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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already there to provide new loans and in 2014 a big part of their € 700mil budget has been committed and most of it withdrawn already.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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Tuesday, 09 September 14
PORT OF NEWCASTLE SHIPPED 13.207 MTN OF COAL IN AUGUST; TRADE VALUE AROUND $1.17 BILLION
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port, has shipped $1.17 billio ...
Monday, 08 September 14
SUB-BIT FOB INDONESIA COAL SWAP UNDERPERFORMED LAST WEEK
COALspot.com: Indonesian coal swaps for average October 2014 decreased US$ 0.20 (-0.39%) day on day and US$ 1.60 (-3.04%) per mt week on week. The ...
Monday, 08 September 14
API 8 CFR SOUTH CHINA COAL SWAP FOR DELIVERY JAN'15 CLOSED AT US$ 66.30 PMT W/E 5 SEPTEMBER 2014; LOST 5.15% M-O-M
COALspot.com: API 8 CFR South China Coal swap for delivery in October 2014 decreased US$ 0.15 (-0.23%) day on day and US$ 2.05 (-3.04%) week on wee ...
Monday, 08 September 14
CHINESE IRON ORE IMPORT DEMAND VERY STRONG - COMMODORE
COALspot.com: 30 dry bulk vessels were chartered in the spot iron ore market last week to haul iron ore import cargoes to Chinese buyers.
Acco ...
Sunday, 07 September 14
FREIGHT MARKET CONTINUED TO BE FIRM IN SPITE OF CAPE'S THIS WEEK'S WEAK PERFORMANCE
COALspot.com: BDI up by 0.7 pct week on week and closed at 1155 points this week. The Baltic Dry Index is a composite of three sub-indexes that mea ...
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- Timah Investasi Mineral - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Manunggal Multi Energi - Indonesia
- OPG Power Generation Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Aboitiz Power Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Standard Chartered Bank - UAE
- PetroVietnam Power Coal Import and Supply Company
- Cement Manufacturers Association - India
- White Energy Company Limited
- Latin American Coal - Colombia
- Commonwealth Bank - Australia
- Holcim Trading Pte Ltd - Singapore
- Anglo American - United Kingdom
- The State Trading Corporation of India Ltd
- Jindal Steel & Power Ltd - India
- Electricity Authority, New Zealand
- Essar Steel Hazira Ltd - India
- GVK Power & Infra Limited - India
- Vedanta Resources Plc - India
- Tamil Nadu electricity Board
- Malabar Cements Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Mercator Lines Limited - India
- Africa Commodities Group - South Africa
- CNBM International Corporation - China
- Kideco Jaya Agung - Indonesia
- Tata Chemicals Ltd - India
- Minerals Council of Australia
- Marubeni Corporation - India
- Trasteel International SA, Italy
- PTC India Limited - India
- Billiton Holdings Pty Ltd - Australia
- Jorong Barutama Greston.PT - Indonesia
- Indogreen Group - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Eastern Energy - Thailand
- Heidelberg Cement - Germany
- Savvy Resources Ltd - HongKong
- Semirara Mining Corp, Philippines
- Global Business Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- London Commodity Brokers - England
- Thai Mozambique Logistica
- San Jose City I Power Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- Straits Asia Resources Limited - Singapore
- Karaikal Port Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Miang Besar Coal Terminal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Sinarmas Energy and Mining - Indonesia
- MS Steel International - UAE
- Salva Resources Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Krishnapatnam Port Company Ltd. - India
- Bukit Baiduri Energy - Indonesia
- Borneo Indobara - Indonesia
- Xindia Steels Limited - India
- Chamber of Mines of South Africa
- Gujarat Electricity Regulatory Commission - India
- Metalloyd Limited - United Kingdom
- Goldman Sachs - Singapore
- Bangladesh Power Developement Board
- Coastal Gujarat Power Limited - India
- Power Finance Corporation Ltd., India
- The Treasury - Australian Government
- Romanian Commodities Exchange
- Rashtriya Ispat Nigam Limited - India
- Bhatia International Limited - India
- Global Coal Blending Company Limited - Australia
- Coalindo Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Parry Sugars Refinery, India
- McConnell Dowell - Australia
- Bhoruka Overseas - Indonesia
- Petron Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Iligan Light & Power Inc, Philippines
- Ministry of Mines - Canada
- Lanco Infratech Ltd - India
