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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, 31 July 14
RIO TINTO SELLS MOZAMBIQUE COAL ASSETS FOR US$ 50 MILLION TO INDIA'S ICVL
COALspot.com: Rio Tinto has agreed to sell its Mozambique coal assets for just US$ 50 million to International coal ventures Private limited of Ind ...
Wednesday, 30 July 14
CAPES SEEMED TO BE STRANDED AT THE SAME LEVELS; PANAMAXES MANAGED TO SLIGHTLY REVIVE - INTERMODAL
COALspot.com: The Dry Bulk market took a breath this past week, as both Panamaxes and Supras started to see a small influx of activity, which was j ...
Tuesday, 29 July 14
TOTAL SELLS ITS SOUTH AFRICAN COAL MINING ASSETS TO EXXARO
Total has signed an agreement with Exxaro Resources Ltd for the sale of its 100% stake in Total Coal South Africa (TCSA), its coal-producing affili ...
Tuesday, 29 July 14
GENCO: DRY BULK SHIPPING VALUATIONS NO LONGER ANCHORED TO DISCOUNTED CASH FLOW METHOD - WEIL
KNOWLEDGE TO ELEVATE
Discounted cash flow analysis is a mainstay among the valuation methodologies used by restructuring professionals and bank ...
Tuesday, 29 July 14
SHIP OWNERS' DEMAND OF NEW VESSELS DENTED AS A RESULT OF LOWER FREIGHT RATES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The sharp downward direction of dry bulk freight rates has had a negative impact on investors’ secondhand buying appetite that wait to see th ...
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- Petrochimia International Co. Ltd.- Taiwan
- ASAPP Information Group - India
- Economic Council, Georgia
- Savvy Resources Ltd - HongKong
- ICICI Bank Limited - India
- Baramulti Group, Indonesia
- LBH Netherlands Bv - Netherlands
- Aditya Birla Group - India
- Formosa Plastics Group - Taiwan
- Thiess Contractors Indonesia
- Madhucon Powers Ltd - India
- Timah Investasi Mineral - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Coal and Oil Company - UAE
- Romanian Commodities Exchange
- Agrawal Coal Company - India
- Essar Steel Hazira Ltd - India
- Bulk Trading Sa - Switzerland
- Uttam Galva Steels Limited - India
- Bharathi Cement Corporation - India
- Medco Energi Mining Internasional
- Riau Bara Harum - Indonesia
- Iligan Light & Power Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- IHS Mccloskey Coal Group - USA
- VISA Power Limited - India
- Xindia Steels Limited - India
- CNBM International Corporation - China
- TNB Fuel Sdn Bhd - Malaysia
- Vedanta Resources Plc - India
- Karbindo Abesyapradhi - Indoneisa
- Semirara Mining Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Kobexindo Tractors - Indoneisa
- Trasteel International SA, Italy
- Price Waterhouse Coopers - Russia
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Link Ltd, New Zealand
- Jindal Steel & Power Ltd - India
- Carbofer General Trading SA - India
- Georgia Ports Authority, United States
- Indian Energy Exchange, India
- IEA Clean Coal Centre - UK
- Borneo Indobara - Indonesia
- Marubeni Corporation - India
- Parliament of New Zealand
- The Treasury - Australian Government
- Kepco SPC Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Grasim Industreis Ltd - India
- Petron Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Global Green Power PLC Corporation, Philippines
- Planning Commission, India
- Bukit Makmur.PT - Indonesia
- Power Finance Corporation Ltd., India
- Kohat Cement Company Ltd. - Pakistan
- PTC India Limited - India
- MS Steel International - UAE
- SMG Consultants - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Videocon Industries ltd - India
- Anglo American - United Kingdom
- Kumho Petrochemical, South Korea
- Ceylon Electricity Board - Sri Lanka
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Finance - Indonesia
- Chettinad Cement Corporation Ltd - India
- GAC Shipping (India) Pvt Ltd
- Goldman Sachs - Singapore
- Renaissance Capital - South Africa
- Eastern Coal Council - USA
- Simpson Spence & Young - Indonesia
- Salva Resources Pvt Ltd - India
- Indika Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Directorate Of Revenue Intelligence - India
- Standard Chartered Bank - UAE
- Bhatia International Limited - India
- Indonesian Coal Mining Association
- Latin American Coal - Colombia
- Alfred C Toepfer International GmbH - Germany
- Ministry of Mines - Canada
- Sakthi Sugars Limited - India
- Cigading International Bulk Terminal - Indonesia
- Bhushan Steel Limited - India
- Siam City Cement PLC, Thailand
- Singapore Mercantile Exchange
- Star Paper Mills Limited - India
- Posco Energy - South Korea
- SN Aboitiz Power Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Global Business Power Corporation, Philippines
- Energy Development Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Lanco Infratech Ltd - India
- Central Java Power - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sree Jayajothi Cements Limited - India
- Banpu Public Company Limited - Thailand
- Central Electricity Authority - India
- Sojitz Corporation - Japan
- McConnell Dowell - Australia
- Commonwealth Bank - Australia
- Indian Oil Corporation Limited
- Rashtriya Ispat Nigam Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Binh Thuan Hamico - Vietnam
- Ambuja Cements Ltd - India
- South Luzon Thermal Energy Corporation
- Orica Australia Pty. Ltd.
