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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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Friday, 09 October 09
INDIKA IN TALKS TO SELL 4M TONS OF COAL, EYEING BP ASSETS
The Jakarta Post reported that, Energy company PT Indika Energy is in talks with Indian buyers to sell 4 million tons of coal next year, one of its ...
Friday, 09 October 09
BULK-SHIPPING LINES MUST CANCEL 50% OF NEW ORDERS, PLATOU SAYS
Bloomberg reported that, Bulk-shipping lines need to cancel half of the new vessels they have on order to ease a capacity glut and revive freight ra ...
Friday, 09 October 09
THE BALTIC DRY INDEX WOKE UP: DRY BULK MARKET ON THE RISE
Hellenic Shipping News reported that, In what could prove the beginning of a new and sustainable rally for the dry bulk market, the BDI (Baltic Dry ...
Friday, 09 October 09
STRAITS ASIA INDONESIAN MINE COAL LOADER COLLAPSES
* New coal loading facility collapsed due to heavy rain
* Older coal loading facility seem unaffected so far
* UBS may cut valuation if disruption ...
Thursday, 08 October 09
COAL INDIA SAYS IMPORTS COULD JUMP 10 TIMES IN 3 YRS
Reuters reported that, Coal imports by state explorer Coal India Ltd could jump 10 times to 40-45 million tonnes in three years to meet a sharp rise ...
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- Merrill Lynch Commodities Europe
- Mjunction Services Limited - India
- Australian Coal Association
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Bangladesh Power Developement Board
- Coal and Oil Company - UAE
- Ceylon Electricity Board - Sri Lanka
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- South Luzon Thermal Energy Corporation
- Miang Besar Coal Terminal - Indonesia
- Iligan Light & Power Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- CIMB Investment Bank - Malaysia
- Africa Commodities Group - South Africa
- Anglo American - United Kingdom
- Maheswari Brothers Coal Limited - India
- Grasim Industreis Ltd - India
- Ind-Barath Power Infra Limited - India
- Mercator Lines Limited - India
- Riau Bara Harum - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Central Electricity Authority - India
- Krishnapatnam Port Company Ltd. - India
- Kumho Petrochemical, South Korea
- Planning Commission, India
- PTC India Limited - India
- Attock Cement Pakistan Limited
- McConnell Dowell - Australia
- Bhushan Steel Limited - India
- Antam Resourcindo - Indonesia
- GAC Shipping (India) Pvt Ltd
- Neyveli Lignite Corporation Ltd, - India
- Petron Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Vedanta Resources Plc - India
- Oldendorff Carriers - Singapore
- Sical Logistics Limited - India
- Cement Manufacturers Association - India
- Manunggal Multi Energi - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- The Treasury - Australian Government
- Indian Oil Corporation Limited
- Ambuja Cements Ltd - India
- Renaissance Capital - South Africa
- Kalimantan Lumbung Energi - Indonesia
- Independent Power Producers Association of India
- Romanian Commodities Exchange
- Trasteel International SA, Italy
- Madhucon Powers Ltd - India
- Heidelberg Cement - Germany
- Interocean Group of Companies - India
- Karbindo Abesyapradhi - Indoneisa
- Videocon Industries ltd - India
- Star Paper Mills Limited - India
- Metalloyd Limited - United Kingdom
- Australian Commodity Traders Exchange
- India Bulls Power Limited - India
- Energy Development Corp, Philippines
- Therma Luzon, Inc, Philippines
- Orica Mining Services - Indonesia
- Aboitiz Power Corporation - Philippines
- Carbofer General Trading SA - India
- Parliament of New Zealand
- Indogreen Group - Indonesia
- Singapore Mercantile Exchange
- Thai Mozambique Logistica
- LBH Netherlands Bv - Netherlands
- TNB Fuel Sdn Bhd - Malaysia
- Georgia Ports Authority, United States
- Intertek Mineral Services - Indonesia
- New Zealand Coal & Carbon
- Dalmia Cement Bharat India
- Globalindo Alam Lestari - Indonesia
- OPG Power Generation Pvt Ltd - India
- Orica Australia Pty. Ltd.
