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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, 01 October 15
SOUTH KOREA'S KOMIPO SEEKS SPOT BITUMINOUS COAL SUPPLIES
COALspot.com: South Korean state-owned utility Korea Midland Power (KOMIPO) issued an new tender for 265,000 Metric Tons (MT) of minimum 4,600 kcal ...
Wednesday, 30 September 15
Q1'16 FOB INDONESIA COAL SWAP FALLS $1.25 A TON AS SLIDE CONTINUES
COALspot.com: Indonesian coal swap for delivery Q4 2015 declined month on month and week over week.
The Q4 swap declined $ 0.72 (-1.78%) per t ...
Wednesday, 30 September 15
NEW BUILDING MARKET INSIGHT
COALspot.com: This year has been, beyond any doubt, a rather strenuous one for the newbuilding market. Ordering activity with regards to Dry Bulker ...
Tuesday, 29 September 15
FOB RICHARDS BAY COAL SWAPS ARE SLIDING
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$ ...
Monday, 28 September 15
API 5 FOB NEWCASTLE COAL SWAPS UP $2.15 IN ONE MONTH
COALspot.com: API 5 FOB Newcastle Coal swap for Q4’ 2015 delivery increased $2.10 per ton (5.15%) month over month to US$ 42.93 per ton. The ...
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- McConnell Dowell - Australia
- Leighton Contractors Pty Ltd - Australia
- SN Aboitiz Power Inc, Philippines
- Sical Logistics Limited - India
- GVK Power & Infra Limited - India
- Semirara Mining Corp, Philippines
- SMG Consultants - Indonesia
- London Commodity Brokers - England
- Chettinad Cement Corporation Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Central Java Power - Indonesia
- Romanian Commodities Exchange
- Deloitte Consulting - India
- Australian Coal Association
- Trasteel International SA, Italy
- Mjunction Services Limited - India
- Ceylon Electricity Board - Sri Lanka
- PetroVietnam Power Coal Import and Supply Company
- Sree Jayajothi Cements Limited - India
- Sakthi Sugars Limited - India
- Thai Mozambique Logistica
- Iligan Light & Power Inc, Philippines
- CIMB Investment Bank - Malaysia
- Riau Bara Harum - Indonesia
- Cement Manufacturers Association - India
- Wood Mackenzie - Singapore
- Tata Chemicals Ltd - India
- Parliament of New Zealand
- White Energy Company Limited
- Kobexindo Tractors - Indoneisa
- Power Finance Corporation Ltd., India
- Georgia Ports Authority, United States
- Global Coal Blending Company Limited - Australia
- SMC Global Power, Philippines
- Indian Oil Corporation Limited
- Banpu Public Company Limited - Thailand
- Alfred C Toepfer International GmbH - Germany
- Interocean Group of Companies - India
- Africa Commodities Group - South Africa
- Essar Steel Hazira Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Posco Energy - South Korea
- Salva Resources Pvt Ltd - India
- Standard Chartered Bank - UAE
- Neyveli Lignite Corporation Ltd, - India
- ICICI Bank Limited - India
- The State Trading Corporation of India Ltd
- Globalindo Alam Lestari - Indonesia
- Goldman Sachs - Singapore
- Renaissance Capital - South Africa
- Ministry of Transport, Egypt
- Maharashtra Electricity Regulatory Commission - India
- Coalindo Energy - Indonesia
- Chamber of Mines of South Africa
- Billiton Holdings Pty Ltd - Australia
- Mercuria Energy - Indonesia
- Vizag Seaport Private Limited - India
- Ministry of Mines - Canada
- Jorong Barutama Greston.PT - Indonesia
- Bhatia International Limited - India
- Planning Commission, India
- Samtan Co., Ltd - South Korea
- PowerSource Philippines DevCo
- Merrill Lynch Commodities Europe
- Mercator Lines Limited - India
- Rashtriya Ispat Nigam Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Edison Trading Spa - Italy
- Ministry of Finance - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kideco Jaya Agung - Indonesia
- Videocon Industries ltd - India
- Eastern Coal Council - USA
- Kumho Petrochemical, South Korea
- India Bulls Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Price Waterhouse Coopers - Russia
- Carbofer General Trading SA - India
- Intertek Mineral Services - Indonesia
- Madhucon Powers Ltd - India
- Therma Luzon, Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sojitz Corporation - Japan
- Maheswari Brothers Coal Limited - India
- Krishnapatnam Port Company Ltd. - India
- Indika Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Binh Thuan Hamico - Vietnam
- Timah Investasi Mineral - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Bayan Resources Tbk. - Indonesia
