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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, 28 September 15
CAPESIZE FLEET INCREASES BY JUST 1 VESSEL DURING LAST 12 MONTHS, IN POSITIVE SIGN FOR DRY BULK SHIPPING MARKET - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
After a rather tumultuous period, the shipping industry and more particular the dry bulk market has started to adjust to the new realities of globa ...
Monday, 28 September 15
Q1'16 CFR SOUTH CHINA COAL SWAP ROSE 2.73 PER CENT M-M
COALspot.com: API 8 CFR South China Coal swap for 4Q’ 2015 delivery moved upward US$ 1.45 (3.04 %) per ton month over month.
A commodity ...
Sunday, 27 September 15
THE PANAMAX INDEX FELL 1.19 PCT WEEK OVER WEEK
COALspot.com: The BDI closed Friday (25/09/2015) at 943 points, down by 17 points compared to previous Friday closing (18/09/2015). The BDI wa ...
Friday, 25 September 15
COAL PRODUCTION IN THE U.S. FOR THE WEEK ENDING SEPTEMBER 19 ROSE 2.5% PER CENT W-W
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 17.8 million shor ...
Wednesday, 23 September 15
CAPESIZE: SPOT RATES HAVE INCREASED MORE THAN 70 PER CENT DURING LAST WEEK
Dry Bulk owners, always look at September as the time that the market “signals” what lies ahead for the remainder of the year. The Chin ...
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- Parry Sugars Refinery, India
- Anglo American - United Kingdom
- Tamil Nadu electricity Board
- Neyveli Lignite Corporation Ltd, - India
- Vijayanagar Sugar Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Energy Link Ltd, New Zealand
- Asmin Koalindo Tuhup - Indonesia
- TeaM Sual Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Bangladesh Power Developement Board
- Carbofer General Trading SA - India
- Georgia Ports Authority, United States
- Kaltim Prima Coal - Indonesia
- Australian Coal Association
- Rio Tinto Coal - Australia
- Timah Investasi Mineral - Indoneisa
- Interocean Group of Companies - India
- Jorong Barutama Greston.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- GN Power Mariveles Coal Plant, Philippines
- Kartika Selabumi Mining - Indonesia
- Bukit Makmur.PT - Indonesia
- Siam City Cement - Thailand
- Salva Resources Pvt Ltd - India
- Australian Commodity Traders Exchange
- SMC Global Power, Philippines
- Latin American Coal - Colombia
- Manunggal Multi Energi - Indonesia
- Grasim Industreis Ltd - India
- Planning Commission, India
- Coal and Oil Company - UAE
- Singapore Mercantile Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kalimantan Lumbung Energi - Indonesia
- GMR Energy Limited - India
- Energy Development Corp, Philippines
- Sakthi Sugars Limited - India
- Economic Council, Georgia
- Gujarat Mineral Development Corp Ltd - India
- Sindya Power Generating Company Private Ltd
- Commonwealth Bank - Australia
- Iligan Light & Power Inc, Philippines
- Borneo Indobara - Indonesia
- Global Green Power PLC Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- CIMB Investment Bank - Malaysia
- TNB Fuel Sdn Bhd - Malaysia
- Electricity Generating Authority of Thailand
- Coastal Gujarat Power Limited - India
- Port Waratah Coal Services - Australia
- Mercuria Energy - Indonesia
- Merrill Lynch Commodities Europe
- Indo Tambangraya Megah - Indonesia
- Mjunction Services Limited - India
- Intertek Mineral Services - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Leighton Contractors Pty Ltd - Australia
- SMG Consultants - Indonesia
- PNOC Exploration Corporation - Philippines
- Eastern Coal Council - USA
- Semirara Mining Corp, Philippines
- South Luzon Thermal Energy Corporation
- Edison Trading Spa - Italy
- Mintek Dendrill Indonesia
- Indian Oil Corporation Limited
- Mercator Lines Limited - India
- Coalindo Energy - Indonesia
- VISA Power Limited - India
- The State Trading Corporation of India Ltd
- India Bulls Power Limited - India
- Samtan Co., Ltd - South Korea
- Indogreen Group - Indonesia
- Price Waterhouse Coopers - Russia
- Sinarmas Energy and Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Makarim & Taira - Indonesia
- London Commodity Brokers - England
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- McConnell Dowell - Australia
- Petron Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Thai Mozambique Logistica
- Uttam Galva Steels Limited - India
- Global Business Power Corporation, Philippines
- Medco Energi Mining Internasional
- Thiess Contractors Indonesia
