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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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Saturday, 08 August 09
TWO / THREE YEAR CHARTER RATES FOR SUPRAMAX IS AROUND US$ 15,000-16,000 PER DAY - CAPT. REDDY
COALspot.com (Singapore): The dry bulk market tumbled this week and the BDI dropped by almost 17% and closed at 2,772 points.
The cape and panam ...
Saturday, 08 August 09
SULTAN MINING SIGNS P8-BILLION, 10-YEAR COAL-SUPPLY CONTRACT WITH KEPCO POWER CORP.
COAL developer Sultan Mining and Energy Development Corp. (SMEDC) reported on Thursday that its subsidiary MG Mining and Energy Corp. signed an P8-b ...
Friday, 07 August 09
NEED TO HIKE DOMESTIC PRICES - COAL INDIA
WSJ reported that, The chairman of Coal India Ltd., the country's biggest coal producer, Friday said there was a need to hike domestic coal prices ...
Friday, 07 August 09
INDONESIA COAL NEWS UPDATES
PTBA to Produce 13 Million Tons
President Director of Tambang Batubara Bukit Asam (PTBA), Sukrisno has estimated coal production of the company th ...
Friday, 07 August 09
BALTIC DRY INDEX HAS WORST WEEK SINCE OCTOBER AS DEMAND SLOWS
Bloomberg reported that, The Baltic Dry Index, a measure of shipping costs for commodities, had its worst week since October as Chinese demand for s ...
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- Kideco Jaya Agung - Indonesia
- Aditya Birla Group - India
- Thai Mozambique Logistica
- Sarangani Energy Corporation, Philippines
- Videocon Industries ltd - India
- San Jose City I Power Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Ministry of Mines - Canada
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mercuria Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Commonwealth Bank - Australia
- The State Trading Corporation of India Ltd
- Toyota Tsusho Corporation, Japan
- Essar Steel Hazira Ltd - India
- Anglo American - United Kingdom
- South Luzon Thermal Energy Corporation
- The University of Queensland
- Rio Tinto Coal - Australia
- IEA Clean Coal Centre - UK
- Attock Cement Pakistan Limited
- Renaissance Capital - South Africa
- Singapore Mercantile Exchange
- Ceylon Electricity Board - Sri Lanka
- Energy Development Corp, Philippines
- Mercator Lines Limited - India
- Latin American Coal - Colombia
- Tamil Nadu electricity Board
- Bhoruka Overseas - Indonesia
- Siam City Cement PLC, Thailand
- Port Waratah Coal Services - Australia
- Economic Council, Georgia
- Therma Luzon, Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Lanco Infratech Ltd - India
- Minerals Council of Australia
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- Kartika Selabumi Mining - Indonesia
- Indika Energy - Indonesia
- Planning Commission, India
- Vijayanagar Sugar Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- GVK Power & Infra Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Manunggal Multi Energi - Indonesia
- Karaikal Port Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- PowerSource Philippines DevCo
- Meralco Power Generation, Philippines
- Parliament of New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dalmia Cement Bharat India
- Trasteel International SA, Italy
- Kalimantan Lumbung Energi - Indonesia
- Edison Trading Spa - Italy
- Goldman Sachs - Singapore
- Electricity Authority, New Zealand
- Kaltim Prima Coal - Indonesia
- Barasentosa Lestari - Indonesia
- Marubeni Corporation - India
- Ministry of Transport, Egypt
- Central Java Power - Indonesia
- Iligan Light & Power Inc, Philippines
- Independent Power Producers Association of India
- Riau Bara Harum - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Madhucon Powers Ltd - India
- SN Aboitiz Power Inc, Philippines
- Star Paper Mills Limited - India
- Georgia Ports Authority, United States
- Jindal Steel & Power Ltd - India
- Chettinad Cement Corporation Ltd - India
- Binh Thuan Hamico - Vietnam
- Banpu Public Company Limited - Thailand
- Borneo Indobara - Indonesia
- Energy Link Ltd, New Zealand
- Antam Resourcindo - Indonesia
- McConnell Dowell - Australia
- Straits Asia Resources Limited - Singapore
- Indian Energy Exchange, India
- Bhatia International Limited - India
- Mjunction Services Limited - India
- Bukit Baiduri Energy - Indonesia
- SMC Global Power, Philippines
- ASAPP Information Group - India
- Metalloyd Limited - United Kingdom
- Kobexindo Tractors - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- CIMB Investment Bank - Malaysia
- Uttam Galva Steels Limited - India
- LBH Netherlands Bv - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- Aboitiz Power Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Sidhee Cement - India
- Indonesian Coal Mining Association
- Kohat Cement Company Ltd. - Pakistan
- Billiton Holdings Pty Ltd - Australia
- Heidelberg Cement - Germany
- TeaM Sual Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Globalindo Alam Lestari - Indonesia
- Wilmar Investment Holdings
- Deloitte Consulting - India
- Agrawal Coal Company - India
- OPG Power Generation Pvt Ltd - India
- Bangladesh Power Developement Board
- Samtan Co., Ltd - South Korea
- Miang Besar Coal Terminal - Indonesia
- Sical Logistics Limited - India
- Africa Commodities Group - South Africa
- GN Power Mariveles Coal Plant, Philippines
- New Zealand Coal & Carbon
- Sree Jayajothi Cements Limited - India
- Maheswari Brothers Coal Limited - India
- Orica Mining Services - Indonesia
- Orica Australia Pty. Ltd.
