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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, 04 July 14
US: WEEKLY COAL PRODUCTION SLIGHTLY UP W-O-W
COALspot.com – United States the world's second largest coal producer, produced approximately 19.4 million short tons (mmst) of coa ...
Friday, 04 July 14
PARAM MITRA COAL RESOURCES SECURES US$ 7.5M INVESTMENT FROM TEMBUSU PARTNERS
Param Mitra Coal Resources Pte Ltd (“PMCR”), which owns two operating coal mines in Indonesia, has secured from Singapore private equit ...
Thursday, 03 July 14
BUMI TRANSFERS 19% OF KPC STAKE VALUED AT US$ 950 MILLION TO CIC
COALspot.com: PT. Bumi Resources announces that 19% of its holdings in Kaltim Prima Coal (KPC), valued at US$ 950 million, has been transferred to ...
Thursday, 03 July 14
PANAMAX : IN THE ATLANTIC, OWNERS ARE WILLING TO FIX AT ABOUT $2.5K PER DAY - FEARNEYS
Handy
In its latest weekly report, shipbroker Fearneys noted that, this week seems to have been more of a wait and see game between owners and ch ...
Wednesday, 02 July 14
NEWMONT FILES FOR INTERNATIONAL ARBITRATION ON ORE EXPORT BAN - THE JAKARTA POST
PT Newmont Nusa Tenggara (NNT), a subsidiary of United States-based Newmont Corporation, has filed for international arbitration against the govern ...
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- Cigading International Bulk Terminal - Indonesia
- Directorate Of Revenue Intelligence - India
- Anglo American - United Kingdom
- Lanco Infratech Ltd - India
- SN Aboitiz Power Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- MS Steel International - UAE
- Bayan Resources Tbk. - Indonesia
- Bulk Trading Sa - Switzerland
- Malabar Cements Ltd - India
- Singapore Mercantile Exchange
- Kalimantan Lumbung Energi - Indonesia
- PowerSource Philippines DevCo
- Ministry of Mines - Canada
- Heidelberg Cement - Germany
- Barasentosa Lestari - Indonesia
- Latin American Coal - Colombia
- Energy Link Ltd, New Zealand
- Kapuas Tunggal Persada - Indonesia
- Madhucon Powers Ltd - India
- Australian Commodity Traders Exchange
- Kohat Cement Company Ltd. - Pakistan
- Bukit Asam (Persero) Tbk - Indonesia
- Essar Steel Hazira Ltd - India
- Price Waterhouse Coopers - Russia
- Xindia Steels Limited - India
- Wilmar Investment Holdings
- Coalindo Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Africa Commodities Group - South Africa
- Agrawal Coal Company - India
- Parliament of New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Goldman Sachs - Singapore
- Simpson Spence & Young - Indonesia
- Posco Energy - South Korea
- Trasteel International SA, Italy
- Borneo Indobara - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Deloitte Consulting - India
- Bangladesh Power Developement Board
- Kartika Selabumi Mining - Indonesia
- ICICI Bank Limited - India
- Medco Energi Mining Internasional
- Semirara Mining and Power Corporation, Philippines
- Bhatia International Limited - India
- Indonesian Coal Mining Association
- Interocean Group of Companies - India
- Mercator Lines Limited - India
- Australian Coal Association
- Edison Trading Spa - Italy
- TeaM Sual Corporation - Philippines
- Tata Chemicals Ltd - India
- Kaltim Prima Coal - Indonesia
- Altura Mining Limited, Indonesia
- Power Finance Corporation Ltd., India
- Port Waratah Coal Services - Australia
- Bukit Baiduri Energy - Indonesia
- GMR Energy Limited - India
- South Luzon Thermal Energy Corporation
- Mjunction Services Limited - India
- Attock Cement Pakistan Limited
- Indian Oil Corporation Limited
- LBH Netherlands Bv - Netherlands
- Ceylon Electricity Board - Sri Lanka
- Makarim & Taira - Indonesia
- Standard Chartered Bank - UAE
- San Jose City I Power Corp, Philippines
- VISA Power Limited - India
- Toyota Tsusho Corporation, Japan
- Manunggal Multi Energi - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Petron Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Orica Mining Services - Indonesia
- Global Coal Blending Company Limited - Australia
- Jindal Steel & Power Ltd - India
- Minerals Council of Australia
- Miang Besar Coal Terminal - Indonesia
- Jaiprakash Power Ventures ltd
- Ambuja Cements Ltd - India
- Chettinad Cement Corporation Ltd - India
- Bhushan Steel Limited - India
- Orica Australia Pty. Ltd.
