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Friday, 18 September 15
SHIPPING AND THE FED RATE DECISION: FINANCING COSTS COULD RISE EVEN HIGHER - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
 Regardless of the FED’s decision to raise rates, shipping stands to be influenced by the decision. Shipbroker Allied Shipbroking noted this week, that “the real direct impact which shipping might have to face from the FED’s decision to increase interest rates would be in terms of financing”.
According to Allied’s George Lazaridis, Head of Market Research and Asset Valuations, “with most loans being dollar denominated and the spreads on offer by banks already on the high end compared to what the industry has been offered over the past decade, it would likely make ship financing an even harder task for many to undertake. The lack in availability of finance has been a key characteristic of the market for well over 2-3 years now, and this would likely deteriorate things further. Nevertheless, such difficulties may prove to help in the long run, allowing for a tightening of new investments and especially in terms of further ordering. At the same time the higher financing cost will eventually be absorbed by freight rates as it will be a cost shared by the majority in the industry, while once the freight market finds its footing once more and starts to improve, this cost will start to play a more minor role once more. For the time being what one hopes for more is for a possible escape from the pessimism that has plagued the global markets over the past months, the possible negative side effects seem like small hurdles in comparison”, said Lazaridis.
Analyzing the current macroeconomic climate, Allied’s analyst said that “with the U.S. economy still managing to show fairly promising figures with regards to its trajectory, the Federal Reserve is inching closer to the decision to make its pivotal decision regarding an interest rate hike (something that could materialise as early as this week). Although, the fundamentals are a positive overall sign for shipping there are things to feed worries below the surface and on an indirect basis. The main focus and what helps support an optimistic view towards the current decision revolves around the fact that with the global economy lacking a strong source of economic growth, a positive outcome for the world’s largest economy can be taken as a very favourable move and one that could help drive the rest of the global growth engine as it once did in the past. With such a high consumer base and a strong source of indirect investment, its economy is highly placed to support growth elsewhere around the world”.
Lazaridis added that “yet as things are showing, neither is its current strong growth a given (with some shaky signs having been noted during end of spring early summer) nor is a decision to increase interest rates sure to spring further growth down the line. In regards to the latter, it will likely spur extra lending by banks which is going to drive both investment within the economy and allow for improved earnings from banks themselves. Yet it will also drive for an increase in the default rate of bad loans, as those who are already struggling to meet their debt obligations are likely going to find themselves sooner rather than later in default. This is the least of what this latest development could bring about, as the emerging economies will struggle to maintain the same amount of interest in attracting further investment, while their previous dollar denominated debt will become more expensive to pay off as the dollar strengthens against the borrowers’ local currencies”.
He went to say that “further to this end, corporate profits previously retained in many of these emerging economies by big multinationals will likely be repatriated back to the U.S. as local investment starts to become more favourable. Yet all this might end up as a more favourable outcome for shipping as an economy the size of the U.S. could allow once more for the export-led growth models than many of the emerging economies still focus on. As an example a fast pace increase in consumer spending in the U.S. could allow for increased exports out of both China and India which would in turn drive their economies into further production growth”, Lazaridis concluded.
Source: Nikos Roussanoglou, Hellenic Shipping News
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Monday, 26 October 15
CFR SOUTH CHINA COAL SWAPS CLOSE DOWN 4.3% AS DEMAND CONCERNS WEIGH
COALspot.com: API 8 CFR South China Coal swap for 4Q’ 2015 delivery down just US$ 1.48 (3.02 %) per ton month over month.
A commodity sw ...
Sunday, 25 October 15
ANOTHER DISAPPOINTING WEEK FOR PANAMAX; INDEX FELL 5.4 PERCENT W-W
COALspot.com: The BDI was slightly up by 2.65 pct closing at 774 points mainly because of Cape index which was up by 10.85 pct closing at 1461 poin ...
Sunday, 25 October 15
DRY BULK SHIP OWNERS ARE LOOKING TO CHINA'S POLICIES FOR CUES ON FUTURE MARKET DEMAND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
China’s hard or softer landing is a thing which has troubled dry bulk shipping for a couple of years now, as owners have been hit by the coun ...
