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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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Wednesday, 26 August 09
COAL INDIA MAY HIKE COAL PRICES BY UP TO RS 175 (ABOUT US$ 3.60) A TONNE
The Economic Times reported that, state-owned Coal India may hike coal prices by up to Rs 175 (~ US$ 3.60) a tonne to close the gap between domestic ...
Tuesday, 25 August 09
KOREA TO INTRODUCE COAL-MINING ROBOTS TO REDUCE THE RISK OF HUMAN LOSSES FROM CONVENTIONAL MINING
Far East Gizmos reported that, The state-run Korea Coal Corp. (KOCOAL) signed a memorandum of understanding (MOU) on Monday with three Korean engine ...
Tuesday, 25 August 09
INDIA'S GNFC EXTENDED ONLINE BIDDING FOR PURCHASE OF 260,000 T COAL TO 23RD SEPTEMBER 2009
COALspot.com (India): Gujarat Narmada Valley Fertilizers Co. Ltd. (GNFC) invites offers (e-Tender) for supply of 130,000 MT +/- 5% on firm basis and ...
Tuesday, 25 August 09
ANTAM CONSIDERS ACQUIRING BHP
The Jakarta Post reported that, State mining company PT Aneka Tambang (Antam) is contemplating acquiring BHP Billiton's coal concessions in Central ...
Tuesday, 25 August 09
COAL OUTPUT TO RISE IN H2 BUT EXPORTS TO GO FLAT
The leading english news paper in Indonesia reported that, It is estimated coal production will rise by 5.7 percent in the second semester from a ye ...
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- Edison Trading Spa - Italy
- Tata Chemicals Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SN Aboitiz Power Inc, Philippines
- Bhatia International Limited - India
- Sinarmas Energy and Mining - Indonesia
- PowerSource Philippines DevCo
- Bukit Makmur.PT - Indonesia
- Sojitz Corporation - Japan
- Attock Cement Pakistan Limited
- Bhoruka Overseas - Indonesia
- Oldendorff Carriers - Singapore
- Indian Oil Corporation Limited
- LBH Netherlands Bv - Netherlands
- Essar Steel Hazira Ltd - India
- Siam City Cement PLC, Thailand
- Tamil Nadu electricity Board
- Kepco SPC Power Corporation, Philippines
- Xindia Steels Limited - India
- Bangladesh Power Developement Board
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- Kapuas Tunggal Persada - Indonesia
- International Coal Ventures Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- ICICI Bank Limited - India
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- Altura Mining Limited, Indonesia
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- PNOC Exploration Corporation - Philippines
- Economic Council, Georgia
- Wilmar Investment Holdings
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- Indonesian Coal Mining Association
- Electricity Authority, New Zealand
- Aboitiz Power Corporation - Philippines
- Bhushan Steel Limited - India
- Goldman Sachs - Singapore
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- Antam Resourcindo - Indonesia
- GAC Shipping (India) Pvt Ltd
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- Indika Energy - Indonesia
- Renaissance Capital - South Africa
- Standard Chartered Bank - UAE
- Merrill Lynch Commodities Europe
- Kartika Selabumi Mining - Indonesia
- Uttam Galva Steels Limited - India
- Therma Luzon, Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Romanian Commodities Exchange
- Sindya Power Generating Company Private Ltd
- Rashtriya Ispat Nigam Limited - India
- Price Waterhouse Coopers - Russia
- Mintek Dendrill Indonesia
- Timah Investasi Mineral - Indoneisa
- Salva Resources Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Sakthi Sugars Limited - India
- Kumho Petrochemical, South Korea
- Australian Commodity Traders Exchange
- Madhucon Powers Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Asmin Koalindo Tuhup - Indonesia
- Globalindo Alam Lestari - Indonesia
- Orica Australia Pty. Ltd.
