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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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Tuesday, 20 October 15
FOB RICHARDS BAY COAL SWAPS SINK INTO RED THIS PAST WEEK
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q4' 2015 declined week over week and month over month.
The Q4 swap was down US$ ...
Tuesday, 20 October 15
API 5 FOB NEWCASTLE COAL SWAP CLOSED NEGATIVE
COALspot.com: API 5 FOB Newcastle Coal swap for Q4’ 2015 delivery decreased $1.23 per ton (2.86%) month over month to US$ 41.80 per ton. The ...
Monday, 19 October 15
RUSSIA MAJOR COAL MINER KRU CUTS 4.5 MLN T/YR "UNPROFITABLE" EURO SALES - JACQUELINE HOLMES
COALspot.com: Kuzbassrazrezugol (KRU), one of Russia's largest producers of high-quality coal, plans to cut its coal exports in 2016 by about 4 ...
Monday, 19 October 15
CFR SOUTH CHINA COAL SWAP CLOSED AT $48.68 PER TON
COALspot.com: API 8 CFR South China Coal swap for 4Q’ 2015 delivery down just US cents 55 (1.12 %) per ton month over month.
A commodity ...
Monday, 19 October 15
KOMIPO SEEKS 1.28 MILLION T/Y COAL FOR DEC 2015 - Q2 2016
COALspot.com: South Korean state-owned utility Korea Midland Power (KOMIPO) issued an new tender for 1,280,000 Metric Tons (MT) of minimum 4,600 kc ...
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- Wilmar Investment Holdings
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sree Jayajothi Cements Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Commonwealth Bank - Australia
- Cigading International Bulk Terminal - Indonesia
- Vedanta Resources Plc - India
- Kepco SPC Power Corporation, Philippines
- Indian Oil Corporation Limited
- Deloitte Consulting - India
- Straits Asia Resources Limited - Singapore
- Vizag Seaport Private Limited - India
- Coastal Gujarat Power Limited - India
- Mercuria Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Georgia Ports Authority, United States
- Rio Tinto Coal - Australia
- Kalimantan Lumbung Energi - Indonesia
- Indian Energy Exchange, India
- New Zealand Coal & Carbon
- Australian Coal Association
- Renaissance Capital - South Africa
- Maheswari Brothers Coal Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Sical Logistics Limited - India
- Electricity Generating Authority of Thailand
- The State Trading Corporation of India Ltd
- Gujarat Sidhee Cement - India
- Aditya Birla Group - India
- Orica Mining Services - Indonesia
- Antam Resourcindo - Indonesia
- Coalindo Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Tata Chemicals Ltd - India
- Malabar Cements Ltd - India
- Bharathi Cement Corporation - India
- GMR Energy Limited - India
- Chettinad Cement Corporation Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Gujarat Mineral Development Corp Ltd - India
- Salva Resources Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Samtan Co., Ltd - South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Electricity Authority, New Zealand
- Star Paper Mills Limited - India
- Ind-Barath Power Infra Limited - India
- Simpson Spence & Young - Indonesia
- IHS Mccloskey Coal Group - USA
- Leighton Contractors Pty Ltd - Australia
- Bahari Cakrawala Sebuku - Indonesia
- ASAPP Information Group - India
- McConnell Dowell - Australia
- Intertek Mineral Services - Indonesia
- MS Steel International - UAE
- Riau Bara Harum - Indonesia
- Borneo Indobara - Indonesia
- Aboitiz Power Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Holcim Trading Pte Ltd - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Cement Manufacturers Association - India
- Merrill Lynch Commodities Europe
- Anglo American - United Kingdom
- PetroVietnam Power Coal Import and Supply Company
- Price Waterhouse Coopers - Russia
- Latin American Coal - Colombia
- San Jose City I Power Corp, Philippines
- Jindal Steel & Power Ltd - India
- White Energy Company Limited
- Miang Besar Coal Terminal - Indonesia
- Indogreen Group - Indonesia
- Bayan Resources Tbk. - Indonesia
- Kobexindo Tractors - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Bulk Trading Sa - Switzerland
- Sarangani Energy Corporation, Philippines
- Interocean Group of Companies - India
- Sindya Power Generating Company Private Ltd
- Mercator Lines Limited - India
- Jorong Barutama Greston.PT - Indonesia
- South Luzon Thermal Energy Corporation
- GN Power Mariveles Coal Plant, Philippines
- Savvy Resources Ltd - HongKong
- Singapore Mercantile Exchange
- Uttam Galva Steels Limited - India
- Eastern Energy - Thailand
