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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already there to provide new loans and in 2014 a big part of their € 700mil budget has been committed and most of it withdrawn already.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, 30 July 14
CAPES SEEMED TO BE STRANDED AT THE SAME LEVELS; PANAMAXES MANAGED TO SLIGHTLY REVIVE - INTERMODAL
COALspot.com: The Dry Bulk market took a breath this past week, as both Panamaxes and Supras started to see a small influx of activity, which was j ...
Tuesday, 29 July 14
TOTAL SELLS ITS SOUTH AFRICAN COAL MINING ASSETS TO EXXARO
Total has signed an agreement with Exxaro Resources Ltd for the sale of its 100% stake in Total Coal South Africa (TCSA), its coal-producing affili ...
Tuesday, 29 July 14
GENCO: DRY BULK SHIPPING VALUATIONS NO LONGER ANCHORED TO DISCOUNTED CASH FLOW METHOD - WEIL
KNOWLEDGE TO ELEVATE
Discounted cash flow analysis is a mainstay among the valuation methodologies used by restructuring professionals and bank ...
Tuesday, 29 July 14
SHIP OWNERS' DEMAND OF NEW VESSELS DENTED AS A RESULT OF LOWER FREIGHT RATES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The sharp downward direction of dry bulk freight rates has had a negative impact on investors’ secondhand buying appetite that wait to see th ...
Monday, 28 July 14
Q3' 14, SUB-BIT FOB INDONESIA COAL SWAP GAINED $ 0.08 DAY ON DAY AND $ 0.68 WEEK ON WEEK
COALspot.com: Indonesian coal swaps for average Q3’ 2014 increased by just US$ 0.08 day on day and US$ 0.68 week on week. The swap was lost U ...
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- Siam City Cement PLC, Thailand
- Chettinad Cement Corporation Ltd - India
- Kepco SPC Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- PowerSource Philippines DevCo
- Dalmia Cement Bharat India
- Romanian Commodities Exchange
- India Bulls Power Limited - India
- VISA Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indogreen Group - Indonesia
- Karaikal Port Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Vijayanagar Sugar Pvt Ltd - India
- The Treasury - Australian Government
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Thai Mozambique Logistica
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sojitz Corporation - Japan
- Minerals Council of Australia
- Pendopo Energi Batubara - Indonesia
- Jaiprakash Power Ventures ltd
- Posco Energy - South Korea
- Kartika Selabumi Mining - Indonesia
- Interocean Group of Companies - India
- GAC Shipping (India) Pvt Ltd
- Petron Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Rashtriya Ispat Nigam Limited - India
- Jindal Steel & Power Ltd - India
- Latin American Coal - Colombia
- Asmin Koalindo Tuhup - Indonesia
- Wood Mackenzie - Singapore
- Iligan Light & Power Inc, Philippines
- Indika Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Metalloyd Limited - United Kingdom
- Kobexindo Tractors - Indoneisa
- Bhatia International Limited - India
- MS Steel International - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bharathi Cement Corporation - India
- Directorate General of MIneral and Coal - Indonesia
- Riau Bara Harum - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Medco Energi Mining Internasional
- Sakthi Sugars Limited - India
- Semirara Mining and Power Corporation, Philippines
- Aditya Birla Group - India
- Meenaskhi Energy Private Limited - India
- Mintek Dendrill Indonesia
- Bhoruka Overseas - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Wilmar Investment Holdings
- Port Waratah Coal Services - Australia
- Kapuas Tunggal Persada - Indonesia
- Deloitte Consulting - India
- Ceylon Electricity Board - Sri Lanka
- ASAPP Information Group - India
- The University of Queensland
- IEA Clean Coal Centre - UK
- Eastern Energy - Thailand
- Energy Link Ltd, New Zealand
- Independent Power Producers Association of India
- Orica Australia Pty. Ltd.
