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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already there to provide new loans and in 2014 a big part of their € 700mil budget has been committed and most of it withdrawn already.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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Thursday, 28 August 14
BANPU REPORTS HIGHER FIRST-HALF YEAR RESULTS FOR 2014
COALspot.com: Banpu Public Company Limited (BANPU) reports higher first half-year financial results for 2014 having its gross profit increasing 3 p ...
Wednesday, 27 August 14
FREIGHT MARKET: IS THE MARKET IN A RECOVERY MOOD? - GEORGE ILIOPOULOS
Is the market in a recovery mood?
August is typically a time when the shipping industry takes it easy… charter-ers book their requireme ...
Tuesday, 26 August 14
4TH ANNUAL ASIA NICKEL
4th Annual Asia Nickel
19-20 Nov 2014
Grand Hyatt Jakarta, Indonesia
Web Site
Asia’s Premier Nickel Conference
Regulation in ...
Tuesday, 26 August 14
DESPITE LOW DRY BULK RATES, BULKER PRICES ARE STILL HIGH - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Traditionally, August tends to be a month of slow activity in the sale and purchasing market and this year has been no exception. However, as shipb ...
Tuesday, 26 August 14
GOVT ON TRACK TO LIMIT COAL OUTPUT - THE JAKARTA POST
The government has announced that it will proceed with plans to cap the production of coal next year, a move aimed not only at protecting the envir ...
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- Coastal Gujarat Power Limited - India
- Deloitte Consulting - India
- Kobexindo Tractors - Indoneisa
- Sojitz Corporation - Japan
- Cement Manufacturers Association - India
- Essar Steel Hazira Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Wilmar Investment Holdings
- Samtan Co., Ltd - South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Indian Energy Exchange, India
- Standard Chartered Bank - UAE
- Kideco Jaya Agung - Indonesia
- Straits Asia Resources Limited - Singapore
- South Luzon Thermal Energy Corporation
- Trasteel International SA, Italy
- Parry Sugars Refinery, India
- Therma Luzon, Inc, Philippines
- Thiess Contractors Indonesia
- Bhoruka Overseas - Indonesia
- Vedanta Resources Plc - India
- Meralco Power Generation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Mercuria Energy - Indonesia
- Posco Energy - South Korea
- Africa Commodities Group - South Africa
- Formosa Plastics Group - Taiwan
- India Bulls Power Limited - India
- Videocon Industries ltd - India
- Dalmia Cement Bharat India
- Heidelberg Cement - Germany
- Orica Mining Services - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sree Jayajothi Cements Limited - India
- OPG Power Generation Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Port Waratah Coal Services - Australia
- Minerals Council of Australia
- Makarim & Taira - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Sindya Power Generating Company Private Ltd
- Antam Resourcindo - Indonesia
- CNBM International Corporation - China
- ICICI Bank Limited - India
- Wood Mackenzie - Singapore
- Gujarat Sidhee Cement - India
- Star Paper Mills Limited - India
- European Bulk Services B.V. - Netherlands
- Indonesian Coal Mining Association
- Coalindo Energy - Indonesia
- Central Java Power - Indonesia
- Vizag Seaport Private Limited - India
- Price Waterhouse Coopers - Russia
- Attock Cement Pakistan Limited
- Globalindo Alam Lestari - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Goldman Sachs - Singapore
- GMR Energy Limited - India
- Global Coal Blending Company Limited - Australia
- Karbindo Abesyapradhi - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- GN Power Mariveles Coal Plant, Philippines
- Krishnapatnam Port Company Ltd. - India
- Bharathi Cement Corporation - India
- Indian Oil Corporation Limited
- Mercator Lines Limited - India
- Aboitiz Power Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Altura Mining Limited, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Electricity Authority, New Zealand
- Binh Thuan Hamico - Vietnam
- Ministry of Mines - Canada
- Madhucon Powers Ltd - India
- Ministry of Transport, Egypt
- Manunggal Multi Energi - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- PetroVietnam Power Coal Import and Supply Company
- Uttam Galva Steels Limited - India
- Ambuja Cements Ltd - India
- Romanian Commodities Exchange
- Bayan Resources Tbk. - Indonesia
- Interocean Group of Companies - India
- Georgia Ports Authority, United States