- IEA Clean Coal Centre - UK
- Central Java Power - Indonesia
- Metalloyd Limited - United Kingdom
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Siam City Cement PLC, Thailand
- Timah Investasi Mineral - Indoneisa
- Meralco Power Generation, Philippines
- Sakthi Sugars Limited - India
- Carbofer General Trading SA - India
- Sojitz Corporation - Japan
- Ministry of Mines - Canada
- Global Coal Blending Company Limited - Australia
- Mjunction Services Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Posco Energy - South Korea
- Therma Luzon, Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- India Bulls Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Heidelberg Cement - Germany
- Bukit Baiduri Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Siam City Cement - Thailand
- ICICI Bank Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Neyveli Lignite Corporation Ltd, - India
- PNOC Exploration Corporation - Philippines
- Indika Energy - Indonesia
- Independent Power Producers Association of India
- Semirara Mining Corp, Philippines
- Oldendorff Carriers - Singapore
- Directorate Of Revenue Intelligence - India
- Kohat Cement Company Ltd. - Pakistan
- Pipit Mutiara Jaya. PT, Indonesia
- Kumho Petrochemical, South Korea
- Kapuas Tunggal Persada - Indonesia
- PowerSource Philippines DevCo
- The University of Queensland
- Port Waratah Coal Services - Australia
- Kaltim Prima Coal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Energy Link Ltd, New Zealand
- CNBM International Corporation - China
- Bhushan Steel Limited - India
- GVK Power & Infra Limited - India
- SN Aboitiz Power Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- The Treasury - Australian Government
- Medco Energi Mining Internasional
- TeaM Sual Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Ministry of Transport, Egypt
- Toyota Tsusho Corporation, Japan
- Africa Commodities Group - South Africa
- Kideco Jaya Agung - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Baramulti Group, Indonesia
- SMC Global Power, Philippines
- Manunggal Multi Energi - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Edison Trading Spa - Italy
- Power Finance Corporation Ltd., India
- Minerals Council of Australia
- Attock Cement Pakistan Limited
- Standard Chartered Bank - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Green Power PLC Corporation, Philippines
- Wood Mackenzie - Singapore
- Makarim & Taira - Indonesia
- Coal and Oil Company - UAE
- Formosa Plastics Group - Taiwan
- Banpu Public Company Limited - Thailand
- Xindia Steels Limited - India
- Kartika Selabumi Mining - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Agrawal Coal Company - India
- Binh Thuan Hamico - Vietnam
- Petron Corporation, Philippines
- Romanian Commodities Exchange
- Thai Mozambique Logistica
- Billiton Holdings Pty Ltd - Australia
- Eastern Coal Council - USA
- Orica Australia Pty. Ltd.
- VISA Power Limited - India
- Dalmia Cement Bharat India
- LBH Netherlands Bv - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Tamil Nadu electricity Board
- European Bulk Services B.V. - Netherlands
- Parry Sugars Refinery, India
- Indo Tambangraya Megah - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Business Power Corporation, Philippines
- SMG Consultants - Indonesia
- Central Electricity Authority - India
- Bhoruka Overseas - Indonesia
- Trasteel International SA, Italy
- Mintek Dendrill Indonesia
- Bangladesh Power Developement Board
- Chamber of Mines of South Africa
- Australian Commodity Traders Exchange
- Krishnapatnam Port Company Ltd. - India
- Semirara Mining and Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Bhatia International Limited - India
- Goldman Sachs - Singapore
- Parliament of New Zealand
- Meenaskhi Energy Private Limited - India
- Ambuja Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Larsen & Toubro Limited - India
- Barasentosa Lestari - Indonesia
- Energy Development Corp, Philippines
- Economic Council, Georgia
- Lanco Infratech Ltd - India
- Jaiprakash Power Ventures ltd
- Altura Mining Limited, Indonesia
- Marubeni Corporation - India
- Indonesian Coal Mining Association
- Iligan Light & Power Inc, Philippines
- London Commodity Brokers - England
- PTC India Limited - India
- Madhucon Powers Ltd - India
- Pendopo Energi Batubara - Indonesia
- Grasim Industreis Ltd - India
- Videocon Industries ltd - India
- Thiess Contractors Indonesia
- Planning Commission, India
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