We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
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
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Friday, 18 September 09
STANCHART TO ADVISE BAYAN ON INDONESIA COAL FINANCING
Indonesian coal miner PT Bayan Resources Tbk said on Wednesday it has appointed Standard Chartered Bank as a financial adviser for raising at least ...
Friday, 18 September 09
COKING COAL SUPPLY TO FALL 3 MILLION TONS IN CHINA ON SHUTDOWN
Bloomberg reported that, Coking coal supply in China, the largest consumer, may fall by 3 million metric tons a month after a mine accident this mon ...
Thursday, 17 September 09
FOUR LEFT IN INDIA'S MMTC COAL IMPORT TENDER-SOURCE
Reuters reported that, India's MMTC Ltd has accepted four out of five submissions for an import tender for 12.5 million tonnes of coal, with a bid ...
Thursday, 17 September 09
INDIA SEEKS COAL
IBT commodities reported that, India is on a coal buying spree. The big Asian nation is scrambling to cover an expected shortfall in domestic supply ...
Wednesday, 16 September 09
S. LANKA, INDIA'S NTPC TO SIGN $500 MLN COAL DEAL
Reuters reported that, Sri Lanka is to sign a commercial agreement with India's National Thermal Power Corporation (NTPC.BO) to build a $500 millio ...
|
|
|
Showing 6416 to 6420 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Savvy Resources Ltd - HongKong
- Alfred C Toepfer International GmbH - Germany
- Bukit Makmur.PT - Indonesia
- Orica Mining Services - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Global Green Power PLC Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Singapore Mercantile Exchange
- Price Waterhouse Coopers - Russia
- Sarangani Energy Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Iligan Light & Power Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Orica Australia Pty. Ltd.
- Makarim & Taira - Indonesia
- Indian Energy Exchange, India
- Jorong Barutama Greston.PT - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- GN Power Mariveles Coal Plant, Philippines
- Energy Development Corp, Philippines
- Indogreen Group - Indonesia
- Madhucon Powers Ltd - India
- GVK Power & Infra Limited - India
- Banpu Public Company Limited - Thailand
- Power Finance Corporation Ltd., India
- Ambuja Cements Ltd - India
- Bulk Trading Sa - Switzerland
- San Jose City I Power Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Latin American Coal - Colombia
- Indika Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Larsen & Toubro Limited - India
- Standard Chartered Bank - UAE
- PNOC Exploration Corporation - Philippines
- Baramulti Group, Indonesia
- Global Coal Blending Company Limited - Australia
- Bangladesh Power Developement Board
- IEA Clean Coal Centre - UK
- Pendopo Energi Batubara - Indonesia
- Barasentosa Lestari - Indonesia
- Central Electricity Authority - India
- ASAPP Information Group - India
- Kideco Jaya Agung - Indonesia
- Ministry of Mines - Canada
- Bharathi Cement Corporation - India
- Vijayanagar Sugar Pvt Ltd - India
- Mintek Dendrill Indonesia
- Karaikal Port Pvt Ltd - India
- New Zealand Coal & Carbon
- The Treasury - Australian Government
- Coastal Gujarat Power Limited - India
- Toyota Tsusho Corporation, Japan
- Gujarat Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- SMC Global Power, Philippines
- Eastern Coal Council - USA
- Mercuria Energy - Indonesia
- Borneo Indobara - Indonesia
- Planning Commission, India
- Sical Logistics Limited - India
- Agrawal Coal Company - India
- Cigading International Bulk Terminal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Electricity Authority, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Thai Mozambique Logistica
- Salva Resources Pvt Ltd - India
- Indian Oil Corporation Limited
- Chettinad Cement Corporation Ltd - India
- Attock Cement Pakistan Limited
- Australian Coal Association
- ICICI Bank Limited - India
- Tamil Nadu electricity Board
- Ministry of Transport, Egypt
- Heidelberg Cement - Germany
- Deloitte Consulting - India
- Maharashtra Electricity Regulatory Commission - India
- Central Java Power - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Interocean Group of Companies - India
- Videocon Industries ltd - India
- Jindal Steel & Power Ltd - India
- Wilmar Investment Holdings
- Tata Chemicals Ltd - India
- Sree Jayajothi Cements Limited - India
