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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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Tuesday, 30 July 13
KOMIPO INVITES BIDS FOR 520,000 MT OF 5,700 KCAL/KG COAL ON NAR BASIS FOR H1, 2014
COALspot.com : Korea Midland Power Co., Ltd. has invited bids for 520,000 Metric Tons (MT) of coal with calorific value 5,700 kcal/kg on NAR basis f ...
Tuesday, 30 July 13
AUSTRALIA'S NEWCASTLE SHIPPED 12.58 PERCENT LESS COAL W-O-W
COALspot.com: Newcastle port in Australia has loaded 2,945,848 tons of coal for the week ended 0700 hours 29 July 2013, Newcastle Port Corp. s ...
Monday, 29 July 13
INDONESIA'S ENERGY NEEDS COULD SPELL GOOD NEWS FOR TANKER OWNERS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Despite abundant energy resources, Indonesia has still failed meet its own demand, which led to a rising import of crude. According to the latest we ...
Sunday, 28 July 13
SUB-BIT INDONESIA COAL SWAP UP SLIGHTLY FOR SEPTEMBER CARGOES
COALspot.com – Sub-Bit Indonesia coal swaps (FOB ) for average September 2013 delivery slightly up on day and week but fell on month on ...
Saturday, 27 July 13
CEPL INDIA TO BAG 0.3 MILLION TONS OF COAL SUPPLY ORDER FROM TNPL
COALspot.com - An India based coal trader Coastal Energy Private Limited has offered the lowest price of US$ 73.00 per metric ton for calorific valu ...
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- Posco Energy - South Korea
- GAC Shipping (India) Pvt Ltd
- Savvy Resources Ltd - HongKong
- Kohat Cement Company Ltd. - Pakistan
- Electricity Generating Authority of Thailand
- Bayan Resources Tbk. - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Australian Coal Association
- Latin American Coal - Colombia
- TNB Fuel Sdn Bhd - Malaysia
- Aboitiz Power Corporation - Philippines
- Africa Commodities Group - South Africa
- Maharashtra Electricity Regulatory Commission - India
- Riau Bara Harum - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Transport, Egypt
- Salva Resources Pvt Ltd - India
- Indian Oil Corporation Limited
- Metalloyd Limited - United Kingdom
- Sakthi Sugars Limited - India
- Energy Development Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- The Treasury - Australian Government
- Kideco Jaya Agung - Indonesia
- Ambuja Cements Ltd - India
- Therma Luzon, Inc, Philippines
- Power Finance Corporation Ltd., India
- Orica Australia Pty. Ltd.
- Trasteel International SA, Italy
- Economic Council, Georgia
- Gujarat Electricity Regulatory Commission - India
- CNBM International Corporation - China
- Karbindo Abesyapradhi - Indoneisa
- Price Waterhouse Coopers - Russia
- MS Steel International - UAE
- Mercator Lines Limited - India
- Mercuria Energy - Indonesia
- Goldman Sachs - Singapore
- Chamber of Mines of South Africa
- San Jose City I Power Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Wilmar Investment Holdings
- Coastal Gujarat Power Limited - India
- Borneo Indobara - Indonesia
- Malabar Cements Ltd - India
- Jindal Steel & Power Ltd - India
- Medco Energi Mining Internasional
- Timah Investasi Mineral - Indoneisa
- Bukit Makmur.PT - Indonesia
- Makarim & Taira - Indonesia
- Essar Steel Hazira Ltd - India
- Kartika Selabumi Mining - Indonesia
- Bhatia International Limited - India
- Indo Tambangraya Megah - Indonesia
- Port Waratah Coal Services - Australia
- Ministry of Finance - Indonesia
- Carbofer General Trading SA - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dalmia Cement Bharat India
- Global Green Power PLC Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Meralco Power Generation, Philippines
- Tata Chemicals Ltd - India
- Bhushan Steel Limited - India
- Parry Sugars Refinery, India
- Orica Mining Services - Indonesia
- Siam City Cement - Thailand
- Krishnapatnam Port Company Ltd. - India
- Sojitz Corporation - Japan
- Kumho Petrochemical, South Korea
- South Luzon Thermal Energy Corporation
- Maheswari Brothers Coal Limited - India
- McConnell Dowell - Australia
- Independent Power Producers Association of India
- PowerSource Philippines DevCo
- PetroVietnam Power Coal Import and Supply Company
- Merrill Lynch Commodities Europe
- Bulk Trading Sa - Switzerland
- Toyota Tsusho Corporation, Japan
- The State Trading Corporation of India Ltd
- PNOC Exploration Corporation - Philippines
- Heidelberg Cement - Germany
- Holcim Trading Pte Ltd - Singapore
- Lanco Infratech Ltd - India
- TeaM Sual Corporation - Philippines
- London Commodity Brokers - England
