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- - , - ... 23 , - -, bachelor - , , , online sites , - . , : 368 , . - , . , , -, , .

EDITORIAL

- , , - -

, - . 1980 - - . 1988, - , - . - - -, , - . - , - . - - , - 60% ., , - 25. , , - -, World Energy Outlook 2012, - (International Energy Agency), 2035 - 5,9 , -, -, 2011. - -. - -, 3 . 2012-2035,

08

, .

09

1.400 . . , . , , -, . . - . 1994 - , - . , 2364, , . 2004 - -, - 148 MW, .. 2005 - - 390 W Elpedison .. 2008 - - 334 MW, . 2010 ( - 435 MW), 2010 Elpedison, - , 421 MW. . . - . 2.200.000 KWh , . -, , .

( ), -, - . - . , - , - , -, , . , , 90%. ., , . 2000, - ( LNG) , -, () - . 51% - 49% , management. - () . , - .

| |

10

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, -, . - : - , - , - - , . , O - . , O - . ; , - -, -, ... , - - , . , , , - - .

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. , -. , - ( ) . - . - , . , .

12

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, . , , , ... ;, . , . , , . ;, . . ;, . , - , . - , . , -, - , -. , , - . , , . , -- , , 15%, - - . , - -

, . , , - , , . -, . ... 2007

2010 20%, . -, 0% . - 15,6% 120% ... -. - -

. -. - , , . - - - . , - , . , - : . -

, - - , - -

-. , - - , -

> MALEvITIS@REPORTER.GR

13

. , - - - -

, - - . , - - .

: - , - , - -. , - - . - . -

2014 , . , 2013 .

. . - - . - - - Eurogroup . - . , - -. 2012-- 2013 - -. - . - - , - 15 . , - - . , - . - - .

. - - -. - - , -: -. - . - -. 2009 2012 ... 9 -. - -: 15 . , -, 2008 15% ..., 2012 2,9%. : - 2010-2012 75% - - 2001-2009. - - . - -. . - , , ., - , - - . -, , -.

O

14

HN FED

| |

15

Fed, assets , sell-off .

- -

- - .

FED - -

Fed - , - Fed - . , : - - - Q.E., Q.E. - - . Dennis Gartman, The Gartman Letter, - Fed , bullish , - . , - . - ,

bullish . Gartman Fed, Q.E., Fed assets, - ... Fed - . Gartman .

K sEll; -

, funds - . - - , - .O BofA Merrill Lynch -

, - - 99% 2002 , - . Bull & Bear BofA, o - hedge funds , long , - - . 9,6 ( 0 bearish 10 bullish). - - 99% - , . - , hedge funds .

16

J.P.M. . ,

BNP Paribas , , , - -10% -, - Love/Panic BNP Paribas - sell, buy, sell. , , . , - , , . - , - .

DEutCHE BaNK:

Deutsche Bank - - , - . options , - - premium. , -

, , - vIX, , , trade - .H Deutsche Bank - - , , - , , , - . D : ) - call option 2013 0,6% spot, ) , call 105-115% spread 2013, 105-115 2,2% spot.

soCiEtE GENEralE: BluE CHips

A blue chips (Stoxx Europe 50) - - - , Socit Gnrale. Euro Stoxx 50 blue chips . Euro Stoxx 50 -

Stoxx Europe 50 10,5% ..., . Mario Draghi, , - . - , beta.O beta , Stoxx Europe 50, - beta 0,7% Euro Stoxx 50, - . - (, , ), SocGen -, Stoxx Europe 50. Stoxx Europe 50 , - .

GolDmaN saCHs: a Peter Oppenheimer, -

Goldman Sachs, - - - . -, , -

| |

17

., , 12 , - . , PMI, - -, - , , - , 2014. Ian Harnett, - Absolute Strategy, - , sell-off , - . , - 10% . - . , , - , - - . Goldman Sachs , , - - . Bunds - -

, , - , - . - - , , Goldman. - 3% - , , , - 2016.

