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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.
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Wednesday, 07 August 13
HANDIES : FINDING IT DIFFICULT TO SUSTAIN THEIR PREVIOUS LEVELS - KONSTANTINOS KONTOMICHIS
Broker's insight
by Konstantinos Kontomichis,
SnP Broker
Entering the most predictable month of the year, as expected the seasonal effects ha ...
Tuesday, 06 August 13
UNLEASHING SHALE GAS POTENTIAL AS A GLOBAL ENERGY GAME CHANGER
In its 4th year running, the Annual Shale Gas Conference will bring leaders from North American shale gas operators, key Asian regulators, multi ...
Tuesday, 06 August 13
GBCE APPOINTS BENJAMIN WILEY AS NEW MANAGING DIRECTOR
COALspot.com : GB Clean Energy Ltd. (GBCE) announced today that Mr. Benjamin Wiley has been appointed as Managing Director.
Mr. Wiley has ...
Tuesday, 06 August 13
AUSTRALIAN NEWCASTLE PORT'S COAL EXPORTS FALL 23.16 PERCENT ON WEEK TO 2.26 MMT
COALspot.com: Power plant and semi-soft coking coal shipments from Australia's Newcastle port fell 15.8 percent week on week to 2.26 million mt for ...
Monday, 05 August 13
PAPERLESS TRADING (ELECTRONIC BILLS OF LADING) - FREQUENTLY ASKED QUESTIONS ("FAQS") - UK P&I CLUB
A number of Members have contacted the Club with queries regarding the use of electronic bills of lading and any potential consequences for P&I ...
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- Global Green Power PLC Corporation, Philippines
- Indian Oil Corporation Limited
- Tata Chemicals Ltd - India
- Global Business Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sojitz Corporation - Japan
- Sical Logistics Limited - India
- SN Aboitiz Power Inc, Philippines
- Coalindo Energy - Indonesia
- Anglo American - United Kingdom
- Directorate General of MIneral and Coal - Indonesia
- Riau Bara Harum - Indonesia
- Sarangani Energy Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Chamber of Mines of South Africa
- Trasteel International SA, Italy
- South Luzon Thermal Energy Corporation
- Sindya Power Generating Company Private Ltd
- LBH Netherlands Bv - Netherlands
- Globalindo Alam Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- Electricity Generating Authority of Thailand
- Kalimantan Lumbung Energi - Indonesia
- Romanian Commodities Exchange
- Wilmar Investment Holdings
- Mjunction Services Limited - India
- The State Trading Corporation of India Ltd
- Renaissance Capital - South Africa
- Planning Commission, India
- Meralco Power Generation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Latin American Coal - Colombia
- Alfred C Toepfer International GmbH - Germany
- Timah Investasi Mineral - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Indian Energy Exchange, India
- Kapuas Tunggal Persada - Indonesia
- Bhushan Steel Limited - India
- Metalloyd Limited - United Kingdom
- San Jose City I Power Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Star Paper Mills Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Baramulti Group, Indonesia
- Altura Mining Limited, Indonesia
- Banpu Public Company Limited - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Essar Steel Hazira Ltd - India
- Semirara Mining Corp, Philippines
- Jindal Steel & Power Ltd - India
- Siam City Cement PLC, Thailand
- Energy Link Ltd, New Zealand
- Commonwealth Bank - Australia
- Economic Council, Georgia
- TeaM Sual Corporation - Philippines
- Aboitiz Power Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Krishnapatnam Port Company Ltd. - India
- International Coal Ventures Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Thai Mozambique Logistica
- PowerSource Philippines DevCo
- Madhucon Powers Ltd - India
- Bharathi Cement Corporation - India
- Antam Resourcindo - Indonesia
- Africa Commodities Group - South Africa
- Directorate Of Revenue Intelligence - India
- Ind-Barath Power Infra Limited - India
- Bhatia International Limited - India
- London Commodity Brokers - England
- Central Java Power - Indonesia
- Carbofer General Trading SA - India
- Heidelberg Cement - Germany
- Videocon Industries ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Edison Trading Spa - Italy
- McConnell Dowell - Australia
- OPG Power Generation Pvt Ltd - India
- Indika Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Straits Asia Resources Limited - Singapore
- White Energy Company Limited
