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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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Sunday, 19 May 13
COAL PRICES ARE SLUMPING DUE TO WEAK DEMAND
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for average July 2013 delivery have gained 0.03 percent and API 8 CFR South China Coal shipment g ...
Sunday, 19 May 13
FREIGHT RATES TO REMAIN UNSTABLE AND VOLATILE - CAPT. REDDY
COALspot.com – The freight remained weak this week with all the segments down.
The BDI, the Baltic Dry Index is a number issued daily by th ...
Friday, 17 May 13
US COAL PRODUCTION CLIMBED 3.35 PER CENT WEEK ON WEEK
COALspot.com - U.S. produced totaled approximately 18.50 million short tons (mmst) in a week (For the week ended May 11, 2013), EIA said in its late ...
Thursday, 16 May 13
PANAMAX: THE FORWARD CURVE IS FALLING GRADUALLY - FEARNRESEARCH
Handy
The Atlantic market remained quiet. The USG-Feast was at USD 19k and Black Sea-Feast was at USD 11k. The Pacific market remained uncertain as ...
Tuesday, 14 May 13
KALIMANTAN COAL
Press Release : After a very successful conference in 2012, the second annual event will address latest market developments and address the future p ...
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- Carbofer General Trading SA - India
- Vizag Seaport Private Limited - India
- Straits Asia Resources Limited - Singapore
- Bukit Baiduri Energy - Indonesia
- Uttam Galva Steels Limited - India
- Xindia Steels Limited - India
- Eastern Coal Council - USA
- VISA Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Australian Commodity Traders Exchange
- Samtan Co., Ltd - South Korea
- Simpson Spence & Young - Indonesia
- Mercuria Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Wilmar Investment Holdings
- Price Waterhouse Coopers - Russia
- Energy Development Corp, Philippines
- Semirara Mining Corp, Philippines
- McConnell Dowell - Australia
- GMR Energy Limited - India
- Barasentosa Lestari - Indonesia
- Bharathi Cement Corporation - India
- International Coal Ventures Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kumho Petrochemical, South Korea
- Rashtriya Ispat Nigam Limited - India
- Kobexindo Tractors - Indoneisa
- Oldendorff Carriers - Singapore
- Kartika Selabumi Mining - Indonesia
- Economic Council, Georgia
- OPG Power Generation Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Electricity Authority, New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Mercator Lines Limited - India
- Ceylon Electricity Board - Sri Lanka
- Aboitiz Power Corporation - Philippines
- Attock Cement Pakistan Limited
- Eastern Energy - Thailand
- Siam City Cement PLC, Thailand
- Gujarat Mineral Development Corp Ltd - India
- Trasteel International SA, Italy
- Posco Energy - South Korea
- Grasim Industreis Ltd - India
- Bhatia International Limited - India
- GVK Power & Infra Limited - India
- New Zealand Coal & Carbon
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Link Ltd, New Zealand
- Ind-Barath Power Infra Limited - India
- Riau Bara Harum - Indonesia
- Indogreen Group - Indonesia
- Singapore Mercantile Exchange
- Thiess Contractors Indonesia
- Indian Oil Corporation Limited
- Africa Commodities Group - South Africa
- Medco Energi Mining Internasional
- Jindal Steel & Power Ltd - India
- Interocean Group of Companies - India
- Kohat Cement Company Ltd. - Pakistan
- Salva Resources Pvt Ltd - India
- Sical Logistics Limited - India
- AsiaOL BioFuels Corp., Philippines
- Manunggal Multi Energi - Indonesia
- South Luzon Thermal Energy Corporation
- Lanco Infratech Ltd - India
- CNBM International Corporation - China
- Coastal Gujarat Power Limited - India
- Standard Chartered Bank - UAE
- Neyveli Lignite Corporation Ltd, - India
- Orica Australia Pty. Ltd.
