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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already there to provide new loans and in 2014 a big part of their € 700mil budget has been committed and most of it withdrawn already.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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Saturday, 30 August 14
RECOVERY IN SIGHT FOR THE DRY BULK SHIPPING MARKET - DREWRY SHIPPING CONSULTANTS
Despite weak freight rates so far this year, Dry Bulk shipping earnings are forecast to recover as demand for both major and minor bulk commodities ...
Friday, 29 August 14
U.S. WEEKLY COAL PRODUCTION DROPS 1.3 PERCENT, EIA SAYS
COALspot.com – United States the world's second largest coal producer, produced approximately 19.40 million short tons (mmst) of coal in ...
Friday, 29 August 14
ADARO'S PROFITS SINK FURTHER AMID FALL IN COAL PRICES - JP
Adaro Energy, one of the country’s largest coal miners, has reported a 31 percent drop in net profit in the first half of this year as global ...
Friday, 29 August 14
CHINESE LIGNITE IMPORTS: QUANTITY OVER QUALITY? - CLARKSONS
In the first half of 2014, Chinese seaborne coal imports declined 0.4% y-o-y to 148mt, largely reflecting a 3.3% fall in imports of steam coal. Mea ...
Thursday, 28 August 14
PANAMAX: OWNERS CAN GET AROUND USD 16000 FOR A FRONTHAUL; PERIOD MARKET - VERY QUIET - FEARNLEYS
Handy
The activity and sentiment is improving in the Atlantic with the general TA rate is up about US$ 800 w-o-w. We see more South American carg ...
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- Ministry of Transport, Egypt
- Heidelberg Cement - Germany
- Commonwealth Bank - Australia
- Makarim & Taira - Indonesia
- Ministry of Mines - Canada
- Krishnapatnam Port Company Ltd. - India
- Riau Bara Harum - Indonesia
- Tata Chemicals Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Central Java Power - Indonesia
- Therma Luzon, Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Videocon Industries ltd - India
- Meenaskhi Energy Private Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Sindya Power Generating Company Private Ltd
- Global Business Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Siam City Cement PLC, Thailand
- Sarangani Energy Corporation, Philippines
- Mercuria Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Wood Mackenzie - Singapore
- LBH Netherlands Bv - Netherlands
- Indika Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Eastern Coal Council - USA
- Jorong Barutama Greston.PT - Indonesia
- Attock Cement Pakistan Limited
- Georgia Ports Authority, United States
- CNBM International Corporation - China
- Anglo American - United Kingdom
- Toyota Tsusho Corporation, Japan
- Kartika Selabumi Mining - Indonesia
- OPG Power Generation Pvt Ltd - India
- Australian Commodity Traders Exchange
- Chettinad Cement Corporation Ltd - India
- Medco Energi Mining Internasional
- Romanian Commodities Exchange
- Minerals Council of Australia
- Intertek Mineral Services - Indonesia
- Interocean Group of Companies - India
- Bukit Baiduri Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Cigading International Bulk Terminal - Indonesia
- White Energy Company Limited
- India Bulls Power Limited - India
- Madhucon Powers Ltd - India
- Bharathi Cement Corporation - India
- Price Waterhouse Coopers - Russia
- Indonesian Coal Mining Association
- Star Paper Mills Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- PetroVietnam Power Coal Import and Supply Company
- Bukit Makmur.PT - Indonesia
- Gujarat Sidhee Cement - India
- Rio Tinto Coal - Australia
- Sojitz Corporation - Japan
- Barasentosa Lestari - Indonesia
- Deloitte Consulting - India
- Maharashtra Electricity Regulatory Commission - India
- AsiaOL BioFuels Corp., Philippines
- International Coal Ventures Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Grasim Industreis Ltd - India
- Lanco Infratech Ltd - India
- Goldman Sachs - Singapore
- GAC Shipping (India) Pvt Ltd
- Borneo Indobara - Indonesia
- Globalindo Alam Lestari - Indonesia
- Power Finance Corporation Ltd., India
- Coalindo Energy - Indonesia
- SMC Global Power, Philippines
- Jaiprakash Power Ventures ltd
- Wilmar Investment Holdings
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Karaikal Port Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Mjunction Services Limited - India
- Indogreen Group - Indonesia
- Samtan Co., Ltd - South Korea
- Directorate General of MIneral and Coal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Jindal Steel & Power Ltd - India
