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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already there to provide new loans and in 2014 a big part of their € 700mil budget has been committed and most of it withdrawn already.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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Sunday, 13 July 14
PANAMAX INDEX GAINS SLIGHTLY THIS WEEK; CAPE INDEX FALLS ALMOST 21.40%
COALspot.com: This week the freight market fell again after gaining last week. The cape index was down almost 21.40 pct and closed at 1465 points.
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Friday, 11 July 14
EUROPE HAS A SUBSTANTIAL SURPLUS IN COAL SUPPLIES; RENEWABLE ENERGIES ARE REDUCING THE FULL-LOAD OPERATING HOURS OF HARD COAL-FIRED POWER PLANTS - VDKI
COALspot.com: General conditions for coal-fired power plants must be improved if the energy turnaround is to be a success, said German coal importe ...
Friday, 11 July 14
DR.CIESLIK RE-ELECTED AS CEO OF GERMAN COAL IMPORTER ASSOCIATION (VDKI)
Press Release : Dr Cieslik re-elected as CEO of German Coal Importer Association (VDKi) for the period 2014 – 2018. The German Coal Importer ...
Friday, 11 July 14
PORT OF NEWCASTLE SHIPPED $ 1.031 BILLION WORTH OF 11.744 MILLION TONS OF COAL IN JUNE 2014
COALspot.com: Port of Newcastle has shipped 11,744,396 tons of coal for the month ended 30 June 2014. According to Port’s monthly report, YTD ...
Friday, 11 July 14
UNITED STATE'S MONTHLY COAL OUTPUT FALLS 5.53% IN JUNE
COALspot.com – United States the world's second largest coal producer, produced approximately 18.1 million short tons (mmst) of coal in a ...
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- TNB Fuel Sdn Bhd - Malaysia
- Mercator Lines Limited - India
- Singapore Mercantile Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Indian Oil Corporation Limited
- Eastern Energy - Thailand
- Sojitz Corporation - Japan
- Vedanta Resources Plc - India
- Wilmar Investment Holdings
- Central Java Power - Indonesia
- Karaikal Port Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- GMR Energy Limited - India
- The State Trading Corporation of India Ltd
- Cigading International Bulk Terminal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- VISA Power Limited - India
- Indian Energy Exchange, India
- Xindia Steels Limited - India
- Thiess Contractors Indonesia
- Sarangani Energy Corporation, Philippines
- Global Business Power Corporation, Philippines
- Parry Sugars Refinery, India
- OPG Power Generation Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Kideco Jaya Agung - Indonesia
- MS Steel International - UAE
- Indonesian Coal Mining Association
- Karbindo Abesyapradhi - Indoneisa
- Price Waterhouse Coopers - Russia
- Semirara Mining Corp, Philippines
- Heidelberg Cement - Germany
- Kobexindo Tractors - Indoneisa
- Indogreen Group - Indonesia
- Mjunction Services Limited - India
- Gujarat Electricity Regulatory Commission - India
- Renaissance Capital - South Africa
- Orica Mining Services - Indonesia
- Mercuria Energy - Indonesia
- Uttam Galva Steels Limited - India
- New Zealand Coal & Carbon
- Georgia Ports Authority, United States
- Tata Chemicals Ltd - India
- Wood Mackenzie - Singapore
- Planning Commission, India
- Billiton Holdings Pty Ltd - Australia
- GVK Power & Infra Limited - India
- Bangladesh Power Developement Board
- Metalloyd Limited - United Kingdom
- Samtan Co., Ltd - South Korea
- Kohat Cement Company Ltd. - Pakistan
- Sical Logistics Limited - India
- Orica Australia Pty. Ltd.