- Meralco Power Generation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Oldendorff Carriers - Singapore
- Indika Energy - Indonesia
- Lanco Infratech Ltd - India
- Tata Chemicals Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Miang Besar Coal Terminal - Indonesia
- Barasentosa Lestari - Indonesia
- Sojitz Corporation - Japan
- ICICI Bank Limited - India
- Sical Logistics Limited - India
- Bhatia International Limited - India
- Alfred C Toepfer International GmbH - Germany
- Standard Chartered Bank - UAE
- Chamber of Mines of South Africa
- Gujarat Sidhee Cement - India
- White Energy Company Limited
- Dalmia Cement Bharat India
- IHS Mccloskey Coal Group - USA
- Binh Thuan Hamico - Vietnam
- International Coal Ventures Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Romanian Commodities Exchange
- Formosa Plastics Group - Taiwan
- Independent Power Producers Association of India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhushan Steel Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Transport, Egypt
- Bayan Resources Tbk. - Indonesia
- Bharathi Cement Corporation - India
- Kumho Petrochemical, South Korea
- Maharashtra Electricity Regulatory Commission - India
- Siam City Cement PLC, Thailand
- Bhoruka Overseas - Indonesia
- Kobexindo Tractors - Indoneisa
- The University of Queensland
- Ambuja Cements Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Aboitiz Power Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Renaissance Capital - South Africa
- San Jose City I Power Corp, Philippines
- Deloitte Consulting - India
- Bulk Trading Sa - Switzerland
- Maheswari Brothers Coal Limited - India
- Vizag Seaport Private Limited - India
- Savvy Resources Ltd - HongKong
- Attock Cement Pakistan Limited
- Karbindo Abesyapradhi - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Kideco Jaya Agung - Indonesia
- OPG Power Generation Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Aditya Birla Group - India
- GVK Power & Infra Limited - India
- Directorate Of Revenue Intelligence - India
- GAC Shipping (India) Pvt Ltd
- Essar Steel Hazira Ltd - India
- Agrawal Coal Company - India
- PowerSource Philippines DevCo
- MS Steel International - UAE
- Sarangani Energy Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Posco Energy - South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- ASAPP Information Group - India
- Sree Jayajothi Cements Limited - India
- Marubeni Corporation - India
- SN Aboitiz Power Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Meenaskhi Energy Private Limited - India
- AsiaOL BioFuels Corp., Philippines
- Ind-Barath Power Infra Limited - India
- Indonesian Coal Mining Association
- Rashtriya Ispat Nigam Limited - India
- Malabar Cements Ltd - India
- Altura Mining Limited, Indonesia
- New Zealand Coal & Carbon
- Jaiprakash Power Ventures ltd
- Eastern Energy - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vedanta Resources Plc - India
- Goldman Sachs - Singapore
- Gujarat Electricity Regulatory Commission - India
- IEA Clean Coal Centre - UK
- Wilmar Investment Holdings
- Antam Resourcindo - Indonesia
- CNBM International Corporation - China
- Larsen & Toubro Limited - India
- Kapuas Tunggal Persada - Indonesia
- Pendopo Energi Batubara - Indonesia
- Parliament of New Zealand
- Minerals Council of Australia
- Semirara Mining and Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Banpu Public Company Limited - Thailand
- Jindal Steel & Power Ltd - India
- Ministry of Finance - Indonesia
- Ministry of Mines - Canada
- Baramulti Group, Indonesia
- Simpson Spence & Young - Indonesia
- PTC India Limited - India
- Wood Mackenzie - Singapore
- Holcim Trading Pte Ltd - Singapore
- Central Java Power - Indonesia
- Cement Manufacturers Association - India
- Metalloyd Limited - United Kingdom
- Africa Commodities Group - South Africa
- Videocon Industries ltd - India
- Trasteel International SA, Italy
- LBH Netherlands Bv - Netherlands
- Indian Energy Exchange, India
- Xindia Steels Limited - India
- The Treasury - Australian Government
- Riau Bara Harum - Indonesia
- Chettinad Cement Corporation Ltd - India
- Madhucon Powers Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Electricity Authority, New Zealand
- Central Electricity Authority - India
- Heidelberg Cement - Germany
- Star Paper Mills Limited - India
- Orica Mining Services - Indonesia
- Orica Australia Pty. Ltd.
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