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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already there to provide new loans and in 2014 a big part of their € 700mil budget has been committed and most of it withdrawn already.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, 18 August 14
CFR SOUTH CHINA COAL SWAP PERFORMED WELL THIS PAST WEEK
COALspot.com: API 8 CFR South China Coal swap for delivery in September 2014 increased US$ 0.45 (+0.66%) day on day and US$ 0.30 (+0.44%)&nbs ...
Saturday, 16 August 14
HIGH DEMAND OF IRON ORE SHIPMENTS PUSHED CAPE INDEX UPWARDS
COALspot.com: This week's freight market was buoyant with Cape and panamax index seeing a big jump pushing the BDI above 1,000 points week on c ...
Friday, 15 August 14
5TH ANNUAL POWER AND ELECTRICITY INDONESIA
5TH ANNUAL POWER AND ELECTRICITY INDONESIA
13-16 October 2014
Grand Hyatt Jakarta, Indonesia
Web Site
The country’s definitive ...
Thursday, 14 August 14
U.S. STEAM COAL IMPORTS REMAIN DOWN SHARPLY FROM HISTORIC HIGH IN 2007, SAYS EIA
COALspot.com: U.S. steam coal imports at power plants have fallen significantly from their peak level of more than 30 million tons in 2007 to less ...
Thursday, 14 August 14
INDIA'S PLAN TO START AN INFRASTRUCTURE BOOM AND TO INVEST US$ 1 TRILLION BY 2017 WILL SURELY AFFECT THE DRY BULK TRADE - FEARNLEYS
Handy
The Atlantic Supra market has continued its improving sentiment with rates climbing and TA´s are now up about US$ 900 w-o-w, said Fea ...
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- PetroVietnam Power Coal Import and Supply Company
- Global Coal Blending Company Limited - Australia
- Krishnapatnam Port Company Ltd. - India
- Rio Tinto Coal - Australia
- Gujarat Sidhee Cement - India
- Chamber of Mines of South Africa
- Central Java Power - Indonesia
- Meenaskhi Energy Private Limited - India
- Bharathi Cement Corporation - India
- Eastern Energy - Thailand
- SN Aboitiz Power Inc, Philippines
- Eastern Coal Council - USA
- Vijayanagar Sugar Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Minerals Council of Australia
- Rashtriya Ispat Nigam Limited - India
- Riau Bara Harum - Indonesia
- Commonwealth Bank - Australia
- Chettinad Cement Corporation Ltd - India
- International Coal Ventures Pvt Ltd - India
- PowerSource Philippines DevCo
- Trasteel International SA, Italy
- Wilmar Investment Holdings
- GN Power Mariveles Coal Plant, Philippines
- ASAPP Information Group - India
- Coal and Oil Company - UAE
- Edison Trading Spa - Italy
- Cement Manufacturers Association - India
- Mjunction Services Limited - India
- Interocean Group of Companies - India
- Tamil Nadu electricity Board
- Bulk Trading Sa - Switzerland
- Aboitiz Power Corporation - Philippines
- PNOC Exploration Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indian Energy Exchange, India
- Baramulti Group, Indonesia
- Banpu Public Company Limited - Thailand
- Kepco SPC Power Corporation, Philippines
- Australian Coal Association
- IHS Mccloskey Coal Group - USA
- Economic Council, Georgia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Standard Chartered Bank - UAE
- Energy Link Ltd, New Zealand
- Central Electricity Authority - India
- Bukit Makmur.PT - Indonesia
- Globalindo Alam Lestari - Indonesia
- Jindal Steel & Power Ltd - India
- CNBM International Corporation - China
- Kumho Petrochemical, South Korea
- Cigading International Bulk Terminal - Indonesia
- Bhushan Steel Limited - India
- Salva Resources Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Thiess Contractors Indonesia
- Mintek Dendrill Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- SMG Consultants - Indonesia
- Aditya Birla Group - India
- Barasentosa Lestari - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Directorate Of Revenue Intelligence - India
- Oldendorff Carriers - Singapore
- GMR Energy Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Dalmia Cement Bharat India
- Price Waterhouse Coopers - Russia
- OPG Power Generation Pvt Ltd - India
- Videocon Industries ltd - India
- Semirara Mining Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Sical Logistics Limited - India
- Coalindo Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Ambuja Cements Ltd - India
- Global Business Power Corporation, Philippines
- Bhatia International Limited - India
- India Bulls Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- The Treasury - Australian Government
- New Zealand Coal & Carbon
- ICICI Bank Limited - India
- Siam City Cement - Thailand
- Singapore Mercantile Exchange
