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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already there to provide new loans and in 2014 a big part of their € 700mil budget has been committed and most of it withdrawn already.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, 11 August 14
SGX CFR SOUTH CHINA COAL SWAPS DIRECTION HEADING TO NORTH
COALspot.com: API 8 CFR South China Coal swap for delivery in September 2014 increased US$ 0.50 (+0.74%) day on day and US$ 1.55 (+2.33%)&nbs ...
Monday, 11 August 14
A TALE OF TWO TRADES - EVA TZIMA
COALspot.com: It has without a doubt been “a cruel, cruel summer” for the Dry Bulk market so far and with second hand values still stan ...
Sunday, 10 August 14
FREIGHT RATES FROM INDONESIA TO INDIA IS EXPECTED TO BE STEADY NEXT WEEK - VISTAAR
COALspot.com: This week the BDI and other segments saw some improvements. The BDI increased by 3.46 pct week on week and closed at 777 points.
...
Friday, 08 August 14
MINING DISPUTE IS CRIPPLING LOCAL ECONOMIES IN EASTERN INDONESIA - JG
- By Iwan Harsono -
It seems as if there’s no end in sight to the series of negotiations between the government and mining companies about ...
Friday, 08 August 14
CAPESIZE RATES ARE REMAINING MORE OR LESS UNCHANGED AT BOTTOM LOW LEVELS - FEARNLEYS AS
Handy
An improving sentiment with stronger rates and fair demand for prompt tonnage in the Atlantic, both on the Continent and in the Med for the ...
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- Orica Mining Services - Indonesia
- Independent Power Producers Association of India
- Bulk Trading Sa - Switzerland
- Global Green Power PLC Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Semirara Mining and Power Corporation, Philippines
- Indogreen Group - Indonesia
- VISA Power Limited - India
- Vizag Seaport Private Limited - India
- Barasentosa Lestari - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Mercator Lines Limited - India
- Timah Investasi Mineral - Indoneisa
- Australian Commodity Traders Exchange
- Heidelberg Cement - Germany
- Rio Tinto Coal - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Eastern Coal Council - USA
- Meralco Power Generation, Philippines
- Formosa Plastics Group - Taiwan
- Larsen & Toubro Limited - India
- Standard Chartered Bank - UAE
- Meenaskhi Energy Private Limited - India
- Ambuja Cements Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Oldendorff Carriers - Singapore
- PowerSource Philippines DevCo
- Kartika Selabumi Mining - Indonesia
- Marubeni Corporation - India
- Mjunction Services Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Singapore Mercantile Exchange
- Karbindo Abesyapradhi - Indoneisa
- Power Finance Corporation Ltd., India
- Salva Resources Pvt Ltd - India
- Dalmia Cement Bharat India
- London Commodity Brokers - England
- Petron Corporation, Philippines
- Electricity Authority, New Zealand
- Posco Energy - South Korea
- SN Aboitiz Power Inc, Philippines
- Edison Trading Spa - Italy
- Kepco SPC Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Wilmar Investment Holdings
- Directorate General of MIneral and Coal - Indonesia
- Anglo American - United Kingdom
- Coastal Gujarat Power Limited - India
- Interocean Group of Companies - India
- Toyota Tsusho Corporation, Japan
- Tata Chemicals Ltd - India
- Global Coal Blending Company Limited - Australia
- Kapuas Tunggal Persada - Indonesia
- Semirara Mining Corp, Philippines
- Kobexindo Tractors - Indoneisa
- New Zealand Coal & Carbon
- CNBM International Corporation - China
- Ceylon Electricity Board - Sri Lanka
- McConnell Dowell - Australia
- Xindia Steels Limited - India
- Malabar Cements Ltd - India
- Aditya Birla Group - India
- Leighton Contractors Pty Ltd - Australia
- Neyveli Lignite Corporation Ltd, - India
- The Treasury - Australian Government
- Vijayanagar Sugar Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Antam Resourcindo - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Borneo Indobara - Indonesia
- Metalloyd Limited - United Kingdom
- Ministry of Finance - Indonesia
- Sojitz Corporation - Japan
- Mintek Dendrill Indonesia
- SMC Global Power, Philippines
- White Energy Company Limited
- Kalimantan Lumbung Energi - Indonesia
- CIMB Investment Bank - Malaysia
- Manunggal Multi Energi - Indonesia
- San Jose City I Power Corp, Philippines
- Sical Logistics Limited - India
- Chettinad Cement Corporation Ltd - India
- Minerals Council of Australia
- Planning Commission, India
- Indonesian Coal Mining Association
- Grasim Industreis Ltd - India
- Bharathi Cement Corporation - India
- Savvy Resources Ltd - HongKong
- Energy Development Corp, Philippines
- Samtan Co., Ltd - South Korea
- Binh Thuan Hamico - Vietnam
- Renaissance Capital - South Africa
- International Coal Ventures Pvt Ltd - India
- Siam City Cement - Thailand
- Krishnapatnam Port Company Ltd. - India
- Globalindo Alam Lestari - Indonesia
- Sindya Power Generating Company Private Ltd
- Agrawal Coal Company - India
- ICICI Bank Limited - India
- Ministry of Transport, Egypt
- Billiton Holdings Pty Ltd - Australia
- Jorong Barutama Greston.PT - Indonesia
- South Luzon Thermal Energy Corporation
- Bahari Cakrawala Sebuku - Indonesia
- Georgia Ports Authority, United States
- Parliament of New Zealand
- Baramulti Group, Indonesia
- India Bulls Power Limited - India
- Jaiprakash Power Ventures ltd
- Pendopo Energi Batubara - Indonesia
- Orica Australia Pty. Ltd.
