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.
|
|
Friday, 25 April 14
US PRODUCED APPROXIMATELY 19 MILLION SHORT TONS OF COAL IN A WEEK
COALspot.com – United States the world's second largest coal producer, produced approximately 19.0 million short tons (mmst) of coal i ...
Friday, 25 April 14
2ND MYANMAR ELECTRIC POWER CONVENTION 2014 IS THE GATEWAY TO MYANMAR POWER INDUSTRY!
Press Release: 2nd Myanmar Electric Power Convention (MEPC) 2014 is scheduled on 21-23 October, 2014 at Traders Hotel in Yangon, Myanmar. MEPC o ...
Friday, 25 April 14
DRY BULK MARKET LOOKING FOR NEW TRACTION - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market seems to have gained its footing after the past few dissapointing weeks, during which the Baltic Dry Index (BDI) shedded mos ...
Thursday, 24 April 14
HANDY : A FLOW OF FRESH REQUIREMENTS LIFTING THE PACIFIC SLOWLY TO US$ 10-11 K BSS SINGAPORE FOR COAL ROUNDS
Handy
There is still no place to hide in the Atlantic for the smaller but flexible sizes. Slow and weak seems to be the headlines, although th ...
Wednesday, 23 April 14
EUROPE WOULD BE HARD PRESSED TO REPLACE RUSSIAN GAS, FITCH RATINGS SAYS
A ban on Russian gas imports to the EU would cause substantial disruption to Europe's economy and industry, Fitch Ratings says. In the immed ...
|
|
|
Showing 3736 to 3740 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Agrawal Coal Company - India
- Iligan Light & Power Inc, Philippines
- CIMB Investment Bank - Malaysia
- Standard Chartered Bank - UAE
- ICICI Bank Limited - India
- GVK Power & Infra Limited - India
- Kepco SPC Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Kideco Jaya Agung - Indonesia
- Bayan Resources Tbk. - Indonesia
- Anglo American - United Kingdom
- Ministry of Transport, Egypt
- Savvy Resources Ltd - HongKong
- Australian Coal Association
- IHS Mccloskey Coal Group - USA
- Power Finance Corporation Ltd., India
- Timah Investasi Mineral - Indoneisa
- Wood Mackenzie - Singapore
- Mintek Dendrill Indonesia
- Maheswari Brothers Coal Limited - India
- CNBM International Corporation - China
- Jaiprakash Power Ventures ltd
- Siam City Cement - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- PowerSource Philippines DevCo
- Romanian Commodities Exchange
- San Jose City I Power Corp, Philippines
- GMR Energy Limited - India
- Alfred C Toepfer International GmbH - Germany
- Formosa Plastics Group - Taiwan
- Straits Asia Resources Limited - Singapore
- Bangladesh Power Developement Board
- Central Electricity Authority - India
- Videocon Industries ltd - India
- Marubeni Corporation - India
- Toyota Tsusho Corporation, Japan
- Meralco Power Generation, Philippines
- Madhucon Powers Ltd - India
- Coal and Oil Company - UAE
- Rashtriya Ispat Nigam Limited - India
- Global Coal Blending Company Limited - Australia
- White Energy Company Limited
- VISA Power Limited - India
- Sojitz Corporation - Japan
- Altura Mining Limited, Indonesia
- Singapore Mercantile Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Port Waratah Coal Services - Australia
- Bukit Baiduri Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- The Treasury - Australian Government
- Carbofer General Trading SA - India
- Cement Manufacturers Association - India
- OPG Power Generation Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Sree Jayajothi Cements Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Latin American Coal - Colombia
- Jorong Barutama Greston.PT - Indonesia
- SMC Global Power, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Oldendorff Carriers - Singapore
- Mercuria Energy - Indonesia
- Grasim Industreis Ltd - India
- Indian Oil Corporation Limited
- Gujarat Mineral Development Corp Ltd - India
- Barasentosa Lestari - Indonesia
- Orica Australia Pty. Ltd.
