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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, 17 September 15
MARKET INSIGHT - KONSTANTINOS KONTOMICHIS
Having experienced, as it was much anticipated, a poor 1st half combined with negative forecasts, summer, in sharp contrast, proved to be more hope ...
Wednesday, 16 September 15
SLOWER GROWTH IN WORLD COAL DEMAND AND LOWER INTERNATIONAL COAL PRICES LED A DECLINE IN INDONESIAN COAL PRODUCTION
COALspot.com: Slower growth in world coal demand particularly China and lower international coal prices have led to a decline in Indonesian coal pr ...
Wednesday, 16 September 15
HIGHER TAXES COULD LEAD GREEK SHIP OWNERS OUT OF THE COUNTRY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
A potential taxation overhaul of the shipping industry in Hellas, which could see the loss of particular tax benefits for ship owners, could lead t ...
Tuesday, 15 September 15
WORLD SEABORNE TRADE: ENTERING INTO A ROLE REVERSAL? - CLARKSONS
Over the past decade, world seaborne trade growth has been dominated by dry bulk and container trade. However, developments in the global economy t ...
Tuesday, 15 September 15
Q2'16 RICHARDS BAY COAL SWAPS DIP TO $ 51.10 PER TON
COALspot.com: API4 FOB Richards Bay Coal swap for delivery 4Q' 2015 declined week over week and month over month.
The 4Q swap was down US$ ...
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- Pipit Mutiara Jaya. PT, Indonesia
- Banpu Public Company Limited - Thailand
- London Commodity Brokers - England
- Merrill Lynch Commodities Europe
- Bhushan Steel Limited - India
- Price Waterhouse Coopers - Russia
- Savvy Resources Ltd - HongKong
- SMG Consultants - Indonesia
- Ind-Barath Power Infra Limited - India
- Wilmar Investment Holdings
- International Coal Ventures Pvt Ltd - India
- Chamber of Mines of South Africa
- Orica Australia Pty. Ltd.
- Global Business Power Corporation, Philippines
- Parliament of New Zealand
- Ministry of Transport, Egypt
- OPG Power Generation Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Meenaskhi Energy Private Limited - India
- Star Paper Mills Limited - India
- Orica Mining Services - Indonesia
- Malabar Cements Ltd - India
- Global Coal Blending Company Limited - Australia
- GAC Shipping (India) Pvt Ltd
- Essar Steel Hazira Ltd - India
- Eastern Coal Council - USA
- Semirara Mining Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- IEA Clean Coal Centre - UK
- Siam City Cement - Thailand
- European Bulk Services B.V. - Netherlands
- Gujarat Electricity Regulatory Commission - India
- Ceylon Electricity Board - Sri Lanka
- GMR Energy Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Standard Chartered Bank - UAE
- The Treasury - Australian Government
- Indian Oil Corporation Limited
- Kapuas Tunggal Persada - Indonesia
- Tamil Nadu electricity Board
- Sindya Power Generating Company Private Ltd
- Gujarat Sidhee Cement - India
- White Energy Company Limited
- The University of Queensland
- Sarangani Energy Corporation, Philippines
- Bhatia International Limited - India
- Dalmia Cement Bharat India
- Maheswari Brothers Coal Limited - India
- Vizag Seaport Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Rio Tinto Coal - Australia
- Mercator Lines Limited - India
- MS Steel International - UAE
- Coal and Oil Company - UAE
- CNBM International Corporation - China
- Sojitz Corporation - Japan
- Uttam Galva Steels Limited - India
- Salva Resources Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sical Logistics Limited - India
- Port Waratah Coal Services - Australia
- New Zealand Coal & Carbon
- Romanian Commodities Exchange
- Carbofer General Trading SA - India
- Electricity Generating Authority of Thailand
- GVK Power & Infra Limited - India
- Trasteel International SA, Italy
- Kohat Cement Company Ltd. - Pakistan
- PTC India Limited - India
- Antam Resourcindo - Indonesia
- Kideco Jaya Agung - Indonesia
- CIMB Investment Bank - Malaysia
- Independent Power Producers Association of India
- VISA Power Limited - India
- Xindia Steels Limited - India
- Grasim Industreis Ltd - India
- Globalindo Alam Lestari - Indonesia
- Thiess Contractors Indonesia
- Ambuja Cements Ltd - India
- Kumho Petrochemical, South Korea
- TeaM Sual Corporation - Philippines
- Singapore Mercantile Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kaltim Prima Coal - Indonesia
- Africa Commodities Group - South Africa
- Attock Cement Pakistan Limited
