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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, 19 June 13
NEWCASTLE SHIPPED 16.05 PERCENT LESS COAL W/E 17 JUNE 2013
COALspot.com - Newcastle port in Australia has loaded 2,606,071 tons of coal for the week ended 0700 hours 17 June 2013, Newcastle Port Corp. ...
Sunday, 16 June 13
WEAK DEMAND KEEPS COAL PRICES LOW
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for average July 2013 delivery have lost 2.94 percent week on week but gained 0.06 percent ...
Saturday, 15 June 13
S7 AND S8 ROUTES ARE EXPECTED TO BE STEADY NEXT WEEK - VISTAAR
COALspot.com - This week freight movement was fairly firm with news of China is rebuilding iron ore stockpiles, and ease import rules. Cape and Pana ...
Saturday, 15 June 13
SHIPPING CONFIDENCE REACHES HIGHEST LEVEL FOR TWO AND A HALF YEARS - MOORE STEPHENS
Overall confidence levels in the shipping industry rose to their highest level for two and a half years in the three months ended May 2013, accordin ...
Friday, 14 June 13
U.S. COAL PRODUCTION TOTALED APPROXIMATELY 18.20 MILLION SHORT TONS W/E 8 JUNE 2013
COALspot.com – United states the world’s second largest coal producer produced totaled approximately 18.20 million short tons (mmst) of ...
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- SMC Global Power, Philippines
- Mercator Lines Limited - India
- Madhucon Powers Ltd - India
- Manunggal Multi Energi - Indonesia
- Parry Sugars Refinery, India
- European Bulk Services B.V. - Netherlands
- Meralco Power Generation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Sidhee Cement - India
- Anglo American - United Kingdom
- Kaltim Prima Coal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Siam City Cement - Thailand
- Chamber of Mines of South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ind-Barath Power Infra Limited - India
- Straits Asia Resources Limited - Singapore
- Orica Mining Services - Indonesia
- Sindya Power Generating Company Private Ltd
- Oldendorff Carriers - Singapore
- Karaikal Port Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Wilmar Investment Holdings
- Barasentosa Lestari - Indonesia
- PowerSource Philippines DevCo
- Eastern Energy - Thailand
- Sakthi Sugars Limited - India
- Riau Bara Harum - Indonesia
- Savvy Resources Ltd - HongKong
- The Treasury - Australian Government
- Star Paper Mills Limited - India
- Deloitte Consulting - India
- Jaiprakash Power Ventures ltd
- Renaissance Capital - South Africa
- Bharathi Cement Corporation - India
- Interocean Group of Companies - India
- Merrill Lynch Commodities Europe
- TeaM Sual Corporation - Philippines
- Minerals Council of Australia
- Bhatia International Limited - India
- Bayan Resources Tbk. - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- New Zealand Coal & Carbon
- Rio Tinto Coal - Australia
- Kartika Selabumi Mining - Indonesia
- PNOC Exploration Corporation - Philippines
- MS Steel International - UAE
- Parliament of New Zealand
- Ministry of Finance - Indonesia
- Standard Chartered Bank - UAE
- Orica Australia Pty. Ltd.
