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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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Tuesday, 22 July 14
INDONESIA'S MINERAL EXPORT BAN: CHINA UNDER PRESSURE? - CLARKSONS
In January 2014, Indonesia introduced new regulations on exports of unprocessed minerals. Exports of some minerals have been heavily taxed, whilst ...
Tuesday, 22 July 14
ASIAN SUB-BITUMINOUS COAL USERS' GROUP CONFERENCE
Press Release: Registration Open for Fourth Annual Asian Sub-Bituminous Coal Users’ Group Conference
Register today for this year&r ...
Monday, 21 July 14
25% OF INDIA'S POWER PLANTS WERE HAVING SUPER CRITICAL COAL STOCK - COAL AND POWER MINISTER
25% of India’s power plants were having super critical coal stock; power utilities have also been advised to enhance the import of coal - Coa ...
Monday, 21 July 14
INDONESIA'S STATE CONTROLLED COAL MINER BUKIT ASAM ENJOYED HIGHER SELLING PRICE DURING THIS STORMY MARKET
COALspot.com: PT Bukit Asam, the Indonesian government controlled coal miner announced today that, the company has produced 7.70 million tons of co ...
Monday, 21 July 14
CFR SOUTH CHINA COAL Q3 DELIVERY SWAPS LOST 16% SINCE JANUARY 17, 2014
COALspot.com: Coal price falling is continues as the impact oversupply and lower demand. Market is not showing any positive trend in near future.
...
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- Orica Mining Services - Indonesia
- Energy Development Corp, Philippines
- Parliament of New Zealand
- India Bulls Power Limited - India
- Sarangani Energy Corporation, Philippines
- Sojitz Corporation - Japan
- Samtan Co., Ltd - South Korea
- Coalindo Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Interocean Group of Companies - India
- The Treasury - Australian Government
- PetroVietnam Power Coal Import and Supply Company
- IEA Clean Coal Centre - UK
- Directorate General of MIneral and Coal - Indonesia
- Eastern Coal Council - USA
- SMG Consultants - Indonesia
- VISA Power Limited - India
- Pendopo Energi Batubara - Indonesia
- The University of Queensland
- Holcim Trading Pte Ltd - Singapore
- Orica Australia Pty. Ltd.
- Bahari Cakrawala Sebuku - Indonesia
- Port Waratah Coal Services - Australia
- Cement Manufacturers Association - India
- Wilmar Investment Holdings
- Metalloyd Limited - United Kingdom
- Sakthi Sugars Limited - India
- Gujarat Electricity Regulatory Commission - India
- Grasim Industreis Ltd - India
- Binh Thuan Hamico - Vietnam
- Meralco Power Generation, Philippines
- London Commodity Brokers - England
- Coastal Gujarat Power Limited - India
- Mercuria Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PowerSource Philippines DevCo
- Renaissance Capital - South Africa
- LBH Netherlands Bv - Netherlands
- Sinarmas Energy and Mining - Indonesia
- ASAPP Information Group - India
- Mercator Lines Limited - India
- Trasteel International SA, Italy
- Energy Link Ltd, New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Australian Commodity Traders Exchange
- GVK Power & Infra Limited - India
- Sree Jayajothi Cements Limited - India
- Ministry of Mines - Canada
- GMR Energy Limited - India
- Tamil Nadu electricity Board
- Straits Asia Resources Limited - Singapore
- Bukit Baiduri Energy - Indonesia
- Electricity Authority, New Zealand
- Kobexindo Tractors - Indoneisa
- Formosa Plastics Group - Taiwan
- Krishnapatnam Port Company Ltd. - India
- Planning Commission, India
- Bhushan Steel Limited - India
- CNBM International Corporation - China
- Merrill Lynch Commodities Europe
- Intertek Mineral Services - Indonesia
- Essar Steel Hazira Ltd - India
- Indo Tambangraya Megah - Indonesia
- Goldman Sachs - Singapore
- Medco Energi Mining Internasional
- Bharathi Cement Corporation - India
- Bayan Resources Tbk. - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Indogreen Group - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Billiton Holdings Pty Ltd - Australia
- Iligan Light & Power Inc, Philippines
- Aditya Birla Group - India
- Dalmia Cement Bharat India
- Central Java Power - Indonesia
- European Bulk Services B.V. - Netherlands
- Attock Cement Pakistan Limited
- Chettinad Cement Corporation Ltd - India
- Tata Chemicals Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Karbindo Abesyapradhi - Indoneisa
- Baramulti Group, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Kideco Jaya Agung - Indonesia
- Indika Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Star Paper Mills Limited - India
- ICICI Bank Limited - India
