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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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Friday, 07 June 13
MEDITERRANEAN COAL MARKETS
Press Release: 3rd International Conference Mediterranean Coal Markets will be held on 16-17th of September 2013, Istanbul, Turkey, Ceylan Intercont ...
Friday, 07 June 13
US'S COAL PRODUCTION INCREASED BY 0.54 PER CENT THE WEEK ENDED JUNE 1
COALspot.com – United states the world’s second largest coal producer produced totaled approximately 18.60 million short tons (mmst) of ...
Thursday, 06 June 13
WE ARE SEEING SOME FRESH INDO COAL TO CHINA AND INDIA - FEARNRESEARCH
Handy
In the Atlantic, the Gulf remains firm for the next week with a few orders in the market. The Supramaxes are seeing around low 20k for fronth ...
Wednesday, 05 June 13
DON'T AVOID PAYING COAL ROYALTY TO THE GOVERNMENT - INDONESIAN ENERGY MINISTER
COALspot.com – “Every country has the right to make policies to protect their national interests”, Energy and Mineral Resources Mi ...
Tuesday, 04 June 13
NEWCASTLE PORT SHIPPED 2.56 MILLION TONS OF COAL IN A WEEK
COALspot.com - Newcastle port in Australia has loaded 2,563,596 tons of coal for week ended 0700 hours 3 June 2013, Newcastle Port Corp. said ...
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- San Jose City I Power Corp, Philippines
- PowerSource Philippines DevCo
- PNOC Exploration Corporation - Philippines
- Carbofer General Trading SA - India
- IHS Mccloskey Coal Group - USA
- Jaiprakash Power Ventures ltd
- Metalloyd Limited - United Kingdom
- Pendopo Energi Batubara - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Karbindo Abesyapradhi - Indoneisa
- Sree Jayajothi Cements Limited - India
- Barasentosa Lestari - Indonesia
- MS Steel International - UAE
- Kapuas Tunggal Persada - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Directorate General of MIneral and Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- Makarim & Taira - Indonesia
- Timah Investasi Mineral - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Parry Sugars Refinery, India
- Thiess Contractors Indonesia
- Coal and Oil Company - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Global Business Power Corporation, Philippines
- Petron Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Savvy Resources Ltd - HongKong
- Ambuja Cements Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- The State Trading Corporation of India Ltd
- Orica Australia Pty. Ltd.
- Bukit Asam (Persero) Tbk - Indonesia
- Iligan Light & Power Inc, Philippines
- Australian Coal Association
- Indogreen Group - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- GMR Energy Limited - India
- Africa Commodities Group - South Africa
- ASAPP Information Group - India
- Essar Steel Hazira Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- SMG Consultants - Indonesia
- PTC India Limited - India
- Bharathi Cement Corporation - India
- Indo Tambangraya Megah - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- OPG Power Generation Pvt Ltd - India
- Thai Mozambique Logistica
- Borneo Indobara - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Jindal Steel & Power Ltd - India
- Global Green Power PLC Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Riau Bara Harum - Indonesia
- White Energy Company Limited
- Meenaskhi Energy Private Limited - India
- Kaltim Prima Coal - Indonesia
- Wood Mackenzie - Singapore
- Power Finance Corporation Ltd., India
- Central Electricity Authority - India
- Mercator Lines Limited - India
- Kobexindo Tractors - Indoneisa
- Ministry of Transport, Egypt
- CNBM International Corporation - China
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Central Java Power - Indonesia
- Globalindo Alam Lestari - Indonesia
- India Bulls Power Limited - India
- New Zealand Coal & Carbon
- Semirara Mining Corp, Philippines
- Orica Mining Services - Indonesia
- Oldendorff Carriers - Singapore
- Cement Manufacturers Association - India
- Rio Tinto Coal - Australia
- Ministry of Finance - Indonesia
- GAC Shipping (India) Pvt Ltd
- Mercuria Energy - Indonesia
- Baramulti Group, Indonesia
- Independent Power Producers Association of India
- Renaissance Capital - South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sakthi Sugars Limited - India
- Altura Mining Limited, Indonesia
- Star Paper Mills Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Marubeni Corporation - India