- Krishnapatnam Port Company Ltd. - India
- Grasim Industreis Ltd - India
- London Commodity Brokers - England
- Asmin Koalindo Tuhup - Indonesia
- Georgia Ports Authority, United States
- Cement Manufacturers Association - India
- India Bulls Power Limited - India
- Anglo American - United Kingdom
- Parliament of New Zealand
- SN Aboitiz Power Inc, Philippines
- Medco Energi Mining Internasional
- PTC India Limited - India
- Eastern Energy - Thailand
- Kaltim Prima Coal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Africa Commodities Group - South Africa
- Mjunction Services Limited - India
- Bukit Baiduri Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Thiess Contractors Indonesia
- Kapuas Tunggal Persada - Indonesia
- VISA Power Limited - India
- Mercator Lines Limited - India
- Vizag Seaport Private Limited - India
- Oldendorff Carriers - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Australian Commodity Traders Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- South Luzon Thermal Energy Corporation
- Sindya Power Generating Company Private Ltd
- Meralco Power Generation, Philippines
- Edison Trading Spa - Italy
- Marubeni Corporation - India
- Binh Thuan Hamico - Vietnam
- Renaissance Capital - South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Malabar Cements Ltd - India
- CIMB Investment Bank - Malaysia
- Sinarmas Energy and Mining - Indonesia
- Essar Steel Hazira Ltd - India
- Parry Sugars Refinery, India
- GAC Shipping (India) Pvt Ltd
- CNBM International Corporation - China
- Siam City Cement - Thailand
- GMR Energy Limited - India
- Romanian Commodities Exchange
- Wood Mackenzie - Singapore
- LBH Netherlands Bv - Netherlands
- Independent Power Producers Association of India
- The State Trading Corporation of India Ltd
- Star Paper Mills Limited - India
- Miang Besar Coal Terminal - Indonesia
- Commonwealth Bank - Australia
- Siam City Cement PLC, Thailand
- Jaiprakash Power Ventures ltd
- Sojitz Corporation - Japan
- Bhushan Steel Limited - India
- Coalindo Energy - Indonesia
- Lanco Infratech Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Ministry of Finance - Indonesia
- Goldman Sachs - Singapore
- Bayan Resources Tbk. - Indonesia
- Indo Tambangraya Megah - Indonesia
- Holcim Trading Pte Ltd - Singapore
- European Bulk Services B.V. - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- Timah Investasi Mineral - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Antam Resourcindo - Indonesia
- Simpson Spence & Young - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- Gujarat Sidhee Cement - India
- Aditya Birla Group - India
- SMG Consultants - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dalmia Cement Bharat India
- McConnell Dowell - Australia
- Riau Bara Harum - Indonesia
- Energy Link Ltd, New Zealand
- Samtan Co., Ltd - South Korea
- AsiaOL BioFuels Corp., Philippines
- Vedanta Resources Plc - India
- The University of Queensland
- Globalindo Alam Lestari - Indonesia
- Formosa Plastics Group - Taiwan
- Economic Council, Georgia
- Altura Mining Limited, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Posco Energy - South Korea
- Bhoruka Overseas - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Xindia Steels Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- PowerSource Philippines DevCo
- Carbofer General Trading SA - India
- Port Waratah Coal Services - Australia
- International Coal Ventures Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Manunggal Multi Energi - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhatia International Limited - India
- Ind-Barath Power Infra Limited - India
- Coal and Oil Company - UAE
- White Energy Company Limited
- Global Business Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Minerals Council of Australia
- Electricity Generating Authority of Thailand
- Uttam Galva Steels Limited - India
- Directorate Of Revenue Intelligence - India
- Straits Asia Resources Limited - Singapore
- Indonesian Coal Mining Association
- Trasteel International SA, Italy
- Kobexindo Tractors - Indoneisa
- Petron Corporation, Philippines
- Sakthi Sugars Limited - India
- Meenaskhi Energy Private Limited - India
- MS Steel International - UAE
- Therma Luzon, Inc, Philippines
- Kumho Petrochemical, South Korea
- Chamber of Mines of South Africa
|
| |
| |
|
