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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already there to provide new loans and in 2014 a big part of their € 700mil budget has been committed and most of it withdrawn already.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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Sunday, 07 September 14
SHIPMANAGERS SUPERVISION CONTRACT FOR NEWBUILDS - BIMCO
Shipmanagers are frequently called upon by their owner clients to supervise newbuilding projects on their behalf. The scope of the manager’s ...
Saturday, 06 September 14
SLOW COAL EXPORT REGISTRATION RAISES CONCERNS - THE JAKARTA POST
Several coal mining companies have yet to receive the go-ahead from the Energy and Mineral Resources Ministry to obtain exporting licenses, leading ...
Saturday, 06 September 14
DRY BULK MARKET'S PROSPECTS ARE IMPROVING, DESPITE WEAK SECOND QUARTER - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has been rebounding during the past month, with the Baltic Dry Index (BDI) ended the week on a high note, reaching 1,155 points ...
Saturday, 06 September 14
INDONESIA WANTS TO REGULATE COAL DEALS - THE TELEGRAPH INDIA
Indonesia has raised concerns about suspected coal deals struck between overseas buyers and its unregistered domestic miners, the telegraph India r ...
Friday, 05 September 14
U.S. PRODUCED 19.2 MMST OF COAL LAST WEEK
COALspot.com – United States the world's second largest coal producer, produced approximately 19.20 million short tons (mmst) of coal in ...
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- Marubeni Corporation - India
- Alfred C Toepfer International GmbH - Germany
- Savvy Resources Ltd - HongKong
- Vedanta Resources Plc - India
- CNBM International Corporation - China
- Petrochimia International Co. Ltd.- Taiwan
- Energy Link Ltd, New Zealand
- Carbofer General Trading SA - India
- Meenaskhi Energy Private Limited - India
- Singapore Mercantile Exchange
- Standard Chartered Bank - UAE
- Petron Corporation, Philippines
- Larsen & Toubro Limited - India
- European Bulk Services B.V. - Netherlands
- Sakthi Sugars Limited - India
- Krishnapatnam Port Company Ltd. - India
- Star Paper Mills Limited - India
- Maheswari Brothers Coal Limited - India
- Cement Manufacturers Association - India
- Eastern Coal Council - USA
- IEA Clean Coal Centre - UK
- Posco Energy - South Korea
- London Commodity Brokers - England
- Gujarat Mineral Development Corp Ltd - India
- Banpu Public Company Limited - Thailand
- Dalmia Cement Bharat India
- Port Waratah Coal Services - Australia
- Thiess Contractors Indonesia
- Bangladesh Power Developement Board
- Global Business Power Corporation, Philippines
- Bhatia International Limited - India
- Jindal Steel & Power Ltd - India
- Latin American Coal - Colombia
- CIMB Investment Bank - Malaysia
- Africa Commodities Group - South Africa
- Altura Mining Limited, Indonesia
- Agrawal Coal Company - India
- Toyota Tsusho Corporation, Japan
- Coal and Oil Company - UAE
- Bukit Makmur.PT - Indonesia
- Indian Energy Exchange, India
- Grasim Industreis Ltd - India
- Orica Australia Pty. Ltd.
