We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
Tuesday, 08 April 14
TALKING ABOUT A ONE-HORSE RACE - GEORGE LAZARIDIS
 Ever since the onslaught of the financial crisis, China along with the other BRIICs, have played a pivotal role in supporting global economic growth. A couple of decades ago bulk shipping was mainly reliant on imports from the US, EU as well as other OECD members, whereas countries such as China have now taking top spot on the podium accounting for the lion’s share of seaborne trade, attracting raw materials from all over the world as their appetite for infrastructure development has followed an almost exponential path. Iron Ore, Coal and Crude Oil which together comprise the largest chunk of seaborne trade volumes all rely primarily on Chinese demand nowadays. Chinese imports now account for 38% of global seaborne trade volumes for the 5 major dry bulk commodities, while in some commodities, such iron ore, this percentage is over 69%.
Over the past couple of weeks how ever there has been a storm brewing in the distance, instigated by the growing concerns related to shadow banking in China and the problems it has caused in the real estate sector as well as on the performance of dollar denominated bonds. The non-bank lending that helped homebuilders and property developers fuel part of the nation’s double digit GDP growth over the past decade, is now under threat. What’s more is that this growing threat is more widely spread then just the small scale risky businesses that took up most of these loans, as several prominent companies and banks hold a stake and therefore exposure to any and all defaults that may take place. With the collapse of Zhejiang Xingrun Real Estate Co. earlier this month and Shanghai Chari Solar Energy Science & Technology Co’ s defaulting on its debt more recently, many see more of the around 18 bonds from Chinese developers, which are considered as distressed, taking a similar route. This may well end up being just a small rough patch, however there is a risk that due to these most recent developments we could be facing a considerable tightening of credit in the country and a slowdown of at least most of the small scale development projects. It is interesting to note that home prices in China have risen b y as much as 60% percent since the 4 trillion yuan of fiscal stimulus provided by the government in 2008 and as financial tightening starts to become more of a reality, more and more of the thousands of constructed apartment blocks across the country could start to sit empty, leaving little incentive for further construction and investment from at least the private sector.
All this adding to the already voiced concerns regarding the problems still being faced in the US and Europe, and many are starting to feel less confident as to the path of the global economy and subsequently the growth of international trade this year. There may well be other champions out there amongst the BRIICS, yet countries such as India, which many see as the next in line to take the reins as champions of economic development, are currently now here close to filling up any gap that could be left behind from any waning demand from China. As things stand, China still plays a pivotal role in the growth of seaborne trade and without its support we will likely face a short period of stagnation similar to that of the 90’s. With high hopes having been placed on the performance of the shipping industry this year, it now looks as though it’s may be time to reconsider. Although the order book for most segments has dropped dramatically over the past two years there is a very different threat that needs to be overcome now. The growth in demand that we have been accustomed to over the past years could possibly start to diminish and in the case of slower growth in the seaborne trade of dry bulk commodities such as Iron Ore and Co al, many of the recently placed orders would be entering service to cover a non-existent requirement for extra capacity despite being less of them then in the past.
They way things are for the time being, there seems to be little insight of major trouble surfacing and we are still on tracking for an overall better performance than that of 2013. There are still many who keep a bullish view as to the prospects of the Chinese economy and they may well be right. Nevertheless any “sneeze” like the one noted during early March and the dry bulk freight index takes a no table hit. The problems being faced might no t be of imminent concern but they are there on the horizon and very real. Growth and leverage are currently the main concerns for China and the shipping industry should keep a close eye on both of these as they could spell for considerable trouble down the line if not addressed properly.
Analysts:
Mr. George Lazaridis | g.lazaridis@intermodal.gr
Ms. Eva Tzima | e.tzima@intermodal.gr
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no re-producing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Wednesday, 09 July 14
PANAMAX MARKET FINALLY CORRECTING UPWARDS; AVERAGE TC MORE THAN DOUBLING WEEK ON WEEK - INTERMODAL
The Dry Bulk market has closed off on Friday on a more positive note, with most segments noting weekly gains and the Panamax market finally correct ...
Wednesday, 09 July 14
SHIPPING MARKET INSIGHT - PANOS TSILINGIRIS
The mini-boom in dry bulker values catapulted ship prices too fast too far over the last one-and-a-half year. The concurrence of historically low p ...
