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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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Monday, 30 June 14
INDO - INDIA FREIGHT RATES CONTINUE TO WEAK
COALspot.com: The latest dry Index shows that average all-in spot freight declined, the Panamax and Supramax slipping by 9.11 percent and 4% respec ...
Friday, 27 June 14
DRY BULK MARKET STILL LOOKING FOR UPSIDE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has kept up its lacklustre performance during the past week, as evidenced by the course of the Baltic Dry Index (BDI). The BDI ...
Thursday, 26 June 14
PANAMAX : A PACIFIC ROUND PAYS AROUND US$ 3K DAILY - FEARNLEYS AS
Handy
In the Atlantic there has been little activity which again has caused rates to slip across all trades. TA´s are now down to US$ 5,500 ...
Thursday, 26 June 14
KOMIPO INVITES BIDS FOR TOTAL 750K MT OF BITUMINOUS COAL FOR 3CY
COALspot.com: South Korean state-owned utility Korea Midland Power (KOMIPO) has issued a new tender for supply of total 250,000 MT of bituminous co ...
Thursday, 26 June 14
COAL DIVESTMENT CAMPAIGNS COME WITH RISKY UNINTENDED CONSEQUENCES - WCA
Last week I presented to the Expert Group on investments in coal and petroleum companies, the body set up to advise the Norwegian Government on whe ...
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- Carbofer General Trading SA - India
- Planning Commission, India
- European Bulk Services B.V. - Netherlands
- IHS Mccloskey Coal Group - USA
- Bangladesh Power Developement Board
- Coastal Gujarat Power Limited - India
- Videocon Industries ltd - India
- Chettinad Cement Corporation Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining and Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Kepco SPC Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Anglo American - United Kingdom
- GVK Power & Infra Limited - India
- Eastern Energy - Thailand
- Sarangani Energy Corporation, Philippines
- White Energy Company Limited
- Sindya Power Generating Company Private Ltd
- Maheswari Brothers Coal Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ambuja Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Binh Thuan Hamico - Vietnam
- Marubeni Corporation - India
- Coalindo Energy - Indonesia
- Energy Development Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Interocean Group of Companies - India
- Bukit Baiduri Energy - Indonesia
- Indogreen Group - Indonesia
- Petron Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- SMG Consultants - Indonesia
- Orica Australia Pty. Ltd.
- Metalloyd Limited - United Kingdom
- Essar Steel Hazira Ltd - India
- Krishnapatnam Port Company Ltd. - India
- PowerSource Philippines DevCo
- SN Aboitiz Power Inc, Philippines
- Heidelberg Cement - Germany
- ICICI Bank Limited - India
- Kideco Jaya Agung - Indonesia
- Energy Link Ltd, New Zealand
- PTC India Limited - India
- Power Finance Corporation Ltd., India
- Deloitte Consulting - India
- Price Waterhouse Coopers - Russia
- Gujarat Electricity Regulatory Commission - India
- Central Electricity Authority - India
- Electricity Generating Authority of Thailand
- Star Paper Mills Limited - India
- Malabar Cements Ltd - India
- Kaltim Prima Coal - Indonesia
- MS Steel International - UAE
- Karaikal Port Pvt Ltd - India
- Indian Oil Corporation Limited
- Barasentosa Lestari - Indonesia
- CIMB Investment Bank - Malaysia
- Banpu Public Company Limited - Thailand
- Ceylon Electricity Board - Sri Lanka
- Antam Resourcindo - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Kumho Petrochemical, South Korea
- Wood Mackenzie - Singapore
- Renaissance Capital - South Africa
- Makarim & Taira - Indonesia
- Ind-Barath Power Infra Limited - India
- McConnell Dowell - Australia
- SMC Global Power, Philippines
- ASAPP Information Group - India
- Straits Asia Resources Limited - Singapore
- Mercator Lines Limited - India
- Madhucon Powers Ltd - India
- Kobexindo Tractors - Indoneisa
- South Luzon Thermal Energy Corporation
- Riau Bara Harum - Indonesia
- Coal and Oil Company - UAE
- Indian Energy Exchange, India
- Kohat Cement Company Ltd. - Pakistan
- Oldendorff Carriers - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- New Zealand Coal & Carbon
- Jindal Steel & Power Ltd - India
- Therma Luzon, Inc, Philippines
- Goldman Sachs - Singapore
- TeaM Sual Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Medco Energi Mining Internasional
- Economic Council, Georgia
