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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, 25 July 14
U.S WEEKLY COAL PRODUCTION UP AROUND 3.5% WEEK ENDED JULY 19
COALspot.com – United States the world's second largest coal producer, produced approximately 19.00 million short tons (mmst) of coal in ...
Thursday, 24 July 14
INDONESIA'S JUNE 2014 COAL EXPORT VOLUME DOWN 6.82%; AVERAGE SELLING PRICE DOWN
COALspot.com: Indonesia, one of the world's largest coal producer and the global leading multi grade coal exporter shipped around $1.70* ...
Thursday, 24 July 14
HANDY: SOUTH AFRICA SOFTENED A BIT, HERE RATES ARE AT AROUND 8K +150K BB FOR TRIPS EAST - FEARNLEYS AS
Handy
The handy market in the Atlantic is going sideways and a tick down on low activity. Levels hoovering around USD 5k on Supras. The SMX marke ...
Thursday, 24 July 14
INDONESIAN COAL EXPORTERS ARE REQUIRED TO OBTAIN ET-BATUBARA UNDER LATEST TRADE MINISTRY'S NEW REGULATION
COALspot.com: Indonesia's trade ministry has issued regulation No. 39/M-DAG/PER/7/2014 which is requires exporters of power plant coal as ...
Wednesday, 23 July 14
PANAMAXES WERE BACK ON A DOWNWARD COURSE; CAPES WERE FEELING THE MOST PRESSURE - INTERMODAL
COALspot.com: The Dry Bulk market was on a downward spiral this week, with the BDI noting another week-on-week decline of the magnitude of 10% this ...
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- Posco Energy - South Korea
- Directorate General of MIneral and Coal - Indonesia
- Eastern Coal Council - USA
- International Coal Ventures Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Energy Link Ltd, New Zealand
- Ministry of Mines - Canada
- LBH Netherlands Bv - Netherlands
- Vedanta Resources Plc - India
- Savvy Resources Ltd - HongKong
- Kepco SPC Power Corporation, Philippines
- SMG Consultants - Indonesia
- Deloitte Consulting - India
- Kobexindo Tractors - Indoneisa
- Parry Sugars Refinery, India
- Directorate Of Revenue Intelligence - India
- Chettinad Cement Corporation Ltd - India
- Sojitz Corporation - Japan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhushan Steel Limited - India
- Agrawal Coal Company - India
- Bhoruka Overseas - Indonesia
- The University of Queensland
- San Jose City I Power Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Power Finance Corporation Ltd., India
- Essar Steel Hazira Ltd - India
- Bhatia International Limited - India
- Price Waterhouse Coopers - Russia
- Singapore Mercantile Exchange
- Parliament of New Zealand
- Leighton Contractors Pty Ltd - Australia
- Vizag Seaport Private Limited - India
- Sree Jayajothi Cements Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- Tamil Nadu electricity Board
- MS Steel International - UAE
- Coal and Oil Company - UAE
- Binh Thuan Hamico - Vietnam
- Cigading International Bulk Terminal - Indonesia
- Semirara Mining Corp, Philippines
- Indogreen Group - Indonesia
- Grasim Industreis Ltd - India
- Coalindo Energy - Indonesia
- Marubeni Corporation - India
- Karbindo Abesyapradhi - Indoneisa
- Medco Energi Mining Internasional
- Global Green Power PLC Corporation, Philippines
- Chamber of Mines of South Africa
- Anglo American - United Kingdom
- TNB Fuel Sdn Bhd - Malaysia
- Samtan Co., Ltd - South Korea
- Makarim & Taira - Indonesia
- Independent Power Producers Association of India
- TeaM Sual Corporation - Philippines
- Global Business Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Meenaskhi Energy Private Limited - India
- Interocean Group of Companies - India
- Salva Resources Pvt Ltd - India
- Mercator Lines Limited - India
- Star Paper Mills Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Standard Chartered Bank - UAE
- Eastern Energy - Thailand
- McConnell Dowell - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Orica Australia Pty. Ltd.
