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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, 07 August 09
COAL-PRICE FORECAST RAISED AT MERRILL ON CHINA, INDIA DEMAND
Bloomberg reported that, Bank of America Corp.’s Merrill Lynch & Co. unit increased its price forecast for Asian power-station coal becaus ...
Friday, 07 August 09
CHINESE DEMAND FOR FOREIGN COAL SOARS
Mining Weekly reported that, Chinese coal imports rocketed by 126,3%, year-on-year, in the first half of this year, the country’s customs auth ...
Thursday, 06 August 09
RICHARDS BAY COAL SHIPMENTS FELL 3% ON YEAR IN JULY
Bloomberg reported that, Richards Bay Coal Terminal, Africa’s largest coal-export facility, exported 3 percent less of the fuel in July than i ...
Thursday, 06 August 09
NTPC LOOKS TO BYPASS STATE TRADING FIRMS ON COAL IMPORT
A reduced coal import bill for NTPC could lead to lower power tariffs
Live mint.com reported that, India’s largest power generation utility ...
Thursday, 06 August 09
CHINA JULY COAL IMPORTS AT 9.5 MLN T, DEMAND FIRM
* Coal imports at key ports in July 2.8 times year-ago levels
* July coal imports down nearly 40 percent from June
* China still buying overseas c ...
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- McConnell Dowell - Australia
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- Bukit Makmur.PT - Indonesia
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- Samtan Co., Ltd - South Korea
- Wilmar Investment Holdings
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- Bulk Trading Sa - Switzerland
- Bahari Cakrawala Sebuku - Indonesia
- Coastal Gujarat Power Limited - India
- Goldman Sachs - Singapore
- Ministry of Mines - Canada
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- Aditya Birla Group - India
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- Mercator Lines Limited - India
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- Planning Commission, India
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- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Electricity Regulatory Commission - India
- PTC India Limited - India
- Savvy Resources Ltd - HongKong
- Meenaskhi Energy Private Limited - India
- Orica Australia Pty. Ltd.
- Mintek Dendrill Indonesia
- Semirara Mining and Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Mjunction Services Limited - India
- Australian Coal Association
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- Petrochimia International Co. Ltd.- Taiwan
- Sindya Power Generating Company Private Ltd
- Krishnapatnam Port Company Ltd. - India
- SMG Consultants - Indonesia
- Merrill Lynch Commodities Europe
- Malabar Cements Ltd - India
- Kapuas Tunggal Persada - Indonesia
- GMR Energy Limited - India
- Thai Mozambique Logistica
- Antam Resourcindo - Indonesia
- Siam City Cement PLC, Thailand
- Salva Resources Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Kideco Jaya Agung - Indonesia
- Standard Chartered Bank - UAE
- IHS Mccloskey Coal Group - USA
- Sakthi Sugars Limited - India
- ASAPP Information Group - India
- Coalindo Energy - Indonesia
- Barasentosa Lestari - Indonesia
- LBH Netherlands Bv - Netherlands
- Global Green Power PLC Corporation, Philippines
- Ambuja Cements Ltd - India
- Directorate Of Revenue Intelligence - India
- Miang Besar Coal Terminal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- AsiaOL BioFuels Corp., Philippines
- Karaikal Port Pvt Ltd - India
- Coal and Oil Company - UAE
- The Treasury - Australian Government
- Chamber of Mines of South Africa
- Kohat Cement Company Ltd. - Pakistan
- Xindia Steels Limited - India
- Anglo American - United Kingdom
- Uttam Galva Steels Limited - India
- Aboitiz Power Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Bharathi Cement Corporation - India
- Grasim Industreis Ltd - India
- Sojitz Corporation - Japan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jaiprakash Power Ventures ltd
- Indika Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- ICICI Bank Limited - India
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- IEA Clean Coal Centre - UK
- TeaM Sual Corporation - Philippines
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- Therma Luzon, Inc, Philippines
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- Straits Asia Resources Limited - Singapore
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- CIMB Investment Bank - Malaysia
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- Georgia Ports Authority, United States
- White Energy Company Limited
- SMC Global Power, Philippines
- Bhushan Steel Limited - India
- Singapore Mercantile Exchange
- Cement Manufacturers Association - India
- Petron Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Bhoruka Overseas - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Interocean Group of Companies - India
- Global Coal Blending Company Limited - Australia
- Indian Energy Exchange, India
- Ministry of Transport, Egypt
- Edison Trading Spa - Italy
- Independent Power Producers Association of India
- Carbofer General Trading SA - India
- Economic Council, Georgia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Essar Steel Hazira Ltd - India
- Lanco Infratech Ltd - India
- Chettinad Cement Corporation Ltd - India
- The University of Queensland
- Commonwealth Bank - Australia
- Baramulti Group, Indonesia
- New Zealand Coal & Carbon
- Eastern Coal Council - USA
- Formosa Plastics Group - Taiwan
- Trasteel International SA, Italy
- Sical Logistics Limited - India
- Ministry of Finance - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Minerals Council of Australia
- Globalindo Alam Lestari - Indonesia
- Australian Commodity Traders Exchange
- Posco Energy - South Korea
- Bayan Resources Tbk. - Indonesia
- Eastern Energy - Thailand
- Maheswari Brothers Coal Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Sidhee Cement - India
- Wood Mackenzie - Singapore
- European Bulk Services B.V. - Netherlands
- Medco Energi Mining Internasional
- Kumho Petrochemical, South Korea
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- Bhatia International Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
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- Indo Tambangraya Megah - Indonesia
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- Semirara Mining Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Siam City Cement - Thailand
- Parliament of New Zealand
- Indogreen Group - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- Africa Commodities Group - South Africa
- Thiess Contractors Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Central Java Power - Indonesia
- Larsen & Toubro Limited - India
- Meralco Power Generation, Philippines
- London Commodity Brokers - England
- VISA Power Limited - India
- Makarim & Taira - Indonesia
- Parry Sugars Refinery, India
- GAC Shipping (India) Pvt Ltd
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- Rio Tinto Coal - Australia
- MS Steel International - UAE
- Metalloyd Limited - United Kingdom
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- Bank of Tokyo Mitsubishi UFJ Ltd
- Port Waratah Coal Services - Australia
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