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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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Thursday, 15 October 09
GOVT TO CAP COAL EXPORTS AT 150 MILLION TONS A YEAR
The Jakarta Post reported that, The government plans to cap coal exports at around 150 million tons a year in a bid to guarantee supply for domestic ...
Thursday, 15 October 09
AUSTRALIAN MINING COMPANIES REPORTED FINDING 1.5 BILLION COAL MINE DEPOSIT IN MOZAMBIQUE
Paguntaka reported that, Mozambique is a country that has the potential mining areas are very rich. Many mining companies who want to invest in the ...
Wednesday, 14 October 09
INDONESIA POWER FIRM SIGNS LOAN AGREEMENTS FOR OVER $1 BLN
Reuters reported that, Indonesia's state electricity firm PT Perusahaan Listrik Negara (PLN) has raised more than $1 billion from a group of banks ...
Wednesday, 14 October 09
LARSEN & TOUBRO MAY ENTER POWER GENERATION BUSINESS IN INDIA
Bloomberg reported that, Larsen & Toubro Ltd., India’s biggest engineering company, said it is considering entering the power generation b ...
Wednesday, 14 October 09
INDONESIA MULLS TO LIMIT COAL EXPORT
China View reported that, The Indonesian government planned to limit coal export of up to 150 million tons per year due to the growing coal demand i ...
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- India Bulls Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Indonesian Coal Mining Association
- Marubeni Corporation - India
- ASAPP Information Group - India
- Romanian Commodities Exchange
- Miang Besar Coal Terminal - Indonesia
- Thai Mozambique Logistica
- European Bulk Services B.V. - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Baiduri Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Independent Power Producers Association of India
- Holcim Trading Pte Ltd - Singapore
- Binh Thuan Hamico - Vietnam
- MS Steel International - UAE
- Coastal Gujarat Power Limited - India
- Mintek Dendrill Indonesia
- Anglo American - United Kingdom
- Central Java Power - Indonesia
- SMC Global Power, Philippines
- Semirara Mining and Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- GVK Power & Infra Limited - India
- Toyota Tsusho Corporation, Japan
- Videocon Industries ltd - India
- Rio Tinto Coal - Australia
- Global Green Power PLC Corporation, Philippines
- Indogreen Group - Indonesia
- Metalloyd Limited - United Kingdom
- Altura Mining Limited, Indonesia
- Posco Energy - South Korea
- Bayan Resources Tbk. - Indonesia
- Meenaskhi Energy Private Limited - India
- Africa Commodities Group - South Africa
- Alfred C Toepfer International GmbH - Germany
- Coal and Oil Company - UAE
- Bhoruka Overseas - Indonesia
- Gujarat Sidhee Cement - India
- CNBM International Corporation - China
- Ind-Barath Power Infra Limited - India
- Sical Logistics Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Global Business Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Bangladesh Power Developement Board
- Sinarmas Energy and Mining - Indonesia
- Karaikal Port Pvt Ltd - India
- Australian Commodity Traders Exchange
- Port Waratah Coal Services - Australia
- Orica Mining Services - Indonesia
- Sarangani Energy Corporation, Philippines
- Ministry of Transport, Egypt
- Samtan Co., Ltd - South Korea
- Sojitz Corporation - Japan
- McConnell Dowell - Australia
- Standard Chartered Bank - UAE
- Manunggal Multi Energi - Indonesia
- Siam City Cement PLC, Thailand
- Dalmia Cement Bharat India
- TeaM Sual Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Planning Commission, India
- The State Trading Corporation of India Ltd
- The Treasury - Australian Government
- GMR Energy Limited - India
- Cigading International Bulk Terminal - Indonesia
- Ministry of Finance - Indonesia
- Petron Corporation, Philippines
- Parry Sugars Refinery, India
- Kumho Petrochemical, South Korea
- LBH Netherlands Bv - Netherlands
- Global Coal Blending Company Limited - Australia
- London Commodity Brokers - England
- Bhatia International Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Heidelberg Cement - Germany
- Kepco SPC Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Goldman Sachs - Singapore
- Salva Resources Pvt Ltd - India
- Minerals Council of Australia
- Kartika Selabumi Mining - Indonesia
- Larsen & Toubro Limited - India
- Krishnapatnam Port Company Ltd. - India
- Makarim & Taira - Indonesia
- Xindia Steels Limited - India