- Central Electricity Authority - India
- Bhushan Steel Limited - India
- Chamber of Mines of South Africa
- Meenaskhi Energy Private Limited - India
- Bharathi Cement Corporation - India
- Oldendorff Carriers - Singapore
- Altura Mining Limited, Indonesia
- Kapuas Tunggal Persada - Indonesia
- White Energy Company Limited
- London Commodity Brokers - England
- VISA Power Limited - India
- Petron Corporation, Philippines
- ICICI Bank Limited - India
- Cement Manufacturers Association - India
- Jaiprakash Power Ventures ltd
- Australian Coal Association
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sakthi Sugars Limited - India
- Coal and Oil Company - UAE
- Romanian Commodities Exchange
- SMG Consultants - Indonesia
- IHS Mccloskey Coal Group - USA
- Pendopo Energi Batubara - Indonesia
- Salva Resources Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Savvy Resources Ltd - HongKong
- India Bulls Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Wood Mackenzie - Singapore
- Bukit Makmur.PT - Indonesia
- Eastern Energy - Thailand
- Indian Oil Corporation Limited
- Xindia Steels Limited - India
- Global Coal Blending Company Limited - Australia
- Indo Tambangraya Megah - Indonesia
- Standard Chartered Bank - UAE
- Maharashtra Electricity Regulatory Commission - India
- Eastern Coal Council - USA
- Makarim & Taira - Indonesia
- Intertek Mineral Services - Indonesia
- Posco Energy - South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Ind-Barath Power Infra Limited - India
- MS Steel International - UAE
- Sojitz Corporation - Japan
- Mintek Dendrill Indonesia
- Electricity Generating Authority of Thailand
- The Treasury - Australian Government
- Pipit Mutiara Jaya. PT, Indonesia
- Timah Investasi Mineral - Indoneisa
- Interocean Group of Companies - India
- AsiaOL BioFuels Corp., Philippines
- Leighton Contractors Pty Ltd - Australia
- Larsen & Toubro Limited - India
- Holcim Trading Pte Ltd - Singapore
- Semirara Mining and Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- Baramulti Group, Indonesia
- Ambuja Cements Ltd - India
- Coastal Gujarat Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Jorong Barutama Greston.PT - Indonesia
- CNBM International Corporation - China
- Kumho Petrochemical, South Korea
- Carbofer General Trading SA - India
- Semirara Mining Corp, Philippines
- Simpson Spence & Young - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Vedanta Resources Plc - India
- Medco Energi Mining Internasional
- Price Waterhouse Coopers - Russia
- Parry Sugars Refinery, India
- PTC India Limited - India
- Coalindo Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Indogreen Group - Indonesia
- Siam City Cement - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Malabar Cements Ltd - India
- Directorate Of Revenue Intelligence - India
- Grasim Industreis Ltd - India
- Global Business Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Krishnapatnam Port Company Ltd. - India
- Merrill Lynch Commodities Europe
- Vizag Seaport Private Limited - India
- PNOC Exploration Corporation - Philippines
- Australian Commodity Traders Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- GMR Energy Limited - India
- Power Finance Corporation Ltd., India
- GAC Shipping (India) Pvt Ltd
- Kepco SPC Power Corporation, Philippines
- Thiess Contractors Indonesia
- Ministry of Finance - Indonesia
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