- Salva Resources Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- ASAPP Information Group - India
- Kideco Jaya Agung - Indonesia
- San Jose City I Power Corp, Philippines
- Deloitte Consulting - India
- Indo Tambangraya Megah - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Straits Asia Resources Limited - Singapore
- Bukit Baiduri Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Merrill Lynch Commodities Europe
- Minerals Council of Australia
- PowerSource Philippines DevCo
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- White Energy Company Limited
- Ministry of Finance - Indonesia
- Borneo Indobara - Indonesia
- Oldendorff Carriers - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Karbindo Abesyapradhi - Indoneisa
- The Treasury - Australian Government
- Videocon Industries ltd - India
- Parliament of New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Mercator Lines Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Bulk Trading Sa - Switzerland
- Formosa Plastics Group - Taiwan
- Ambuja Cements Ltd - India
- Attock Cement Pakistan Limited
- Intertek Mineral Services - Indonesia
- Tamil Nadu electricity Board
- Sinarmas Energy and Mining - Indonesia
- PNOC Exploration Corporation - Philippines
- Eastern Energy - Thailand
- Wilmar Investment Holdings
- Renaissance Capital - South Africa
- Makarim & Taira - Indonesia
- Price Waterhouse Coopers - Russia
- SMC Global Power, Philippines
- SN Aboitiz Power Inc, Philippines
- Electricity Authority, New Zealand
- Semirara Mining Corp, Philippines
- Romanian Commodities Exchange
- Riau Bara Harum - Indonesia
- Bharathi Cement Corporation - India
- Xindia Steels Limited - India
- India Bulls Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Commonwealth Bank - Australia
- Central Electricity Authority - India
- Medco Energi Mining Internasional
- Pipit Mutiara Jaya. PT, Indonesia
- Heidelberg Cement - Germany
- Bayan Resources Tbk. - Indonesia
- International Coal Ventures Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Chamber of Mines of South Africa
- Indonesian Coal Mining Association
- Kumho Petrochemical, South Korea
- Bhoruka Overseas - Indonesia
- Indika Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Mintek Dendrill Indonesia
- Ministry of Transport, Egypt
- Cigading International Bulk Terminal - Indonesia
- Binh Thuan Hamico - Vietnam
- Vijayanagar Sugar Pvt Ltd - India
- Baramulti Group, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Sree Jayajothi Cements Limited - India
- Meralco Power Generation, Philippines
- VISA Power Limited - India
- Economic Council, Georgia
- Therma Luzon, Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Central Java Power - Indonesia
- Madhucon Powers Ltd - India
- Ministry of Mines - Canada
- Leighton Contractors Pty Ltd - Australia
- IHS Mccloskey Coal Group - USA
- PTC India Limited - India
- GMR Energy Limited - India
- Goldman Sachs - Singapore
- The University of Queensland
- Karaikal Port Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Edison Trading Spa - Italy
- Antam Resourcindo - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Trasteel International SA, Italy
- Billiton Holdings Pty Ltd - Australia
- New Zealand Coal & Carbon
- Malabar Cements Ltd - India
- Timah Investasi Mineral - Indoneisa
- Indian Oil Corporation Limited
- Electricity Generating Authority of Thailand
- Kalimantan Lumbung Energi - Indonesia
- Mjunction Services Limited - India
- Metalloyd Limited - United Kingdom
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Kartika Selabumi Mining - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Coalindo Energy - Indonesia
- Parry Sugars Refinery, India
- South Luzon Thermal Energy Corporation
- GVK Power & Infra Limited - India
- Orica Mining Services - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Coastal Gujarat Power Limited - India
- Siam City Cement - Thailand
- Sojitz Corporation - Japan
- Thai Mozambique Logistica
- Vizag Seaport Private Limited - India
- MS Steel International - UAE
- Directorate General of MIneral and Coal - Indonesia
- Barasentosa Lestari - Indonesia
- Indogreen Group - Indonesia
- Power Finance Corporation Ltd., India
- ICICI Bank Limited - India
- Chettinad Cement Corporation Ltd - India
- Pendopo Energi Batubara - Indonesia
- Lanco Infratech Ltd - India
- Independent Power Producers Association of India
- Planning Commission, India
- Samtan Co., Ltd - South Korea
- Neyveli Lignite Corporation Ltd, - India
- Manunggal Multi Energi - Indonesia
- Sical Logistics Limited - India
- Rio Tinto Coal - Australia
- Miang Besar Coal Terminal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Siam City Cement PLC, Thailand
- Ind-Barath Power Infra Limited - India
- Aboitiz Power Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Energy Development Corp, Philippines
- SMG Consultants - Indonesia
- GAC Shipping (India) Pvt Ltd
- TeaM Sual Corporation - Philippines
- Tata Chemicals Ltd - India
- Australian Coal Association
- Aditya Birla Group - India
- Georgia Ports Authority, United States
- Global Coal Blending Company Limited - Australia
- Globalindo Alam Lestari - Indonesia
- Uttam Galva Steels Limited - India
- Gujarat Sidhee Cement - India
- Rashtriya Ispat Nigam Limited - India
- Kapuas Tunggal Persada - Indonesia
- McConnell Dowell - Australia
- Interocean Group of Companies - India
- Australian Commodity Traders Exchange
- Sindya Power Generating Company Private Ltd
- Wood Mackenzie - Singapore
- The State Trading Corporation of India Ltd
- LBH Netherlands Bv - Netherlands
- Iligan Light & Power Inc, Philippines
- Anglo American - United Kingdom
- Directorate Of Revenue Intelligence - India
- Bhushan Steel Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Kaltim Prima Coal - Indonesia
- Essar Steel Hazira Ltd - India
- OPG Power Generation Pvt Ltd - India
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