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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, 01 May 13
NEWCASTLE PORT SHIPPED 23.14 PER CENT MORE COAL WEEK ON WEEK
COALspot.com - Newcastle port in Australia has loaded 2,997,729 tons of thermal and coking coal for week ended 0700 hours 29 April 2013, Newca ...
Tuesday, 30 April 13
KATINGAN RIA THERMAL COAL TO START PRODUCTION FROM EARLY 2014
COALspot.com - Realm Resources Ltd. (ASX: RRP) has announced the completion of the Feasibility Study for its 51% owned Katingan Ria thermal co ...
Monday, 29 April 13
FIRST TRADES OF SGX API 8 CFR SOUTH CHINA COAL SWAP
COALspot.com - The SGX API 8 CFR South China Coal Swap went live for clearing on SGX-DC today with a total volume of 25,000 metric tonnes (25 lots). ...
Sunday, 28 April 13
SUB BIT INDONESIA COAL & CFR SOUTH CHINA COAL SWAPS STAY POSITIVE
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for average May 2013 delivery has gained 0.34 percent and CFR South China coal shipment gai ...
Sunday, 28 April 13
PANAMAX FREIGHT COULD BE SOFT NEXT WEEK - CAPT. REDDY
COALspot.com - This BDI closed slightly lower at 871 points (down by 1.91 pct) mainly due to drop in the Panamax index by almost 10 pct.
Th ...
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- Oldendorff Carriers - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Anglo American - United Kingdom
- Sindya Power Generating Company Private Ltd
- Marubeni Corporation - India
- Wood Mackenzie - Singapore
- Videocon Industries ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indonesian Coal Mining Association
- VISA Power Limited - India
- Maheswari Brothers Coal Limited - India
- Coalindo Energy - Indonesia
- Power Finance Corporation Ltd., India
- Bukit Baiduri Energy - Indonesia
- Minerals Council of Australia
- SMG Consultants - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Sree Jayajothi Cements Limited - India
- Price Waterhouse Coopers - Russia
- Mintek Dendrill Indonesia
- Gujarat Electricity Regulatory Commission - India
- Directorate General of MIneral and Coal - Indonesia
- Bhatia International Limited - India
- Directorate Of Revenue Intelligence - India
- PowerSource Philippines DevCo
- Makarim & Taira - Indonesia
- Toyota Tsusho Corporation, Japan
- Agrawal Coal Company - India
- Kumho Petrochemical, South Korea
- Orica Australia Pty. Ltd.
- GAC Shipping (India) Pvt Ltd
- Vizag Seaport Private Limited - India
- Metalloyd Limited - United Kingdom
- Manunggal Multi Energi - Indonesia
- Global Business Power Corporation, Philippines
- Romanian Commodities Exchange
- Antam Resourcindo - Indonesia
- Rio Tinto Coal - Australia
- Parry Sugars Refinery, India
- Bhushan Steel Limited - India
- Riau Bara Harum - Indonesia
- ASAPP Information Group - India
- Ministry of Mines - Canada
- Eastern Coal Council - USA
- Ministry of Transport, Egypt
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Billiton Holdings Pty Ltd - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- MS Steel International - UAE
- Dalmia Cement Bharat India
- Singapore Mercantile Exchange
- LBH Netherlands Bv - Netherlands
- Energy Link Ltd, New Zealand
- New Zealand Coal & Carbon
- Indika Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Sical Logistics Limited - India
- The State Trading Corporation of India Ltd
- Sakthi Sugars Limited - India
- Miang Besar Coal Terminal - Indonesia
- India Bulls Power Limited - India
- Eastern Energy - Thailand
- Jorong Barutama Greston.PT - Indonesia
- PTC India Limited - India
- ICICI Bank Limited - India
- Indogreen Group - Indonesia
- Sinarmas Energy and Mining - Indonesia
- The Treasury - Australian Government
- IHS Mccloskey Coal Group - USA
- Uttam Galva Steels Limited - India
- Medco Energi Mining Internasional
- Maharashtra Electricity Regulatory Commission - India
- Aditya Birla Group - India
- Sojitz Corporation - Japan
- Cigading International Bulk Terminal - Indonesia
- Banpu Public Company Limited - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- GN Power Mariveles Coal Plant, Philippines
- Standard Chartered Bank - UAE
- Altura Mining Limited, Indonesia
- CNBM International Corporation - China
- McConnell Dowell - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Kideco Jaya Agung - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Simpson Spence & Young - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Australian Coal Association
- Trasteel International SA, Italy
