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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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Monday, 22 July 13
INDO COAL SWAP FOR AUGUST 13 DELIVERY GAINED ON WEEK BUT LOST ON DAY AND MONTH
COALspot.com – Sub-Bit Indonesia coal swaps (FOB ) for average August 2013 delivery slightly up on week but fell on day and month on Fri ...
Friday, 19 July 13
U.S.COAL PRODUCTION TOTALED APPROXIMATELY 19.60 MMST WEEK ENDED JULY 13
COALspot.com – United states the world’s second largest coal producer produced totaled approximately 19.60 million short tons (mmst) of ...
Friday, 19 July 13
TNPL IS LOOKING FOR 300 K MT OF 6000 GAD COAL FOR FIVE MONTH
COALspot.com - Tamil Nadu Newsprint & Papers Ltd. , an Indian paper maker, is seeking 300,000 metric tons ± 5% (In 5 shipments about 60,0 ...
Thursday, 18 July 13
3RD ANNUAL FLOATING TERMINALS, INDONESIA
Commercial applications for offshore transshipment facilities
Floating Terminal solutions are increasingly being deployed by miners, independent ...
Thursday, 18 July 13
THE CAPE MARKET APPEARS TO BE HOLDING FIRM - FEARNLEYS AS
Handy
In the Pacific, market maintained similar levels during the week. There is several Indo coal orders in the market, ships passing Singapore fi ...
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- Bharathi Cement Corporation - India
- TNB Fuel Sdn Bhd - Malaysia
- Indonesian Coal Mining Association
- Cigading International Bulk Terminal - Indonesia
- Economic Council, Georgia
- GN Power Mariveles Coal Plant, Philippines
- India Bulls Power Limited - India
- Trasteel International SA, Italy
- New Zealand Coal & Carbon
- Bukit Baiduri Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Formosa Plastics Group - Taiwan
- Parliament of New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- GVK Power & Infra Limited - India
- Marubeni Corporation - India
- Intertek Mineral Services - Indonesia
- London Commodity Brokers - England
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- ICICI Bank Limited - India
- Rio Tinto Coal - Australia
- The State Trading Corporation of India Ltd
- Price Waterhouse Coopers - Russia
- White Energy Company Limited
- Carbofer General Trading SA - India
- Deloitte Consulting - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- European Bulk Services B.V. - Netherlands
- Tata Chemicals Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Orica Mining Services - Indonesia
- Eastern Energy - Thailand
- Ministry of Finance - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Iligan Light & Power Inc, Philippines
- Essar Steel Hazira Ltd - India
- Jaiprakash Power Ventures ltd
- GAC Shipping (India) Pvt Ltd
- IEA Clean Coal Centre - UK
- Ambuja Cements Ltd - India
- Port Waratah Coal Services - Australia
- Anglo American - United Kingdom
- Kaltim Prima Coal - Indonesia
- Semirara Mining Corp, Philippines
- Vizag Seaport Private Limited - India
- LBH Netherlands Bv - Netherlands
- Salva Resources Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Australian Coal Association
- PetroVietnam Power Coal Import and Supply Company
- Kideco Jaya Agung - Indonesia
- Coastal Gujarat Power Limited - India
- Coalindo Energy - Indonesia
- Petron Corporation, Philippines
- Aditya Birla Group - India
- Sojitz Corporation - Japan
- Directorate General of MIneral and Coal - Indonesia
- Energy Link Ltd, New Zealand
- TeaM Sual Corporation - Philippines
- Vedanta Resources Plc - India
- Coal and Oil Company - UAE
- Kobexindo Tractors - Indoneisa
- Antam Resourcindo - Indonesia
- PNOC Exploration Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Ministry of Transport, Egypt
- Planning Commission, India
- The Treasury - Australian Government
- Independent Power Producers Association of India
- Tamil Nadu electricity Board
- Thai Mozambique Logistica
- Kapuas Tunggal Persada - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Metalloyd Limited - United Kingdom
- Bhoruka Overseas - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Kohat Cement Company Ltd. - Pakistan
- Directorate Of Revenue Intelligence - India
- AsiaOL BioFuels Corp., Philippines
- Cement Manufacturers Association - India
- Kartika Selabumi Mining - Indonesia
- Commonwealth Bank - Australia
- Alfred C Toepfer International GmbH - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mercator Lines Limited - India
- Merrill Lynch Commodities Europe
- Simpson Spence & Young - Indonesia