- Uttam Galva Steels Limited - India
- Edison Trading Spa - Italy
- Cement Manufacturers Association - India
- Planning Commission, India
- Gujarat Mineral Development Corp Ltd - India
- ICICI Bank Limited - India
- Timah Investasi Mineral - Indoneisa
- Globalindo Alam Lestari - Indonesia
- SN Aboitiz Power Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Power Finance Corporation Ltd., India
- PetroVietnam Power Coal Import and Supply Company
- Samtan Co., Ltd - South Korea
- Agrawal Coal Company - India
- Economic Council, Georgia
- Merrill Lynch Commodities Europe
- Chamber of Mines of South Africa
- London Commodity Brokers - England
- Africa Commodities Group - South Africa
- Eastern Coal Council - USA
- AsiaOL BioFuels Corp., Philippines
- Kaltim Prima Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- Mercuria Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Generating Authority of Thailand
- Mjunction Services Limited - India
- Indonesian Coal Mining Association
- Karbindo Abesyapradhi - Indoneisa
- Global Coal Blending Company Limited - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Semirara Mining Corp, Philippines
- Price Waterhouse Coopers - Russia
- Kohat Cement Company Ltd. - Pakistan
- Indian Energy Exchange, India
- Binh Thuan Hamico - Vietnam
- Carbofer General Trading SA - India
- Therma Luzon, Inc, Philippines
- Heidelberg Cement - Germany
- New Zealand Coal & Carbon
- Intertek Mineral Services - Indonesia
- Global Business Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Australian Commodity Traders Exchange
- Gujarat Electricity Regulatory Commission - India
- Sical Logistics Limited - India
- Ministry of Finance - Indonesia
- Makarim & Taira - Indonesia
- Videocon Industries ltd - India
- Baramulti Group, Indonesia
- Energy Development Corp, Philippines
- Vizag Seaport Private Limited - India
- Anglo American - United Kingdom
- Attock Cement Pakistan Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Standard Chartered Bank - UAE
- PTC India Limited - India
- Essar Steel Hazira Ltd - India
- Singapore Mercantile Exchange
- Krishnapatnam Port Company Ltd. - India
- Cigading International Bulk Terminal - Indonesia
- McConnell Dowell - Australia
- Central Java Power - Indonesia
- SMG Consultants - Indonesia
- Barasentosa Lestari - Indonesia
- GMR Energy Limited - India
- PNOC Exploration Corporation - Philippines
- Mercator Lines Limited - India
- Bukit Baiduri Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Banpu Public Company Limited - Thailand
- LBH Netherlands Bv - Netherlands
- Simpson Spence & Young - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Coal and Oil Company - UAE
- Siam City Cement - Thailand
- Sree Jayajothi Cements Limited - India
- Goldman Sachs - Singapore
- Grasim Industreis Ltd - India
- The State Trading Corporation of India Ltd
- SMC Global Power, Philippines
- Straits Asia Resources Limited - Singapore
- Tata Chemicals Ltd - India
- Tamil Nadu electricity Board
- Bukit Makmur.PT - Indonesia
- Parry Sugars Refinery, India
- Star Paper Mills Limited - India
- Jorong Barutama Greston.PT - Indonesia
- San Jose City I Power Corp, Philippines
- Bhushan Steel Limited - India
- Borneo Indobara - Indonesia
- IHS Mccloskey Coal Group - USA
- Sindya Power Generating Company Private Ltd
- South Luzon Thermal Energy Corporation
- Electricity Authority, New Zealand
- Lanco Infratech Ltd - India
- Ambuja Cements Ltd - India
- Renaissance Capital - South Africa
- Gujarat Sidhee Cement - India
- Orica Mining Services - Indonesia
- Altura Mining Limited, Indonesia
- Meralco Power Generation, Philippines
- Kideco Jaya Agung - Indonesia
- European Bulk Services B.V. - Netherlands
- Larsen & Toubro Limited - India
- Madhucon Powers Ltd - India
- Rio Tinto Coal - Australia
- Xindia Steels Limited - India
- Billiton Holdings Pty Ltd - Australia
- Aboitiz Power Corporation - Philippines
- Kumho Petrochemical, South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parliament of New Zealand
- Malabar Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- TeaM Sual Corporation - Philippines
- White Energy Company Limited
- Central Electricity Authority - India
- Leighton Contractors Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- Indian Oil Corporation Limited
- Holcim Trading Pte Ltd - Singapore
- Thiess Contractors Indonesia
- Georgia Ports Authority, United States
- Oldendorff Carriers - Singapore
- Directorate Of Revenue Intelligence - India
- Manunggal Multi Energi - Indonesia
- CIMB Investment Bank - Malaysia
- Vedanta Resources Plc - India
- Commonwealth Bank - Australia
- Antam Resourcindo - Indonesia
- Australian Coal Association
- Ministry of Mines - Canada
- Ministry of Transport, Egypt
- Coalindo Energy - Indonesia
- GVK Power & Infra Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Marubeni Corporation - India
- Savvy Resources Ltd - HongKong
- Trasteel International SA, Italy
- Maheswari Brothers Coal Limited - India
- CNBM International Corporation - China
- Bangladesh Power Developement Board
- Alfred C Toepfer International GmbH - Germany
- Global Green Power PLC Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
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