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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already there to provide new loans and in 2014 a big part of their € 700mil budget has been committed and most of it withdrawn already.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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Wednesday, 13 August 14
WEEKLY MARKET INSIGHT - KONSTANTINOS KONTOMICHIS SNP BROKER
Being at the peak of the holiday season, August is, as usual, the quietest month in terms of snp transactions, yet it is also a time very critical ...
Wednesday, 13 August 14
WHAT DOES PROJECT CARGO REALLY MEAN TO INSURERS?
KNOWLEDGE TO ELEVATE
Richard Kamppari-Baker, claims manager of FP Marine Risks, explains the challenges of project cargo risk assessment from ...
Wednesday, 13 August 14
INDONESIAN COAL PRICE REFERENCE FALL AGAIN CLOSE TO 57 MONTHS LOWS
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia revised down the coal bench mark price in August. HBA for the month of A ...
Monday, 11 August 14
LARGEST CHINESE TRADE SURPLUS EVER RECORDED IN JULY - BIMCO
China recorded a trade surplus of USD 47.3 billion in July 2014. The record high surplus came on the back of very strong export growth while import ...
Monday, 11 August 14
INDONESIAN THERMAL COAL SWAPS SEEING SOME POSITIVE TREND
COALspot.com: Indonesian coal swaps for average September 2014 increased US$ 0.20 (+0.36%) day on day and US$ 1.30 (+2.41%) per mt week on week. Th ...
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- Chamber of Mines of South Africa
- Electricity Generating Authority of Thailand
- Alfred C Toepfer International GmbH - Germany
- Banpu Public Company Limited - Thailand
- Binh Thuan Hamico - Vietnam
- Bank of Tokyo Mitsubishi UFJ Ltd
- Metalloyd Limited - United Kingdom
- Sojitz Corporation - Japan
- McConnell Dowell - Australia
- Attock Cement Pakistan Limited
- Ministry of Mines - Canada
- Anglo American - United Kingdom
- Formosa Plastics Group - Taiwan
- Wilmar Investment Holdings
- Borneo Indobara - Indonesia
- London Commodity Brokers - England
- Orica Mining Services - Indonesia
- Indogreen Group - Indonesia
- Economic Council, Georgia
- Electricity Authority, New Zealand
- Thiess Contractors Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Port Waratah Coal Services - Australia
- Salva Resources Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Kobexindo Tractors - Indoneisa
- Mintek Dendrill Indonesia
- Kartika Selabumi Mining - Indonesia
- Romanian Commodities Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Edison Trading Spa - Italy
- Madhucon Powers Ltd - India
- Indian Energy Exchange, India
- Eastern Energy - Thailand
- Commonwealth Bank - Australia
- TeaM Sual Corporation - Philippines
- Mercator Lines Limited - India
- SMG Consultants - Indonesia
- Altura Mining Limited, Indonesia
- Minerals Council of Australia
- Chettinad Cement Corporation Ltd - India
- Antam Resourcindo - Indonesia
- Eastern Coal Council - USA
- Aboitiz Power Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Samtan Co., Ltd - South Korea
- Power Finance Corporation Ltd., India
- Bhushan Steel Limited - India
- Kohat Cement Company Ltd. - Pakistan
- CNBM International Corporation - China
- MS Steel International - UAE
- Petron Corporation, Philippines
- PowerSource Philippines DevCo
- Sical Logistics Limited - India
- IHS Mccloskey Coal Group - USA
- Directorate General of MIneral and Coal - Indonesia
- Price Waterhouse Coopers - Russia
- Kapuas Tunggal Persada - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indian Oil Corporation Limited
- Semirara Mining and Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Agrawal Coal Company - India
- European Bulk Services B.V. - Netherlands
- Petrochimia International Co. Ltd.- Taiwan
- India Bulls Power Limited - India
- The University of Queensland
- Bharathi Cement Corporation - India
- Intertek Mineral Services - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Energy Link Ltd, New Zealand
- Karaikal Port Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Posco Energy - South Korea
- Sinarmas Energy and Mining - Indonesia
- Australian Coal Association
- Ambuja Cements Ltd - India
- Pendopo Energi Batubara - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Therma Luzon, Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Medco Energi Mining Internasional
- Cigading International Bulk Terminal - Indonesia
- Barasentosa Lestari - Indonesia
- Central Java Power - Indonesia
- Videocon Industries ltd - India
- Larsen & Toubro Limited - India
- Grasim Industreis Ltd - India
- New Zealand Coal & Carbon
- Kideco Jaya Agung - Indonesia
- International Coal Ventures Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- SMC Global Power, Philippines
- Uttam Galva Steels Limited - India
- ASAPP Information Group - India
- Merrill Lynch Commodities Europe
- Planning Commission, India
- CIMB Investment Bank - Malaysia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- IEA Clean Coal Centre - UK
- Cement Manufacturers Association - India
- Tata Chemicals Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Carbofer General Trading SA - India
- Lanco Infratech Ltd - India
- LBH Netherlands Bv - Netherlands
- Parliament of New Zealand
- Jaiprakash Power Ventures ltd
- Orica Australia Pty. Ltd.
