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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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Saturday, 27 July 13
INDONESIA TO INDIA SUPRAMAX FREIGHT RATES ARE EXPECTED TO REMAIN STEADY - CAPT.REDDY
COALspot.com : The freight market seemed to soften this week with BDI , Cape and Panamax indices dropped average 5 percent on week.
The BDI was d ...
Thursday, 25 July 13
CAPESIZE : PACIFIC AND ATLANTIC RATES ARE HOLDING STEADY - FEARNLEYS AS
Handy
The Far East market remains quiet even if some Indo coal trip orders were fed in the market at early this week. Prompt ships passing Singapor ...
Thursday, 25 July 13
SUMMER LULL CHIPPING AWAY RECENT GAINS IN DRY BULK FREIGHT RATES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
In what seems to be establishing as a permanent trend, at least for the time being, the dry bulk market kept on retreating yesterday, even if this r ...
Tuesday, 23 July 13
NEWCASTLE'S COAL EXPORTS CLIMB 17.82% ON WEEK, PORT'S DATA SHOWS
COALspot.com: Newcastle port in Australia has loaded 3,369,865 tons of coal for the week ended 0700 hours 22 July 2013, Newcastle Port Corp. s ...
Monday, 22 July 13
INDO COAL SWAP FOR AUGUST 13 DELIVERY GAINED ON WEEK BUT LOST ON DAY AND MONTH
COALspot.com – Sub-Bit Indonesia coal swaps (FOB ) for average August 2013 delivery slightly up on week but fell on day and month on Fri ...
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- VISA Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Meralco Power Generation, Philippines
- Sindya Power Generating Company Private Ltd
- Directorate General of MIneral and Coal - Indonesia
- Africa Commodities Group - South Africa
- PetroVietnam Power Coal Import and Supply Company
- Krishnapatnam Port Company Ltd. - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Maharashtra Electricity Regulatory Commission - India
- Parry Sugars Refinery, India
- IEA Clean Coal Centre - UK
- Gujarat Sidhee Cement - India
- Planning Commission, India
- Sarangani Energy Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Mjunction Services Limited - India
- Cement Manufacturers Association - India
- ASAPP Information Group - India
- Kumho Petrochemical, South Korea
- Energy Development Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Star Paper Mills Limited - India
- Bayan Resources Tbk. - Indonesia
- Kapuas Tunggal Persada - Indonesia
- SN Aboitiz Power Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Kartika Selabumi Mining - Indonesia
- Maheswari Brothers Coal Limited - India
- Vedanta Resources Plc - India
- Bulk Trading Sa - Switzerland
- SMC Global Power, Philippines
- Bhushan Steel Limited - India
- Samtan Co., Ltd - South Korea
- The State Trading Corporation of India Ltd
- Agrawal Coal Company - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Deloitte Consulting - India
- Thai Mozambique Logistica
- Orica Australia Pty. Ltd.
- Kobexindo Tractors - Indoneisa
- PowerSource Philippines DevCo
- Thiess Contractors Indonesia
- Leighton Contractors Pty Ltd - Australia
- Barasentosa Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Eastern Coal Council - USA
- London Commodity Brokers - England
- Indian Energy Exchange, India
- AsiaOL BioFuels Corp., Philippines
- Minerals Council of Australia
- Central Java Power - Indonesia
- Iligan Light & Power Inc, Philippines
- Antam Resourcindo - Indonesia
- Eastern Energy - Thailand
- LBH Netherlands Bv - Netherlands
- Renaissance Capital - South Africa
- Commonwealth Bank - Australia
- Sojitz Corporation - Japan
- Ministry of Mines - Canada
- New Zealand Coal & Carbon
- Bharathi Cement Corporation - India
- Cigading International Bulk Terminal - Indonesia
- Power Finance Corporation Ltd., India
- Chettinad Cement Corporation Ltd - India
- Central Electricity Authority - India
- Siam City Cement PLC, Thailand
- Baramulti Group, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Binh Thuan Hamico - Vietnam
- Bukit Asam (Persero) Tbk - Indonesia
- Mercator Lines Limited - India
- Semirara Mining Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Parliament of New Zealand
- Therma Luzon, Inc, Philippines
- Malabar Cements Ltd - India
- Mintek Dendrill Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Larsen & Toubro Limited - India
- Straits Asia Resources Limited - Singapore
- Standard Chartered Bank - UAE
- CNBM International Corporation - China
- Jindal Steel & Power Ltd - India
- Siam City Cement - Thailand
- Wood Mackenzie - Singapore
- Bukit Baiduri Energy - Indonesia
