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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already there to provide new loans and in 2014 a big part of their € 700mil budget has been committed and most of it withdrawn already.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.
Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Wednesday, 06 August 14
SHIPPING MARKET INSIGHT - EVA TZIMA
Recent reports that Indonesia’s ban on exports of metal ore concentrates was lifted for the first time in six months for two of its biggest m ...
Wednesday, 06 August 14
SGX SUCCESSFULLY LAUNCHED NEW SGX COAL PRODUCTS
COALspot.com: Singapore Exchange (‘SGX’) has announced that, the exchange has successfully launched its new Coking and Thermal Coal pro ...
Monday, 04 August 14
ANNUAL SECOND HALF SURGE IN BRAZILIAN IRON ORE EXPORTS ABOUT TO BEGIN - JEFFREY LANDSBERG
COALspot.com: Great strength in the capesize market has all along been set to occur during the second half of this year, as that is when Brazilian ...
Monday, 04 August 14
SUB-BIT FOB INDONESIA COAL SWAP INCHES UP DESPITE LOW DEMAND
COALspot.com: Indonesian coal swaps for average Q4’ 2014 increased US$ 0.15 day on day and US$ 0.13 per mt week on week. But, the swap was lo ...
Monday, 04 August 14
Q1' 15 API 8 CFR SOUTH CHINA COAL SWAP CLOSED AT US$ 69.37 ON 1 AUGUST 2014; A $ 1.10 HIGHER COMPARED TO Q4' 2014 CLOSING
COALspot.com: Coal swap prices are showing a positive move upward this past week. API 8 CFR South China Coal swap for Q4, Q1 and Q2 2015 show ...
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- Indonesian Coal Mining Association
- Heidelberg Cement - Germany
- Parry Sugars Refinery, India
- The Treasury - Australian Government
- Power Finance Corporation Ltd., India
- Bukit Baiduri Energy - Indonesia
- Eastern Coal Council - USA
- SMG Consultants - Indonesia
- Banpu Public Company Limited - Thailand
- Sindya Power Generating Company Private Ltd
- Xindia Steels Limited - India
- GMR Energy Limited - India
- Global Business Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Riau Bara Harum - Indonesia
- Mercuria Energy - Indonesia
- London Commodity Brokers - England
- Straits Asia Resources Limited - Singapore
- IEA Clean Coal Centre - UK
- Oldendorff Carriers - Singapore
- Parliament of New Zealand
- Directorate Of Revenue Intelligence - India
- Australian Commodity Traders Exchange
- VISA Power Limited - India
- Siam City Cement PLC, Thailand
- Georgia Ports Authority, United States
- Indo Tambangraya Megah - Indonesia
- Standard Chartered Bank - UAE
- Mintek Dendrill Indonesia
- Central Electricity Authority - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Trasteel International SA, Italy
- Kideco Jaya Agung - Indonesia
- Australian Coal Association
- Krishnapatnam Port Company Ltd. - India
- Uttam Galva Steels Limited - India
- Maheswari Brothers Coal Limited - India
- Kobexindo Tractors - Indoneisa
- Aboitiz Power Corporation - Philippines
- McConnell Dowell - Australia
- Rio Tinto Coal - Australia
- PNOC Exploration Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Minerals Council of Australia
- Larsen & Toubro Limited - India
- International Coal Ventures Pvt Ltd - India
- SMC Global Power, Philippines
- Therma Luzon, Inc, Philippines
- Ministry of Transport, Egypt
- ASAPP Information Group - India
- Cigading International Bulk Terminal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Tata Chemicals Ltd - India
- Thai Mozambique Logistica
- Indian Energy Exchange, India
- Cement Manufacturers Association - India
- GAC Shipping (India) Pvt Ltd
- Energy Link Ltd, New Zealand
- Mercator Lines Limited - India
- Savvy Resources Ltd - HongKong
- Meenaskhi Energy Private Limited - India
- Malabar Cements Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Energy Development Corp, Philippines
- Star Paper Mills Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Meralco Power Generation, Philippines
- Sakthi Sugars Limited - India
- CNBM International Corporation - China
- Indika Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Carbofer General Trading SA - India
- Videocon Industries ltd - India
- AsiaOL BioFuels Corp., Philippines
- Leighton Contractors Pty Ltd - Australia
- PetroVietnam Power Coal Import and Supply Company
- Siam City Cement - Thailand
- Singapore Mercantile Exchange
- Salva Resources Pvt Ltd - India
- Marubeni Corporation - India
- Barasentosa Lestari - Indonesia
- Gujarat Sidhee Cement - India
- San Jose City I Power Corp, Philippines
