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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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Sunday, 20 July 14
THE FREIGHT MARKET CONTINUED ITS DOWNWARD TREND
COALspot.com: The market continued its downward trend this week as all segments were down compared to last week. The Cape and Panamax indices being ...
Friday, 18 July 14
3RD CHINA INTERNATIONAL SHALE GAS SUMMIT
Building on the massive success of the past 2 shale gas programs that has generated huge success by attracting 500+ industry players, and intrig ...
Friday, 18 July 14
US WEEKLY COAL PRODUCTION UP BY 1.4% TO 18.3 MMST
COALspot.com – United States the world's second largest coal producer, produced approximately 18.3 million short tons (mmst) of coal in a ...
Thursday, 17 July 14
PANAMAX : MARKET HAS COOLED DOWN AGAIN TO LOW AND DEPRESSED LEVELS
Handy
The supra market remains pretty flat in the Atlantic while for the smaller sizes there has been little reported with ships chasing business ...
Thursday, 17 July 14
INDIAN GOVERNMENT WISE TO TAKE ADVANTAGE OF CURRENTLY LOW THERMAL COAL PRICES AND SHIPPING RATES - JEFFREY LANDSBERG
With thermal coal import prices (and also shipping rates) very low at present, India's government would be very wise to take advantage of curre ...
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- Lanco Infratech Ltd - India
- Tata Chemicals Ltd - India
- Commonwealth Bank - Australia
- Bukit Makmur.PT - Indonesia
- Sical Logistics Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- CIMB Investment Bank - Malaysia
- Bangladesh Power Developement Board
- Interocean Group of Companies - India
- Australian Coal Association
- Rio Tinto Coal - Australia
- Coalindo Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Madhucon Powers Ltd - India
- White Energy Company Limited
- Toyota Tsusho Corporation, Japan
- IHS Mccloskey Coal Group - USA
- Borneo Indobara - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Semirara Mining Corp, Philippines
- Orica Australia Pty. Ltd.
- Posco Energy - South Korea
- Mercator Lines Limited - India
- Orica Mining Services - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Standard Chartered Bank - UAE
- Aboitiz Power Corporation - Philippines
- Sakthi Sugars Limited - India
- Eastern Energy - Thailand
- Georgia Ports Authority, United States
- Billiton Holdings Pty Ltd - Australia
- Intertek Mineral Services - Indonesia
- Wilmar Investment Holdings
- Timah Investasi Mineral - Indoneisa
- Africa Commodities Group - South Africa
- Cigading International Bulk Terminal - Indonesia
- Indian Oil Corporation Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Chamber of Mines of South Africa
- Therma Luzon, Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Medco Energi Mining Internasional
- Miang Besar Coal Terminal - Indonesia
- Ambuja Cements Ltd - India
- Port Waratah Coal Services - Australia
- Baramulti Group, Indonesia
- Directorate Of Revenue Intelligence - India
- TNB Fuel Sdn Bhd - Malaysia
- Sree Jayajothi Cements Limited - India
- Rashtriya Ispat Nigam Limited - India
- Samtan Co., Ltd - South Korea
- Karaikal Port Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Global Coal Blending Company Limited - Australia
- SMG Consultants - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Chettinad Cement Corporation Ltd - India
- India Bulls Power Limited - India
- Energy Development Corp, Philippines
- Indogreen Group - Indonesia
- Trasteel International SA, Italy
- Kepco SPC Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Vijayanagar Sugar Pvt Ltd - India
- The Treasury - Australian Government
- Vedanta Resources Plc - India
- OPG Power Generation Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- CNBM International Corporation - China
- Agrawal Coal Company - India
- Indika Energy - Indonesia
- Star Paper Mills Limited - India
- Banpu Public Company Limited - Thailand
- Power Finance Corporation Ltd., India
- Straits Asia Resources Limited - Singapore
- Wood Mackenzie - Singapore
- SN Aboitiz Power Inc, Philippines
- Bharathi Cement Corporation - India
- Mjunction Services Limited - India
- Merrill Lynch Commodities Europe
- Grasim Industreis Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Alfred C Toepfer International GmbH - Germany
- Dalmia Cement Bharat India
- Eastern Coal Council - USA
- GMR Energy Limited - India
- Vizag Seaport Private Limited - India
- Central Electricity Authority - India