- Indo Tambangraya Megah - Indonesia
- VISA Power Limited - India
- Bangladesh Power Developement Board
- Borneo Indobara - Indonesia
- Australian Commodity Traders Exchange
- Petrochimia International Co. Ltd.- Taiwan
- ASAPP Information Group - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Anglo American - United Kingdom
- Energy Development Corp, Philippines
- Xindia Steels Limited - India
- Directorate Of Revenue Intelligence - India
- Siam City Cement PLC, Thailand
- Kohat Cement Company Ltd. - Pakistan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Malabar Cements Ltd - India
- Bukit Baiduri Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- GMR Energy Limited - India
- Electricity Generating Authority of Thailand
- Minerals Council of Australia
- Indian Energy Exchange, India
- Kapuas Tunggal Persada - Indonesia
- Attock Cement Pakistan Limited
- Barasentosa Lestari - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- CNBM International Corporation - China
- Dalmia Cement Bharat India
- MS Steel International - UAE
- Energy Link Ltd, New Zealand
- Grasim Industreis Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Bulk Trading Sa - Switzerland
- Oldendorff Carriers - Singapore
- Bhushan Steel Limited - India
- Bukit Makmur.PT - Indonesia
- PTC India Limited - India
- Petron Corporation, Philippines
- Marubeni Corporation - India
- LBH Netherlands Bv - Netherlands
- Agrawal Coal Company - India
- Baramulti Group, Indonesia
- Manunggal Multi Energi - Indonesia
- AsiaOL BioFuels Corp., Philippines
- International Coal Ventures Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Aditya Birla Group - India
- Eastern Energy - Thailand
- Pendopo Energi Batubara - Indonesia
- Antam Resourcindo - Indonesia
- OPG Power Generation Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Star Paper Mills Limited - India
- Lanco Infratech Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Kaltim Prima Coal - Indonesia
- Karaikal Port Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Latin American Coal - Colombia
- Jaiprakash Power Ventures ltd
- Rio Tinto Coal - Australia
- Metalloyd Limited - United Kingdom
- Larsen & Toubro Limited - India
- Savvy Resources Ltd - HongKong
- TeaM Sual Corporation - Philippines
- Parry Sugars Refinery, India
- Gujarat Electricity Regulatory Commission - India
- IEA Clean Coal Centre - UK
- Miang Besar Coal Terminal - Indonesia
- Mintek Dendrill Indonesia
- Medco Energi Mining Internasional
- Port Waratah Coal Services - Australia
- Singapore Mercantile Exchange
- Wilmar Investment Holdings
- IHS Mccloskey Coal Group - USA
- Indogreen Group - Indonesia
- Meralco Power Generation, Philippines
- Thiess Contractors Indonesia
- Global Business Power Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Vedanta Resources Plc - India
- Global Green Power PLC Corporation, Philippines
- Heidelberg Cement - Germany
- Electricity Authority, New Zealand
- Bharathi Cement Corporation - India
- Altura Mining Limited, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- GAC Shipping (India) Pvt Ltd
- PNOC Exploration Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Coal and Oil Company - UAE
- The University of Queensland
- Indonesian Coal Mining Association
- New Zealand Coal & Carbon
- Offshore Bulk Terminal Pte Ltd, Singapore
- Toyota Tsusho Corporation, Japan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- San Jose City I Power Corp, Philippines
- Coastal Gujarat Power Limited - India
- Bhoruka Overseas - Indonesia
- Central Electricity Authority - India
- Karbindo Abesyapradhi - Indoneisa
- The Treasury - Australian Government
- Gujarat Sidhee Cement - India
- Sarangani Energy Corporation, Philippines
- Commonwealth Bank - Australia
- Formosa Plastics Group - Taiwan
- Uttam Galva Steels Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ambuja Cements Ltd - India
- Siam City Cement - Thailand
- Economic Council, Georgia
- Ind-Barath Power Infra Limited - India
- Orica Mining Services - Indonesia
- Tamil Nadu electricity Board
- Sindya Power Generating Company Private Ltd
- Straits Asia Resources Limited - Singapore
- Independent Power Producers Association of India
- European Bulk Services B.V. - Netherlands
- Makarim & Taira - Indonesia
- South Luzon Thermal Energy Corporation
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