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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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Thursday, 14 August 14
INDIA'S PLAN TO START AN INFRASTRUCTURE BOOM AND TO INVEST US$ 1 TRILLION BY 2017 WILL SURELY AFFECT THE DRY BULK TRADE - FEARNLEYS
Handy
The Atlantic Supra market has continued its improving sentiment with rates climbing and TA´s are now up about US$ 900 w-o-w, said Fea ...
Wednesday, 13 August 14
WEEKLY MARKET INSIGHT - KONSTANTINOS KONTOMICHIS SNP BROKER
Being at the peak of the holiday season, August is, as usual, the quietest month in terms of snp transactions, yet it is also a time very critical ...
Wednesday, 13 August 14
WHAT DOES PROJECT CARGO REALLY MEAN TO INSURERS?
KNOWLEDGE TO ELEVATE
Richard Kamppari-Baker, claims manager of FP Marine Risks, explains the challenges of project cargo risk assessment from ...
Wednesday, 13 August 14
INDONESIAN COAL PRICE REFERENCE FALL AGAIN CLOSE TO 57 MONTHS LOWS
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia revised down the coal bench mark price in August. HBA for the month of A ...
Monday, 11 August 14
LARGEST CHINESE TRADE SURPLUS EVER RECORDED IN JULY - BIMCO
China recorded a trade surplus of USD 47.3 billion in July 2014. The record high surplus came on the back of very strong export growth while import ...
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- Global Coal Blending Company Limited - Australia
- CIMB Investment Bank - Malaysia
- Sojitz Corporation - Japan
- Electricity Authority, New Zealand
- McConnell Dowell - Australia
- Sarangani Energy Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Attock Cement Pakistan Limited
- VISA Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Iligan Light & Power Inc, Philippines
- Samtan Co., Ltd - South Korea
- Metalloyd Limited - United Kingdom
- Aboitiz Power Corporation - Philippines
- Indika Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Karaikal Port Pvt Ltd - India
- Romanian Commodities Exchange
- Chettinad Cement Corporation Ltd - India
- Intertek Mineral Services - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ind-Barath Power Infra Limited - India
- AsiaOL BioFuels Corp., Philippines
- Minerals Council of Australia
- Siam City Cement PLC, Thailand
- Interocean Group of Companies - India
- Banpu Public Company Limited - Thailand
- Agrawal Coal Company - India
- Formosa Plastics Group - Taiwan
- PNOC Exploration Corporation - Philippines
- Commonwealth Bank - Australia
- Toyota Tsusho Corporation, Japan
- Kideco Jaya Agung - Indonesia
- Mercuria Energy - Indonesia
- Anglo American - United Kingdom
- MS Steel International - UAE
- Madhucon Powers Ltd - India
- White Energy Company Limited
- TeaM Sual Corporation - Philippines
- Altura Mining Limited, Indonesia
- Globalindo Alam Lestari - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Australian Commodity Traders Exchange
- Price Waterhouse Coopers - Russia
- Ambuja Cements Ltd - India
- Gujarat Sidhee Cement - India
- Singapore Mercantile Exchange
- Orica Australia Pty. Ltd.
