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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, 11 August 09
ZAMBIAN COAL BUYERS CONTINUE IMPORTING COAL FROM ZIMBABWE
Lusaka Times reported that, Coal mining companies have bemoaned the lack of market for their produce as prospective buyers continue importing the co ...
Monday, 10 August 09
NOMINAL HIKE IN COAL PRICES SOON - MEDIA
The hindu business reported that, a marginal hike in coal prices is in the offing. "I will be soon approaching the Prime Minister on the matter ...
Monday, 10 August 09
MANGALAM CEMENT PLACES ORDER FOR CAPTIVE POWER PLANT
Steel Guru reported that, Mangalam Cement Ltd has announced that the company on August 6th 2009 finalized order for Captive Thermal Power Plant of 1 ...
Monday, 10 August 09
VIET NAM COAL EXPORTS HIT 13.5 MILLION TONNES
VietNamNet Bridge reported that, Viet Nam exported more than 13.5 million tonnes of coal in the first seven months of this year, equal to the same p ...
Monday, 10 August 09
S.KOREA KOSPO ISSUES SPOT, TERM COAL TENDERS
Korea Southern Power Co Ltd (KOSPO) is seeking 1.5 million tonnes of steam coal per year for delivery from October 2009 through September 2012 via a ...
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- Siam City Cement - Thailand
- IHS Mccloskey Coal Group - USA
- Tamil Nadu electricity Board
- Offshore Bulk Terminal Pte Ltd, Singapore
- Neyveli Lignite Corporation Ltd, - India
- Kartika Selabumi Mining - Indonesia
- Bharathi Cement Corporation - India
- Sakthi Sugars Limited - India
- GMR Energy Limited - India
- PowerSource Philippines DevCo
- Minerals Council of Australia
- Price Waterhouse Coopers - Russia
- Australian Coal Association
- Dalmia Cement Bharat India
- Simpson Spence & Young - Indonesia
- Gujarat Sidhee Cement - India
- London Commodity Brokers - England
- Aditya Birla Group - India
- Banpu Public Company Limited - Thailand
- Indogreen Group - Indonesia
- Mercuria Energy - Indonesia
- Renaissance Capital - South Africa
- Rio Tinto Coal - Australia
- Coalindo Energy - Indonesia
- Indonesian Coal Mining Association
- Semirara Mining Corp, Philippines
- Ambuja Cements Ltd - India
- Energy Link Ltd, New Zealand
- Semirara Mining and Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Asmin Koalindo Tuhup - Indonesia
- LBH Netherlands Bv - Netherlands
- Kalimantan Lumbung Energi - Indonesia
- Global Coal Blending Company Limited - Australia
- ASAPP Information Group - India
- Kobexindo Tractors - Indoneisa
- India Bulls Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Videocon Industries ltd - India
- Posco Energy - South Korea
- Sical Logistics Limited - India
- Jorong Barutama Greston.PT - Indonesia
- PNOC Exploration Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- GAC Shipping (India) Pvt Ltd
- Maheswari Brothers Coal Limited - India
- ICICI Bank Limited - India
- South Luzon Thermal Energy Corporation
- Ind-Barath Power Infra Limited - India
- Bukit Makmur.PT - Indonesia
- GVK Power & Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- Riau Bara Harum - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Independent Power Producers Association of India
- Borneo Indobara - Indonesia
- Globalindo Alam Lestari - Indonesia
- Georgia Ports Authority, United States
- Makarim & Taira - Indonesia
- Eastern Coal Council - USA
- Karbindo Abesyapradhi - Indoneisa
- Iligan Light & Power Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Jindal Steel & Power Ltd - India
- Indian Oil Corporation Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mercator Lines Limited - India
- Billiton Holdings Pty Ltd - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Marubeni Corporation - India
- TNB Fuel Sdn Bhd - Malaysia
- Electricity Authority, New Zealand
- Larsen & Toubro Limited - India
- Parliament of New Zealand
- Attock Cement Pakistan Limited
- Indian Energy Exchange, India
- MS Steel International - UAE
- Indika Energy - Indonesia
- Carbofer General Trading SA - India
- Australian Commodity Traders Exchange
- Sojitz Corporation - Japan
- Coastal Gujarat Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- The State Trading Corporation of India Ltd
- Power Finance Corporation Ltd., India
- Kumho Petrochemical, South Korea
- IEA Clean Coal Centre - UK
- Cement Manufacturers Association - India
- Savvy Resources Ltd - HongKong
- Directorate Of Revenue Intelligence - India
