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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already there to provide new loans and in 2014 a big part of their € 700mil budget has been committed and most of it withdrawn already.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, 24 August 14
SEA FREIGHT MARKETS STARTING TO LOOK POSITIVE; CAPES DRIVE FREIGHTS HIGHER
COALspot.com: The freight market has strengthen further this week with BDI up 7.19 pct week on week. The BDI was closed at 1,088 points while the B ...
Friday, 22 August 14
INDIAN IRON ORE ROYALTY RISE NOT LIKELY TO HURT STEELMAKERS' MARGINS - FITCH
Fitch Ratings does not expect an increase in India's iron ore royalty rates to have a major impact on the profitability of steel producers in t ...
Friday, 22 August 14
ARBITRATION CLAUSE IN LOU HELD TO REPLACE CHARTERPARTY ARBITRATION CLAUSE
KNOWLEDGE TO ELEVATE
The Claimants had claims for cargo damage against the vessel Owners arising under four bills of lading. The vessel was th ...
Friday, 22 August 14
ICAP ENERGY LAUNCHES GLOBAL COKING COAL DERIVATIVES TRADING
First contract completed and cleared on CME
COALspot.com: ICAP Energy, the energy business of ICAP plc, announces today that it has successful ...
Friday, 22 August 14
U.S WEEKLY COAL PRODUCTION UP 2.4% WEEK OVER WEEK
COALspot.com – United States the world's second largest coal producer, produced approximately 19.60 million short tons (mmst) of coal in ...
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- Simpson Spence & Young - Indonesia
- Australian Coal Association
- Alfred C Toepfer International GmbH - Germany
- Indika Energy - Indonesia
- Wilmar Investment Holdings
- Bangladesh Power Developement Board
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- Kohat Cement Company Ltd. - Pakistan
- Ministry of Transport, Egypt
- Star Paper Mills Limited - India
- AsiaOL BioFuels Corp., Philippines
- New Zealand Coal & Carbon
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- White Energy Company Limited
- Indian Oil Corporation Limited
- Chamber of Mines of South Africa
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- Ceylon Electricity Board - Sri Lanka
- Romanian Commodities Exchange
- Iligan Light & Power Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The University of Queensland
- PowerSource Philippines DevCo
- IEA Clean Coal Centre - UK
- Tamil Nadu electricity Board
- Directorate General of MIneral and Coal - Indonesia
- Bulk Trading Sa - Switzerland
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- GVK Power & Infra Limited - India
- Renaissance Capital - South Africa
- Agrawal Coal Company - India
- McConnell Dowell - Australia
- Savvy Resources Ltd - HongKong
- Coalindo Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Goldman Sachs - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coal and Oil Company - UAE
- TeaM Sual Corporation - Philippines
- Oldendorff Carriers - Singapore
- Edison Trading Spa - Italy
- SN Aboitiz Power Inc, Philippines
- India Bulls Power Limited - India
- Bharathi Cement Corporation - India
- Baramulti Group, Indonesia
- Timah Investasi Mineral - Indoneisa
- Rio Tinto Coal - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Global Business Power Corporation, Philippines
- Sical Logistics Limited - India
- Jindal Steel & Power Ltd - India
- CIMB Investment Bank - Malaysia
- Holcim Trading Pte Ltd - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Tata Chemicals Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- Lanco Infratech Ltd - India
- Dalmia Cement Bharat India
- Samtan Co., Ltd - South Korea
- Mjunction Services Limited - India
- Bukit Baiduri Energy - Indonesia
- Orica Mining Services - Indonesia
- Mercuria Energy - Indonesia
- Energy Development Corp, Philippines
- Banpu Public Company Limited - Thailand
- SMG Consultants - Indonesia
- Vedanta Resources Plc - India
- Economic Council, Georgia
- Bayan Resources Tbk. - Indonesia
- Commonwealth Bank - Australia
- Orica Australia Pty. Ltd.
