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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, 04 August 14
Q1' 15 API 8 CFR SOUTH CHINA COAL SWAP CLOSED AT US$ 69.37 ON 1 AUGUST 2014; A $ 1.10 HIGHER COMPARED TO Q4' 2014 CLOSING
COALspot.com: Coal swap prices are showing a positive move upward this past week. API 8 CFR South China Coal swap for Q4, Q1 and Q2 2015 show ...
Sunday, 03 August 14
LACK OF COAL SHIPMENTS FROM FAR EAST/SE ASIA, THE PRESSURE ON CHARTER RATES CONTINUED THIS WEEK
COALspot.com: This week, the freight rates were almost flat as charter rates were also almost steady from last week.
The BDI was up by 2.59 pc ...
Friday, 01 August 14
UNCERTAINTY IN ASIAN COAL MARKETS WHERE INDEX-LINKED PRICING DOMINATES - SGX
COALspot.com: In the past 3 years, seaborne thermal coal markets have been in a state of constant oversupply.
Reuters expects this oversupply ...
Friday, 01 August 14
U.S PRODUCED 19.4 MMST OF COAL IN A WEEK, SAYS EIA
COALspot.com – United States the world's second largest coal producer, produced approximately 19.40 million short tons (mmst) of coal in ...
Thursday, 31 July 14
CAPESIZE: CARGO VOLUMES, COAL IN PARTICULAR, PRESENTLY NOT SUFFICIENT TO EMPLOY A GROWING FLEET - FERNLEYS
Handy
Both the Atlantic and Pacific has improved in the supramax segment over the last week, said Fernleys in Its latest weekly report . There we ...
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- Mjunction Services Limited - India
- Kartika Selabumi Mining - Indonesia
- Sojitz Corporation - Japan
- International Coal Ventures Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Semirara Mining Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Antam Resourcindo - Indonesia
- Chettinad Cement Corporation Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Star Paper Mills Limited - India
- GMR Energy Limited - India
- Manunggal Multi Energi - Indonesia
- GAC Shipping (India) Pvt Ltd
- GN Power Mariveles Coal Plant, Philippines
- Bukit Makmur.PT - Indonesia
- Anglo American - United Kingdom
- Larsen & Toubro Limited - India
- Ministry of Finance - Indonesia
- Australian Commodity Traders Exchange
- Commonwealth Bank - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Mintek Dendrill Indonesia
- Planning Commission, India
- The Treasury - Australian Government
- Metalloyd Limited - United Kingdom
- Carbofer General Trading SA - India
- Kumho Petrochemical, South Korea
- Indika Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Rio Tinto Coal - Australia
- Mercuria Energy - Indonesia
- Chamber of Mines of South Africa
- Uttam Galva Steels Limited - India
- MS Steel International - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Toyota Tsusho Corporation, Japan
- Merrill Lynch Commodities Europe
- Jaiprakash Power Ventures ltd
- IHS Mccloskey Coal Group - USA
- Neyveli Lignite Corporation Ltd, - India
- London Commodity Brokers - England
- Globalindo Alam Lestari - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bukit Baiduri Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Standard Chartered Bank - UAE
- Madhucon Powers Ltd - India
- Malabar Cements Ltd - India
- Cement Manufacturers Association - India
- CIMB Investment Bank - Malaysia
- Ind-Barath Power Infra Limited - India
- Power Finance Corporation Ltd., India
- Indian Energy Exchange, India
- LBH Netherlands Bv - Netherlands
- Coal and Oil Company - UAE
- Sree Jayajothi Cements Limited - India
- Agrawal Coal Company - India
- Savvy Resources Ltd - HongKong
- Offshore Bulk Terminal Pte Ltd, Singapore
- Salva Resources Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Bhatia International Limited - India
- ASAPP Information Group - India
- Marubeni Corporation - India
- Electricity Authority, New Zealand
- Eastern Energy - Thailand
- Thiess Contractors Indonesia
- Videocon Industries ltd - India
- Indogreen Group - Indonesia
- Dalmia Cement Bharat India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indo Tambangraya Megah - Indonesia
- Port Waratah Coal Services - Australia
- Ceylon Electricity Board - Sri Lanka
- Bulk Trading Sa - Switzerland
- Sarangani Energy Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Jindal Steel & Power Ltd - India
- Eastern Coal Council - USA
- Price Waterhouse Coopers - Russia
- OPG Power Generation Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- VISA Power Limited - India
- Posco Energy - South Korea
- The University of Queensland
- Borneo Indobara - Indonesia
- Grasim Industreis Ltd - India
- Medco Energi Mining Internasional
- Petrochimia International Co. Ltd.- Taiwan
- Orica Australia Pty. Ltd.