- Bhoruka Overseas - Indonesia
- Mintek Dendrill Indonesia
- Kartika Selabumi Mining - Indonesia
- Sindya Power Generating Company Private Ltd
- Rio Tinto Coal - Australia
- White Energy Company Limited
- Sarangani Energy Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Oldendorff Carriers - Singapore
- TeaM Sual Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Bangladesh Power Developement Board
- Attock Cement Pakistan Limited
- Australian Coal Association
- Maheswari Brothers Coal Limited - India
- Eastern Energy - Thailand
- Leighton Contractors Pty Ltd - Australia
- Parry Sugars Refinery, India
- Independent Power Producers Association of India
- Tamil Nadu electricity Board
- PowerSource Philippines DevCo
- Kaltim Prima Coal - Indonesia
- India Bulls Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Africa Commodities Group - South Africa
- Vizag Seaport Private Limited - India
- Antam Resourcindo - Indonesia
- Karaikal Port Pvt Ltd - India
- Minerals Council of Australia
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Sidhee Cement - India
- Aboitiz Power Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Australian Commodity Traders Exchange
- Samtan Co., Ltd - South Korea
- PNOC Exploration Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- Mercuria Energy - Indonesia
- Chamber of Mines of South Africa
- London Commodity Brokers - England
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Holcim Trading Pte Ltd - Singapore
- Globalindo Alam Lestari - Indonesia
- Sical Logistics Limited - India
- Heidelberg Cement - Germany
- Ind-Barath Power Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- Dalmia Cement Bharat India
- Ministry of Transport, Egypt
- Malabar Cements Ltd - India
- Mercator Lines Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Thai Mozambique Logistica
- Tata Chemicals Ltd - India
- Mjunction Services Limited - India
- The University of Queensland
- San Jose City I Power Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- European Bulk Services B.V. - Netherlands
- Edison Trading Spa - Italy
- Wilmar Investment Holdings
- Electricity Generating Authority of Thailand
- Siam City Cement - Thailand
- Coastal Gujarat Power Limited - India
- Larsen & Toubro Limited - India
- Port Waratah Coal Services - Australia
- Coalindo Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Sinarmas Energy and Mining - Indonesia
- Jaiprakash Power Ventures ltd
- Electricity Authority, New Zealand
- Krishnapatnam Port Company Ltd. - India
- Makarim & Taira - Indonesia
- Kideco Jaya Agung - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bahari Cakrawala Sebuku - Indonesia
- Cement Manufacturers Association - India
- GVK Power & Infra Limited - India
- Global Coal Blending Company Limited - Australia
- Deloitte Consulting - India
- New Zealand Coal & Carbon
- Indogreen Group - Indonesia
- Meralco Power Generation, Philippines
- Meenaskhi Energy Private Limited - India
- Interocean Group of Companies - India
- SMC Global Power, Philippines
- Miang Besar Coal Terminal - Indonesia
- GMR Energy Limited - India
- Pendopo Energi Batubara - Indonesia
- Orica Mining Services - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Straits Asia Resources Limited - Singapore
- CIMB Investment Bank - Malaysia
- Wood Mackenzie - Singapore
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