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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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- Metalloyd Limited - United Kingdom
- CNBM International Corporation - China
- Xindia Steels Limited - India
- Kaltim Prima Coal - Indonesia
- Cement Manufacturers Association - India
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- Coastal Gujarat Power Limited - India
- Oldendorff Carriers - Singapore
- AsiaOL BioFuels Corp., Philippines
- Karaikal Port Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Chamber of Mines of South Africa
- Economic Council, Georgia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Standard Chartered Bank - UAE
- Savvy Resources Ltd - HongKong
- Wood Mackenzie - Singapore
- Bhatia International Limited - India
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- Ministry of Transport, Egypt
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- Globalindo Alam Lestari - Indonesia
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- Electricity Authority, New Zealand
- Minerals Council of Australia
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- Kumho Petrochemical, South Korea
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- Vedanta Resources Plc - India
- Electricity Generating Authority of Thailand
- Georgia Ports Authority, United States
- Parry Sugars Refinery, India
- Thiess Contractors Indonesia
- Therma Luzon, Inc, Philippines
- MS Steel International - UAE
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- Ambuja Cements Ltd - India
- Samtan Co., Ltd - South Korea
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- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
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- Indo Tambangraya Megah - Indonesia
- IHS Mccloskey Coal Group - USA
- Tata Chemicals Ltd - India
- Uttam Galva Steels Limited - India
- Coalindo Energy - Indonesia
- Goldman Sachs - Singapore
- Edison Trading Spa - Italy
- Bharathi Cement Corporation - India
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- Formosa Plastics Group - Taiwan
- Asmin Koalindo Tuhup - Indonesia
- Deloitte Consulting - India
- Meralco Power Generation, Philippines
- Eastern Coal Council - USA
- PTC India Limited - India
- Antam Resourcindo - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sarangani Energy Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Singapore Mercantile Exchange
- Chettinad Cement Corporation Ltd - India
- Krishnapatnam Port Company Ltd. - India
- GN Power Mariveles Coal Plant, Philippines
- Siam City Cement PLC, Thailand
- Jorong Barutama Greston.PT - Indonesia
- New Zealand Coal & Carbon
- Price Waterhouse Coopers - Russia
- Anglo American - United Kingdom
- Attock Cement Pakistan Limited
- Indika Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Indogreen Group - Indonesia
- Kapuas Tunggal Persada - Indonesia
- London Commodity Brokers - England
- White Energy Company Limited
- CIMB Investment Bank - Malaysia
- McConnell Dowell - Australia
- Barasentosa Lestari - Indonesia
- Bangladesh Power Developement Board
- SMG Consultants - Indonesia
- Semirara Mining Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Jindal Steel & Power Ltd - India
- Orica Australia Pty. Ltd.
- Bhoruka Overseas - Indonesia
- Energy Link Ltd, New Zealand
- Larsen & Toubro Limited - India
- Coal and Oil Company - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Central Electricity Authority - India
- Grasim Industreis Ltd - India
- Sojitz Corporation - Japan
- Mercator Lines Limited - India
- Bayan Resources Tbk. - Indonesia
- Sical Logistics Limited - India
- OPG Power Generation Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- San Jose City I Power Corp, Philippines
- Sakthi Sugars Limited - India
- Medco Energi Mining Internasional
- Independent Power Producers Association of India
- Sindya Power Generating Company Private Ltd
- Mjunction Services Limited - India
- Makarim & Taira - Indonesia
- Pendopo Energi Batubara - Indonesia
- Energy Development Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- Banpu Public Company Limited - Thailand
- The University of Queensland
- Australian Coal Association
- Kartika Selabumi Mining - Indonesia
- Bukit Baiduri Energy - Indonesia
- Simpson Spence & Young - Indonesia
- SMC Global Power, Philippines
- Timah Investasi Mineral - Indoneisa
- VISA Power Limited - India
- PNOC Exploration Corporation - Philippines
- Aditya Birla Group - India
- Indian Oil Corporation Limited
- Directorate General of MIneral and Coal - Indonesia
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- Toyota Tsusho Corporation, Japan
- Global Green Power PLC Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Dalmia Cement Bharat India
- Siam City Cement - Thailand
- Neyveli Lignite Corporation Ltd, - India
- LBH Netherlands Bv - Netherlands
- Heidelberg Cement - Germany
- Central Java Power - Indonesia
- Ministry of Mines - Canada
- Kohat Cement Company Ltd. - Pakistan
- Orica Mining Services - Indonesia
- Power Finance Corporation Ltd., India
- Indonesian Coal Mining Association
- South Luzon Thermal Energy Corporation
- Rio Tinto Coal - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Renaissance Capital - South Africa
- Bukit Makmur.PT - Indonesia
- Romanian Commodities Exchange
- Madhucon Powers Ltd - India
- Global Business Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Posco Energy - South Korea
- Kideco Jaya Agung - Indonesia
- The State Trading Corporation of India Ltd
- Malabar Cements Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Holcim Trading Pte Ltd - Singapore
- Planning Commission, India
- Africa Commodities Group - South Africa
- European Bulk Services B.V. - Netherlands
- Marubeni Corporation - India
- Miang Besar Coal Terminal - Indonesia
- Interocean Group of Companies - India
- Port Waratah Coal Services - Australia
- Kepco SPC Power Corporation, Philippines
- Star Paper Mills Limited - India
- Jaiprakash Power Ventures ltd
- The Treasury - Australian Government
- Eastern Energy - Thailand
- Indian Energy Exchange, India
- Manunggal Multi Energi - Indonesia
- Wilmar Investment Holdings
- Alfred C Toepfer International GmbH - Germany
- Leighton Contractors Pty Ltd - Australia
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Finance - Indonesia
- IEA Clean Coal Centre - UK
- Iligan Light & Power Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- ASAPP Information Group - India
- Petron Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Australian Commodity Traders Exchange
- Mercuria Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Intertek Mineral Services - Indonesia
- Altura Mining Limited, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Essar Steel Hazira Ltd - India
- Billiton Holdings Pty Ltd - Australia
- International Coal Ventures Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Vizag Seaport Private Limited - India
- Riau Bara Harum - Indonesia
- Maheswari Brothers Coal Limited - India
- India Bulls Power Limited - India
- Bulk Trading Sa - Switzerland
- Tamil Nadu electricity Board
- Parliament of New Zealand
- ICICI Bank Limited - India
- Sinarmas Energy and Mining - Indonesia
- Commonwealth Bank - Australia
- GVK Power & Infra Limited - India
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