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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already there to provide new loans and in 2014 a big part of their € 700mil budget has been committed and most of it withdrawn already.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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Thursday, 24 July 14
INDONESIA'S JUNE 2014 COAL EXPORT VOLUME DOWN 6.82%; AVERAGE SELLING PRICE DOWN
COALspot.com: Indonesia, one of the world's largest coal producer and the global leading multi grade coal exporter shipped around $1.70* ...
Thursday, 24 July 14
HANDY: SOUTH AFRICA SOFTENED A BIT, HERE RATES ARE AT AROUND 8K +150K BB FOR TRIPS EAST - FEARNLEYS AS
Handy
The handy market in the Atlantic is going sideways and a tick down on low activity. Levels hoovering around USD 5k on Supras. The SMX marke ...
Thursday, 24 July 14
INDONESIAN COAL EXPORTERS ARE REQUIRED TO OBTAIN ET-BATUBARA UNDER LATEST TRADE MINISTRY'S NEW REGULATION
COALspot.com: Indonesia's trade ministry has issued regulation No. 39/M-DAG/PER/7/2014 which is requires exporters of power plant coal as ...
Wednesday, 23 July 14
PANAMAXES WERE BACK ON A DOWNWARD COURSE; CAPES WERE FEELING THE MOST PRESSURE - INTERMODAL
COALspot.com: The Dry Bulk market was on a downward spiral this week, with the BDI noting another week-on-week decline of the magnitude of 10% this ...
Wednesday, 23 July 14
WEEKLY SHIPPING MARKET INSIGHT - INTERMODAL
In Australia, the world’s largest mining group, BHP Billiton, will beat the iron ore export target of more than 220 million tonnes for 2014. ...
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Showing 3581 to 3585 news of total 6871 |
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- Samtan Co., Ltd - South Korea
- Thai Mozambique Logistica
- Renaissance Capital - South Africa
- Ambuja Cements Ltd - India
- Semirara Mining Corp, Philippines
- Indika Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Commonwealth Bank - Australia
- Marubeni Corporation - India
- Makarim & Taira - Indonesia
- Energy Development Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Coastal Gujarat Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Siam City Cement PLC, Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Meralco Power Generation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Singapore Mercantile Exchange
- Kideco Jaya Agung - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Romanian Commodities Exchange
- Bhatia International Limited - India
- White Energy Company Limited
- Agrawal Coal Company - India
- Pendopo Energi Batubara - Indonesia
- Thiess Contractors Indonesia
- Manunggal Multi Energi - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Riau Bara Harum - Indonesia
- Karaikal Port Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- IHS Mccloskey Coal Group - USA
- Bank of Tokyo Mitsubishi UFJ Ltd
- Intertek Mineral Services - Indonesia
- PNOC Exploration Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Vizag Seaport Private Limited - India
- McConnell Dowell - Australia
- Timah Investasi Mineral - Indoneisa
- Energy Link Ltd, New Zealand
- Tamil Nadu electricity Board
- Dalmia Cement Bharat India
- Sical Logistics Limited - India
- Chamber of Mines of South Africa
- Posco Energy - South Korea
- Australian Commodity Traders Exchange
- Altura Mining Limited, Indonesia
- Bukit Makmur.PT - Indonesia
- Mintek Dendrill Indonesia
- Borneo Indobara - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Mercuria Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Electricity Authority, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- European Bulk Services B.V. - Netherlands
- PowerSource Philippines DevCo
- Barasentosa Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- Indian Oil Corporation Limited
- TeaM Sual Corporation - Philippines
- Indogreen Group - Indonesia
- Bukit Baiduri Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Finance - Indonesia
- India Bulls Power Limited - India
- The University of Queensland
- Eastern Coal Council - USA
- GMR Energy Limited - India
- Orica Australia Pty. Ltd.
