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Friday, 16 October 09
NAVIGATING THROUGH STORMY WATERS
 To Theodore E Veniamis, the President of the Union of Greek Shipowners, the current turmoil in world shipping is due to the cyclical nature of maritime freight markets. According to him, the winner is the one who stays in the game even in difficult times such as these.
In February, Theodore E Veniamis was elected President of the Union of Greek Ship-owners (UGS). Mr Veniamis is also the founder, chairman and managing director of the Golden Union group, a Piraeus-based shipping company established 32 years ago. Under his leadership, the Golden Union group has flourished and today enjoys an excellent reputation and high level of customer commitment due to its services to the dry cargo markets and its excellent safety record. The company currently operates dry bulk vessels totalling more than 2 million dwt.
The cyclical nature of shipping
International shipping has, like most other industry sectors, been navigating in stormy waters for the past couple of months. Following six years of unprecedented growth reflected by a record number of new orders, the shipping industry has now been forced to face some cold facts. The number of cancellations is increasing, postponements are becoming increasingly widespread and debts are piling up. Furthermore, although Greek shipowners still prefer to scrap older vessels and buy second-hand, on a global scale lay-ups are set to increase. However, the future might not be totally gloomy.
Mr Veniamis, who is currently serving as chairman of DNV’s Greek Committee, believes that international shipping will survive the current crisis – just like it has survived previous crises. "Maritime freight markets are cyclical in nature. Shipping crises are consequently a recurring phenomenon. The unprecedented growth we have witnessed in the freight market over the past few years was not sustainable. Now, once more, shipping is being called upon to face this very testing period in a responsible way," says Mr Veniamis. And he knows what he is talking about.
The philosophy of Greek shipping
Maritime traditions in Greece date back 10,000 years and are as strong today as ever. Greece currently manages the largest merchant fleet in the world and controls close to 15% of the world fleet measured by deadweight. Furthermore, Greek shipowners have had the largest share of newbuildings during the recent financial turmoil.
Nonetheless, the current financial crisis is a global crisis that also affects the Greek shipping industry. Although, according to Mr Veniamis, perhaps not in the same magnitude. "Over the years, the Greek shipping industry has proved it has an amazing ability and willingness to adapt to the needs and requirements of a constantly changing global environment. Thus, during the current financial turmoil, Greek shipping is better able to deal with the industry’s highly unpredictable cyclical nature," says Mr Veniamis. But, he adds, there is more to Greek shipping than just that.
"There is a special philosophy in Greek shipping. The majority of the industry is based on family loyalties and values, not corporate ownership. Shipping companies built on a strong family foundation lead to a different kind of trust and commitment. I believe this foundation is part of the reason why Greek shipping will get through the crisis without breaking its back," says Mr Veniamis.
As a comparison, Norwegian shipping traditions have also been built on a similar family-oriented foundation. Today, the maritime relations between Greece and Norway are strong, and Greek shipowners work closely with the Norwegian maritime cluster; insurance, banking and classification. For DNV, maintaining a good and fruitful relationship with Greek shipping is a priority.
Realistic view
When it comes to predicting the future of international shipping, Mr Veniamis takes a cautiously realistic view. "It’s impossible to predict the future. We know only the past and the present. If we want an indication as to what the future will bring, we need to make regular calculations, perhaps as often as every month," he says.
Although predicting the future might be difficult, one thing is certain; concern for the environment and sustainability will be an important part of it.
According to Mr Veniamis, the shipping community has worked on environmental issues for years. "Operational pollution has been reduced, and significant improvements in engine efficiency and hull design have led to a reduction in emissions and increased fuel efficiency. The UGS supports global IMO-induced measures to reduce emissions from international shipping," he says, emphasising that "these measures should support sustainable development without restricting economic and trade growth."
My word is my bond
For Mr Veniamis, trust and confidence are two of the most important attributes in shipping. "In the end, what matters in the current situation is that trust and confidence are re-established. Banks with shipping portfolios should support their customers and assist them in overcoming the current difficulties. The motto ‘my word is my bond’ should prevail again. Speculation should be avoided, and the financing of healthy shipping should not be curtailed," says Mr Veniamis.
In the end, he says "the winner is anyone who stays in the game even in difficult times such as these."
