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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, 28 July 14
Q3' 14, SUB-BIT FOB INDONESIA COAL SWAP GAINED $ 0.08 DAY ON DAY AND $ 0.68 WEEK ON WEEK
COALspot.com: Indonesian coal swaps for average Q3’ 2014 increased by just US$ 0.08 day on day and US$ 0.68 week on week. The swap was lost U ...
Monday, 28 July 14
S. KOREA'S KOSPO SEEKS 148K T OF 4700 NAR COAL
COALspot.com: Korea Southern Power Co Ltd (KOSPO) is seeking 148,000 tonnes of 4,700 kcal/kg NCV steaming coal for shipment between October to Nove ...
Monday, 28 July 14
CFR SOUTH CHINA COAL SWAP SLIGHTLY UP WEEK ON WEEK
COALspot.com: Coal price falling is continues as the impact oversupply and lower demand. The swap for Q3, Q4 and Q1 2015 showing slight improvement ...
Sunday, 27 July 14
RAMADAN HOLIDAYS IN INDONESIA PUTTING PRESSURE ON CHARTER RATES FROM INDONESIA - VISTAAR INDIA
COALspot.com: The freight rates were almost steady as very slight improvement in BDI by about 1 pct. The BDI was at 739 points after improvin ...
Saturday, 26 July 14
COAL MINING COMPANIES CLOSED TEMPORARILY - THE JAKARTA POST
The Sarolangun regency administration in Jambi has suspended the operations of 10 coal mining companies in line with a circular issued by Regent Ce ...
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- Asmin Koalindo Tuhup - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Siam City Cement PLC, Thailand
- The Treasury - Australian Government
- McConnell Dowell - Australia
- Karaikal Port Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Bulk Trading Sa - Switzerland
- The University of Queensland
- Madhucon Powers Ltd - India
- Therma Luzon, Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- PTC India Limited - India
- Price Waterhouse Coopers - Russia
- GAC Shipping (India) Pvt Ltd
- SMC Global Power, Philippines
- Orica Australia Pty. Ltd.
- Coastal Gujarat Power Limited - India
- Petron Corporation, Philippines
- Grasim Industreis Ltd - India
- Baramulti Group, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Formosa Plastics Group - Taiwan
- Commonwealth Bank - Australia
- Orica Mining Services - Indonesia
- Samtan Co., Ltd - South Korea
- Energy Link Ltd, New Zealand
- Mintek Dendrill Indonesia
- Altura Mining Limited, Indonesia
- London Commodity Brokers - England
- Rashtriya Ispat Nigam Limited - India
- Energy Development Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kaltim Prima Coal - Indonesia
- Latin American Coal - Colombia
- ASAPP Information Group - India
- TNB Fuel Sdn Bhd - Malaysia
- Leighton Contractors Pty Ltd - Australia
- Kideco Jaya Agung - Indonesia
- Billiton Holdings Pty Ltd - Australia
- GMR Energy Limited - India
- Carbofer General Trading SA - India
- Global Business Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Vedanta Resources Plc - India
- Oldendorff Carriers - Singapore
- Kartika Selabumi Mining - Indonesia
- Bhatia International Limited - India
- SMG Consultants - Indonesia
- Australian Coal Association
- LBH Netherlands Bv - Netherlands
- VISA Power Limited - India
- Sakthi Sugars Limited - India
- Rio Tinto Coal - Australia
- Directorate Of Revenue Intelligence - India
- Eastern Energy - Thailand
- Metalloyd Limited - United Kingdom
- Mercator Lines Limited - India
- Indonesian Coal Mining Association
- Cigading International Bulk Terminal - Indonesia
- Vizag Seaport Private Limited - India
- Edison Trading Spa - Italy
- Tamil Nadu electricity Board
- Merrill Lynch Commodities Europe
- Bangladesh Power Developement Board
- Bukit Asam (Persero) Tbk - Indonesia
- Aditya Birla Group - India
- Bahari Cakrawala Sebuku - Indonesia
- Globalindo Alam Lestari - Indonesia
- Thiess Contractors Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Sidhee Cement - India
- Ambuja Cements Ltd - India
- Chamber of Mines of South Africa
- Romanian Commodities Exchange
- GVK Power & Infra Limited - India
- San Jose City I Power Corp, Philippines
- Dalmia Cement Bharat India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pipit Mutiara Jaya. PT, Indonesia
- Trasteel International SA, Italy
- Essar Steel Hazira Ltd - India
- Bhushan Steel Limited - India
- Minerals Council of Australia
- Sinarmas Energy and Mining - Indonesia
- Lanco Infratech Ltd - India
- Uttam Galva Steels Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Toyota Tsusho Corporation, Japan
- Meralco Power Generation, Philippines
- Power Finance Corporation Ltd., India