- Timah Investasi Mineral - Indoneisa
- Goldman Sachs - Singapore
- Australian Commodity Traders Exchange
- Energy Development Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Aboitiz Power Corporation - Philippines
- Parry Sugars Refinery, India
- Kobexindo Tractors - Indoneisa
- Jaiprakash Power Ventures ltd
- Energy Link Ltd, New Zealand
- Bayan Resources Tbk. - Indonesia
- Madhucon Powers Ltd - India
- Vedanta Resources Plc - India
- ICICI Bank Limited - India
- Anglo American - United Kingdom
- IHS Mccloskey Coal Group - USA
- Wood Mackenzie - Singapore
- Commonwealth Bank - Australia
- Kepco SPC Power Corporation, Philippines
- Minerals Council of Australia
- Barasentosa Lestari - Indonesia
- Bharathi Cement Corporation - India
- Intertek Mineral Services - Indonesia
- Cement Manufacturers Association - India
- Altura Mining Limited, Indonesia
- Sree Jayajothi Cements Limited - India
- The State Trading Corporation of India Ltd
- Bukit Makmur.PT - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Agrawal Coal Company - India
- Bhoruka Overseas - Indonesia
- Petron Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Leighton Contractors Pty Ltd - Australia
- Neyveli Lignite Corporation Ltd, - India
- Sakthi Sugars Limited - India
- Videocon Industries ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Indika Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Coalindo Energy - Indonesia
- Marubeni Corporation - India
- Central Java Power - Indonesia
- SN Aboitiz Power Inc, Philippines
- Formosa Plastics Group - Taiwan
- Alfred C Toepfer International GmbH - Germany
- Georgia Ports Authority, United States
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Siam City Cement PLC, Thailand
- San Jose City I Power Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Meralco Power Generation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mjunction Services Limited - India
- Holcim Trading Pte Ltd - Singapore
- Indonesian Coal Mining Association
- Mintek Dendrill Indonesia
- Larsen & Toubro Limited - India
- Latin American Coal - Colombia
- Electricity Authority, New Zealand
- Eastern Energy - Thailand
- Coastal Gujarat Power Limited - India
- Karaikal Port Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Directorate Of Revenue Intelligence - India
- Gujarat Mineral Development Corp Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Borneo Indobara - Indonesia
- McConnell Dowell - Australia
- Renaissance Capital - South Africa
- GN Power Mariveles Coal Plant, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Semirara Mining and Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Posco Energy - South Korea
- Medco Energi Mining Internasional
- Indo Tambangraya Megah - Indonesia
- Makarim & Taira - Indonesia
- Indogreen Group - Indonesia
- Interocean Group of Companies - India
- Baramulti Group, Indonesia
- Power Finance Corporation Ltd., India
- Australian Coal Association
- Binh Thuan Hamico - Vietnam
- Lanco Infratech Ltd - India
- Thai Mozambique Logistica
- Oldendorff Carriers - Singapore
- PNOC Exploration Corporation - Philippines
- India Bulls Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Deloitte Consulting - India
- ASAPP Information Group - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Tata Chemicals Ltd - India
- Bangladesh Power Developement Board
- PowerSource Philippines DevCo
- Manunggal Multi Energi - Indonesia
- Samtan Co., Ltd - South Korea
- Bulk Trading Sa - Switzerland
- South Luzon Thermal Energy Corporation
- Aditya Birla Group - India
- Indian Energy Exchange, India
- Bahari Cakrawala Sebuku - Indonesia
- Riau Bara Harum - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- SMC Global Power, Philippines
- Ministry of Finance - Indonesia
- LBH Netherlands Bv - Netherlands
- Sinarmas Energy and Mining - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Straits Asia Resources Limited - Singapore
- Ministry of Mines - Canada
- AsiaOL BioFuels Corp., Philippines
- Therma Luzon, Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Economic Council, Georgia
- Heidelberg Cement - Germany
- Mercuria Energy - Indonesia
- Planning Commission, India
- Edison Trading Spa - Italy
- Iligan Light & Power Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Central Electricity Authority - India
- Simpson Spence & Young - Indonesia
- Metalloyd Limited - United Kingdom
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