Source: Hellenic Shipping News, DNV
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Monday, 19 October 09
CEMENT UNLIKELY TO COST MORE DESPITE COAL PRICE HIKE
Business-Standard reported that, Cement manufacturers will not immediately hike prices of the construction material, despite a surge in their input ...
Saturday, 17 October 09
US COAL MINERS LOOKING AT LOWER PROFITS
Most US coal miners are looking at sharply lower third-quarter earnings, but those that produce coal for steelmaking and export should enjoy higher ...
Friday, 16 October 09
INDONESIA EXPORTED 19,194,857 MT OF COAL IN SEPTEMBER 2009 - SOURCES
COALspot.com (Indonesia): Indonesia exported 19,194,857 MT of coal in September 2009. Out of total exported quantity, South Korea imported abou ...
Friday, 16 October 09
COAL INDIA RAISES PRICE BY 11%
Trak reported that, State-owned Coal India Ltd (CIL) has raised the price of coal produced by its subsidiaries by an average of 11 percent effective ...
Thursday, 15 October 09
SOUTH AFRICAN MINING COMPANY ACCEPTED $92 MILLION BID FOR COAL MINE STAKE IN SIYANDA COAL
Paguntaka reported that, Sentula Mining Ltd. gained in Johannesburg trading after the South African company accepted a 686 million-rand ($92 million ...
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- Ceylon Electricity Board - Sri Lanka
- Chettinad Cement Corporation Ltd - India
- Savvy Resources Ltd - HongKong
- Attock Cement Pakistan Limited
- Deloitte Consulting - India
- Larsen & Toubro Limited - India
- PowerSource Philippines DevCo
- International Coal Ventures Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Ambuja Cements Ltd - India
- Bharathi Cement Corporation - India
- Wilmar Investment Holdings
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Makarim & Taira - Indonesia
- Eastern Coal Council - USA
- Commonwealth Bank - Australia
- Anglo American - United Kingdom
- Ministry of Finance - Indonesia
- PTC India Limited - India
- Cigading International Bulk Terminal - Indonesia
- Parry Sugars Refinery, India
- Holcim Trading Pte Ltd - Singapore
- Gujarat Electricity Regulatory Commission - India
- GAC Shipping (India) Pvt Ltd
- Bhatia International Limited - India
- PNOC Exploration Corporation - Philippines
- Indian Energy Exchange, India
- Bulk Trading Sa - Switzerland
- Semirara Mining Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Bukit Makmur.PT - Indonesia
- ASAPP Information Group - India
- Asmin Koalindo Tuhup - Indonesia
- Africa Commodities Group - South Africa
- Kideco Jaya Agung - Indonesia
- Gujarat Sidhee Cement - India
- Energy Development Corp, Philippines
- Salva Resources Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Binh Thuan Hamico - Vietnam
- Timah Investasi Mineral - Indoneisa
- Meenaskhi Energy Private Limited - India
- ICICI Bank Limited - India
- London Commodity Brokers - England
- Manunggal Multi Energi - Indonesia
- Romanian Commodities Exchange
- Mercator Lines Limited - India
- San Jose City I Power Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Coal and Oil Company - UAE
- Indian Oil Corporation Limited
- Global Coal Blending Company Limited - Australia
- MS Steel International - UAE
- Ministry of Mines - Canada
- Straits Asia Resources Limited - Singapore
- Price Waterhouse Coopers - Russia
- Global Green Power PLC Corporation, Philippines
- Electricity Generating Authority of Thailand
- Riau Bara Harum - Indonesia
- Samtan Co., Ltd - South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Economic Council, Georgia
- Heidelberg Cement - Germany
- McConnell Dowell - Australia
- Bhushan Steel Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Central Java Power - Indonesia
- Dalmia Cement Bharat India
- Bhoruka Overseas - Indonesia
- Eastern Energy - Thailand
- Lanco Infratech Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- CNBM International Corporation - China
- Directorate Of Revenue Intelligence - India
- White Energy Company Limited
- Latin American Coal - Colombia
- Interocean Group of Companies - India
- Jindal Steel & Power Ltd - India
- Intertek Mineral Services - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- IEA Clean Coal Centre - UK
- Oldendorff Carriers - Singapore
- Iligan Light & Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Edison Trading Spa - Italy
- Planning Commission, India
- Kalimantan Lumbung Energi - Indonesia
- Tamil Nadu electricity Board
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Standard Chartered Bank - UAE
