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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, 29 May 13
SHIP OWNERS KEEP ON SPENDING ON NEWBUILDINGS AS PRICES ARE DEEMED TOO LOW TO RESIST - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
It's been yet another week on increased newbuilding ordering activity with Hellenic ship owners appearing rathe active, on the back of attractive f ...
Tuesday, 28 May 13
NEWCASTLE PORT SHIPPED 9.76 PERCENT MORE COAL W/E 27 MAY 2013
COALspot.com - Newcastle port in Australia has loaded 2,420,366 tons of coal for week ended 0700 hours 27 May 2013, Newcastle Port Corp. said ...
Sunday, 26 May 13
AMPLE SUPPLY, LOW DEMAND KEEP COAL PRICES UNDER PRESSURE
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for average July 2013 delivery have lost 0.07 percent and API 8 CFR South China Coal shipment los ...
Friday, 24 May 13
ENGAGEMENT WITH POTENTIAL STRATEGIC AND OFF TAKE PARTNERS ACCELERATING - REALM RESOURCES
COALspot.com - Following the recent completion of the Feasibility Study, the Realm Resources Ltd. (ASX: RRP) has focused on securing strategic ...
Friday, 24 May 13
US'S COAL PRODUCTION INCREASED WEEK ON WEEK
COALspot.com – United states the world’s second largest coal producer produced totaled approximately 18.90 million short tons (mmst) of ...
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- Kartika Selabumi Mining - Indonesia
- Deloitte Consulting - India
- Orica Australia Pty. Ltd.
- Latin American Coal - Colombia
- Holcim Trading Pte Ltd - Singapore
- Jindal Steel & Power Ltd - India
- Banpu Public Company Limited - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining Corp, Philippines
- Videocon Industries ltd - India
- Siam City Cement - Thailand
- Samtan Co., Ltd - South Korea
- San Jose City I Power Corp, Philippines
- Formosa Plastics Group - Taiwan
- Planning Commission, India
- Directorate Of Revenue Intelligence - India
- Wilmar Investment Holdings
- Vedanta Resources Plc - India
- Jorong Barutama Greston.PT - Indonesia
- Straits Asia Resources Limited - Singapore
- Savvy Resources Ltd - HongKong
- Bhushan Steel Limited - India
- Uttam Galva Steels Limited - India
- Xindia Steels Limited - India
- South Luzon Thermal Energy Corporation
- GMR Energy Limited - India
- Petron Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Maheswari Brothers Coal Limited - India
- Therma Luzon, Inc, Philippines
- Ambuja Cements Ltd - India
- IHS Mccloskey Coal Group - USA
- SMG Consultants - Indonesia
- Carbofer General Trading SA - India
- Dalmia Cement Bharat India
- Rashtriya Ispat Nigam Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Offshore Bulk Terminal Pte Ltd, Singapore
- GAC Shipping (India) Pvt Ltd
- Meenaskhi Energy Private Limited - India
- ICICI Bank Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Altura Mining Limited, Indonesia
- Malabar Cements Ltd - India
- Cement Manufacturers Association - India
- Romanian Commodities Exchange
- Coastal Gujarat Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Neyveli Lignite Corporation Ltd, - India
- Vijayanagar Sugar Pvt Ltd - India
- Indonesian Coal Mining Association
- Borneo Indobara - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Bank of Tokyo Mitsubishi UFJ Ltd
- Timah Investasi Mineral - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Kepco SPC Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- OPG Power Generation Pvt Ltd - India
- Eastern Coal Council - USA
- Aditya Birla Group - India
- Standard Chartered Bank - UAE
- Parliament of New Zealand
- Metalloyd Limited - United Kingdom
- Billiton Holdings Pty Ltd - Australia
- Georgia Ports Authority, United States
- Barasentosa Lestari - Indonesia
- Mjunction Services Limited - India
- Bukit Baiduri Energy - Indonesia
- Bharathi Cement Corporation - India
- MS Steel International - UAE
- Makarim & Taira - Indonesia
- CNBM International Corporation - China
- Sinarmas Energy and Mining - Indonesia
- Essar Steel Hazira Ltd - India
- CIMB Investment Bank - Malaysia
- Kideco Jaya Agung - Indonesia
- SMC Global Power, Philippines
- Chamber of Mines of South Africa
- The Treasury - Australian Government
- Sakthi Sugars Limited - India
- Indogreen Group - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Central Java Power - Indonesia
- SN Aboitiz Power Inc, Philippines
- Economic Council, Georgia
- Vizag Seaport Private Limited - India
- Goldman Sachs - Singapore
- PTC India Limited - India