- Interocean Group of Companies - India
- Sinarmas Energy and Mining - Indonesia
- Riau Bara Harum - Indonesia
- Borneo Indobara - Indonesia
- Bangladesh Power Developement Board
- Ind-Barath Power Infra Limited - India
- Chamber of Mines of South Africa
- Petrochimia International Co. Ltd.- Taiwan
- Maharashtra Electricity Regulatory Commission - India
- Therma Luzon, Inc, Philippines
- The University of Queensland
- Banpu Public Company Limited - Thailand
- Lanco Infratech Ltd - India
- South Luzon Thermal Energy Corporation
- SMC Global Power, Philippines
- Edison Trading Spa - Italy
- Global Coal Blending Company Limited - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Sical Logistics Limited - India
- PowerSource Philippines DevCo
- Offshore Bulk Terminal Pte Ltd, Singapore
- SMG Consultants - Indonesia
- Chettinad Cement Corporation Ltd - India
- Heidelberg Cement - Germany
- Krishnapatnam Port Company Ltd. - India
- Minerals Council of Australia
- GMR Energy Limited - India
- Indian Energy Exchange, India
- Indika Energy - Indonesia
- Wilmar Investment Holdings
- Bukit Asam (Persero) Tbk - Indonesia
- Sarangani Energy Corporation, Philippines
- MS Steel International - UAE
- Agrawal Coal Company - India
- Videocon Industries ltd - India
- Baramulti Group, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Malabar Cements Ltd - India
- Altura Mining Limited, Indonesia
- Binh Thuan Hamico - Vietnam
- Electricity Generating Authority of Thailand
- CIMB Investment Bank - Malaysia
- Maheswari Brothers Coal Limited - India
- Meenaskhi Energy Private Limited - India
- Gujarat Sidhee Cement - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aboitiz Power Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Uttam Galva Steels Limited - India
- Latin American Coal - Colombia
- Energy Development Corp, Philippines
- Singapore Mercantile Exchange
- SN Aboitiz Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Renaissance Capital - South Africa
- Semirara Mining and Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Thiess Contractors Indonesia
- Bhatia International Limited - India
- McConnell Dowell - Australia
- Manunggal Multi Energi - Indonesia
- IHS Mccloskey Coal Group - USA
- Siam City Cement - Thailand
- Mintek Dendrill Indonesia
- Meralco Power Generation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Mercuria Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Bhushan Steel Limited - India
- Grasim Industreis Ltd - India
- Medco Energi Mining Internasional
- Star Paper Mills Limited - India
- Madhucon Powers Ltd - India
- Indian Oil Corporation Limited
- Georgia Ports Authority, United States
- Orica Australia Pty. Ltd.
- Eastern Coal Council - USA
- Indogreen Group - Indonesia
- Kumho Petrochemical, South Korea
- Miang Besar Coal Terminal - Indonesia
- Barasentosa Lestari - Indonesia
- Parry Sugars Refinery, India
- Power Finance Corporation Ltd., India
- Sakthi Sugars Limited - India
- Sree Jayajothi Cements Limited - India
- CNBM International Corporation - China
- Romanian Commodities Exchange
- Dalmia Cement Bharat India
- ASAPP Information Group - India
- Attock Cement Pakistan Limited
- Toyota Tsusho Corporation, Japan
- Xindia Steels Limited - India
- Holcim Trading Pte Ltd - Singapore
- Posco Energy - South Korea
- Karbindo Abesyapradhi - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Central Java Power - Indonesia
- Makarim & Taira - Indonesia
- Africa Commodities Group - South Africa
- Goldman Sachs - Singapore
- Global Business Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- Electricity Authority, New Zealand
- Straits Asia Resources Limited - Singapore
- Gujarat Electricity Regulatory Commission - India
- Mjunction Services Limited - India
- Globalindo Alam Lestari - Indonesia
- Standard Chartered Bank - UAE
- Wood Mackenzie - Singapore
- PTC India Limited - India
- Larsen & Toubro Limited - India
- OPG Power Generation Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Samtan Co., Ltd - South Korea
- Karaikal Port Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Ministry of Mines - Canada
- Indo Tambangraya Megah - Indonesia
- Oldendorff Carriers - Singapore
- Central Electricity Authority - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- VISA Power Limited - India
- Australian Commodity Traders Exchange
- Pendopo Energi Batubara - Indonesia
- Timah Investasi Mineral - Indoneisa
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