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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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Wednesday, 07 October 09
COAL INDIA, SHIPPING CORP MAY FORM VENTURE TO IMPORT COAL
The venture may be on the lines of the firm that CIL plans with SAIL for coal imports in which both to hold 25%
Live Mint reported that, State-ru ...
Tuesday, 06 October 09
ASIA COAL-PRICE REBOUND TOWARDS $71 ON TENDER ACTIVITY
Reuters reported that, Prices of power-station coal in Australia, a benchmark for Asia, rose 4 percent in the latest week to near $71 a tonne, bolst ...
Tuesday, 06 October 09
BHARATHI CEMENT TO ADD 2.5 MT CAPACITY BY 2010
Business-Standard reported that, Bharathi Cement Corporation (BCC) commenced its commercial operations from its Nallalingayapalli manufacturing plan ...
Tuesday, 06 October 09
MOZAMBIQUE TO BUILD COAL RAILWAY
BBC reported that, Mozambique's government has announced that it has secured $500m (£313m) to build a new railway line. The transport ministe ...
Tuesday, 06 October 09
COAL INDIA AIMS TO BUY MINE ABROAD BY MARCH
*Coal India to issue its first coal import tender by Nov
*ArcelorMittal, 9 others in race to develop abandoned mines
*52 firms keen to partner coa ...
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- Australian Coal Association
- Tata Chemicals Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Ministry of Finance - Indonesia
- GMR Energy Limited - India
- Commonwealth Bank - Australia
- Antam Resourcindo - Indonesia
- Bulk Trading Sa - Switzerland
- Edison Trading Spa - Italy
- Bukit Baiduri Energy - Indonesia
- Carbofer General Trading SA - India
- Makarim & Taira - Indonesia
- White Energy Company Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Formosa Plastics Group - Taiwan
- SMG Consultants - Indonesia
- McConnell Dowell - Australia
- Ceylon Electricity Board - Sri Lanka
- GAC Shipping (India) Pvt Ltd
- Baramulti Group, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Medco Energi Mining Internasional
- Asmin Koalindo Tuhup - Indonesia
- Essar Steel Hazira Ltd - India
- Tamil Nadu electricity Board
- Attock Cement Pakistan Limited
- Economic Council, Georgia
- Trasteel International SA, Italy
- South Luzon Thermal Energy Corporation
- PTC India Limited - India
- Pendopo Energi Batubara - Indonesia
- Sarangani Energy Corporation, Philippines
- SMC Global Power, Philippines
- Aditya Birla Group - India
- Neyveli Lignite Corporation Ltd, - India
- Orica Australia Pty. Ltd.
- Global Coal Blending Company Limited - Australia
- Krishnapatnam Port Company Ltd. - India
- Electricity Authority, New Zealand
- Gujarat Mineral Development Corp Ltd - India
- London Commodity Brokers - England
- ICICI Bank Limited - India
- Indonesian Coal Mining Association
- Wilmar Investment Holdings
- Price Waterhouse Coopers - Russia
- Vedanta Resources Plc - India
- Mercuria Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Kideco Jaya Agung - Indonesia
- Grasim Industreis Ltd - India
- Gujarat Sidhee Cement - India
- GVK Power & Infra Limited - India
- Leighton Contractors Pty Ltd - Australia
- Australian Commodity Traders Exchange
- Manunggal Multi Energi - Indonesia
- Kobexindo Tractors - Indoneisa
- Sree Jayajothi Cements Limited - India
- AsiaOL BioFuels Corp., Philippines
- Malabar Cements Ltd - India
- Eastern Coal Council - USA
- Wood Mackenzie - Singapore
- Cement Manufacturers Association - India
- Sakthi Sugars Limited - India
- Jindal Steel & Power Ltd - India
- Goldman Sachs - Singapore
- San Jose City I Power Corp, Philippines
- Riau Bara Harum - Indonesia
- Global Business Power Corporation, Philippines
- Thiess Contractors Indonesia
- Maheswari Brothers Coal Limited - India
- Marubeni Corporation - India
- Borneo Indobara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- Energy Development Corp, Philippines
- Barasentosa Lestari - Indonesia
- Bhoruka Overseas - Indonesia
- Deloitte Consulting - India
- Globalindo Alam Lestari - Indonesia
- PowerSource Philippines DevCo
- Dalmia Cement Bharat India
- Banpu Public Company Limited - Thailand
- Sinarmas Energy and Mining - Indonesia
- Ministry of Transport, Egypt
- Siam City Cement PLC, Thailand
- Ind-Barath Power Infra Limited - India
- Holcim Trading Pte Ltd - Singapore
- IHS Mccloskey Coal Group - USA
- VISA Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Central Java Power - Indonesia
