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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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Sunday, 04 October 09
GOVT THREATENS TO CANCEL COAL BLOCK ALLOTTED TO BINANI CEMENT
Economic Times reported that, The government has threatened to cancel a coal block allocated for captive use to Binani Cement saying the company see ...
Saturday, 03 October 09
SHORT PERIOD RATES FOR SUPRAMAX WAS AROUND US$ 17,000 PER DAY FOR VESSELS OPENING FAR EAST / SE ASIA - VISTAAR
COALspot.com (Singapore): The BDI firmed up this week by almost 8 pct to 2,357 points , the main reason being jump in Cape size index by almost 22 p ...
Friday, 02 October 09
C&O SEES INDONESIA COAL PURCHASES UP 20 PCT IN 2010
Reuters reported that, Dubai-based coal trader Coal & Oil (C&0) expects its coal purchases from Indonesia to increase by at least 20 percent ...
Thursday, 01 October 09
MJUNCTION LAUNCHES INDIA'S FIRST COAL SPOT PRICE INDEX
• Named 'MJcomposite, MJsteel, MJcement, MJpower' the value weighted index will benefit Indian coal buyers by minimising risk against pr ...
Wednesday, 30 September 09
INDIA CEMENTS SET TO PRODUCE POWER; EYES COAL MINE IN INDONESIA
Financial Express reported that, Tamil Nadu-based India Cements Ltd (ICL) has firmed up plans to produce power to meet its current and future requir ...
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- Bukit Makmur.PT - Indonesia
- Sree Jayajothi Cements Limited - India
- Gujarat Electricity Regulatory Commission - India
- Renaissance Capital - South Africa
- Port Waratah Coal Services - Australia
- Central Java Power - Indonesia
- Makarim & Taira - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- European Bulk Services B.V. - Netherlands
- Cement Manufacturers Association - India
- MS Steel International - UAE
- Kepco SPC Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Iligan Light & Power Inc, Philippines
- Latin American Coal - Colombia
- PowerSource Philippines DevCo
- Energy Link Ltd, New Zealand
- Sarangani Energy Corporation, Philippines
- Australian Commodity Traders Exchange
- SMC Global Power, Philippines
- Energy Development Corp, Philippines
- Siam City Cement - Thailand
- Semirara Mining Corp, Philippines
- Sical Logistics Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Tata Chemicals Ltd - India
- Chettinad Cement Corporation Ltd - India
- International Coal Ventures Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- San Jose City I Power Corp, Philippines
- Dalmia Cement Bharat India
- Grasim Industreis Ltd - India
- The Treasury - Australian Government
- Romanian Commodities Exchange
- Kohat Cement Company Ltd. - Pakistan
- Bayan Resources Tbk. - Indonesia
- Mercuria Energy - Indonesia
- Merrill Lynch Commodities Europe
- Medco Energi Mining Internasional
- Interocean Group of Companies - India
- Indonesian Coal Mining Association
- GVK Power & Infra Limited - India
- Thai Mozambique Logistica
- Power Finance Corporation Ltd., India
- Commonwealth Bank - Australia
- Essar Steel Hazira Ltd - India
- Africa Commodities Group - South Africa
- Aditya Birla Group - India
- Meralco Power Generation, Philippines
- Ambuja Cements Ltd - India
- Simpson Spence & Young - Indonesia
- Malabar Cements Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Banpu Public Company Limited - Thailand
- Star Paper Mills Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Global Coal Blending Company Limited - Australia
- The University of Queensland
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Savvy Resources Ltd - HongKong
- Xindia Steels Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- AsiaOL BioFuels Corp., Philippines
- Karbindo Abesyapradhi - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Indian Oil Corporation Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Meenaskhi Energy Private Limited - India
- Pendopo Energi Batubara - Indonesia
- Bukit Baiduri Energy - Indonesia
- Rio Tinto Coal - Australia
- Timah Investasi Mineral - Indoneisa
- London Commodity Brokers - England
- Kaltim Prima Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Maheswari Brothers Coal Limited - India
- Straits Asia Resources Limited - Singapore
- Miang Besar Coal Terminal - Indonesia
- Formosa Plastics Group - Taiwan
- Salva Resources Pvt Ltd - India
- Parliament of New Zealand
- PTC India Limited - India
- Indogreen Group - Indonesia
- Uttam Galva Steels Limited - India
- Wilmar Investment Holdings
- Madhucon Powers Ltd - India
- Bhushan Steel Limited - India
- Agrawal Coal Company - India
- IEA Clean Coal Centre - UK
- LBH Netherlands Bv - Netherlands
- Bangladesh Power Developement Board
- SN Aboitiz Power Inc, Philippines
- Australian Coal Association
- Bhoruka Overseas - Indonesia
- Economic Council, Georgia
- OPG Power Generation Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Sidhee Cement - India
- Minerals Council of Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Georgia Ports Authority, United States
- Riau Bara Harum - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Price Waterhouse Coopers - Russia
- Lanco Infratech Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Borneo Indobara - Indonesia
- Oldendorff Carriers - Singapore
- Kumho Petrochemical, South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Kartika Selabumi Mining - Indonesia
- South Luzon Thermal Energy Corporation
- VISA Power Limited - India
- Eastern Coal Council - USA
- Mercator Lines Limited - India
- McConnell Dowell - Australia
- The State Trading Corporation of India Ltd
- Jorong Barutama Greston.PT - Indonesia
- Orica Australia Pty. Ltd.
