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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, 09 July 14
PANAMAX MARKET FINALLY CORRECTING UPWARDS; AVERAGE TC MORE THAN DOUBLING WEEK ON WEEK - INTERMODAL
The Dry Bulk market has closed off on Friday on a more positive note, with most segments noting weekly gains and the Panamax market finally correct ...
Wednesday, 09 July 14
SHIPPING MARKET INSIGHT - PANOS TSILINGIRIS
The mini-boom in dry bulker values catapulted ship prices too fast too far over the last one-and-a-half year. The concurrence of historically low p ...
Tuesday, 08 July 14
INDONESIAN COAL PRICE REFERENCE FALL AGAIN IN JULY; LOST 1.62%
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia again revised down the coal bench mark price in July. HBA for month of J ...
Tuesday, 08 July 14
ENERGY IN THE MIX - INTERMODAL SHIPBROKERS
With the Tanker freight market having showed much promise this year compared to the performance that had been noted during the previous five, it is ...
Monday, 07 July 14
INDONESIA STATE-CONTROLLED COAL MINER BUKIT ASAM TO TRADE COAL ON-LINE THROUGH JFX
COALspot.com: Indonesian state owned coal miner PT Tambang Batubara Bukit Asam Tbk (PTBA) has teamed up with Jakarta Futures Exchange (JFX) to sell ...
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- Kobexindo Tractors - Indoneisa
- Videocon Industries ltd - India
- Rio Tinto Coal - Australia
- Metalloyd Limited - United Kingdom
- Eastern Energy - Thailand
- The University of Queensland
- Ministry of Mines - Canada
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Medco Energi Mining Internasional
- Pipit Mutiara Jaya. PT, Indonesia
- Coalindo Energy - Indonesia
- Energy Development Corp, Philippines
- Anglo American - United Kingdom
- Lanco Infratech Ltd - India
- Binh Thuan Hamico - Vietnam
- Bahari Cakrawala Sebuku - Indonesia
- LBH Netherlands Bv - Netherlands
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kepco SPC Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Essar Steel Hazira Ltd - India
- Bhoruka Overseas - Indonesia
- Coastal Gujarat Power Limited - India
- Indika Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Merrill Lynch Commodities Europe
- Independent Power Producers Association of India
- Asmin Koalindo Tuhup - Indonesia
- Africa Commodities Group - South Africa
- Kartika Selabumi Mining - Indonesia
- Cement Manufacturers Association - India
- Directorate General of MIneral and Coal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Cigading International Bulk Terminal - Indonesia
- Carbofer General Trading SA - India
- Holcim Trading Pte Ltd - Singapore
- Coal and Oil Company - UAE
- Power Finance Corporation Ltd., India
- Mercator Lines Limited - India
- OPG Power Generation Pvt Ltd - India
- India Bulls Power Limited - India
- Bhatia International Limited - India
- SMG Consultants - Indonesia
- CIMB Investment Bank - Malaysia
- Larsen & Toubro Limited - India
- Bukit Makmur.PT - Indonesia
- Indogreen Group - Indonesia
- Trasteel International SA, Italy
- IHS Mccloskey Coal Group - USA
- Sree Jayajothi Cements Limited - India
- Economic Council, Georgia
- AsiaOL BioFuels Corp., Philippines
- GMR Energy Limited - India
- Makarim & Taira - Indonesia
- Globalindo Alam Lestari - Indonesia
- International Coal Ventures Pvt Ltd - India
- Wilmar Investment Holdings
- White Energy Company Limited
- Aditya Birla Group - India
- Uttam Galva Steels Limited - India
- SN Aboitiz Power Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Aboitiz Power Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Ceylon Electricity Board - Sri Lanka
- Xindia Steels Limited - India
- Mjunction Services Limited - India
- Bukit Baiduri Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Kaltim Prima Coal - Indonesia
- SMC Global Power, Philippines
- GVK Power & Infra Limited - India
- Savvy Resources Ltd - HongKong
- Tata Chemicals Ltd - India
- Parry Sugars Refinery, India
- Barasentosa Lestari - Indonesia
- Bharathi Cement Corporation - India
- Ministry of Transport, Egypt
- Kalimantan Lumbung Energi - Indonesia
- New Zealand Coal & Carbon
- Marubeni Corporation - India
- Vedanta Resources Plc - India
- Heidelberg Cement - Germany
- Alfred C Toepfer International GmbH - Germany
- Jorong Barutama Greston.PT - Indonesia
- Mintek Dendrill Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Orica Australia Pty. Ltd.