Friday, 23 October 15
WILL INDIAN DOMESTIC COAL PRICES BE ABLE TO COMPETE IMPORTED COAL PRICES IF THE CURRENT TREND CONTINUES?
COALspot.com: The Most of the Indian end-users are waiting for last minute purchase to enjoy every drop in price. Coal procurement managers are als ...
Friday, 23 October 15
COAL PRODUCTION IN THE U.S. FOR THE WEEK ENDING OCTOBER 17 DECLINED FOR THE SECOND STRAIGHT WEEK
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 16.6 million shor ...
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- Energy Development Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Commonwealth Bank - Australia
- Global Coal Blending Company Limited - Australia
- Leighton Contractors Pty Ltd - Australia
- Georgia Ports Authority, United States
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jorong Barutama Greston.PT - Indonesia
- Edison Trading Spa - Italy
- Meenaskhi Energy Private Limited - India
- Chettinad Cement Corporation Ltd - India
- The Treasury - Australian Government
- GVK Power & Infra Limited - India
- Barasentosa Lestari - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Kepco SPC Power Corporation, Philippines
- Malabar Cements Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kaltim Prima Coal - Indonesia
- Savvy Resources Ltd - HongKong
- AsiaOL BioFuels Corp., Philippines
- Maheswari Brothers Coal Limited - India
- Sical Logistics Limited - India
- Altura Mining Limited, Indonesia
- Globalindo Alam Lestari - Indonesia
- Gujarat Sidhee Cement - India
- South Luzon Thermal Energy Corporation
- Sarangani Energy Corporation, Philippines
- Mercator Lines Limited - India
- White Energy Company Limited
- Kumho Petrochemical, South Korea
- Pendopo Energi Batubara - Indonesia
- The University of Queensland
- Attock Cement Pakistan Limited
- Aboitiz Power Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Madhucon Powers Ltd - India
- Mercuria Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Parry Sugars Refinery, India
- TNB Fuel Sdn Bhd - Malaysia
- SMC Global Power, Philippines
- Sindya Power Generating Company Private Ltd
- Kalimantan Lumbung Energi - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- McConnell Dowell - Australia
- Tata Chemicals Ltd - India
- Indogreen Group - Indonesia
- SN Aboitiz Power Inc, Philippines
- Sakthi Sugars Limited - India
- Eastern Energy - Thailand
- PNOC Exploration Corporation - Philippines
- Formosa Plastics Group - Taiwan
- Central Java Power - Indonesia
- Metalloyd Limited - United Kingdom
- Banpu Public Company Limited - Thailand
- Planning Commission, India
- Ministry of Transport, Egypt
- Chamber of Mines of South Africa
- Bharathi Cement Corporation - India
- PetroVietnam Power Coal Import and Supply Company
- Bhatia International Limited - India
- Sree Jayajothi Cements Limited - India
- Essar Steel Hazira Ltd - India
- PowerSource Philippines DevCo
- Petrochimia International Co. Ltd.- Taiwan
- Latin American Coal - Colombia
- TeaM Sual Corporation - Philippines
- ICICI Bank Limited - India
- Aditya Birla Group - India
- Dalmia Cement Bharat India
- Indonesian Coal Mining Association
- IEA Clean Coal Centre - UK
- Singapore Mercantile Exchange
- Orica Australia Pty. Ltd.
