources Limited - Singapore
- Intertek Mineral Services - Indonesia
- Attock Cement Pakistan Limited
- GMR Energy Limited - India
- Borneo Indobara - Indonesia
- Energy Development Corp, Philippines
- South Luzon Thermal Energy Corporation
- Toyota Tsusho Corporation, Japan
- Maharashtra Electricity Regulatory Commission - India
- Africa Commodities Group - South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Miang Besar Coal Terminal - Indonesia
- Renaissance Capital - South Africa
- Aditya Birla Group - India
- Independent Power Producers Association of India
- Bharathi Cement Corporation - India
- Billiton Holdings Pty Ltd - Australia
- Merrill Lynch Commodities Europe
- Maheswari Brothers Coal Limited - India
- Agrawal Coal Company - India
- Australian Coal Association
- Cigading International Bulk Terminal - Indonesia
- Sojitz Corporation - Japan
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Transport, Egypt
- Chettinad Cement Corporation Ltd - India
- Romanian Commodities Exchange
- Manunggal Multi Energi - Indonesia
- Bangladesh Power Developement Board
- Minerals Council of Australia
- Ind-Barath Power Infra Limited - India
- Kaltim Prima Coal - Indonesia
- Mercuria Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Parry Sugars Refinery, India
- Indian Energy Exchange, India
- Gujarat Electricity Regulatory Commission - India
- Coastal Gujarat Power Limited - India
- Jindal Steel & Power Ltd - India
- Salva Resources Pvt Ltd - India
- Tamil Nadu electricity Board
- Latin American Coal - Colombia
- Neyveli Lignite Corporation Ltd, - India
- IEA Clean Coal Centre - UK
- Global Green Power PLC Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Goldman Sachs - Singapore
- Planning Commission, India
- Holcim Trading Pte Ltd - Singapore
- AsiaOL BioFuels Corp., Philippines
- GVK Power & Infra Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Uttam Galva Steels Limited - India
- Leighton Contractors Pty Ltd - Australia
- CIMB Investment Bank - Malaysia
- Sinarmas Energy and Mining - Indonesia
- LBH Netherlands Bv - Netherlands
- Carbofer General Trading SA - India
- Aboitiz Power Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Karbindo Abesyapradhi - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Bayan Resources Tbk. - Indonesia
- Lanco Infratech Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Krishnapatnam Port Company Ltd. - India
- Bukit Asam (Persero) Tbk - Indonesia
- Central Java Power - Indonesia
- Indian Oil Corporation Limited
- Electricity Generating Authority of Thailand
- Banpu Public Company Limited - Thailand
- Videocon Industries ltd - India
- MS Steel International - UAE
- Sindya Power Generating Company Private Ltd
- Semirara Mining Corp, Philippines
- Australian Commodity Traders Exchange
- Energy Link Ltd, New Zealand
- Baramulti Group, Indonesia
- SMG Consultants - Indonesia
- Commonwealth Bank - Australia
- India Bulls Power Limited - India
- Essar Steel Hazira Ltd - India
- Siam City Cement - Thailand
- Deloitte Consulting - India
- Meenaskhi Energy Private Limited - India
- Sical Logistics Limited - India
- PowerSource Philippines DevCo
- Global Business Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Cement Manufacturers Association - India
- Metalloyd Limited - United Kingdom
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Semirara Mining and Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Eastern Coal Council - USA
- Ministry of Finance - Indonesia
- Mintek Dendrill Indonesia
- Indonesian Coal Mining Association
- SN Aboitiz Power Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Kepco SPC Power Corporation, Philippines
- Trasteel International SA, Italy
- London Commodity Brokers - England
- Price Waterhouse Coopers - Russia
- Economic Council, Georgia
- Kideco Jaya Agung - Indonesia
- Bhushan Steel Limited - India
- Formosa Plastics Group - Taiwan
- Bhoruka Overseas - Indonesia
- Marubeni Corporation - India
- Kobexindo Tractors - Indoneisa
- Mercator Lines Limited - India
- Power Finance Corporation Ltd., India
- Jaiprakash Power Ventures ltd
- GN Power Mariveles Coal Plant, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Tata Chemicals Ltd - India
- Vedanta Resources Plc - India
- Posco Energy - South Korea
- Singapore Mercantile Exchange
- Standard Chartered Bank - UAE
- Ceylon Electricity Board - Sri Lanka
- Asmin Koalindo Tuhup - Indonesia
- Barasentosa Lestari - Indonesia
- Riau Bara Harum - Indonesia
- Thai Mozambique Logistica
- TeaM Sual Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Binh Thuan Hamico - Vietnam
- Directorate Of Revenue Intelligence - India
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Mines - Canada
- Coal and Oil Company - UAE
- Alfred C Toepfer International GmbH - Germany
- Vijayanagar Sugar Pvt Ltd - India
- McConnell Dowell - Australia
- Orica Australia Pty. Ltd.
- Siam City Cement PLC, Thailand
- Dalmia Cement Bharat India
- The University of Queensland
- SMC Global Power, Philippines
- Meralco Power Generation, Philippines
- Antam Resourcindo - Indonesia
- Malabar Cements Ltd - India
- PNOC Exploration Corporation - Philippines
- The Treasury - Australian Government
- Kalimantan Lumbung Energi - Indonesia
- Bukit Makmur.PT - Indonesia
- GAC Shipping (India) Pvt Ltd
- Electricity Authority, New Zealand
- Bhatia International Limited - India
- Star Paper Mills Limited - India
- Grasim Industreis Ltd - India
- San Jose City I Power Corp, Philippines
- Makarim & Taira - Indonesia
- Bulk Trading Sa - Switzerland
- Central Electricity Authority - India
- Indo Tambangraya Megah - Indonesia
- Pendopo Energi Batubara - Indonesia
- International Coal Ventures Pvt Ltd - India
- Coalindo Energy - Indonesia
- Sakthi Sugars Limited - India
- Madhucon Powers Ltd - India
- Karaikal Port Pvt Ltd - India
- VISA Power Limited - India
- Indogreen Group - Indonesia
- OPG Power Generation Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Eastern Energy - Thailand
- Savvy Resources Ltd - HongKong
- Wood Mackenzie - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Kartika Selabumi Mining - Indonesia
- Oldendorff Carriers - Singapore
- CNBM International Corporation - China
- Altura Mining Limited, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- White Energy Company Limited
- Samtan Co., Ltd - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Georgia Ports Authority, United States
- Mjunction Services Limited - India
- PTC India Limited - India
- ASAPP Information Group - India
- Simpson Spence & Young - Indonesia
- Petron Corporation, Philippines
- Edison Trading Spa - Italy
- European Bulk Services B.V. - Netherlands
- Iligan Light & Power Inc, Philippines
- Anglo American - United Kingdom
- Chamber of Mines of South Africa
- Port Waratah Coal Services - Australia
- Globalindo Alam Lestari - Indonesia
- Bukit Baiduri Energy - Indonesia
- Gujarat Sidhee Cement - India
- Medco Energi Mining Internasional
- Timah Investasi Mineral - Indoneisa
- ICICI Bank Limited - India
- Interocean Group of Companies - India
- Indika Energy - Indonesia
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