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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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Saturday, 27 April 13
HANDY : SLIDING ; PANAMAX : POSITIVE ; CAPESIZE : STILL ON ITS KNEES - FEARNRESEARCH
Handy
The Atlantic markets started sliding with no fresh cargoes seen in the market. The USG-Feast was at USD 18k and Black sea-Feast was at USD 11 ...
Saturday, 27 April 13
2ND CHINA INTERNATIONAL SHALE GAS SUMMIT
Press Release - 2nd China International Shale Gas Summit, 10-13 September 2013 | Chengdu, China
*The largest annual event for the shale gas indus ...
Friday, 26 April 13
LIMA SUMMIT IN JULY TO HIGHLIGHT LATIN AMERICAN MINING POTENTIAL
COALspot.com - Latin American mining industry officials and their private sector counterparts will be gathering in Lima, Peru on July 1-2 for the La ...
Wednesday, 24 April 13
FUTURE US POWER MARKET SHARES OF COAL, NATURAL GAS GENERATORS DEPEND ON RELATIVE FUEL PRICES - EIA
COALspot.com - In recent years, in US, natural gas competed more effectively with coal as a fuel for electricity generation as the cost of operating ...
Tuesday, 23 April 13
INDONESIAN STATE OWNED COAL MINER SHIPPED 4 PERCENT MORE COAL IN 1Q
COALspot.com - PT. Bukit Asam, the Indonesian state owned coal miner shipped more coal in first quarter of this year compared to the same period in ...
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- Indika Energy - Indonesia
- Romanian Commodities Exchange
- OPG Power Generation Pvt Ltd - India
- Sical Logistics Limited - India
- Bukit Makmur.PT - Indonesia
- Kaltim Prima Coal - Indonesia
- Kobexindo Tractors - Indoneisa
- Orica Mining Services - Indonesia
- ICICI Bank Limited - India
- Mjunction Services Limited - India
- LBH Netherlands Bv - Netherlands
- Iligan Light & Power Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Kapuas Tunggal Persada - Indonesia
- Energy Development Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Salva Resources Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Larsen & Toubro Limited - India
- Indo Tambangraya Megah - Indonesia
- Manunggal Multi Energi - Indonesia
- Sree Jayajothi Cements Limited - India
- Orica Australia Pty. Ltd.
- Pendopo Energi Batubara - Indonesia
- Eastern Energy - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Indian Oil Corporation Limited
- Samtan Co., Ltd - South Korea
- Bhatia International Limited - India
- Aboitiz Power Corporation - Philippines
- Petron Corporation, Philippines
- Lanco Infratech Ltd - India
- Sakthi Sugars Limited - India
- Siam City Cement PLC, Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Formosa Plastics Group - Taiwan
- Dalmia Cement Bharat India
- Price Waterhouse Coopers - Russia
- SMC Global Power, Philippines
- Star Paper Mills Limited - India
- Energy Link Ltd, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Intertek Mineral Services - Indonesia
- Mintek Dendrill Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Deloitte Consulting - India
- Bayan Resources Tbk. - Indonesia
- TeaM Sual Corporation - Philippines
- Tamil Nadu electricity Board
- Mercuria Energy - Indonesia
- Independent Power Producers Association of India
- Karaikal Port Pvt Ltd - India
- Videocon Industries ltd - India
- Global Business Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- SN Aboitiz Power Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Wood Mackenzie - Singapore
- Indonesian Coal Mining Association
- Bulk Trading Sa - Switzerland
- Heidelberg Cement - Germany
- Oldendorff Carriers - Singapore
- Aditya Birla Group - India
- Coastal Gujarat Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- San Jose City I Power Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Globalindo Alam Lestari - Indonesia
- Power Finance Corporation Ltd., India
- Trasteel International SA, Italy
- GVK Power & Infra Limited - India
- Sarangani Energy Corporation, Philippines
- Indogreen Group - Indonesia
- Electricity Generating Authority of Thailand
- Gujarat Mineral Development Corp Ltd - India
- Kumho Petrochemical, South Korea
- Australian Commodity Traders Exchange
- ASAPP Information Group - India
- Ministry of Finance - Indonesia
- South Luzon Thermal Energy Corporation
- Simpson Spence & Young - Indonesia
- Makarim & Taira - Indonesia
- Coalindo Energy - Indonesia
- Singapore Mercantile Exchange
- Antam Resourcindo - Indonesia
- Sindya Power Generating Company Private Ltd
