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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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Sunday, 15 June 14
COAL FREIGHT RATES FALL FURTHER ON LACK OF DEMANDS - CAPT. REDDY
COALspot.com: The BDI softened this week as all segments fell this week. The Panamax sector being most affected. The Cape index was down 3.51 pct w ...
Friday, 13 June 14
US COAL PRODUCTION FELL 3% IN WEEK THAT ENDED JUNE 7, SAYS EIA
COALspot.com – United States the world's second largest coal producer, produced approximately 18.6 million short tons (mmst) of coal in a ...
Friday, 13 June 14
DRY BULK MARKET KEEPS ON FALLING, DESPITE RESPITE OF THE CAPESIZE SECTOR - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has kept on its lacklustre performance overall, with the Baltic Dry Index (BDI) still hovering below the 1,000 point mark. Yest ...
Thursday, 12 June 14
INDONESIA SETS HBA FOR MONTH OF JUNE AT US$ 73.64
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia has revised up first time in last four months the coal bench mark price. ...
Thursday, 12 June 14
HANDY : TA MARKET IS CONTINUING SOUTH WITH A DECREASE OF 26% W-O-W
Handy
The week started off with holidays in most European countries and the TA market is continuing south with a decrease of 26% w-o-w. We do see ...
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- SMC Global Power, Philippines
- Energy Link Ltd, New Zealand
- Coastal Gujarat Power Limited - India
- Wood Mackenzie - Singapore
- Heidelberg Cement - Germany
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Samtan Co., Ltd - South Korea
- San Jose City I Power Corp, Philippines
- India Bulls Power Limited - India
- New Zealand Coal & Carbon
- SMG Consultants - Indonesia
- Thai Mozambique Logistica
- ICICI Bank Limited - India
- Independent Power Producers Association of India
- Antam Resourcindo - Indonesia
- Thiess Contractors Indonesia
- Star Paper Mills Limited - India
- AsiaOL BioFuels Corp., Philippines
- Vedanta Resources Plc - India
- Anglo American - United Kingdom
- Minerals Council of Australia
- Bulk Trading Sa - Switzerland
- Therma Luzon, Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Miang Besar Coal Terminal - Indonesia
- Madhucon Powers Ltd - India
- Tata Chemicals Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Chettinad Cement Corporation Ltd - India
- Central Electricity Authority - India
- The State Trading Corporation of India Ltd
- Kapuas Tunggal Persada - Indonesia
- Uttam Galva Steels Limited - India
- Mjunction Services Limited - India
- Australian Commodity Traders Exchange
- Tamil Nadu electricity Board
- Interocean Group of Companies - India
- Petrochimia International Co. Ltd.- Taiwan
- Standard Chartered Bank - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Global Green Power PLC Corporation, Philippines
- Renaissance Capital - South Africa
- Maharashtra Electricity Regulatory Commission - India
- London Commodity Brokers - England
- Ministry of Finance - Indonesia
- Globalindo Alam Lestari - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bukit Baiduri Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- GMR Energy Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Parliament of New Zealand
- South Luzon Thermal Energy Corporation
- Meenaskhi Energy Private Limited - India
- Sojitz Corporation - Japan
- Electricity Authority, New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Bayan Resources Tbk. - Indonesia
- Cigading International Bulk Terminal - Indonesia
- The University of Queensland
- Leighton Contractors Pty Ltd - Australia
- Bharathi Cement Corporation - India
- White Energy Company Limited
- Indian Energy Exchange, India
- Sakthi Sugars Limited - India
- Kaltim Prima Coal - Indonesia
- McConnell Dowell - Australia
- Australian Coal Association
- Mintek Dendrill Indonesia
- SN Aboitiz Power Inc, Philippines
- Coal and Oil Company - UAE
- Romanian Commodities Exchange
- IHS Mccloskey Coal Group - USA
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhatia International Limited - India
- Bhushan Steel Limited - India
- Krishnapatnam Port Company Ltd. - India
- Trasteel International SA, Italy
- IEA Clean Coal Centre - UK
- European Bulk Services B.V. - Netherlands
- Indogreen Group - Indonesia
- Global Coal Blending Company Limited - Australia
- Bukit Makmur.PT - Indonesia
- Medco Energi Mining Internasional
- Indika Energy - Indonesia
- Lanco Infratech Ltd - India
- Metalloyd Limited - United Kingdom
- Sical Logistics Limited - India
- Ind-Barath Power Infra Limited - India
- LBH Netherlands Bv - Netherlands
- Merrill Lynch Commodities Europe
- Georgia Ports Authority, United States
- Eastern Energy - Thailand
- Posco Energy - South Korea
- Latin American Coal - Colombia
- Sinarmas Energy and Mining - Indonesia
- Riau Bara Harum - Indonesia
- PNOC Exploration Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Barasentosa Lestari - Indonesia
- Singapore Mercantile Exchange
- Aboitiz Power Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coalindo Energy - Indonesia
- Indonesian Coal Mining Association
- Meralco Power Generation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Indo Tambangraya Megah - Indonesia
- GVK Power & Infra Limited - India
- PTC India Limited - India
- Edison Trading Spa - Italy
- Jindal Steel & Power Ltd - India
- CNBM International Corporation - China
- Xindia Steels Limited - India
- Bangladesh Power Developement Board
- Eastern Coal Council - USA
- Vijayanagar Sugar Pvt Ltd - India
- VISA Power Limited - India
- TeaM Sual Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Cement Manufacturers Association - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Borneo Indobara - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Central Java Power - Indonesia
- Orica Australia Pty. Ltd.