- Singapore Mercantile Exchange
- Jaiprakash Power Ventures ltd
- Simpson Spence & Young - Indonesia
- Pendopo Energi Batubara - Indonesia
- Krishnapatnam Port Company Ltd. - India
- AsiaOL BioFuels Corp., Philippines
- Bharathi Cement Corporation - India
- Renaissance Capital - South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Agrawal Coal Company - India
- Maheswari Brothers Coal Limited - India
- Iligan Light & Power Inc, Philippines
- Star Paper Mills Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Salva Resources Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- New Zealand Coal & Carbon
- Gujarat Mineral Development Corp Ltd - India
- Wood Mackenzie - Singapore
- Xindia Steels Limited - India
- Holcim Trading Pte Ltd - Singapore
- TeaM Sual Corporation - Philippines
- Planning Commission, India
- PowerSource Philippines DevCo
- OPG Power Generation Pvt Ltd - India
- Ministry of Mines - Canada
- Economic Council, Georgia
- Siam City Cement - Thailand
- Savvy Resources Ltd - HongKong
- Chettinad Cement Corporation Ltd - India
- Georgia Ports Authority, United States
- PNOC Exploration Corporation - Philippines
- Indian Energy Exchange, India
- Global Green Power PLC Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Antam Resourcindo - Indonesia
- Deloitte Consulting - India
- Sical Logistics Limited - India
- Timah Investasi Mineral - Indoneisa
- Marubeni Corporation - India
- Thai Mozambique Logistica
- Goldman Sachs - Singapore
- Jindal Steel & Power Ltd - India
- Independent Power Producers Association of India
- Indian Oil Corporation Limited
- MS Steel International - UAE
- Kumho Petrochemical, South Korea
- Meenaskhi Energy Private Limited - India
- Electricity Authority, New Zealand
- Indika Energy - Indonesia
- Larsen & Toubro Limited - India
- Eastern Coal Council - USA
- Africa Commodities Group - South Africa
- CIMB Investment Bank - Malaysia
- Kapuas Tunggal Persada - Indonesia
- Medco Energi Mining Internasional
- Intertek Mineral Services - Indonesia
- Bukit Makmur.PT - Indonesia
- CNBM International Corporation - China
- Bayan Resources Tbk. - Indonesia
- Banpu Public Company Limited - Thailand
- Semirara Mining and Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Parliament of New Zealand
- Port Waratah Coal Services - Australia
- Central Electricity Authority - India
- Tata Chemicals Ltd - India
- Indogreen Group - Indonesia
- Barasentosa Lestari - Indonesia
- Attock Cement Pakistan Limited
- Bhoruka Overseas - Indonesia
- Posco Energy - South Korea
- Coalindo Energy - Indonesia
- Standard Chartered Bank - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Heidelberg Cement - Germany
- Miang Besar Coal Terminal - Indonesia
- Sindya Power Generating Company Private Ltd
- Semirara Mining Corp, Philippines
- Electricity Generating Authority of Thailand
- Indo Tambangraya Megah - Indonesia
- Malabar Cements Ltd - India
- Wilmar Investment Holdings
- Makarim & Taira - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- SN Aboitiz Power Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Borneo Indobara - Indonesia
- International Coal Ventures Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- South Luzon Thermal Energy Corporation
- Binh Thuan Hamico - Vietnam
- Cement Manufacturers Association - India
- European Bulk Services B.V. - Netherlands
- Global Coal Blending Company Limited - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- IEA Clean Coal Centre - UK
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Sojitz Corporation - Japan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Anglo American - United Kingdom
- Riau Bara Harum - Indonesia
- Mjunction Services Limited - India
- India Bulls Power Limited - India
- Central Java Power - Indonesia
- Ministry of Transport, Egypt
- Kobexindo Tractors - Indoneisa
- Australian Commodity Traders Exchange
- Ceylon Electricity Board - Sri Lanka
- Jorong Barutama Greston.PT - Indonesia
- Kepco SPC Power Corporation, Philippines
- Parry Sugars Refinery, India
- ICICI Bank Limited - India
- Ministry of Finance - Indonesia
- Interocean Group of Companies - India
- Sarangani Energy Corporation, Philippines
- Videocon Industries ltd - India
- Manunggal Multi Energi - Indonesia
- White Energy Company Limited
- Coal and Oil Company - UAE
- The State Trading Corporation of India Ltd
- Bukit Baiduri Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
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