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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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Monday, 28 September 09
TATA POWER SCOUTS FOR COAL BLOCKS ABROAD
Business Standard reported that, private power producer Tata Power is scouting for coal mines abroad, including Australia and Mozambique, to meet de ...
Saturday, 26 September 09
THE INDIA / FAR EAST SEEMS WILL BE FIRM NEXT WEEK - VISTAAR
COALspot.com (Singapore): The dry bulk market was soft this week and the BDI dropped by almost 7 pct to 2,183 points. The cape size index dropped by ...
Saturday, 26 September 09
GSECL PLANS TO PROCURE 15 LAKH (1.5 MILLION) MT OF IMPORTED COAL
Business Standard reported that, State-run power generation company, Gujarat State Electricity Corporation Ltd (GSECL) intends to procure 15 lakh (1 ...
Saturday, 26 September 09
SAIL TO SET UP TWO SLAG-BASED CEMENT MANUFACTURING UNITS
Rediff Business reported that, Government-owned Steel Authority of India Ltd, the country's largest steel producer, is looking to set up two greenf ...
Friday, 25 September 09
INDONESIA STOCK EXCHANGE EXAMINES BUMI DEAL WITH CHINESE SOVEREIGN WEALTH FUND
The Jakarta globe reported that, The Indonesia Stock Exchange is looking into the $1.9 billion financing deal between PT Bumi Resources, the country ...
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- Chamber of Mines of South Africa
- Price Waterhouse Coopers - Russia
- The Treasury - Australian Government
- Deloitte Consulting - India
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- Borneo Indobara - Indonesia
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- Gujarat Sidhee Cement - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Neyveli Lignite Corporation Ltd, - India
- Planning Commission, India
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- Altura Mining Limited, Indonesia
- San Jose City I Power Corp, Philippines
- The State Trading Corporation of India Ltd
- Vedanta Resources Plc - India
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- Trasteel International SA, Italy
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- London Commodity Brokers - England
- Sical Logistics Limited - India
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- Georgia Ports Authority, United States
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- Videocon Industries ltd - India
- Siam City Cement - Thailand
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- Ministry of Mines - Canada
- Straits Asia Resources Limited - Singapore
- IHS Mccloskey Coal Group - USA
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- Edison Trading Spa - Italy
- GMR Energy Limited - India
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- Bayan Resources Tbk. - Indonesia
- Cement Manufacturers Association - India
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- Parliament of New Zealand
- Alfred C Toepfer International GmbH - Germany
- Salva Resources Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Port Waratah Coal Services - Australia
- Bukit Makmur.PT - Indonesia
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- Banpu Public Company Limited - Thailand
- Bhoruka Overseas - Indonesia
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- PowerSource Philippines DevCo
- Indika Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Energy Link Ltd, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coal and Oil Company - UAE
- TeaM Sual Corporation - Philippines
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- Wilmar Investment Holdings
- Star Paper Mills Limited - India
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- Directorate Of Revenue Intelligence - India
- CNBM International Corporation - China
- Pipit Mutiara Jaya. PT, Indonesia
- India Bulls Power Limited - India
- Meralco Power Generation, Philippines
- Maheswari Brothers Coal Limited - India
- Sindya Power Generating Company Private Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Wood Mackenzie - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Interocean Group of Companies - India
- Billiton Holdings Pty Ltd - Australia
- Africa Commodities Group - South Africa
- Baramulti Group, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coalindo Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Commonwealth Bank - Australia
- Oldendorff Carriers - Singapore
- Semirara Mining and Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Latin American Coal - Colombia
- Ind-Barath Power Infra Limited - India
- Medco Energi Mining Internasional
- Kapuas Tunggal Persada - Indonesia
- Grasim Industreis Ltd - India
- PNOC Exploration Corporation - Philippines
- Power Finance Corporation Ltd., India
- Toyota Tsusho Corporation, Japan
- Rio Tinto Coal - Australia
- PTC India Limited - India
- LBH Netherlands Bv - Netherlands
- Ministry of Transport, Egypt
- Eastern Energy - Thailand
- Central Java Power - Indonesia
- Posco Energy - South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indian Oil Corporation Limited
- Ministry of Finance - Indonesia
- Formosa Plastics Group - Taiwan
- Vijayanagar Sugar Pvt Ltd - India
- Anglo American - United Kingdom
- Energy Development Corp, Philippines
- Larsen & Toubro Limited - India
- Mercuria Energy - Indonesia
- Singapore Mercantile Exchange
- Mjunction Services Limited - India
- Kideco Jaya Agung - Indonesia
- Tamil Nadu electricity Board
- International Coal Ventures Pvt Ltd - India
- VISA Power Limited - India
- Indonesian Coal Mining Association
- Renaissance Capital - South Africa
- Rashtriya Ispat Nigam Limited - India
- Ceylon Electricity Board - Sri Lanka
- Australian Commodity Traders Exchange
- Petron Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Mintek Dendrill Indonesia
- Orica Australia Pty. Ltd.