- Borneo Indobara - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Semirara Mining Corp, Philippines
- Parliament of New Zealand
- Interocean Group of Companies - India
- Standard Chartered Bank - UAE
- White Energy Company Limited
- Ministry of Mines - Canada
- TNB Fuel Sdn Bhd - Malaysia
- Neyveli Lignite Corporation Ltd, - India
- PowerSource Philippines DevCo
- Central Java Power - Indonesia
- Marubeni Corporation - India
- Holcim Trading Pte Ltd - Singapore
- PNOC Exploration Corporation - Philippines
- Medco Energi Mining Internasional
- PetroVietnam Power Coal Import and Supply Company
- PTC India Limited - India
- IHS Mccloskey Coal Group - USA
- McConnell Dowell - Australia
- Jorong Barutama Greston.PT - Indonesia
- Port Waratah Coal Services - Australia
- Commonwealth Bank - Australia
- Mercator Lines Limited - India
- Therma Luzon, Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Thai Mozambique Logistica
- Bukit Baiduri Energy - Indonesia
- Siam City Cement - Thailand
- CIMB Investment Bank - Malaysia
- Goldman Sachs - Singapore
- Posco Energy - South Korea
- Bangladesh Power Developement Board
- London Commodity Brokers - England
- Gujarat Electricity Regulatory Commission - India
- Miang Besar Coal Terminal - Indonesia
- Minerals Council of Australia
- Rio Tinto Coal - Australia
- Grasim Industreis Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Eastern Coal Council - USA
- Metalloyd Limited - United Kingdom
- Renaissance Capital - South Africa
- Chamber of Mines of South Africa
- Essar Steel Hazira Ltd - India
- Bhoruka Overseas - Indonesia
- Kartika Selabumi Mining - Indonesia
- Xindia Steels Limited - India
- Chettinad Cement Corporation Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Merrill Lynch Commodities Europe
- Malabar Cements Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vizag Seaport Private Limited - India
- VISA Power Limited - India
- International Coal Ventures Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Global Coal Blending Company Limited - Australia
- Uttam Galva Steels Limited - India
- Riau Bara Harum - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- Bharathi Cement Corporation - India
- European Bulk Services B.V. - Netherlands
- Meralco Power Generation, Philippines
- Wilmar Investment Holdings
- Baramulti Group, Indonesia
- Maheswari Brothers Coal Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- GMR Energy Limited - India
- Timah Investasi Mineral - Indoneisa
- Banpu Public Company Limited - Thailand
- Africa Commodities Group - South Africa
- Asmin Koalindo Tuhup - Indonesia
- Thiess Contractors Indonesia
- Semirara Mining and Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Altura Mining Limited, Indonesia
- Carbofer General Trading SA - India
- Bhushan Steel Limited - India
- CNBM International Corporation - China
- Straits Asia Resources Limited - Singapore
- Indian Energy Exchange, India
- SMG Consultants - Indonesia
- MS Steel International - UAE
- Jindal Steel & Power Ltd - India
- Cement Manufacturers Association - India
- Ministry of Transport, Egypt
- IEA Clean Coal Centre - UK
- Bukit Asam (Persero) Tbk - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- The Treasury - Australian Government
- The University of Queensland
- Toyota Tsusho Corporation, Japan
- Australian Coal Association
- Edison Trading Spa - Italy
- Economic Council, Georgia
- Directorate General of MIneral and Coal - Indonesia
- Planning Commission, India
- Ind-Barath Power Infra Limited - India
- India Bulls Power Limited - India
- Vedanta Resources Plc - India
- Coal and Oil Company - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Agrawal Coal Company - India
- Gujarat Sidhee Cement - India
- Anglo American - United Kingdom
- Electricity Authority, New Zealand
- Barasentosa Lestari - Indonesia
- Global Green Power PLC Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Offshore Bulk Terminal Pte Ltd, Singapore
- Central Electricity Authority - India
- GN Power Mariveles Coal Plant, Philippines
- Georgia Ports Authority, United States
- Madhucon Powers Ltd - India
- Attock Cement Pakistan Limited
- New Zealand Coal & Carbon
- Leighton Contractors Pty Ltd - Australia
- Bahari Cakrawala Sebuku - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Parry Sugars Refinery, India
- Tata Chemicals Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Sojitz Corporation - Japan
- Latin American Coal - Colombia
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