We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
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
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Monday, 10 August 09
POLICY HURDLES DELAY NALCO'S U$$ 4.166 BILLION OVERSEAS PROJECTS
National Aluminium Company Ltd's (NALCO) greenfield projects in overseas markets like Indonesia and Iran are in limbo because of political
...
Monday, 10 August 09
SAIL, TATA STEEL TO REDUCE COAL IMPORTS BY PARADIP PORT
World Shipping News reported that, Steel Authority of India Ltd (SAIL) and Tata Steel have scaled down coal imports through Paradip Port, hit by pre ...
Monday, 10 August 09
NTPC LIKELY TO SET UP POWER PLANTS IN NIGERIA AND SRILANKA
Economic time reported that, National Thermal Power Corporation Limited (NTPC), country's largest power utility, is likely to set up power plants i ...
Monday, 10 August 09
VINACOMIN TO SELL COAL AT MARKET PRICES TO DOMESTIC USERS
VNBusinessNews.com - Reuters reported that Vietnamese government has agreed to let coal monopoly Vinacomin sell coal at market oriented prices to do ...
Sunday, 09 August 09
TNEB ENNORE PORT CALLS TO TRIPLE COAL OUTPUT
World Shipping News reported that, the Tamil Nadu Electricity Board (TNEB) has asked Ennore Port Ltd (EPL) to increase the port’s installed ca ...
|
|
|
Showing 6521 to 6525 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Miang Besar Coal Terminal - Indonesia
- Australian Coal Association
- International Coal Ventures Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Asmin Koalindo Tuhup - Indonesia
- Jindal Steel & Power Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Petron Corporation, Philippines
- Gujarat Sidhee Cement - India
- European Bulk Services B.V. - Netherlands
- Krishnapatnam Port Company Ltd. - India
- Posco Energy - South Korea
- Georgia Ports Authority, United States
- Bhatia International Limited - India
- Ministry of Transport, Egypt
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- White Energy Company Limited
- Kapuas Tunggal Persada - Indonesia
- Chamber of Mines of South Africa
- Leighton Contractors Pty Ltd - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Maharashtra Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- Economic Council, Georgia
- Parliament of New Zealand
- Sakthi Sugars Limited - India
- Global Green Power PLC Corporation, Philippines
- Tamil Nadu electricity Board
- Heidelberg Cement - Germany
- Simpson Spence & Young - Indonesia
- GVK Power & Infra Limited - India
- Planning Commission, India
- Bukit Asam (Persero) Tbk - Indonesia
- Metalloyd Limited - United Kingdom
- Australian Commodity Traders Exchange
- Rashtriya Ispat Nigam Limited - India
- Intertek Mineral Services - Indonesia
- Indian Oil Corporation Limited
- SMG Consultants - Indonesia
- Kideco Jaya Agung - Indonesia
- Deloitte Consulting - India
- ASAPP Information Group - India
- Attock Cement Pakistan Limited
- Bayan Resources Tbk. - Indonesia
- Ministry of Mines - Canada
- Edison Trading Spa - Italy
- CNBM International Corporation - China
- Independent Power Producers Association of India
- Sinarmas Energy and Mining - Indonesia
- McConnell Dowell - Australia
- Orica Australia Pty. Ltd.
