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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, 12 October 15
DRY BULK SHIPPING: MARKETS ARE SLOWLY IMPROVING FROM A VERY LOW LEVEL AS THE DEMAND SIDE FALTERS - HELLENIC SHIPPING NEWS
The dry bulk market is in the midst of a shift in demand patterns, which coupled with a tonnage supply overhang, has been facing headwinds over the ...
Monday, 12 October 15
BDI WEIGHED DOWN BY CAPE
COALspot.com: The BDI (Baltic Dry Index) has come back down again this week. The BDI is a benchmark index used to assess the overall cost of moving ...
Sunday, 11 October 15
TANKER SHIPPING: MORE OPTIMISM IN SIGHT FOR TANKERS IN THE WINTER SEASON - BIMCO
Demand:
2015 has been the year of the tanker. The fundamental improvements with slow supply-side growth for some years coupled with low oil pri ...
Friday, 09 October 15
US WEEKLY COAL OUTPUT UP 1.2 PERCENT TO 17.7 MMST
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 17.7 million shor ...
Thursday, 08 October 15
CAPESIZE: MOST PEOPLE AGREE A SPIKE IN RATES WILL HAPPEN; WHEN, HOW LONG AND HOW SUBSTANTIAL? - FEARNLEYS
Cape
Depressives start of the fourth quarter, with c3 approaching USD 12 pmt and c5 presently in the mind 5's. According to Fearnleys ship br ...
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- White Energy Company Limited
- Jindal Steel & Power Ltd - India
- Interocean Group of Companies - India
- Therma Luzon, Inc, Philippines
- Lanco Infratech Ltd - India
- ICICI Bank Limited - India
- SN Aboitiz Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- SMC Global Power, Philippines
- Renaissance Capital - South Africa
- Mintek Dendrill Indonesia
- Economic Council, Georgia
- MS Steel International - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- The Treasury - Australian Government
- Grasim Industreis Ltd - India
- Tata Chemicals Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Merrill Lynch Commodities Europe
- Coal and Oil Company - UAE
- Ind-Barath Power Infra Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Billiton Holdings Pty Ltd - Australia
- Tamil Nadu electricity Board
- Siam City Cement PLC, Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Makarim & Taira - Indonesia
- Sarangani Energy Corporation, Philippines
- Power Finance Corporation Ltd., India
- Wood Mackenzie - Singapore
- Minerals Council of Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Barasentosa Lestari - Indonesia
- Central Java Power - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Neyveli Lignite Corporation Ltd, - India
- Kaltim Prima Coal - Indonesia
- Riau Bara Harum - Indonesia
- Georgia Ports Authority, United States
- Alfred C Toepfer International GmbH - Germany
- Indonesian Coal Mining Association
- Posco Energy - South Korea
- Deloitte Consulting - India
- London Commodity Brokers - England
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vizag Seaport Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Central Electricity Authority - India
- Ministry of Transport, Egypt
- Globalindo Alam Lestari - Indonesia
- Meralco Power Generation, Philippines
- Marubeni Corporation - India
- International Coal Ventures Pvt Ltd - India
- Altura Mining Limited, Indonesia
- CNBM International Corporation - China
- GN Power Mariveles Coal Plant, Philippines
- Romanian Commodities Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Development Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- GMR Energy Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Kohat Cement Company Ltd. - Pakistan
- Madhucon Powers Ltd - India
- Essar Steel Hazira Ltd - India
- Bukit Baiduri Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Indika Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- TeaM Sual Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Meenaskhi Energy Private Limited - India
- Banpu Public Company Limited - Thailand
- Trasteel International SA, Italy
- Gujarat Electricity Regulatory Commission - India
- Chettinad Cement Corporation Ltd - India
- Indo Tambangraya Megah - Indonesia
- Sindya Power Generating Company Private Ltd
- Krishnapatnam Port Company Ltd. - India
- Xindia Steels Limited - India
- Cement Manufacturers Association - India
- Semirara Mining Corp, Philippines
- Eastern Energy - Thailand
- Metalloyd Limited - United Kingdom
- AsiaOL BioFuels Corp., Philippines
