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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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Tuesday, 13 October 09
INDIA INTERESTED IN AMERICAN COAL
UPI reported that, Coal India Ltd. in its global expansion efforts is now interested in coal properties in the United States.
The Business Standard ...
Tuesday, 13 October 09
RIVERSDALE MAY USE ZAMBEZI RIVER TO TRANSPORT MOZAMBIQUE COAL
Mining Weekly reported that, ASX-listed coal-miner Riversdale Mining would submit a feasibility study and an environmental-impact study (EIS) for it ...
Monday, 12 October 09
INDONESIAN COAL MINER SAYS PLANS IPO IN 2010
Reuters reported that, Indonesian coal miner PT Bhakti Energi Persada plans an initial public offering in the first quarter of 2010 to develop coal ...
Monday, 12 October 09
BISICHI MINING FINALIZES COAL SUPPLY CONTRACT FOR 2010-2012
Small Cap News reported that, Bisichi, the South Africa based coal mining group, has agreed a three year coal supply contract between its principal ...
Monday, 12 October 09
SHANDUKA BUYS SACMH RICHARDS BAY COAL ALLOCATION
* Shanduka Coal takes SACMH 500,000T export space
* RBCT must approve any change of ownership
Reuters reported that, South Africa's Shanduka Co ...
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- Metalloyd Limited - United Kingdom
- Indian Oil Corporation Limited
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- Coal and Oil Company - UAE
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- Makarim & Taira - Indonesia
- International Coal Ventures Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- GMR Energy Limited - India
- Mjunction Services Limited - India
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- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mintek Dendrill Indonesia
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- IHS Mccloskey Coal Group - USA
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- Ind-Barath Power Infra Limited - India
- Petron Corporation, Philippines
- Medco Energi Mining Internasional
- Electricity Authority, New Zealand
- Port Waratah Coal Services - Australia
- MS Steel International - UAE
- Australian Coal Association
- Singapore Mercantile Exchange
- Energy Link Ltd, New Zealand
- ICICI Bank Limited - India
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- Therma Luzon, Inc, Philippines
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- Indonesian Coal Mining Association
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- Standard Chartered Bank - UAE
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- ASAPP Information Group - India
- Chettinad Cement Corporation Ltd - India
- Ministry of Finance - Indonesia
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- Indogreen Group - Indonesia
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- Australian Commodity Traders Exchange
- PTC India Limited - India
- Siam City Cement PLC, Thailand
- Oldendorff Carriers - Singapore
- Rashtriya Ispat Nigam Limited - India
- Binh Thuan Hamico - Vietnam
- Larsen & Toubro Limited - India
- Iligan Light & Power Inc, Philippines
- Antam Resourcindo - Indonesia
- Price Waterhouse Coopers - Russia
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- Sree Jayajothi Cements Limited - India
- Bhatia International Limited - India
- Tata Chemicals Ltd - India
- Ambuja Cements Ltd - India
- Commonwealth Bank - Australia
- London Commodity Brokers - England
- Kartika Selabumi Mining - Indonesia
- Eastern Energy - Thailand
- Latin American Coal - Colombia
- Kapuas Tunggal Persada - Indonesia
- Jindal Steel & Power Ltd - India
- Formosa Plastics Group - Taiwan
- Kepco SPC Power Corporation, Philippines
- Anglo American - United Kingdom
- Deloitte Consulting - India
- Leighton Contractors Pty Ltd - Australia
- Meralco Power Generation, Philippines
- Orica Australia Pty. Ltd.
- Directorate Of Revenue Intelligence - India
- Jorong Barutama Greston.PT - Indonesia
- Sical Logistics Limited - India
- Xindia Steels Limited - India
- Bukit Baiduri Energy - Indonesia
- Energy Development Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Intertek Mineral Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- IEA Clean Coal Centre - UK
- McConnell Dowell - Australia
- Mercator Lines Limited - India
- Essar Steel Hazira Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Borneo Indobara - Indonesia
- Star Paper Mills Limited - India
- PowerSource Philippines DevCo
- Independent Power Producers Association of India
- Jaiprakash Power Ventures ltd
- Bangladesh Power Developement Board
- Edison Trading Spa - Italy
- Timah Investasi Mineral - Indoneisa
- GVK Power & Infra Limited - India
- Minerals Council of Australia
- GAC Shipping (India) Pvt Ltd
- Goldman Sachs - Singapore
- White Energy Company Limited
- New Zealand Coal & Carbon
- Karaikal Port Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Thiess Contractors Indonesia
- Malabar Cements Ltd - India
- The University of Queensland
- Thai Mozambique Logistica
- Bulk Trading Sa - Switzerland
- SMG Consultants - Indonesia
- Barasentosa Lestari - Indonesia
- Agrawal Coal Company - India
- Savvy Resources Ltd - HongKong
- Alfred C Toepfer International GmbH - Germany
- Wilmar Investment Holdings
- Sojitz Corporation - Japan
- Semirara Mining and Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Orica Mining Services - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sarangani Energy Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
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- Aboitiz Power Corporation - Philippines
- Grasim Industreis Ltd - India
- Globalindo Alam Lestari - Indonesia
- Central Java Power - Indonesia
- The Treasury - Australian Government
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Transport, Egypt
- Kideco Jaya Agung - Indonesia
- Straits Asia Resources Limited - Singapore
- SN Aboitiz Power Inc, Philippines
- Sakthi Sugars Limited - India
- Riau Bara Harum - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bhushan Steel Limited - India
- Videocon Industries ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Mines - Canada
- Merrill Lynch Commodities Europe
- Neyveli Lignite Corporation Ltd, - India
- Pipit Mutiara Jaya. PT, Indonesia
- Attock Cement Pakistan Limited
- Simpson Spence & Young - Indonesia
- Global Coal Blending Company Limited - Australia
- The State Trading Corporation of India Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement - Thailand
- PNOC Exploration Corporation - Philippines
- Romanian Commodities Exchange
- Parliament of New Zealand
- Toyota Tsusho Corporation, Japan
- Kaltim Prima Coal - Indonesia
- Marubeni Corporation - India
- Eastern Coal Council - USA
- SMC Global Power, Philippines
- South Luzon Thermal Energy Corporation
- GN Power Mariveles Coal Plant, Philippines
- VISA Power Limited - India
- Semirara Mining Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Baramulti Group, Indonesia
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- Asmin Koalindo Tuhup - Indonesia
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- Salva Resources Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
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- TNB Fuel Sdn Bhd - Malaysia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Manunggal Multi Energi - Indonesia
- Planning Commission, India
- Tamil Nadu electricity Board
- LBH Netherlands Bv - Netherlands
- Renaissance Capital - South Africa
- Billiton Holdings Pty Ltd - Australia
- Aditya Birla Group - India
- Chamber of Mines of South Africa
- Gujarat Sidhee Cement - India
- Cement Manufacturers Association - India
- Rio Tinto Coal - Australia
- Lanco Infratech Ltd - India
- Bharathi Cement Corporation - India
- Samtan Co., Ltd - South Korea
- Heidelberg Cement - Germany
- Bhoruka Overseas - Indonesia
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