- IHS Mccloskey Coal Group - USA
- The University of Queensland
- Manunggal Multi Energi - Indonesia
- Oldendorff Carriers - Singapore
- Merrill Lynch Commodities Europe
- SMG Consultants - Indonesia
- Mercator Lines Limited - India
- Australian Coal Association
- Iligan Light & Power Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Bukit Baiduri Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Bangladesh Power Developement Board
- Binh Thuan Hamico - Vietnam
- Cement Manufacturers Association - India
- Jaiprakash Power Ventures ltd
- Goldman Sachs - Singapore
- Barasentosa Lestari - Indonesia
- Wood Mackenzie - Singapore
- Ministry of Mines - Canada
- Dalmia Cement Bharat India
- India Bulls Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Electricity Authority, New Zealand
- Ceylon Electricity Board - Sri Lanka
- Marubeni Corporation - India
- Grasim Industreis Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Kumho Petrochemical, South Korea
- Posco Energy - South Korea
- GMR Energy Limited - India
- Attock Cement Pakistan Limited
- Maheswari Brothers Coal Limited - India
- Ambuja Cements Ltd - India
- ICICI Bank Limited - India
- Minerals Council of Australia
- Australian Commodity Traders Exchange
- Parry Sugars Refinery, India
- Gujarat Electricity Regulatory Commission - India
- CIMB Investment Bank - Malaysia
- New Zealand Coal & Carbon
- VISA Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Power Finance Corporation Ltd., India
- Malabar Cements Ltd - India
- Orica Mining Services - Indonesia
- Formosa Plastics Group - Taiwan
- Indogreen Group - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Indo Tambangraya Megah - Indonesia
- Interocean Group of Companies - India
- Makarim & Taira - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Kaltim Prima Coal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Thiess Contractors Indonesia
- Simpson Spence & Young - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Leighton Contractors Pty Ltd - Australia
- Sinarmas Energy and Mining - Indonesia
- Ministry of Transport, Egypt
- Coal and Oil Company - UAE
- GAC Shipping (India) Pvt Ltd
- Sree Jayajothi Cements Limited - India
- Savvy Resources Ltd - HongKong
- Mercuria Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Petrochimia International Co. Ltd.- Taiwan
- Orica Australia Pty. Ltd.
- Ministry of Finance - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- PNOC Exploration Corporation - Philippines
- Petron Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Deloitte Consulting - India
- Lanco Infratech Ltd - India
- Vedanta Resources Plc - India
- MS Steel International - UAE
- Medco Energi Mining Internasional
- Semirara Mining and Power Corporation, Philippines
- Eastern Coal Council - USA
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Siam City Cement - Thailand
- Karaikal Port Pvt Ltd - India
- Indonesian Coal Mining Association
- PTC India Limited - India
- Port Waratah Coal Services - Australia
- Intertek Mineral Services - Indonesia
- Georgia Ports Authority, United States
- Mintek Dendrill Indonesia
- Gujarat Sidhee Cement - India
- Uttam Galva Steels Limited - India
- Rio Tinto Coal - Australia
- Standard Chartered Bank - UAE
- Bayan Resources Tbk. - Indonesia
- Price Waterhouse Coopers - Russia
- Kobexindo Tractors - Indoneisa
- Vizag Seaport Private Limited - India
- Therma Luzon, Inc, Philippines
- Bhoruka Overseas - Indonesia
- CNBM International Corporation - China
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Larsen & Toubro Limited - India
- Holcim Trading Pte Ltd - Singapore
- ASAPP Information Group - India
- European Bulk Services B.V. - Netherlands
- Xindia Steels Limited - India
- Central Electricity Authority - India
- Singapore Mercantile Exchange
- Agrawal Coal Company - India
- Borneo Indobara - Indonesia
- SMC Global Power, Philippines
- Aditya Birla Group - India
- GVK Power & Infra Limited - India
- Tamil Nadu electricity Board
- Eastern Energy - Thailand
- Rashtriya Ispat Nigam Limited - India
- IEA Clean Coal Centre - UK
- Bukit Makmur.PT - Indonesia
- Energy Development Corp, Philippines
- Independent Power Producers Association of India
- Vijayanagar Sugar Pvt Ltd - India
- The Treasury - Australian Government
- Kideco Jaya Agung - Indonesia
- Parliament of New Zealand
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