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Monday, 22 July 13
DRY BULK MARKET DIFFICULT TO MAINTAIN POSITIVE DRIVE CLAIMS SHIPBROKER - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
 The dry bulk market has seen a significant recovery in recent weeks, leading most ship classes to earnings above their operating expenses, thus bringing a huge sigh of relief to their respective owners. But still, fundamentals remain negative and it's claimed that the market will find it hard to sustain such levels of freight rates in the long term. According to shipbrokers' Intermodal's sales and purchase broker, Yannis Olziersky, "shipping rates are unlikely to keep their positive momentum, as demand continues to outpace the growth of supply despite the fact that shipping capacity growth now stands at below 7%, which is the lowest in the dry bulk market since the end of 2009".
According to his argument, "shipping capacity had a huge run over the past years, driven by large volume of new orders, as people in the industry expected global trade growth to continue at a equal pace. However this expectation failed to materialize as the global economic crisis weighed down on expansion of both the developed economies, like the EU and the US as well as on many emerging economies like China. With the latter’s government having chosen to tolerate lower economic growth in order to successfully implement reforms but also better support longer-term economic growth on a more sustainable path", Olziersky said.
He added that "economic indicators are not offering any positive signs, neither for the more developed economies, nor for the emerging ones. The main driving force of global economic growth for the past years, China, is slowing down from a 10 per cent annual growth witnessed over the last decade, down to a 7.5 per cent this year and with a target of 6 per cent for the decade to come. The long anticipated urbanization plan of 1 trillion Yuan, which had been announced by China is not going to jump-start the economy any time soon as the new “style” of urbanization that China is aiming for is more “people-centric” rather than infrastructure focused, a fact that which will balloon the economy further. At the same time vessel removals are continuing at a satisfactory pace and capacity growth stands at its lowest level since 2009, a combination of factors that is mandatory for healthier times to come. Our industry is still in “dire straits”, however as is widely accepted, crisis gives birth to opportunities and the most successful investments, especially in shipping's competitive and volatile environment, are given birth by well-placed investment decisions in the most difficult of times", Olziersky concluded in his argument.
Meanwhile, in a separate report from Intermodal's George Dermatis, on the course of the Chinese economy, it was noted that "as the first half of 2013 progressed, market pundits and analysts alike realized that the much trailed big and painful shift in China's GDP model is truly underway. Any skeptics of this claim, feel free to ask the Chinese banks who felt the wrath of government regulators last month as the cash crunch in China's interbank lending market has only further exposed the fundamental problem of its economic distortions. For policymakers who are still pondering whether to pursue restructuring or growth, the answer seems more obvious than ever: there can be no growth without restructuring", Dermatis said in a recent analysis.
He went on to note that "over the past 10 years China has relied on a development model that uses high debt towards large –predominantly state owned - companies to finance growth, with much of the capital invested in unproductive sectors such as property and financial products. Regulators seem to understand that sustainability cannot occur without targeting the problems of excess capacity and high debt through the encouragement/development of private enterprises. Support should only follow companies that can survive in a competitive arena and what better industry to challenge the boundaries of international competition than shipping.
It is easy for shipping analysts and all other parties involved within the maritime industry to relate themselves with inefficiencies of Chinese finance; whilst “too big to fail” companies keep receiving finance and loans for over leveraged projects based on exuberant asset values, there are serious, conservative and cash rich private entities that are below the radar of most Chinese banks.
Clearly the fewer distortions in an economy, the faster the market can recover and adjust. As China is following the same route of most western economies in deleveraging to bring risks down, one must not forget that China is in a much better position now that the USA was 5 years ago; "Insurance companies, social security funds, foreign exchange savings and private savings are all sources that could be tapped to meet the demand for capital", he stated.
He concluded by noting that "eventually, some measures, including the intensified property tightening campaign, new rules to curb misuse of public funds and the exit from some previous stimulus policies, have taken their toll on growth and whilst analysts argue this is only for the short term, it remains to be seen what the nett effect will be for the long run. Whilst many “western” reports have once again taken their typical stance of overly dramatizing the position of the Chinese economy, we must not forget that policymakers in China were the ones who shed light on these issues and look determined in carving the path for future sustainable growth".
Source: Nikos Roussanoglou, Hellenic Shipping News
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Tuesday, 30 July 13
KOMIPO INVITES BIDS FOR 520,000 MT OF 5,700 KCAL/KG COAL ON NAR BASIS FOR H1, 2014
COALspot.com : Korea Midland Power Co., Ltd. has invited bids for 520,000 Metric Tons (MT) of coal with calorific value 5,700 kcal/kg on NAR basis f ...
