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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, 02 July 14
THE PANAMAX MARKET CONTINUED TO BLEED FOR ANOTHER WEEK - INTERMODAL
COALspot.com: The Dry Bulk market succumbed to mounting pressure this past week, while the Capesize market proved unable to “save the day&rdq ...
Wednesday, 02 July 14
HANDY BULKERS PROVE TO BE THE MOST SOUGHT AFTER VESSELS OVER THE PAST WEEK - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The Handy dry bulker proved to be the most sought after ship by ship owners active in the second hand market, which saw a slight decline in terms o ...
Tuesday, 01 July 14
INDIAN POWER PLANT COAL STOCKPILES VERY LOW
COALspot.com: According to today's Weekly Dry Bulk Report published by Commodore Research, Indian power plant coal stockpiles have now fallen t ...
Monday, 30 June 14
SUB-BIT FOB INDONESIA COAL PRICES ARE STILL STRUGGLING TO RECOVER
COALspot.com: Indonesian coal swaps for average Q3’ 2014 lost on week and on month according to AsiaClear OTC coal swap's reports release ...
Monday, 30 June 14
WEEKLY CFR SOUTH CHINA COAL SWAPS DECLINE CONTINUES; Q1'15 LOST US$ 4.55 PMT IN A WEEK
COALspot.com: API 8 CFR South China Coal swap for delivery in Q3 fell US$ 5.25 month on month on Friday, dipping under $69 a tone. The CFR South Ch ...
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- GN Power Mariveles Coal Plant, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Directorate Of Revenue Intelligence - India
- Commonwealth Bank - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Baramulti Group, Indonesia
- Central Electricity Authority - India
- New Zealand Coal & Carbon
- Australian Commodity Traders Exchange
- Gujarat Electricity Regulatory Commission - India
- Semirara Mining and Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Altura Mining Limited, Indonesia
- Kapuas Tunggal Persada - Indonesia
- Wood Mackenzie - Singapore
- Africa Commodities Group - South Africa
- Coalindo Energy - Indonesia
- Dalmia Cement Bharat India
- Energy Link Ltd, New Zealand
- Petron Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Jaiprakash Power Ventures ltd
- Mjunction Services Limited - India
- Mercuria Energy - Indonesia
- Malabar Cements Ltd - India
- Toyota Tsusho Corporation, Japan
- Parliament of New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Essar Steel Hazira Ltd - India
- Bukit Makmur.PT - Indonesia
- Straits Asia Resources Limited - Singapore
- SN Aboitiz Power Inc, Philippines
- Port Waratah Coal Services - Australia
- Metalloyd Limited - United Kingdom
- Wilmar Investment Holdings
- ICICI Bank Limited - India
- Goldman Sachs - Singapore
- Holcim Trading Pte Ltd - Singapore
- Sindya Power Generating Company Private Ltd
- Tamil Nadu electricity Board
- Formosa Plastics Group - Taiwan
- London Commodity Brokers - England
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Aditya Birla Group - India
- Salva Resources Pvt Ltd - India
- Anglo American - United Kingdom
- Borneo Indobara - Indonesia
- Manunggal Multi Energi - Indonesia
- Attock Cement Pakistan Limited
- Georgia Ports Authority, United States
- Cigading International Bulk Terminal - Indonesia
- Ministry of Mines - Canada
- Independent Power Producers Association of India
- Gujarat Mineral Development Corp Ltd - India
- Madhucon Powers Ltd - India
- Eastern Energy - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
- CIMB Investment Bank - Malaysia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indika Energy - Indonesia
- Star Paper Mills Limited - India
- Indogreen Group - Indonesia
- Chettinad Cement Corporation Ltd - India
- Sarangani Energy Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- ASAPP Information Group - India
- Indian Oil Corporation Limited
- Makarim & Taira - Indonesia
- Jindal Steel & Power Ltd - India
- Trasteel International SA, Italy
- Iligan Light & Power Inc, Philippines
- Price Waterhouse Coopers - Russia
- European Bulk Services B.V. - Netherlands
- PTC India Limited - India
- SMG Consultants - Indonesia
- Bhatia International Limited - India
- Leighton Contractors Pty Ltd - Australia
- Videocon Industries ltd - India
- India Bulls Power Limited - India
- Ind-Barath Power Infra Limited - India
- Ambuja Cements Ltd - India
- Planning Commission, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Australia Pty. Ltd.