- Australian Coal Association
- Sinarmas Energy and Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- Vedanta Resources Plc - India
- Australian Commodity Traders Exchange
- Merrill Lynch Commodities Europe
- Billiton Holdings Pty Ltd - Australia
- GN Power Mariveles Coal Plant, Philippines
- Commonwealth Bank - Australia
- Sical Logistics Limited - India
- OPG Power Generation Pvt Ltd - India
- Attock Cement Pakistan Limited
- Baramulti Group, Indonesia
- Directorate Of Revenue Intelligence - India
- Central Java Power - Indonesia
- India Bulls Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Siam City Cement PLC, Thailand
- Jaiprakash Power Ventures ltd
- Mercuria Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Bhatia International Limited - India
- GAC Shipping (India) Pvt Ltd
- AsiaOL BioFuels Corp., Philippines
- Intertek Mineral Services - Indonesia
- Africa Commodities Group - South Africa
- London Commodity Brokers - England
- Ministry of Transport, Egypt
- International Coal Ventures Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Eastern Coal Council - USA
- Vizag Seaport Private Limited - India
- Bayan Resources Tbk. - Indonesia
- Minerals Council of Australia
- The Treasury - Australian Government
- Offshore Bulk Terminal Pte Ltd, Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- IEA Clean Coal Centre - UK
- Orica Mining Services - Indonesia
- Borneo Indobara - Indonesia
- Grasim Industreis Ltd - India
- Ministry of Finance - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Jorong Barutama Greston.PT - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Manunggal Multi Energi - Indonesia
- Bharathi Cement Corporation - India
- Sojitz Corporation - Japan
- Standard Chartered Bank - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Port Waratah Coal Services - Australia
- Bhushan Steel Limited - India
- Rashtriya Ispat Nigam Limited - India
- Miang Besar Coal Terminal - Indonesia
- Mjunction Services Limited - India
- Uttam Galva Steels Limited - India
- Bulk Trading Sa - Switzerland
- Thai Mozambique Logistica
- Semirara Mining Corp, Philippines
- Global Business Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Simpson Spence & Young - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Independent Power Producers Association of India
- Singapore Mercantile Exchange
- GMR Energy Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Agrawal Coal Company - India
- Formosa Plastics Group - Taiwan
- Indo Tambangraya Megah - Indonesia
- Samtan Co., Ltd - South Korea
- Posco Energy - South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Wilmar Investment Holdings
- Indika Energy - Indonesia
- Tata Chemicals Ltd - India
- Lanco Infratech Ltd - India
- Xindia Steels Limited - India
- Mintek Dendrill Indonesia
- Kartika Selabumi Mining - Indonesia
- Savvy Resources Ltd - HongKong
- Aboitiz Power Corporation - Philippines
- Cement Manufacturers Association - India
- Gujarat Sidhee Cement - India
- Meenaskhi Energy Private Limited - India
- LBH Netherlands Bv - Netherlands
- Rio Tinto Coal - Australia
- Larsen & Toubro Limited - India
- Globalindo Alam Lestari - Indonesia
- The State Trading Corporation of India Ltd
- Latin American Coal - Colombia
- Edison Trading Spa - Italy
- Georgia Ports Authority, United States
- Siam City Cement - Thailand
- Sakthi Sugars Limited - India
- Indonesian Coal Mining Association
- Kalimantan Lumbung Energi - Indonesia
- Parry Sugars Refinery, India
- Neyveli Lignite Corporation Ltd, - India
- San Jose City I Power Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Salva Resources Pvt Ltd - India
- Ministry of Mines - Canada
- The University of Queensland
- Electricity Authority, New Zealand
- Aditya Birla Group - India
- Alfred C Toepfer International GmbH - Germany
- VISA Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Romanian Commodities Exchange
- Sree Jayajothi Cements Limited - India
- Chamber of Mines of South Africa
- Tamil Nadu electricity Board
- Dalmia Cement Bharat India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Altura Mining Limited, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- CNBM International Corporation - China
- PNOC Exploration Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Parliament of New Zealand
- Thiess Contractors Indonesia
- Trasteel International SA, Italy
- Maharashtra Electricity Regulatory Commission - India
- Meralco Power Generation, Philippines
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