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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already there to provide new loans and in 2014 a big part of their € 700mil budget has been committed and most of it withdrawn already.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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Friday, 18 July 14
3RD CHINA INTERNATIONAL SHALE GAS SUMMIT
Building on the massive success of the past 2 shale gas programs that has generated huge success by attracting 500+ industry players, and intrig ...
Friday, 18 July 14
US WEEKLY COAL PRODUCTION UP BY 1.4% TO 18.3 MMST
COALspot.com – United States the world's second largest coal producer, produced approximately 18.3 million short tons (mmst) of coal in a ...
Thursday, 17 July 14
PANAMAX : MARKET HAS COOLED DOWN AGAIN TO LOW AND DEPRESSED LEVELS
Handy
The supra market remains pretty flat in the Atlantic while for the smaller sizes there has been little reported with ships chasing business ...
Thursday, 17 July 14
INDIAN GOVERNMENT WISE TO TAKE ADVANTAGE OF CURRENTLY LOW THERMAL COAL PRICES AND SHIPPING RATES - JEFFREY LANDSBERG
With thermal coal import prices (and also shipping rates) very low at present, India's government would be very wise to take advantage of curre ...
Wednesday, 16 July 14
INDIA BUDGET HAS LIMITED SHORT TERM IMPACT ON POWER SECTOR - FITCH RATINGS
Fitch Ratings says that the measures announced relating to India's electricity sector in the budget for FY2015 are directionally correct but in ...
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- Australian Commodity Traders Exchange
- Economic Council, Georgia
- Pendopo Energi Batubara - Indonesia
- Kaltim Prima Coal - Indonesia
- Siam City Cement PLC, Thailand
- Kartika Selabumi Mining - Indonesia
- CNBM International Corporation - China
- Asmin Koalindo Tuhup - Indonesia
- Thai Mozambique Logistica
- Petron Corporation, Philippines
- White Energy Company Limited
- Orica Mining Services - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Makarim & Taira - Indonesia
- Xindia Steels Limited - India
- Rio Tinto Coal - Australia
- Semirara Mining and Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Indogreen Group - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- The University of Queensland
- Africa Commodities Group - South Africa
- Energy Link Ltd, New Zealand
- Deloitte Consulting - India
- Electricity Authority, New Zealand
- ICICI Bank Limited - India
- Oldendorff Carriers - Singapore
- Timah Investasi Mineral - Indoneisa
- Cement Manufacturers Association - India
- Holcim Trading Pte Ltd - Singapore
- Power Finance Corporation Ltd., India
- Riau Bara Harum - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Indonesian Coal Mining Association
- Vizag Seaport Private Limited - India
- Merrill Lynch Commodities Europe
- Madhucon Powers Ltd - India
- Straits Asia Resources Limited - Singapore
- Sojitz Corporation - Japan
- Orica Australia Pty. Ltd.
- India Bulls Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Bhatia International Limited - India
- Intertek Mineral Services - Indonesia
- Tata Chemicals Ltd - India
- MS Steel International - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bukit Makmur.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Meralco Power Generation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Bhushan Steel Limited - India
- Indika Energy - Indonesia
- Star Paper Mills Limited - India
- Essar Steel Hazira Ltd - India
- Singapore Mercantile Exchange
- Karaikal Port Pvt Ltd - India
- Medco Energi Mining Internasional
- Kalimantan Lumbung Energi - Indonesia
- Binh Thuan Hamico - Vietnam
- Heidelberg Cement - Germany
- Kepco SPC Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Ambuja Cements Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Indian Energy Exchange, India
- IEA Clean Coal Centre - UK
- Eastern Coal Council - USA
- Anglo American - United Kingdom
- McConnell Dowell - Australia
- The State Trading Corporation of India Ltd
- Cigading International Bulk Terminal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Grasim Industreis Ltd - India
- Therma Luzon, Inc, Philippines
- Gujarat Sidhee Cement - India
- Tamil Nadu electricity Board
- Karbindo Abesyapradhi - Indoneisa
- Bhoruka Overseas - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Mintek Dendrill Indonesia
- Savvy Resources Ltd - HongKong
- International Coal Ventures Pvt Ltd - India
- Videocon Industries ltd - India
- Goldman Sachs - Singapore
- TeaM Sual Corporation - Philippines