- Asmin Koalindo Tuhup - Indonesia
- Coastal Gujarat Power Limited - India
- Xindia Steels Limited - India
- Antam Resourcindo - Indonesia
- Independent Power Producers Association of India
- Kobexindo Tractors - Indoneisa
- Bangladesh Power Developement Board
- Global Green Power PLC Corporation, Philippines
- Vizag Seaport Private Limited - India
- Rashtriya Ispat Nigam Limited - India
- Borneo Indobara - Indonesia
- Australian Coal Association
- Uttam Galva Steels Limited - India
- Indika Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Vedanta Resources Plc - India
- Kideco Jaya Agung - Indonesia
- Thai Mozambique Logistica
- ASAPP Information Group - India
- Merrill Lynch Commodities Europe
- Thiess Contractors Indonesia
- Anglo American - United Kingdom
- MS Steel International - UAE
- GMR Energy Limited - India
- Therma Luzon, Inc, Philippines
- Grasim Industreis Ltd - India
- Riau Bara Harum - Indonesia
- Standard Chartered Bank - UAE
- Global Business Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- The State Trading Corporation of India Ltd
- Manunggal Multi Energi - Indonesia
- Bukit Makmur.PT - Indonesia
- Medco Energi Mining Internasional
- Indian Oil Corporation Limited
- Makarim & Taira - Indonesia
- Cement Manufacturers Association - India
- Semirara Mining and Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Oldendorff Carriers - Singapore
- Power Finance Corporation Ltd., India
- Sojitz Corporation - Japan
- Mjunction Services Limited - India
- San Jose City I Power Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Trasteel International SA, Italy
- Bayan Resources Tbk. - Indonesia
- Price Waterhouse Coopers - Russia
- Meralco Power Generation, Philippines
- Rio Tinto Coal - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jaiprakash Power Ventures ltd
- Orica Mining Services - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Siam City Cement PLC, Thailand
- Tamil Nadu electricity Board
- Pipit Mutiara Jaya. PT, Indonesia
- CNBM International Corporation - China
- Bhoruka Overseas - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Renaissance Capital - South Africa
- CIMB Investment Bank - Malaysia
- Coalindo Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Miang Besar Coal Terminal - Indonesia
- Simpson Spence & Young - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Petron Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- PTC India Limited - India
- International Coal Ventures Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Siam City Cement - Thailand
- Coal and Oil Company - UAE
- New Zealand Coal & Carbon
- Port Waratah Coal Services - Australia
- SMG Consultants - Indonesia
- GAC Shipping (India) Pvt Ltd
- Timah Investasi Mineral - Indoneisa
- Heidelberg Cement - Germany
- Straits Asia Resources Limited - Singapore
- Posco Energy - South Korea
- Australian Commodity Traders Exchange
- Electricity Authority, New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Eastern Coal Council - USA
- Carbofer General Trading SA - India
- Intertek Mineral Services - Indonesia
- Deloitte Consulting - India
- Economic Council, Georgia
- Ministry of Finance - Indonesia
- Romanian Commodities Exchange
- IHS Mccloskey Coal Group - USA
- GN Power Mariveles Coal Plant, Philippines
- VISA Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Wilmar Investment Holdings
- Parliament of New Zealand
- Salva Resources Pvt Ltd - India
- London Commodity Brokers - England
- Larsen & Toubro Limited - India
- Energy Link Ltd, New Zealand
- Videocon Industries ltd - India
- Goldman Sachs - Singapore
- Lanco Infratech Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Mines - Canada
- Ambuja Cements Ltd - India
- Minerals Council of Australia
- Sinarmas Energy and Mining - Indonesia
- Star Paper Mills Limited - India
- Toyota Tsusho Corporation, Japan
- Mintek Dendrill Indonesia
- Wood Mackenzie - Singapore
- Semirara Mining Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Binh Thuan Hamico - Vietnam
- Kapuas Tunggal Persada - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Central Electricity Authority - India
- Kartika Selabumi Mining - Indonesia
- Interocean Group of Companies - India
- Indian Energy Exchange, India
- Cigading International Bulk Terminal - Indonesia
- Bulk Trading Sa - Switzerland
- Agrawal Coal Company - India
- Jindal Steel & Power Ltd - India
- Marubeni Corporation - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Samtan Co., Ltd - South Korea
- India Bulls Power Limited - India
- Africa Commodities Group - South Africa
- European Bulk Services B.V. - Netherlands
- Baramulti Group, Indonesia
- Directorate Of Revenue Intelligence - India
- Bhushan Steel Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Bukit Baiduri Energy - Indonesia
- Electricity Generating Authority of Thailand
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