- Commonwealth Bank - Australia
- Agrawal Coal Company - India
- Intertek Mineral Services - Indonesia
- Merrill Lynch Commodities Europe
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Karbindo Abesyapradhi - Indoneisa
- Eastern Coal Council - USA
- Latin American Coal - Colombia
- SN Aboitiz Power Inc, Philippines
- Savvy Resources Ltd - HongKong
- Medco Energi Mining Internasional
- White Energy Company Limited
- Aboitiz Power Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Australian Coal Association
- Bukit Asam (Persero) Tbk - Indonesia
- Ambuja Cements Ltd - India
- Wilmar Investment Holdings
- Leighton Contractors Pty Ltd - Australia
- Electricity Authority, New Zealand
- ICICI Bank Limited - India
- New Zealand Coal & Carbon
- Indian Energy Exchange, India
- Chettinad Cement Corporation Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Indian Oil Corporation Limited
- Price Waterhouse Coopers - Russia
- Edison Trading Spa - Italy
- Sree Jayajothi Cements Limited - India
- OPG Power Generation Pvt Ltd - India
- Ministry of Mines - Canada
- Star Paper Mills Limited - India
- Kobexindo Tractors - Indoneisa
- Power Finance Corporation Ltd., India
- Kapuas Tunggal Persada - Indonesia
- Thiess Contractors Indonesia
- Carbofer General Trading SA - India
- Mercator Lines Limited - India
- Meralco Power Generation, Philippines
- Banpu Public Company Limited - Thailand
- IEA Clean Coal Centre - UK
- Central Electricity Authority - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Cement Manufacturers Association - India
- Oldendorff Carriers - Singapore
- Bukit Makmur.PT - Indonesia
- Interocean Group of Companies - India
- Mercuria Energy - Indonesia
- Georgia Ports Authority, United States
- Trasteel International SA, Italy
- Electricity Generating Authority of Thailand
- Siam City Cement - Thailand
- Parliament of New Zealand
- Chamber of Mines of South Africa
- Directorate Of Revenue Intelligence - India
- Attock Cement Pakistan Limited
- Deloitte Consulting - India
- San Jose City I Power Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- AsiaOL BioFuels Corp., Philippines
- Riau Bara Harum - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Indo Tambangraya Megah - Indonesia
- PowerSource Philippines DevCo
- Madhucon Powers Ltd - India
- Ceylon Electricity Board - Sri Lanka
- The University of Queensland
- GAC Shipping (India) Pvt Ltd
- Coalindo Energy - Indonesia
- Aditya Birla Group - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Uttam Galva Steels Limited - India
- Barasentosa Lestari - Indonesia
- Singapore Mercantile Exchange
- Rashtriya Ispat Nigam Limited - India
- Grasim Industreis Ltd - India
- Vizag Seaport Private Limited - India
- Formosa Plastics Group - Taiwan
- Bharathi Cement Corporation - India
- Therma Luzon, Inc, Philippines
- Energy Link Ltd, New Zealand
- Wood Mackenzie - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Borneo Indobara - Indonesia
- VISA Power Limited - India
- Lanco Infratech Ltd - India
- Renaissance Capital - South Africa
- Energy Development Corp, Philippines
- Malabar Cements Ltd - India
- Kaltim Prima Coal - Indonesia
- PNOC Exploration Corporation - Philippines
- Tamil Nadu electricity Board
- Orica Australia Pty. Ltd.
- Kideco Jaya Agung - Indonesia
- Jindal Steel & Power Ltd - India
- Bhushan Steel Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- CIMB Investment Bank - Malaysia
- Vedanta Resources Plc - India
- Kalimantan Lumbung Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- Gujarat Mineral Development Corp Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Simpson Spence & Young - Indonesia
- Straits Asia Resources Limited - Singapore
- Sakthi Sugars Limited - India
- Globalindo Alam Lestari - Indonesia
- Pendopo Energi Batubara - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- PTC India Limited - India
- Bulk Trading Sa - Switzerland
- Indika Energy - Indonesia
- Eastern Energy - Thailand
- Antam Resourcindo - Indonesia
- IHS Mccloskey Coal Group - USA
- Mjunction Services Limited - India
- Semirara Mining Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Iligan Light & Power Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Maheswari Brothers Coal Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Economic Council, Georgia
- SMG Consultants - Indonesia
- Baramulti Group, Indonesia
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