- Therma Luzon, Inc, Philippines
- SMC Global Power, Philippines
- Larsen & Toubro Limited - India
- Siam City Cement PLC, Thailand
- ASAPP Information Group - India
- Ministry of Mines - Canada
- Interocean Group of Companies - India
- Port Waratah Coal Services - Australia
- Merrill Lynch Commodities Europe
- European Bulk Services B.V. - Netherlands
- Vizag Seaport Private Limited - India
- Videocon Industries ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Jaiprakash Power Ventures ltd
- Aditya Birla Group - India
- Medco Energi Mining Internasional
- Semirara Mining Corp, Philippines
- South Luzon Thermal Energy Corporation
- Central Electricity Authority - India
- Madhucon Powers Ltd - India
- Directorate Of Revenue Intelligence - India
- Sarangani Energy Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Planning Commission, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indonesian Coal Mining Association
- Petron Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Neyveli Lignite Corporation Ltd, - India
- Sree Jayajothi Cements Limited - India
- Sojitz Corporation - Japan
- Deloitte Consulting - India
- London Commodity Brokers - England
- Indian Energy Exchange, India
- Toyota Tsusho Corporation, Japan
- TNB Fuel Sdn Bhd - Malaysia
- Standard Chartered Bank - UAE
- Kideco Jaya Agung - Indonesia
- Power Finance Corporation Ltd., India
- Coastal Gujarat Power Limited - India
- Essar Steel Hazira Ltd - India
- Global Green Power PLC Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Wood Mackenzie - Singapore
- Cigading International Bulk Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- GN Power Mariveles Coal Plant, Philippines
- Riau Bara Harum - Indonesia
- Central Java Power - Indonesia
- Price Waterhouse Coopers - Russia
- Pipit Mutiara Jaya. PT, Indonesia
- Trasteel International SA, Italy
- Marubeni Corporation - India
- Indogreen Group - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Kepco SPC Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Antam Resourcindo - Indonesia
- Pendopo Energi Batubara - Indonesia
- CNBM International Corporation - China
- Salva Resources Pvt Ltd - India
- ICICI Bank Limited - India
- Grasim Industreis Ltd - India
- Eastern Coal Council - USA
- Intertek Mineral Services - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Africa Commodities Group - South Africa
- The State Trading Corporation of India Ltd
- Bhushan Steel Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Singapore Mercantile Exchange
- Kobexindo Tractors - Indoneisa
- Latin American Coal - Colombia
- Mercator Lines Limited - India
- PNOC Exploration Corporation - Philippines
- Uttam Galva Steels Limited - India
- Parliament of New Zealand
- Xindia Steels Limited - India
- Manunggal Multi Energi - Indonesia
- Siam City Cement - Thailand
- Metalloyd Limited - United Kingdom
- PTC India Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Energy Link Ltd, New Zealand
- Ambuja Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Posco Energy - South Korea
- MS Steel International - UAE
- Straits Asia Resources Limited - Singapore
- Electricity Generating Authority of Thailand
- LBH Netherlands Bv - Netherlands
- Ministry of Finance - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Chettinad Cement Corporation Ltd - India
- Attock Cement Pakistan Limited
- Electricity Authority, New Zealand
- Kapuas Tunggal Persada - Indonesia
- San Jose City I Power Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Formosa Plastics Group - Taiwan
- Offshore Bulk Terminal Pte Ltd, Singapore
- GMR Energy Limited - India
- Miang Besar Coal Terminal - Indonesia
- Eastern Energy - Thailand
- Minerals Council of Australia
- Makarim & Taira - Indonesia
- Meralco Power Generation, Philippines
- Sindya Power Generating Company Private Ltd
- Barasentosa Lestari - Indonesia
- Thiess Contractors Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Independent Power Producers Association of India
- Georgia Ports Authority, United States
- Bhoruka Overseas - Indonesia
- Kaltim Prima Coal - Indonesia
- Carbofer General Trading SA - India
- VISA Power Limited - India
- Bhatia International Limited - India
- Cement Manufacturers Association - India
- Binh Thuan Hamico - Vietnam
- The Treasury - Australian Government
- Gujarat Sidhee Cement - India
- Thai Mozambique Logistica
- Heidelberg Cement - Germany
- International Coal Ventures Pvt Ltd - India
- Australian Commodity Traders Exchange
- Global Coal Blending Company Limited - Australia
- Altura Mining Limited, Indonesia
- Aboitiz Power Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Borneo Indobara - Indonesia
- Malabar Cements Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Gujarat Electricity Regulatory Commission - India
- OPG Power Generation Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Parry Sugars Refinery, India
- Kumho Petrochemical, South Korea
- Anglo American - United Kingdom
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