J. p. morGaN:

- , , - J. P. Morgan Asset Management, , , , - risk assets - , - - . , - -

- ..., - . - , - - . , , . - , -, , , - . , - -, 200 , 80%. Credit Suisse, , - , . - J.P.M., - . , - -

, FuNDS . ,

18

- . , o o , - , ., - -. - -. - . ..., , - -

, ,

-

Chevreux, , , - 5 10% . - , - . - - , . -

Russell Investments, . Wouter Sturkenboom, - , , . - - 5 10% p/e MSCI Europe - 10,5 - 11,8, - . Stewart Richard-son, RMG Wealth Management, - - bullish - . , , . -, , - , , Ouri Mimran Natixis. , , .

| |

19

20

-, , - - - -

1,40 . -

.

BNP PariBas BNP Paribas, - Fed PMI bullish 1,38 . -

- , Wolfgang Schaeuble, , - -, - . bullish -

2012 , PMI , 1,37, 2011.

O

;

21

, BNP Paribas - long 1,2305, - 1,20, 1,28 .

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| |

. assets - , , -, assets - . MS, (dovish) ... assets , - .

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... - .

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30 , Thomson Reuters StarMine. , - Bank of America Merrill Lynch ... - - , Morgan Stanley . , - - , .

- , Morgan Stanley - - , - , ., - -, , , , -, -

. , , - , . - . , - - funds - .

fuNds - overweight - , , -, , , Kevin Lilley, Old Mutual AM, - 1,40 1,45.H Bank of America Merrill Lynch - - sell, -, - , , , . -

, - p/e , -, Thomson Reuters DataStream. , , A . , A , Morgan Stanley. funds ... , - . - 10%, - . - - - ... assets, , - Srivastava Standish. , - - - . Standish overweight - , -, - , , , .

1,40 ... Laissez-faire , , GoLdman sacHs

22

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| |

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23

| oiKoNomia |

24

, - - -

.... - - , , - , -. - - Eurobank - - ...

. - . - - - . - . , - . , , ,

, . - . - ..., . 2013 200 230 . , 1,5% ... ... 1 , - , - 85 . . 2013 0,5% ...

, 7% ... 2012 5% ... 2013, , , - ... . - - - - ... - , - . - - - - . , .

25

. - 2013 - , - - , -. - -, - - ... - 2013 . -, , , . ... ... 2012 ( 1,8% 2011 2,2% 2012), - . - 0,1% 2012 , - - - . - .

, - 2013 1 1,5 - ... 2013, 1,8%. - -, 1,3% 2013. 2013 , - ..., . -. -, ... - . , , -

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, -. -

, .

31

- hedge funds. - distressed asset disinvesting -. , - , - , - , .. , .

, Alpha - , 280 300 . , 170 180 . Credit Agricole, -

| |

Emporiki Bank. - fund -, - management Alpha - . , Alpha - funds - . , 800 . , funding gap - ., , - , 450 460 . . , fund PPF, Millennium.

, & HEDGE FuNDS. DISTRESSED ASSET DISINvESTING

32

33

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35

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| |

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| |

44

2012 27 - - , , , Stealth Gas, Ocean Rig Aegean Marine Petroleum, . - Stealth Gas ( ), - (- 95,25%) 2013 -, 10 - ( 7,93 .). Ocean Rig (. ) 2012 21,80%, 2013, 2012. Aegean Marine Petroleum (- , ) - 21,40% . - -, 5 ., 2013. Diana Containerships, -, 4,86%. 6,04 . 2012, 6,7 . .

2013 2012

Capital proDuCt partNErs

7,75 ., , 2012. - 6,42 . 3 2012 28 6,33 ., 1,40%. 8,74 . 30 . Capital Product Partners, -, 2012 432,1 . . 24 Capesize bulk carrier, 1,12 . . 496,2 . .

CostamarE

- 2013 (13,92 .) 2012. H - 57 Containerships - 329.000 teus, - - . , 14,54 . 3 2012,

- - ( ), , - . - , - , , - , - . 2013 , - - ... - . , , -. , Euroseas, - , 2013 2014. - - .