- Rashtriya Ispat Nigam Limited - India
- Bhushan Steel Limited - India
- Medco Energi Mining Internasional
- Tamil Nadu electricity Board
- Toyota Tsusho Corporation, Japan
- GVK Power & Infra Limited - India
- Karaikal Port Pvt Ltd - India
- Indian Energy Exchange, India
- Larsen & Toubro Limited - India
- Interocean Group of Companies - India
- Vizag Seaport Private Limited - India
- Posco Energy - South Korea
- Sojitz Corporation - Japan
- Cigading International Bulk Terminal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Ministry of Mines - Canada
- Energy Link Ltd, New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- ICICI Bank Limited - India
- Aboitiz Power Corporation - Philippines
- Electricity Generating Authority of Thailand
- Kepco SPC Power Corporation, Philippines
- Wilmar Investment Holdings
- Simpson Spence & Young - Indonesia
- SN Aboitiz Power Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Videocon Industries ltd - India
- Gujarat Mineral Development Corp Ltd - India
- CIMB Investment Bank - Malaysia
- The University of Queensland
- European Bulk Services B.V. - Netherlands
- Parliament of New Zealand
- The Treasury - Australian Government
- TeaM Sual Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Meralco Power Generation, Philippines
- Bhoruka Overseas - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- VISA Power Limited - India
- Manunggal Multi Energi - Indonesia
- Price Waterhouse Coopers - Russia
- Bangladesh Power Developement Board
- Chettinad Cement Corporation Ltd - India
- Grasim Industreis Ltd - India
- Economic Council, Georgia
- Siam City Cement PLC, Thailand
- Tata Chemicals Ltd - India
- McConnell Dowell - Australia
- LBH Netherlands Bv - Netherlands
- Mintek Dendrill Indonesia
- Malabar Cements Ltd - India
- Eastern Coal Council - USA
- Directorate Of Revenue Intelligence - India
- Straits Asia Resources Limited - Singapore
- Bukit Baiduri Energy - Indonesia
- Indonesian Coal Mining Association
- Aditya Birla Group - India
- Romanian Commodities Exchange
- Singapore Mercantile Exchange
- Mjunction Services Limited - India
- Formosa Plastics Group - Taiwan
- Dalmia Cement Bharat India
- Georgia Ports Authority, United States
- Commonwealth Bank - Australia
- AsiaOL BioFuels Corp., Philippines
- Eastern Energy - Thailand
- Gujarat Sidhee Cement - India
- Edison Trading Spa - Italy
- Global Coal Blending Company Limited - Australia
- Indika Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Coalindo Energy - Indonesia
- Trasteel International SA, Italy
- Samtan Co., Ltd - South Korea
- South Luzon Thermal Energy Corporation
- Neyveli Lignite Corporation Ltd, - India
- IEA Clean Coal Centre - UK
- Standard Chartered Bank - UAE
- Latin American Coal - Colombia
- Sical Logistics Limited - India
- Energy Development Corp, Philippines
- Siam City Cement - Thailand
- Uttam Galva Steels Limited - India
- Bulk Trading Sa - Switzerland
- Indian Oil Corporation Limited
- Madhucon Powers Ltd - India
- London Commodity Brokers - England
- Krishnapatnam Port Company Ltd. - India
- Sindya Power Generating Company Private Ltd
- Kalimantan Lumbung Energi - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Deloitte Consulting - India
- Minerals Council of Australia
- Anglo American - United Kingdom
- Bhatia International Limited - India
- Sarangani Energy Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Goldman Sachs - Singapore
- SMC Global Power, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- International Coal Ventures Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Bukit Makmur.PT - Indonesia
- Merrill Lynch Commodities Europe
- Australian Commodity Traders Exchange
- Lanco Infratech Ltd - India
- Kartika Selabumi Mining - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Xindia Steels Limited - India
- Planning Commission, India
- Therma Luzon, Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Sinarmas Energy and Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Heidelberg Cement - Germany
- Port Waratah Coal Services - Australia
- Chamber of Mines of South Africa
- Agrawal Coal Company - India
- Maheswari Brothers Coal Limited - India
- Kideco Jaya Agung - Indonesia
- Attock Cement Pakistan Limited
- Electricity Authority, New Zealand
- Coastal Gujarat Power Limited - India
- Binh Thuan Hamico - Vietnam
- GN Power Mariveles Coal Plant, Philippines
- Vedanta Resources Plc - India
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