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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already there to provide new loans and in 2014 a big part of their € 700mil budget has been committed and most of it withdrawn already.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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Tuesday, 22 July 14
ASIAN SUB-BITUMINOUS COAL USERS' GROUP CONFERENCE
Press Release: Registration Open for Fourth Annual Asian Sub-Bituminous Coal Users’ Group Conference
Register today for this year&r ...
Monday, 21 July 14
25% OF INDIA'S POWER PLANTS WERE HAVING SUPER CRITICAL COAL STOCK - COAL AND POWER MINISTER
25% of India’s power plants were having super critical coal stock; power utilities have also been advised to enhance the import of coal - Coa ...
Monday, 21 July 14
INDONESIA'S STATE CONTROLLED COAL MINER BUKIT ASAM ENJOYED HIGHER SELLING PRICE DURING THIS STORMY MARKET
COALspot.com: PT Bukit Asam, the Indonesian government controlled coal miner announced today that, the company has produced 7.70 million tons of co ...
Monday, 21 July 14
CFR SOUTH CHINA COAL Q3 DELIVERY SWAPS LOST 16% SINCE JANUARY 17, 2014
COALspot.com: Coal price falling is continues as the impact oversupply and lower demand. Market is not showing any positive trend in near future.
...
Sunday, 20 July 14
THE FREIGHT MARKET CONTINUED ITS DOWNWARD TREND
COALspot.com: The market continued its downward trend this week as all segments were down compared to last week. The Cape and Panamax indices being ...
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- McConnell Dowell - Australia
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- Posco Energy - South Korea
- Minerals Council of Australia
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- Asia Pacific Energy Resources Ventures Inc, Philippines
- Wilmar Investment Holdings
- Merrill Lynch Commodities Europe
- Port Waratah Coal Services - Australia
- New Zealand Coal & Carbon
- Alfred C Toepfer International GmbH - Germany
- TNB Fuel Sdn Bhd - Malaysia
- Bulk Trading Sa - Switzerland
- Australian Coal Association
- Indika Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Ambuja Cements Ltd - India
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- Global Green Power PLC Corporation, Philippines
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- Larsen & Toubro Limited - India
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- ICICI Bank Limited - India
- Aditya Birla Group - India
- Rashtriya Ispat Nigam Limited - India
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- Therma Luzon, Inc, Philippines
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- Indian Energy Exchange, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coal and Oil Company - UAE
- SMC Global Power, Philippines
- Simpson Spence & Young - Indonesia
- Power Finance Corporation Ltd., India
- GAC Shipping (India) Pvt Ltd
- Star Paper Mills Limited - India
- Metalloyd Limited - United Kingdom
- Coastal Gujarat Power Limited - India
- IHS Mccloskey Coal Group - USA
- Anglo American - United Kingdom
- Savvy Resources Ltd - HongKong
- Intertek Mineral Services - Indonesia
- Interocean Group of Companies - India
- CIMB Investment Bank - Malaysia
- Leighton Contractors Pty Ltd - Australia
- Price Waterhouse Coopers - Russia
- Miang Besar Coal Terminal - Indonesia
- Borneo Indobara - Indonesia
- India Bulls Power Limited - India
- Bharathi Cement Corporation - India
- Central Electricity Authority - India
- Directorate Of Revenue Intelligence - India
- Goldman Sachs - Singapore
- Thiess Contractors Indonesia
- Indian Oil Corporation Limited
- Indogreen Group - Indonesia
- Tata Chemicals Ltd - India
- PTC India Limited - India
- Parliament of New Zealand
- Electricity Generating Authority of Thailand
- Manunggal Multi Energi - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Latin American Coal - Colombia
- SN Aboitiz Power Inc, Philippines
- London Commodity Brokers - England
- Kohat Cement Company Ltd. - Pakistan
- Antam Resourcindo - Indonesia
- Pendopo Energi Batubara - Indonesia
- VISA Power Limited - India
- Xindia Steels Limited - India
- Romanian Commodities Exchange
- Ind-Barath Power Infra Limited - India
- Jindal Steel & Power Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Commonwealth Bank - Australia
- Economic Council, Georgia
- Videocon Industries ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Coal Blending Company Limited - Australia
- Sojitz Corporation - Japan
- Kepco SPC Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Parry Sugars Refinery, India
- Siam City Cement PLC, Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Kideco Jaya Agung - Indonesia
- Chamber of Mines of South Africa
- Maheswari Brothers Coal Limited - India
- Sakthi Sugars Limited - India
- Orica Australia Pty. Ltd.
- Indo Tambangraya Megah - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The University of Queensland
- Deloitte Consulting - India
- Kumho Petrochemical, South Korea
- Australian Commodity Traders Exchange
- Chettinad Cement Corporation Ltd - India
- International Coal Ventures Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Malabar Cements Ltd - India
- Barasentosa Lestari - Indonesia
- Trasteel International SA, Italy
- Agrawal Coal Company - India
- Planning Commission, India
- Directorate General of MIneral and Coal - Indonesia
- Kartika Selabumi Mining - Indonesia
- TeaM Sual Corporation - Philippines
- GMR Energy Limited - India
- Energy Link Ltd, New Zealand
- The State Trading Corporation of India Ltd
- Carbofer General Trading SA - India
- PowerSource Philippines DevCo
- Mjunction Services Limited - India
- Uttam Galva Steels Limited - India
- Africa Commodities Group - South Africa
- Vedanta Resources Plc - India
- Cement Manufacturers Association - India
- Jaiprakash Power Ventures ltd
- Gujarat Electricity Regulatory Commission - India
- IEA Clean Coal Centre - UK
- Ministry of Finance - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Baiduri Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Globalindo Alam Lestari - Indonesia
- Energy Development Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Medco Energi Mining Internasional
- Attock Cement Pakistan Limited
- Georgia Ports Authority, United States
- Meenaskhi Energy Private Limited - India
- Siam City Cement - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Makmur.PT - Indonesia
- San Jose City I Power Corp, Philippines
- Global Business Power Corporation, Philippines
- Heidelberg Cement - Germany
- Straits Asia Resources Limited - Singapore
- Oldendorff Carriers - Singapore
- LBH Netherlands Bv - Netherlands
- The Treasury - Australian Government
- Baramulti Group, Indonesia
- PNOC Exploration Corporation - Philippines
- Dalmia Cement Bharat India
- AsiaOL BioFuels Corp., Philippines
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- Pipit Mutiara Jaya. PT, Indonesia
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- European Bulk Services B.V. - Netherlands
- Kobexindo Tractors - Indoneisa
- Mercator Lines Limited - India
- Thai Mozambique Logistica
- SMG Consultants - Indonesia
- Eastern Coal Council - USA
- Rio Tinto Coal - Australia
- Kalimantan Lumbung Energi - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Sical Logistics Limited - India
- Altura Mining Limited, Indonesia
- Gujarat Sidhee Cement - India
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- Samtan Co., Ltd - South Korea
- Bangladesh Power Developement Board
- CNBM International Corporation - China
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- Madhucon Powers Ltd - India
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