- OPG Power Generation Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Indonesian Coal Mining Association
- Sindya Power Generating Company Private Ltd
- Uttam Galva Steels Limited - India
- Therma Luzon, Inc, Philippines
- Heidelberg Cement - Germany
- Petrochimia International Co. Ltd.- Taiwan
- Bulk Trading Sa - Switzerland
- Carbofer General Trading SA - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Meenaskhi Energy Private Limited - India
- CIMB Investment Bank - Malaysia
- Kalimantan Lumbung Energi - Indonesia
- Toyota Tsusho Corporation, Japan
- Videocon Industries ltd - India
- Jaiprakash Power Ventures ltd
- Bangladesh Power Developement Board
- Asmin Koalindo Tuhup - Indonesia
- Kaltim Prima Coal - Indonesia
- Timah Investasi Mineral - Indoneisa
- SN Aboitiz Power Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Barasentosa Lestari - Indonesia
- Kepco SPC Power Corporation, Philippines
- Mjunction Services Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- SMC Global Power, Philippines
- Chamber of Mines of South Africa
- Globalindo Alam Lestari - Indonesia
- Posco Energy - South Korea
- Bhoruka Overseas - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Siam City Cement PLC, Thailand
- San Jose City I Power Corp, Philippines
- Indian Energy Exchange, India
- Price Waterhouse Coopers - Russia
- Electricity Generating Authority of Thailand
- Aboitiz Power Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Borneo Indobara - Indonesia
- Mintek Dendrill Indonesia
- Kartika Selabumi Mining - Indonesia
- Kumho Petrochemical, South Korea
- The State Trading Corporation of India Ltd
- Ind-Barath Power Infra Limited - India
- Salva Resources Pvt Ltd - India
- Indian Oil Corporation Limited
- Georgia Ports Authority, United States
- MS Steel International - UAE
- Karaikal Port Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- International Coal Ventures Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Larsen & Toubro Limited - India
- Latin American Coal - Colombia
- Petron Corporation, Philippines
- Vedanta Resources Plc - India
- Leighton Contractors Pty Ltd - Australia
- McConnell Dowell - Australia
- Miang Besar Coal Terminal - Indonesia
- Australian Coal Association
- Simpson Spence & Young - Indonesia
- Banpu Public Company Limited - Thailand
- Africa Commodities Group - South Africa
- Maharashtra Electricity Regulatory Commission - India
- IHS Mccloskey Coal Group - USA
- Makarim & Taira - Indonesia
- Thai Mozambique Logistica
- Wood Mackenzie - Singapore
- TeaM Sual Corporation - Philippines
- Xindia Steels Limited - India
- Eastern Energy - Thailand
- Lanco Infratech Ltd - India
- Savvy Resources Ltd - HongKong
- Global Coal Blending Company Limited - Australia
- Marubeni Corporation - India
- Minerals Council of Australia
- Agrawal Coal Company - India
- PTC India Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Anglo American - United Kingdom
- New Zealand Coal & Carbon
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Rio Tinto Coal - Australia
- Altura Mining Limited, Indonesia
- Central Electricity Authority - India
- Gujarat Mineral Development Corp Ltd - India
- Economic Council, Georgia
- Madhucon Powers Ltd - India
- Manunggal Multi Energi - Indonesia
- Bhatia International Limited - India
- Riau Bara Harum - Indonesia
- Standard Chartered Bank - UAE
- Edison Trading Spa - Italy
- Commonwealth Bank - Australia
- Global Green Power PLC Corporation, Philippines
- Deloitte Consulting - India
- Thiess Contractors Indonesia
- Power Finance Corporation Ltd., India
- Ambuja Cements Ltd - India
- Sical Logistics Limited - India
- Coal and Oil Company - UAE
- South Luzon Thermal Energy Corporation
- Vizag Seaport Private Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Siam City Cement - Thailand
- Antam Resourcindo - Indonesia
- Gujarat Sidhee Cement - India
- Jorong Barutama Greston.PT - Indonesia
- Independent Power Producers Association of India
- Alfred C Toepfer International GmbH - Germany
- PNOC Exploration Corporation - Philippines
- Oldendorff Carriers - Singapore
- White Energy Company Limited
- Parry Sugars Refinery, India
- Global Business Power Corporation, Philippines
- Ministry of Transport, Egypt
- Semirara Mining Corp, Philippines
- Malabar Cements Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Romanian Commodities Exchange
- Ministry of Finance - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Singapore Mercantile Exchange
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