2013 , ... .

45

28.12.2012 13,66 ., - 6,05%. 9,74 , 22 . - 926,15 . . - 2,2 . . 1,54 . . 300 . .

DaNaos CorporatioN

3,44 ., - 2013, -, 2,75 . 2012. 24,05%. Danaos, 64 - , - 283,87 . . 9,9 - ( ) 5,1 . . 2028. 4,59 ., 8 .

DiaNa sHippiNG

NYSE . , Diana Shipping, - . 26.2.2013 8,49 ., 7,20 . 28.12.2012. -

2012. 7,80 . 3 , 28.12 7,20 ., 7,69%. - 14 , 9,87 . 31 , - 3,4 . dwt. - 582 . ., 1,73 . . . , Diana Containerships, 2012, 26.2.2013 6,56 . 4,86%, , 2012. - 187 . . - .

DrysHips

2013 -. 1,93 . 26.2.2013 2012. 26,51%. 2,15 3 , 28.12 1,58 . - 3,74 . 14 . , - 46 (- ),

5,1 . dwt, ( ) 1,6 . dwt 75% Ocean Rig, - 770 . . assets 9 . . - 4,45 . .

EurosEas

- 26.2 0,98 . , 15 , 10 containerships , 2012 38,88 . . , 2,44 . 3 , 28/12 0,86 ., - 64,75%. 3,05 ., 13 .

GasloG

GasLog, , - - (LNG Carriers). - 2012. , 12,41 . 30 , 28.12 12,11 ., 2,42%. 12,54 . 26 , , - 26.2 12.85 . 761,27 . . - LNG Carriers, .

GolDENport HolDiNGs

Goldenport, . , - - . , 65,50 3 , -

| |

46

. 3 2012, 28.12, 4,01 ., 53,91%. Box Ships - containerships, - , 43.925 teus.

top sHips

2012 Topships. - 1,70 . 3 2012 28.12 0,94 ., 44,71%. 3,84 . 22 . 16,12 . .

tsaKos ENErGy aviGatioN

2013 - Tsakos Energy avigation, NYSE . 2012 29,84%. 8,79 . 29 3,7 . 2,5 . . - 1,47 . . 51 , - 49 - - (LNG carriers). LNG

Carrier Shuttle Tankers . - 1,1 . .

Navios HolDiNGs, partNErs & aCquisitioN

Navios Holdings - 51 , 5,1 . dwt, 30 - 21 ., . Navios Holdings 26.2.2013 - 3,63 ., 2012, 10,33%. - 2,86 . . 1,69 . . , avios Maritime Partners, - 748,9 . . 26.2.2013 13,43 ., - 2012, 18,60%. 964.662 . 358,542 . . 21 2.259.103 dwt. -

28.12 37,50 , - 42,75%. 36,91 26.2. - 90,75 , 5 . 35,09 . 23 , 11 containerships 12 dry bulk carriers.

NEwlEaD

0,46 . 3 28.12 0,41 ., 10,87%. 26.2 0.78 . 2012 8,16 . . - , . NewLead - -, 578,3 . ., 108 . .

paraGoN sHippiNG

2013, . 2012. , 6,80 . 3 2012, 28.12 2,18 ., - 67,94%. - 9,50 . 14 - 2012. 2,5 ., 26.2 2,83 . . - -, 14 , - , containerships. . , ox Ships, 2013, 26.2.2013 5,53 . , 8,70

47

Navios Maritime Acquisition, - 26.2.2013 3,09 ., - . 2012 21,69%, - 3,66 , 2 . 1,35 . . - 1,12 . . 19 10 - 86,31 . .

ExCEl maritimE

0,49 . 26.2.2013 Excel Mari-time, . 2012 . 1,62 . 3 , - 28.12 0,42 ., - 74,07%. 40 -, 4,1 . dwt, 40 . ., 2,63 . . 1,12 . . - , 780 . .

FrEEsEas

-

Freeseas 2013. 26.2.2013 0,86 . 2,5 . 2012 83,33%.

