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Wednesday, 17 July 13
TORN BETWEEN A CREDIT CRUNCH AND SUSTAINABLE GROWTH - GEORGE DERMATIS
 COALspot.com: In 2012 China expanded at a rate of 7.8%, its worst annual performance in 13 years, raising criticism over the newly appointed government's stance towards growth. As the first half of 2013 progressed, market pundits and analysts alike realized that the much trailed big and painful shift in China's GDP model is truly underway...
Any skeptics of the above claim, feel free to ask the Chinese banks who felt the wrath of government regulators last month as the cash crunch in China's interbank lending market has only further exposed the fundamental problem of its economic distortions. For policymakers who are still pondering whether to pursue restructuring or growth, the answer seems more obvious than ever: there can be no growth without restructuring.
Over the past 10 years China has relied on a development model that uses high debt towards large –predominantly state owned - companies to finance growth, with much of the capital invested in unproductive sectors such as property and financial products. Regulators seem to understand that sustainability cannot occur without targeting the problems of excess capacity and high debt through the encouragement/development of private enterprises. Support should only follow companies that can survive in a competitive arena and what better
industry to challenge the boundaries of international competition than shipping.
It is easy for shipping analysts and all other parties involved within the maritime industry to relate themselves with inefficiencies of Chinese finance; whilst “too big to fail” companies keep receiving finance and loans for over leveraged projects based on exuberant asset values, there are serious, conservative and cash rich private entities that are below the radar of most Chinese banks.
Clearly the fewer distortions in an economy, the faster the market can recover and adjust. As China is following the same route of most western economies in deleveraging to bring risks down, one must not forget that China is in a much better position now that the USA was 5 years ago; "Insurance companies, social security funds, foreign exchange savings and private savings are all sources that could be tapped to meet the demand for capital".
Eventually, some measures, including the intensified property tightening campaign, new rules to curb misuse of public funds and the exit from some previous stimulus policies, have taken their toll on growth and whilst analysts argue this is only for the short term, it remains to be seen what the nett effect will be for the long run. Whilst many “western” reports have once again taken their typical stance of overly dramatizing the position of the Chinese economy, we must not forget that policymakers in China were the ones who shed light on these issues and look determined in carving the path for future sustainable growth.
My intention to spend more space and analyze my ideas about the need for growth-even at slower pace-in China was abruptly hushed by news this morning that the government of Enrique Pepa Nieto, the President of Mexico has announced its new six-year plan to invest $316bn in new roads, railways, telecoms, infrastructure and significant port overhauling... rings any bells???
Chartering (Wet: Stable+ / Dry: Firm+ )
The Dry Bulk index was back on the rise this week as both Capes and Panamaxes gained from firmer activity in the Atlantic basin. This may well be the last surge before the summer lull so owners are hoping that they can keep the momentum for as long as they can in the hope that they will keep rates fairly buoyant in August.
The BDI closed today (16/07/2013) at 1152 points, up by 1 point compared to Monday’s levels (15/07/2013) and an increase of 32 points compared to previous Tuesday’s levels (09/07/2013).
Things were not so positive this week in the crude oil carriers, were we saw a drop all around caused by the coinciding of decreased demand and firmer bunker prices. The BDTI Monday (15/07/2013), was at 611 points, up by 5 points and the BCTI at 574, an increase of 15 points compared to the previous Monday’s levels (08/07/2013).
Broker's insight
by George Dermatis,
SnP Broker
Compiled by:
Intermodal Research & Valuations | research@intermodal.gr
Analysts:
Mr. George Lazaridis | g.lazaridis@intermodal.gr
Ms. Eva Tzima | e.tzima@intermodal.gr
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no re-producing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
Views expressed herein are personal views of the author and not that of COALspot.com and subject to COALspot.com's disclaimer clause. We welcome article submissions from experts in the areas of coal, mining, shipping, etc. To submit your articles please click here.
If you believe an article violates your rights or the rights of others, please contact us.
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Tuesday, 13 August 13
AUSTRALIA NEWCASTLE COAL EXPORTS JUMP 30.61 PERCENT ON WEEK
COALspot.com: Power plant and semi-soft coking coal shipments from Australia's Newcastle port up 30.61 per cent week on week to 2.95 million mt for ...
