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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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Saturday, 27 July 13
INDONESIA TO INDIA SUPRAMAX FREIGHT RATES ARE EXPECTED TO REMAIN STEADY - CAPT.REDDY
COALspot.com : The freight market seemed to soften this week with BDI , Cape and Panamax indices dropped average 5 percent on week.
The BDI was d ...
Thursday, 25 July 13
CAPESIZE : PACIFIC AND ATLANTIC RATES ARE HOLDING STEADY - FEARNLEYS AS
Handy
The Far East market remains quiet even if some Indo coal trip orders were fed in the market at early this week. Prompt ships passing Singapor ...
Thursday, 25 July 13
SUMMER LULL CHIPPING AWAY RECENT GAINS IN DRY BULK FREIGHT RATES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
In what seems to be establishing as a permanent trend, at least for the time being, the dry bulk market kept on retreating yesterday, even if this r ...
Tuesday, 23 July 13
NEWCASTLE'S COAL EXPORTS CLIMB 17.82% ON WEEK, PORT'S DATA SHOWS
COALspot.com: Newcastle port in Australia has loaded 3,369,865 tons of coal for the week ended 0700 hours 22 July 2013, Newcastle Port Corp. s ...
Monday, 22 July 13
DRY BULK MARKET DIFFICULT TO MAINTAIN POSITIVE DRIVE CLAIMS SHIPBROKER - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has seen a significant recovery in recent weeks, leading most ship classes to earnings above their operating expenses, thus brin ...
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- Miang Besar Coal Terminal - Indonesia
- Agrawal Coal Company - India
- Romanian Commodities Exchange
- Bhatia International Limited - India
- Thai Mozambique Logistica
- Siam City Cement - Thailand
- GMR Energy Limited - India
- Riau Bara Harum - Indonesia
- White Energy Company Limited
- IEA Clean Coal Centre - UK
- Vizag Seaport Private Limited - India
- Alfred C Toepfer International GmbH - Germany
- Mintek Dendrill Indonesia
- Intertek Mineral Services - Indonesia
- PowerSource Philippines DevCo
- Jaiprakash Power Ventures ltd
- Bahari Cakrawala Sebuku - Indonesia
- Kideco Jaya Agung - Indonesia
- Banpu Public Company Limited - Thailand
- Interocean Group of Companies - India
- Straits Asia Resources Limited - Singapore
- Maheswari Brothers Coal Limited - India
- PetroVietnam Power Coal Import and Supply Company
- SMG Consultants - Indonesia
- Meenaskhi Energy Private Limited - India
- Borneo Indobara - Indonesia
- Directorate Of Revenue Intelligence - India
- Economic Council, Georgia
- Uttam Galva Steels Limited - India
- Posco Energy - South Korea
- Planning Commission, India
- International Coal Ventures Pvt Ltd - India
- Larsen & Toubro Limited - India
- Leighton Contractors Pty Ltd - Australia
- Independent Power Producers Association of India
- Barasentosa Lestari - Indonesia
- Sakthi Sugars Limited - India
- Wilmar Investment Holdings
- Global Coal Blending Company Limited - Australia
- Aboitiz Power Corporation - Philippines
- Standard Chartered Bank - UAE
- Africa Commodities Group - South Africa
- Latin American Coal - Colombia
- SMC Global Power, Philippines
- Petron Corporation, Philippines
- Orica Mining Services - Indonesia
- Sarangani Energy Corporation, Philippines
- Medco Energi Mining Internasional
- Oldendorff Carriers - Singapore
- Mjunction Services Limited - India
- Kalimantan Lumbung Energi - Indonesia
- GVK Power & Infra Limited - India
- Ind-Barath Power Infra Limited - India
- Dalmia Cement Bharat India
- Madhucon Powers Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Wood Mackenzie - Singapore
- Pendopo Energi Batubara - Indonesia
- The Treasury - Australian Government
- Tata Chemicals Ltd - India
- Samtan Co., Ltd - South Korea
- Indian Energy Exchange, India
- Neyveli Lignite Corporation Ltd, - India
- LBH Netherlands Bv - Netherlands
- Star Paper Mills Limited - India
- Goldman Sachs - Singapore
- Parliament of New Zealand
- Ambuja Cements Ltd - India
- Globalindo Alam Lestari - Indonesia
- Aditya Birla Group - India
- Manunggal Multi Energi - Indonesia
- Baramulti Group, Indonesia
- Parry Sugars Refinery, India
- Attock Cement Pakistan Limited
- European Bulk Services B.V. - Netherlands
- Energy Development Corp, Philippines
- Electricity Authority, New Zealand
- CIMB Investment Bank - Malaysia
- Essar Steel Hazira Ltd - India
- VISA Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Coalindo Energy - Indonesia
- Cement Manufacturers Association - India
