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Sunday, 25 October 15
DRY BULK SHIP OWNERS ARE LOOKING TO CHINA'S POLICIES FOR CUES ON FUTURE MARKET DEMAND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
 China’s hard or softer landing is a thing which has troubled dry bulk shipping for a couple of years now, as owners have been hit by the country’s diminishing demand for bulk commodities like iron ore and most importantly coal, which has shown the biggest declines, in terms of imports. As such, any adjustment in the country’s fiscal policy is noted with interest, as it can offer a template for one to try to determine future demand.
According to the latest weekly report from shipbroker Allied Shipbroking, “much has been said these past days regarding China’s recently announced fresh stimulus program, with many hoping this should be sufficient to generate the economic boost that’s been much needed this past year. With the announcement from the Central bank on Monday markets started to rally while many out the started to hold expectations that more is under way. Yet will this be enough to boost the fundamentals in the Chinese economy that typically drive dry bulk demand and is it enough to sustain enough upward market momentum?
Allied’s George Lazaridis, Head of Market Research & Asset Valuations said that “the structure of this recent plan is unlikely typical stimulus plans conducted by the central Chinese government in the past, while in its essence it shares more in common with typical quantitative easing schemes undertaken by most of the OECD countries. The bare bone breakdown of the plan is for China’s central bank to expand its pilot program in which it tries to boost bank’s lending abilities. This is set to be done through the allowance of banks to use up a variety of the assets (including bank loans) as collateral to secure the borrowing of funds from the central bank. Up to now the program is currently running in Shandong and Guangdong, while the current plan is to expand it over to nine provinces including Shanghai and Beijing. Although in its current form it is mainly directed in boosting and providing support for small and medium-sized companies, it is unlikely to provide anything close to the effect that was generated during stimulus plans of the past that were primarily used for infrastructure projects, nor is its size likely to be anywhere close to the 4-trillion-yuan stimulus packages. What’s more is that it’s become more and more clear that the central government is unlikely to return back to the old style of stimulus, while it will likely continue to focus on more specialised and directed measures”, Lazaridis noted.
He also wondered why is this however likely to miss in its most part the dry bulk market? According to the analyst, “the main difference here is the plan’s current direction, while even indirectly through the easing of liquidity we are unlikely to see strong interest generated for the traditional heavy industries which are already facing overcapacity problems. Therefore expectations are for limited if any re-investment in construction, real estate or even heavy industry, while the economic shift towards a more consumer based economy and less so export oriented, will inevitably push funds towards things like agriculture, retail and in general services. This should not be taken as such a bad thing, as with the economy widening its production base and boosting the wealth of its consumers and allowing for a continual growth in its workforce it is able to generate significant levels of demand that will not only be able to more quickly absorb any overcapacity issues in the heavy industries, but will also be able to provide the demand that could inevitably allow for other developing countries to eventually generate their own export oriented growth models through Chinese demand for imports. The problem with this is that in its current form we are talking about a very slow process”.
He went on to note that “as such and in conclusion to what we expect to see from the most recent stimulus package, it looks as though it’s wise to hold a cautious view. We have not seen any significant evidence of a turnaround in China just yet and although the recent manufacturing data showed a slight improvement, exports are still expected to remain in decline from a year ago. What we expect to be a positive outcome is hopefully in sentiment and renewed confidence in the central government itself”, Lazaridis concluded.
Source: Nikos Roussanoglou, Hellenic Shipping New
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Tuesday, 03 November 15
API 5 FOB NEWCASTLE COAL SWAPS DECLINE CONTINUES
COALspot.com: API 5 FOB Newcastle Coal swap for Q4’ 2015 delivery slid $1.84 per ton (4.34%) month over month to US$ 40.54 per ton. The swap ...
Tuesday, 03 November 15
EU OIL MAJORS FACE FURTHER EARNINGS DECLINE IN Q415 - FITCH RATINGS
The sharp drop in major European oil companies' third-quarter profits is likely to be extended in the fourth quarter as refining margins, which ...
