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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already there to provide new loans and in 2014 a big part of their € 700mil budget has been committed and most of it withdrawn already.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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Monday, 25 August 14
4TH ANNUAL FLOATING TERMINALS
4th Annual Floating Terminals
18-20 Nov 2014
Intercontinental Jakarta Midplaza,
Indonesia
Web Site
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Monday, 25 August 14
THE BALTIC DRY IS JUMPING, BUT DON'T DRAW ANY BROAD CONCLUSIONS - NASDAQ
Those who consistently preach doom and gloom and see an economic apocalypse around every corner would make me laugh if it weren’t for the fac ...
Monday, 25 August 14
COAL CEOS: DEMISE OF COAL 'EXAGGERATED' - MARK WILCOX
By Mark Wilcox
Heads of some of the largest coal companies in Wyoming are saying the demise of coal has been exaggerated, though the industry def ...
Monday, 25 August 14
INDO COAL SWAPS W-O-W: NEGATIVE; M-O-M: POSITIVE
COALspot.com: Indonesian coal swaps for average September 2014 decreased US$ 0.15 (-0.28%) day on day and US$ 0.65 (-1.19%) per mt week on week. Th ...
Monday, 25 August 14
API 8 CFR SOUTH CHINA COAL SWAP GAINED DAY OVER DAY AND MONTH OVER MONTH
COALspot.com: API 8 CFR South China Coal swap for delivery in September 2014 increased US$ 0.30 (+0.44%) day on day and decreased US$ 0.20 (- ...
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- Ceylon Electricity Board - Sri Lanka
- Kumho Petrochemical, South Korea
- Anglo American - United Kingdom
- Wood Mackenzie - Singapore
- SMG Consultants - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Gujarat Electricity Regulatory Commission - India
- Minerals Council of Australia
- The University of Queensland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Grasim Industreis Ltd - India
- Medco Energi Mining Internasional
- London Commodity Brokers - England
- Coalindo Energy - Indonesia
- Global Business Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Ministry of Transport, Egypt
- Indonesian Coal Mining Association
- Bulk Trading Sa - Switzerland
- Malabar Cements Ltd - India
- Jaiprakash Power Ventures ltd
- Videocon Industries ltd - India
- Kaltim Prima Coal - Indonesia
- Sree Jayajothi Cements Limited - India
- Globalindo Alam Lestari - Indonesia
- Kepco SPC Power Corporation, Philippines
- Madhucon Powers Ltd - India
- GVK Power & Infra Limited - India
- Independent Power Producers Association of India
- Billiton Holdings Pty Ltd - Australia
- Romanian Commodities Exchange
- Gujarat Sidhee Cement - India
- Straits Asia Resources Limited - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- MS Steel International - UAE
- Global Green Power PLC Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Edison Trading Spa - Italy
- Vedanta Resources Plc - India
- Pendopo Energi Batubara - Indonesia
- The State Trading Corporation of India Ltd
- Wilmar Investment Holdings
- Sinarmas Energy and Mining - Indonesia
- Meralco Power Generation, Philippines
- Sarangani Energy Corporation, Philippines
- ASAPP Information Group - India
- Simpson Spence & Young - Indonesia
- Ambuja Cements Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Borneo Indobara - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bukit Makmur.PT - Indonesia
- Coal and Oil Company - UAE
- Maheswari Brothers Coal Limited - India
- Karaikal Port Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Bangladesh Power Developement Board
- Holcim Trading Pte Ltd - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Therma Luzon, Inc, Philippines
- Cement Manufacturers Association - India
- Bukit Asam (Persero) Tbk - Indonesia
- Latin American Coal - Colombia
- Dalmia Cement Bharat India
- Carbofer General Trading SA - India
- SMC Global Power, Philippines
- Iligan Light & Power Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Thai Mozambique Logistica
- Vizag Seaport Private Limited - India
- Makarim & Taira - Indonesia
- Semirara Mining Corp, Philippines
- Intertek Mineral Services - Indonesia
- Indika Energy - Indonesia
- Riau Bara Harum - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Bharathi Cement Corporation - India
- Timah Investasi Mineral - Indoneisa
- Essar Steel Hazira Ltd - India
- Indo Tambangraya Megah - Indonesia
- OPG Power Generation Pvt Ltd - India
- GMR Energy Limited - India
- Lanco Infratech Ltd - India
- Chettinad Cement Corporation Ltd - India
- Antam Resourcindo - Indonesia
- Economic Council, Georgia
- Standard Chartered Bank - UAE
- Samtan Co., Ltd - South Korea
- Manunggal Multi Energi - Indonesia
- Marubeni Corporation - India
- Goldman Sachs - Singapore
- Energy Development Corp, Philippines
- Tata Chemicals Ltd - India
- Savvy Resources Ltd - HongKong
- Jindal Steel & Power Ltd - India
- Sojitz Corporation - Japan
- Aditya Birla Group - India
- Orica Australia Pty. Ltd.
