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Wednesday, 02 July 14
SHIPPING: MARKET INSIGHT - GEORGE DERMATIS
 After 6 months, 57 ministerial meetings and 67 political agreements, the journey of the Greek Presidency in the EU reached its end yesterday; only a day after the journey of our National football team reached its own end at the World Cup.
Last week was a bit more upbeat following the visit of China’s Premier, Mr. Li Keqiang, as the two nations signed shipping, trade and energy deals worth close to $4bn.
China Exim Bank raised its Greek shipping portfolio to $1.3bn and is pacing itself for increasing its exposure in the world’s largest shipping market. It finally seems that Chinese lenders cannot ignore the fact that Greek-owned ships carry 60 per cent of oil, iron ore, coal and other commodities imported by China. ICBC and CDB managed to also raise eyebrows during the same week; especially the latter and its mammoth loan agreement with Costamare for $1.5bn against the owner’s new building program at Chinese shipyards. After all, Greek owners are the biggest customers of Chinese shipyards with almost 200 vessels on order, which means that alignment of interests between the two economies is needed now more than ever.
Although these steps are sporadic and do not necessarily solve the problem of the finance gap that the shipping market faces these days, they are definitely steps in the right direction for –potentially- one of the world’s largest shipping lenders in the years to come. The know-how and track record being built up is immensely significant for establishing confidence in the “name lending” particularities of shipping finance.
Undeniably, Chinese lenders are undergoing a phase of intense restructuring during the past 12 months and the ripple effects are obvious in the shipping industry –including but not limited to the- difficulty that shipyards have in obtaining both refund guarantees and construction loans for several projects. Whilst still trying to create a sustainable framework through small steps rather than a large-scale stimulus, the Chinese Central Bank’s monetary easing over the past 2 months has been positively received by equity markets.
One move towards this direction was announced last week as policy makers committed to increase the number of lenders eligible for lower reserve requirement ratios (RRR). As the Chinese economy is entering a “quasi-deflation” mode, the Central bank is focusing on reducing finance cost in the long run by allowing more and more institutions to use RRR and interest rate adjustments in the short run. These moves, although primarily designed to help the ailing housing market and farming sector, speak volumes about the government’s intention to actively address the concerns of a “hard landing”.
With the freight market still at year lows, it is almost unavoidable to look towards China for glimpses of hope. Whether growth rates will be sustained at levels which will allow healthy trade volumes and subsequently raise freight rates, seems a bit premature to judge. One thing is certain though; all policies from the present Chinese government –even the deflationary ones- have so far been towards the right direction. Although the net result might not be enough to break open the bubbly just yet, we cannot ignore the fact that it is the first week in a long time that we saw some big names in dry cargo chartering slowly coming out of their shell for period charters…
Analysts:
Mr. George Lazaridis
Ms. Eva Tzima
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.
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Monday, 18 August 14
SUB-BIT FOB INDONESIA COAL SWAP CLOSED AT $58.60 FOR SEPTEMBER 2015; UP $4 FROM SEPTEMBER 2014 CLOSING
COALspot.com: Indonesian coal swaps for average September 2014 decreased US$ 0.15 (-0.27%) day on day and US$ 0.75 (-1.36%) per mt week on week. Th ...
Monday, 18 August 14
CFR SOUTH CHINA COAL SWAP PERFORMED WELL THIS PAST WEEK
COALspot.com: API 8 CFR South China Coal swap for delivery in September 2014 increased US$ 0.45 (+0.66%) day on day and US$ 0.30 (+0.44%)&nbs ...
Saturday, 16 August 14
HIGH DEMAND OF IRON ORE SHIPMENTS PUSHED CAPE INDEX UPWARDS
COALspot.com: This week's freight market was buoyant with Cape and panamax index seeing a big jump pushing the BDI above 1,000 points week on c ...
Friday, 15 August 14
5TH ANNUAL POWER AND ELECTRICITY INDONESIA
5TH ANNUAL POWER AND ELECTRICITY INDONESIA
13-16 October 2014
Grand Hyatt Jakarta, Indonesia
Web Site
The country’s definitive ...
