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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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Friday, 08 August 14
CAPESIZE RATES ARE REMAINING MORE OR LESS UNCHANGED AT BOTTOM LOW LEVELS - FEARNLEYS AS
Handy
An improving sentiment with stronger rates and fair demand for prompt tonnage in the Atlantic, both on the Continent and in the Med for the ...
Friday, 08 August 14
U.S PRODUCED 35.80 MMST OF COAL IN JULY; UP 7.89 MONTH OVER MONTH
COALspot.com – United States the world's second largest coal producer, produced approximately 19.50 million short tons (mmst) of coal in ...
Friday, 08 August 14
PORT OF NEWCASTLE SHIPPED 19.52% MORE COAL IN JULY FROM LAST MONTH
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port, has shipped 14,036,947 t ...
Thursday, 07 August 14
SHORT-TERM COAL OUTLOOK IMPROVES - SAM QUEST
With demand for and supply of coal to grow in the near future, prices are expected to rebound in the short term; the long-term prospects, however, ...
Thursday, 07 August 14
BULKING UP IN AFRICA: CHINA INFLATES SEABORNE MINERALS EXPORT TRADE - RICHARD SCOTT
Africa’s profile as an exporter of dry bulk commodities is rising. Responding to growing import demand from China, India and other buyers in ...
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- Iligan Light & Power Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Dalmia Cement Bharat India
- McConnell Dowell - Australia
- Bukit Baiduri Energy - Indonesia
- Wilmar Investment Holdings
- TeaM Sual Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Kumho Petrochemical, South Korea
- Maharashtra Electricity Regulatory Commission - India
- Tamil Nadu electricity Board
- Baramulti Group, Indonesia
- Oldendorff Carriers - Singapore
- Planning Commission, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Medco Energi Mining Internasional
- Indian Energy Exchange, India
- Standard Chartered Bank - UAE
- Deloitte Consulting - India
- CNBM International Corporation - China
- Holcim Trading Pte Ltd - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Makmur.PT - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Economic Council, Georgia
- GVK Power & Infra Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Binh Thuan Hamico - Vietnam
- Alfred C Toepfer International GmbH - Germany
- Salva Resources Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Coalindo Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- ASAPP Information Group - India
- Sree Jayajothi Cements Limited - India
- Essar Steel Hazira Ltd - India
- Savvy Resources Ltd - HongKong
- Sojitz Corporation - Japan
- Borneo Indobara - Indonesia
- Australian Commodity Traders Exchange
- Vizag Seaport Private Limited - India
- Romanian Commodities Exchange
- Eastern Coal Council - USA
- Neyveli Lignite Corporation Ltd, - India
- Asmin Koalindo Tuhup - Indonesia
- Latin American Coal - Colombia
- Semirara Mining Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Chamber of Mines of South Africa
- Bulk Trading Sa - Switzerland
- Bukit Asam (Persero) Tbk - Indonesia
- Directorate Of Revenue Intelligence - India
- Meenaskhi Energy Private Limited - India
- Globalindo Alam Lestari - Indonesia
- Metalloyd Limited - United Kingdom
- Carbofer General Trading SA - India
- Renaissance Capital - South Africa
- Riau Bara Harum - Indonesia
- Sakthi Sugars Limited - India
- The University of Queensland
- San Jose City I Power Corp, Philippines
- Coastal Gujarat Power Limited - India
- Port Waratah Coal Services - Australia
- Directorate General of MIneral and Coal - Indonesia
- PTC India Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Ambuja Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Parry Sugars Refinery, India
- Rashtriya Ispat Nigam Limited - India
- Barasentosa Lestari - Indonesia
- London Commodity Brokers - England
- OPG Power Generation Pvt Ltd - India
- Orica Mining Services - Indonesia
- Cement Manufacturers Association - India
- Toyota Tsusho Corporation, Japan
- Energy Link Ltd, New Zealand
- Mercator Lines Limited - India
- Timah Investasi Mineral - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Kaltim Prima Coal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Kapuas Tunggal Persada - Indonesia
- Kobexindo Tractors - Indoneisa
- CIMB Investment Bank - Malaysia
- Electricity Generating Authority of Thailand
- Chettinad Cement Corporation Ltd - India
- Madhucon Powers Ltd - India