- South Luzon Thermal Energy Corporation
- Petrochimia International Co. Ltd.- Taiwan
- Attock Cement Pakistan Limited
- Toyota Tsusho Corporation, Japan
- Barasentosa Lestari - Indonesia
- Siam City Cement PLC, Thailand
- Xindia Steels Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Price Waterhouse Coopers - Russia
- Ind-Barath Power Infra Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mercuria Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Posco Energy - South Korea
- Siam City Cement - Thailand
- Indogreen Group - Indonesia
- Ministry of Mines - Canada
- Chamber of Mines of South Africa
- Parry Sugars Refinery, India
- CIMB Investment Bank - Malaysia
- Bayan Resources Tbk. - Indonesia
- Sindya Power Generating Company Private Ltd
- Central Electricity Authority - India
- Planning Commission, India
- TNB Fuel Sdn Bhd - Malaysia
- Meenaskhi Energy Private Limited - India
- Miang Besar Coal Terminal - Indonesia
- Bhatia International Limited - India
- Directorate Of Revenue Intelligence - India
- Metalloyd Limited - United Kingdom
- San Jose City I Power Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Rio Tinto Coal - Australia
- Formosa Plastics Group - Taiwan
- Port Waratah Coal Services - Australia
- Sakthi Sugars Limited - India
- Singapore Mercantile Exchange
- Maharashtra Electricity Regulatory Commission - India
- Merrill Lynch Commodities Europe
- IHS Mccloskey Coal Group - USA
- McConnell Dowell - Australia
- Star Paper Mills Limited - India
- Banpu Public Company Limited - Thailand
- Energy Link Ltd, New Zealand
- TeaM Sual Corporation - Philippines
- Commonwealth Bank - Australia
- Kalimantan Lumbung Energi - Indonesia
- White Energy Company Limited
- Mintek Dendrill Indonesia
- LBH Netherlands Bv - Netherlands
- Indian Oil Corporation Limited
- Mercator Lines Limited - India
- Renaissance Capital - South Africa
- Electricity Authority, New Zealand
- Agrawal Coal Company - India
- Kartika Selabumi Mining - Indonesia
- Salva Resources Pvt Ltd - India
- India Bulls Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Indian Energy Exchange, India
- Thiess Contractors Indonesia
- CNBM International Corporation - China
- ICICI Bank Limited - India
- Heidelberg Cement - Germany
- Parliament of New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Deloitte Consulting - India
- AsiaOL BioFuels Corp., Philippines
- Eastern Energy - Thailand
- Interocean Group of Companies - India
- Central Java Power - Indonesia
- PTC India Limited - India
- Aboitiz Power Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- International Coal Ventures Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Australian Commodity Traders Exchange
- New Zealand Coal & Carbon
- European Bulk Services B.V. - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- The Treasury - Australian Government
- Africa Commodities Group - South Africa
- PowerSource Philippines DevCo
- Kobexindo Tractors - Indoneisa
- Coastal Gujarat Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Uttam Galva Steels Limited - India
- VISA Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Trasteel International SA, Italy
- Rashtriya Ispat Nigam Limited - India
- IEA Clean Coal Centre - UK
- Jorong Barutama Greston.PT - Indonesia
- Altura Mining Limited, Indonesia
- Tamil Nadu electricity Board
- Mjunction Services Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Eastern Coal Council - USA
- Baramulti Group, Indonesia
- Georgia Ports Authority, United States
- Vijayanagar Sugar Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Petron Corporation, Philippines
- Australian Coal Association
- Ministry of Finance - Indonesia
- Binh Thuan Hamico - Vietnam
- Orica Mining Services - Indonesia
- Sical Logistics Limited - India
- Bhushan Steel Limited - India
- Larsen & Toubro Limited - India
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