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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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Saturday, 12 September 09
$1.5B KALIMANTAN COAL RAIL TENDER EXPECTED BY YEAR-END
The Jakarta Globe reported that, In the second announcement on major coal-railway projects in as many days, Central Kalimantan’s top official ...
Friday, 11 September 09
INDONESIA COAL-PRICES AT $66, SUPPLIERS OFFER AT BARGAIN PRICES
Some Indonesian producers were rushing to sell coal at bargain prices to ease excess stocks and catch shipments before the Muslim Eid Al-Fitr festiv ...
Friday, 11 September 09
ALPHA NATURAL EXPECTS HIGHER MET, STEAM COAL PRICES IN 2010
Mining Weekly reported that, There are encouraging signs that metallurgical coal demand in most key global markets is either returning or poised to ...
Friday, 11 September 09
POWER SECTOR'S DEPENDENCE ON COAL TO CONTINUE
The power sector will continue to be largely dependant on coal-based thermal power plants to meet its energy needs for the next 15-20 years, Power S ...
Friday, 11 September 09
L&T EYES AUSSIE COAL MINE
Commodity Online reported that, Larsen and Toubro is in talks to buy a thermal coal mine in Australia for about $300 million. Thermal coal is used f ...
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- Ministry of Finance - Indonesia
- Coalindo Energy - Indonesia
- London Commodity Brokers - England
- Krishnapatnam Port Company Ltd. - India
- IHS Mccloskey Coal Group - USA
- International Coal Ventures Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Uttam Galva Steels Limited - India
- Coastal Gujarat Power Limited - India
- Aditya Birla Group - India
- Ambuja Cements Ltd - India
- Merrill Lynch Commodities Europe
- Chamber of Mines of South Africa
- Indika Energy - Indonesia
- Lanco Infratech Ltd - India
- Semirara Mining and Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Kumho Petrochemical, South Korea
- LBH Netherlands Bv - Netherlands
- Altura Mining Limited, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Salva Resources Pvt Ltd - India
- Attock Cement Pakistan Limited
- Meralco Power Generation, Philippines
- Energy Development Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Savvy Resources Ltd - HongKong
- Sojitz Corporation - Japan
- South Luzon Thermal Energy Corporation
- Samtan Co., Ltd - South Korea
- Bulk Trading Sa - Switzerland
- Billiton Holdings Pty Ltd - Australia
- Alfred C Toepfer International GmbH - Germany
- IEA Clean Coal Centre - UK
- Videocon Industries ltd - India
- Madhucon Powers Ltd - India
- Renaissance Capital - South Africa
- Carbofer General Trading SA - India
- PowerSource Philippines DevCo
- The University of Queensland
- PNOC Exploration Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Oldendorff Carriers - Singapore
- Bhatia International Limited - India
- San Jose City I Power Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Star Paper Mills Limited - India
- Directorate Of Revenue Intelligence - India
- Holcim Trading Pte Ltd - Singapore
- Australian Coal Association
- Karaikal Port Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Kapuas Tunggal Persada - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Banpu Public Company Limited - Thailand
- Wood Mackenzie - Singapore
- Port Waratah Coal Services - Australia
- Ministry of Mines - Canada
- Romanian Commodities Exchange
- Sindya Power Generating Company Private Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Minerals Council of Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Barasentosa Lestari - Indonesia
- ASAPP Information Group - India
- Indonesian Coal Mining Association
- White Energy Company Limited
- Latin American Coal - Colombia
- Kaltim Prima Coal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- CNBM International Corporation - China
- Singapore Mercantile Exchange
- Sree Jayajothi Cements Limited - India
- GMR Energy Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Riau Bara Harum - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Mineral Development Corp Ltd - India
- New Zealand Coal & Carbon
- Africa Commodities Group - South Africa
- Electricity Authority, New Zealand
- Parliament of New Zealand
- Rio Tinto Coal - Australia
- Global Business Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Anglo American - United Kingdom