- Bahari Cakrawala Sebuku - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Iligan Light & Power Inc, Philippines
- Deloitte Consulting - India
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Transport, Egypt
- Simpson Spence & Young - Indonesia
- Mercuria Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Jaiprakash Power Ventures ltd
- Aditya Birla Group - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Malabar Cements Ltd - India
- Altura Mining Limited, Indonesia
- Rio Tinto Coal - Australia
- Ambuja Cements Ltd - India
- Attock Cement Pakistan Limited
- Ministry of Mines - Canada
- Siam City Cement PLC, Thailand
- Oldendorff Carriers - Singapore
- Toyota Tsusho Corporation, Japan
- Wilmar Investment Holdings
- Sree Jayajothi Cements Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Kideco Jaya Agung - Indonesia
- Alfred C Toepfer International GmbH - Germany
- ASAPP Information Group - India
- Siam City Cement - Thailand
- Directorate Of Revenue Intelligence - India
- Kohat Cement Company Ltd. - Pakistan
- Price Waterhouse Coopers - Russia
- Petron Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Planning Commission, India
- Maheswari Brothers Coal Limited - India
- Grasim Industreis Ltd - India
- Makarim & Taira - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Marubeni Corporation - India
- Port Waratah Coal Services - Australia
- Gujarat Sidhee Cement - India
- Essar Steel Hazira Ltd - India
- Straits Asia Resources Limited - Singapore
- PowerSource Philippines DevCo
- Binh Thuan Hamico - Vietnam
- PetroVietnam Power Coal Import and Supply Company
- Vizag Seaport Private Limited - India
- Parry Sugars Refinery, India
- Goldman Sachs - Singapore
- Power Finance Corporation Ltd., India
- Energy Development Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Carbofer General Trading SA - India
- Intertek Mineral Services - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Timah Investasi Mineral - Indoneisa
- MS Steel International - UAE
- Economic Council, Georgia
- Karbindo Abesyapradhi - Indoneisa
- The Treasury - Australian Government
- Rashtriya Ispat Nigam Limited - India
- Sarangani Energy Corporation, Philippines
- Indian Oil Corporation Limited
- Kobexindo Tractors - Indoneisa
- Semirara Mining Corp, Philippines
- Larsen & Toubro Limited - India
- Manunggal Multi Energi - Indonesia
- Kumho Petrochemical, South Korea
- Baramulti Group, Indonesia
- Kartika Selabumi Mining - Indonesia
- Savvy Resources Ltd - HongKong
- Agrawal Coal Company - India
- Pendopo Energi Batubara - Indonesia
- Commonwealth Bank - Australia
- Dalmia Cement Bharat India
- Videocon Industries ltd - India
- Chamber of Mines of South Africa
- Mercator Lines Limited - India
- Ceylon Electricity Board - Sri Lanka
- Orica Mining Services - Indonesia
- Electricity Generating Authority of Thailand
- CIMB Investment Bank - Malaysia
- Sindya Power Generating Company Private Ltd
- Global Business Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Africa Commodities Group - South Africa
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