- Renaissance Capital - South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Makmur.PT - Indonesia
- Grasim Industreis Ltd - India
- Electricity Generating Authority of Thailand
- The University of Queensland
- ICICI Bank Limited - India
- SN Aboitiz Power Inc, Philippines
- Vizag Seaport Private Limited - India
- TeaM Sual Corporation - Philippines
- Sojitz Corporation - Japan
- Wilmar Investment Holdings
- Chamber of Mines of South Africa
- Samtan Co., Ltd - South Korea
- Bulk Trading Sa - Switzerland
- PTC India Limited - India
- Sree Jayajothi Cements Limited - India
- Coalindo Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Manunggal Multi Energi - Indonesia
- Karaikal Port Pvt Ltd - India
- Dalmia Cement Bharat India
- White Energy Company Limited
- Pendopo Energi Batubara - Indonesia
- Thiess Contractors Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Toyota Tsusho Corporation, Japan
- CIMB Investment Bank - Malaysia
- Baramulti Group, Indonesia
- Africa Commodities Group - South Africa
- Jindal Steel & Power Ltd - India
- Kumho Petrochemical, South Korea
- Eastern Energy - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Indian Oil Corporation Limited
- Ministry of Finance - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Globalindo Alam Lestari - Indonesia
- Bhushan Steel Limited - India
- Vedanta Resources Plc - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kohat Cement Company Ltd. - Pakistan
- Simpson Spence & Young - Indonesia
- European Bulk Services B.V. - Netherlands
- Binh Thuan Hamico - Vietnam
- LBH Netherlands Bv - Netherlands
- Bangladesh Power Developement Board
- Jorong Barutama Greston.PT - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Holcim Trading Pte Ltd - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indogreen Group - Indonesia
- Merrill Lynch Commodities Europe
- Commonwealth Bank - Australia
- Edison Trading Spa - Italy
- Sarangani Energy Corporation, Philippines
- Central Java Power - Indonesia
- Independent Power Producers Association of India
- Pipit Mutiara Jaya. PT, Indonesia
- Semirara Mining Corp, Philippines
- PowerSource Philippines DevCo
- Agrawal Coal Company - India
- Petrochimia International Co. Ltd.- Taiwan
- Electricity Authority, New Zealand
- Coal and Oil Company - UAE
- Timah Investasi Mineral - Indoneisa
- Medco Energi Mining Internasional
- Economic Council, Georgia
- Vijayanagar Sugar Pvt Ltd - India
- Attock Cement Pakistan Limited
- Kartika Selabumi Mining - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kaltim Prima Coal - Indonesia
- GVK Power & Infra Limited - India
- IHS Mccloskey Coal Group - USA
- Global Coal Blending Company Limited - Australia
- Romanian Commodities Exchange
- Lanco Infratech Ltd - India
- Ministry of Mines - Canada
- Latin American Coal - Colombia
- New Zealand Coal & Carbon
- Bharathi Cement Corporation - India
- Alfred C Toepfer International GmbH - Germany
- Intertek Mineral Services - Indonesia
- Price Waterhouse Coopers - Russia
- Rashtriya Ispat Nigam Limited - India
- Bhoruka Overseas - Indonesia
- Wood Mackenzie - Singapore
- OPG Power Generation Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Kepco SPC Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Goldman Sachs - Singapore
- Essar Steel Hazira Ltd - India
- Ind-Barath Power Infra Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Bhatia International Limited - India
- Chettinad Cement Corporation Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Orica Mining Services - Indonesia
- Port Waratah Coal Services - Australia
- Metalloyd Limited - United Kingdom
- Anglo American - United Kingdom
- Orica Australia Pty. Ltd.
- Interocean Group of Companies - India
- Gujarat Electricity Regulatory Commission - India
- India Bulls Power Limited - India
- Altura Mining Limited, Indonesia
- MS Steel International - UAE
- Posco Energy - South Korea
- Miang Besar Coal Terminal - Indonesia
- Tamil Nadu electricity Board
- Petron Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Sical Logistics Limited - India
- Mjunction Services Limited - India
- Makarim & Taira - Indonesia
- Coastal Gujarat Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- The State Trading Corporation of India Ltd
- Ceylon Electricity Board - Sri Lanka
- Borneo Indobara - Indonesia
- Deloitte Consulting - India
- Antam Resourcindo - Indonesia
- Planning Commission, India
- TNB Fuel Sdn Bhd - Malaysia
- Madhucon Powers Ltd - India
- Aditya Birla Group - India
- South Luzon Thermal Energy Corporation
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