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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, 24 September 09
S.KOREA HYUNDAI STEEL TO BUY COAL FROM SIBERIA
Reuters reported that, South Korea's Hyundai Steel said on Wednesday it will buy a maximum of 300,000 tonnes of coal per year from Siberian Anthrac ...
Thursday, 24 September 09
NO IMPORTED COAL-BASED UMPPS: TATA POWER
Will wait until policy environment becomes more favourable.
Business Standard reported that, Tata Power Company (TPC), India’s largest priv ...
Thursday, 24 September 09
BUMI RAISES $1.9 BILLION SELLING DEBT TO CHINA'S CIC
Bloomberg reported that, PT Bumi Resources, Indonesia’s biggest coal producer, said it raised $1.9 billion selling debt to China’s sover ...
Thursday, 24 September 09
MACQUARIE DOWNGRADES U.S. COAL SECTOR TO NEUTRAL
Reuters reported that, Macquarie Research downgraded the U.S. coal sector to "neutral" from "overweight" as it believes that dem ...
Thursday, 24 September 09
CHINA WILL BE IMPORTER OF COKING COAL NEXT YEAR, MCCLOSKEY SAYS
Bloomberg reported that, China, the world’s largest coal user and producer, will remain an importer of the fuel through next year, according t ...
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- Kepco SPC Power Corporation, Philippines
- New Zealand Coal & Carbon
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- Holcim Trading Pte Ltd - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Global Green Power PLC Corporation, Philippines
- GMR Energy Limited - India
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- Karbindo Abesyapradhi - Indoneisa
- TeaM Sual Corporation - Philippines
- Price Waterhouse Coopers - Russia
- GAC Shipping (India) Pvt Ltd
- SMG Consultants - Indonesia
- MS Steel International - UAE
- Parry Sugars Refinery, India
- Merrill Lynch Commodities Europe
- SMC Global Power, Philippines
- Australian Commodity Traders Exchange
- Georgia Ports Authority, United States
- Mjunction Services Limited - India
- Australian Coal Association
- Videocon Industries ltd - India
- Parliament of New Zealand
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- Directorate Of Revenue Intelligence - India
- Indian Oil Corporation Limited
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- ASAPP Information Group - India
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- Indian Energy Exchange, India
- Africa Commodities Group - South Africa
- Goldman Sachs - Singapore
- Straits Asia Resources Limited - Singapore
- Mintek Dendrill Indonesia
- Siam City Cement PLC, Thailand
- Karaikal Port Pvt Ltd - India
- Barasentosa Lestari - Indonesia
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- Metalloyd Limited - United Kingdom
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- Interocean Group of Companies - India
- CIMB Investment Bank - Malaysia
- Bhushan Steel Limited - India
- Bhoruka Overseas - Indonesia
- Indo Tambangraya Megah - Indonesia
- Malabar Cements Ltd - India
- White Energy Company Limited
- Indonesian Coal Mining Association
- Toyota Tsusho Corporation, Japan
- Economic Council, Georgia
- Pendopo Energi Batubara - Indonesia
- Ministry of Transport, Egypt
- London Commodity Brokers - England
- Kaltim Prima Coal - Indonesia
- Salva Resources Pvt Ltd - India
- Renaissance Capital - South Africa
- Gujarat Sidhee Cement - India
- Iligan Light & Power Inc, Philippines
- Mercuria Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Makarim & Taira - Indonesia
- Meralco Power Generation, Philippines
- Ministry of Finance - Indonesia
- Riau Bara Harum - Indonesia
- Standard Chartered Bank - UAE
- The State Trading Corporation of India Ltd
- Latin American Coal - Colombia
- Vedanta Resources Plc - India
- Manunggal Multi Energi - Indonesia
- Bhatia International Limited - India
- Deloitte Consulting - India
- Aditya Birla Group - India
- IHS Mccloskey Coal Group - USA
- Ind-Barath Power Infra Limited - India
- The Treasury - Australian Government
- SN Aboitiz Power Inc, Philippines
- PTC India Limited - India
- Edison Trading Spa - Italy
- Sree Jayajothi Cements Limited - India
- Electricity Generating Authority of Thailand
- Eastern Energy - Thailand
- Sinarmas Energy and Mining - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Singapore Mercantile Exchange
- Bulk Trading Sa - Switzerland
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Antam Resourcindo - Indonesia
- Simpson Spence & Young - Indonesia
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- Indogreen Group - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Samtan Co., Ltd - South Korea
- Altura Mining Limited, Indonesia
- Timah Investasi Mineral - Indoneisa
- Romanian Commodities Exchange
- LBH Netherlands Bv - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- Grasim Industreis Ltd - India
- Dalmia Cement Bharat India
- Port Waratah Coal Services - Australia
- Tamil Nadu electricity Board
- Krishnapatnam Port Company Ltd. - India
- Gujarat Electricity Regulatory Commission - India
- Banpu Public Company Limited - Thailand
- Minerals Council of Australia
- Leighton Contractors Pty Ltd - Australia
- OPG Power Generation Pvt Ltd - India
- Bharathi Cement Corporation - India
- PowerSource Philippines DevCo
- Sindya Power Generating Company Private Ltd
- Globalindo Alam Lestari - Indonesia
- Mercator Lines Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Marubeni Corporation - India
- South Luzon Thermal Energy Corporation
- Therma Luzon, Inc, Philippines
- Uttam Galva Steels Limited - India
- Savvy Resources Ltd - HongKong
- Lanco Infratech Ltd - India
- Bayan Resources Tbk. - Indonesia
- Petron Corporation, Philippines
- Semirara Mining Corp, Philippines
- Energy Link Ltd, New Zealand
- Bangladesh Power Developement Board
- Tata Chemicals Ltd - India
- Sojitz Corporation - Japan
- Larsen & Toubro Limited - India
- Xindia Steels Limited - India
- Electricity Authority, New Zealand
- IEA Clean Coal Centre - UK
- Ministry of Mines - Canada
- Indika Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Aboitiz Power Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Rashtriya Ispat Nigam Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Wilmar Investment Holdings
- Coal and Oil Company - UAE
- Jaiprakash Power Ventures ltd
- Wood Mackenzie - Singapore
- Coastal Gujarat Power Limited - India
- Global Coal Blending Company Limited - Australia
- Billiton Holdings Pty Ltd - Australia
- Vizag Seaport Private Limited - India
- Central Electricity Authority - India
- Kumho Petrochemical, South Korea
- Sical Logistics Limited - India
- Intertek Mineral Services - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Trasteel International SA, Italy
- Maheswari Brothers Coal Limited - India
- GVK Power & Infra Limited - India
- Carbofer General Trading SA - India
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- San Jose City I Power Corp, Philippines
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- India Bulls Power Limited - India
- Planning Commission, India
- Anglo American - United Kingdom
- Thai Mozambique Logistica
- Attock Cement Pakistan Limited
- Ceylon Electricity Board - Sri Lanka
- Oldendorff Carriers - Singapore
- The University of Queensland
- Commonwealth Bank - Australia
- European Bulk Services B.V. - Netherlands
- PNOC Exploration Corporation - Philippines
- CNBM International Corporation - China
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- Thiess Contractors Indonesia
- Energy Development Corp, Philippines
- Posco Energy - South Korea
- Directorate General of MIneral and Coal - Indonesia
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- Eastern Coal Council - USA
- Power Finance Corporation Ltd., India
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- Petrochimia International Co. Ltd.- Taiwan
- Binh Thuan Hamico - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
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