- Kaltim Prima Coal - Indonesia
- Videocon Industries ltd - India
- Billiton Holdings Pty Ltd - Australia
- IEA Clean Coal Centre - UK
- South Luzon Thermal Energy Corporation
- Maheswari Brothers Coal Limited - India
- GMR Energy Limited - India
- Larsen & Toubro Limited - India
- Miang Besar Coal Terminal - Indonesia
- CNBM International Corporation - China
- Simpson Spence & Young - Indonesia
- Ministry of Transport, Egypt
- Riau Bara Harum - Indonesia
- Global Green Power PLC Corporation, Philippines
- Dalmia Cement Bharat India
- Neyveli Lignite Corporation Ltd, - India
- Jaiprakash Power Ventures ltd
- Bangladesh Power Developement Board
- GVK Power & Infra Limited - India
- OPG Power Generation Pvt Ltd - India
- The University of Queensland
- Mercator Lines Limited - India
- The Treasury - Australian Government
- Offshore Bulk Terminal Pte Ltd, Singapore
- Independent Power Producers Association of India
- Marubeni Corporation - India
- Trasteel International SA, Italy
- Sakthi Sugars Limited - India
- Tamil Nadu electricity Board
- Vedanta Resources Plc - India
- SMC Global Power, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Savvy Resources Ltd - HongKong
- Sree Jayajothi Cements Limited - India
- Coastal Gujarat Power Limited - India
- Deloitte Consulting - India
- Chamber of Mines of South Africa
- Therma Luzon, Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Indogreen Group - Indonesia
- Latin American Coal - Colombia
- Directorate General of MIneral and Coal - Indonesia
- Eastern Energy - Thailand
- London Commodity Brokers - England
- Ministry of Mines - Canada
- Electricity Generating Authority of Thailand
- LBH Netherlands Bv - Netherlands
- Indonesian Coal Mining Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Baramulti Group, Indonesia
- Vizag Seaport Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Coalindo Energy - Indonesia
- PTC India Limited - India
- Oldendorff Carriers - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Planning Commission, India
- Borneo Indobara - Indonesia
- Binh Thuan Hamico - Vietnam
- Directorate Of Revenue Intelligence - India
- Port Waratah Coal Services - Australia
- Straits Asia Resources Limited - Singapore
- Meralco Power Generation, Philippines
- Renaissance Capital - South Africa
- Ministry of Finance - Indonesia
- Antam Resourcindo - Indonesia
- Thiess Contractors Indonesia
- Kapuas Tunggal Persada - Indonesia
- Energy Link Ltd, New Zealand
- Uttam Galva Steels Limited - India
- Kepco SPC Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Petron Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Leighton Contractors Pty Ltd - Australia
- Bukit Makmur.PT - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bhatia International Limited - India
- IHS Mccloskey Coal Group - USA
- Lanco Infratech Ltd - India
- The State Trading Corporation of India Ltd
- Indo Tambangraya Megah - Indonesia
- Tata Chemicals Ltd - India
- Grasim Industreis Ltd - India
- Wood Mackenzie - Singapore
- Edison Trading Spa - Italy
- Aditya Birla Group - India
- Bayan Resources Tbk. - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Central Electricity Authority - India
- San Jose City I Power Corp, Philippines
- Siam City Cement - Thailand
- Bharathi Cement Corporation - India
- Krishnapatnam Port Company Ltd. - India
- India Bulls Power Limited - India
- New Zealand Coal & Carbon
- Mintek Dendrill Indonesia
- Global Business Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Makarim & Taira - Indonesia
- SN Aboitiz Power Inc, Philippines
- Wilmar Investment Holdings
- Mjunction Services Limited - India
- ASAPP Information Group - India
- Heidelberg Cement - Germany
- Parry Sugars Refinery, India
- Merrill Lynch Commodities Europe
- Goldman Sachs - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Standard Chartered Bank - UAE
- Kohat Cement Company Ltd. - Pakistan
- Star Paper Mills Limited - India
- SMG Consultants - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- ICICI Bank Limited - India
- Kartika Selabumi Mining - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Power Finance Corporation Ltd., India
- Rio Tinto Coal - Australia
- European Bulk Services B.V. - Netherlands
- Orica Mining Services - Indonesia
- Malabar Cements Ltd - India
- PowerSource Philippines DevCo
- Semirara Mining and Power Corporation, Philippines
- Xindia Steels Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Barasentosa Lestari - Indonesia
- Indian Oil Corporation Limited
- Bulk Trading Sa - Switzerland
- Africa Commodities Group - South Africa
- Australian Coal Association
- Bhushan Steel Limited - India
- Economic Council, Georgia
- Indian Energy Exchange, India
- Georgia Ports Authority, United States
- Manunggal Multi Energi - Indonesia
- Eastern Coal Council - USA
- Parliament of New Zealand
- Cigading International Bulk Terminal - Indonesia
- Medco Energi Mining Internasional
- Kalimantan Lumbung Energi - Indonesia
- Sical Logistics Limited - India
- Kumho Petrochemical, South Korea
- International Coal Ventures Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Central Java Power - Indonesia
- Timah Investasi Mineral - Indoneisa
- Sindya Power Generating Company Private Ltd
- Energy Development Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Thai Mozambique Logistica
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Carbofer General Trading SA - India
- Semirara Mining Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Gujarat Electricity Regulatory Commission - India
- Ceylon Electricity Board - Sri Lanka
- Bhoruka Overseas - Indonesia
- Salva Resources Pvt Ltd - India
- Cement Manufacturers Association - India
- Essar Steel Hazira Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Posco Energy - South Korea
- Coal and Oil Company - UAE
- Asmin Koalindo Tuhup - Indonesia
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