- Directorate Of Revenue Intelligence - India
- Indika Energy - Indonesia
- Mjunction Services Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- ICICI Bank Limited - India
- Savvy Resources Ltd - HongKong
- Siam City Cement PLC, Thailand
- Simpson Spence & Young - Indonesia
- Mercuria Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Vizag Seaport Private Limited - India
- Marubeni Corporation - India
- Star Paper Mills Limited - India
- Oldendorff Carriers - Singapore
- Makarim & Taira - Indonesia
- Manunggal Multi Energi - Indonesia
- Central Electricity Authority - India
- Latin American Coal - Colombia
- Gujarat Mineral Development Corp Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Trasteel International SA, Italy
- Dalmia Cement Bharat India
- Kaltim Prima Coal - Indonesia
- Bangladesh Power Developement Board
- GAC Shipping (India) Pvt Ltd
- Interocean Group of Companies - India
- Coalindo Energy - Indonesia
- Xindia Steels Limited - India
- Sakthi Sugars Limited - India
- Coal and Oil Company - UAE
- Rio Tinto Coal - Australia
- Baramulti Group, Indonesia
- San Jose City I Power Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Singapore Mercantile Exchange
- Wood Mackenzie - Singapore
- Malabar Cements Ltd - India
- Sindya Power Generating Company Private Ltd
- PetroVietnam Power Coal Import and Supply Company
- Straits Asia Resources Limited - Singapore
- SN Aboitiz Power Inc, Philippines
- Vedanta Resources Plc - India
- Standard Chartered Bank - UAE
- Ministry of Transport, Egypt
- PNOC Exploration Corporation - Philippines
- Jindal Steel & Power Ltd - India
- VISA Power Limited - India
- Maheswari Brothers Coal Limited - India
- Globalindo Alam Lestari - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Renaissance Capital - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Business Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Bulk Trading Sa - Switzerland
- Essar Steel Hazira Ltd - India
- Riau Bara Harum - Indonesia
- Ind-Barath Power Infra Limited - India
- Bhoruka Overseas - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Goldman Sachs - Singapore
- Gujarat Sidhee Cement - India
- Georgia Ports Authority, United States
- Toyota Tsusho Corporation, Japan
- Global Green Power PLC Corporation, Philippines
- Siam City Cement - Thailand
- Independent Power Producers Association of India
- Ministry of Finance - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Heidelberg Cement - Germany
- PTC India Limited - India
- GVK Power & Infra Limited - India
- The Treasury - Australian Government
- Deloitte Consulting - India
- Meenaskhi Energy Private Limited - India
- Krishnapatnam Port Company Ltd. - India
- Kumho Petrochemical, South Korea
- Kepco SPC Power Corporation, Philippines
- Aditya Birla Group - India
- Bukit Makmur.PT - Indonesia
- White Energy Company Limited
- Indonesian Coal Mining Association
- Bhatia International Limited - India
- Australian Commodity Traders Exchange
- Sarangani Energy Corporation, Philippines
- Energy Development Corp, Philippines
- Semirara Mining Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Thai Mozambique Logistica
- GN Power Mariveles Coal Plant, Philippines
- Rashtriya Ispat Nigam Limited - India
- GMR Energy Limited - India
- Gujarat Electricity Regulatory Commission - India
- Parry Sugars Refinery, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kalimantan Lumbung Energi - Indonesia
- Global Coal Blending Company Limited - Australia
- Neyveli Lignite Corporation Ltd, - India
- Tamil Nadu electricity Board
- Africa Commodities Group - South Africa
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