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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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Tuesday, 15 September 15
API 5 FOB NEWCASTLE COAL SWAP FOR 4Q' 2015 DELIVERY CLOSED AT $42.71 PER TON ON 11 SEPT, SGX DATA SHOWS
COALspot.com: API 5 FOB Newcastle Coal swap for 4Q’ 2015 delivery declined $0.94 per MT (-2.15%) month over month to US$ 42.71 per mt. The sw ...
Monday, 14 September 15
Q1'16 CFR SOUTH CHINA COAL SWAP DECLINED $1.80 PMT M-M
COALspot.com: API 8 CFR South China Coal swap for 4Q’ 2015 delivery declined just US$ 1.62 (3.21 %) per MT month over month.
A commodity ...
Monday, 14 September 15
MOODY'S LOWERS COMMODITY PRICE ASSUMPTIONS ON MACRO, INDUSTRY FACTORS
COALspot.com: Moody's Investors Service has lowered its base metal price assumptions for 2015-17 as slowing growth in China, lower oil prices, ...
Sunday, 13 September 15
FREIGHT RATES ARE EXPECTED TO BE SOFT NEXT WEEK
COALspot.com: The BDI decreased further by 6.51 per cent or 57 points since last Friday and closed at 818 on 11 September 2015 while the cape index ...
Friday, 11 September 15
SHIPPING MARKETS SHOW MIXED EMOTIONS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has managed to show marginal improvements over the past few days, with the Capesize segment faring better than smaller dry bulk ...
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- Intertek Mineral Services - Indonesia
- Toyota Tsusho Corporation, Japan
- Directorate Of Revenue Intelligence - India
- Power Finance Corporation Ltd., India
- Energy Development Corp, Philippines
- Aditya Birla Group - India
- Coalindo Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- LBH Netherlands Bv - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- Bhushan Steel Limited - India
- Standard Chartered Bank - UAE
- Merrill Lynch Commodities Europe
- Australian Commodity Traders Exchange
- Indika Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Malabar Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- Bukit Baiduri Energy - Indonesia
- Eastern Energy - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Edison Trading Spa - Italy
- IHS Mccloskey Coal Group - USA
- Mercator Lines Limited - India
- Aboitiz Power Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Marubeni Corporation - India
- Meenaskhi Energy Private Limited - India
- Sarangani Energy Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Kepco SPC Power Corporation, Philippines
- MS Steel International - UAE
- London Commodity Brokers - England
- Anglo American - United Kingdom
- Australian Coal Association
- Mjunction Services Limited - India
- Africa Commodities Group - South Africa
- Manunggal Multi Energi - Indonesia
- PowerSource Philippines DevCo
- Lanco Infratech Ltd - India
- Jindal Steel & Power Ltd - India
- San Jose City I Power Corp, Philippines
- Goldman Sachs - Singapore
- Pendopo Energi Batubara - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- ASAPP Information Group - India
- Commonwealth Bank - Australia
- New Zealand Coal & Carbon
- Semirara Mining Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Tata Chemicals Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bhatia International Limited - India
- Banpu Public Company Limited - Thailand
- Savvy Resources Ltd - HongKong
- Krishnapatnam Port Company Ltd. - India
- The State Trading Corporation of India Ltd
- Mintek Dendrill Indonesia
- Antam Resourcindo - Indonesia
- Kideco Jaya Agung - Indonesia
- The University of Queensland
- Miang Besar Coal Terminal - Indonesia
- Renaissance Capital - South Africa
- Thai Mozambique Logistica
- Central Java Power - Indonesia
- Bulk Trading Sa - Switzerland
- Global Business Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Economic Council, Georgia
- Global Green Power PLC Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- CNBM International Corporation - China
- Petrochimia International Co. Ltd.- Taiwan
- TNB Fuel Sdn Bhd - Malaysia
- Ceylon Electricity Board - Sri Lanka
- TeaM Sual Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Therma Luzon, Inc, Philippines
- Ministry of Mines - Canada
- Singapore Mercantile Exchange
- CIMB Investment Bank - Malaysia
- Semirara Mining and Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Oldendorff Carriers - Singapore
- Attock Cement Pakistan Limited
- Price Waterhouse Coopers - Russia
- South Luzon Thermal Energy Corporation
