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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, 23 June 14
COAL SWAPS DROPS FURTHER MONTH ON MONTH ON WEAK DEMAND
COALspot.com: API 8 CFR South China Coal swaps for average Q3 14 deliveries lost 6.91 percent month on month and closed at US$ 69.00 per mt a ...
Sunday, 22 June 14
THE PANAMAX COAL FREIGHT FROM INDONESIA TO INDIA SLIPPED THIS WEEK
COALspot.com: The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, fell slightly on Friday ...
Friday, 20 June 14
DRY BULK MARKET LOOKING FOR UPSIDE ON ROBUST SEABORNE IRON ORE TRADE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market hasn’t been able to justify the heightened expectations this year. Yesterday, the Baltic Dry Index managed to inch forwar ...
Friday, 20 June 14
US WEEKLY COAL PRODUCTION DROPS 1.8% WEEK ON WEEK
COALspot.com – United States the world's second largest coal producer, produced approximately 18.3 million short tons (mmst) of coal in a ...
Thursday, 19 June 14
PANAMAX: VERY CLOSE TO BREAKING THE ALL TIME LOW RECORD - FEARNLEYS AS
Handy
The Supra-Handy market is experiencing the same market slow down as its bigger sister markets however not to the same extent. We see TA rat ...
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- GAC Shipping (India) Pvt Ltd
- Sinarmas Energy and Mining - Indonesia
- Planning Commission, India
- Miang Besar Coal Terminal - Indonesia
- Mjunction Services Limited - India
- Malabar Cements Ltd - India
- Thiess Contractors Indonesia
- Ceylon Electricity Board - Sri Lanka
- PowerSource Philippines DevCo
- London Commodity Brokers - England
- Mercator Lines Limited - India
- Gujarat Sidhee Cement - India
- Cement Manufacturers Association - India
- Carbofer General Trading SA - India
- Electricity Generating Authority of Thailand
- SN Aboitiz Power Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Essar Steel Hazira Ltd - India
- Videocon Industries ltd - India
- IHS Mccloskey Coal Group - USA
- Bhushan Steel Limited - India
- ASAPP Information Group - India
- Romanian Commodities Exchange
- OPG Power Generation Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Australian Coal Association
- McConnell Dowell - Australia
- Wilmar Investment Holdings
- Kepco SPC Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Directorate General of MIneral and Coal - Indonesia
- Indian Oil Corporation Limited
- Posco Energy - South Korea
- Formosa Plastics Group - Taiwan
- Kalimantan Lumbung Energi - Indonesia
- Independent Power Producers Association of India
- Marubeni Corporation - India
- Samtan Co., Ltd - South Korea
- Wood Mackenzie - Singapore
- Lanco Infratech Ltd - India
- Petron Corporation, Philippines
- Chamber of Mines of South Africa
- Energy Development Corp, Philippines
- Australian Commodity Traders Exchange
- Parliament of New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Borneo Indobara - Indonesia
- Global Business Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- India Bulls Power Limited - India
- Attock Cement Pakistan Limited
- New Zealand Coal & Carbon
- Vedanta Resources Plc - India
- Alfred C Toepfer International GmbH - Germany
- Sree Jayajothi Cements Limited - India
- Eastern Energy - Thailand
- Bharathi Cement Corporation - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Rio Tinto Coal - Australia
- Karaikal Port Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Sindya Power Generating Company Private Ltd
- Kartika Selabumi Mining - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Iligan Light & Power Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Indian Energy Exchange, India
- Trasteel International SA, Italy
- Port Waratah Coal Services - Australia
- Tata Chemicals Ltd - India
- Kideco Jaya Agung - Indonesia
- Bangladesh Power Developement Board
- The University of Queensland
- Parry Sugars Refinery, India
- Thai Mozambique Logistica
- Latin American Coal - Colombia
- Leighton Contractors Pty Ltd - Australia
- Dalmia Cement Bharat India
- Bukit Baiduri Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Siam City Cement PLC, Thailand
- Coastal Gujarat Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Uttam Galva Steels Limited - India
- Aboitiz Power Corporation - Philippines
- Aditya Birla Group - India
- Intertek Mineral Services - Indonesia