Monday, 12 August 13
GBCE SUCCESSFUL IN UPGRADING LOW RANK INDONESIAN COAL ON INDUSTRIAL SCALE
COALspot.com : GB Clean Energy Ltd. (GBCE) has annoused that, the company has successfully upgraded 2,426 tonnes of low rank 4,018 kcal NAR Ind ...
Monday, 12 August 13
INDIA - SAFE SHIPMENT OF IRON ORE FINES FROM INDIAN PORTS - WEST OF ENGLAND P&I CLUB
As Members may be aware, in 2009 two ships, the ‘Asian Forest’ and the ‘Black Rose’, capsized and sank following the liquefa ...
Sunday, 11 August 13
INDONESIAN COAL SWAPS : FLAT ON DAY
COALspot.com – Sub-Bit Indonesia coal swaps (FOB ) for average Q4 2013 delivery flat on day due to holidays in Indonesia, Malaysia & ...
Sunday, 11 August 13
SUPRAMAX FREIGHT RATES FROM INDONESIA TO INDIA CONTINUED TO BE SOFT - VISTAAR
COALspot.com : The freight market was soft this week with all indices down , the reason could be long weekend holidays in Indonesia, Singapore and M ...
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- Kobexindo Tractors - Indoneisa
- Vedanta Resources Plc - India
- South Luzon Thermal Energy Corporation
- Ministry of Finance - Indonesia
- Ambuja Cements Ltd - India
- Bhoruka Overseas - Indonesia
- Mercator Lines Limited - India
- Coalindo Energy - Indonesia
- Siam City Cement - Thailand
- Xindia Steels Limited - India
- SMC Global Power, Philippines
- Georgia Ports Authority, United States
- Semirara Mining Corp, Philippines
- Merrill Lynch Commodities Europe
- International Coal Ventures Pvt Ltd - India
- Minerals Council of Australia
- Wood Mackenzie - Singapore
- Altura Mining Limited, Indonesia
- Sree Jayajothi Cements Limited - India
- LBH Netherlands Bv - Netherlands
- Anglo American - United Kingdom
- TNB Fuel Sdn Bhd - Malaysia
- Ind-Barath Power Infra Limited - India
- Petron Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Timah Investasi Mineral - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- IEA Clean Coal Centre - UK
- Bukit Baiduri Energy - Indonesia
- Lanco Infratech Ltd - India
- Manunggal Multi Energi - Indonesia
- Electricity Generating Authority of Thailand
- Sinarmas Energy and Mining - Indonesia
- Ministry of Transport, Egypt
- PetroVietnam Power Coal Import and Supply Company
- MS Steel International - UAE
- Alfred C Toepfer International GmbH - Germany
- Jindal Steel & Power Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Global Green Power PLC Corporation, Philippines
- Ministry of Mines - Canada
- Bukit Makmur.PT - Indonesia
- Binh Thuan Hamico - Vietnam
- Borneo Indobara - Indonesia
- Sical Logistics Limited - India
- Metalloyd Limited - United Kingdom
- PTC India Limited - India
- GAC Shipping (India) Pvt Ltd
- Kideco Jaya Agung - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Indian Energy Exchange, India
- London Commodity Brokers - England
- Rashtriya Ispat Nigam Limited - India
- Orica Australia Pty. Ltd.
