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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, 21 September 15
KOMIPO OF KOREA INVITES BIDS FOR BITUMINOUS COAL
COALspot.com: South Korean state-owned utility Korea Midland Power (KOMIPO) issued an new tender for 390,000 Metric Tons (MT) of minimum 4,600 kcal ...
Sunday, 20 September 15
BALTIC CAPE INDEX ROSE 66.52 PER CENT AND STAND NOW AT 1995 POINTS
COALspot.com: The BDI (Baltic Dry Index) rose 17.35 per cent week over week to 960 points on Friday mainly driven by the Capesize segment. The Cape ...
Friday, 18 September 15
U.S. COAL PRODUCTION DECLINED 6.7 PER CENT W-W: EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 17.4 million shor ...
Thursday, 17 September 15
COALSPOT HAS LAUNCHED NEW THERMAL COAL INDICES FOR INDONESIAN COAL
COALspot.com has today launched real-time CS (i) Coal Indices.
The Indices represents 3800 kcal/kg GAR, 4200 kcal/kg GAR, 5000 kcal/kg GAR a ...
Thursday, 17 September 15
LOW DEMAND PUSH COAL SWAP DOWN
COALspot.com: Indonesian coal swap for delivery 4Q 2015 declined month on month and gain week over week.
The 4Q swap declined $ 1.77 (-4.17%) ...
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- Bank of Tokyo Mitsubishi UFJ Ltd
- Interocean Group of Companies - India
- TeaM Sual Corporation - Philippines
- Borneo Indobara - Indonesia
- Straits Asia Resources Limited - Singapore
- Sinarmas Energy and Mining - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Agrawal Coal Company - India
- Medco Energi Mining Internasional
- Energy Development Corp, Philippines
- Antam Resourcindo - Indonesia
- Ceylon Electricity Board - Sri Lanka
- VISA Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Goldman Sachs - Singapore
- Maheswari Brothers Coal Limited - India
- Ambuja Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indo Tambangraya Megah - Indonesia
- The Treasury - Australian Government
- Krishnapatnam Port Company Ltd. - India
- ASAPP Information Group - India
- Tata Chemicals Ltd - India
- Indonesian Coal Mining Association
- SMG Consultants - Indonesia
- Economic Council, Georgia
- Sojitz Corporation - Japan
- Savvy Resources Ltd - HongKong
- Siam City Cement - Thailand
- SMC Global Power, Philippines
- Gujarat Sidhee Cement - India
- Lanco Infratech Ltd - India
- Price Waterhouse Coopers - Russia
- Videocon Industries ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Heidelberg Cement - Germany
- Coal and Oil Company - UAE
- Parliament of New Zealand
- Bukit Makmur.PT - Indonesia
- Samtan Co., Ltd - South Korea
- Pendopo Energi Batubara - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Standard Chartered Bank - UAE
- IEA Clean Coal Centre - UK
- Pipit Mutiara Jaya. PT, Indonesia
- Wilmar Investment Holdings
- GMR Energy Limited - India
- Eastern Coal Council - USA
- Renaissance Capital - South Africa
- Bharathi Cement Corporation - India
- Singapore Mercantile Exchange
- Meralco Power Generation, Philippines
- London Commodity Brokers - England
- Offshore Bulk Terminal Pte Ltd, Singapore
- Cigading International Bulk Terminal - Indonesia
- Commonwealth Bank - Australia
- Sakthi Sugars Limited - India
- GVK Power & Infra Limited - India
- Rio Tinto Coal - Australia
- Bhatia International Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Sree Jayajothi Cements Limited - India
- Banpu Public Company Limited - Thailand
- Cement Manufacturers Association - India
- Billiton Holdings Pty Ltd - Australia
- Edison Trading Spa - Italy
- PetroVietnam Power Coal Import and Supply Company
- Salva Resources Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Global Coal Blending Company Limited - Australia
- Deloitte Consulting - India
- Wood Mackenzie - Singapore
- Merrill Lynch Commodities Europe
- Ministry of Mines - Canada
- Africa Commodities Group - South Africa
- Kumho Petrochemical, South Korea
- Carbofer General Trading SA - India
- Minerals Council of Australia
- European Bulk Services B.V. - Netherlands
- Planning Commission, India
- Sarangani Energy Corporation, Philippines
- Mintek Dendrill Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Orica Mining Services - Indonesia
- Mercuria Energy - Indonesia
- Makarim & Taira - Indonesia
- South Luzon Thermal Energy Corporation
- Uttam Galva Steels Limited - India
- Global Business Power Corporation, Philippines