Tuesday, 30 July 13
AUSTRALIA'S NEWCASTLE SHIPPED 12.58 PERCENT LESS COAL W-O-W
COALspot.com: Newcastle port in Australia has loaded 2,945,848 tons of coal for the week ended 0700 hours 29 July 2013, Newcastle Port Corp. s ...
Monday, 29 July 13
INDONESIA'S ENERGY NEEDS COULD SPELL GOOD NEWS FOR TANKER OWNERS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Despite abundant energy resources, Indonesia has still failed meet its own demand, which led to a rising import of crude. According to the latest we ...
Sunday, 28 July 13
SUB-BIT INDONESIA COAL SWAP UP SLIGHTLY FOR SEPTEMBER CARGOES
COALspot.com – Sub-Bit Indonesia coal swaps (FOB ) for average September 2013 delivery slightly up on day and week but fell on month on ...
Saturday, 27 July 13
CEPL INDIA TO BAG 0.3 MILLION TONS OF COAL SUPPLY ORDER FROM TNPL
COALspot.com - An India based coal trader Coastal Energy Private Limited has offered the lowest price of US$ 73.00 per metric ton for calorific valu ...
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- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Renaissance Capital - South Africa
- Posco Energy - South Korea
- Indian Oil Corporation Limited
- Aboitiz Power Corporation - Philippines
- Attock Cement Pakistan Limited
- Larsen & Toubro Limited - India
- Vizag Seaport Private Limited - India
- Essar Steel Hazira Ltd - India
- Parry Sugars Refinery, India
- Gujarat Mineral Development Corp Ltd - India
- Intertek Mineral Services - Indonesia
- Pendopo Energi Batubara - Indonesia
- Thiess Contractors Indonesia
- Planning Commission, India
- Chettinad Cement Corporation Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Orica Australia Pty. Ltd.
- Ministry of Transport, Egypt
- Semirara Mining and Power Corporation, Philippines
- Marubeni Corporation - India
- Merrill Lynch Commodities Europe
- Toyota Tsusho Corporation, Japan
- OPG Power Generation Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- ASAPP Information Group - India
- Jaiprakash Power Ventures ltd
- ICICI Bank Limited - India
- Riau Bara Harum - Indonesia
- Bharathi Cement Corporation - India
- AsiaOL BioFuels Corp., Philippines
- Eastern Energy - Thailand
- Mjunction Services Limited - India
- Bulk Trading Sa - Switzerland
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement PLC, Thailand
- Energy Link Ltd, New Zealand
- Ministry of Mines - Canada
- Therma Luzon, Inc, Philippines
- Aditya Birla Group - India
- The Treasury - Australian Government
- Kalimantan Lumbung Energi - Indonesia
- India Bulls Power Limited - India
- Directorate Of Revenue Intelligence - India
- The University of Queensland
- Iligan Light & Power Inc, Philippines
- Vedanta Resources Plc - India
- Savvy Resources Ltd - HongKong
- Mintek Dendrill Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Mercuria Energy - Indonesia
- Heidelberg Cement - Germany
- Gujarat Electricity Regulatory Commission - India
- SMC Global Power, Philippines
- Latin American Coal - Colombia
- London Commodity Brokers - England
- Price Waterhouse Coopers - Russia
- Grasim Industreis Ltd - India
- Africa Commodities Group - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Sidhee Cement - India
- Bhoruka Overseas - Indonesia
- Georgia Ports Authority, United States
- SMG Consultants - Indonesia
- Formosa Plastics Group - Taiwan
- White Energy Company Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Wood Mackenzie - Singapore
- Asmin Koalindo Tuhup - Indonesia
- GMR Energy Limited - India
- Maheswari Brothers Coal Limited - India
- Tamil Nadu electricity Board
- Vijayanagar Sugar Pvt Ltd - India
- Thai Mozambique Logistica
- IEA Clean Coal Centre - UK
- Holcim Trading Pte Ltd - Singapore
- CNBM International Corporation - China
- Antam Resourcindo - Indonesia
- Manunggal Multi Energi - Indonesia
- SN Aboitiz Power Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Bukit Asam (Persero) Tbk - Indonesia
- Singapore Mercantile Exchange
- Independent Power Producers Association of India
- Interocean Group of Companies - India
- Straits Asia Resources Limited - Singapore
- Altura Mining Limited, Indonesia
- Meenaskhi Energy Private Limited - India
- Medco Energi Mining Internasional
- Lanco Infratech Ltd - India
- Uttam Galva Steels Limited - India
- Sindya Power Generating Company Private Ltd