- Borneo Indobara - Indonesia
- CIMB Investment Bank - Malaysia
- MS Steel International - UAE
- Mintek Dendrill Indonesia
- Bukit Makmur.PT - Indonesia
- Timah Investasi Mineral - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Kartika Selabumi Mining - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- LBH Netherlands Bv - Netherlands
- Essar Steel Hazira Ltd - India
- Ind-Barath Power Infra Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Singapore Mercantile Exchange
- Kalimantan Lumbung Energi - Indonesia
- Bharathi Cement Corporation - India
- IEA Clean Coal Centre - UK
- Bulk Trading Sa - Switzerland
- Barasentosa Lestari - Indonesia
- Directorate Of Revenue Intelligence - India
- Xindia Steels Limited - India
- Bhoruka Overseas - Indonesia
- Wood Mackenzie - Singapore
- Gujarat Electricity Regulatory Commission - India
- Anglo American - United Kingdom
- Merrill Lynch Commodities Europe
- Rio Tinto Coal - Australia
- OPG Power Generation Pvt Ltd - India
- Star Paper Mills Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Orica Mining Services - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Aditya Birla Group - India
- GN Power Mariveles Coal Plant, Philippines
- Makarim & Taira - Indonesia
- Thiess Contractors Indonesia
- Aboitiz Power Corporation - Philippines
- Trasteel International SA, Italy
- Grasim Industreis Ltd - India
- Kepco SPC Power Corporation, Philippines
- PTC India Limited - India
- AsiaOL BioFuels Corp., Philippines
- Africa Commodities Group - South Africa
- Larsen & Toubro Limited - India
- Chettinad Cement Corporation Ltd - India
- Standard Chartered Bank - UAE
- Iligan Light & Power Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Savvy Resources Ltd - HongKong
- The University of Queensland
- TeaM Sual Corporation - Philippines
- South Luzon Thermal Energy Corporation
- Gujarat Mineral Development Corp Ltd - India
- Coal and Oil Company - UAE
- Toyota Tsusho Corporation, Japan
- Semirara Mining Corp, Philippines
- Commonwealth Bank - Australia
- Billiton Holdings Pty Ltd - Australia
- Sree Jayajothi Cements Limited - India
- Cement Manufacturers Association - India
- Petrochimia International Co. Ltd.- Taiwan
- Malabar Cements Ltd - India
- Ambuja Cements Ltd - India
- Samtan Co., Ltd - South Korea
- Energy Link Ltd, New Zealand
- Baramulti Group, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Parry Sugars Refinery, India
- Salva Resources Pvt Ltd - India
- Bhushan Steel Limited - India
- Goldman Sachs - Singapore
- Mjunction Services Limited - India
- Alfred C Toepfer International GmbH - Germany
- Indika Energy - Indonesia
- Electricity Authority, New Zealand
- Kobexindo Tractors - Indoneisa
- Mercator Lines Limited - India
- Global Business Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Jaiprakash Power Ventures ltd
- Indian Energy Exchange, India
- Ministry of Finance - Indonesia
- Energy Development Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Sindya Power Generating Company Private Ltd
- Sojitz Corporation - Japan
- Mercuria Energy - Indonesia
- PowerSource Philippines DevCo
- Madhucon Powers Ltd - India
- Latin American Coal - Colombia
- Coalindo Energy - Indonesia
- Renaissance Capital - South Africa
- Uttam Galva Steels Limited - India
- Straits Asia Resources Limited - Singapore
- ICICI Bank Limited - India
- New Zealand Coal & Carbon
- Riau Bara Harum - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Meralco Power Generation, Philippines
- Altura Mining Limited, Indonesia
- Sarangani Energy Corporation, Philippines
- The Treasury - Australian Government
- India Bulls Power Limited - India
- Karaikal Port Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Meenaskhi Energy Private Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Siam City Cement - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thai Mozambique Logistica
- Medco Energi Mining Internasional
- Therma Luzon, Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- PNOC Exploration Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Globalindo Alam Lestari - Indonesia
- London Commodity Brokers - England
- Carbofer General Trading SA - India
- Indogreen Group - Indonesia
- Eastern Energy - Thailand
- Siam City Cement PLC, Thailand
- Central Java Power - Indonesia
- Antam Resourcindo - Indonesia
- Wilmar Investment Holdings
- Indonesian Coal Mining Association
- Banpu Public Company Limited - Thailand
- Binh Thuan Hamico - Vietnam
- GMR Energy Limited - India
- Minerals Council of Australia
- San Jose City I Power Corp, Philippines
- Romanian Commodities Exchange
- Vizag Seaport Private Limited - India
- Electricity Generating Authority of Thailand
- Dalmia Cement Bharat India
- SMC Global Power, Philippines
- Port Waratah Coal Services - Australia
- Central Electricity Authority - India
- Semirara Mining and Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Sical Logistics Limited - India
- Interocean Group of Companies - India
- Ceylon Electricity Board - Sri Lanka
- Oldendorff Carriers - Singapore
- Marubeni Corporation - India
- Cigading International Bulk Terminal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kumho Petrochemical, South Korea
- Formosa Plastics Group - Taiwan
- Tata Chemicals Ltd - India
- Coastal Gujarat Power Limited - India
- VISA Power Limited - India
- Power Finance Corporation Ltd., India
- Bangladesh Power Developement Board
- Global Coal Blending Company Limited - Australia
- The State Trading Corporation of India Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Eastern Coal Council - USA
- Agrawal Coal Company - India
- Videocon Industries ltd - India
- Vedanta Resources Plc - India
- Bukit Baiduri Energy - Indonesia
- Lanco Infratech Ltd - India
|
| |
| |
|
