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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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Tuesday, 01 September 09
GLOBAL COAL PRICES UNDER PRESSURE AS CHINESE PROVINCE RETURNS TO THE PRODUCTION FRAY - REUTERS
China is set to return to role of coal exporter as the deadline for thousands of small coal mines in its Shanxi province to reopen after being shut ...
Tuesday, 01 September 09
INDONESIA PLN SECURES 1.9 MILLION TONNES COAL FOR NEW POWER PLANT
Reuters reported that Indonesia's state electricity firm PT Perusahaan Listrik Negara has secured 1.9 million tonnes of sub bituminous coal per yea ...
Tuesday, 01 September 09
EXPORT OF COAL RAW MATERIAL SHOULD BE REDUCED - INDONESIAN OFFICIAL
Antara reported that, Coal producing companies should reduce the volume of their export of coal raw material and increase the volume of their finish ...
Tuesday, 01 September 09
NEWCASTLE WEEKLY COAL EXPORTS RISE 23%, SHIP QUEUE DECREASES
Bloomberg reported that, Coal shipments from Australia’s Newcastle port, the world’s biggest export harbor for the fuel, rose 23 percent ...
Monday, 31 August 09
INDIA MMTC ISSUE TENDER TO IMPORT 12.5 MMT COAL TO BE SUPPLIED OVER A PERIOD OF 12 MONTHS
COALspot.com (India): MMTC has re-issued a tender to import 12.50 Million Metric Tonnes (12.50 MMT) (+/- 2%) of thermal coal to be supplied over a p ...
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- Kumho Petrochemical, South Korea
- Commonwealth Bank - Australia
- Anglo American - United Kingdom
- Sakthi Sugars Limited - India
- Australian Commodity Traders Exchange
- Vizag Seaport Private Limited - India
- Maheswari Brothers Coal Limited - India
- Gujarat Sidhee Cement - India
- Kepco SPC Power Corporation, Philippines
- Bangladesh Power Developement Board
- Ministry of Transport, Egypt
- Eastern Coal Council - USA
- Rio Tinto Coal - Australia
- Riau Bara Harum - Indonesia
- White Energy Company Limited
- Chettinad Cement Corporation Ltd - India
- Siam City Cement PLC, Thailand
- Carbofer General Trading SA - India
- Binh Thuan Hamico - Vietnam
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Electricity Generating Authority of Thailand
- Edison Trading Spa - Italy
- Attock Cement Pakistan Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Iligan Light & Power Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- International Coal Ventures Pvt Ltd - India
- Indian Oil Corporation Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- The University of Queensland
- Meralco Power Generation, Philippines
- Georgia Ports Authority, United States
- Indonesian Coal Mining Association
- Sojitz Corporation - Japan
- Maharashtra Electricity Regulatory Commission - India
- Salva Resources Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Indika Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Power Finance Corporation Ltd., India
- Mercator Lines Limited - India
- Jaiprakash Power Ventures ltd
- Banpu Public Company Limited - Thailand
- Essar Steel Hazira Ltd - India
- Goldman Sachs - Singapore
- Indogreen Group - Indonesia
- Meenaskhi Energy Private Limited - India
- India Bulls Power Limited - India
- Kobexindo Tractors - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- Bukit Makmur.PT - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- ICICI Bank Limited - India
- AsiaOL BioFuels Corp., Philippines
- Africa Commodities Group - South Africa
- VISA Power Limited - India
- ASAPP Information Group - India
- Vedanta Resources Plc - India
- Vijayanagar Sugar Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Straits Asia Resources Limited - Singapore
- MS Steel International - UAE
- Chamber of Mines of South Africa
- Port Waratah Coal Services - Australia
- Kalimantan Lumbung Energi - Indonesia
- Manunggal Multi Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Star Paper Mills Limited - India
- IEA Clean Coal Centre - UK
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Economic Council, Georgia
- McConnell Dowell - Australia
- SMG Consultants - Indonesia
- Mjunction Services Limited - India
- Cigading International Bulk Terminal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Central Java Power - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Wood Mackenzie - Singapore
- Barasentosa Lestari - Indonesia
- Medco Energi Mining Internasional
- London Commodity Brokers - England
- Gujarat Mineral Development Corp Ltd - India
- OPG Power Generation Pvt Ltd - India