Tuesday, 08 July 14
INDONESIAN COAL PRICE REFERENCE FALL AGAIN IN JULY; LOST 1.62%
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia again revised down the coal bench mark price in July. HBA for month of J ...
Tuesday, 08 July 14
ENERGY IN THE MIX - INTERMODAL SHIPBROKERS
With the Tanker freight market having showed much promise this year compared to the performance that had been noted during the previous five, it is ...
Monday, 07 July 14
INDONESIA STATE-CONTROLLED COAL MINER BUKIT ASAM TO TRADE COAL ON-LINE THROUGH JFX
COALspot.com: Indonesian state owned coal miner PT Tambang Batubara Bukit Asam Tbk (PTBA) has teamed up with Jakarta Futures Exchange (JFX) to sell ...
|
|
|
Showing 3616 to 3620 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Sakthi Sugars Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- SN Aboitiz Power Inc, Philippines
- Jaiprakash Power Ventures ltd
- Bharathi Cement Corporation - India
- Sarangani Energy Corporation, Philippines
- Australian Coal Association
- PetroVietnam Power Coal Import and Supply Company
- VISA Power Limited - India
- Deloitte Consulting - India
- McConnell Dowell - Australia
- PNOC Exploration Corporation - Philippines
- PowerSource Philippines DevCo
- Makarim & Taira - Indonesia
- Ministry of Mines - Canada
- CNBM International Corporation - China
- Metalloyd Limited - United Kingdom
- Goldman Sachs - Singapore
- Heidelberg Cement - Germany
- The Treasury - Australian Government
- Kepco SPC Power Corporation, Philippines
- Interocean Group of Companies - India
- Kapuas Tunggal Persada - Indonesia
- Edison Trading Spa - Italy
- Sindya Power Generating Company Private Ltd
- Rio Tinto Coal - Australia
- Carbofer General Trading SA - India
- Singapore Mercantile Exchange
- GVK Power & Infra Limited - India
- Therma Luzon, Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Altura Mining Limited, Indonesia
- Borneo Indobara - Indonesia
- SMC Global Power, Philippines
- Medco Energi Mining Internasional
- Planning Commission, India
- Barasentosa Lestari - Indonesia
- Eastern Coal Council - USA
- Simpson Spence & Young - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Parry Sugars Refinery, India
- Ind-Barath Power Infra Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Coal and Oil Company - UAE
- Siam City Cement - Thailand
- Alfred C Toepfer International GmbH - Germany
- Central Electricity Authority - India
- Wilmar Investment Holdings
- Manunggal Multi Energi - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Mercator Lines Limited - India
- Mjunction Services Limited - India
- Commonwealth Bank - Australia
- Africa Commodities Group - South Africa
- Malabar Cements Ltd - India
- Romanian Commodities Exchange
- Bhoruka Overseas - Indonesia
- Energy Link Ltd, New Zealand
- Bangladesh Power Developement Board
- Directorate Of Revenue Intelligence - India
- Kartika Selabumi Mining - Indonesia
- SMG Consultants - Indonesia
- Kumho Petrochemical, South Korea
- Iligan Light & Power Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Pendopo Energi Batubara - Indonesia
- Minerals Council of Australia
- Star Paper Mills Limited - India
- Billiton Holdings Pty Ltd - Australia
- Cigading International Bulk Terminal - Indonesia
- Indonesian Coal Mining Association
- AsiaOL BioFuels Corp., Philippines
- Vizag Seaport Private Limited - India
- India Bulls Power Limited - India
- Dalmia Cement Bharat India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Eastern Energy - Thailand
- Central Java Power - Indonesia
- Tata Chemicals Ltd - India
- Tamil Nadu electricity Board
- White Energy Company Limited
- European Bulk Services B.V. - Netherlands
- New Zealand Coal & Carbon
- Maharashtra Electricity Regulatory Commission - India
- Jorong Barutama Greston.PT - Indonesia
- Toyota Tsusho Corporation, Japan
- Ministry of Transport, Egypt
- Essar Steel Hazira Ltd - India
- Global Coal Blending Company Limited - Australia
- Binh Thuan Hamico - Vietnam
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Development Corp, Philippines