GloBus maritimE limitED

2012 Globus Maritime. 26.2.2013 2,05 . 28.12.2012 1,55 ., 60,26%. Globus .

HEllENiC CarriErs

Hellenic Carriers AIM . - 26.2.2013 18,50 . 2012 : 41,50 3 -, 28.12 16,00 , 61,45% 43,50 -, 13 . .

saFE BulKErs

Safe

Bulkers, . , 6,22 . 3 2012, 28.12 3,33 ., 46,46%. - , , , - 26.2.2013 3,83 . 24 - , 2003. , .

star BulK CarriErs Corp.

. , 2012 57,20%. 2013 , - , . . , 14 , - 1,47 . dwt.

sEaNErGy maritimE

, Seanergy Maritime . 26.2.2013 2,01 . 1 - 50,88%. - 14 , - 781.561 dwt.

, , ,

| |

48

G. MoundreaS & Co.

49

BDI 750 25 , - . -

22 740 - Capes, - .

| / |

, Capes 1.335 - 5.216 . , Panamax 909 7,253

. , Supramax 717 7.494 . handysize 412 - 6.127 . . - Iron ore Coal Grains. - Iron Ore, , , - 66,9 . , 2010. - . - - 158 ./, . Iron Ore 170 ./ , -

- . Grains, , ..., , 72,5 . - 2011-2012 56,9 . 2012-2013, IGC (International Grains Council) 2012-2013 . -, , . - IHS ..., Panamax 13% 2012 2013 13%, 3 Iron Ore, Coal Grains. 40% Panamx Grains. - Safe Bulkers, , - Panamax, , - . - .

: G. Moundreas & Company S.A.

/ /

S/S D/D

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AMFIALOS

NIKKEI TIGER

VALPARAISO

VALBELLA

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AUSTIN ANGOL

71.749/1990 HITACHI ZOSEN

45.363/1997 OSHIMA

44.583/1998 STOCZ. SZCZECIN

44.583/1998 STOCZ. SZCZECIN

44.583/1998 STOCZ. SZCZECIN

44.583/1998 STOCZ. SZCZECIN

B&W

SULZER

SULZER

SULZER

SULZER

SULZER

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4X25

340

340

340

340

--

04/2017 04/2015

06/2013

08/2013

09/2013

04/2013

-

-

GRAB FITTED DELIVERy APRIL-MAyRICKMERS REEDERI

RICKMERS REEDERI

RICKMERS REEDERI

RICKMERS REEDERI

4,65

REGION8,5

EN-BLOC 20

EN-BLOC 20

EN-BLOC 20

EN-BLOC 20

50

| / |

/ /

S/S D/D

/

(. )

ELI MAERS

BRO IMTRES

BRO EASKEM

BRO EASKEM

308.491/2000 HyUNDAI H.I

4.718/1998 SASAKI ZOSEN

4.718/1998 SASAKI ZOSEN

11.998/2005 FUJIAN BAIMA

SULZER

B&W

B&W

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15

11

11

10

01/2015

- -

- -

09/2015 02/2014

SBM OFFSHORE

-

-

-

BROSTROM TANKERS EPOXy COATED

BROSTROM TANKERS EPOXy COATED

SOLD THROUGH AUCTION EPOXy COATED

32

5

5

7,1

. , - , - Containerships, - , - . , , Alang, - Cash Buyers -. - , - Containerships, - , - L/Cs, beaching, Containerships. A -, . - , - 585.866 dwt 69% (404.105 dwt) , 30% (174.983 dwt) Containerships 1% (6.778) .

:: 385-420 . -, .: 390-420 . -, .: 400-425 . , .: 375-400 . -, .