- Sical Logistics Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vedanta Resources Plc - India
- Straits Asia Resources Limited - Singapore
- Madhucon Powers Ltd - India
- Leighton Contractors Pty Ltd - Australia
- International Coal Ventures Pvt Ltd - India
- Eastern Coal Council - USA
- Thiess Contractors Indonesia
- Vizag Seaport Private Limited - India
- Romanian Commodities Exchange
- Formosa Plastics Group - Taiwan
- VISA Power Limited - India
- Samtan Co., Ltd - South Korea
- Energy Link Ltd, New Zealand
- Carbofer General Trading SA - India
- Meralco Power Generation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Grasim Industreis Ltd - India
- Gujarat Sidhee Cement - India
- GAC Shipping (India) Pvt Ltd
- Tamil Nadu electricity Board
- Gujarat Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- Cement Manufacturers Association - India
- Salva Resources Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Maharashtra Electricity Regulatory Commission - India
- Borneo Indobara - Indonesia
- Ambuja Cements Ltd - India
- Deloitte Consulting - India
- SMC Global Power, Philippines
- Globalindo Alam Lestari - Indonesia
- Minerals Council of Australia
- Bharathi Cement Corporation - India
- Electricity Generating Authority of Thailand
- Planning Commission, India
- Altura Mining Limited, Indonesia
- Indonesian Coal Mining Association
- Directorate General of MIneral and Coal - Indonesia
- Metalloyd Limited - United Kingdom
- Chettinad Cement Corporation Ltd - India
- ICICI Bank Limited - India
- Dalmia Cement Bharat India
- India Bulls Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Medco Energi Mining Internasional
- White Energy Company Limited
- SMG Consultants - Indonesia
- Indian Oil Corporation Limited
- Coastal Gujarat Power Limited - India
- Ministry of Finance - Indonesia
- Mercuria Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Bangladesh Power Developement Board
- Asmin Koalindo Tuhup - Indonesia
- IEA Clean Coal Centre - UK
- GMR Energy Limited - India
- Orica Mining Services - Indonesia
- Wood Mackenzie - Singapore
- European Bulk Services B.V. - Netherlands
- Sindya Power Generating Company Private Ltd
- The Treasury - Australian Government
- Wilmar Investment Holdings
- OPG Power Generation Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Jorong Barutama Greston.PT - Indonesia
- Baramulti Group, Indonesia
- Uttam Galva Steels Limited - India
- Parry Sugars Refinery, India
- Riau Bara Harum - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Port Waratah Coal Services - Australia
- Bhoruka Overseas - Indonesia
- Parliament of New Zealand
- Petron Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sojitz Corporation - Japan
- Simpson Spence & Young - Indonesia
- Kobexindo Tractors - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- Independent Power Producers Association of India
- Posco Energy - South Korea
- Rio Tinto Coal - Australia
- Agrawal Coal Company - India
- Siam City Cement - Thailand
- PNOC Exploration Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Iligan Light & Power Inc, Philippines
- Indogreen Group - Indonesia
- Bayan Resources Tbk. - Indonesia
- Makarim & Taira - Indonesia
- GVK Power & Infra Limited - India
- PTC India Limited - India
- Electricity Authority, New Zealand
- Heidelberg Cement - Germany
- Bukit Makmur.PT - Indonesia
- Chamber of Mines of South Africa
- Georgia Ports Authority, United States
- Latin American Coal - Colombia
- Essar Steel Hazira Ltd - India
- Coal and Oil Company - UAE
- Alfred C Toepfer International GmbH - Germany
- Xindia Steels Limited - India
- Central Electricity Authority - India
- Kalimantan Lumbung Energi - Indonesia
- McConnell Dowell - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Star Paper Mills Limited - India
- Karaikal Port Pvt Ltd - India
- Larsen & Toubro Limited - India
- Global Coal Blending Company Limited - Australia
- Kaltim Prima Coal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Interocean Group of Companies - India
- Videocon Industries ltd - India
- Rashtriya Ispat Nigam Limited - India
- Sakthi Sugars Limited - India
- Indian Energy Exchange, India
- Ind-Barath Power Infra Limited - India
- Jaiprakash Power Ventures ltd
- Trasteel International SA, Italy
- Siam City Cement PLC, Thailand
- PetroVietnam Power Coal Import and Supply Company
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