- Global Coal Blending Company Limited - Australia
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- Port Waratah Coal Services - Australia
- Malabar Cements Ltd - India
- Georgia Ports Authority, United States
- Leighton Contractors Pty Ltd - Australia
- Agrawal Coal Company - India
- Rio Tinto Coal - Australia
- Mercuria Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Bahari Cakrawala Sebuku - Indonesia
- SMC Global Power, Philippines
- Central Electricity Authority - India
- Central Java Power - Indonesia
- The State Trading Corporation of India Ltd
- PTC India Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- The University of Queensland
- Wood Mackenzie - Singapore
- GMR Energy Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Petron Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Ind-Barath Power Infra Limited - India
- Eastern Energy - Thailand
- Commonwealth Bank - Australia
- Directorate Of Revenue Intelligence - India
- Simpson Spence & Young - Indonesia
- Global Green Power PLC Corporation, Philippines
- IEA Clean Coal Centre - UK
- Power Finance Corporation Ltd., India
- San Jose City I Power Corp, Philippines
- MS Steel International - UAE
- Gujarat Mineral Development Corp Ltd - India
- Barasentosa Lestari - Indonesia
- TeaM Sual Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Thai Mozambique Logistica
- Thiess Contractors Indonesia
- Parry Sugars Refinery, India
- GVK Power & Infra Limited - India
- Orica Mining Services - Indonesia
- Mjunction Services Limited - India
- IHS Mccloskey Coal Group - USA
- Ceylon Electricity Board - Sri Lanka
- Posco Energy - South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Gujarat Sidhee Cement - India
- Mercator Lines Limited - India
- Cigading International Bulk Terminal - Indonesia
- Parliament of New Zealand
- CNBM International Corporation - China
- Karbindo Abesyapradhi - Indoneisa
- Intertek Mineral Services - Indonesia
- Minerals Council of Australia
- Metalloyd Limited - United Kingdom
- London Commodity Brokers - England
- Planning Commission, India
- Cement Manufacturers Association - India
- Semirara Mining and Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Bayan Resources Tbk. - Indonesia
- Deloitte Consulting - India
- Jorong Barutama Greston.PT - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- India Bulls Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Chettinad Cement Corporation Ltd - India
- Grasim Industreis Ltd - India
- Indo Tambangraya Megah - Indonesia
- Independent Power Producers Association of India
- Heidelberg Cement - Germany
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Jindal Steel & Power Ltd - India
- McConnell Dowell - Australia
- Makarim & Taira - Indonesia
- Energy Link Ltd, New Zealand
- Sarangani Energy Corporation, Philippines
- Australian Coal Association
- Chamber of Mines of South Africa
- SMG Consultants - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Coastal Gujarat Power Limited - India
- Bharathi Cement Corporation - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Eastern Coal Council - USA
- The Treasury - Australian Government
- Pendopo Energi Batubara - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- South Luzon Thermal Energy Corporation
- Anglo American - United Kingdom
- Indian Energy Exchange, India
- VISA Power Limited - India
- ASAPP Information Group - India
- Indogreen Group - Indonesia
- Trasteel International SA, Italy
- Billiton Holdings Pty Ltd - Australia
- Medco Energi Mining Internasional
- Borneo Indobara - Indonesia
- Straits Asia Resources Limited - Singapore
- Aditya Birla Group - India
- Riau Bara Harum - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Latin American Coal - Colombia
- Samtan Co., Ltd - South Korea
- Meralco Power Generation, Philippines
- Semirara Mining Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- New Zealand Coal & Carbon
- AsiaOL BioFuels Corp., Philippines
- Dalmia Cement Bharat India
- Bukit Baiduri Energy - Indonesia
- Ministry of Transport, Egypt
- Sree Jayajothi Cements Limited - India
- Manunggal Multi Energi - Indonesia
- CIMB Investment Bank - Malaysia
- European Bulk Services B.V. - Netherlands
- Toyota Tsusho Corporation, Japan
- Bukit Asam (Persero) Tbk - Indonesia
- Singapore Mercantile Exchange
- Coal and Oil Company - UAE
- Electricity Generating Authority of Thailand
- Star Paper Mills Limited - India
- OPG Power Generation Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Binh Thuan Hamico - Vietnam
- White Energy Company Limited
- Africa Commodities Group - South Africa
- Energy Development Corp, Philippines
- Ministry of Finance - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Jaiprakash Power Ventures ltd
- Ambuja Cements Ltd - India
- Interocean Group of Companies - India
- Vedanta Resources Plc - India
- Global Business Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Miang Besar Coal Terminal - Indonesia
- Coalindo Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Ministry of Mines - Canada
- Alfred C Toepfer International GmbH - Germany
- Larsen & Toubro Limited - India
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