Monday, 02 November 15
DESPITE CHALLENGING MARKET CONDITIONS, ADARO LOWERS COSTS, DEBT AND DELIVERS STRONG FREE CASH FLOW
COALspot.com: Despite challenging market conditions, Adaro lowers costs, lowers debt and delivers strong free cash flow.
The Indonesia’s ...
Monday, 02 November 15
CFR SOUTH CHINA COAL SWAPS CLOSED ON A WEAK NOTE
COALspot.com: API 8 CFR South China Coal swap for 4Q’ 2015 delivery declined US$ 1.81(3.71 %) per ton month over month.
A commodity swap ...
Sunday, 01 November 15
THE FREIGHT MARKET SENTIMENT REMAINS WEAK
This week’s freight market sentiment remains weak compared to last week.
The Baltic Dry Index (BDI), an economic indicator issued daily ...
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- Sojitz Corporation - Japan
- Parry Sugars Refinery, India
- Orica Mining Services - Indonesia
- Australian Coal Association
- Kohat Cement Company Ltd. - Pakistan
- Latin American Coal - Colombia
- Ind-Barath Power Infra Limited - India
- Jaiprakash Power Ventures ltd
- Formosa Plastics Group - Taiwan
- IEA Clean Coal Centre - UK
- Jorong Barutama Greston.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Energy Development Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Posco Energy - South Korea
- Minerals Council of Australia
- International Coal Ventures Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Meenaskhi Energy Private Limited - India
- Central Electricity Authority - India
- Ceylon Electricity Board - Sri Lanka
- Barasentosa Lestari - Indonesia
- Eastern Energy - Thailand
- Straits Asia Resources Limited - Singapore
- Attock Cement Pakistan Limited
- Directorate General of MIneral and Coal - Indonesia
- McConnell Dowell - Australia
- The University of Queensland
- Offshore Bulk Terminal Pte Ltd, Singapore
- Australian Commodity Traders Exchange
- Chamber of Mines of South Africa
- Edison Trading Spa - Italy
- Meralco Power Generation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Asmin Koalindo Tuhup - Indonesia
- Semirara Mining Corp, Philippines
- Ambuja Cements Ltd - India
- Coastal Gujarat Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Bukit Makmur.PT - Indonesia
- Vedanta Resources Plc - India
- TeaM Sual Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Trasteel International SA, Italy
- Pipit Mutiara Jaya. PT, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Semirara Mining and Power Corporation, Philippines
- PTC India Limited - India
- Sical Logistics Limited - India
- SMG Consultants - Indonesia
- San Jose City I Power Corp, Philippines
- Siam City Cement - Thailand
- Global Green Power PLC Corporation, Philippines
- Riau Bara Harum - Indonesia
- Pendopo Energi Batubara - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Maharashtra Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- GMR Energy Limited - India
- Port Waratah Coal Services - Australia
- Kobexindo Tractors - Indoneisa
- Economic Council, Georgia
- Videocon Industries ltd - India
- Commonwealth Bank - Australia
- Aboitiz Power Corporation - Philippines
- The State Trading Corporation of India Ltd
- Standard Chartered Bank - UAE
- Baramulti Group, Indonesia
- Power Finance Corporation Ltd., India
- Carbofer General Trading SA - India
- Indogreen Group - Indonesia
- Madhucon Powers Ltd - India
- Dalmia Cement Bharat India
- CIMB Investment Bank - Malaysia
- GN Power Mariveles Coal Plant, Philippines
- SN Aboitiz Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Simpson Spence & Young - Indonesia
- Petron Corporation, Philippines
- Lanco Infratech Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Coal and Oil Company - UAE
- Ministry of Finance - Indonesia
- Xindia Steels Limited - India
- Intertek Mineral Services - Indonesia
- Marubeni Corporation - India
- Salva Resources Pvt Ltd - India
- SMC Global Power, Philippines
- Price Waterhouse Coopers - Russia
- Bhoruka Overseas - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Mercuria Energy - Indonesia
- Bhatia International Limited - India
- Mintek Dendrill Indonesia
- South Luzon Thermal Energy Corporation
- Chettinad Cement Corporation Ltd - India
