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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, 09 July 13
CAPESIZE: SHOT UP; PANAMAXES: NOT SO LUCK; SUPRAS: SLIGHTLY BETTER; HANDIES: SOFT - INTERMODAL
COALspot.com : June 2013 Recap
A renewed Capesize market this month (June 2013) was the cause for much of the overall noteworthy performanc ...
Tuesday, 09 July 13
THE 11TH DEEP COAL PROCESSING FORUM 2013
Press Release : The 11th Deep Coal Processing Forum 2013 will be held in November Beijing China.
CDMC Events is pleased to announce that 11 ...
Monday, 08 July 13
ECO-FRIENDLY COAL FOR CHINA - VALUE FOR THE ENVIRONMENT AND VALUE FOR THE POWER GENERATOR - BY: LINDSAY JUNIPER
COALspot.com : January 2013 saw an episode of extreme particulate pollution in Beijing 35 times worse than the safe level recommended by the World H ...
Sunday, 07 July 13
FREIGHT MARKET IS EXPECTED TO BE SOFT TO STABLE NEXT WEEK- VISTAAR
COALspot.com - The freight market softened for the week ended 5 July 2013, and experienced a decline in all sectors, including BDI. Bulk dry Index d ...
Sunday, 07 July 13
COAL PRICES REMAIN UNDER PRESSURE
COALspot.com – Coal swaps for the year 2014 indicate that, the pressure on coal prices will continue at least until next year. Ave ...
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- Sarangani Energy Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Petron Corporation, Philippines
- Anglo American - United Kingdom
- Globalindo Alam Lestari - Indonesia
- Sree Jayajothi Cements Limited - India
- European Bulk Services B.V. - Netherlands
- Aboitiz Power Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PNOC Exploration Corporation - Philippines
- Sical Logistics Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Kartika Selabumi Mining - Indonesia
- LBH Netherlands Bv - Netherlands
- Agrawal Coal Company - India
- Riau Bara Harum - Indonesia
- Africa Commodities Group - South Africa
- Chamber of Mines of South Africa
- Indo Tambangraya Megah - Indonesia
- Meralco Power Generation, Philippines
- Kepco SPC Power Corporation, Philippines
- Goldman Sachs - Singapore
- Kapuas Tunggal Persada - Indonesia
- Ambuja Cements Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Antam Resourcindo - Indonesia
- Borneo Indobara - Indonesia
- Therma Luzon, Inc, Philippines
- Baramulti Group, Indonesia
- Deloitte Consulting - India
- South Luzon Thermal Energy Corporation
- Tata Chemicals Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The Treasury - Australian Government
- Central Java Power - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Heidelberg Cement - Germany
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Renaissance Capital - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bharathi Cement Corporation - India
- Sojitz Corporation - Japan
- Bukit Makmur.PT - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Manunggal Multi Energi - Indonesia
- Independent Power Producers Association of India
- Directorate Of Revenue Intelligence - India
- Global Business Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Pipit Mutiara Jaya. PT, Indonesia
- Price Waterhouse Coopers - Russia
- Commonwealth Bank - Australia
- New Zealand Coal & Carbon
- Uttam Galva Steels Limited - India
- Ministry of Transport, Egypt
- Semirara Mining and Power Corporation, Philippines
- PowerSource Philippines DevCo
- Siam City Cement PLC, Thailand
- Indian Oil Corporation Limited
- Coal and Oil Company - UAE
- Timah Investasi Mineral - Indoneisa
- Lanco Infratech Ltd - India
- Australian Commodity Traders Exchange
- Vijayanagar Sugar Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Indian Energy Exchange, India
- Coalindo Energy - Indonesia
- Mercuria Energy - Indonesia
- Altura Mining Limited, Indonesia
- Jindal Steel & Power Ltd - India
- Star Paper Mills Limited - India
- CIMB Investment Bank - Malaysia
- Larsen & Toubro Limited - India
- Posco Energy - South Korea
- Bulk Trading Sa - Switzerland
- Asmin Koalindo Tuhup - Indonesia
- London Commodity Brokers - England
- Straits Asia Resources Limited - Singapore
- Global Coal Blending Company Limited - Australia
- Central Electricity Authority - India
- GN Power Mariveles Coal Plant, Philippines
- ICICI Bank Limited - India
- Bhatia International Limited - India
- Orica Mining Services - Indonesia
- Indika Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Medco Energi Mining Internasional
- Samtan Co., Ltd - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- TeaM Sual Corporation - Philippines