- ICICI Bank Limited - India
- Gujarat Sidhee Cement - India
- San Jose City I Power Corp, Philippines
- Port Waratah Coal Services - Australia
- Baramulti Group, Indonesia
- Malabar Cements Ltd - India
- Alfred C Toepfer International GmbH - Germany
- European Bulk Services B.V. - Netherlands
- Chamber of Mines of South Africa
- Sojitz Corporation - Japan
- Star Paper Mills Limited - India
- Central Electricity Authority - India
- PTC India Limited - India
- Coal and Oil Company - UAE
- Krishnapatnam Port Company Ltd. - India
- Global Coal Blending Company Limited - Australia
- Bulk Trading Sa - Switzerland
- Marubeni Corporation - India
- The State Trading Corporation of India Ltd
- Siam City Cement - Thailand
- Central Java Power - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Kaltim Prima Coal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Latin American Coal - Colombia
- MS Steel International - UAE
- Makarim & Taira - Indonesia
- Bayan Resources Tbk. - Indonesia
- Karaikal Port Pvt Ltd - India
- Petron Corporation, Philippines
- Larsen & Toubro Limited - India
- IHS Mccloskey Coal Group - USA
- Directorate General of MIneral and Coal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SMG Consultants - Indonesia
- Cement Manufacturers Association - India
- Jorong Barutama Greston.PT - Indonesia
- Dalmia Cement Bharat India
- Karbindo Abesyapradhi - Indoneisa
- Independent Power Producers Association of India
- PNOC Exploration Corporation - Philippines
- Parliament of New Zealand
- London Commodity Brokers - England
- Meralco Power Generation, Philippines
- GAC Shipping (India) Pvt Ltd
- Thai Mozambique Logistica
- Vedanta Resources Plc - India
- Iligan Light & Power Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Electricity Generating Authority of Thailand
- Sinarmas Energy and Mining - Indonesia
- Parry Sugars Refinery, India
- Sindya Power Generating Company Private Ltd
- Antam Resourcindo - Indonesia
- Kepco SPC Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indo Tambangraya Megah - Indonesia
- Sree Jayajothi Cements Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Coalindo Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Anglo American - United Kingdom
- India Bulls Power Limited - India
- Ministry of Finance - Indonesia
- Orica Mining Services - Indonesia
- Metalloyd Limited - United Kingdom
- Sarangani Energy Corporation, Philippines
- Altura Mining Limited, Indonesia
- Bangladesh Power Developement Board
- Billiton Holdings Pty Ltd - Australia
- Minerals Council of Australia
- Savvy Resources Ltd - HongKong
- Banpu Public Company Limited - Thailand
- The Treasury - Australian Government
- Leighton Contractors Pty Ltd - Australia
- Planning Commission, India
- Agrawal Coal Company - India
- PowerSource Philippines DevCo
- Maheswari Brothers Coal Limited - India
- Toyota Tsusho Corporation, Japan
- Bhoruka Overseas - Indonesia
- Wood Mackenzie - Singapore
- Renaissance Capital - South Africa
- The University of Queensland
- Essar Steel Hazira Ltd - India
- Mjunction Services Limited - India
- Ambuja Cements Ltd - India
- Georgia Ports Authority, United States
- Videocon Industries ltd - India
- Mintek Dendrill Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Deloitte Consulting - India
- Intertek Mineral Services - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Edison Trading Spa - Italy
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Romanian Commodities Exchange
- Tamil Nadu electricity Board
- Jaiprakash Power Ventures ltd
- Directorate Of Revenue Intelligence - India
- Therma Luzon, Inc, Philippines
- IEA Clean Coal Centre - UK
- Aditya Birla Group - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Merrill Lynch Commodities Europe
- Power Finance Corporation Ltd., India
- Indonesian Coal Mining Association
- Indian Energy Exchange, India
- SMC Global Power, Philippines
- Sakthi Sugars Limited - India
- Globalindo Alam Lestari - Indonesia
- ASAPP Information Group - India
- Cigading International Bulk Terminal - Indonesia
- Meenaskhi Energy Private Limited - India
- Global Business Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Bukit Makmur.PT - Indonesia
- Commonwealth Bank - Australia
- White Energy Company Limited
- Madhucon Powers Ltd - India
- Ministry of Mines - Canada
- Tata Chemicals Ltd - India
- Indika Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Bhushan Steel Limited - India
- Timah Investasi Mineral - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Goldman Sachs - Singapore
- Semirara Mining and Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Global Green Power PLC Corporation, Philippines
- Borneo Indobara - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Heidelberg Cement - Germany
- Kapuas Tunggal Persada - Indonesia
- Australian Coal Association
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Transport, Egypt
- Rio Tinto Coal - Australia
- Formosa Plastics Group - Taiwan
- Binh Thuan Hamico - Vietnam
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