- Energy Link Ltd, New Zealand
- Bhoruka Overseas - Indonesia
- Vizag Seaport Private Limited - India
- Ministry of Mines - Canada
- Oldendorff Carriers - Singapore
- Indika Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Meenaskhi Energy Private Limited - India
- Barasentosa Lestari - Indonesia
- Agrawal Coal Company - India
- VISA Power Limited - India
- Wood Mackenzie - Singapore
- CIMB Investment Bank - Malaysia
- Central Electricity Authority - India
- Gujarat Mineral Development Corp Ltd - India
- Kaltim Prima Coal - Indonesia
- Gujarat Sidhee Cement - India
- Pipit Mutiara Jaya. PT, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Renaissance Capital - South Africa
- Formosa Plastics Group - Taiwan
- ASAPP Information Group - India
- Standard Chartered Bank - UAE
- Rashtriya Ispat Nigam Limited - India
- Indogreen Group - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Pendopo Energi Batubara - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Coal and Oil Company - UAE
- Eastern Energy - Thailand
- Billiton Holdings Pty Ltd - Australia
- Directorate General of MIneral and Coal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Directorate Of Revenue Intelligence - India
- Cigading International Bulk Terminal - Indonesia
- India Bulls Power Limited - India
- Georgia Ports Authority, United States
- International Coal Ventures Pvt Ltd - India
- Attock Cement Pakistan Limited
- Interocean Group of Companies - India
- Marubeni Corporation - India
- Leighton Contractors Pty Ltd - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kalimantan Lumbung Energi - Indonesia
- Global Coal Blending Company Limited - Australia
- Singapore Mercantile Exchange
- Aditya Birla Group - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Tamil Nadu electricity Board
- SMG Consultants - Indonesia
- Thiess Contractors Indonesia
- SN Aboitiz Power Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Eastern Coal Council - USA
- The University of Queensland
- Uttam Galva Steels Limited - India
- SMC Global Power, Philippines
- Star Paper Mills Limited - India
- GVK Power & Infra Limited - India
- Samtan Co., Ltd - South Korea
- Xindia Steels Limited - India
- ICICI Bank Limited - India
- Australian Commodity Traders Exchange
- Kepco SPC Power Corporation, Philippines
- Central Java Power - Indonesia
- Antam Resourcindo - Indonesia
- Intertek Mineral Services - Indonesia
- GMR Energy Limited - India
- Sarangani Energy Corporation, Philippines
- Electricity Authority, New Zealand
- IEA Clean Coal Centre - UK
- Jaiprakash Power Ventures ltd
- Larsen & Toubro Limited - India
- Bangladesh Power Developement Board
- Parliament of New Zealand
- Kobexindo Tractors - Indoneisa
- Edison Trading Spa - Italy
- Asmin Koalindo Tuhup - Indonesia
- Baramulti Group, Indonesia
- Banpu Public Company Limited - Thailand
- Mintek Dendrill Indonesia
- Sical Logistics Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Commonwealth Bank - Australia
- Globalindo Alam Lestari - Indonesia
- Chettinad Cement Corporation Ltd - India
- Altura Mining Limited, Indonesia
- Minerals Council of Australia
- Iligan Light & Power Inc, Philippines
- Vedanta Resources Plc - India
- White Energy Company Limited
- AsiaOL BioFuels Corp., Philippines
- Anglo American - United Kingdom
- New Zealand Coal & Carbon
- Neyveli Lignite Corporation Ltd, - India
- Ind-Barath Power Infra Limited - India
- Karaikal Port Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Rio Tinto Coal - Australia
- Indonesian Coal Mining Association
- Romanian Commodities Exchange
- Semirara Mining Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Indian Energy Exchange, India
- Siam City Cement PLC, Thailand
- Deloitte Consulting - India
- Sindya Power Generating Company Private Ltd
- Jorong Barutama Greston.PT - Indonesia
- Cement Manufacturers Association - India
- Global Business Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Madhucon Powers Ltd - India
- Bharathi Cement Corporation - India
- Bukit Asam (Persero) Tbk - Indonesia
- Thai Mozambique Logistica
- Coalindo Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Videocon Industries ltd - India
- Mjunction Services Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- PTC India Limited - India
- Petron Corporation, Philippines
- Planning Commission, India
- Grasim Industreis Ltd - India
- Sree Jayajothi Cements Limited - India
- Simpson Spence & Young - Indonesia
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