- Tamil Nadu electricity Board
- PNOC Exploration Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Energy Link Ltd, New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- IEA Clean Coal Centre - UK
- Karbindo Abesyapradhi - Indoneisa
- Attock Cement Pakistan Limited
- Larsen & Toubro Limited - India
- Antam Resourcindo - Indonesia
- Malabar Cements Ltd - India
- Renaissance Capital - South Africa
- Bhoruka Overseas - Indonesia
- PowerSource Philippines DevCo
- Ind-Barath Power Infra Limited - India
- Aditya Birla Group - India
- Oldendorff Carriers - Singapore
- Globalindo Alam Lestari - Indonesia
- Economic Council, Georgia
- Kideco Jaya Agung - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Planning Commission, India
- Thiess Contractors Indonesia
- Barasentosa Lestari - Indonesia
- Kumho Petrochemical, South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Edison Trading Spa - Italy
- Savvy Resources Ltd - HongKong
- Videocon Industries ltd - India
- TeaM Sual Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Parliament of New Zealand
- McConnell Dowell - Australia
- Indonesian Coal Mining Association
- Formosa Plastics Group - Taiwan
- Central Java Power - Indonesia
- Electricity Authority, New Zealand
- Kapuas Tunggal Persada - Indonesia
- MS Steel International - UAE
- Kartika Selabumi Mining - Indonesia
- Goldman Sachs - Singapore
- Indian Energy Exchange, India
- Coal and Oil Company - UAE
- Iligan Light & Power Inc, Philippines
- SMC Global Power, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bayan Resources Tbk. - Indonesia
- Thai Mozambique Logistica
- San Jose City I Power Corp, Philippines
- Ministry of Finance - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Jaiprakash Power Ventures ltd
- Bukit Baiduri Energy - Indonesia
- Xindia Steels Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Meralco Power Generation, Philippines
- GVK Power & Infra Limited - India
- Bhushan Steel Limited - India
- Uttam Galva Steels Limited - India
- Australian Commodity Traders Exchange
- Riau Bara Harum - Indonesia
- Kobexindo Tractors - Indoneisa
- Global Green Power PLC Corporation, Philippines
- PTC India Limited - India
- Maheswari Brothers Coal Limited - India
- Sinarmas Energy and Mining - Indonesia
- Makarim & Taira - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- South Luzon Thermal Energy Corporation
- Jindal Steel & Power Ltd - India
- Siam City Cement PLC, Thailand
- Mintek Dendrill Indonesia
- Siam City Cement - Thailand
- Gujarat Sidhee Cement - India
- Petron Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Heidelberg Cement - Germany
- Coastal Gujarat Power Limited - India
- Minerals Council of Australia
- Bulk Trading Sa - Switzerland
- Sarangani Energy Corporation, Philippines
- Sojitz Corporation - Japan
- Anglo American - United Kingdom
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Generating Authority of Thailand
- Sindya Power Generating Company Private Ltd
- ASAPP Information Group - India
- Neyveli Lignite Corporation Ltd, - India
- Altura Mining Limited, Indonesia
- VISA Power Limited - India
- Marubeni Corporation - India
- London Commodity Brokers - England
- Essar Steel Hazira Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Leighton Contractors Pty Ltd - Australia
- ICICI Bank Limited - India
- AsiaOL BioFuels Corp., Philippines
- Global Business Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Ministry of Transport, Egypt
- Meenaskhi Energy Private Limited - India
- Binh Thuan Hamico - Vietnam
- The University of Queensland
- Simpson Spence & Young - Indonesia
- Carbofer General Trading SA - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Romanian Commodities Exchange
- Price Waterhouse Coopers - Russia
- Manunggal Multi Energi - Indonesia
- Parry Sugars Refinery, India
- Salva Resources Pvt Ltd - India
- New Zealand Coal & Carbon
- Gujarat Electricity Regulatory Commission - India
- Bhatia International Limited - India
- GAC Shipping (India) Pvt Ltd
- Latin American Coal - Colombia
- Kaltim Prima Coal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Cement Manufacturers Association - India
- Mercuria Energy - Indonesia
- Deloitte Consulting - India
- Krishnapatnam Port Company Ltd. - India
- Semirara Mining and Power Corporation, Philippines
- Ministry of Mines - Canada
- Singapore Mercantile Exchange
- Independent Power Producers Association of India
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