- Chamber of Mines of South Africa
- Intertek Mineral Services - Indonesia
- Tamil Nadu electricity Board
- Orica Mining Services - Indonesia
- Eastern Coal Council - USA
- Merrill Lynch Commodities Europe
- Bahari Cakrawala Sebuku - Indonesia
- Sindya Power Generating Company Private Ltd
- Ind-Barath Power Infra Limited - India
- Therma Luzon, Inc, Philippines
- Simpson Spence & Young - Indonesia
- Bulk Trading Sa - Switzerland
- Gujarat Electricity Regulatory Commission - India
- Mercator Lines Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Africa Commodities Group - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Mines - Canada
- Wilmar Investment Holdings
- Minerals Council of Australia
- Star Paper Mills Limited - India
- Leighton Contractors Pty Ltd - Australia
- Borneo Indobara - Indonesia
- London Commodity Brokers - England
- Central Java Power - Indonesia
- MS Steel International - UAE
- Semirara Mining and Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Rio Tinto Coal - Australia
- Coastal Gujarat Power Limited - India
- Commonwealth Bank - Australia
- Semirara Mining Corp, Philippines
- Thai Mozambique Logistica
- Samtan Co., Ltd - South Korea
- AsiaOL BioFuels Corp., Philippines
- Thiess Contractors Indonesia
- Uttam Galva Steels Limited - India
- Jindal Steel & Power Ltd - India
- Planning Commission, India
- Attock Cement Pakistan Limited
- Asmin Koalindo Tuhup - Indonesia
- SN Aboitiz Power Inc, Philippines
- New Zealand Coal & Carbon
- The University of Queensland
- Ministry of Finance - Indonesia
- Vizag Seaport Private Limited - India
- Aboitiz Power Corporation - Philippines
- Vedanta Resources Plc - India
- Parliament of New Zealand
- Cigading International Bulk Terminal - Indonesia
- Bhatia International Limited - India
- Binh Thuan Hamico - Vietnam
- Deloitte Consulting - India
- Directorate General of MIneral and Coal - Indonesia
- South Luzon Thermal Energy Corporation
- Manunggal Multi Energi - Indonesia
- Interocean Group of Companies - India
- Bukit Makmur.PT - Indonesia
- Coalindo Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indonesian Coal Mining Association
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhushan Steel Limited - India
- Pendopo Energi Batubara - Indonesia
- European Bulk Services B.V. - Netherlands
- Sinarmas Energy and Mining - Indonesia
- Heidelberg Cement - Germany
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Siam City Cement PLC, Thailand
- Malabar Cements Ltd - India
- SMG Consultants - Indonesia
- Energy Development Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Dalmia Cement Bharat India
- Gujarat Sidhee Cement - India
- Edison Trading Spa - Italy
- India Bulls Power Limited - India
- Electricity Generating Authority of Thailand
- Indika Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Renaissance Capital - South Africa
- PNOC Exploration Corporation - Philippines
- Georgia Ports Authority, United States
- Directorate Of Revenue Intelligence - India
- Sical Logistics Limited - India
- Eastern Energy - Thailand
- Kaltim Prima Coal - Indonesia
- Tata Chemicals Ltd - India
- Goldman Sachs - Singapore
- Trasteel International SA, Italy
- Lanco Infratech Ltd - India
- Makarim & Taira - Indonesia
- Energy Link Ltd, New Zealand
- Indogreen Group - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Posco Energy - South Korea
- Neyveli Lignite Corporation Ltd, - India
- Global Green Power PLC Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Ceylon Electricity Board - Sri Lanka
- IEA Clean Coal Centre - UK
- Ambuja Cements Ltd - India
- Antam Resourcindo - Indonesia
- Economic Council, Georgia
- Bharathi Cement Corporation - India
- Kapuas Tunggal Persada - Indonesia
- Essar Steel Hazira Ltd - India
- ASAPP Information Group - India
- Miang Besar Coal Terminal - Indonesia
- Global Business Power Corporation, Philippines
- Baramulti Group, Indonesia
- Indo Tambangraya Megah - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Sarangani Energy Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Karaikal Port Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Indian Energy Exchange, India
- Banpu Public Company Limited - Thailand
- Medco Energi Mining Internasional
- Salva Resources Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Mjunction Services Limited - India
- Sakthi Sugars Limited - India
- LBH Netherlands Bv - Netherlands
- Bukit Asam (Persero) Tbk - Indonesia
- Price Waterhouse Coopers - Russia
- Globalindo Alam Lestari - Indonesia
- TeaM Sual Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Metalloyd Limited - United Kingdom
- PTC India Limited - India
- Petron Corporation, Philippines
- Xindia Steels Limited - India
- Electricity Authority, New Zealand
- McConnell Dowell - Australia
- Krishnapatnam Port Company Ltd. - India
- Kumho Petrochemical, South Korea
- Australian Commodity Traders Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Parry Sugars Refinery, India
- Independent Power Producers Association of India
- Billiton Holdings Pty Ltd - Australia
- Aditya Birla Group - India
|
| |
| |
|