- Leighton Contractors Pty Ltd - Australia
- Samtan Co., Ltd - South Korea
- Bukit Baiduri Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Minerals Council of Australia
- Goldman Sachs - Singapore
- Kepco SPC Power Corporation, Philippines
- Sakthi Sugars Limited - India
- VISA Power Limited - India
- Electricity Authority, New Zealand
- Ambuja Cements Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Edison Trading Spa - Italy
- Deloitte Consulting - India
- Global Business Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Indonesian Coal Mining Association
- Metalloyd Limited - United Kingdom
- Billiton Holdings Pty Ltd - Australia
- New Zealand Coal & Carbon
- PTC India Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Petrochimia International Co. Ltd.- Taiwan
- Karaikal Port Pvt Ltd - India
- Carbofer General Trading SA - India
- GVK Power & Infra Limited - India
- Semirara Mining Corp, Philippines
- Kumho Petrochemical, South Korea
- Coalindo Energy - Indonesia
- Dalmia Cement Bharat India
- Ind-Barath Power Infra Limited - India
- IHS Mccloskey Coal Group - USA
- Indian Energy Exchange, India
- CIMB Investment Bank - Malaysia
- Star Paper Mills Limited - India
- Borneo Indobara - Indonesia
- TeaM Sual Corporation - Philippines
- Port Waratah Coal Services - Australia
- PNOC Exploration Corporation - Philippines
- Central Electricity Authority - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Baramulti Group, Indonesia
- Tata Chemicals Ltd - India
- Electricity Generating Authority of Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Kaltim Prima Coal - Indonesia
- Kobexindo Tractors - Indoneisa
- LBH Netherlands Bv - Netherlands
- Neyveli Lignite Corporation Ltd, - India
- South Luzon Thermal Energy Corporation
- Kapuas Tunggal Persada - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Australian Coal Association
- Mercator Lines Limited - India
- Sical Logistics Limited - India
- Globalindo Alam Lestari - Indonesia
- PowerSource Philippines DevCo
- McConnell Dowell - Australia
- Karbindo Abesyapradhi - Indoneisa
- Bhushan Steel Limited - India
- European Bulk Services B.V. - Netherlands
- Bank of Tokyo Mitsubishi UFJ Ltd
- Central Java Power - Indonesia
- Malabar Cements Ltd - India
- San Jose City I Power Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Indogreen Group - Indonesia
- Sree Jayajothi Cements Limited - India
- Power Finance Corporation Ltd., India
- Makarim & Taira - Indonesia
- Bayan Resources Tbk. - Indonesia
- Commonwealth Bank - Australia
- The State Trading Corporation of India Ltd
- Chamber of Mines of South Africa
- Eastern Coal Council - USA
- Krishnapatnam Port Company Ltd. - India
- Global Coal Blending Company Limited - Australia
- Sinarmas Energy and Mining - Indonesia
- Indika Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- MS Steel International - UAE
- Coal and Oil Company - UAE
- Madhucon Powers Ltd - India
- International Coal Ventures Pvt Ltd - India
- Videocon Industries ltd - India
- Cement Manufacturers Association - India
- Oldendorff Carriers - Singapore
- Miang Besar Coal Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Petron Corporation, Philippines
- Agrawal Coal Company - India
- Banpu Public Company Limited - Thailand
- Alfred C Toepfer International GmbH - Germany
- Barasentosa Lestari - Indonesia
- Meralco Power Generation, Philippines
- Parliament of New Zealand
- Simpson Spence & Young - Indonesia
- Wilmar Investment Holdings
- Australian Commodity Traders Exchange
- Bukit Makmur.PT - Indonesia
- Rio Tinto Coal - Australia
- Energy Development Corp, Philippines
- Standard Chartered Bank - UAE
- Siam City Cement - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Orica Mining Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- Xindia Steels Limited - India
- Anglo American - United Kingdom
- Trasteel International SA, Italy
- Coastal Gujarat Power Limited - India
- Bangladesh Power Developement Board
- Pipit Mutiara Jaya. PT, Indonesia
- Global Green Power PLC Corporation, Philippines
- Bhatia International Limited - India
- Romanian Commodities Exchange
- Timah Investasi Mineral - Indoneisa
- Ministry of Finance - Indonesia
- Sojitz Corporation - Japan
- Kartika Selabumi Mining - Indonesia
- Economic Council, Georgia
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