Chinese (COSCO) putting wind in sails of Greek recovery
http://www.theguardian.com/world/2014/jun/19/china-piraeus-greece-cosco-thessaloniki-railways
"No other country in Europe offers such potential," he says as cranes in constant motion move containers from ship to dock outside. "We believe that Piraeus can be the biggest port in the Mediterranean and one of the most important distribution centres because it is the gateway to the Balkans and southern Europe."
Chinese carrier Cosco is transforming Piraeus – and has eyes on Thessaloniki
http://www.ekathimerini.com/4dcgi/_w_articles_wsite2_1_19/06/2014_540675
China, the world’s biggest shipbuilder, currently has 192 orders from Greek shipping companies according to UK-based sector observer Fairplay.
Korean shipyards follow with 189 new buildings, while Japan has 27.
“Greeks are the most important clients for China. Greece is the biggest market,” said Bill Chen, vice-president of Veritas classification bureau in Shanghai.
Greece has one of the world’s largest shipping sectors, accounting for more than 16 per cent of the global fleet and close to half of the tonnage carried by European vessels. In total the Mediterranean country has 3,669 ocean-going ships of over 1,000 gross tonnage.
“It is good for both (Greece and China) to develop our industry and get more efficient... (Chinese) shipyards have a lot of capacity,” said Jack Chou of Shanghai-based Merchant Ship Design and Research. [AFP]
FINANCIALS |
Offshore Marine Engineering Continues To Be Major Contributor
Despite the difficult market conditions, COSCO secured US$3 billion worth of contracts in 2013 compared to US$2 billion for the year earlier, including repeat orders for the offshore marine segment. The Group's order book as at 31 December 2013 stood at US$7.8 billion.
COMMENTS
Shipping has been in the slump from 2008 to 2013 and 2014 shall be seen as the turning point. Improved orders, expanding markets in Greece are positive for Cosco
Earning per share as at 31 December 2013 was 1.4 cts. Increased in orders of 60% can be seen from 2012 to 2013
The share price is at PE 50 times Forward PE in 2017 shall be 12 times
Forecast share price in 2015 should trade in double to triple the present price of 70cts i.e. $2.10 and $5 in 2017
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