- Tamil Nadu electricity Board
- Petron Corporation, Philippines
- The University of Queensland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- Medco Energi Mining Internasional
- Australian Coal Association
- London Commodity Brokers - England
- Grasim Industreis Ltd - India
- Indogreen Group - Indonesia
- Eastern Energy - Thailand
- IHS Mccloskey Coal Group - USA
- LBH Netherlands Bv - Netherlands
- Baramulti Group, Indonesia
- VISA Power Limited - India
- Ind-Barath Power Infra Limited - India
- Maharashtra Electricity Regulatory Commission - India
- IEA Clean Coal Centre - UK
- Larsen & Toubro Limited - India
- Borneo Indobara - Indonesia
- The State Trading Corporation of India Ltd
- Ministry of Finance - Indonesia
- Tata Chemicals Ltd - India
- Eastern Coal Council - USA
- Cigading International Bulk Terminal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Savvy Resources Ltd - HongKong
- TeaM Sual Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Parliament of New Zealand
- Xindia Steels Limited - India
- Gujarat Electricity Regulatory Commission - India
- Meenaskhi Energy Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sakthi Sugars Limited - India
- Salva Resources Pvt Ltd - India
- Bhatia International Limited - India
- Mjunction Services Limited - India
- Barasentosa Lestari - Indonesia
- Toyota Tsusho Corporation, Japan
- Bhushan Steel Limited - India
- Economic Council, Georgia
- Kalimantan Lumbung Energi - Indonesia
- Kumho Petrochemical, South Korea
- Siam City Cement - Thailand
- Directorate Of Revenue Intelligence - India
- GAC Shipping (India) Pvt Ltd
- Holcim Trading Pte Ltd - Singapore
- International Coal Ventures Pvt Ltd - India
- McConnell Dowell - Australia
- SN Aboitiz Power Inc, Philippines
- Merrill Lynch Commodities Europe
- Independent Power Producers Association of India
- Maheswari Brothers Coal Limited - India
- Bukit Makmur.PT - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Oldendorff Carriers - Singapore
- Timah Investasi Mineral - Indoneisa
- Riau Bara Harum - Indonesia
- Kepco SPC Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Singapore Mercantile Exchange
- Kaltim Prima Coal - Indonesia
- Coal and Oil Company - UAE
- Lanco Infratech Ltd - India
- Planning Commission, India
- Sarangani Energy Corporation, Philippines
- Central Electricity Authority - India
- Gujarat Mineral Development Corp Ltd - India
- Electricity Generating Authority of Thailand
- SMC Global Power, Philippines
- Pendopo Energi Batubara - Indonesia
- Commonwealth Bank - Australia
- Bukit Baiduri Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Latin American Coal - Colombia
- Asmin Koalindo Tuhup - Indonesia
- Intertek Mineral Services - Indonesia
- Jindal Steel & Power Ltd - India
- New Zealand Coal & Carbon
- Indika Energy - Indonesia
- PTC India Limited - India
- Energy Link Ltd, New Zealand
- Alfred C Toepfer International GmbH - Germany
- Metalloyd Limited - United Kingdom
- Kapuas Tunggal Persada - Indonesia
- Bulk Trading Sa - Switzerland
- Billiton Holdings Pty Ltd - Australia
- Carbofer General Trading SA - India
- The Treasury - Australian Government
- Global Green Power PLC Corporation, Philippines
- Mintek Dendrill Indonesia
- Malabar Cements Ltd - India
- PNOC Exploration Corporation - Philippines
- Jaiprakash Power Ventures ltd
- GVK Power & Infra Limited - India
- Marubeni Corporation - India
- Banpu Public Company Limited - Thailand
- CIMB Investment Bank - Malaysia
- Edison Trading Spa - Italy
- Iligan Light & Power Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- PowerSource Philippines DevCo
- Renaissance Capital - South Africa
- Ceylon Electricity Board - Sri Lanka
- White Energy Company Limited
- Semirara Mining Corp, Philippines
- Aditya Birla Group - India
- Bangladesh Power Developement Board
- Energy Development Corp, Philippines
- MS Steel International - UAE
- ASAPP Information Group - India
- Sinarmas Energy and Mining - Indonesia
- Rio Tinto Coal - Australia
- Siam City Cement PLC, Thailand
- Anglo American - United Kingdom
- Bahari Cakrawala Sebuku - Indonesia
- Chamber of Mines of South Africa
- Australian Commodity Traders Exchange
- Karaikal Port Pvt Ltd - India
- Thai Mozambique Logistica
- Agrawal Coal Company - India
- San Jose City I Power Corp, Philippines
- Sical Logistics Limited - India
- Simpson Spence & Young - Indonesia
- Global Business Power Corporation, Philippines
- SMG Consultants - Indonesia
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