- CNBM International Corporation - China
- Salva Resources Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Attock Cement Pakistan Limited
- Port Waratah Coal Services - Australia
- Global Business Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Price Waterhouse Coopers - Russia
- Simpson Spence & Young - Indonesia
- Ambuja Cements Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Straits Asia Resources Limited - Singapore
- Baramulti Group, Indonesia
- Global Green Power PLC Corporation, Philippines
- Star Paper Mills Limited - India
- Indian Energy Exchange, India
- Semirara Mining and Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Edison Trading Spa - Italy
- Pendopo Energi Batubara - Indonesia
- Vizag Seaport Private Limited - India
- South Luzon Thermal Energy Corporation
- Gujarat Sidhee Cement - India
- Jaiprakash Power Ventures ltd
- Directorate Of Revenue Intelligence - India
- Jindal Steel & Power Ltd - India
- Australian Coal Association
- Kohat Cement Company Ltd. - Pakistan
- Kapuas Tunggal Persada - Indonesia
- Eastern Coal Council - USA
- The Treasury - Australian Government
- Toyota Tsusho Corporation, Japan
- Romanian Commodities Exchange
- Meralco Power Generation, Philippines
- Indonesian Coal Mining Association
- Central Electricity Authority - India
- Manunggal Multi Energi - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Standard Chartered Bank - UAE
- European Bulk Services B.V. - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- Energy Link Ltd, New Zealand
- Bulk Trading Sa - Switzerland
- Chamber of Mines of South Africa
- Madhucon Powers Ltd - India
- Karaikal Port Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Posco Energy - South Korea
- Sical Logistics Limited - India
- MS Steel International - UAE
- Planning Commission, India
- Australian Commodity Traders Exchange
- Georgia Ports Authority, United States
- Goldman Sachs - Singapore
- Commonwealth Bank - Australia
- Thiess Contractors Indonesia
- Samtan Co., Ltd - South Korea
- Wood Mackenzie - Singapore
- Bangladesh Power Developement Board
- Kumho Petrochemical, South Korea
- Semirara Mining Corp, Philippines
- Parliament of New Zealand
- Orica Mining Services - Indonesia
- Intertek Mineral Services - Indonesia
- Indian Oil Corporation Limited
- ICICI Bank Limited - India
- Sakthi Sugars Limited - India
- Siam City Cement PLC, Thailand
- Global Coal Blending Company Limited - Australia
- Renaissance Capital - South Africa
- Singapore Mercantile Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Java Power - Indonesia
- PowerSource Philippines DevCo
- Electricity Authority, New Zealand
- Miang Besar Coal Terminal - Indonesia
- Latin American Coal - Colombia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Maheswari Brothers Coal Limited - India
- Antam Resourcindo - Indonesia
- London Commodity Brokers - England
- GN Power Mariveles Coal Plant, Philippines
- Timah Investasi Mineral - Indoneisa
- Electricity Generating Authority of Thailand
- Dalmia Cement Bharat India
- Bhushan Steel Limited - India
- Deloitte Consulting - India
- Iligan Light & Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- The State Trading Corporation of India Ltd
- Borneo Indobara - Indonesia
- Riau Bara Harum - Indonesia
- TeaM Sual Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Minerals Council of Australia
- McConnell Dowell - Australia
- Sojitz Corporation - Japan
- Ministry of Finance - Indonesia
- Altura Mining Limited, Indonesia
- Meenaskhi Energy Private Limited - India
- Petron Corporation, Philippines
- Oldendorff Carriers - Singapore
- PNOC Exploration Corporation - Philippines
- Grasim Industreis Ltd - India
- Sindya Power Generating Company Private Ltd
- VISA Power Limited - India
- Chettinad Cement Corporation Ltd - India
- ASAPP Information Group - India
- San Jose City I Power Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- PTC India Limited - India
- Malabar Cements Ltd - India
- Interocean Group of Companies - India
- Siam City Cement - Thailand
- Thai Mozambique Logistica
- Tamil Nadu electricity Board
- Mercuria Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- IEA Clean Coal Centre - UK
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Rashtriya Ispat Nigam Limited - India
- Sarangani Energy Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Agrawal Coal Company - India
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