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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, 05 October 15
Q1 & Q2 2016 DELIVERY SWAPS DECLINED M-M AND W-W THIS PAST WEEK
COALspot.com: API 5 FOB Newcastle Coal swap for Q4’ 2015 delivery decreased $0.36 per ton (0.85%) month over month to US$ 42.12 per ton. The ...
Monday, 05 October 15
Q1' 16 CFR SOUTH CHINA COAL SWAP CLOSED US$ 48.05 PER TON
COALspot.com: API 8 CFR South China Coal swap for 4Q’ 2015 delivery down US$ 0.47 (0.96 %) per ton month over month.
A commodity swap is ...
Monday, 05 October 15
SMALL DECLINE IN 2014 SHIP OPERATING COSTS - MOORE STEPHENS
Total annual operating costs in the shipping industry fell by an average of 0.8% in 2014. This compares with the 0.3% average fall in costs recorde ...
Sunday, 04 October 15
THE INDO-INDIA FREIGHT MARKET REMAINS UNDER PRESSURE
COALspot.com: The BDI closed on Friday (2 Oct 2015) at 889 points, down by 54 points compared to previous Friday's closing ( 24 Sept 2015) of 9 ...
Friday, 02 October 15
COAL PRODUCTION IN THE UNITED STATES DECREASED THIS WEEK - EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 17.5 million shor ...
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- Georgia Ports Authority, United States
- Bhatia International Limited - India
- Kaltim Prima Coal - Indonesia
- CNBM International Corporation - China
- Medco Energi Mining Internasional
- International Coal Ventures Pvt Ltd - India
- Mjunction Services Limited - India
- Mintek Dendrill Indonesia
- Eastern Coal Council - USA
- Lanco Infratech Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Karaikal Port Pvt Ltd - India
- Star Paper Mills Limited - India
- Coastal Gujarat Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Aboitiz Power Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Petron Corporation, Philippines
- Indika Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Renaissance Capital - South Africa
- Simpson Spence & Young - Indonesia
- Kartika Selabumi Mining - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Ambuja Cements Ltd - India
- LBH Netherlands Bv - Netherlands
- Sarangani Energy Corporation, Philippines
- Borneo Indobara - Indonesia
- Sical Logistics Limited - India
- PTC India Limited - India
- Global Coal Blending Company Limited - Australia
- Meralco Power Generation, Philippines
- SMG Consultants - Indonesia
- Agrawal Coal Company - India
- Cement Manufacturers Association - India
- Alfred C Toepfer International GmbH - Germany
- Port Waratah Coal Services - Australia
- Bharathi Cement Corporation - India
- Vizag Seaport Private Limited - India
- Commonwealth Bank - Australia
- Indogreen Group - Indonesia
- Siam City Cement - Thailand
- Makarim & Taira - Indonesia
- Bulk Trading Sa - Switzerland
- Meenaskhi Energy Private Limited - India
- Siam City Cement PLC, Thailand
- Kepco SPC Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Savvy Resources Ltd - HongKong
- Aditya Birla Group - India
- Interocean Group of Companies - India
- Chettinad Cement Corporation Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Anglo American - United Kingdom
- PowerSource Philippines DevCo
- Petrochimia International Co. Ltd.- Taiwan
- Parliament of New Zealand
- Parry Sugars Refinery, India
- ASAPP Information Group - India
- Ministry of Transport, Egypt
- Thiess Contractors Indonesia
- Larsen & Toubro Limited - India
- Jindal Steel & Power Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Madhucon Powers Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Tata Chemicals Ltd - India
- PNOC Exploration Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Heidelberg Cement - Germany
- Romanian Commodities Exchange
- Merrill Lynch Commodities Europe
- Thai Mozambique Logistica
- White Energy Company Limited
- Banpu Public Company Limited - Thailand
- Globalindo Alam Lestari - Indonesia
- Metalloyd Limited - United Kingdom
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Business Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Ministry of Finance - Indonesia
- Straits Asia Resources Limited - Singapore
- The University of Queensland
- Kobexindo Tractors - Indoneisa
- Ministry of Mines - Canada
- Directorate Of Revenue Intelligence - India
- European Bulk Services B.V. - Netherlands
- Altura Mining Limited, Indonesia