- Star Paper Mills Limited - India
- The Treasury - Australian Government
- Posco Energy - South Korea
- Rashtriya Ispat Nigam Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Simpson Spence & Young - Indonesia
- Sakthi Sugars Limited - India
- Timah Investasi Mineral - Indoneisa
- Attock Cement Pakistan Limited
- Agrawal Coal Company - India
- CIMB Investment Bank - Malaysia
- GN Power Mariveles Coal Plant, Philippines
- Antam Resourcindo - Indonesia
- Ministry of Finance - Indonesia
- Formosa Plastics Group - Taiwan
- GAC Shipping (India) Pvt Ltd
- Malabar Cements Ltd - India
- Grasim Industreis Ltd - India
- Thai Mozambique Logistica
- Intertek Mineral Services - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Aditya Birla Group - India
- Leighton Contractors Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Energy Development Corp, Philippines
- Australian Coal Association
- Economic Council, Georgia
- Interocean Group of Companies - India
- Chettinad Cement Corporation Ltd - India
- London Commodity Brokers - England
- Indo Tambangraya Megah - Indonesia
- Sindya Power Generating Company Private Ltd
- Banpu Public Company Limited - Thailand
- Coal and Oil Company - UAE
- Ministry of Mines - Canada
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Bhatia International Limited - India
- Bhushan Steel Limited - India
- Alfred C Toepfer International GmbH - Germany
- TeaM Sual Corporation - Philippines
- Kumho Petrochemical, South Korea
- India Bulls Power Limited - India
- Rio Tinto Coal - Australia
- Lanco Infratech Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- ICICI Bank Limited - India
- LBH Netherlands Bv - Netherlands
- Power Finance Corporation Ltd., India
- CNBM International Corporation - China
- Petrochimia International Co. Ltd.- Taiwan
- Oldendorff Carriers - Singapore
- Siam City Cement PLC, Thailand
- ASAPP Information Group - India
- Miang Besar Coal Terminal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Bulk Trading Sa - Switzerland
- Binh Thuan Hamico - Vietnam
- Standard Chartered Bank - UAE
- Kepco SPC Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Independent Power Producers Association of India
- IEA Clean Coal Centre - UK
- Commonwealth Bank - Australia
- Jindal Steel & Power Ltd - India
- Coalindo Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Vizag Seaport Private Limited - India
- Ambuja Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- Therma Luzon, Inc, Philippines
- Baramulti Group, Indonesia
- Kartika Selabumi Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- White Energy Company Limited
- Makarim & Taira - Indonesia
- Bukit Baiduri Energy - Indonesia
- SMG Consultants - Indonesia
- Global Green Power PLC Corporation, Philippines
- Electricity Authority, New Zealand
- Australian Commodity Traders Exchange
- Electricity Generating Authority of Thailand
- Ind-Barath Power Infra Limited - India
- Madhucon Powers Ltd - India
- Petron Corporation, Philippines
- PowerSource Philippines DevCo
- Indika Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Siam City Cement - Thailand
- South Luzon Thermal Energy Corporation
- SMC Global Power, Philippines
- Videocon Industries ltd - India
- Carbofer General Trading SA - India
- Dalmia Cement Bharat India
- Port Waratah Coal Services - Australia
- Cement Manufacturers Association - India
- Energy Link Ltd, New Zealand
- Chamber of Mines of South Africa
- Africa Commodities Group - South Africa
- Toyota Tsusho Corporation, Japan
- Neyveli Lignite Corporation Ltd, - India
- Global Coal Blending Company Limited - Australia
- PNOC Exploration Corporation - Philippines
- Edison Trading Spa - Italy
- SN Aboitiz Power Inc, Philippines
- Latin American Coal - Colombia
- Ceylon Electricity Board - Sri Lanka
- Kapuas Tunggal Persada - Indonesia
- Minerals Council of Australia
- Deloitte Consulting - India
- Sree Jayajothi Cements Limited - India
- Krishnapatnam Port Company Ltd. - India
- Straits Asia Resources Limited - Singapore
- The University of Queensland
- Semirara Mining and Power Corporation, Philippines
- Goldman Sachs - Singapore
- PTC India Limited - India
- Gujarat Sidhee Cement - India
- Bayan Resources Tbk. - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Trasteel International SA, Italy
- Maheswari Brothers Coal Limited - India
- Barasentosa Lestari - Indonesia
- Meralco Power Generation, Philippines
- Essar Steel Hazira Ltd - India
- Merrill Lynch Commodities Europe
- PetroVietnam Power Coal Import and Supply Company
- Eastern Coal Council - USA
- Kaltim Prima Coal - Indonesia
- San Jose City I Power Corp, Philippines
- Aboitiz Power Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- European Bulk Services B.V. - Netherlands
- Marubeni Corporation - India
- Sinarmas Energy and Mining - Indonesia
- Directorate Of Revenue Intelligence - India
- Ministry of Transport, Egypt
- Globalindo Alam Lestari - Indonesia
- Tamil Nadu electricity Board
- Parliament of New Zealand
- Romanian Commodities Exchange
- Savvy Resources Ltd - HongKong
- Manunggal Multi Energi - Indonesia
- Anglo American - United Kingdom
- McConnell Dowell - Australia
- Altura Mining Limited, Indonesia
- Jaiprakash Power Ventures ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Central Electricity Authority - India
- Larsen & Toubro Limited - India
- Bharathi Cement Corporation - India
- Coastal Gujarat Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Borneo Indobara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Mintek Dendrill Indonesia
- Medco Energi Mining Internasional
- Holcim Trading Pte Ltd - Singapore
- Riau Bara Harum - Indonesia
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