- Manunggal Multi Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Central Java Power - Indonesia
- South Luzon Thermal Energy Corporation
- Larsen & Toubro Limited - India
- Siam City Cement - Thailand
- Kartika Selabumi Mining - Indonesia
- Mintek Dendrill Indonesia
- Holcim Trading Pte Ltd - Singapore
- GVK Power & Infra Limited - India
- VISA Power Limited - India
- Indian Oil Corporation Limited
- ICICI Bank Limited - India
- SN Aboitiz Power Inc, Philippines
- Siam City Cement PLC, Thailand
- Central Electricity Authority - India
- Bukit Baiduri Energy - Indonesia
- Oldendorff Carriers - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- India Bulls Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- The Treasury - Australian Government
- Formosa Plastics Group - Taiwan
- Xindia Steels Limited - India
- Ind-Barath Power Infra Limited - India
- GMR Energy Limited - India
- Economic Council, Georgia
- Ministry of Finance - Indonesia
- Altura Mining Limited, Indonesia
- Electricity Generating Authority of Thailand
- PNOC Exploration Corporation - Philippines
- Carbofer General Trading SA - India
- Bukit Asam (Persero) Tbk - Indonesia
- Straits Asia Resources Limited - Singapore
- Kapuas Tunggal Persada - Indonesia
- Commonwealth Bank - Australia
- Attock Cement Pakistan Limited
- IEA Clean Coal Centre - UK
- Bulk Trading Sa - Switzerland
- Maheswari Brothers Coal Limited - India
- Rashtriya Ispat Nigam Limited - India
- Sinarmas Energy and Mining - Indonesia
- Energy Development Corp, Philippines
- Coastal Gujarat Power Limited - India
- Madhucon Powers Ltd - India
- Petron Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Sical Logistics Limited - India
- Miang Besar Coal Terminal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- New Zealand Coal & Carbon
- Global Coal Blending Company Limited - Australia
- Lanco Infratech Ltd - India
- Edison Trading Spa - Italy
- ASAPP Information Group - India
- Neyveli Lignite Corporation Ltd, - India
- Thai Mozambique Logistica
- Africa Commodities Group - South Africa
- Romanian Commodities Exchange
- Kalimantan Lumbung Energi - Indonesia
- Aboitiz Power Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Toyota Tsusho Corporation, Japan
- PTC India Limited - India
- Borneo Indobara - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Therma Luzon, Inc, Philippines
- White Energy Company Limited
- Banpu Public Company Limited - Thailand
- Indika Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Semirara Mining and Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Georgia Ports Authority, United States
- Gujarat Mineral Development Corp Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Minerals Council of Australia
- Malabar Cements Ltd - India
- Electricity Authority, New Zealand
- CNBM International Corporation - China
- Indonesian Coal Mining Association
- Gujarat Sidhee Cement - India
- OPG Power Generation Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Ministry of Transport, Egypt
- Mercuria Energy - Indonesia
- Port Waratah Coal Services - Australia
- London Commodity Brokers - England
- Orica Mining Services - Indonesia
- Jindal Steel & Power Ltd - India
- Ambuja Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- Merrill Lynch Commodities Europe
- European Bulk Services B.V. - Netherlands
- Australian Coal Association
- Simpson Spence & Young - Indonesia
- Australian Commodity Traders Exchange
- Cement Manufacturers Association - India
- Indian Energy Exchange, India
- Heidelberg Cement - Germany
- Antam Resourcindo - Indonesia
- Barasentosa Lestari - Indonesia
- Rio Tinto Coal - Australia
- GAC Shipping (India) Pvt Ltd
- Krishnapatnam Port Company Ltd. - India
- Uttam Galva Steels Limited - India
- Planning Commission, India
- Timah Investasi Mineral - Indoneisa
- Bangladesh Power Developement Board
- Renaissance Capital - South Africa
- CIMB Investment Bank - Malaysia
- Latin American Coal - Colombia
- Dalmia Cement Bharat India
- Metalloyd Limited - United Kingdom
- Sakthi Sugars Limited - India
- Goldman Sachs - Singapore
- Mjunction Services Limited - India
- Riau Bara Harum - Indonesia
- PowerSource Philippines DevCo
- SMC Global Power, Philippines
- Meralco Power Generation, Philippines
- Baramulti Group, Indonesia
- Kaltim Prima Coal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sindya Power Generating Company Private Ltd
- Globalindo Alam Lestari - Indonesia
- Jaiprakash Power Ventures ltd
- Bayan Resources Tbk. - Indonesia
- Indo Tambangraya Megah - Indonesia
- Kideco Jaya Agung - Indonesia
- Bharathi Cement Corporation - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Videocon Industries ltd - India
- Trasteel International SA, Italy
- Thiess Contractors Indonesia
- Wilmar Investment Holdings
- Wood Mackenzie - Singapore
- IHS Mccloskey Coal Group - USA
- The State Trading Corporation of India Ltd
- Gujarat Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Aditya Birla Group - India
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