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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already there to provide new loans and in 2014 a big part of their € 700mil budget has been committed and most of it withdrawn already.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, 03 September 14
CFR S.CHINA COAL SWAP FOR JAN 2015 DELIVERY CLOSED AT $ 68.30 PMT; DOWN 2.43% W-O-W
COALspot.com: API 8 CFR South China Coal swap for delivery in October 2014 decreased US$ 0.95 (-1.39%) day on day and US$ 1.40 (-2.03%) week on wee ...
Tuesday, 02 September 14
BERAU COAL HAS AWARDED A CONTRACT EXTENSION TO BUMA FOR 647 MLN BCM OVERBURDEN REMOVAL
COALspot.com: PT Delta Dunia Makmur Tbk (“DOID”) has announced that its primary operating subsidiary, PT Bukit Makmur Mandiri Utama (&l ...
Monday, 01 September 14
GLOBALCOAL WELCOMES TWO NEW MARKET MEMBERS
COALspot.com: globalCOAL® announced today that two Market Members have joined its trading community. Both new Market Members are from the India ...
Sunday, 31 August 14
COAL FREIGHT RATES INTO INDIA FROM INDONESIA FIRM
COALspot.com: The freight market continued to firm this week. BDI up 5.42 percent week ended 29 August and closed at 1147 points while the Ca ...
Saturday, 30 August 14
INDIAN GOVERNMENT SHOULD TAKE NOTICE: THERMAL COAL IMPORT PRICES EXTREMELY LOW - COMMODORE RESEARCH
COALspot.com: Both Indonesian and Australian thermal coal prices are at the lowest levels seen this decade, with Indonesia's monthly benchmark ...
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- PTC India Limited - India
- Chamber of Mines of South Africa
- Edison Trading Spa - Italy
- Planning Commission, India
- Jindal Steel & Power Ltd - India
- Power Finance Corporation Ltd., India
- Riau Bara Harum - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Merrill Lynch Commodities Europe
- Larsen & Toubro Limited - India
- TeaM Sual Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bukit Baiduri Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- San Jose City I Power Corp, Philippines
- Altura Mining Limited, Indonesia
- SMC Global Power, Philippines
- Parliament of New Zealand
- Karbindo Abesyapradhi - Indoneisa
- ICICI Bank Limited - India
- Indonesian Coal Mining Association
- Formosa Plastics Group - Taiwan
- Iligan Light & Power Inc, Philippines
- Salva Resources Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Bulk Trading Sa - Switzerland
- Anglo American - United Kingdom
- Meralco Power Generation, Philippines
- Thai Mozambique Logistica
- Goldman Sachs - Singapore
- Toyota Tsusho Corporation, Japan
- Metalloyd Limited - United Kingdom
- Indian Oil Corporation Limited
- Vedanta Resources Plc - India
- Electricity Generating Authority of Thailand
- India Bulls Power Limited - India
- Cement Manufacturers Association - India
- Indo Tambangraya Megah - Indonesia
- South Luzon Thermal Energy Corporation
- Eastern Energy - Thailand
- Rashtriya Ispat Nigam Limited - India
- AsiaOL BioFuels Corp., Philippines
- PowerSource Philippines DevCo
- Central Electricity Authority - India
- Tata Chemicals Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Coalindo Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Ceylon Electricity Board - Sri Lanka
- Timah Investasi Mineral - Indoneisa
- Sakthi Sugars Limited - India
- Vizag Seaport Private Limited - India
- White Energy Company Limited
- Energy Development Corp, Philippines
- Banpu Public Company Limited - Thailand
- Commonwealth Bank - Australia
- Pendopo Energi Batubara - Indonesia
- Kumho Petrochemical, South Korea
- Alfred C Toepfer International GmbH - Germany
- Videocon Industries ltd - India
- Savvy Resources Ltd - HongKong
- Latin American Coal - Colombia
- Cigading International Bulk Terminal - Indonesia
- Kideco Jaya Agung - Indonesia
- London Commodity Brokers - England
- Mercuria Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Kapuas Tunggal Persada - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Kohat Cement Company Ltd. - Pakistan
- PetroVietnam Power Coal Import and Supply Company
- Chettinad Cement Corporation Ltd - India
- Antam Resourcindo - Indonesia
- Barasentosa Lestari - Indonesia
- Global Coal Blending Company Limited - Australia
- Deloitte Consulting - India
- Borneo Indobara - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Thiess Contractors Indonesia
- ASAPP Information Group - India
- Semirara Mining Corp, Philippines
- Simpson Spence & Young - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Aditya Birla Group - India