- Vedanta Resources Plc - India
- Planning Commission, India
- SN Aboitiz Power Inc, Philippines
- Posco Energy - South Korea
- Port Waratah Coal Services - Australia
- Savvy Resources Ltd - HongKong
- Siam City Cement PLC, Thailand
- Electricity Generating Authority of Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Commonwealth Bank - Australia
- European Bulk Services B.V. - Netherlands
- Tamil Nadu electricity Board
- Rashtriya Ispat Nigam Limited - India
- Essar Steel Hazira Ltd - India
- IEA Clean Coal Centre - UK
- Malabar Cements Ltd - India
- Cement Manufacturers Association - India
- Interocean Group of Companies - India
- Kobexindo Tractors - Indoneisa
- Thiess Contractors Indonesia
- Indo Tambangraya Megah - Indonesia
- Therma Luzon, Inc, Philippines
- Orica Mining Services - Indonesia
- Australian Commodity Traders Exchange
- Parliament of New Zealand
- Aboitiz Power Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Bhoruka Overseas - Indonesia
- Borneo Indobara - Indonesia
- Carbofer General Trading SA - India
- Global Green Power PLC Corporation, Philippines
- London Commodity Brokers - England
- Indian Energy Exchange, India
- TNB Fuel Sdn Bhd - Malaysia
- Globalindo Alam Lestari - Indonesia
- Chamber of Mines of South Africa
- Deloitte Consulting - India
- Barasentosa Lestari - Indonesia
- White Energy Company Limited
- Timah Investasi Mineral - Indoneisa
- GMR Energy Limited - India
- Iligan Light & Power Inc, Philippines
- Georgia Ports Authority, United States
- Africa Commodities Group - South Africa
- Karbindo Abesyapradhi - Indoneisa
- Electricity Authority, New Zealand
- Tata Chemicals Ltd - India
- Ind-Barath Power Infra Limited - India
- Mjunction Services Limited - India
- Semirara Mining and Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Ministry of Finance - Indonesia
- Siam City Cement - Thailand
- Independent Power Producers Association of India
- Kartika Selabumi Mining - Indonesia
- Economic Council, Georgia
- Semirara Mining Corp, Philippines
- Jindal Steel & Power Ltd - India
- Lanco Infratech Ltd - India
- Meralco Power Generation, Philippines
- Jaiprakash Power Ventures ltd
- Bharathi Cement Corporation - India
- Ceylon Electricity Board - Sri Lanka
- PetroVietnam Power Coal Import and Supply Company
- Binh Thuan Hamico - Vietnam
- Attock Cement Pakistan Limited
- Energy Development Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Indian Oil Corporation Limited
- Samtan Co., Ltd - South Korea
- Merrill Lynch Commodities Europe
- Bukit Makmur.PT - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Sidhee Cement - India
- Mercator Lines Limited - India
- Global Coal Blending Company Limited - Australia
- Goldman Sachs - Singapore
- Edison Trading Spa - Italy
- Wilmar Investment Holdings
- Bulk Trading Sa - Switzerland
- Petron Corporation, Philippines
- GVK Power & Infra Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Pendopo Energi Batubara - Indonesia
- The University of Queensland
- Salva Resources Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- CIMB Investment Bank - Malaysia
- Mercuria Energy - Indonesia
- Star Paper Mills Limited - India
- Baramulti Group, Indonesia
- International Coal Ventures Pvt Ltd - India
- Grasim Industreis Ltd - India
- Karaikal Port Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- San Jose City I Power Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Offshore Bulk Terminal Pte Ltd, Singapore
- Larsen & Toubro Limited - India
- AsiaOL BioFuels Corp., Philippines
- Thai Mozambique Logistica
- SMC Global Power, Philippines
- Intertek Mineral Services - Indonesia
- Ambuja Cements Ltd - India
- Madhucon Powers Ltd - India
- Kaltim Prima Coal - Indonesia
- Formosa Plastics Group - Taiwan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Latin American Coal - Colombia
- Neyveli Lignite Corporation Ltd, - India
- Central Electricity Authority - India
- Straits Asia Resources Limited - Singapore
- Bangladesh Power Developement Board
- Renaissance Capital - South Africa
- Kepco SPC Power Corporation, Philippines
- Central Java Power - Indonesia
- Xindia Steels Limited - India
- TeaM Sual Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- South Luzon Thermal Energy Corporation
- PNOC Exploration Corporation - Philippines
- Coal and Oil Company - UAE
- Bayan Resources Tbk. - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Heidelberg Cement - Germany
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