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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, 08 October 09
MINING TO ATTRACT $6B: BKPM
The Jakarta Post reported that, Indonesia’s mining sector could expect investment of up to US$6 billion in the 2010-2012 period, in part becau ...
Thursday, 08 October 09
INDIA DEMAND TO HELP DIRE COAL OUTLOOK - MACQUARIE
Reuters reported that, Macquarie Securities said on Wednesday its bearish short-term outlook on thermal coal may begin improving in a year's time o ...
Thursday, 08 October 09
ESSAR UNIT WINS INR 479 CR (US$ 103,272,401) ORISSA PROJECT
The firm will develop and operate the terminal at Paradip port; the contract will stretch up to 30 years
Live Mint reported that, Essar Shipping ...
Wednesday, 07 October 09
ESSAR, JINDAL IN TAKEOVER TUSSLE FOR AUSTRALIAN COAL MINER
Reuters reported that, Privately owned Essar Group has launched a surprise A$144.2 million ($128.1 million) bid for Australian coal minnow Rocklands ...
Wednesday, 07 October 09
ADARO SECURES $500 M LOAN
The Jakarta Post reported that, The country's second largest coal producer, PT Adaro Energy announced on Wednesday that it has secured US$500 milli ...
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- Georgia Ports Authority, United States
- CIMB Investment Bank - Malaysia
- Standard Chartered Bank - UAE
- Bhatia International Limited - India
- Lanco Infratech Ltd - India
- Sree Jayajothi Cements Limited - India
- Miang Besar Coal Terminal - Indonesia
- CNBM International Corporation - China
- Baramulti Group, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- TeaM Sual Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Leighton Contractors Pty Ltd - Australia
- TNB Fuel Sdn Bhd - Malaysia
- White Energy Company Limited
- Electricity Authority, New Zealand
- ICICI Bank Limited - India
- Mjunction Services Limited - India
- Globalindo Alam Lestari - Indonesia
- Bhoruka Overseas - Indonesia
- Siam City Cement PLC, Thailand
- IEA Clean Coal Centre - UK
- Oldendorff Carriers - Singapore
- Chettinad Cement Corporation Ltd - India
- Deloitte Consulting - India
- Asmin Koalindo Tuhup - Indonesia
- Therma Luzon, Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
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- Chamber of Mines of South Africa
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- Metalloyd Limited - United Kingdom
- Heidelberg Cement - Germany
- Vizag Seaport Private Limited - India
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- Attock Cement Pakistan Limited
- Jindal Steel & Power Ltd - India
- London Commodity Brokers - England
- Global Green Power PLC Corporation, Philippines
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- Ministry of Transport, Egypt
- Africa Commodities Group - South Africa
- Ambuja Cements Ltd - India
- Orica Mining Services - Indonesia
- Tata Chemicals Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Medco Energi Mining Internasional
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- Borneo Indobara - Indonesia
- Bangladesh Power Developement Board
- Cigading International Bulk Terminal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Salva Resources Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- PTC India Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SN Aboitiz Power Inc, Philippines
- Cement Manufacturers Association - India
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- ASAPP Information Group - India
- Uttam Galva Steels Limited - India
- New Zealand Coal & Carbon
- Kumho Petrochemical, South Korea
- Directorate Of Revenue Intelligence - India
- Straits Asia Resources Limited - Singapore
- Gujarat Sidhee Cement - India
- Banpu Public Company Limited - Thailand
- Sinarmas Energy and Mining - Indonesia
- Indogreen Group - Indonesia
- GVK Power & Infra Limited - India
- Savvy Resources Ltd - HongKong
- Antam Resourcindo - Indonesia
- Kaltim Prima Coal - Indonesia
- Parliament of New Zealand
- VISA Power Limited - India
- Simpson Spence & Young - Indonesia
- SMG Consultants - Indonesia
- Altura Mining Limited, Indonesia
- Jaiprakash Power Ventures ltd
- Sakthi Sugars Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Renaissance Capital - South Africa
- San Jose City I Power Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Posco Energy - South Korea
- Minerals Council of Australia
- Star Paper Mills Limited - India