- Africa Commodities Group - South Africa
- CIMB Investment Bank - Malaysia
- Oldendorff Carriers - Singapore
- Global Green Power PLC Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Directorate General of MIneral and Coal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Altura Mining Limited, Indonesia
- IEA Clean Coal Centre - UK
- Kepco SPC Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- OPG Power Generation Pvt Ltd - India
- Interocean Group of Companies - India
- Mercator Lines Limited - India
- Parliament of New Zealand
- Savvy Resources Ltd - HongKong
- PNOC Exploration Corporation - Philippines
- Heidelberg Cement - Germany
- Standard Chartered Bank - UAE
- Indian Oil Corporation Limited
- Karaikal Port Pvt Ltd - India
- New Zealand Coal & Carbon
- Bank of Tokyo Mitsubishi UFJ Ltd
- Larsen & Toubro Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Timah Investasi Mineral - Indoneisa
- Aboitiz Power Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Metalloyd Limited - United Kingdom
- PetroVietnam Power Coal Import and Supply Company
- Salva Resources Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Meralco Power Generation, Philippines
- Toyota Tsusho Corporation, Japan
- Bhatia International Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Thai Mozambique Logistica
- Lanco Infratech Ltd - India
- Romanian Commodities Exchange
- Agrawal Coal Company - India
- ASAPP Information Group - India
- Indogreen Group - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Mintek Dendrill Indonesia
- Semirara Mining and Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- The State Trading Corporation of India Ltd
- Ministry of Mines - Canada
- Billiton Holdings Pty Ltd - Australia
- Planning Commission, India
- Singapore Mercantile Exchange
- CNBM International Corporation - China
- Bangladesh Power Developement Board
- Iligan Light & Power Inc, Philippines
- Directorate Of Revenue Intelligence - India
- India Bulls Power Limited - India
- Therma Luzon, Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Central Electricity Authority - India
- Intertek Mineral Services - Indonesia
- Star Paper Mills Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Eastern Energy - Thailand
- Semirara Mining Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Indo Tambangraya Megah - Indonesia
- Rio Tinto Coal - Australia
- Independent Power Producers Association of India
- Parry Sugars Refinery, India
- Simpson Spence & Young - Indonesia
- Indika Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Latin American Coal - Colombia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Binh Thuan Hamico - Vietnam
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Makmur.PT - Indonesia
- Mjunction Services Limited - India
- Miang Besar Coal Terminal - Indonesia
- Samtan Co., Ltd - South Korea
- Sindya Power Generating Company Private Ltd
- Kohat Cement Company Ltd. - Pakistan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ambuja Cements Ltd - India
- Power Finance Corporation Ltd., India
- Bharathi Cement Corporation - India
- Bhushan Steel Limited - India
- Kapuas Tunggal Persada - Indonesia
- Coal and Oil Company - UAE
- Orica Mining Services - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Renaissance Capital - South Africa
- Coastal Gujarat Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Chamber of Mines of South Africa
- Madhucon Powers Ltd - India
- Meenaskhi Energy Private Limited - India
- Georgia Ports Authority, United States
- Sojitz Corporation - Japan
- Port Waratah Coal Services - Australia
- Petron Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sical Logistics Limited - India
- Indian Energy Exchange, India
- Cigading International Bulk Terminal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Posco Energy - South Korea
- Vizag Seaport Private Limited - India
- Energy Link Ltd, New Zealand
- Kumho Petrochemical, South Korea
- Anglo American - United Kingdom
- Electricity Generating Authority of Thailand
- Xindia Steels Limited - India
- European Bulk Services B.V. - Netherlands
- LBH Netherlands Bv - Netherlands
- Minerals Council of Australia
- The University of Queensland
- MS Steel International - UAE
- Coalindo Energy - Indonesia
- Siam City Cement - Thailand
- Videocon Industries ltd - India
- The Treasury - Australian Government
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