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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, 30 September 09
COKING COAL PRICES MAY TOUCH $200/TN IN 2010-11
Business Standard reported that, Driven by surge in imports of coking coal by China, growth in Japanese steel output and signs of recovery in the In ...
Wednesday, 30 September 09
PURNOMO BIDS 'GOODBYE' TO ENERGY MINISTRY
The Jakarta globe reported that, In what could be construed as a resignation speech from a government official — but perhaps wasn’t &mda ...
Tuesday, 29 September 09
MINING AND ENERGY DAY 2009
The Minister of Energy and Mineral Resources, Purnomo Yusgiantoro led the ceremony marking 2009 Mining and Energy Day celebrations, held at the Depa ...
Tuesday, 29 September 09
BUKIT ASAM REDUCES ITS SALES TARGET
Tempo Interactive reported that, PT Tambang Batubara Bukit Asam Tbk has decided to reduce its sales target this year from 14.5 million tons of coal ...
Monday, 28 September 09
INDONESIA UNLIKELY TO PASS NEW MINING RULES IN 2009
Reuters reported that, Indonesia is unlikely to complete final regulations attached to a new mining and coal law this year, an official said on Mond ...
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- Pipit Mutiara Jaya. PT, Indonesia
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- Ministry of Transport, Egypt
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- Wilmar Investment Holdings
- Australian Commodity Traders Exchange
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- Jindal Steel & Power Ltd - India
- GVK Power & Infra Limited - India
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- Petrochimia International Co. Ltd.- Taiwan
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- Gujarat Sidhee Cement - India
- Electricity Authority, New Zealand
- Metalloyd Limited - United Kingdom
- Posco Energy - South Korea
- Holcim Trading Pte Ltd - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Globalindo Alam Lestari - Indonesia
- Petron Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Sojitz Corporation - Japan
- Ambuja Cements Ltd - India
- Electricity Generating Authority of Thailand
- Orica Mining Services - Indonesia
- Energy Link Ltd, New Zealand
- SMC Global Power, Philippines
- Formosa Plastics Group - Taiwan
- GAC Shipping (India) Pvt Ltd
- Africa Commodities Group - South Africa
- Aboitiz Power Corporation - Philippines
- Malabar Cements Ltd - India
- The Treasury - Australian Government
- Maharashtra Electricity Regulatory Commission - India
- Baramulti Group, Indonesia
- The State Trading Corporation of India Ltd
- Goldman Sachs - Singapore
- Ceylon Electricity Board - Sri Lanka
- Tata Chemicals Ltd - India
- Merrill Lynch Commodities Europe
- Eastern Energy - Thailand
- McConnell Dowell - Australia
- Indonesian Coal Mining Association
- Mintek Dendrill Indonesia
- Wood Mackenzie - Singapore
- Tamil Nadu electricity Board
- IHS Mccloskey Coal Group - USA
- San Jose City I Power Corp, Philippines
- Xindia Steels Limited - India
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- Asia Pacific Energy Resources Ventures Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Attock Cement Pakistan Limited
- Anglo American - United Kingdom
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- IEA Clean Coal Centre - UK
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- Australian Coal Association
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- Heidelberg Cement - Germany
- Romanian Commodities Exchange
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- European Bulk Services B.V. - Netherlands
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- Power Finance Corporation Ltd., India
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- Billiton Holdings Pty Ltd - Australia
- GN Power Mariveles Coal Plant, Philippines
- White Energy Company Limited
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- Siam City Cement PLC, Thailand
- Kepco SPC Power Corporation, Philippines
- ASAPP Information Group - India
- Commonwealth Bank - Australia
- Essar Steel Hazira Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PTC India Limited - India
- Planning Commission, India
- Bulk Trading Sa - Switzerland
- Mercuria Energy - Indonesia
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- London Commodity Brokers - England
- Directorate Of Revenue Intelligence - India
- Meralco Power Generation, Philippines
- South Luzon Thermal Energy Corporation
- Savvy Resources Ltd - HongKong
- Kartika Selabumi Mining - Indonesia
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- Bahari Cakrawala Sebuku - Indonesia
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- Salva Resources Pvt Ltd - India
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- Directorate General of MIneral and Coal - Indonesia
- Chamber of Mines of South Africa
- Economic Council, Georgia
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- Asmin Koalindo Tuhup - Indonesia
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- Videocon Industries ltd - India
- Oldendorff Carriers - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Bhoruka Overseas - Indonesia
- The University of Queensland
- Bukit Baiduri Energy - Indonesia
- Carbofer General Trading SA - India
- Timah Investasi Mineral - Indoneisa
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- Indian Oil Corporation Limited
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- Rio Tinto Coal - Australia
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- Sical Logistics Limited - India
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