- Meenaskhi Energy Private Limited - India
- Kepco SPC Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Carbofer General Trading SA - India
- Bahari Cakrawala Sebuku - Indonesia
- Essar Steel Hazira Ltd - India
- Economic Council, Georgia
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- Chettinad Cement Corporation Ltd - India
- SMC Global Power, Philippines
- Thiess Contractors Indonesia
- Xindia Steels Limited - India
- Barasentosa Lestari - Indonesia
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- Jindal Steel & Power Ltd - India
- Semirara Mining Corp, Philippines
- Goldman Sachs - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Orica Mining Services - Indonesia
- Kumho Petrochemical, South Korea
- Global Coal Blending Company Limited - Australia
- Krishnapatnam Port Company Ltd. - India
- Attock Cement Pakistan Limited
- ICICI Bank Limited - India
- Timah Investasi Mineral - Indoneisa
- Thai Mozambique Logistica
- Leighton Contractors Pty Ltd - Australia
- Aboitiz Power Corporation - Philippines
- Parry Sugars Refinery, India
- Australian Coal Association
- Marubeni Corporation - India
- Indogreen Group - Indonesia
- The University of Queensland
- Binh Thuan Hamico - Vietnam
- Holcim Trading Pte Ltd - Singapore
- IEA Clean Coal Centre - UK
- Global Business Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- AsiaOL BioFuels Corp., Philippines
- Independent Power Producers Association of India
- Electricity Generating Authority of Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Electricity Authority, New Zealand
- Bharathi Cement Corporation - India
- Agrawal Coal Company - India
- Directorate General of MIneral and Coal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kobexindo Tractors - Indoneisa
- Intertek Mineral Services - Indonesia
- SN Aboitiz Power Inc, Philippines
- Manunggal Multi Energi - Indonesia
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- Sarangani Energy Corporation, Philippines
- GVK Power & Infra Limited - India
- Savvy Resources Ltd - HongKong
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vizag Seaport Private Limited - India
- White Energy Company Limited
- Globalindo Alam Lestari - Indonesia
- Siam City Cement PLC, Thailand
- Asmin Koalindo Tuhup - Indonesia
- European Bulk Services B.V. - Netherlands
- MS Steel International - UAE
- Romanian Commodities Exchange
- OPG Power Generation Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Heidelberg Cement - Germany
- PetroVietnam Power Coal Import and Supply Company
- ASAPP Information Group - India
- Merrill Lynch Commodities Europe
- Antam Resourcindo - Indonesia
- Indian Energy Exchange, India
- Global Green Power PLC Corporation, Philippines
- Lanco Infratech Ltd - India
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- Makarim & Taira - Indonesia
- Jaiprakash Power Ventures ltd
- Cigading International Bulk Terminal - Indonesia
- Eastern Coal Council - USA
- Madhucon Powers Ltd - India
- Minerals Council of Australia
- Ambuja Cements Ltd - India
- Gujarat Electricity Regulatory Commission - India
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