- ASAPP Information Group - India
- Sakthi Sugars Limited - India
- Edison Trading Spa - Italy
- IHS Mccloskey Coal Group - USA
- Samtan Co., Ltd - South Korea
- Energy Link Ltd, New Zealand
- Bharathi Cement Corporation - India
- Altura Mining Limited, Indonesia
- Bayan Resources Tbk. - Indonesia
- Bhatia International Limited - India
- Kaltim Prima Coal - Indonesia
- GVK Power & Infra Limited - India
- Kepco SPC Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Global Coal Blending Company Limited - Australia
- Semirara Mining and Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Siam City Cement - Thailand
- Asmin Koalindo Tuhup - Indonesia
- Deloitte Consulting - India
- Simpson Spence & Young - Indonesia
- MS Steel International - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Rashtriya Ispat Nigam Limited - India
- Kartika Selabumi Mining - Indonesia
- Aditya Birla Group - India
- Pipit Mutiara Jaya. PT, Indonesia
- Sarangani Energy Corporation, Philippines
- Wilmar Investment Holdings
- Leighton Contractors Pty Ltd - Australia
- Sinarmas Energy and Mining - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sree Jayajothi Cements Limited - India
- European Bulk Services B.V. - Netherlands
- IEA Clean Coal Centre - UK
- Wood Mackenzie - Singapore
- London Commodity Brokers - England
- PetroVietnam Power Coal Import and Supply Company
- Siam City Cement PLC, Thailand
- Binh Thuan Hamico - Vietnam
- SN Aboitiz Power Inc, Philippines
- Ministry of Transport, Egypt
- Malabar Cements Ltd - India
- Indian Energy Exchange, India
- CNBM International Corporation - China
- Indonesian Coal Mining Association
- Alfred C Toepfer International GmbH - Germany
- Toyota Tsusho Corporation, Japan
- Thiess Contractors Indonesia
- Ministry of Mines - Canada
- Eastern Coal Council - USA
- Chamber of Mines of South Africa
- Timah Investasi Mineral - Indoneisa
- Power Finance Corporation Ltd., India
- Tamil Nadu electricity Board
- Eastern Energy - Thailand
- Gujarat Electricity Regulatory Commission - India
- Billiton Holdings Pty Ltd - Australia
- Central Java Power - Indonesia
- Indo Tambangraya Megah - Indonesia
- White Energy Company Limited
- Mercuria Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Jaiprakash Power Ventures ltd
- Directorate Of Revenue Intelligence - India
- Formosa Plastics Group - Taiwan
- Kobexindo Tractors - Indoneisa
- Meralco Power Generation, Philippines
- Posco Energy - South Korea
- Holcim Trading Pte Ltd - Singapore
- Commonwealth Bank - Australia
- Indika Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Larsen & Toubro Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Chettinad Cement Corporation Ltd - India
- VISA Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Lanco Infratech Ltd - India
- Standard Chartered Bank - UAE
- Price Waterhouse Coopers - Russia
- TeaM Sual Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kideco Jaya Agung - Indonesia
- The State Trading Corporation of India Ltd
- Economic Council, Georgia
- Coastal Gujarat Power Limited - India
- Borneo Indobara - Indonesia
- Bukit Baiduri Energy - Indonesia
- PowerSource Philippines DevCo
- The University of Queensland
- Gujarat Mineral Development Corp Ltd - India
- Minerals Council of Australia
- GMR Energy Limited - India
- Coalindo Energy - Indonesia
- Rio Tinto Coal - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Barasentosa Lestari - Indonesia
- International Coal Ventures Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Uttam Galva Steels Limited - India
- Parry Sugars Refinery, India
- SMG Consultants - Indonesia
- Goldman Sachs - Singapore
- Sojitz Corporation - Japan
- Electricity Authority, New Zealand
- Bhoruka Overseas - Indonesia
- Agrawal Coal Company - India
- Salva Resources Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Marubeni Corporation - India
- Karaikal Port Pvt Ltd - India
- Baramulti Group, Indonesia
- Port Waratah Coal Services - Australia
- Essar Steel Hazira Ltd - India
- ICICI Bank Limited - India
- SMC Global Power, Philippines
- Straits Asia Resources Limited - Singapore
- PNOC Exploration Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Banpu Public Company Limited - Thailand
- Medco Energi Mining Internasional
- Savvy Resources Ltd - HongKong
- Vizag Seaport Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Xindia Steels Limited - India
- Makarim & Taira - Indonesia
- San Jose City I Power Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Mintek Dendrill Indonesia
- Global Business Power Corporation, Philippines
- Latin American Coal - Colombia
- Electricity Generating Authority of Thailand
- Tata Chemicals Ltd - India
- Semirara Mining Corp, Philippines
- Ministry of Finance - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
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