- Siam City Cement - Thailand
- Miang Besar Coal Terminal - Indonesia
- Ministry of Finance - Indonesia
- Ministry of Transport, Egypt
- Straits Asia Resources Limited - Singapore
- Kartika Selabumi Mining - Indonesia
- Heidelberg Cement - Germany
- Uttam Galva Steels Limited - India
- Global Coal Blending Company Limited - Australia
- Jaiprakash Power Ventures ltd
- Eastern Energy - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Samtan Co., Ltd - South Korea
- Aditya Birla Group - India
- Georgia Ports Authority, United States
- Sinarmas Energy and Mining - Indonesia
- Independent Power Producers Association of India
- Grasim Industreis Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ind-Barath Power Infra Limited - India
- Altura Mining Limited, Indonesia
- Central Electricity Authority - India
- Jorong Barutama Greston.PT - Indonesia
- Bangladesh Power Developement Board
- Commonwealth Bank - Australia
- Aboitiz Power Corporation - Philippines
- PNOC Exploration Corporation - Philippines
- SMC Global Power, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Leighton Contractors Pty Ltd - Australia
- Intertek Mineral Services - Indonesia
- Larsen & Toubro Limited - India
- IEA Clean Coal Centre - UK
- Rio Tinto Coal - Australia
- Ministry of Mines - Canada
- Australian Coal Association
- GN Power Mariveles Coal Plant, Philippines
- Thai Mozambique Logistica
- Bhushan Steel Limited - India
- Mjunction Services Limited - India
- Electricity Authority, New Zealand
- Jindal Steel & Power Ltd - India
- Bhatia International Limited - India
- Pendopo Energi Batubara - Indonesia
- Goldman Sachs - Singapore
- International Coal Ventures Pvt Ltd - India
- Indogreen Group - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- New Zealand Coal & Carbon
- Videocon Industries ltd - India
- Siam City Cement PLC, Thailand
- IHS Mccloskey Coal Group - USA
- Parliament of New Zealand
- Singapore Mercantile Exchange
- The Treasury - Australian Government
- Africa Commodities Group - South Africa
- Indo Tambangraya Megah - Indonesia
- Orica Australia Pty. Ltd.
- Petron Corporation, Philippines
- Lanco Infratech Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- India Bulls Power Limited - India
- Makarim & Taira - Indonesia
- Star Paper Mills Limited - India
- AsiaOL BioFuels Corp., Philippines
- Trasteel International SA, Italy
- Tata Chemicals Ltd - India
- SN Aboitiz Power Inc, Philippines
- Bharathi Cement Corporation - India
- Indika Energy - Indonesia
- ICICI Bank Limited - India
- PowerSource Philippines DevCo
- Formosa Plastics Group - Taiwan
- Billiton Holdings Pty Ltd - Australia
- Global Business Power Corporation, Philippines
- Indonesian Coal Mining Association
- Edison Trading Spa - Italy
- Manunggal Multi Energi - Indonesia
- Global Green Power PLC Corporation, Philippines
- Malabar Cements Ltd - India
- The State Trading Corporation of India Ltd
- Mintek Dendrill Indonesia
- South Luzon Thermal Energy Corporation
- Vedanta Resources Plc - India
- Kideco Jaya Agung - Indonesia
- Mercuria Energy - Indonesia
- Sical Logistics Limited - India
- VISA Power Limited - India
- Karaikal Port Pvt Ltd - India
- Interocean Group of Companies - India
- Sindya Power Generating Company Private Ltd
- Central Java Power - Indonesia
- Price Waterhouse Coopers - Russia
- White Energy Company Limited
- Semirara Mining and Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Indian Oil Corporation Limited
- Agrawal Coal Company - India
- Antam Resourcindo - Indonesia
- LBH Netherlands Bv - Netherlands
- Marubeni Corporation - India
- Posco Energy - South Korea
- Meralco Power Generation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Simpson Spence & Young - Indonesia
- Bhoruka Overseas - Indonesia
- MS Steel International - UAE
- Energy Development Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Xindia Steels Limited - India
- Wood Mackenzie - Singapore
- Minerals Council of Australia
- Banpu Public Company Limited - Thailand
- GMR Energy Limited - India
- Maheswari Brothers Coal Limited - India
- Anglo American - United Kingdom
- Bayan Resources Tbk. - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coal and Oil Company - UAE
- Thiess Contractors Indonesia
- SMG Consultants - Indonesia
- Merrill Lynch Commodities Europe
- Gujarat Electricity Regulatory Commission - India
- Gujarat Sidhee Cement - India
- Attock Cement Pakistan Limited
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