- Banpu Public Company Limited - Thailand
- GAC Shipping (India) Pvt Ltd
- Therma Luzon, Inc, Philippines
- MS Steel International - UAE
- Binh Thuan Hamico - Vietnam
- PowerSource Philippines DevCo
- Eastern Coal Council - USA
- The Treasury - Australian Government
- Mercator Lines Limited - India
- Makarim & Taira - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Energy Link Ltd, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Karaikal Port Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Bangladesh Power Developement Board
- Sindya Power Generating Company Private Ltd
- OPG Power Generation Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Renaissance Capital - South Africa
- Samtan Co., Ltd - South Korea
- AsiaOL BioFuels Corp., Philippines
- Sree Jayajothi Cements Limited - India
- Kumho Petrochemical, South Korea
- Central Java Power - Indonesia
- Electricity Authority, New Zealand
- Savvy Resources Ltd - HongKong
- Sakthi Sugars Limited - India
- Heidelberg Cement - Germany
- CNBM International Corporation - China
- Maheswari Brothers Coal Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Rio Tinto Coal - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Agrawal Coal Company - India
- Parliament of New Zealand
- Larsen & Toubro Limited - India
- Star Paper Mills Limited - India
- Africa Commodities Group - South Africa
- Wood Mackenzie - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Georgia Ports Authority, United States
- London Commodity Brokers - England
- Malabar Cements Ltd - India
- Coalindo Energy - Indonesia
- ASAPP Information Group - India
- Medco Energi Mining Internasional
- Global Business Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Singapore Mercantile Exchange
- Goldman Sachs - Singapore
- Iligan Light & Power Inc, Philippines
- Merrill Lynch Commodities Europe
- Thai Mozambique Logistica
- Vizag Seaport Private Limited - India
- Gujarat Sidhee Cement - India
- Essar Steel Hazira Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Antam Resourcindo - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Independent Power Producers Association of India
- Bukit Baiduri Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Kalimantan Lumbung Energi - Indonesia
- Indo Tambangraya Megah - Indonesia
- Electricity Generating Authority of Thailand
- Deloitte Consulting - India
- Ministry of Mines - Canada
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Manunggal Multi Energi - Indonesia
- Mjunction Services Limited - India
- Planning Commission, India
- Romanian Commodities Exchange
- Indika Energy - Indonesia
- Ministry of Transport, Egypt
- Wilmar Investment Holdings
- Krishnapatnam Port Company Ltd. - India
- India Bulls Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Indonesian Coal Mining Association
- Indian Energy Exchange, India
- ICICI Bank Limited - India
- Kideco Jaya Agung - Indonesia
- Aditya Birla Group - India
- Bhushan Steel Limited - India
- Anglo American - United Kingdom
- Global Coal Blending Company Limited - Australia
- Directorate Of Revenue Intelligence - India
- Orica Australia Pty. Ltd.
- Timah Investasi Mineral - Indoneisa
- GVK Power & Infra Limited - India
- Interocean Group of Companies - India
- Altura Mining Limited, Indonesia
- Siam City Cement PLC, Thailand
- Metalloyd Limited - United Kingdom
- Tamil Nadu electricity Board
- Leighton Contractors Pty Ltd - Australia
- Uttam Galva Steels Limited - India
- Indian Oil Corporation Limited
- Bharathi Cement Corporation - India
- Bulk Trading Sa - Switzerland
- Tata Chemicals Ltd - India
- VISA Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Oldendorff Carriers - Singapore
- LBH Netherlands Bv - Netherlands
- Globalindo Alam Lestari - Indonesia
- Borneo Indobara - Indonesia
- Grasim Industreis Ltd - India
- Thiess Contractors Indonesia
- Cement Manufacturers Association - India
- New Zealand Coal & Carbon
- Toyota Tsusho Corporation, Japan
- White Energy Company Limited
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Electricity Regulatory Commission - India
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