- Port Waratah Coal Services - Australia
- Krishnapatnam Port Company Ltd. - India
- Xindia Steels Limited - India
- Bhushan Steel Limited - India
- Energy Link Ltd, New Zealand
- Ind-Barath Power Infra Limited - India
- Eastern Energy - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Electricity Generating Authority of Thailand
- Indogreen Group - Indonesia
- Vizag Seaport Private Limited - India
- Banpu Public Company Limited - Thailand
- Sinarmas Energy and Mining - Indonesia
- Minerals Council of Australia
- Savvy Resources Ltd - HongKong
- Chettinad Cement Corporation Ltd - India
- SN Aboitiz Power Inc, Philippines
- Marubeni Corporation - India
- Gujarat Mineral Development Corp Ltd - India
- Romanian Commodities Exchange
- Jaiprakash Power Ventures ltd
- Bhoruka Overseas - Indonesia
- IHS Mccloskey Coal Group - USA
- Latin American Coal - Colombia
- Kobexindo Tractors - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Simpson Spence & Young - Indonesia
- Kaltim Prima Coal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Salva Resources Pvt Ltd - India
- Ministry of Finance - Indonesia
- Kideco Jaya Agung - Indonesia
- Wood Mackenzie - Singapore
- IEA Clean Coal Centre - UK
- Parry Sugars Refinery, India
- Global Green Power PLC Corporation, Philippines
- GVK Power & Infra Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Trasteel International SA, Italy
- Metalloyd Limited - United Kingdom
- Neyveli Lignite Corporation Ltd, - India
- GMR Energy Limited - India
- ASAPP Information Group - India
- Kohat Cement Company Ltd. - Pakistan
- Maheswari Brothers Coal Limited - India
- Ceylon Electricity Board - Sri Lanka
- Interocean Group of Companies - India
- Miang Besar Coal Terminal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Directorate General of MIneral and Coal - Indonesia
- Australian Coal Association
- Madhucon Powers Ltd - India
- Mjunction Services Limited - India
- Sindya Power Generating Company Private Ltd
- Rio Tinto Coal - Australia
- Planning Commission, India
- Dalmia Cement Bharat India
- Carbofer General Trading SA - India
- McConnell Dowell - Australia
- Cement Manufacturers Association - India
- Jorong Barutama Greston.PT - Indonesia
- Vedanta Resources Plc - India
- Bangladesh Power Developement Board
- Semirara Mining Corp, Philippines
- Energy Development Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- CNBM International Corporation - China
- Kumho Petrochemical, South Korea
- Mintek Dendrill Indonesia
- Sakthi Sugars Limited - India
- VISA Power Limited - India
- Aditya Birla Group - India
- Bukit Baiduri Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Videocon Industries ltd - India
- India Bulls Power Limited - India
- Electricity Authority, New Zealand
- SMG Consultants - Indonesia
- The University of Queensland
- Standard Chartered Bank - UAE
- Power Finance Corporation Ltd., India
- Tamil Nadu electricity Board
- Economic Council, Georgia
- Karaikal Port Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Eastern Coal Council - USA
- Gujarat Sidhee Cement - India
- AsiaOL BioFuels Corp., Philippines
- Thai Mozambique Logistica
- MS Steel International - UAE
- The State Trading Corporation of India Ltd
- Parliament of New Zealand
- Iligan Light & Power Inc, Philippines
- Essar Steel Hazira Ltd - India
- Siam City Cement - Thailand
- Wilmar Investment Holdings
- White Energy Company Limited
- Bahari Cakrawala Sebuku - Indonesia
- Malabar Cements Ltd - India
- GAC Shipping (India) Pvt Ltd
- Singapore Mercantile Exchange
- Barasentosa Lestari - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Oldendorff Carriers - Singapore
- Intertek Mineral Services - Indonesia
- Binh Thuan Hamico - Vietnam
- SMC Global Power, Philippines
- Attock Cement Pakistan Limited
- Edison Trading Spa - Italy
- Karbindo Abesyapradhi - Indoneisa
- Georgia Ports Authority, United States
- Kalimantan Lumbung Energi - Indonesia
- Toyota Tsusho Corporation, Japan
- Ministry of Mines - Canada
- Mercator Lines Limited - India
- Merrill Lynch Commodities Europe
- PTC India Limited - India
- Coastal Gujarat Power Limited - India
- Orica Australia Pty. Ltd.
- San Jose City I Power Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Rashtriya Ispat Nigam Limited - India
- Makarim & Taira - Indonesia
- Grasim Industreis Ltd - India
- Thiess Contractors Indonesia
- Indonesian Coal Mining Association
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