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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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Friday, 28 August 09
JSW MAY BUY AFRICAN MINE FOR US$ 350
The Economic Times Reported that, The Sajjan Jindal-owned JSW Group is in advanced talks to acquire a coal mine in Swaziland, Africa, at an estimate ...
Friday, 28 August 09
COAL INDIA ALLOWED TO IMPORT COKING COAL
The government Thursday allowed the state-owned Coal India to import coking coal and high grade ash thermal coal by acquiring coal properties abroad ...
Thursday, 27 August 09
CIL TO SPEND US$ 1 - 1.5 BN TO ACQUIRE ASSETS IN 4 COUNTRIES
Business Standard reported that, "Coal India is looking to spend $1-1.5 billion in acquiring mining assets in Australia, Indonesia, South Afric ...
Wednesday, 26 August 09
INDIA'S JSW TO DOUBLE JAIGARH PORT CAPACITY TO 20 MT
Sea Trade Asia reported that, JSW Jaigarh Port, a wholly owned subsidiary of JSW Infrastructure & Logistics, plans to double cargo handling capa ...
Wednesday, 26 August 09
JSW ENERGY NEARS COAL-SUPPLY LINKAGE DEAL IN INDONESIA
Sajjan Jindal-owned JSW Energy is close to finalising a coal-supply linkage pact in Indonesia and is also exploring options of acquiring ...
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- Planning Commission, India
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- Meralco Power Generation, Philippines
- Romanian Commodities Exchange
- The Treasury - Australian Government
- The State Trading Corporation of India Ltd
- Indo Tambangraya Megah - Indonesia
- Wilmar Investment Holdings
- Thiess Contractors Indonesia
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- Mintek Dendrill Indonesia
- AsiaOL BioFuels Corp., Philippines
- Standard Chartered Bank - UAE
- Edison Trading Spa - Italy
- PTC India Limited - India
- Altura Mining Limited, Indonesia
- Chettinad Cement Corporation Ltd - India
- Ministry of Mines - Canada
- Savvy Resources Ltd - HongKong
- Bukit Asam (Persero) Tbk - Indonesia
- IEA Clean Coal Centre - UK
- Latin American Coal - Colombia
- Formosa Plastics Group - Taiwan
- Samtan Co., Ltd - South Korea
- Sical Logistics Limited - India
- Aboitiz Power Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Global Coal Blending Company Limited - Australia
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- Sinarmas Energy and Mining - Indonesia
- Bangladesh Power Developement Board
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- Chamber of Mines of South Africa
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- Indogreen Group - Indonesia
- Singapore Mercantile Exchange
- Heidelberg Cement - Germany
- Kartika Selabumi Mining - Indonesia
- Goldman Sachs - Singapore
- Leighton Contractors Pty Ltd - Australia
- Sarangani Energy Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Jorong Barutama Greston.PT - Indonesia
- Siam City Cement - Thailand
- Medco Energi Mining Internasional
- Minerals Council of Australia
- Tata Chemicals Ltd - India
- Kepco SPC Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Billiton Holdings Pty Ltd - Australia
- Merrill Lynch Commodities Europe
- Bahari Cakrawala Sebuku - Indonesia
- Anglo American - United Kingdom
- Power Finance Corporation Ltd., India
- Global Green Power PLC Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
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- Vizag Seaport Private Limited - India
- Sindya Power Generating Company Private Ltd
- Kohat Cement Company Ltd. - Pakistan
- Carbofer General Trading SA - India
- Indika Energy - Indonesia
- GMR Energy Limited - India
- Orica Australia Pty. Ltd.