- Marubeni Corporation - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Simpson Spence & Young - Indonesia
- Central Electricity Authority - India
- Sarangani Energy Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Ministry of Transport, Egypt
- CIMB Investment Bank - Malaysia
- Globalindo Alam Lestari - Indonesia
- Toyota Tsusho Corporation, Japan
- Sical Logistics Limited - India
- Minerals Council of Australia
- Pendopo Energi Batubara - Indonesia
- Renaissance Capital - South Africa
- Star Paper Mills Limited - India
- Singapore Mercantile Exchange
- Georgia Ports Authority, United States
- SMC Global Power, Philippines
- Merrill Lynch Commodities Europe
- Kobexindo Tractors - Indoneisa
- Xindia Steels Limited - India
- The State Trading Corporation of India Ltd
- Kapuas Tunggal Persada - Indonesia
- Wood Mackenzie - Singapore
- Mjunction Services Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Posco Energy - South Korea
- The Treasury - Australian Government
- Sojitz Corporation - Japan
- Formosa Plastics Group - Taiwan
- Baramulti Group, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- GMR Energy Limited - India
- Sakthi Sugars Limited - India
- Parliament of New Zealand
- Vizag Seaport Private Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Bahari Cakrawala Sebuku - Indonesia
- Bayan Resources Tbk. - Indonesia
- Bangladesh Power Developement Board
- New Zealand Coal & Carbon
- Kumho Petrochemical, South Korea
- SN Aboitiz Power Inc, Philippines
- Trasteel International SA, Italy
- Mercuria Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Directorate General of MIneral and Coal - Indonesia
- TeaM Sual Corporation - Philippines
- Madhucon Powers Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Karbindo Abesyapradhi - Indoneisa
- Uttam Galva Steels Limited - India
- Indonesian Coal Mining Association
- Chamber of Mines of South Africa
- Altura Mining Limited, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Siam City Cement - Thailand
- Borneo Indobara - Indonesia
- Kartika Selabumi Mining - Indonesia
- Banpu Public Company Limited - Thailand
- Aditya Birla Group - India
- Petron Corporation, Philippines
- Agrawal Coal Company - India
- Port Waratah Coal Services - Australia
- European Bulk Services B.V. - Netherlands
- GVK Power & Infra Limited - India
- Jaiprakash Power Ventures ltd
- Barasentosa Lestari - Indonesia
- Australian Commodity Traders Exchange
- Siam City Cement PLC, Thailand
- Antam Resourcindo - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mintek Dendrill Indonesia
- Miang Besar Coal Terminal - Indonesia
- Thiess Contractors Indonesia
- Meralco Power Generation, Philippines
- Indika Energy - Indonesia
- Tata Chemicals Ltd - India
- Independent Power Producers Association of India
- The University of Queensland
- Australian Coal Association
- Billiton Holdings Pty Ltd - Australia
- SMG Consultants - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Medco Energi Mining Internasional
- Sree Jayajothi Cements Limited - India
- Rio Tinto Coal - Australia
- Indo Tambangraya Megah - Indonesia
- Carbofer General Trading SA - India
- Aboitiz Power Corporation - Philippines
- India Bulls Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- OPG Power Generation Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Malabar Cements Ltd - India
- Coastal Gujarat Power Limited - India
- Grasim Industreis Ltd - India
- South Luzon Thermal Energy Corporation
- Karaikal Port Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Indogreen Group - Indonesia
- Maheswari Brothers Coal Limited - India
- Therma Luzon, Inc, Philippines
- Coalindo Energy - Indonesia
- Thai Mozambique Logistica
- VISA Power Limited - India
- Electricity Authority, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Cement Manufacturers Association - India
- Metalloyd Limited - United Kingdom
- Power Finance Corporation Ltd., India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Orica Australia Pty. Ltd.
- Ind-Barath Power Infra Limited - India
- Bukit Baiduri Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Goldman Sachs - Singapore
- Essar Steel Hazira Ltd - India
- Videocon Industries ltd - India
- Leighton Contractors Pty Ltd - Australia
- Orica Mining Services - Indonesia
- IHS Mccloskey Coal Group - USA
- Vedanta Resources Plc - India
- Global Business Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
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