- Heidelberg Cement - Germany
- IEA Clean Coal Centre - UK
- Uttam Galva Steels Limited - India
- Romanian Commodities Exchange
- Central Java Power - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- Banpu Public Company Limited - Thailand
- Bharathi Cement Corporation - India
- PetroVietnam Power Coal Import and Supply Company
- The University of Queensland
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PNOC Exploration Corporation - Philippines
- Gujarat Sidhee Cement - India
- GAC Shipping (India) Pvt Ltd
- Indonesian Coal Mining Association
- The State Trading Corporation of India Ltd
- Binh Thuan Hamico - Vietnam
- Antam Resourcindo - Indonesia
- Eastern Coal Council - USA
- Bahari Cakrawala Sebuku - Indonesia
- Sical Logistics Limited - India
- Coal and Oil Company - UAE
- Larsen & Toubro Limited - India
- Deloitte Consulting - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- SMC Global Power, Philippines
- Oldendorff Carriers - Singapore
- Miang Besar Coal Terminal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Bhoruka Overseas - Indonesia
- Siam City Cement PLC, Thailand
- Samtan Co., Ltd - South Korea
- McConnell Dowell - Australia
- Sinarmas Energy and Mining - Indonesia
- Maheswari Brothers Coal Limited - India
- Mintek Dendrill Indonesia
- Indian Energy Exchange, India
- Carbofer General Trading SA - India
- Sojitz Corporation - Japan
- LBH Netherlands Bv - Netherlands
- Mercator Lines Limited - India
- Therma Luzon, Inc, Philippines
- Bangladesh Power Developement Board
- TeaM Sual Corporation - Philippines
- Siam City Cement - Thailand
- Bayan Resources Tbk. - Indonesia
- The Treasury - Australian Government
- Bhushan Steel Limited - India
- Pendopo Energi Batubara - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Rashtriya Ispat Nigam Limited - India
- Electricity Generating Authority of Thailand
- Medco Energi Mining Internasional
- Riau Bara Harum - Indonesia
- Singapore Mercantile Exchange
- San Jose City I Power Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Thiess Contractors Indonesia
- Lanco Infratech Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Savvy Resources Ltd - HongKong
- Tata Chemicals Ltd - India
- Marubeni Corporation - India
- Energy Development Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Agrawal Coal Company - India
- Indo Tambangraya Megah - Indonesia
- Cement Manufacturers Association - India
- Vedanta Resources Plc - India
- TNB Fuel Sdn Bhd - Malaysia
- White Energy Company Limited
- Kepco SPC Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Electricity Authority, New Zealand
- Vizag Seaport Private Limited - India
- Economic Council, Georgia
- Merrill Lynch Commodities Europe
- Global Coal Blending Company Limited - Australia
- Simpson Spence & Young - Indonesia
- VISA Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Kaltim Prima Coal - Indonesia
- Renaissance Capital - South Africa
- Barasentosa Lestari - Indonesia
- Xindia Steels Limited - India
- Australian Coal Association
- OPG Power Generation Pvt Ltd - India
- Meralco Power Generation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Standard Chartered Bank - UAE
- GVK Power & Infra Limited - India
- Intertek Mineral Services - Indonesia
- Sakthi Sugars Limited - India
- Latin American Coal - Colombia
- Global Business Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Rio Tinto Coal - Australia
- MS Steel International - UAE
- Chamber of Mines of South Africa
- Semirara Mining Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- IHS Mccloskey Coal Group - USA
- Minerals Council of Australia
- Parry Sugars Refinery, India
- Thai Mozambique Logistica
- Interocean Group of Companies - India
- GMR Energy Limited - India
- Edison Trading Spa - Italy
- Coastal Gujarat Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Kumho Petrochemical, South Korea
- Aboitiz Power Corporation - Philippines
- Orica Mining Services - Indonesia
- PowerSource Philippines DevCo
- Timah Investasi Mineral - Indoneisa
- Grasim Industreis Ltd - India
- CNBM International Corporation - China
- Posco Energy - South Korea
- Kalimantan Lumbung Energi - Indonesia
- Power Finance Corporation Ltd., India
- Neyveli Lignite Corporation Ltd, - India
- Kideco Jaya Agung - Indonesia
- Karaikal Port Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- South Luzon Thermal Energy Corporation
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