- International Coal Ventures Pvt Ltd - India
- Indian Energy Exchange, India
- Edison Trading Spa - Italy
- Larsen & Toubro Limited - India
- Malabar Cements Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Asmin Koalindo Tuhup - Indonesia
- Directorate Of Revenue Intelligence - India
- Lanco Infratech Ltd - India
- Ceylon Electricity Board - Sri Lanka
- GVK Power & Infra Limited - India
- MS Steel International - UAE
- Sinarmas Energy and Mining - Indonesia
- Essar Steel Hazira Ltd - India
- Wilmar Investment Holdings
- Grasim Industreis Ltd - India
- Global Green Power PLC Corporation, Philippines
- Kumho Petrochemical, South Korea
- Aditya Birla Group - India
- Planning Commission, India
- Sojitz Corporation - Japan
- Bangladesh Power Developement Board
- Sree Jayajothi Cements Limited - India
- Central Java Power - Indonesia
- Attock Cement Pakistan Limited
- Central Electricity Authority - India
- IEA Clean Coal Centre - UK
- Mercator Lines Limited - India
- Mjunction Services Limited - India
- CNBM International Corporation - China
- Latin American Coal - Colombia
- Alfred C Toepfer International GmbH - Germany
- Global Coal Blending Company Limited - Australia
- Trasteel International SA, Italy
- The Treasury - Australian Government
- Kepco SPC Power Corporation, Philippines
- London Commodity Brokers - England
- Videocon Industries ltd - India
- VISA Power Limited - India
- Indonesian Coal Mining Association
- Neyveli Lignite Corporation Ltd, - India
- Tata Chemicals Ltd - India
- Bharathi Cement Corporation - India
- SMG Consultants - Indonesia
- OPG Power Generation Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Antam Resourcindo - Indonesia
- Savvy Resources Ltd - HongKong
- Standard Chartered Bank - UAE
- Formosa Plastics Group - Taiwan
- Meenaskhi Energy Private Limited - India
- Power Finance Corporation Ltd., India
- Kartika Selabumi Mining - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Sakthi Sugars Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Sidhee Cement - India
- Holcim Trading Pte Ltd - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- Coalindo Energy - Indonesia
- Economic Council, Georgia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Straits Asia Resources Limited - Singapore
- Rashtriya Ispat Nigam Limited - India
- ASAPP Information Group - India
- San Jose City I Power Corp, Philippines
- Minerals Council of Australia
- Georgia Ports Authority, United States
- Deloitte Consulting - India
- Star Paper Mills Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Madhucon Powers Ltd - India
- New Zealand Coal & Carbon
- Iligan Light & Power Inc, Philippines
- Wood Mackenzie - Singapore
- Ministry of Mines - Canada
- SMC Global Power, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Independent Power Producers Association of India
- Carbofer General Trading SA - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Australian Coal Association
- Xindia Steels Limited - India
- Coal and Oil Company - UAE
- Bulk Trading Sa - Switzerland
- PTC India Limited - India
- Parliament of New Zealand
- Ind-Barath Power Infra Limited - India
- SN Aboitiz Power Inc, Philippines
- Heidelberg Cement - Germany
- Miang Besar Coal Terminal - Indonesia
- Vedanta Resources Plc - India
- Medco Energi Mining Internasional
- Uttam Galva Steels Limited - India
- South Luzon Thermal Energy Corporation
- Toyota Tsusho Corporation, Japan
- Chettinad Cement Corporation Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement - Thailand
- Bhushan Steel Limited - India
- Ministry of Transport, Egypt
- Therma Luzon, Inc, Philippines
- Anglo American - United Kingdom
- Gujarat Mineral Development Corp Ltd - India
- LBH Netherlands Bv - Netherlands
- Globalindo Alam Lestari - Indonesia
- Metalloyd Limited - United Kingdom
- CIMB Investment Bank - Malaysia
- Petron Corporation, Philippines
- Electricity Generating Authority of Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Bhoruka Overseas - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Orica Mining Services - Indonesia
- Parry Sugars Refinery, India
- The State Trading Corporation of India Ltd
- Kaltim Prima Coal - Indonesia
- Goldman Sachs - Singapore
- Simpson Spence & Young - Indonesia
- Port Waratah Coal Services - Australia
- Price Waterhouse Coopers - Russia
- Aboitiz Power Corporation - Philippines
- ICICI Bank Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Rio Tinto Coal - Australia
- Oldendorff Carriers - Singapore
- Africa Commodities Group - South Africa
- Jindal Steel & Power Ltd - India
- Eastern Energy - Thailand
- Global Business Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Baramulti Group, Indonesia
- Interocean Group of Companies - India
- Merrill Lynch Commodities Europe
- Binh Thuan Hamico - Vietnam
- Sindya Power Generating Company Private Ltd
- Kapuas Tunggal Persada - Indonesia
- Cement Manufacturers Association - India
- Jaiprakash Power Ventures ltd
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