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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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Wednesday, 23 July 14
WEEKLY SHIPPING MARKET INSIGHT - INTERMODAL
In Australia, the world’s largest mining group, BHP Billiton, will beat the iron ore export target of more than 220 million tonnes for 2014. ...
Wednesday, 23 July 14
HARD COAL 2013: THE WORLD'S SECOND-MOST IMPORTANT ENERGY SOURCE AND GUARANTOR FOR THE SECURITY OF ENERGY SUPPLIES DURING TIMES OF CRISIS
Hard coal is again in 2013 the fastest-growing fossil primary energy source in the world. As shown in the BP Statistical Review 2014, it covered ab ...
Tuesday, 22 July 14
INDONESIAN ELECTION RESULT ENCOURAGING FOR FOREIGN INVESTMENT IN ENERGY AND MINING SECTORS - WOOD MACKENZIE
Joko Widodo-Jusuf Kalla has been announced as the official winner of Indonesia's presidential election. Joko Widodo, or Jokowi, is viewed as a ...
Tuesday, 22 July 14
THE CURRENT COAL PRICES ARE UNPROFITABLE FOR MINERS; COAL PRICES WILL GRADUALLY INCREASE - FITCH
COALspot.com: The Fitch Ratings expect the benchmark Newcastle coal prices (currently at about USD70/MT) to gradually increase.
Fitch's la ...
Tuesday, 22 July 14
SUB-BIT FOB INDONESIA COAL Q3' 14 DOWN 5.21%; Q4' 14 DOWN 3.56%; Q1' 15 DOWN 4.75% M-O-M
COALspot.com: Indonesian coal swaps for average Q3’ 2014 flat on day, weak week on week and on month according to AsiaClear OTC coal swap' ...
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- Bukit Asam (Persero) Tbk - Indonesia
- Essar Steel Hazira Ltd - India
- PowerSource Philippines DevCo
- Kartika Selabumi Mining - Indonesia
- Independent Power Producers Association of India
- Manunggal Multi Energi - Indonesia
- Energy Development Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Intertek Mineral Services - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Kumho Petrochemical, South Korea
- Baramulti Group, Indonesia
- Rio Tinto Coal - Australia
- AsiaOL BioFuels Corp., Philippines
- Ind-Barath Power Infra Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Cement Manufacturers Association - India
- PTC India Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Metalloyd Limited - United Kingdom
- Wilmar Investment Holdings
- The University of Queensland
- Savvy Resources Ltd - HongKong
- Coal and Oil Company - UAE
- Salva Resources Pvt Ltd - India
- Mercuria Energy - Indonesia
- Eastern Energy - Thailand
- Indogreen Group - Indonesia
- Aditya Birla Group - India
- Anglo American - United Kingdom
- Uttam Galva Steels Limited - India
- Parliament of New Zealand
- Economic Council, Georgia
- Africa Commodities Group - South Africa
- New Zealand Coal & Carbon
- GN Power Mariveles Coal Plant, Philippines
- Makarim & Taira - Indonesia
- Australian Commodity Traders Exchange
- Eastern Coal Council - USA
- Edison Trading Spa - Italy
- Renaissance Capital - South Africa
- Singapore Mercantile Exchange
- Malabar Cements Ltd - India
- Semirara Mining Corp, Philippines
- Petron Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Maheswari Brothers Coal Limited - India
- Tamil Nadu electricity Board
- Banpu Public Company Limited - Thailand
- Sarangani Energy Corporation, Philippines
- India Bulls Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Meenaskhi Energy Private Limited - India
- Minerals Council of Australia
- The Treasury - Australian Government
- Australian Coal Association
- Deloitte Consulting - India
- International Coal Ventures Pvt Ltd - India
- Marubeni Corporation - India
- Standard Chartered Bank - UAE
- Karaikal Port Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Interocean Group of Companies - India
- Central Electricity Authority - India
- Indo Tambangraya Megah - Indonesia
- Larsen & Toubro Limited - India
- Medco Energi Mining Internasional
- Posco Energy - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Thiess Contractors Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Electricity Regulatory Commission - India
- Pendopo Energi Batubara - Indonesia
- SN Aboitiz Power Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Cigading International Bulk Terminal - Indonesia
- Riau Bara Harum - Indonesia
- Formosa Plastics Group - Taiwan
- GAC Shipping (India) Pvt Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Siam City Cement PLC, Thailand
- Energy Link Ltd, New Zealand
- OPG Power Generation Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Mercator Lines Limited - India
- Agrawal Coal Company - India
- Iligan Light & Power Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Merrill Lynch Commodities Europe
- Timah Investasi Mineral - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- Star Paper Mills Limited - India
- Bharathi Cement Corporation - India
- Straits Asia Resources Limited - Singapore
- Attock Cement Pakistan Limited
- Orica Australia Pty. Ltd.