- Tamil Nadu electricity Board
- Minerals Council of Australia
- SMG Consultants - Indonesia
- Bangladesh Power Developement Board
- CIMB Investment Bank - Malaysia
- Ind-Barath Power Infra Limited - India
- Carbofer General Trading SA - India
- IEA Clean Coal Centre - UK
- Pipit Mutiara Jaya. PT, Indonesia
- Essar Steel Hazira Ltd - India
- McConnell Dowell - Australia
- GVK Power & Infra Limited - India
- Meenaskhi Energy Private Limited - India
- Madhucon Powers Ltd - India
- Maheswari Brothers Coal Limited - India
- Independent Power Producers Association of India
- Globalindo Alam Lestari - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bhushan Steel Limited - India
- Attock Cement Pakistan Limited
- Lanco Infratech Ltd - India
- Mercator Lines Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Coal and Oil Company - UAE
- Trasteel International SA, Italy
- Bhoruka Overseas - Indonesia
- The State Trading Corporation of India Ltd
- Standard Chartered Bank - UAE
- Rio Tinto Coal - Australia
- Romanian Commodities Exchange
- GMR Energy Limited - India
- Interocean Group of Companies - India
- Global Green Power PLC Corporation, Philippines
- Ministry of Mines - Canada
- Malabar Cements Ltd - India
- Therma Luzon, Inc, Philippines
- Makarim & Taira - Indonesia
- Eastern Coal Council - USA
- Sree Jayajothi Cements Limited - India
- Samtan Co., Ltd - South Korea
- Gujarat Sidhee Cement - India
- Global Business Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Australian Commodity Traders Exchange
- Energy Link Ltd, New Zealand
- Holcim Trading Pte Ltd - Singapore
- Australian Coal Association
- Bahari Cakrawala Sebuku - Indonesia
- Karaikal Port Pvt Ltd - India
- Singapore Mercantile Exchange
- Bharathi Cement Corporation - India
- Africa Commodities Group - South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Grasim Industreis Ltd - India
- Orica Australia Pty. Ltd.
- Mintek Dendrill Indonesia
- Oldendorff Carriers - Singapore
- Kaltim Prima Coal - Indonesia
- Wood Mackenzie - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sinarmas Energy and Mining - Indonesia
- PNOC Exploration Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- MS Steel International - UAE
- Bhatia International Limited - India
- Ministry of Finance - Indonesia
- Aboitiz Power Corporation - Philippines
- Economic Council, Georgia
- Kartika Selabumi Mining - Indonesia
- Electricity Authority, New Zealand
- The University of Queensland
- Gujarat Mineral Development Corp Ltd - India
- New Zealand Coal & Carbon
- OPG Power Generation Pvt Ltd - India
- Central Java Power - Indonesia
- Sarangani Energy Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Parry Sugars Refinery, India
- Ambuja Cements Ltd - India
- Star Paper Mills Limited - India
- Indogreen Group - Indonesia
- Indika Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Posco Energy - South Korea
- Sical Logistics Limited - India
- Price Waterhouse Coopers - Russia
- Intertek Mineral Services - Indonesia
- VISA Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Maharashtra Electricity Regulatory Commission - India
- Siam City Cement PLC, Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Dalmia Cement Bharat India
- Uttam Galva Steels Limited - India
- CNBM International Corporation - China
- Heidelberg Cement - Germany
- Bukit Makmur.PT - Indonesia
- Baramulti Group, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Marubeni Corporation - India
- Siam City Cement - Thailand
- Xindia Steels Limited - India
- Mjunction Services Limited - India
- LBH Netherlands Bv - Netherlands
- Orica Mining Services - Indonesia
- Bayan Resources Tbk. - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Renaissance Capital - South Africa
- Billiton Holdings Pty Ltd - Australia
- Agrawal Coal Company - India
- Wilmar Investment Holdings
- Neyveli Lignite Corporation Ltd, - India
- Sojitz Corporation - Japan
- TNB Fuel Sdn Bhd - Malaysia
- Kalimantan Lumbung Energi - Indonesia
- Port Waratah Coal Services - Australia
- Jorong Barutama Greston.PT - Indonesia
- IHS Mccloskey Coal Group - USA
- Indian Energy Exchange, India
- Ministry of Transport, Egypt
- Binh Thuan Hamico - Vietnam
- Petron Corporation, Philippines
- The Treasury - Australian Government
- European Bulk Services B.V. - Netherlands
- Georgia Ports Authority, United States
- Directorate Of Revenue Intelligence - India
- Semirara Mining and Power Corporation, Philippines
- Medco Energi Mining Internasional
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