- Kumho Petrochemical, South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Xindia Steels Limited - India
- Miang Besar Coal Terminal - Indonesia
- Coal and Oil Company - UAE
- Meenaskhi Energy Private Limited - India
- Directorate General of MIneral and Coal - Indonesia
- TeaM Sual Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Kaltim Prima Coal - Indonesia
- Central Java Power - Indonesia
- Bukit Baiduri Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Oldendorff Carriers - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bayan Resources Tbk. - Indonesia
- Ind-Barath Power Infra Limited - India
- Star Paper Mills Limited - India
- Baramulti Group, Indonesia
- Energy Link Ltd, New Zealand
- Gujarat Electricity Regulatory Commission - India
- Intertek Mineral Services - Indonesia
- Siam City Cement PLC, Thailand
- International Coal Ventures Pvt Ltd - India
- Parliament of New Zealand
- Orica Mining Services - Indonesia
- Videocon Industries ltd - India
- South Luzon Thermal Energy Corporation
- Eastern Coal Council - USA
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- India Bulls Power Limited - India
- White Energy Company Limited
- Coalindo Energy - Indonesia
- MS Steel International - UAE
- Petron Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Holcim Trading Pte Ltd - Singapore
- Toyota Tsusho Corporation, Japan
- Salva Resources Pvt Ltd - India
- Wood Mackenzie - Singapore
- Price Waterhouse Coopers - Russia
- Banpu Public Company Limited - Thailand
- Mercator Lines Limited - India
- Semirara Mining Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- VISA Power Limited - India
- Indian Energy Exchange, India
- Gujarat Mineral Development Corp Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- GN Power Mariveles Coal Plant, Philippines
- Central Electricity Authority - India
- Riau Bara Harum - Indonesia
- Vedanta Resources Plc - India
- Renaissance Capital - South Africa
- Kapuas Tunggal Persada - Indonesia
- ICICI Bank Limited - India
- Ceylon Electricity Board - Sri Lanka
- Mjunction Services Limited - India
- Commonwealth Bank - Australia
- Bhushan Steel Limited - India
- CIMB Investment Bank - Malaysia
- PetroVietnam Power Coal Import and Supply Company
- Dalmia Cement Bharat India
- GVK Power & Infra Limited - India
- Krishnapatnam Port Company Ltd. - India
- Australian Coal Association
- ASAPP Information Group - India
- Ministry of Finance - Indonesia
- Gujarat Sidhee Cement - India
- Economic Council, Georgia
- Karbindo Abesyapradhi - Indoneisa
- Global Business Power Corporation, Philippines
- Parry Sugars Refinery, India
- New Zealand Coal & Carbon
- Asmin Koalindo Tuhup - Indonesia
- Globalindo Alam Lestari - Indonesia
- Karaikal Port Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Eastern Energy - Thailand
- CNBM International Corporation - China
- Sakthi Sugars Limited - India
- Bulk Trading Sa - Switzerland
- Marubeni Corporation - India
- Pendopo Energi Batubara - Indonesia
- Indonesian Coal Mining Association
- Alfred C Toepfer International GmbH - Germany
- Iligan Light & Power Inc, Philippines
- The University of Queensland
- Lanco Infratech Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Malabar Cements Ltd - India
- Cigading International Bulk Terminal - Indonesia
- PNOC Exploration Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- London Commodity Brokers - England
- Therma Luzon, Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Attock Cement Pakistan Limited
- Trasteel International SA, Italy
- Uttam Galva Steels Limited - India
- Indian Oil Corporation Limited
- Barasentosa Lestari - Indonesia
- European Bulk Services B.V. - Netherlands
- Energy Development Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- Electricity Generating Authority of Thailand
- Manunggal Multi Energi - Indonesia
- Sree Jayajothi Cements Limited - India
- Simpson Spence & Young - Indonesia
- Jindal Steel & Power Ltd - India
- Thai Mozambique Logistica
- Coastal Gujarat Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- McConnell Dowell - Australia
- Essar Steel Hazira Ltd - India
- SMG Consultants - Indonesia
- Posco Energy - South Korea
- Ministry of Transport, Egypt
- OPG Power Generation Pvt Ltd - India
- Makarim & Taira - Indonesia
- Straits Asia Resources Limited - Singapore
- Bhatia International Limited - India
- Larsen & Toubro Limited - India
- Interocean Group of Companies - India
- Australian Commodity Traders Exchange
- Directorate Of Revenue Intelligence - India
- SMC Global Power, Philippines
- Maheswari Brothers Coal Limited - India
- Georgia Ports Authority, United States
- Deloitte Consulting - India
- Antam Resourcindo - Indonesia
- Metalloyd Limited - United Kingdom
- Sojitz Corporation - Japan
- San Jose City I Power Corp, Philippines
- Independent Power Producers Association of India
- Mercuria Energy - Indonesia
- Electricity Authority, New Zealand
- Bharathi Cement Corporation - India
- Kobexindo Tractors - Indoneisa
- Borneo Indobara - Indonesia
- Cement Manufacturers Association - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jaiprakash Power Ventures ltd
- Ambuja Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- Kideco Jaya Agung - Indonesia
- Aditya Birla Group - India
- Tamil Nadu electricity Board
- Madhucon Powers Ltd - India
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