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Athens News Agency: News in English, 09-09-18

Athens News Agency: News in English Directory - Previous Article - Next Article

From: The Athens News Agency at <>


  • [01] NBG on shipping sector
  • [02] ASE opening: Small rise
  • [03] Athens Newspaper Headlines

  • [01] NBG on shipping sector

    ANA-MPA/The most remarkable expansionary cycle in recent shipping market history ended in the second half of 2008, when the more severe phase of the international financial crisis hit the world economy hard, driving dry bulk freight rates down 93 per cent from their historical high reached in June 2008, and 76 per cent below their 10 year average, the National Bank of Greece said in its monthly bulletin Thursday.

    Nevertheless, the upturn in demand for commodities from China in the first half of 2009, and successful short-term supply management practices by shipowners, triggered a strong rebound in dry market freight rates in second quarter of 2009, (up by 360 per cent in late-August despite the significant correction during the July-August period).

    The NBG analysis suggests that the current level of freight rates is not sustainable unless large adjustments take place on the supply side, in the form of cancellations of high outstanding ship orders, as well as increased scrapping.

    Specifically, despite NBG Research's estimated pick-up in demand for dry bulk shipping by 6.3 per cent y-o-y during 2010-2011, and an estimated level of cancellations equal to 100 million dwt during 2009-2011, combined with scrapping amounting to 70 million dwt (out of a total bulker fleer size of 418 million dwt), the BDI level is projected to fall below 2000 in 2010 before rising to 2750 in 2011, approaching its 10-year average of 2870 - a respectable outcome in view of the size of the initial disequilibrium.

    Similarly, in the tanker market, the NBG Research projects that demand will pick up by 5.3 per cent y-o-y between 2010-2011 and that about 35 million dwt of single-hull tankers will be scrapped (out of a total tanker fleet size of 390 million dwt as of end-2008), in conjunction with order cancellations of about 40 million dwt, thus pushing tanker freights 45 per cent above their current relatively depressed levels, but to 20 per cent below their 10-year average.

    With Greek shipowners expected to participate proportionately in the supply adjustment, total revenue from the shipping sector in the Greek economy is not projected to recover until 2011, implying that the Greek merchandise shipping sector will exert a net drag on Greek GDP growth of about 0.4 of a percentage point in both 2009 and 2010, and will have a positive contribution of 0.3 of a percentage point in 2011.

    [02] ASE opening: Small rise

    Equity prices were slightly rising at the opening of trade on Friday on the Athens Stock Exchange (ASE), with the basic share price index up 0.01 percent, standing at 2,547.22 points at 11:05 a.m., and turnover at 4.2 million euros.

    The biggest gains were in Food and Beverages, up 3.45 percent; Industrial Products up 1.82 percent; and Public Utilities, up 0.69 percent.

    The biggest losses were in Chemicals, down 0.75 percent; Insurance, down 0.64 percent; and Banks, down 0.56 percent.

    The FTSE/ASE 20 index for blue chip and heavily traded stocks was down 0.22 percent, the FTSE/ASE MID 40 index was up 0.01 percent, and the FTSE/ASE-80 small cap index was up 0.22 percent.

    Of the stocks moved, 41 were up, 50 were down, and 28 were unchanged.

    [03] Athens Newspaper Headlines

    The Friday edition of Athens dailies at a glance

    The parties' campaigns ahead of the October 4 general elections, leaders' TV debate set for 21 Sept, and MIG (new owner of Olympic Airlines) vice president Andreas Vgenopoulos' innuendos against Aegean Airlines on flight itineraries' distribution, dominated the headlines on Friday in Athens' headlines.

    ADESMEFTOS TYPOS: "Monday's debate among the leaders of the six man parties contesting the elections...One of the same...".

    APOGEVMATINI: "Main opposition PASOK party leader George Papandreou's statement on Burgas-Alexandroupolis oil pipeline annoyed Moscow".

    AVGHI: "Enough with the unemployment figures - Official report puts unemployment to 8.9 percent in the second quarter of 2009".

    AVRIANI: "The party is over in air transportation - Vgenopoulos warning in all directions for a clean agenda and healthy competition among airlines".

    ELEFTHRI ORA: "Vgenopoulos points at Foreign Minister Dora Bakoyannis as being behind an irregular assignment of a flight itinerary to Aegean Airlines".

    ELEFTHEROTYPIA: "Voters' 'flow' to PASOK freezes ND".

    ESTIA: "Institutions are being breached ".

    ETHNOS: "Opinion poll foresees crushing defeat for Karamanlis in elections".

    KATHIMERINI: "PASOK leads steadily in opinion polls".

    LOGOS: "Hard bargaining over the Karamanlis-Papandreou one-on-one debate (on Tuesday)".

    NIKI: "41 percent, George (Papandreou) full speed ahead for self-sufficient government".

    RIZOSPASTIS: "Socially senseless state at ND's, PASOK's responsibility".

    TO VIMA: "Successors ready! The succession race has begun in ruling New Democracy".

    VRADYNI: "Papandreou afraid to confront Prime Minister Costas Karamanlis in one-on-one TV debate".

    Athens News Agency: News in English Directory - Previous Article - Next Article
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