- Lanco Infratech Ltd - India
- Latin American Coal - Colombia
- Bangladesh Power Developement Board
- Interocean Group of Companies - India
- Vijayanagar Sugar Pvt Ltd - India
- Indian Oil Corporation Limited
- Georgia Ports Authority, United States
- PNOC Exploration Corporation - Philippines
- Romanian Commodities Exchange
- Energy Link Ltd, New Zealand
- Karaikal Port Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Sindya Power Generating Company Private Ltd
- Wood Mackenzie - Singapore
- SMC Global Power, Philippines
- Deloitte Consulting - India
- Ambuja Cements Ltd - India
- South Luzon Thermal Energy Corporation
- McConnell Dowell - Australia
- Jorong Barutama Greston.PT - Indonesia
- Global Coal Blending Company Limited - Australia
- SN Aboitiz Power Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Bukit Asam (Persero) Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Edison Trading Spa - Italy
- European Bulk Services B.V. - Netherlands
- TeaM Sual Corporation - Philippines
- Independent Power Producers Association of India
- Sakthi Sugars Limited - India
- SMG Consultants - Indonesia
- The State Trading Corporation of India Ltd
- Pendopo Energi Batubara - Indonesia
- India Bulls Power Limited - India
- Heidelberg Cement - Germany
- Parliament of New Zealand
- Wilmar Investment Holdings
- Binh Thuan Hamico - Vietnam
- Coastal Gujarat Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Singapore Mercantile Exchange
- Ministry of Transport, Egypt
- IEA Clean Coal Centre - UK
- ICICI Bank Limited - India
- Energy Development Corp, Philippines
- Petron Corporation, Philippines
- Meralco Power Generation, Philippines
- Baramulti Group, Indonesia
- Siam City Cement - Thailand
- Cigading International Bulk Terminal - Indonesia
- Indonesian Coal Mining Association
- GVK Power & Infra Limited - India
- Simpson Spence & Young - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Thai Mozambique Logistica
- Gujarat Sidhee Cement - India
- Ministry of Mines - Canada
- Straits Asia Resources Limited - Singapore
- Therma Luzon, Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Trasteel International SA, Italy
- Meenaskhi Energy Private Limited - India
- Samtan Co., Ltd - South Korea
- Goldman Sachs - Singapore
- Kepco SPC Power Corporation, Philippines
- Vedanta Resources Plc - India
- Bayan Resources Tbk. - Indonesia
- Kaltim Prima Coal - Indonesia
- Tata Chemicals Ltd - India
- Economic Council, Georgia
- Gujarat Mineral Development Corp Ltd - India
- Directorate Of Revenue Intelligence - India
- Pipit Mutiara Jaya. PT, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhushan Steel Limited - India
- Tamil Nadu electricity Board
- Renaissance Capital - South Africa
- Central Electricity Authority - India
- Timah Investasi Mineral - Indoneisa
- Aditya Birla Group - India
- PTC India Limited - India
- Oldendorff Carriers - Singapore
- Intertek Mineral Services - Indonesia
- New Zealand Coal & Carbon
- Makarim & Taira - Indonesia
- Essar Steel Hazira Ltd - India
- Mercator Lines Limited - India
- Minerals Council of Australia
- Karbindo Abesyapradhi - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Bharathi Cement Corporation - India
- Global Business Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Central Java Power - Indonesia
- Riau Bara Harum - Indonesia
- CNBM International Corporation - China
- AsiaOL BioFuels Corp., Philippines
- Altura Mining Limited, Indonesia
- PowerSource Philippines DevCo
- Electricity Generating Authority of Thailand
- Kohat Cement Company Ltd. - Pakistan
- Barasentosa Lestari - Indonesia
- Coalindo Energy - Indonesia
- Sical Logistics Limited - India
- Africa Commodities Group - South Africa
- Bhoruka Overseas - Indonesia
- Australian Coal Association
- Xindia Steels Limited - India
- Iligan Light & Power Inc, Philippines
- Parry Sugars Refinery, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- White Energy Company Limited
- Formosa Plastics Group - Taiwan
- Attock Cement Pakistan Limited
- San Jose City I Power Corp, Philippines
- Vizag Seaport Private Limited - India
- Banpu Public Company Limited - Thailand
- Holcim Trading Pte Ltd - Singapore
- Leighton Contractors Pty Ltd - Australia
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