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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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Thursday, 15 October 15
INDONESIA COAL PRICE REFERENCE FALLS FOR SEVEN STRAIGHT MONTH IN OCTOBER
COALspot.com - The Director General of Mineral and Coal of Indonesia once a again revised down Indonesian coal benchmark price this month.
The ...
Thursday, 15 October 15
Q1' 16 FOB RICHARDS BAY COAL SWAP ADVANCED 2 PER CENT WEEK OVER WEEK
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q4' 2015 gain week over week and declined month over month.
The Q4 swap was dow ...
Tuesday, 13 October 15
DRY BULK SHIPPING FLEET NET EXPANSION WAS 1.3% DURING THIRD QUARTER, BUT ORDERBOOK REDUCED TO 17% OF THE TRADING FLEET
If the dry bulk market is to rebound on a sustainable level, it needs to limit the tonnage expansion, at least until demand picks up again, as Chin ...
Tuesday, 13 October 15
FOB NEWCASTLE COAL SWAP DECLINED 2 PER CENT MONTH OVER MONTH
COALspot.com: API 5 FOB Newcastle Coal swap for Q4’ 2015 delivery decreased $0.46 per ton (1.08%) month over month to US$ 42.17 per ton. The ...
Monday, 12 October 15
CFR SOUTH CHINA COAL SWAPS GAIN W-W; SLIGHTLY DOWN M-M
COALspot.com: API 8 CFR South China Coal swap for 4Q’ 2015 delivery down just US cents 3 (0.06 %) per ton month over month.
A commodity ...
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- SMC Global Power, Philippines
- Bhatia International Limited - India
- Sical Logistics Limited - India
- Barasentosa Lestari - Indonesia
- Bukit Baiduri Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Kartika Selabumi Mining - Indonesia
- Therma Luzon, Inc, Philippines
- Attock Cement Pakistan Limited
- Semirara Mining Corp, Philippines
- Siam City Cement - Thailand
- Holcim Trading Pte Ltd - Singapore
- Tamil Nadu electricity Board
- The State Trading Corporation of India Ltd
- Indogreen Group - Indonesia
- Antam Resourcindo - Indonesia
- Jaiprakash Power Ventures ltd
- Renaissance Capital - South Africa
- Directorate General of MIneral and Coal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Bukit Makmur.PT - Indonesia
- London Commodity Brokers - England
- South Luzon Thermal Energy Corporation
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Coal Blending Company Limited - Australia
- Maharashtra Electricity Regulatory Commission - India
- Jorong Barutama Greston.PT - Indonesia
- IHS Mccloskey Coal Group - USA
- Bharathi Cement Corporation - India
- Australian Coal Association
- Energy Link Ltd, New Zealand
- CNBM International Corporation - China
- Petron Corporation, Philippines
- ICICI Bank Limited - India
- Thai Mozambique Logistica
- Orica Australia Pty. Ltd.
- MS Steel International - UAE
- GVK Power & Infra Limited - India
- Krishnapatnam Port Company Ltd. - India
- PowerSource Philippines DevCo
- Uttam Galva Steels Limited - India
- Cigading International Bulk Terminal - Indonesia
- The Treasury - Australian Government
- Ambuja Cements Ltd - India
- Kaltim Prima Coal - Indonesia
- ASAPP Information Group - India
- Standard Chartered Bank - UAE
- Chettinad Cement Corporation Ltd - India
- Riau Bara Harum - Indonesia
- Straits Asia Resources Limited - Singapore
- Aditya Birla Group - India
- Gujarat Electricity Regulatory Commission - India
- Deloitte Consulting - India
- The University of Queensland
- Lanco Infratech Ltd - India
- European Bulk Services B.V. - Netherlands
- CIMB Investment Bank - Malaysia
- Trasteel International SA, Italy
- Jindal Steel & Power Ltd - India
- Iligan Light & Power Inc, Philippines
- GMR Energy Limited - India
- Karaikal Port Pvt Ltd - India
- Parry Sugars Refinery, India
- Singapore Mercantile Exchange
- Aboitiz Power Corporation - Philippines
- Dalmia Cement Bharat India
- Commonwealth Bank - Australia
- Central Java Power - Indonesia
- Siam City Cement PLC, Thailand
- Coastal Gujarat Power Limited - India
- LBH Netherlands Bv - Netherlands
- Grasim Industreis Ltd - India
- Carbofer General Trading SA - India
- Indika Energy - Indonesia
- Bhushan Steel Limited - India
- Interocean Group of Companies - India
- Formosa Plastics Group - Taiwan
- Alfred C Toepfer International GmbH - Germany
- New Zealand Coal & Carbon
- Indonesian Coal Mining Association
- Neyveli Lignite Corporation Ltd, - India
- Billiton Holdings Pty Ltd - Australia
- Latin American Coal - Colombia
- Ministry of Finance - Indonesia
- Sindya Power Generating Company Private Ltd
- Gujarat Mineral Development Corp Ltd - India
- PTC India Limited - India