- Carbofer General Trading SA - India
- Billiton Holdings Pty Ltd - Australia
- Electricity Authority, New Zealand
- Heidelberg Cement - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- Port Waratah Coal Services - Australia
- Sree Jayajothi Cements Limited - India
- Indogreen Group - Indonesia
- Videocon Industries ltd - India
- Madhucon Powers Ltd - India
- McConnell Dowell - Australia
- Karbindo Abesyapradhi - Indoneisa
- Indika Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Grasim Industreis Ltd - India
- European Bulk Services B.V. - Netherlands
- Gujarat Electricity Regulatory Commission - India
- Kideco Jaya Agung - Indonesia
- Altura Mining Limited, Indonesia
- Global Green Power PLC Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Riau Bara Harum - Indonesia
- TeaM Sual Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- The Treasury - Australian Government
- Singapore Mercantile Exchange
- Timah Investasi Mineral - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Global Business Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Dalmia Cement Bharat India
- Borneo Indobara - Indonesia
- Vizag Seaport Private Limited - India
- Sical Logistics Limited - India
- Anglo American - United Kingdom
- Ministry of Finance - Indonesia
- Trasteel International SA, Italy
- CIMB Investment Bank - Malaysia
- Neyveli Lignite Corporation Ltd, - India
- Pipit Mutiara Jaya. PT, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Kaltim Prima Coal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Economic Council, Georgia
- Tamil Nadu electricity Board
- Essar Steel Hazira Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Manunggal Multi Energi - Indonesia
- Interocean Group of Companies - India
- International Coal Ventures Pvt Ltd - India
- Tata Chemicals Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Medco Energi Mining Internasional
- Banpu Public Company Limited - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indian Oil Corporation Limited
- Aditya Birla Group - India
- Xindia Steels Limited - India
- Alfred C Toepfer International GmbH - Germany
- Bhoruka Overseas - Indonesia
- The University of Queensland
- SMG Consultants - Indonesia
- Edison Trading Spa - Italy
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Price Waterhouse Coopers - Russia
- Simpson Spence & Young - Indonesia
- Jaiprakash Power Ventures ltd
- Australian Commodity Traders Exchange
- Merrill Lynch Commodities Europe
- Attock Cement Pakistan Limited
- Gujarat Mineral Development Corp Ltd - India
- Energy Link Ltd, New Zealand
- GVK Power & Infra Limited - India
- Bhatia International Limited - India
- Oldendorff Carriers - Singapore
- Uttam Galva Steels Limited - India
- GMR Energy Limited - India
- Mercuria Energy - Indonesia
- Orica Mining Services - Indonesia
- White Energy Company Limited
- Semirara Mining and Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Karaikal Port Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Wilmar Investment Holdings
- Georgia Ports Authority, United States
- Bangladesh Power Developement Board
- Indo Tambangraya Megah - Indonesia
- ICICI Bank Limited - India
- Toyota Tsusho Corporation, Japan
- Marubeni Corporation - India
- Rio Tinto Coal - Australia
- Formosa Plastics Group - Taiwan
- Australian Coal Association
- Ministry of Transport, Egypt
- Coal and Oil Company - UAE
- Vijayanagar Sugar Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Posco Energy - South Korea
- Lanco Infratech Ltd - India
- Sakthi Sugars Limited - India
- Savvy Resources Ltd - HongKong
- South Luzon Thermal Energy Corporation
- Ind-Barath Power Infra Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- MS Steel International - UAE
- Goldman Sachs - Singapore
- Latin American Coal - Colombia
- PTC India Limited - India
- Asmin Koalindo Tuhup - Indonesia
- India Bulls Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Aboitiz Power Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Coastal Gujarat Power Limited - India
- Electricity Generating Authority of Thailand
- Kalimantan Lumbung Energi - Indonesia
- Independent Power Producers Association of India
- Chamber of Mines of South Africa
- Directorate Of Revenue Intelligence - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indonesian Coal Mining Association
- Coalindo Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- San Jose City I Power Corp, Philippines
- Petron Corporation, Philippines
- Romanian Commodities Exchange
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