- Ministry of Finance - Indonesia
- SMG Consultants - Indonesia
- Dalmia Cement Bharat India
- Riau Bara Harum - Indonesia
- PNOC Exploration Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Indian Oil Corporation Limited
- Alfred C Toepfer International GmbH - Germany
- GMR Energy Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- International Coal Ventures Pvt Ltd - India
- Mjunction Services Limited - India
- Meralco Power Generation, Philippines
- Makarim & Taira - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Ind-Barath Power Infra Limited - India
- Bharathi Cement Corporation - India
- TNB Fuel Sdn Bhd - Malaysia
- Kepco SPC Power Corporation, Philippines
- Renaissance Capital - South Africa
- Bulk Trading Sa - Switzerland
- Planning Commission, India
- Formosa Plastics Group - Taiwan
- Edison Trading Spa - Italy
- Bukit Makmur.PT - Indonesia
- Sarangani Energy Corporation, Philippines
- Indian Energy Exchange, India
- Baramulti Group, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Siam City Cement PLC, Thailand
- Energy Link Ltd, New Zealand
- Kaltim Prima Coal - Indonesia
- PowerSource Philippines DevCo
- SMC Global Power, Philippines
- Electricity Generating Authority of Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Madhucon Powers Ltd - India
- Carbofer General Trading SA - India
- Rio Tinto Coal - Australia
- Australian Commodity Traders Exchange
- Medco Energi Mining Internasional
- Bayan Resources Tbk. - Indonesia
- Globalindo Alam Lestari - Indonesia
- The University of Queensland
- Parliament of New Zealand
- Aditya Birla Group - India
- Siam City Cement - Thailand
- Grasim Industreis Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Price Waterhouse Coopers - Russia
- Sindya Power Generating Company Private Ltd
- Wilmar Investment Holdings
- Uttam Galva Steels Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Central Electricity Authority - India
- ASAPP Information Group - India
- Toyota Tsusho Corporation, Japan
- Wood Mackenzie - Singapore
- Binh Thuan Hamico - Vietnam
- Videocon Industries ltd - India
- Orica Australia Pty. Ltd.
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Posco Energy - South Korea
- Ministry of Transport, Egypt
- Star Paper Mills Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- India Bulls Power Limited - India
- ICICI Bank Limited - India
- Cigading International Bulk Terminal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Altura Mining Limited, Indonesia
- Antam Resourcindo - Indonesia
- Singapore Mercantile Exchange
- Simpson Spence & Young - Indonesia
- Indika Energy - Indonesia
- Sical Logistics Limited - India
- Kumho Petrochemical, South Korea
- Leighton Contractors Pty Ltd - Australia
- Indonesian Coal Mining Association
- Economic Council, Georgia
- Bhushan Steel Limited - India
- Meenaskhi Energy Private Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Gujarat Sidhee Cement - India
- European Bulk Services B.V. - Netherlands
- Kohat Cement Company Ltd. - Pakistan
- Ambuja Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- Larsen & Toubro Limited - India
- Energy Development Corp, Philippines
- Eastern Coal Council - USA
- Sree Jayajothi Cements Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Oldendorff Carriers - Singapore
- Chettinad Cement Corporation Ltd - India
- Attock Cement Pakistan Limited
- LBH Netherlands Bv - Netherlands
- Australian Coal Association
- Agrawal Coal Company - India
- Sojitz Corporation - Japan
- Interocean Group of Companies - India
- Pendopo Energi Batubara - Indonesia
- Thiess Contractors Indonesia
- Intertek Mineral Services - Indonesia
- Vizag Seaport Private Limited - India
- TeaM Sual Corporation - Philippines
- Sakthi Sugars Limited - India
- Mercuria Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Therma Luzon, Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- IEA Clean Coal Centre - UK
- Samtan Co., Ltd - South Korea
- CIMB Investment Bank - Malaysia
- Coal and Oil Company - UAE
- Mintek Dendrill Indonesia
- Georgia Ports Authority, United States
- Neyveli Lignite Corporation Ltd, - India
- Orica Mining Services - Indonesia
- Central Java Power - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Port Waratah Coal Services - Australia
- Deloitte Consulting - India
- VISA Power Limited - India
- Merrill Lynch Commodities Europe
- South Luzon Thermal Energy Corporation
- Independent Power Producers Association of India
- New Zealand Coal & Carbon
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