- Xindia Steels Limited - India
- Karaikal Port Pvt Ltd - India
- Bhushan Steel Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Mercuria Energy - Indonesia
- Power Finance Corporation Ltd., India
- Australian Commodity Traders Exchange
- Therma Luzon, Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Tamil Nadu electricity Board
- Ministry of Transport, Egypt
- Heidelberg Cement - Germany
- Asmin Koalindo Tuhup - Indonesia
- Eastern Energy - Thailand
- Grasim Industreis Ltd - India
- India Bulls Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Jindal Steel & Power Ltd - India
- Vedanta Resources Plc - India
- Global Business Power Corporation, Philippines
- Bangladesh Power Developement Board
- McConnell Dowell - Australia
- Ministry of Finance - Indonesia
- MS Steel International - UAE
- Maharashtra Electricity Regulatory Commission - India
- Electricity Generating Authority of Thailand
- Binh Thuan Hamico - Vietnam
- Formosa Plastics Group - Taiwan
- Krishnapatnam Port Company Ltd. - India
- Lanco Infratech Ltd - India
- Edison Trading Spa - Italy
- Billiton Holdings Pty Ltd - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meralco Power Generation, Philippines
- OPG Power Generation Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Renaissance Capital - South Africa
- Deloitte Consulting - India
- Gujarat Sidhee Cement - India
- Siam City Cement PLC, Thailand
- Rio Tinto Coal - Australia
- Commonwealth Bank - Australia
- Australian Coal Association
- Sindya Power Generating Company Private Ltd
- Indogreen Group - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Metalloyd Limited - United Kingdom
- Makarim & Taira - Indonesia
- Iligan Light & Power Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Indonesian Coal Mining Association
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Anglo American - United Kingdom
- Ministry of Mines - Canada
- Global Green Power PLC Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Minerals Council of Australia
- Gujarat Electricity Regulatory Commission - India
- GAC Shipping (India) Pvt Ltd
- Merrill Lynch Commodities Europe
- IHS Mccloskey Coal Group - USA
- South Luzon Thermal Energy Corporation
- Offshore Bulk Terminal Pte Ltd, Singapore
- Trasteel International SA, Italy
- Timah Investasi Mineral - Indoneisa
- Central Electricity Authority - India
- Petrochimia International Co. Ltd.- Taiwan
- Holcim Trading Pte Ltd - Singapore
- The University of Queensland
- Bhoruka Overseas - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- San Jose City I Power Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Price Waterhouse Coopers - Russia
- New Zealand Coal & Carbon
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Chettinad Cement Corporation Ltd - India
- Malabar Cements Ltd - India
- Savvy Resources Ltd - HongKong
- The State Trading Corporation of India Ltd
- Salva Resources Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Sical Logistics Limited - India
- Sree Jayajothi Cements Limited - India
- ICICI Bank Limited - India
- Bukit Makmur.PT - Indonesia
- Singapore Mercantile Exchange
- Kobexindo Tractors - Indoneisa
- Semirara Mining Corp, Philippines
- Mercator Lines Limited - India
- Indika Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Georgia Ports Authority, United States
- Bukit Asam (Persero) Tbk - Indonesia
- CNBM International Corporation - China
- Coal and Oil Company - UAE
- ASAPP Information Group - India
- Chamber of Mines of South Africa
- Antam Resourcindo - Indonesia
- PTC India Limited - India
- Bukit Baiduri Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Toyota Tsusho Corporation, Japan
- London Commodity Brokers - England
- Kepco SPC Power Corporation, Philippines
- Indian Oil Corporation Limited
- Sojitz Corporation - Japan
- Bulk Trading Sa - Switzerland
- Orica Australia Pty. Ltd.
- Carbofer General Trading SA - India
- Port Waratah Coal Services - Australia
- Energy Link Ltd, New Zealand
- TeaM Sual Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Coastal Gujarat Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Central Java Power - Indonesia
- PNOC Exploration Corporation - Philippines
- Marubeni Corporation - India
- Eastern Coal Council - USA
- Altura Mining Limited, Indonesia
- Videocon Industries ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Thiess Contractors Indonesia
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