- Straits Asia Resources Limited - Singapore
- Lanco Infratech Ltd - India
- Indika Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Planning Commission, India
- Savvy Resources Ltd - HongKong
- Anglo American - United Kingdom
- Altura Mining Limited, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indonesian Coal Mining Association
- Bank of Tokyo Mitsubishi UFJ Ltd
- Toyota Tsusho Corporation, Japan
- Uttam Galva Steels Limited - India
- Petron Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Renaissance Capital - South Africa
- Karbindo Abesyapradhi - Indoneisa
- Bhoruka Overseas - Indonesia
- Kobexindo Tractors - Indoneisa
- Agrawal Coal Company - India
- The University of Queensland
- Electricity Authority, New Zealand
- Karaikal Port Pvt Ltd - India
- Orica Mining Services - Indonesia
- Medco Energi Mining Internasional
- Leighton Contractors Pty Ltd - Australia
- Attock Cement Pakistan Limited
- Formosa Plastics Group - Taiwan
- White Energy Company Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sarangani Energy Corporation, Philippines
- Vedanta Resources Plc - India
- GVK Power & Infra Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- GAC Shipping (India) Pvt Ltd
- MS Steel International - UAE
- Manunggal Multi Energi - Indonesia
- LBH Netherlands Bv - Netherlands
- Asmin Koalindo Tuhup - Indonesia
- Deloitte Consulting - India
- Power Finance Corporation Ltd., India
- Ministry of Transport, Egypt
- Posco Energy - South Korea
- Electricity Generating Authority of Thailand
- Samtan Co., Ltd - South Korea
- Ind-Barath Power Infra Limited - India
- PTC India Limited - India
- Orica Australia Pty. Ltd.
- Energy Development Corp, Philippines
- Indian Oil Corporation Limited
- Ministry of Finance - Indonesia
- Sree Jayajothi Cements Limited - India
- Holcim Trading Pte Ltd - Singapore
- Bukit Baiduri Energy - Indonesia
- Vizag Seaport Private Limited - India
- Sinarmas Energy and Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Intertek Mineral Services - Indonesia
- Mercator Lines Limited - India
- Kapuas Tunggal Persada - Indonesia
- Africa Commodities Group - South Africa
- IEA Clean Coal Centre - UK
- TNB Fuel Sdn Bhd - Malaysia
- Borneo Indobara - Indonesia
- Latin American Coal - Colombia
- Metalloyd Limited - United Kingdom
- Timah Investasi Mineral - Indoneisa
- McConnell Dowell - Australia
- Carbofer General Trading SA - India
- Larsen & Toubro Limited - India
- Antam Resourcindo - Indonesia
- Wood Mackenzie - Singapore
- Tata Chemicals Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Mercuria Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Kartika Selabumi Mining - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Romanian Commodities Exchange
- Directorate General of MIneral and Coal - Indonesia
- South Luzon Thermal Energy Corporation
- Meralco Power Generation, Philippines
- Georgia Ports Authority, United States
- Heidelberg Cement - Germany
- Australian Commodity Traders Exchange
- Independent Power Producers Association of India
- Malabar Cements Ltd - India
- Kideco Jaya Agung - Indonesia
- Goldman Sachs - Singapore
- Madhucon Powers Ltd - India
- Makarim & Taira - Indonesia
- Merrill Lynch Commodities Europe
- London Commodity Brokers - England
- Bayan Resources Tbk. - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Ceylon Electricity Board - Sri Lanka
- Xindia Steels Limited - India
- Miang Besar Coal Terminal - Indonesia
- The State Trading Corporation of India Ltd
- Binh Thuan Hamico - Vietnam
- Grasim Industreis Ltd - India
- European Bulk Services B.V. - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Billiton Holdings Pty Ltd - Australia
- VISA Power Limited - India
- Marubeni Corporation - India
- Parliament of New Zealand
- Essar Steel Hazira Ltd - India
- Kaltim Prima Coal - Indonesia
- San Jose City I Power Corp, Philippines
- Bangladesh Power Developement Board
- Therma Luzon, Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- SMC Global Power, Philippines
- Port Waratah Coal Services - Australia
- Kohat Cement Company Ltd. - Pakistan
- CIMB Investment Bank - Malaysia
- Ministry of Mines - Canada
- Sakthi Sugars Limited - India
- Gujarat Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- Siam City Cement PLC, Thailand
- Iligan Light & Power Inc, Philippines
- Star Paper Mills Limited - India
- Coastal Gujarat Power Limited - India
- Sojitz Corporation - Japan
- TeaM Sual Corporation - Philippines
- Parry Sugars Refinery, India
- Thai Mozambique Logistica
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