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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, 12 October 09
INDONESIA TO CUT ROYALTIES TO BOOST LOW QUALITY COAL
Reuters reported that, Indonesia, the world's biggest exporter of thermal coal, plans to cut royalties paid by producers holding certain contracts ...
Monday, 12 October 09
SAMPUR COAL POWER PLANT AGREEMENT
Sunday Observer reported that, The construction work of the Sri Lanka-India joint venture coal power plant which costs US dollars 500 million will c ...
Saturday, 10 October 09
SHORT PERIOD RATES FOR SUPRAMAX WAS AROUND US$ 17,000 PER DAY FOR VESSELS OPENING FAR EAST / SE ASIA - CAPT. REDDY
COALspot.com (Singapore): The BDI again firmed up this week by almost 14 pct to 2,695 points. The cape size index moved up quite sharply by 25 pct t ...
Saturday, 10 October 09
COAL PRICES TIPPED TO SURGE BY 40% AS GLOBAL DEMAND RECOVERS NEXT YEAR
Power-station coal prices may climb by more than 40 percent in 2010 from current levels as a global economic recovery boosts demand from power plant ...
Saturday, 10 October 09
PT BUMI RESOURCES TO EXPECT 2010 ELECTRIC AND COAL PRICE UP TO US$ 100/T
Indonesia coal producer, PT Bumi Resources recently stated that the revival of the global economy pushes up the demand from power plants and steel m ...
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- IHS Mccloskey Coal Group - USA
- Savvy Resources Ltd - HongKong
- Kohat Cement Company Ltd. - Pakistan
- Petrochimia International Co. Ltd.- Taiwan
- Grasim Industreis Ltd - India
- London Commodity Brokers - England
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- LBH Netherlands Bv - Netherlands
- SMG Consultants - Indonesia
- Salva Resources Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- MS Steel International - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Posco Energy - South Korea
- Therma Luzon, Inc, Philippines
- Trasteel International SA, Italy
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- Romanian Commodities Exchange
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- Parliament of New Zealand
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- Binh Thuan Hamico - Vietnam
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- Alfred C Toepfer International GmbH - Germany
- GVK Power & Infra Limited - India
- Bukit Baiduri Energy - Indonesia
- Edison Trading Spa - Italy
- McConnell Dowell - Australia
- Directorate General of MIneral and Coal - Indonesia
- Africa Commodities Group - South Africa
- ASAPP Information Group - India
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- VISA Power Limited - India
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- Indian Oil Corporation Limited
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- Semirara Mining and Power Corporation, Philippines
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- Kalimantan Lumbung Energi - Indonesia
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- Sindya Power Generating Company Private Ltd
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- Interocean Group of Companies - India
- SMC Global Power, Philippines
- Neyveli Lignite Corporation Ltd, - India
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- Australian Commodity Traders Exchange
- ICICI Bank Limited - India
- Xindia Steels Limited - India
- Ministry of Transport, Egypt
- Directorate Of Revenue Intelligence - India
- South Luzon Thermal Energy Corporation
- Jindal Steel & Power Ltd - India
- Pendopo Energi Batubara - Indonesia
- Price Waterhouse Coopers - Russia
- Jaiprakash Power Ventures ltd
- European Bulk Services B.V. - Netherlands
- Indogreen Group - Indonesia
- Economic Council, Georgia
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- PetroVietnam Power Coal Import and Supply Company
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- Offshore Bulk Terminal Pte Ltd, Singapore
- Sarangani Energy Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Merrill Lynch Commodities Europe
- Toyota Tsusho Corporation, Japan
- The University of Queensland
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- Planning Commission, India
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- Mjunction Services Limited - India
- Coalindo Energy - Indonesia
- New Zealand Coal & Carbon
- Orica Australia Pty. Ltd.
- Eastern Coal Council - USA
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- Georgia Ports Authority, United States
- Central Electricity Authority - India
- Aditya Birla Group - India
- Kepco SPC Power Corporation, Philippines
- Minerals Council of Australia
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- Bhatia International Limited - India
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- Indian Energy Exchange, India
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- Essar Steel Hazira Ltd - India
- Metalloyd Limited - United Kingdom
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- Intertek Mineral Services - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Energy Development Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- GN Power Mariveles Coal Plant, Philippines
- Attock Cement Pakistan Limited
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- Bahari Cakrawala Sebuku - Indonesia
- Kumho Petrochemical, South Korea
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- Bukit Asam (Persero) Tbk - Indonesia
- Mintek Dendrill Indonesia
- Sojitz Corporation - Japan
- Ind-Barath Power Infra Limited - India
- OPG Power Generation Pvt Ltd - India
- Commonwealth Bank - Australia
- Ministry of Mines - Canada
- Port Waratah Coal Services - Australia
- Singapore Mercantile Exchange
- Eastern Energy - Thailand
- PTC India Limited - India
- Jorong Barutama Greston.PT - Indonesia
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- Globalindo Alam Lestari - Indonesia
- Deloitte Consulting - India
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- Power Finance Corporation Ltd., India
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- Indo Tambangraya Megah - Indonesia
- Renaissance Capital - South Africa
- The Treasury - Australian Government
- PowerSource Philippines DevCo
- The State Trading Corporation of India Ltd
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- Chamber of Mines of South Africa
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- Madhucon Powers Ltd - India
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- Straits Asia Resources Limited - Singapore
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- GMR Energy Limited - India
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