- Vizag Seaport Private Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhatia International Limited - India
- Sinarmas Energy and Mining - Indonesia
- Mjunction Services Limited - India
- Deloitte Consulting - India
- TeaM Sual Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Baramulti Group, Indonesia
- Sindya Power Generating Company Private Ltd
- Jindal Steel & Power Ltd - India
- Globalindo Alam Lestari - Indonesia
- Orica Mining Services - Indonesia
- Planning Commission, India
- Karaikal Port Pvt Ltd - India
- Goldman Sachs - Singapore
- Singapore Mercantile Exchange
- New Zealand Coal & Carbon
- Heidelberg Cement - Germany
- White Energy Company Limited
- Posco Energy - South Korea
- Cigading International Bulk Terminal - Indonesia
- Aboitiz Power Corporation - Philippines
- Edison Trading Spa - Italy
- Electricity Authority, New Zealand
- Intertek Mineral Services - Indonesia
- Petron Corporation, Philippines
- Indika Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Mintek Dendrill Indonesia
- Videocon Industries ltd - India
- GAC Shipping (India) Pvt Ltd
- Electricity Generating Authority of Thailand
- SMG Consultants - Indonesia
- Antam Resourcindo - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coalindo Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Therma Luzon, Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Binh Thuan Hamico - Vietnam
- GMR Energy Limited - India
- Parry Sugars Refinery, India
- Anglo American - United Kingdom
- Barasentosa Lestari - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bulk Trading Sa - Switzerland
- Attock Cement Pakistan Limited
- CNBM International Corporation - China
- Bharathi Cement Corporation - India
- CIMB Investment Bank - Malaysia
- Independent Power Producers Association of India
- Semirara Mining and Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Sojitz Corporation - Japan
- Coal and Oil Company - UAE
- Directorate General of MIneral and Coal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Finance - Indonesia
- Global Green Power PLC Corporation, Philippines
- Ministry of Transport, Egypt
- Central Electricity Authority - India
- Marubeni Corporation - India
- Altura Mining Limited, Indonesia
- Jaiprakash Power Ventures ltd
- Eastern Energy - Thailand
- Samtan Co., Ltd - South Korea
- Ministry of Mines - Canada
- Wood Mackenzie - Singapore
- Indian Energy Exchange, India
- Manunggal Multi Energi - Indonesia
- Sakthi Sugars Limited - India
- GN Power Mariveles Coal Plant, Philippines
- PNOC Exploration Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Leighton Contractors Pty Ltd - Australia
- Alfred C Toepfer International GmbH - Germany
- Trasteel International SA, Italy
- ICICI Bank Limited - India
- India Bulls Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Metalloyd Limited - United Kingdom
- Indo Tambangraya Megah - Indonesia
- Kideco Jaya Agung - Indonesia
- Standard Chartered Bank - UAE
- Asmin Koalindo Tuhup - Indonesia
- ASAPP Information Group - India
- Ceylon Electricity Board - Sri Lanka
- Vedanta Resources Plc - India
- Tamil Nadu electricity Board
- Global Business Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- Chamber of Mines of South Africa
- Carbofer General Trading SA - India
- Larsen & Toubro Limited - India
- Billiton Holdings Pty Ltd - Australia
- Thiess Contractors Indonesia
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