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Tuesday, 30 May 17
MARKET ANALYSIS - GEORGE LAZARIDIS
 Despite the fair performance that has been noted in the Chinese economy over the past 5 months, we have started to see an increase in the skepticism and fear as to the upcoming prospects of the world’s second largest economy. In part the majority of this emerging sentiment has to do with some of the most recent figures coming out of China with regards to its imports, urging many to take further weight onto the idea that the recent tightening of financing and clearing out of excesses by the government has likely starting to lead to a further slowdown that has only just started to show face, said George Lazaridis of Allied Shipping in his latest weekly report.
Furthermore, it seems as though many have rushed to embrace this as a scenario, feeding with their preconceptions that the excessive debt problem in China and the bubble effects they have been mentioning several times over the past years in terms of real estate and financial markets have started to play their part.
Allied Shipping’s analyst further noted that often with these latter preconceptions is the connection with what we have seen historically in other emerging markets in the past and the most usual comparison is that of the course we witnessed back in the 1980’s in Japan’s economy. With the number of similarities now increasing even further as to how Japan’s economy failed before the bubble collapsed and the figures coming out of China today. China just like Japan back then, is now the world’s second-largest economy, supplying just over 20% of US imports (just as Japan did back in the 80’s) and providing 40 percent of the global economy’s annual growth. More importantly, many of the similarities relate to the debt held, with China’s total debt now holding at 2505 of GDP and non-financial corporate debt-to-GDP ratio reaching a total of 155%. To many the similarities are too great, confirming their affirmation that China’s economic behavior as a bubble-like market is unlikely to end well.
The analyst further said in his report, there are however some very notable differences. Chinese investment outside of China has not been limited to snapping up of western real estate and large corporations. Being an economy largely directed by its government with firm planning, there has been a great deal of investment that has taken place which is more in line with the policies undertaken by the United States in the start of the 20th Century, with a focus on securing raw resources as well as helping to beef up satellite emerging markets that could prove to be future consumers of its large-scale exports. At the same time, a large percentage of its economy is still in the grips of the government, as such allowing for more gradual smoothing and corrections to be made rather than a full out bubble burst. Obviously, this hasn’t always worked perfectly as the collapse of its stock market bubble in 2015 testifies. It seems as though there is a whole lot of investment being undertaken that has yet to bear fruits from which a more stable picture of the Chinese economy can emerge, yet as you look at the course of its market’s focus over the past 10 years, it has shown an ability to maneuver its targets and focus and find sources of growth beyond just the major developed economies such as the U.S. and Europe.
For the time being there has been a slowdown compared to the record production and import levels that were being noted earlier in the year, yet its engine of growth seems to still have plenty more momentum to go on at least for the near-term. Even if these fears are founded, it does not seem to be something of major concern, for now, he concluded.
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Wednesday, 28 September 16
WITHOUT A DOUBT FREIGHT RATES HAVE MOVED UP A BIT TO HEALTHIER LEVELS - INTERMODAL
As we are approaching Q4, it is interesting to perform a review of the last nine months with respect to the second-hand prices of Supramax and Pana ...
Tuesday, 27 September 16
THE CAPESIZE RATE OF INCREASE HAS BEEN IMPRESSIVE, UP 39% W/W AND 123% MONTH TO DATE - ALLIED
The Dry bulk market has seen a rare shine in its performance as the capesize sector manages to rally at an unprecedented rate compared to its perfo ...
Monday, 26 September 16
COAL PRICES HAVE BEEN MOVING STEADILY HIGHER AFTER YEARS OF DECLINE
COALspot.com: A rally in thermal coal prices over the past few months, after years of decline, is still continuing and it is expected to rally at l ...
Monday, 26 September 16
THE FREIGHT MARKET WAS FIRM; ALL SEGMENTS WERE UP THIS PAST WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose and ending in a positive note this past week. The BD ...
Friday, 23 September 16
"COLLATERAL LIES" DO NOT NECESSARILY UNDERMINE AN INSURANCE CLAIM
KNOWLEDGE TO ELEVATE
An insured was not precluded from recovering under an insurance policy even though it had made a false statement during t ...