- Metalloyd Limited - United Kingdom
- PTC India Limited - India
- Bayan Resources Tbk. - Indonesia
- Grasim Industreis Ltd - India
- Kideco Jaya Agung - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Alfred C Toepfer International GmbH - Germany
- TeaM Sual Corporation - Philippines
- Goldman Sachs - Singapore
- Mintek Dendrill Indonesia
- Bangladesh Power Developement Board
- Trasteel International SA, Italy
- SMC Global Power, Philippines
- Commonwealth Bank - Australia
- The Treasury - Australian Government
- PetroVietnam Power Coal Import and Supply Company
- Tata Chemicals Ltd - India
- Merrill Lynch Commodities Europe
- Orica Mining Services - Indonesia
- Interocean Group of Companies - India
- Anglo American - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- Chettinad Cement Corporation Ltd - India
- Vizag Seaport Private Limited - India
- Lanco Infratech Ltd - India
- New Zealand Coal & Carbon
- Thiess Contractors Indonesia
- Parry Sugars Refinery, India
- Sarangani Energy Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- SN Aboitiz Power Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Global Business Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Timah Investasi Mineral - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Petron Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Bhoruka Overseas - Indonesia
- Bukit Baiduri Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- European Bulk Services B.V. - Netherlands
- Ministry of Finance - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Therma Luzon, Inc, Philippines
- Edison Trading Spa - Italy
- Global Green Power PLC Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Pendopo Energi Batubara - Indonesia
- Wood Mackenzie - Singapore
- Straits Asia Resources Limited - Singapore
- Central Electricity Authority - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Leighton Contractors Pty Ltd - Australia
- Aboitiz Power Corporation - Philippines
- Siam City Cement PLC, Thailand
- SMG Consultants - Indonesia
- Ministry of Transport, Egypt
- Eastern Energy - Thailand
- Deloitte Consulting - India
- McConnell Dowell - Australia
- Vedanta Resources Plc - India
- Electricity Generating Authority of Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhatia International Limited - India
- Thai Mozambique Logistica
- White Energy Company Limited
- Meralco Power Generation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Gujarat Electricity Regulatory Commission - India
- Mjunction Services Limited - India
- Antam Resourcindo - Indonesia
- Kepco SPC Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Orica Australia Pty. Ltd.
- Directorate General of MIneral and Coal - Indonesia
- Baramulti Group, Indonesia
- Chamber of Mines of South Africa
- Star Paper Mills Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Essar Steel Hazira Ltd - India
- VISA Power Limited - India
- Kaltim Prima Coal - Indonesia
- Singapore Mercantile Exchange
- Africa Commodities Group - South Africa
- The University of Queensland
- Madhucon Powers Ltd - India
- Xindia Steels Limited - India
- Salva Resources Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Bahari Cakrawala Sebuku - Indonesia
- Planning Commission, India
- Malabar Cements Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Romanian Commodities Exchange
- Karaikal Port Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Medco Energi Mining Internasional
- Toyota Tsusho Corporation, Japan
- Sree Jayajothi Cements Limited - India
- Bhushan Steel Limited - India
- Heidelberg Cement - Germany
- Gujarat Mineral Development Corp Ltd - India
- Wilmar Investment Holdings
- Latin American Coal - Colombia
- Binh Thuan Hamico - Vietnam
- Cigading International Bulk Terminal - Indonesia
- Samtan Co., Ltd - South Korea
- Economic Council, Georgia
- International Coal Ventures Pvt Ltd - India
- Agrawal Coal Company - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Port Waratah Coal Services - Australia
- Central Java Power - Indonesia
- Barasentosa Lestari - Indonesia
- Energy Development Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Altura Mining Limited, Indonesia
- Ministry of Mines - Canada
- Oldendorff Carriers - Singapore
- CNBM International Corporation - China
- Coal and Oil Company - UAE
- San Jose City I Power Corp, Philippines
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