- Sakthi Sugars Limited - India
- Energy Development Corp, Philippines
- Marubeni Corporation - India
- The Treasury - Australian Government
- Malabar Cements Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Port Waratah Coal Services - Australia
- Carbofer General Trading SA - India
- Interocean Group of Companies - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Commonwealth Bank - Australia
- Maharashtra Electricity Regulatory Commission - India
- Sical Logistics Limited - India
- Dalmia Cement Bharat India
- Independent Power Producers Association of India
- Jorong Barutama Greston.PT - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Globalindo Alam Lestari - Indonesia
- Uttam Galva Steels Limited - India
- Jaiprakash Power Ventures ltd
- London Commodity Brokers - England
- Siam City Cement - Thailand
- GAC Shipping (India) Pvt Ltd
- Bangladesh Power Developement Board
- Kumho Petrochemical, South Korea
- Trasteel International SA, Italy
- Jindal Steel & Power Ltd - India
- Mercator Lines Limited - India
- Directorate Of Revenue Intelligence - India
- PetroVietnam Power Coal Import and Supply Company
- Sindya Power Generating Company Private Ltd
- Eastern Energy - Thailand
- Baramulti Group, Indonesia
- Salva Resources Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- ASAPP Information Group - India
- Semirara Mining Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Electricity Generating Authority of Thailand
- Renaissance Capital - South Africa
- Ministry of Mines - Canada
- Attock Cement Pakistan Limited
- Central Electricity Authority - India
- Sarangani Energy Corporation, Philippines
- Minerals Council of Australia
- Indian Oil Corporation Limited
- Chamber of Mines of South Africa
- Global Business Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Miang Besar Coal Terminal - Indonesia
- Wood Mackenzie - Singapore
- New Zealand Coal & Carbon
- Alfred C Toepfer International GmbH - Germany
- Ministry of Finance - Indonesia
- Thiess Contractors Indonesia
- Samtan Co., Ltd - South Korea
- Romanian Commodities Exchange
- Larsen & Toubro Limited - India
- Coal and Oil Company - UAE
- Metalloyd Limited - United Kingdom
- Bukit Baiduri Energy - Indonesia
- Coalindo Energy - Indonesia
- GMR Energy Limited - India
- VISA Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Mineral Development Corp Ltd - India
- SN Aboitiz Power Inc, Philippines
- Edison Trading Spa - Italy
- Gujarat Electricity Regulatory Commission - India
- SMG Consultants - Indonesia
- Aboitiz Power Corporation - Philippines
- Parliament of New Zealand
- Manunggal Multi Energi - Indonesia
- Indo Tambangraya Megah - Indonesia
- South Luzon Thermal Energy Corporation
- Mercuria Energy - Indonesia
- Borneo Indobara - Indonesia
- Toyota Tsusho Corporation, Japan
- Ministry of Transport, Egypt
- Standard Chartered Bank - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Vedanta Resources Plc - India
- Ceylon Electricity Board - Sri Lanka
- Lanco Infratech Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- PNOC Exploration Corporation - Philippines
- Planning Commission, India
- Formosa Plastics Group - Taiwan
- Coastal Gujarat Power Limited - India
- PTC India Limited - India
- Posco Energy - South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Simpson Spence & Young - Indonesia
- Price Waterhouse Coopers - Russia
- Global Green Power PLC Corporation, Philippines
- Parry Sugars Refinery, India
- SMC Global Power, Philippines
- Australian Coal Association
- Mjunction Services Limited - India
- Wilmar Investment Holdings
- Georgia Ports Authority, United States
- Kobexindo Tractors - Indoneisa
- European Bulk Services B.V. - Netherlands
- Altura Mining Limited, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- Neyveli Lignite Corporation Ltd, - India
- Aditya Birla Group - India
- Banpu Public Company Limited - Thailand
- Bharathi Cement Corporation - India
- Iligan Light & Power Inc, Philippines
- IHS Mccloskey Coal Group - USA
- GVK Power & Infra Limited - India
- OPG Power Generation Pvt Ltd - India
- PowerSource Philippines DevCo
- San Jose City I Power Corp, Philippines
- Agrawal Coal Company - India
- Maheswari Brothers Coal Limited - India
- Latin American Coal - Colombia
- Central Java Power - Indonesia
- Kideco Jaya Agung - Indonesia
- Antam Resourcindo - Indonesia
- Chettinad Cement Corporation Ltd - India
- LBH Netherlands Bv - Netherlands
- Barasentosa Lestari - Indonesia
- CIMB Investment Bank - Malaysia
- Meenaskhi Energy Private Limited - India
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