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- PTC India Limited - India
- PowerSource Philippines DevCo
- Xindia Steels Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Siam City Cement PLC, Thailand
- Makarim & Taira - Indonesia
- Salva Resources Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Aboitiz Power Corporation - Philippines
- Australian Coal Association
- Minerals Council of Australia
- Semirara Mining Corp, Philippines
- Energy Development Corp, Philippines
- Indika Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Toyota Tsusho Corporation, Japan
- GMR Energy Limited - India
- Bhushan Steel Limited - India
- Riau Bara Harum - Indonesia
- Medco Energi Mining Internasional
- IHS Mccloskey Coal Group - USA
- Kalimantan Lumbung Energi - Indonesia
- Indogreen Group - Indonesia
- Coastal Gujarat Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Orica Mining Services - Indonesia
- European Bulk Services B.V. - Netherlands
- Jindal Steel & Power Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- Rashtriya Ispat Nigam Limited - India
- Petron Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- International Coal Ventures Pvt Ltd - India
- Wilmar Investment Holdings
- Kumho Petrochemical, South Korea
- Price Waterhouse Coopers - Russia
- Marubeni Corporation - India
- Kaltim Prima Coal - Indonesia
- Merrill Lynch Commodities Europe
- Thai Mozambique Logistica
- PNOC Exploration Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Trasteel International SA, Italy
- Gujarat Sidhee Cement - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhoruka Overseas - Indonesia
- Borneo Indobara - Indonesia
- Anglo American - United Kingdom
- Bharathi Cement Corporation - India
- Kobexindo Tractors - Indoneisa
- Karaikal Port Pvt Ltd - India
- Coal and Oil Company - UAE
- GN Power Mariveles Coal Plant, Philippines
- The State Trading Corporation of India Ltd
- Timah Investasi Mineral - Indoneisa
- Larsen & Toubro Limited - India
- Standard Chartered Bank - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Interocean Group of Companies - India
- Antam Resourcindo - Indonesia
- Baramulti Group, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Cement Manufacturers Association - India
- Ceylon Electricity Board - Sri Lanka
- Altura Mining Limited, Indonesia
- Parliament of New Zealand
- AsiaOL BioFuels Corp., Philippines
- Directorate Of Revenue Intelligence - India
- Mercuria Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Iligan Light & Power Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Ministry of Mines - Canada
- Meralco Power Generation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- New Zealand Coal & Carbon
- Deloitte Consulting - India
- Posco Energy - South Korea
- Tamil Nadu electricity Board
- Energy Link Ltd, New Zealand
- Cigading International Bulk Terminal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Goldman Sachs - Singapore
- Heidelberg Cement - Germany
- TeaM Sual Corporation - Philippines
- VISA Power Limited - India
- Barasentosa Lestari - Indonesia
- Bulk Trading Sa - Switzerland
- Chamber of Mines of South Africa
- Oldendorff Carriers - Singapore
- Attock Cement Pakistan Limited
- Global Business Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Videocon Industries ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Chettinad Cement Corporation Ltd - India
- Bukit Makmur.PT - Indonesia
- Mjunction Services Limited - India
- SMC Global Power, Philippines
- Star Paper Mills Limited - India
- Leighton Contractors Pty Ltd - Australia
- Globalindo Alam Lestari - Indonesia
- Singapore Mercantile Exchange
- Carbofer General Trading SA - India
- Binh Thuan Hamico - Vietnam
- Parry Sugars Refinery, India
- Ambuja Cements Ltd - India
- Jaiprakash Power Ventures ltd
- Lanco Infratech Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- CNBM International Corporation - China
- Indian Energy Exchange, India
- Holcim Trading Pte Ltd - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- ICICI Bank Limited - India
- Electricity Generating Authority of Thailand
- Mintek Dendrill Indonesia
- Renaissance Capital - South Africa
- Eastern Coal Council - USA
- Alfred C Toepfer International GmbH - Germany
- Samtan Co., Ltd - South Korea
- Formosa Plastics Group - Taiwan
- Mercator Lines Limited - India
- Sical Logistics Limited - India
- Grasim Industreis Ltd - India
- Edison Trading Spa - Italy
- Kapuas Tunggal Persada - Indonesia
- The Treasury - Australian Government
- Vedanta Resources Plc - India
- White Energy Company Limited
- Gujarat Mineral Development Corp Ltd - India
- India Bulls Power Limited - India
- Ind-Barath Power Infra Limited - India
- Ministry of Transport, Egypt
- Intertek Mineral Services - Indonesia
- Sindya Power Generating Company Private Ltd
- Romanian Commodities Exchange
- Kepco SPC Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement - Thailand
- Commonwealth Bank - Australia
- Eastern Energy - Thailand
- Dalmia Cement Bharat India
- Jorong Barutama Greston.PT - Indonesia
- Sojitz Corporation - Japan
- SMG Consultants - Indonesia
- Coalindo Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Bayan Resources Tbk. - Indonesia
- London Commodity Brokers - England
- OPG Power Generation Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Independent Power Producers Association of India
- Tata Chemicals Ltd - India
- Economic Council, Georgia
- Africa Commodities Group - South Africa
- Agrawal Coal Company - India
- IEA Clean Coal Centre - UK
- MS Steel International - UAE
- Vizag Seaport Private Limited - India
- Kartika Selabumi Mining - Indonesia
- Bangladesh Power Developement Board
- Metalloyd Limited - United Kingdom
- Therma Luzon, Inc, Philippines
- Savvy Resources Ltd - HongKong
- Essar Steel Hazira Ltd - India
- Indian Oil Corporation Limited
- Maheswari Brothers Coal Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Banpu Public Company Limited - Thailand
- Indonesian Coal Mining Association
- Planning Commission, India
- Central Electricity Authority - India
- Indo Tambangraya Megah - Indonesia
- SN Aboitiz Power Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Australian Commodity Traders Exchange
- Miang Besar Coal Terminal - Indonesia
- Malabar Cements Ltd - India
- LBH Netherlands Bv - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- Simpson Spence & Young - Indonesia
- Sree Jayajothi Cements Limited - India
- Bukit Baiduri Energy - Indonesia
- McConnell Dowell - Australia
- Electricity Authority, New Zealand
- Sakthi Sugars Limited - India
- South Luzon Thermal Energy Corporation
- The University of Queensland
- Latin American Coal - Colombia
- GVK Power & Infra Limited - India
- Wood Mackenzie - Singapore
- GAC Shipping (India) Pvt Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Aditya Birla Group - India
- Sinarmas Energy and Mining - Indonesia
- Manunggal Multi Energi - Indonesia
- San Jose City I Power Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Finance - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Central Java Power - Indonesia
- Rio Tinto Coal - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Port Waratah Coal Services - Australia
- Meenaskhi Energy Private Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Georgia Ports Authority, United States
- Sarangani Energy Corporation, Philippines
- Bhatia International Limited - India
- ASAPP Information Group - India
- Madhucon Powers Ltd - India
- Thiess Contractors Indonesia
- Pendopo Energi Batubara - Indonesia
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