- Australian Coal Association
- CIMB Investment Bank - Malaysia
- Cement Manufacturers Association - India
- Kohat Cement Company Ltd. - Pakistan
- New Zealand Coal & Carbon
- Thiess Contractors Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Videocon Industries ltd - India
- The State Trading Corporation of India Ltd
- Oldendorff Carriers - Singapore
- Savvy Resources Ltd - HongKong
- Sindya Power Generating Company Private Ltd
- Renaissance Capital - South Africa
- Altura Mining Limited, Indonesia
- Bhoruka Overseas - Indonesia
- Bhatia International Limited - India
- Miang Besar Coal Terminal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Deloitte Consulting - India
- Latin American Coal - Colombia
- SN Aboitiz Power Inc, Philippines
- Eastern Energy - Thailand
- Romanian Commodities Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Borneo Indobara - Indonesia
- Orica Mining Services - Indonesia
- Simpson Spence & Young - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Asmin Koalindo Tuhup - Indonesia
- Aditya Birla Group - India
- Indian Energy Exchange, India
- Wilmar Investment Holdings
- SMC Global Power, Philippines
- Central Electricity Authority - India
- Price Waterhouse Coopers - Russia
- Global Coal Blending Company Limited - Australia
- Aboitiz Power Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- TeaM Sual Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Directorate Of Revenue Intelligence - India
- Indo Tambangraya Megah - Indonesia
- Bharathi Cement Corporation - India
- Merrill Lynch Commodities Europe
- IHS Mccloskey Coal Group - USA
- Grasim Industreis Ltd - India
- Heidelberg Cement - Germany
- Coal and Oil Company - UAE
- Globalindo Alam Lestari - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bukit Baiduri Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Antam Resourcindo - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Singapore Mercantile Exchange
- GVK Power & Infra Limited - India
- Metalloyd Limited - United Kingdom
- Siam City Cement - Thailand
- Intertek Mineral Services - Indonesia
- Malabar Cements Ltd - India
- Tamil Nadu electricity Board
- Orica Australia Pty. Ltd.
- European Bulk Services B.V. - Netherlands
- Trasteel International SA, Italy
- TNB Fuel Sdn Bhd - Malaysia
- Semirara Mining and Power Corporation, Philippines
- Sical Logistics Limited - India
- Madhucon Powers Ltd - India
- Agrawal Coal Company - India
- Parliament of New Zealand
- CNBM International Corporation - China
- Petrochimia International Co. Ltd.- Taiwan
- Baramulti Group, Indonesia
- Dalmia Cement Bharat India
- Global Green Power PLC Corporation, Philippines
- Minerals Council of Australia
- Energy Link Ltd, New Zealand
- Billiton Holdings Pty Ltd - Australia
- Jindal Steel & Power Ltd - India
- Standard Chartered Bank - UAE
- Coalindo Energy - Indonesia
- Makarim & Taira - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Interocean Group of Companies - India
- Timah Investasi Mineral - Indoneisa
- Thai Mozambique Logistica
- Tata Chemicals Ltd - India
- PTC India Limited - India
- Bulk Trading Sa - Switzerland
- Ind-Barath Power Infra Limited - India
- Marubeni Corporation - India
- Ministry of Finance - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Samtan Co., Ltd - South Korea
- PowerSource Philippines DevCo
- Ambuja Cements Ltd - India
- Mercuria Energy - Indonesia
- Larsen & Toubro Limited - India
- Ministry of Mines - Canada
- Coastal Gujarat Power Limited - India
- Lanco Infratech Ltd - India
- Energy Development Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The Treasury - Australian Government
- Bahari Cakrawala Sebuku - Indonesia
- Xindia Steels Limited - India
- Bhushan Steel Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Global Business Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Petron Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- San Jose City I Power Corp, Philippines
- GMR Energy Limited - India
- Independent Power Producers Association of India
- Parry Sugars Refinery, India
- South Luzon Thermal Energy Corporation
- Posco Energy - South Korea
- GN Power Mariveles Coal Plant, Philippines
- Electricity Authority, New Zealand
- Kapuas Tunggal Persada - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Formosa Plastics Group - Taiwan
- Uttam Galva Steels Limited - India
- Mintek Dendrill Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sree Jayajothi Cements Limited - India
- Planning Commission, India
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