- Kobexindo Tractors - Indoneisa
- European Bulk Services B.V. - Netherlands
- SMC Global Power, Philippines
- Borneo Indobara - Indonesia
- Ambuja Cements Ltd - India
- Mintek Dendrill Indonesia
- Barasentosa Lestari - Indonesia
- Directorate Of Revenue Intelligence - India
- SMG Consultants - Indonesia
- Aboitiz Power Corporation - Philippines
- Bhatia International Limited - India
- Ceylon Electricity Board - Sri Lanka
- Sindya Power Generating Company Private Ltd
- Simpson Spence & Young - Indonesia
- Dalmia Cement Bharat India
- Chamber of Mines of South Africa
- Carbofer General Trading SA - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- LBH Netherlands Bv - Netherlands
- Ministry of Mines - Canada
- Bahari Cakrawala Sebuku - Indonesia
- Binh Thuan Hamico - Vietnam
- Romanian Commodities Exchange
- Karbindo Abesyapradhi - Indoneisa
- GMR Energy Limited - India
- Kaltim Prima Coal - Indonesia
- IEA Clean Coal Centre - UK
- Bukit Makmur.PT - Indonesia
- Bhushan Steel Limited - India
- Thai Mozambique Logistica
- Georgia Ports Authority, United States
- Tata Chemicals Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Semirara Mining and Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Kapuas Tunggal Persada - Indonesia
- Electricity Authority, New Zealand
- Power Finance Corporation Ltd., India
- Trasteel International SA, Italy
- Indika Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Coalindo Energy - Indonesia
- Global Business Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Grasim Industreis Ltd - India
- Parry Sugars Refinery, India
- Gujarat Sidhee Cement - India
- Global Green Power PLC Corporation, Philippines
- Mjunction Services Limited - India
- Bulk Trading Sa - Switzerland
- Madhucon Powers Ltd - India
- Altura Mining Limited, Indonesia
- The State Trading Corporation of India Ltd
- Ministry of Finance - Indonesia
- Siam City Cement - Thailand
- GVK Power & Infra Limited - India
- Videocon Industries ltd - India
- Kideco Jaya Agung - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- PNOC Exploration Corporation - Philippines
- TeaM Sual Corporation - Philippines
- Xindia Steels Limited - India
- Sical Logistics Limited - India
- Central Java Power - Indonesia
- Latin American Coal - Colombia
- Indian Oil Corporation Limited
- Samtan Co., Ltd - South Korea
- ICICI Bank Limited - India
- Jindal Steel & Power Ltd - India
- Toyota Tsusho Corporation, Japan
- Krishnapatnam Port Company Ltd. - India
- Sakthi Sugars Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Indonesian Coal Mining Association
- Miang Besar Coal Terminal - Indonesia
- Indian Energy Exchange, India
- Sree Jayajothi Cements Limited - India
- Goldman Sachs - Singapore
- Billiton Holdings Pty Ltd - Australia
- London Commodity Brokers - England
- Orica Mining Services - Indonesia
- Alfred C Toepfer International GmbH - Germany
- CIMB Investment Bank - Malaysia
- Electricity Generating Authority of Thailand
- Oldendorff Carriers - Singapore
- Bayan Resources Tbk. - Indonesia
- Vizag Seaport Private Limited - India
- McConnell Dowell - Australia
- MS Steel International - UAE
- Vedanta Resources Plc - India
- Maharashtra Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- CNBM International Corporation - China
- Holcim Trading Pte Ltd - Singapore
- Planning Commission, India
- Pipit Mutiara Jaya. PT, Indonesia
- Antam Resourcindo - Indonesia
- Commonwealth Bank - Australia
- Leighton Contractors Pty Ltd - Australia
- Bangladesh Power Developement Board
- White Energy Company Limited
- ASAPP Information Group - India
- Wood Mackenzie - Singapore
- Globalindo Alam Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- Heidelberg Cement - Germany
- Gujarat Mineral Development Corp Ltd - India
- Bukit Baiduri Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Sojitz Corporation - Japan
- Lanco Infratech Ltd - India
- Meralco Power Generation, Philippines
- South Luzon Thermal Energy Corporation
- VISA Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Ministry of Transport, Egypt
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