Thursday, 14 August 14
U.S. STEAM COAL IMPORTS REMAIN DOWN SHARPLY FROM HISTORIC HIGH IN 2007, SAYS EIA
COALspot.com: U.S. steam coal imports at power plants have fallen significantly from their peak level of more than 30 million tons in 2007 to less ...
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- PetroVietnam Power Coal Import and Supply Company
- Trasteel International SA, Italy
- Port Waratah Coal Services - Australia
- Karbindo Abesyapradhi - Indoneisa
- Dalmia Cement Bharat India
- Aditya Birla Group - India
- Grasim Industreis Ltd - India
- Tata Chemicals Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Wood Mackenzie - Singapore
- Interocean Group of Companies - India
- Energy Link Ltd, New Zealand
- Bhushan Steel Limited - India
- MS Steel International - UAE
- Neyveli Lignite Corporation Ltd, - India
- LBH Netherlands Bv - Netherlands
- Iligan Light & Power Inc, Philippines
- Jindal Steel & Power Ltd - India
- Mercuria Energy - Indonesia
- Anglo American - United Kingdom
- Australian Coal Association
- The University of Queensland
- Edison Trading Spa - Italy
- Merrill Lynch Commodities Europe
- Sakthi Sugars Limited - India
- San Jose City I Power Corp, Philippines
- European Bulk Services B.V. - Netherlands
- IHS Mccloskey Coal Group - USA
- Malabar Cements Ltd - India
- McConnell Dowell - Australia
- CIMB Investment Bank - Malaysia
- Gujarat Sidhee Cement - India
- Ind-Barath Power Infra Limited - India
- Samtan Co., Ltd - South Korea
- Timah Investasi Mineral - Indoneisa
- Aboitiz Power Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Romanian Commodities Exchange
- Ceylon Electricity Board - Sri Lanka
- OPG Power Generation Pvt Ltd - India
- Sical Logistics Limited - India
- Karaikal Port Pvt Ltd - India
- Ministry of Finance - Indonesia
- Parry Sugars Refinery, India
- Electricity Generating Authority of Thailand
- Latin American Coal - Colombia
- AsiaOL BioFuels Corp., Philippines
- Bhatia International Limited - India
- Price Waterhouse Coopers - Russia
- Orica Mining Services - Indonesia
- Carbofer General Trading SA - India
- Mjunction Services Limited - India
- Ambuja Cements Ltd - India
- Simpson Spence & Young - Indonesia
- Jaiprakash Power Ventures ltd
- Siam City Cement - Thailand
- Xindia Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Central Java Power - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Vizag Seaport Private Limited - India
- Alfred C Toepfer International GmbH - Germany
- Directorate Of Revenue Intelligence - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Thiess Contractors Indonesia
- CNBM International Corporation - China
- Cigading International Bulk Terminal - Indonesia
- Indian Energy Exchange, India
- Kohat Cement Company Ltd. - Pakistan
- Commonwealth Bank - Australia
- Miang Besar Coal Terminal - Indonesia
- Makarim & Taira - Indonesia
- Banpu Public Company Limited - Thailand
- Ministry of Mines - Canada
- Petrochimia International Co. Ltd.- Taiwan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Georgia Ports Authority, United States
- Eastern Coal Council - USA
- Bayan Resources Tbk. - Indonesia
- India Bulls Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Heidelberg Cement - Germany
- ICICI Bank Limited - India
- PowerSource Philippines DevCo
- VISA Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Indonesian Coal Mining Association
- Indian Oil Corporation Limited
- Chettinad Cement Corporation Ltd - India
- Standard Chartered Bank - UAE
- Thai Mozambique Logistica
- Uttam Galva Steels Limited - India
- Minerals Council of Australia
- Sindya Power Generating Company Private Ltd
- SMC Global Power, Philippines
- Sarangani Energy Corporation, Philippines
- Eastern Energy - Thailand
- TeaM Sual Corporation - Philippines
- Mercator Lines Limited - India
- Salva Resources Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Tamil Nadu electricity Board