51

- - 8,7% 2010, - 15,5%

2009. - - . 25 - 11 , -, , ... . - 2012,

2,8%, , - - 4,4% , - -, containers 2011 0,4%. , , Alpahliner, 2013, . - containers 2012 , 32,5 . teus, - 2,5% 2011. - 31,6 . teus 5,7% - 2011, -

23,1 . teus, 5,2% 2011. - 22,9 . teus, - 1,6% 5 17 . teus - 5,2% 2011. - 16,8 . teus - 14,3% 2011, - 14,7 . teus 2,2%. 14,5 . teus 11,4%, 141, . teus 0,9%. -, 13,3 . teus 2,1%. , , - containerships , -. Alphaliner, - 280 , - 804.000 teus, 739.000 teus - - . , -, 2013 , , - - .

h

alpHaliNEr:

ContaInerS

| |

4% containers 25 2012 2011, Alphaliner.

CONTAINERS 2012 , 32,5 . TEuS, 2,5% 2011

ocean riG

52

2013 - Ocean Rig

, -. -, 120 -. - - ,

Stavanger . Ocean Rig, 65% DryShips, . .

E , - . Ocean Rig 8 , - 500 . , - - . -, - 1,3 . . . -

- 2,15 . . Dryships, . , - , - Ocean Rig -. Dryships - Ocean Rig, - 88 - . ,

53

- - - - -,

-, , - , - -, , -, , - . ,

Samsung Heavy Industries -, GasLog, . option , 420 . . . - 174.000 .. - Samsung 2016

Ocean Rig 61,3%. Deutsche Bank Securities Credit Suisse -. 2012 Dryships - 11.500.000 Ocean Rig, 186,87 . .

, 5 - - , ..., . -, , - , - media, ... 93 - (, LNG, - ), 2008 - Forbes - . - -, - - - (). el.wikipedia, - PC Systems, . , . - - - - , 120 , 2012.

| |

BG., - GasLog. 12 48 . . GasLog options, - Samsung. - Hyundai Heavy Industries Maran Gas . - LNG Carriers, 174.000 .. 840 . . - option -. 2014 2016 - - - . 11 - . LNG Carriers - 3 . , . LNG, Dynagas . , Maran Gas . , Tsakos Shipping, Alpha Tankers X. K Almi Gas K. . - , - . . , - Lloyds, Greek Shipping Newsmaker 2012.

LnG

54

- - - , 50 , -

, - , 21 -, . . , -

50 , - 40 50 -. - ( ), - . , ,

- - , . - - 45 , , 15 25 , . . . . , , - -, -. - . - -, -. - , , -, -. - , . .T 48 10,60 . - 1,80 - -, 1,30 . , - - - 48 , 0,80 0,60 . , - , - - 18 6 . , - , - , - . : -

, , , , .

55

- -

o . - 7% Gaslog, . - - Gaslog, - , 67 , - . , 1946 -

, -, , , - Gaslog, . - 4.512.242 - Gaslog, , - , 60 . Gaslog 14 LNG carriers, 11 BP Group, 25%. Gaslog -

M

8 4 . , - , - ( ). , - . , - - - ( -) - . - - , , -. . - 8 10 13 12 21 . - , - , 25 8 . - , , , . . . , , - - .

LNG Golar Fredrisken. LNG -. , - Master Limited Partnership (MLP), GasLog, - - . - Olympic Shipping & Management. , - . , Le Rosey Columbia. - - Ceres Hellenic Odfjell ASA , - -. - , , - 65 . . - -, - Aston Martin.

| |

56

- - - -

, . - - - - . - - , -, . 1.100 , 13,28 . (2012). I.O.B.E., , , - , - , 25,9 . (13 . ),

:

.

t 550 . (192.000 ). - - - 7 1 - . 3.428 820 .

- 32 7 - - , - . , - -, 2687/53. ,

- . - , - 50% - - .. .., - - , 5 . , 13 .. 2687/53, , - 1.500 , .

57

- , - -

, -, . , - , - - ... . . , -, , ,

to & , .

.. , . - - , , ..., -, - ., , - . - 1 -, - - . , -, - .

, , . , - . - . - , , . -, 30%, 2013, - , - , , , . - , - 20%, - 1,1 , , - - 60% . , - , , - .

... - , - . , - : 1. . 2. - . 3. - .

| aKto |

58

2017

, - -

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