- Coal and Oil Company - UAE
- Kaltim Prima Coal - Indonesia
- Eastern Energy - Thailand
- Malabar Cements Ltd - India
- Bhushan Steel Limited - India
- Tamil Nadu electricity Board
- GMR Energy Limited - India
- VISA Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- PowerSource Philippines DevCo
- Metalloyd Limited - United Kingdom
- Bhoruka Overseas - Indonesia
- Directorate Of Revenue Intelligence - India
- The Treasury - Australian Government
- ASAPP Information Group - India
- Global Coal Blending Company Limited - Australia
- Miang Besar Coal Terminal - Indonesia
- Trasteel International SA, Italy
- Bahari Cakrawala Sebuku - Indonesia
- Marubeni Corporation - India
- Sical Logistics Limited - India
- MS Steel International - UAE
- SMG Consultants - Indonesia
- Sakthi Sugars Limited - India
- Rashtriya Ispat Nigam Limited - India
- New Zealand Coal & Carbon
- CIMB Investment Bank - Malaysia
- Carbofer General Trading SA - India
- TeaM Sual Corporation - Philippines
- Economic Council, Georgia
- Ambuja Cements Ltd - India
- Edison Trading Spa - Italy
- Neyveli Lignite Corporation Ltd, - India
- Kideco Jaya Agung - Indonesia
- Kepco SPC Power Corporation, Philippines
- Singapore Mercantile Exchange
- Salva Resources Pvt Ltd - India
- Siam City Cement - Thailand
- The University of Queensland
- Mintek Dendrill Indonesia
- Bayan Resources Tbk. - Indonesia
- Larsen & Toubro Limited - India
- GVK Power & Infra Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bangladesh Power Developement Board
- Agrawal Coal Company - India
- Meralco Power Generation, Philippines
- Bhatia International Limited - India
- Aboitiz Power Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Mineral Development Corp Ltd - India
- South Luzon Thermal Energy Corporation
- Holcim Trading Pte Ltd - Singapore
- Vedanta Resources Plc - India
- Sinarmas Energy and Mining - Indonesia
- Parliament of New Zealand
- Cement Manufacturers Association - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Green Power PLC Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Kohat Cement Company Ltd. - Pakistan
- Iligan Light & Power Inc, Philippines
- Oldendorff Carriers - Singapore
- Central Electricity Authority - India
- Baramulti Group, Indonesia
- Semirara Mining Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Planning Commission, India
- Energy Link Ltd, New Zealand
- Independent Power Producers Association of India
- Chamber of Mines of South Africa
- Posco Energy - South Korea
- Uttam Galva Steels Limited - India
- Ministry of Finance - Indonesia
- Thiess Contractors Indonesia
- Merrill Lynch Commodities Europe
- Bukit Asam (Persero) Tbk - Indonesia
- Essar Steel Hazira Ltd - India
- IHS Mccloskey Coal Group - USA
- European Bulk Services B.V. - Netherlands
- McConnell Dowell - Australia
- Formosa Plastics Group - Taiwan
- PTC India Limited - India
- SN Aboitiz Power Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Pendopo Energi Batubara - Indonesia
- Petron Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Thai Mozambique Logistica
- Standard Chartered Bank - UAE
- Port Waratah Coal Services - Australia
- Indian Oil Corporation Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Antam Resourcindo - Indonesia
- Bulk Trading Sa - Switzerland
- Kobexindo Tractors - Indoneisa
- Xindia Steels Limited - India
- Dalmia Cement Bharat India
- Australian Coal Association
- ICICI Bank Limited - India
- Africa Commodities Group - South Africa
- Indo Tambangraya Megah - Indonesia
- Electricity Authority, New Zealand
- Leighton Contractors Pty Ltd - Australia
- Indian Energy Exchange, India
- Gujarat Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
- IEA Clean Coal Centre - UK
- Binh Thuan Hamico - Vietnam
- The State Trading Corporation of India Ltd
- Straits Asia Resources Limited - Singapore
- Aditya Birla Group - India
- Orica Mining Services - Indonesia
- Latin American Coal - Colombia
- Vizag Seaport Private Limited - India
- Electricity Generating Authority of Thailand
- Kumho Petrochemical, South Korea
- Kapuas Tunggal Persada - Indonesia
- Ind-Barath Power Infra Limited - India
- Orica Australia Pty. Ltd.
- San Jose City I Power Corp, Philippines
- Altura Mining Limited, Indonesia
- Coastal Gujarat Power Limited - India
- London Commodity Brokers - England
- Mercator Lines Limited - India
- Banpu Public Company Limited - Thailand
- Energy Development Corp, Philippines
- Renaissance Capital - South Africa
- Parry Sugars Refinery, India
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