- Salva Resources Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Siam City Cement PLC, Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Larsen & Toubro Limited - India
- Dalmia Cement Bharat India
- Mjunction Services Limited - India
- Miang Besar Coal Terminal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Maharashtra Electricity Regulatory Commission - India
- Wood Mackenzie - Singapore
- OPG Power Generation Pvt Ltd - India
- Mintek Dendrill Indonesia
- Port Waratah Coal Services - Australia
- GN Power Mariveles Coal Plant, Philippines
- Eastern Coal Council - USA
- SN Aboitiz Power Inc, Philippines
- GVK Power & Infra Limited - India
- Aditya Birla Group - India
- Bhushan Steel Limited - India
- Energy Development Corp, Philippines
- CNBM International Corporation - China
- Thai Mozambique Logistica
- GMR Energy Limited - India
- Indika Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Alfred C Toepfer International GmbH - Germany
- White Energy Company Limited
- Uttam Galva Steels Limited - India
- Planning Commission, India
- Bukit Baiduri Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Bhoruka Overseas - Indonesia
- Ministry of Transport, Egypt
- Indogreen Group - Indonesia
- San Jose City I Power Corp, Philippines
- Essar Steel Hazira Ltd - India
- Central Java Power - Indonesia
- Altura Mining Limited, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Energy Link Ltd, New Zealand
- Globalindo Alam Lestari - Indonesia
- Ambuja Cements Ltd - India
- Medco Energi Mining Internasional
- Makarim & Taira - Indonesia
- Economic Council, Georgia
- Pendopo Energi Batubara - Indonesia
- Tamil Nadu electricity Board
- Goldman Sachs - Singapore
- Power Finance Corporation Ltd., India
- Indian Energy Exchange, India
- Banpu Public Company Limited - Thailand
- GAC Shipping (India) Pvt Ltd
- IEA Clean Coal Centre - UK
- Jorong Barutama Greston.PT - Indonesia
- Australian Commodity Traders Exchange
- Kobexindo Tractors - Indoneisa
- Cement Manufacturers Association - India
- Electricity Generating Authority of Thailand
- Leighton Contractors Pty Ltd - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Karbindo Abesyapradhi - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Baramulti Group, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Coastal Gujarat Power Limited - India
- Carbofer General Trading SA - India
- Commonwealth Bank - Australia
- SMG Consultants - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Jindal Steel & Power Ltd - India
- The University of Queensland
- Xindia Steels Limited - India
- Vedanta Resources Plc - India
- Simpson Spence & Young - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- ASAPP Information Group - India
- Bukit Makmur.PT - Indonesia
- IHS Mccloskey Coal Group - USA
- Central Electricity Authority - India
- Thiess Contractors Indonesia
- Intertek Mineral Services - Indonesia
- Edison Trading Spa - Italy
- Malabar Cements Ltd - India
- Chettinad Cement Corporation Ltd - India
- Grasim Industreis Ltd - India
- Global Business Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Indian Oil Corporation Limited
- Sree Jayajothi Cements Limited - India
- The State Trading Corporation of India Ltd
- India Bulls Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Attock Cement Pakistan Limited
- Kideco Jaya Agung - Indonesia
- Global Coal Blending Company Limited - Australia
- Rashtriya Ispat Nigam Limited - India
- Videocon Industries ltd - India
- Metalloyd Limited - United Kingdom
- Toyota Tsusho Corporation, Japan
- Georgia Ports Authority, United States
- AsiaOL BioFuels Corp., Philippines
- South Luzon Thermal Energy Corporation
- Bulk Trading Sa - Switzerland
- International Coal Ventures Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- PTC India Limited - India
- Australian Coal Association
- Sical Logistics Limited - India
- Posco Energy - South Korea
- Ceylon Electricity Board - Sri Lanka
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Trasteel International SA, Italy
- Borneo Indobara - Indonesia
- Indo Tambangraya Megah - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Kumho Petrochemical, South Korea
- Gujarat Mineral Development Corp Ltd - India
- VISA Power Limited - India
- Africa Commodities Group - South Africa
- Marubeni Corporation - India
- Gujarat Electricity Regulatory Commission - India
- Neyveli Lignite Corporation Ltd, - India
- Lanco Infratech Ltd - India
- Bangladesh Power Developement Board
- Krishnapatnam Port Company Ltd. - India
- Maheswari Brothers Coal Limited - India
- Romanian Commodities Exchange
- Heidelberg Cement - Germany
- Electricity Authority, New Zealand
- Formosa Plastics Group - Taiwan
- Mercuria Energy - Indonesia
- Therma Luzon, Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Independent Power Producers Association of India
- Vizag Seaport Private Limited - India
- Kepco SPC Power Corporation, Philippines
- London Commodity Brokers - England
- McConnell Dowell - Australia
- Coal and Oil Company - UAE
- Semirara Mining Corp, Philippines
- CIMB Investment Bank - Malaysia
- Sarangani Energy Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Holcim Trading Pte Ltd - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Singapore Mercantile Exchange
- Price Waterhouse Coopers - Russia
- Petron Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Cigading International Bulk Terminal - Indonesia
- Binh Thuan Hamico - Vietnam
- Sojitz Corporation - Japan
- Agrawal Coal Company - India
- Iligan Light & Power Inc, Philippines
- Indonesian Coal Mining Association
- Aboitiz Power Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Latin American Coal - Colombia
- Meenaskhi Energy Private Limited - India
- Ministry of Mines - Canada
- ICICI Bank Limited - India
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