- PNOC Exploration Corporation - Philippines
- Commonwealth Bank - Australia
- Tamil Nadu electricity Board
- Chamber of Mines of South Africa
- Price Waterhouse Coopers - Russia
- Vedanta Resources Plc - India
- Central Java Power - Indonesia
- Sarangani Energy Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Siam City Cement PLC, Thailand
- Bhushan Steel Limited - India
- Medco Energi Mining Internasional
- Cement Manufacturers Association - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Sidhee Cement - India
- Bhoruka Overseas - Indonesia
- Ministry of Mines - Canada
- The State Trading Corporation of India Ltd
- Karaikal Port Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Therma Luzon, Inc, Philippines
- Simpson Spence & Young - Indonesia
- Australian Coal Association
- Port Waratah Coal Services - Australia
- Trasteel International SA, Italy
- Indian Oil Corporation Limited
- Uttam Galva Steels Limited - India
- GMR Energy Limited - India
- Coal and Oil Company - UAE
- Lanco Infratech Ltd - India
- Intertek Mineral Services - Indonesia
- Wood Mackenzie - Singapore
- ASAPP Information Group - India
- Petrochimia International Co. Ltd.- Taiwan
- Coalindo Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Indian Energy Exchange, India
- IEA Clean Coal Centre - UK
- Star Paper Mills Limited - India
- Africa Commodities Group - South Africa
- Bayan Resources Tbk. - Indonesia
- Economic Council, Georgia
- Gujarat Electricity Regulatory Commission - India
- Riau Bara Harum - Indonesia
- Merrill Lynch Commodities Europe
- Kohat Cement Company Ltd. - Pakistan
- Kumho Petrochemical, South Korea
- Videocon Industries ltd - India
- LBH Netherlands Bv - Netherlands
- PTC India Limited - India
- Alfred C Toepfer International GmbH - Germany
- Bukit Baiduri Energy - Indonesia
- Central Electricity Authority - India
- Thai Mozambique Logistica
- MS Steel International - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bhatia International Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Parry Sugars Refinery, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Link Ltd, New Zealand
- Bangladesh Power Developement Board
- Sakthi Sugars Limited - India
- Mercuria Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- OPG Power Generation Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Indika Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Ind-Barath Power Infra Limited - India
- SMG Consultants - Indonesia
- AsiaOL BioFuels Corp., Philippines
- GAC Shipping (India) Pvt Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Maheswari Brothers Coal Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Altura Mining Limited, Indonesia
- Madhucon Powers Ltd - India
- Romanian Commodities Exchange
- Directorate Of Revenue Intelligence - India
- Kaltim Prima Coal - Indonesia
- Straits Asia Resources Limited - Singapore
- IHS Mccloskey Coal Group - USA
- Banpu Public Company Limited - Thailand
- Indo Tambangraya Megah - Indonesia
- Iligan Light & Power Inc, Philippines
- Latin American Coal - Colombia
- Bukit Asam (Persero) Tbk - Indonesia
- Carbofer General Trading SA - India
- Eastern Energy - Thailand
- Essar Steel Hazira Ltd - India
- Global Business Power Corporation, Philippines
- Goldman Sachs - Singapore
- Deloitte Consulting - India
- GVK Power & Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Thiess Contractors Indonesia
- Makarim & Taira - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Electricity Generating Authority of Thailand
- Attock Cement Pakistan Limited
- The University of Queensland
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