- Coal and Oil Company - UAE
- Semirara Mining Corp, Philippines
- Energy Development Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Makarim & Taira - Indonesia
- Iligan Light & Power Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Manunggal Multi Energi - Indonesia
- Indonesian Coal Mining Association
- Bhushan Steel Limited - India
- Australian Commodity Traders Exchange
- Energy Link Ltd, New Zealand
- Billiton Holdings Pty Ltd - Australia
- Mercator Lines Limited - India
- Goldman Sachs - Singapore
- Coastal Gujarat Power Limited - India
- Xindia Steels Limited - India
- Gujarat Electricity Regulatory Commission - India
- The University of Queensland
- Sical Logistics Limited - India
- Ind-Barath Power Infra Limited - India
- Indika Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Baiduri Energy - Indonesia
- Eastern Coal Council - USA
- International Coal Ventures Pvt Ltd - India
- The Treasury - Australian Government
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mintek Dendrill Indonesia
- Planning Commission, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- European Bulk Services B.V. - Netherlands
- Price Waterhouse Coopers - Russia
- Independent Power Producers Association of India
- Krishnapatnam Port Company Ltd. - India
- Petron Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Aditya Birla Group - India
- Kapuas Tunggal Persada - Indonesia
- Semirara Mining and Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Bukit Asam (Persero) Tbk - Indonesia
- Tamil Nadu electricity Board
- India Bulls Power Limited - India
- PNOC Exploration Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Indian Oil Corporation Limited
- Electricity Generating Authority of Thailand
- Parry Sugars Refinery, India
- Eastern Energy - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Trasteel International SA, Italy
- Interocean Group of Companies - India
- IHS Mccloskey Coal Group - USA
- Rio Tinto Coal - Australia
- Merrill Lynch Commodities Europe
- Commonwealth Bank - Australia
- Alfred C Toepfer International GmbH - Germany
- Wilmar Investment Holdings
- Larsen & Toubro Limited - India
- Edison Trading Spa - Italy
- SMC Global Power, Philippines
- Wood Mackenzie - Singapore
- Holcim Trading Pte Ltd - Singapore
- Rashtriya Ispat Nigam Limited - India
- McConnell Dowell - Australia
- Ministry of Mines - Canada
- Formosa Plastics Group - Taiwan
- GMR Energy Limited - India
- Siam City Cement - Thailand
- Singapore Mercantile Exchange
- Ministry of Finance - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Vedanta Resources Plc - India
- Carbofer General Trading SA - India
- Maharashtra Electricity Regulatory Commission - India
- Anglo American - United Kingdom
- Central Electricity Authority - India
- Maheswari Brothers Coal Limited - India
- Meralco Power Generation, Philippines
- Pendopo Energi Batubara - Indonesia
- Indian Energy Exchange, India
- Kideco Jaya Agung - Indonesia
- Barasentosa Lestari - Indonesia
- Samtan Co., Ltd - South Korea
- Sojitz Corporation - Japan
- Toyota Tsusho Corporation, Japan
- Thiess Contractors Indonesia
- Marubeni Corporation - India
- Mercuria Energy - Indonesia
- Australian Coal Association
- GN Power Mariveles Coal Plant, Philippines
- Power Finance Corporation Ltd., India
- Thai Mozambique Logistica
- PowerSource Philippines DevCo
- Essar Steel Hazira Ltd - India
- Bulk Trading Sa - Switzerland
- Global Business Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Port Waratah Coal Services - Australia
- Intertek Mineral Services - Indonesia
- MS Steel International - UAE
- Grasim Industreis Ltd - India
- Central Java Power - Indonesia
- Kobexindo Tractors - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Romanian Commodities Exchange
- Malabar Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Videocon Industries ltd - India
- Sindya Power Generating Company Private Ltd
- Sarangani Energy Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Latin American Coal - Colombia
- Kartika Selabumi Mining - Indonesia
- Karaikal Port Pvt Ltd - India
- Bharathi Cement Corporation - India
- Kepco SPC Power Corporation, Philippines
- Dalmia Cement Bharat India
- Karbindo Abesyapradhi - Indoneisa
- The State Trading Corporation of India Ltd
- Meenaskhi Energy Private Limited - India
- Economic Council, Georgia
- Madhucon Powers Ltd - India
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