- Georgia Ports Authority, United States
- Asmin Koalindo Tuhup - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coal and Oil Company - UAE
- Ind-Barath Power Infra Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SMG Consultants - Indonesia
- Semirara Mining and Power Corporation, Philippines
- White Energy Company Limited
- Bulk Trading Sa - Switzerland
- Makarim & Taira - Indonesia
- Mjunction Services Limited - India
- Toyota Tsusho Corporation, Japan
- Independent Power Producers Association of India
- Petrochimia International Co. Ltd.- Taiwan
- Edison Trading Spa - Italy
- Kumho Petrochemical, South Korea
- Ceylon Electricity Board - Sri Lanka
- Sojitz Corporation - Japan
- Binh Thuan Hamico - Vietnam
- Bayan Resources Tbk. - Indonesia
- Medco Energi Mining Internasional
- TNB Fuel Sdn Bhd - Malaysia
- Wood Mackenzie - Singapore
- Global Green Power PLC Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Meralco Power Generation, Philippines
- Videocon Industries ltd - India
- Posco Energy - South Korea
- Marubeni Corporation - India
- International Coal Ventures Pvt Ltd - India
- Ministry of Transport, Egypt
- San Jose City I Power Corp, Philippines
- Mintek Dendrill Indonesia
- Sinarmas Energy and Mining - Indonesia
- Star Paper Mills Limited - India
- Kapuas Tunggal Persada - Indonesia
- Salva Resources Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Anglo American - United Kingdom
- Orica Mining Services - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vedanta Resources Plc - India
- Sakthi Sugars Limited - India
- Larsen & Toubro Limited - India
- AsiaOL BioFuels Corp., Philippines
- Essar Steel Hazira Ltd - India
- Parliament of New Zealand
- Eastern Energy - Thailand
- OPG Power Generation Pvt Ltd - India
- Ministry of Mines - Canada
- Baramulti Group, Indonesia
- Globalindo Alam Lestari - Indonesia
- Planning Commission, India
- Price Waterhouse Coopers - Russia
- Vijayanagar Sugar Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Metalloyd Limited - United Kingdom
- Malabar Cements Ltd - India
- Manunggal Multi Energi - Indonesia
- Kepco SPC Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Wilmar Investment Holdings
- Mercator Lines Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Kideco Jaya Agung - Indonesia
- Africa Commodities Group - South Africa
- PNOC Exploration Corporation - Philippines
- Merrill Lynch Commodities Europe
- SN Aboitiz Power Inc, Philippines
- Electricity Authority, New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Bangladesh Power Developement Board
- Timah Investasi Mineral - Indoneisa
- Global Business Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Karbindo Abesyapradhi - Indoneisa
- Romanian Commodities Exchange
- Thiess Contractors Indonesia
- Goldman Sachs - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- India Bulls Power Limited - India
- Kobexindo Tractors - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Xindia Steels Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Minerals Council of Australia
- TeaM Sual Corporation - Philippines
- Altura Mining Limited, Indonesia
- Indian Energy Exchange, India
- Banpu Public Company Limited - Thailand
- Electricity Generating Authority of Thailand
- Chamber of Mines of South Africa
- Sarangani Energy Corporation, Philippines
- Agrawal Coal Company - India
- Bukit Asam (Persero) Tbk - Indonesia
- Economic Council, Georgia
- McConnell Dowell - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Eastern Coal Council - USA
- Samtan Co., Ltd - South Korea
- Kohat Cement Company Ltd. - Pakistan
- Vizag Seaport Private Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Simpson Spence & Young - Indonesia
- Indian Oil Corporation Limited
- Coalindo Energy - Indonesia
- Borneo Indobara - Indonesia
- Savvy Resources Ltd - HongKong
- GAC Shipping (India) Pvt Ltd
- VISA Power Limited - India
- Tata Chemicals Ltd - India
- Sree Jayajothi Cements Limited - India
- Maheswari Brothers Coal Limited - India
- Rio Tinto Coal - Australia
- Energy Development Corp, Philippines
- Power Finance Corporation Ltd., India
- Rashtriya Ispat Nigam Limited - India
- Cement Manufacturers Association - India
- Port Waratah Coal Services - Australia
- Heidelberg Cement - Germany
- Gujarat Sidhee Cement - India
- Central Electricity Authority - India
- Mercuria Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Australian Commodity Traders Exchange
- Madhucon Powers Ltd - India
- Directorate Of Revenue Intelligence - India
- Oldendorff Carriers - Singapore
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