- Malabar Cements Ltd - India
- Videocon Industries ltd - India
- Chamber of Mines of South Africa
- Sojitz Corporation - Japan
- Indonesian Coal Mining Association
- Kapuas Tunggal Persada - Indonesia
- SN Aboitiz Power Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Planning Commission, India
- Neyveli Lignite Corporation Ltd, - India
- Latin American Coal - Colombia
- Formosa Plastics Group - Taiwan
- Goldman Sachs - Singapore
- Marubeni Corporation - India
- Intertek Mineral Services - Indonesia
- Ind-Barath Power Infra Limited - India
- Manunggal Multi Energi - Indonesia
- New Zealand Coal & Carbon
- AsiaOL BioFuels Corp., Philippines
- GVK Power & Infra Limited - India
- Energy Development Corp, Philippines
- Jaiprakash Power Ventures ltd
- TeaM Sual Corporation - Philippines
- Central Java Power - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Gujarat Sidhee Cement - India
- Semirara Mining and Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- MS Steel International - UAE
- Sakthi Sugars Limited - India
- Central Electricity Authority - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indian Oil Corporation Limited
- Australian Coal Association
- The State Trading Corporation of India Ltd
- Africa Commodities Group - South Africa
- Bhoruka Overseas - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Therma Luzon, Inc, Philippines
- Bangladesh Power Developement Board
- Singapore Mercantile Exchange
- Deloitte Consulting - India
- Timah Investasi Mineral - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Xindia Steels Limited - India
- Posco Energy - South Korea
- Kohat Cement Company Ltd. - Pakistan
- South Luzon Thermal Energy Corporation
- Independent Power Producers Association of India
- Ceylon Electricity Board - Sri Lanka
- India Bulls Power Limited - India
- Power Finance Corporation Ltd., India
- Standard Chartered Bank - UAE
- Krishnapatnam Port Company Ltd. - India
- Antam Resourcindo - Indonesia
- Trasteel International SA, Italy
- Indian Energy Exchange, India
- Asmin Koalindo Tuhup - Indonesia
- Grasim Industreis Ltd - India
- Edison Trading Spa - Italy
- Minerals Council of Australia
- SMC Global Power, Philippines
- GMR Energy Limited - India
- Bukit Baiduri Energy - Indonesia
- Vedanta Resources Plc - India
- Billiton Holdings Pty Ltd - Australia
- Bhushan Steel Limited - India
- Energy Link Ltd, New Zealand
- Economic Council, Georgia
- Kumho Petrochemical, South Korea
- Uttam Galva Steels Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Toyota Tsusho Corporation, Japan
- Barasentosa Lestari - Indonesia
- Attock Cement Pakistan Limited
- Tamil Nadu electricity Board
- Global Green Power PLC Corporation, Philippines
- Orica Mining Services - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dalmia Cement Bharat India
- Mercator Lines Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Carbofer General Trading SA - India
- Holcim Trading Pte Ltd - Singapore
- GAC Shipping (India) Pvt Ltd
- Bukit Makmur.PT - Indonesia
- Essar Steel Hazira Ltd - India
- London Commodity Brokers - England
- Maheswari Brothers Coal Limited - India
- Wood Mackenzie - Singapore
- Riau Bara Harum - Indonesia
- Leighton Contractors Pty Ltd - Australia
- IEA Clean Coal Centre - UK
- CIMB Investment Bank - Malaysia
- Wilmar Investment Holdings
- Samtan Co., Ltd - South Korea
- Bayan Resources Tbk. - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Australian Commodity Traders Exchange
- Miang Besar Coal Terminal - Indonesia
- Rio Tinto Coal - Australia
- Semirara Mining Corp, Philippines
- Baramulti Group, Indonesia
- Pendopo Energi Batubara - Indonesia
- IHS Mccloskey Coal Group - USA
- VISA Power Limited - India
- ICICI Bank Limited - India
- Kideco Jaya Agung - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Oldendorff Carriers - Singapore
- The Treasury - Australian Government
- Electricity Authority, New Zealand
- Electricity Generating Authority of Thailand
- Price Waterhouse Coopers - Russia
- Salva Resources Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Iligan Light & Power Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Mercuria Energy - Indonesia
- McConnell Dowell - Australia
- Eastern Energy - Thailand
- Coal and Oil Company - UAE
- Bahari Cakrawala Sebuku - Indonesia
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