- GN Power Mariveles Coal Plant, Philippines
- Billiton Holdings Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- Antam Resourcindo - Indonesia
- Electricity Authority, New Zealand
- Coal and Oil Company - UAE
- Indogreen Group - Indonesia
- Larsen & Toubro Limited - India
- International Coal Ventures Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Attock Cement Pakistan Limited
- Power Finance Corporation Ltd., India
- Vijayanagar Sugar Pvt Ltd - India
- Rio Tinto Coal - Australia
- Directorate General of MIneral and Coal - Indonesia
- Posco Energy - South Korea
- Energy Development Corp, Philippines
- SMG Consultants - Indonesia
- GVK Power & Infra Limited - India
- Kaltim Prima Coal - Indonesia
- Videocon Industries ltd - India
- Meralco Power Generation, Philippines
- Bukit Makmur.PT - Indonesia
- Bangladesh Power Developement Board
- London Commodity Brokers - England
- Wilmar Investment Holdings
- Kalimantan Lumbung Energi - Indonesia
- White Energy Company Limited
- Kartika Selabumi Mining - Indonesia
- Coalindo Energy - Indonesia
- Petron Corporation, Philippines
- Baramulti Group, Indonesia
- Central Electricity Authority - India
- Semirara Mining Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Cement Manufacturers Association - India
- PNOC Exploration Corporation - Philippines
- Renaissance Capital - South Africa
- Toyota Tsusho Corporation, Japan
- Jorong Barutama Greston.PT - Indonesia
- Independent Power Producers Association of India
- Meenaskhi Energy Private Limited - India
- Global Business Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Binh Thuan Hamico - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- ASAPP Information Group - India
- Economic Council, Georgia
- Ministry of Transport, Egypt
- The Treasury - Australian Government
- Medco Energi Mining Internasional
- Intertek Mineral Services - Indonesia
- The State Trading Corporation of India Ltd
- Coastal Gujarat Power Limited - India
- Borneo Indobara - Indonesia
- Siam City Cement PLC, Thailand
- Madhucon Powers Ltd - India
- Bhoruka Overseas - Indonesia
- Bharathi Cement Corporation - India
- Bulk Trading Sa - Switzerland
- IEA Clean Coal Centre - UK
- Gujarat Electricity Regulatory Commission - India
- Straits Asia Resources Limited - Singapore
- Global Green Power PLC Corporation, Philippines
- Vedanta Resources Plc - India
- GAC Shipping (India) Pvt Ltd
- Lanco Infratech Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- New Zealand Coal & Carbon
- South Luzon Thermal Energy Corporation
- Kobexindo Tractors - Indoneisa
- Maheswari Brothers Coal Limited - India
- Africa Commodities Group - South Africa
- Indika Energy - Indonesia
- Oldendorff Carriers - Singapore
- Global Coal Blending Company Limited - Australia
- Marubeni Corporation - India
- Goldman Sachs - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Barasentosa Lestari - Indonesia
- Kideco Jaya Agung - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kepco SPC Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Singapore Mercantile Exchange
- Riau Bara Harum - Indonesia
- Kumho Petrochemical, South Korea
- Planning Commission, India
- Mintek Dendrill Indonesia
- Sree Jayajothi Cements Limited - India
- Parliament of New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- GMR Energy Limited - India
- Agrawal Coal Company - India
- Deloitte Consulting - India
- PTC India Limited - India
- Formosa Plastics Group - Taiwan
- Australian Commodity Traders Exchange
- Sinarmas Energy and Mining - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Chamber of Mines of South Africa
- Globalindo Alam Lestari - Indonesia
- Leighton Contractors Pty Ltd - Australia
- SN Aboitiz Power Inc, Philippines
- Essar Steel Hazira Ltd - India
- Star Paper Mills Limited - India
- Sojitz Corporation - Japan
- TNB Fuel Sdn Bhd - Malaysia
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