- Agrawal Coal Company - India
- Independent Power Producers Association of India
- Kalimantan Lumbung Energi - Indonesia
- Bangladesh Power Developement Board
- Wilmar Investment Holdings
- Formosa Plastics Group - Taiwan
- Intertek Mineral Services - Indonesia
- Bhoruka Overseas - Indonesia
- Sojitz Corporation - Japan
- South Luzon Thermal Energy Corporation
- Ministry of Mines - Canada
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Commonwealth Bank - Australia
- OPG Power Generation Pvt Ltd - India
- Bhatia International Limited - India
- Planning Commission, India
- Gujarat Sidhee Cement - India
- Salva Resources Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Global Business Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Toyota Tsusho Corporation, Japan
- Holcim Trading Pte Ltd - Singapore
- Bulk Trading Sa - Switzerland
- Chamber of Mines of South Africa
- Siam City Cement - Thailand
- Sakthi Sugars Limited - India
- Directorate Of Revenue Intelligence - India
- Latin American Coal - Colombia
- Kapuas Tunggal Persada - Indonesia
- Carbofer General Trading SA - India
- The State Trading Corporation of India Ltd
- Malabar Cements Ltd - India
- Aditya Birla Group - India
- Mercator Lines Limited - India
- Sical Logistics Limited - India
- Orica Mining Services - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Ambuja Cements Ltd - India
- Electricity Generating Authority of Thailand
- Parry Sugars Refinery, India
- Dalmia Cement Bharat India
- Samtan Co., Ltd - South Korea
- Indogreen Group - Indonesia
- The University of Queensland
- Straits Asia Resources Limited - Singapore
- Electricity Authority, New Zealand
- Uttam Galva Steels Limited - India
- Anglo American - United Kingdom
- GAC Shipping (India) Pvt Ltd
- VISA Power Limited - India
- Australian Coal Association
- Bharathi Cement Corporation - India
- Standard Chartered Bank - UAE
- Manunggal Multi Energi - Indonesia
- Videocon Industries ltd - India
- Bayan Resources Tbk. - Indonesia
- Singapore Mercantile Exchange
- San Jose City I Power Corp, Philippines
- Edison Trading Spa - Italy
- New Zealand Coal & Carbon
- Ministry of Finance - Indonesia
- Australian Commodity Traders Exchange
- Indian Energy Exchange, India
- Bukit Makmur.PT - Indonesia
- Kideco Jaya Agung - Indonesia
- Medco Energi Mining Internasional
- Bank of Tokyo Mitsubishi UFJ Ltd
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Aboitiz Power Corporation - Philippines
- Baramulti Group, Indonesia
- Semirara Mining and Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Mercuria Energy - Indonesia
- Eastern Coal Council - USA
- Indian Oil Corporation Limited
- McConnell Dowell - Australia
- Kumho Petrochemical, South Korea
- European Bulk Services B.V. - Netherlands
- Rio Tinto Coal - Australia
- Cigading International Bulk Terminal - Indonesia
- Thiess Contractors Indonesia
- Kepco SPC Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Africa Commodities Group - South Africa
- Thai Mozambique Logistica
- Kartika Selabumi Mining - Indonesia
- Orica Australia Pty. Ltd.
- Antam Resourcindo - Indonesia
- Mjunction Services Limited - India
- IHS Mccloskey Coal Group - USA
- Bhushan Steel Limited - India
- Goldman Sachs - Singapore
- GVK Power & Infra Limited - India
- PowerSource Philippines DevCo
- Oldendorff Carriers - Singapore
- Parliament of New Zealand
- Global Green Power PLC Corporation, Philippines
- Energy Link Ltd, New Zealand
- Attock Cement Pakistan Limited
- SMG Consultants - Indonesia
- India Bulls Power Limited - India
- Binh Thuan Hamico - Vietnam
- Bahari Cakrawala Sebuku - Indonesia
- Coalindo Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- LBH Netherlands Bv - Netherlands
- Heidelberg Cement - Germany
- Petron Corporation, Philippines
- Vedanta Resources Plc - India
- Star Paper Mills Limited - India
- Borneo Indobara - Indonesia
- Sree Jayajothi Cements Limited - India
- Pendopo Energi Batubara - Indonesia
- Savvy Resources Ltd - HongKong
- Kobexindo Tractors - Indoneisa
- ASAPP Information Group - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sinarmas Energy and Mining - Indonesia
- PNOC Exploration Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Port Waratah Coal Services - Australia
- Price Waterhouse Coopers - Russia
- PTC India Limited - India
- Larsen & Toubro Limited - India
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