- Coastal Gujarat Power Limited - India
- Mercuria Energy - Indonesia
- Madhucon Powers Ltd - India
- TeaM Sual Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Marubeni Corporation - India
- Siam City Cement PLC, Thailand
- Kalimantan Lumbung Energi - Indonesia
- Directorate Of Revenue Intelligence - India
- Meenaskhi Energy Private Limited - India
- Chamber of Mines of South Africa
- GVK Power & Infra Limited - India
- Antam Resourcindo - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Energy Development Corp, Philippines
- Malabar Cements Ltd - India
- Bhushan Steel Limited - India
- Meralco Power Generation, Philippines
- Global Business Power Corporation, Philippines
- Electricity Authority, New Zealand
- Banpu Public Company Limited - Thailand
- SMG Consultants - Indonesia
- Sakthi Sugars Limited - India
- Barasentosa Lestari - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Sojitz Corporation - Japan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Straits Asia Resources Limited - Singapore
- Maheswari Brothers Coal Limited - India
- Central Java Power - Indonesia
- The Treasury - Australian Government
- Globalindo Alam Lestari - Indonesia
- Baramulti Group, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Indo Tambangraya Megah - Indonesia
- Port Waratah Coal Services - Australia
- Samtan Co., Ltd - South Korea
- Singapore Mercantile Exchange
- India Bulls Power Limited - India
- The State Trading Corporation of India Ltd
- Salva Resources Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Indonesian Coal Mining Association
- Intertek Mineral Services - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Thiess Contractors Indonesia
- Eastern Coal Council - USA
- Oldendorff Carriers - Singapore
- Price Waterhouse Coopers - Russia
- Coal and Oil Company - UAE
- Energy Link Ltd, New Zealand
- Neyveli Lignite Corporation Ltd, - India
- Kumho Petrochemical, South Korea
- Videocon Industries ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Miang Besar Coal Terminal - Indonesia
- Carbofer General Trading SA - India
- Indogreen Group - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Posco Energy - South Korea
- ICICI Bank Limited - India
- CNBM International Corporation - China
- Renaissance Capital - South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- The University of Queensland
- Australian Coal Association
- CIMB Investment Bank - Malaysia
- White Energy Company Limited
- Mintek Dendrill Indonesia
- Interocean Group of Companies - India
- Tamil Nadu electricity Board
- Aditya Birla Group - India
- Tata Chemicals Ltd - India
- Medco Energi Mining Internasional
- Sarangani Energy Corporation, Philippines
- Vizag Seaport Private Limited - India
- VISA Power Limited - India
- Romanian Commodities Exchange
- Power Finance Corporation Ltd., India
- McConnell Dowell - Australia
- Billiton Holdings Pty Ltd - Australia
- ASAPP Information Group - India
- Eastern Energy - Thailand
- Leighton Contractors Pty Ltd - Australia
- Krishnapatnam Port Company Ltd. - India
- Rio Tinto Coal - Australia
- Latin American Coal - Colombia
- Thai Mozambique Logistica
- Riau Bara Harum - Indonesia
- Deloitte Consulting - India
- AsiaOL BioFuels Corp., Philippines
- Pendopo Energi Batubara - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Attock Cement Pakistan Limited
- Gujarat Mineral Development Corp Ltd - India
- Iligan Light & Power Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Wilmar Investment Holdings
- Trasteel International SA, Italy
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Africa Commodities Group - South Africa
- Kohat Cement Company Ltd. - Pakistan
- PowerSource Philippines DevCo
- Simpson Spence & Young - Indonesia
- Bayan Resources Tbk. - Indonesia
- Bulk Trading Sa - Switzerland
- Indika Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Toyota Tsusho Corporation, Japan
- Kaltim Prima Coal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Central Electricity Authority - India
- Standard Chartered Bank - UAE
- Orica Mining Services - Indonesia
- Kepco SPC Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Therma Luzon, Inc, Philippines
- Uttam Galva Steels Limited - India
- Agrawal Coal Company - India
- San Jose City I Power Corp, Philippines
- Aboitiz Power Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- New Zealand Coal & Carbon
- PNOC Exploration Corporation - Philippines
- Dalmia Cement Bharat India
- Gujarat Electricity Regulatory Commission - India
- Larsen & Toubro Limited - India
- Makarim & Taira - Indonesia
- Sindya Power Generating Company Private Ltd
- Planning Commission, India
- Bharathi Cement Corporation - India
- Essar Steel Hazira Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Economic Council, Georgia
- Parliament of New Zealand
- Edison Trading Spa - Italy
- Maharashtra Electricity Regulatory Commission - India
- Heidelberg Cement - Germany
- GMR Energy Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Australian Commodity Traders Exchange
- Mjunction Services Limited - India
- Jaiprakash Power Ventures ltd
- European Bulk Services B.V. - Netherlands
- Global Coal Blending Company Limited - Australia
- Cement Manufacturers Association - India
- Bhatia International Limited - India
- Karaikal Port Pvt Ltd - India
- Grasim Industreis Ltd - India
- Independent Power Producers Association of India
- Bangladesh Power Developement Board
- Star Paper Mills Limited - India
- Indian Oil Corporation Limited
- Parry Sugars Refinery, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Savvy Resources Ltd - HongKong
- IHS Mccloskey Coal Group - USA
- Directorate General of MIneral and Coal - Indonesia
- Commonwealth Bank - Australia
- Goldman Sachs - Singapore
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