- Oldendorff Carriers - Singapore
- International Coal Ventures Pvt Ltd - India
- New Zealand Coal & Carbon
- Coal and Oil Company - UAE
- Meenaskhi Energy Private Limited - India
- PNOC Exploration Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Samtan Co., Ltd - South Korea
- Carbofer General Trading SA - India
- London Commodity Brokers - England
- Neyveli Lignite Corporation Ltd, - India
- Thiess Contractors Indonesia
- Sree Jayajothi Cements Limited - India
- Indo Tambangraya Megah - Indonesia
- Salva Resources Pvt Ltd - India
- SMG Consultants - Indonesia
- Savvy Resources Ltd - HongKong
- OPG Power Generation Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Vedanta Resources Plc - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Formosa Plastics Group - Taiwan
- India Bulls Power Limited - India
- Mercuria Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Alfred C Toepfer International GmbH - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dalmia Cement Bharat India
- Kideco Jaya Agung - Indonesia
- Billiton Holdings Pty Ltd - Australia
- White Energy Company Limited
- IEA Clean Coal Centre - UK
- Baramulti Group, Indonesia
- European Bulk Services B.V. - Netherlands
- Parry Sugars Refinery, India
- Energy Development Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Straits Asia Resources Limited - Singapore
- Meralco Power Generation, Philippines
- Bhoruka Overseas - Indonesia
- Tamil Nadu electricity Board
- Planning Commission, India
- Riau Bara Harum - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Antam Resourcindo - Indonesia
- Intertek Mineral Services - Indonesia
- Grasim Industreis Ltd - India
- Karaikal Port Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- ASAPP Information Group - India
- Siam City Cement PLC, Thailand
- Krishnapatnam Port Company Ltd. - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vizag Seaport Private Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- CNBM International Corporation - China
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Makmur.PT - Indonesia
- Star Paper Mills Limited - India
- Thai Mozambique Logistica
- Coastal Gujarat Power Limited - India
- PTC India Limited - India
- Sindya Power Generating Company Private Ltd
- Georgia Ports Authority, United States
- TNB Fuel Sdn Bhd - Malaysia
- Aboitiz Power Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Eastern Energy - Thailand
- Renaissance Capital - South Africa
- Gujarat Mineral Development Corp Ltd - India
- Indika Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Indian Energy Exchange, India
- Ministry of Finance - Indonesia
- Central Java Power - Indonesia
- Sical Logistics Limited - India
- Central Electricity Authority - India
- Kumho Petrochemical, South Korea
- Ministry of Transport, Egypt
- Romanian Commodities Exchange
- Ind-Barath Power Infra Limited - India
- GVK Power & Infra Limited - India
- Binh Thuan Hamico - Vietnam
- Timah Investasi Mineral - Indoneisa
- Rio Tinto Coal - Australia
- Electricity Generating Authority of Thailand
- Bharathi Cement Corporation - India
- Global Business Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- The State Trading Corporation of India Ltd
- Chamber of Mines of South Africa
- Eastern Coal Council - USA
- McConnell Dowell - Australia
- Aditya Birla Group - India
- Metalloyd Limited - United Kingdom
- Independent Power Producers Association of India
- IHS Mccloskey Coal Group - USA
- Kepco SPC Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Holcim Trading Pte Ltd - Singapore
- Larsen & Toubro Limited - India
- The University of Queensland
- GAC Shipping (India) Pvt Ltd
- Gujarat Sidhee Cement - India
- Uttam Galva Steels Limited - India
- Global Green Power PLC Corporation, Philippines
- Sakthi Sugars Limited - India
- Marubeni Corporation - India
- Pendopo Energi Batubara - Indonesia
- The Treasury - Australian Government
- Economic Council, Georgia
- Cement Manufacturers Association - India
- Siam City Cement - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SMC Global Power, Philippines
- Kobexindo Tractors - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- CIMB Investment Bank - Malaysia
- Sarangani Energy Corporation, Philippines
- Commonwealth Bank - Australia
- Semirara Mining Corp, Philippines
- Sojitz Corporation - Japan
- Wood Mackenzie - Singapore
- Electricity Authority, New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Mintek Dendrill Indonesia
- Gujarat Electricity Regulatory Commission - India
- Globalindo Alam Lestari - Indonesia
- Videocon Industries ltd - India
- Indogreen Group - Indonesia
- Merrill Lynch Commodities Europe
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