- Bulk Trading Sa - Switzerland
- Iligan Light & Power Inc, Philippines
- Gujarat Sidhee Cement - India
- Indian Oil Corporation Limited
- TNB Fuel Sdn Bhd - Malaysia
- Power Finance Corporation Ltd., India
- Australian Commodity Traders Exchange
- Simpson Spence & Young - Indonesia
- LBH Netherlands Bv - Netherlands
- Kohat Cement Company Ltd. - Pakistan
- TeaM Sual Corporation - Philippines
- Coal and Oil Company - UAE
- Mintek Dendrill Indonesia
- Riau Bara Harum - Indonesia
- PowerSource Philippines DevCo
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Bayan Resources Tbk. - Indonesia
- IEA Clean Coal Centre - UK
- Sindya Power Generating Company Private Ltd
- Manunggal Multi Energi - Indonesia
- Chettinad Cement Corporation Ltd - India
- Meralco Power Generation, Philippines
- Singapore Mercantile Exchange
- Intertek Mineral Services - Indonesia
- Commonwealth Bank - Australia
- Australian Coal Association
- Coalindo Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Madhucon Powers Ltd - India
- Sojitz Corporation - Japan
- Toyota Tsusho Corporation, Japan
- Anglo American - United Kingdom
- Global Coal Blending Company Limited - Australia
- Salva Resources Pvt Ltd - India
- Indika Energy - Indonesia
- Trasteel International SA, Italy
- Cigading International Bulk Terminal - Indonesia
- Orica Mining Services - Indonesia
- Mercuria Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Jaiprakash Power Ventures ltd
- Aboitiz Power Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Antam Resourcindo - Indonesia
- Bukit Makmur.PT - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- The State Trading Corporation of India Ltd
- Sree Jayajothi Cements Limited - India
- Indo Tambangraya Megah - Indonesia
- Ministry of Transport, Egypt
- Thiess Contractors Indonesia
- Central Electricity Authority - India
- Edison Trading Spa - Italy
- Electricity Generating Authority of Thailand
- Energy Development Corp, Philippines
- Heidelberg Cement - Germany
- European Bulk Services B.V. - Netherlands
- Bangladesh Power Developement Board
- Directorate General of MIneral and Coal - Indonesia
- Electricity Authority, New Zealand
- Kapuas Tunggal Persada - Indonesia
- Baramulti Group, Indonesia
- Krishnapatnam Port Company Ltd. - India
- Posco Energy - South Korea
- Gujarat Mineral Development Corp Ltd - India
- Attock Cement Pakistan Limited
- Ind-Barath Power Infra Limited - India
- Global Business Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Mercator Lines Limited - India
- Eastern Energy - Thailand
- Marubeni Corporation - India
- Sical Logistics Limited - India
- Siam City Cement PLC, Thailand
- White Energy Company Limited
- Tamil Nadu electricity Board
- GVK Power & Infra Limited - India
- Kumho Petrochemical, South Korea
- Africa Commodities Group - South Africa
- Karbindo Abesyapradhi - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- New Zealand Coal & Carbon
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Bhoruka Overseas - Indonesia
- Oldendorff Carriers - Singapore
- Star Paper Mills Limited - India
- London Commodity Brokers - England
- Indian Energy Exchange, India
- Globalindo Alam Lestari - Indonesia
- Port Waratah Coal Services - Australia
- Pendopo Energi Batubara - Indonesia
- Larsen & Toubro Limited - India
- Leighton Contractors Pty Ltd - Australia
- Rio Tinto Coal - Australia
- India Bulls Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Energy Link Ltd, New Zealand
- Merrill Lynch Commodities Europe
- Alfred C Toepfer International GmbH - Germany
- Renaissance Capital - South Africa
- Agrawal Coal Company - India
- Thai Mozambique Logistica
- VISA Power Limited - India
- Tata Chemicals Ltd - India
- International Coal Ventures Pvt Ltd - India
- Interocean Group of Companies - India
- Lanco Infratech Ltd - India
- Sarangani Energy Corporation, Philippines
- ASAPP Information Group - India
- Parry Sugars Refinery, India
- Ministry of Finance - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Minerals Council of Australia
- Ministry of Mines - Canada
- Karaikal Port Pvt Ltd - India
- Independent Power Producers Association of India
- Bhatia International Limited - India
- Medco Energi Mining Internasional
- Wood Mackenzie - Singapore
- PNOC Exploration Corporation - Philippines
- McConnell Dowell - Australia
- The University of Queensland
- Asmin Koalindo Tuhup - Indonesia
- Grasim Industreis Ltd - India
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