- Xindia Steels Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Power Finance Corporation Ltd., India
- Global Green Power PLC Corporation, Philippines
- PTC India Limited - India
- Gujarat Electricity Regulatory Commission - India
- Thiess Contractors Indonesia
- Posco Energy - South Korea
- Leighton Contractors Pty Ltd - Australia
- The State Trading Corporation of India Ltd
- Coalindo Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Marubeni Corporation - India
- Independent Power Producers Association of India
- Bukit Makmur.PT - Indonesia
- Intertek Mineral Services - Indonesia
- Economic Council, Georgia
- Aboitiz Power Corporation - Philippines
- Wood Mackenzie - Singapore
- CIMB Investment Bank - Malaysia
- Price Waterhouse Coopers - Russia
- Merrill Lynch Commodities Europe
- Neyveli Lignite Corporation Ltd, - India
- Kaltim Prima Coal - Indonesia
- Electricity Generating Authority of Thailand
- OPG Power Generation Pvt Ltd - India
- Sical Logistics Limited - India
- IHS Mccloskey Coal Group - USA
- Samtan Co., Ltd - South Korea
- Baramulti Group, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Salva Resources Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Lanco Infratech Ltd - India
- Antam Resourcindo - Indonesia
- Vedanta Resources Plc - India
- Orica Australia Pty. Ltd.
- Mercuria Energy - Indonesia
- Trasteel International SA, Italy
- Globalindo Alam Lestari - Indonesia
- San Jose City I Power Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bukit Baiduri Energy - Indonesia
- Bhushan Steel Limited - India
- Ambuja Cements Ltd - India
- Kideco Jaya Agung - Indonesia
- London Commodity Brokers - England
- Orica Mining Services - Indonesia
- Kobexindo Tractors - Indoneisa
- The University of Queensland
- Gujarat Sidhee Cement - India
- Maheswari Brothers Coal Limited - India
- Indika Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Oldendorff Carriers - Singapore
- Uttam Galva Steels Limited - India
- Meralco Power Generation, Philippines
- Sojitz Corporation - Japan
- Renaissance Capital - South Africa
- South Luzon Thermal Energy Corporation
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Krishnapatnam Port Company Ltd. - India
- Straits Asia Resources Limited - Singapore
- GMR Energy Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Miang Besar Coal Terminal - Indonesia
- Aditya Birla Group - India
- Georgia Ports Authority, United States
- Coastal Gujarat Power Limited - India
- MS Steel International - UAE
- Indian Oil Corporation Limited
- Australian Commodity Traders Exchange
- Parliament of New Zealand
- IEA Clean Coal Centre - UK
- Semirara Mining Corp, Philippines
- ASAPP Information Group - India
- Attock Cement Pakistan Limited
- Electricity Authority, New Zealand
- Grasim Industreis Ltd - India
- Siam City Cement PLC, Thailand
- Rashtriya Ispat Nigam Limited - India
- Bulk Trading Sa - Switzerland
- Gujarat Mineral Development Corp Ltd - India
- ICICI Bank Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Anglo American - United Kingdom
- Chamber of Mines of South Africa
- Indian Energy Exchange, India
- LBH Netherlands Bv - Netherlands
- Bukit Asam (Persero) Tbk - Indonesia
- Savvy Resources Ltd - HongKong
- Bhatia International Limited - India
- Thai Mozambique Logistica
- Riau Bara Harum - Indonesia
- Timah Investasi Mineral - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Sree Jayajothi Cements Limited - India
- Agrawal Coal Company - India
- International Coal Ventures Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- GN Power Mariveles Coal Plant, Philippines
- Petron Corporation, Philippines
- Standard Chartered Bank - UAE
- Karaikal Port Pvt Ltd - India
- Latin American Coal - Colombia
- Mintek Dendrill Indonesia
- Indogreen Group - Indonesia
- Meenaskhi Energy Private Limited - India
- Cement Manufacturers Association - India
- Larsen & Toubro Limited - India
- Jindal Steel & Power Ltd - India
- TeaM Sual Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Finance - Indonesia
- Indo Tambangraya Megah - Indonesia
- Videocon Industries ltd - India
- Global Business Power Corporation, Philippines
|
| |
| |
|