- Meenaskhi Energy Private Limited - India
- Semirara Mining Corp, Philippines
- Bhoruka Overseas - Indonesia
- VISA Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Vedanta Resources Plc - India
- Leighton Contractors Pty Ltd - Australia
- Karbindo Abesyapradhi - Indoneisa
- Mercuria Energy - Indonesia
- Independent Power Producers Association of India
- Grasim Industreis Ltd - India
- Power Finance Corporation Ltd., India
- Gujarat Electricity Regulatory Commission - India
- GVK Power & Infra Limited - India
- Antam Resourcindo - Indonesia
- Eastern Energy - Thailand
- Cement Manufacturers Association - India
- Bhushan Steel Limited - India
- OPG Power Generation Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- ICICI Bank Limited - India
- AsiaOL BioFuels Corp., Philippines
- Siam City Cement - Thailand
- Central Electricity Authority - India
- Sinarmas Energy and Mining - Indonesia
- Deloitte Consulting - India
- Cigading International Bulk Terminal - Indonesia
- Sical Logistics Limited - India
- Tamil Nadu electricity Board
- Asmin Koalindo Tuhup - Indonesia
- Borneo Indobara - Indonesia
- Gujarat Sidhee Cement - India
- Baramulti Group, Indonesia
- Toyota Tsusho Corporation, Japan
- Edison Trading Spa - Italy
- Interocean Group of Companies - India
- Maheswari Brothers Coal Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Thai Mozambique Logistica
- Malabar Cements Ltd - India
- Trasteel International SA, Italy
- Ministry of Transport, Egypt
- McConnell Dowell - Australia
- Kohat Cement Company Ltd. - Pakistan
- Marubeni Corporation - India
- Directorate General of MIneral and Coal - Indonesia
- Tata Chemicals Ltd - India
- Kartika Selabumi Mining - Indonesia
- Jaiprakash Power Ventures ltd
- Sarangani Energy Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Posco Energy - South Korea
- Mjunction Services Limited - India
- SMC Global Power, Philippines
- Eastern Coal Council - USA
- Globalindo Alam Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- SMG Consultants - Indonesia
- Makarim & Taira - Indonesia
- Larsen & Toubro Limited - India
- Petron Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Goldman Sachs - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Kepco SPC Power Corporation, Philippines
- Heidelberg Cement - Germany
- Indian Oil Corporation Limited
- Georgia Ports Authority, United States
- Sakthi Sugars Limited - India
- Mintek Dendrill Indonesia
- Metalloyd Limited - United Kingdom
- Standard Chartered Bank - UAE
- Price Waterhouse Coopers - Russia
- Indo Tambangraya Megah - Indonesia
- Vizag Seaport Private Limited - India
- Aboitiz Power Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Mercator Lines Limited - India
- Global Green Power PLC Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- CIMB Investment Bank - Malaysia
- Jindal Steel & Power Ltd - India
- Dalmia Cement Bharat India
- GN Power Mariveles Coal Plant, Philippines
- Medco Energi Mining Internasional
- Formosa Plastics Group - Taiwan
- Coal and Oil Company - UAE
- Bayan Resources Tbk. - Indonesia
- Commonwealth Bank - Australia
- Energy Link Ltd, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Electricity Generating Authority of Thailand
- The State Trading Corporation of India Ltd
- The Treasury - Australian Government
- Timah Investasi Mineral - Indoneisa
- Manunggal Multi Energi - Indonesia
- Bukit Baiduri Energy - Indonesia
- Agrawal Coal Company - India
- Xindia Steels Limited - India
- MS Steel International - UAE
- Thiess Contractors Indonesia
- Central Java Power - Indonesia
- Orica Mining Services - Indonesia
- Siam City Cement PLC, Thailand
- PTC India Limited - India
- Bharathi Cement Corporation - India
- Orica Australia Pty. Ltd.
- Miang Besar Coal Terminal - Indonesia
- Economic Council, Georgia
- European Bulk Services B.V. - Netherlands
- Chettinad Cement Corporation Ltd - India
- Straits Asia Resources Limited - Singapore
- Indogreen Group - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Kideco Jaya Agung - Indonesia
- Parry Sugars Refinery, India
- Therma Luzon, Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indian Energy Exchange, India
- Planning Commission, India
- Australian Commodity Traders Exchange
- SN Aboitiz Power Inc, Philippines
- Wilmar Investment Holdings
- Bangladesh Power Developement Board
- India Bulls Power Limited - India
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