- Georgia Ports Authority, United States
- Leighton Contractors Pty Ltd - Australia
- Toyota Tsusho Corporation, Japan
- Alfred C Toepfer International GmbH - Germany
- GN Power Mariveles Coal Plant, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Finance - Indonesia
- Madhucon Powers Ltd - India
- CIMB Investment Bank - Malaysia
- Formosa Plastics Group - Taiwan
- Intertek Mineral Services - Indonesia
- White Energy Company Limited
- San Jose City I Power Corp, Philippines
- Therma Luzon, Inc, Philippines
- MS Steel International - UAE
- Meenaskhi Energy Private Limited - India
- Barasentosa Lestari - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Trasteel International SA, Italy
- Bangladesh Power Developement Board
- Indian Oil Corporation Limited
- Central Java Power - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- India Bulls Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Global Green Power PLC Corporation, Philippines
- PowerSource Philippines DevCo
- Directorate Of Revenue Intelligence - India
- Bulk Trading Sa - Switzerland
- Posco Energy - South Korea
- Australian Coal Association
- Coalindo Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- IHS Mccloskey Coal Group - USA
- Electricity Generating Authority of Thailand
- Indogreen Group - Indonesia
- Kideco Jaya Agung - Indonesia
- McConnell Dowell - Australia
- Dalmia Cement Bharat India
- Xindia Steels Limited - India
- Marubeni Corporation - India
- TNB Fuel Sdn Bhd - Malaysia
- Aditya Birla Group - India
- Iligan Light & Power Inc, Philippines
- Mjunction Services Limited - India
- Romanian Commodities Exchange
- Altura Mining Limited, Indonesia
- CNBM International Corporation - China
- The University of Queensland
- Siam City Cement PLC, Thailand
- Karaikal Port Pvt Ltd - India
- Sical Logistics Limited - India
- Chamber of Mines of South Africa
- Binh Thuan Hamico - Vietnam
- Oldendorff Carriers - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Semirara Mining Corp, Philippines
- Tamil Nadu electricity Board
- Bahari Cakrawala Sebuku - Indonesia
- PTC India Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Australian Commodity Traders Exchange
- International Coal Ventures Pvt Ltd - India
- Baramulti Group, Indonesia
- Power Finance Corporation Ltd., India
- OPG Power Generation Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Anglo American - United Kingdom
- Star Paper Mills Limited - India
- Indian Energy Exchange, India
- Larsen & Toubro Limited - India
- Sindya Power Generating Company Private Ltd
- Bhoruka Overseas - Indonesia
- Petron Corporation, Philippines
- Metalloyd Limited - United Kingdom
- New Zealand Coal & Carbon
- Bukit Baiduri Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Thiess Contractors Indonesia
- Directorate General of MIneral and Coal - Indonesia
- ICICI Bank Limited - India
- Latin American Coal - Colombia
- PNOC Exploration Corporation - Philippines
- Thai Mozambique Logistica
- Simpson Spence & Young - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Energy Link Ltd, New Zealand
- Eastern Energy - Thailand
- Vizag Seaport Private Limited - India
- Central Electricity Authority - India
- Bhushan Steel Limited - India
- Parry Sugars Refinery, India
- Ind-Barath Power Infra Limited - India
- Aboitiz Power Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Kepco SPC Power Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Grasim Industreis Ltd - India
- Malabar Cements Ltd - India
- GAC Shipping (India) Pvt Ltd
- Indika Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Vedanta Resources Plc - India
- Gujarat Electricity Regulatory Commission - India
- Mercator Lines Limited - India
- Kartika Selabumi Mining - Indonesia
- Jaiprakash Power Ventures ltd
- SN Aboitiz Power Inc, Philippines
- Attock Cement Pakistan Limited
- Electricity Authority, New Zealand
- AsiaOL BioFuels Corp., Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Transport, Egypt
- Coastal Gujarat Power Limited - India
- The State Trading Corporation of India Ltd
- Chettinad Cement Corporation Ltd - India
- Independent Power Producers Association of India
- Asmin Koalindo Tuhup - Indonesia
- Timah Investasi Mineral - Indoneisa
- Kaltim Prima Coal - Indonesia
- Essar Steel Hazira Ltd - India
- Riau Bara Harum - Indonesia
- Jindal Steel & Power Ltd - India
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