- Semirara Mining Corp, Philippines
- CIMB Investment Bank - Malaysia
- Bulk Trading Sa - Switzerland
- Jindal Steel & Power Ltd - India
- Power Finance Corporation Ltd., India
- GN Power Mariveles Coal Plant, Philippines
- Toyota Tsusho Corporation, Japan
- MS Steel International - UAE
- Holcim Trading Pte Ltd - Singapore
- South Luzon Thermal Energy Corporation
- Renaissance Capital - South Africa
- CNBM International Corporation - China
- Makarim & Taira - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- International Coal Ventures Pvt Ltd - India
- Sakthi Sugars Limited - India
- Singapore Mercantile Exchange
- Star Paper Mills Limited - India
- Global Green Power PLC Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Medco Energi Mining Internasional
- TNB Fuel Sdn Bhd - Malaysia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Chettinad Cement Corporation Ltd - India
- Central Electricity Authority - India
- ICICI Bank Limited - India
- Semirara Mining and Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Kumho Petrochemical, South Korea
- Economic Council, Georgia
- Central Java Power - Indonesia
- Meralco Power Generation, Philippines
- Coal and Oil Company - UAE
- Kaltim Prima Coal - Indonesia
- SMC Global Power, Philippines
- Sojitz Corporation - Japan
- Jorong Barutama Greston.PT - Indonesia
- European Bulk Services B.V. - Netherlands
- Grasim Industreis Ltd - India
- LBH Netherlands Bv - Netherlands
- Antam Resourcindo - Indonesia
- Indogreen Group - Indonesia
- Barasentosa Lestari - Indonesia
- Oldendorff Carriers - Singapore
- Salva Resources Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Ministry of Transport, Egypt
- Interocean Group of Companies - India
- Electricity Authority, New Zealand
- Coalindo Energy - Indonesia
- Merrill Lynch Commodities Europe
- Simpson Spence & Young - Indonesia
- Minerals Council of Australia
- Edison Trading Spa - Italy
- Bhatia International Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Therma Luzon, Inc, Philippines
- San Jose City I Power Corp, Philippines
- Goldman Sachs - Singapore
- Heidelberg Cement - Germany
- Krishnapatnam Port Company Ltd. - India
- Madhucon Powers Ltd - India
- Energy Link Ltd, New Zealand
- Billiton Holdings Pty Ltd - Australia
- VISA Power Limited - India
- Ind-Barath Power Infra Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- SMG Consultants - Indonesia
- Commonwealth Bank - Australia
- Baramulti Group, Indonesia
- Jaiprakash Power Ventures ltd
- Maharashtra Electricity Regulatory Commission - India
- Riau Bara Harum - Indonesia
- Orica Mining Services - Indonesia
- Orica Australia Pty. Ltd.
- The State Trading Corporation of India Ltd
- Xindia Steels Limited - India
- Bayan Resources Tbk. - Indonesia
- Savvy Resources Ltd - HongKong
- Mercuria Energy - Indonesia
- PTC India Limited - India
- Price Waterhouse Coopers - Russia
- IEA Clean Coal Centre - UK
- Ministry of Mines - Canada
- Tamil Nadu electricity Board
- Altura Mining Limited, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Meenaskhi Energy Private Limited - India
- Gujarat Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
- White Energy Company Limited
- Pendopo Energi Batubara - Indonesia
- Africa Commodities Group - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- GMR Energy Limited - India
- Kobexindo Tractors - Indoneisa
- Deloitte Consulting - India
- Rashtriya Ispat Nigam Limited - India
- Standard Chartered Bank - UAE
- Globalindo Alam Lestari - Indonesia
- Ambuja Cements Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Agrawal Coal Company - India
- Anglo American - United Kingdom
- Indo Tambangraya Megah - Indonesia
- Ministry of Finance - Indonesia
- The Treasury - Australian Government
- Sical Logistics Limited - India
- Bukit Makmur.PT - Indonesia
- Indonesian Coal Mining Association
- Eastern Coal Council - USA
- TeaM Sual Corporation - Philippines
- Georgia Ports Authority, United States
- PetroVietnam Power Coal Import and Supply Company
- Timah Investasi Mineral - Indoneisa
- Siam City Cement - Thailand
- AsiaOL BioFuels Corp., Philippines
- Straits Asia Resources Limited - Singapore
- GVK Power & Infra Limited - India
- Indika Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Global Coal Blending Company Limited - Australia
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