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.
|
|
Monday, 14 April 14
CHINA'S MEASURES TO STIMULATE ECONOMY'S GROWTH COULD OFFER ROOM FOR STABILITY IN SHIPPING MARKETS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Since the outbreak of the 2008-crisis, the shipping industry, in most of its aspects, i.e. dry bulk and tanker markets alike, has been dealing w ...
Sunday, 13 April 14
INDONESIA TO INDIA FREIGHT MARKET DECLINE CONTINUES
COALspot.com: The freight market continued to drop this week and BDI almost touched 1000 points. BDI closed at 1002 points fell 16.85 pct week o ...
Saturday, 12 April 14
HOW DO YOU CALCULATE LOSS OF EARNINGS FOLLOWING A COLLISION? - INCE & CO
KNOWLEDGE TO ELEVATE
The recent case of Astipalaia vs Hanjin Shenzhen [2014] EWHC 120 (Admlty) has revisited the existing case law on asses ...
Friday, 11 April 14
US COAL PRODUCTION IN MARCH INCREASED 9.69% TO 82.6 MMST MONTH ON MONTH
COALspot.com – United States the world's second largest coal producer, produced approximately 19.10 million short tons (mmst) of coal ...
Thursday, 10 April 14
DRY BULK MARKET IS RISING CLAIMS BIMCO - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Despite the recent fall of the Baltic Dry Index (BDI), when one compares the first quarter of 2014, to similar quarters of the recent past, it i ...
|
|
|
Showing 3756 to 3760 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- SMC Global Power, Philippines
- Renaissance Capital - South Africa
- Meralco Power Generation, Philippines
- Straits Asia Resources Limited - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Metalloyd Limited - United Kingdom
- Leighton Contractors Pty Ltd - Australia
- Kumho Petrochemical, South Korea
- Mercuria Energy - Indonesia
- Energy Development Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Latin American Coal - Colombia
- South Luzon Thermal Energy Corporation
- Pipit Mutiara Jaya. PT, Indonesia
- White Energy Company Limited
- Electricity Authority, New Zealand
- Vedanta Resources Plc - India
- Indika Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Georgia Ports Authority, United States
- Banpu Public Company Limited - Thailand
- Ministry of Mines - Canada
- Altura Mining Limited, Indonesia
- Agrawal Coal Company - India
- Intertek Mineral Services - Indonesia
- Ambuja Cements Ltd - India
- Tamil Nadu electricity Board
- Mercator Lines Limited - India
- Gujarat Electricity Regulatory Commission - India
- Madhucon Powers Ltd - India
- Central Java Power - Indonesia
- PTC India Limited - India
- Indo Tambangraya Megah - Indonesia
- ASAPP Information Group - India
- Krishnapatnam Port Company Ltd. - India
- Wood Mackenzie - Singapore
- Economic Council, Georgia
- Karbindo Abesyapradhi - Indoneisa
- Africa Commodities Group - South Africa
- Deloitte Consulting - India
- India Bulls Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Samtan Co., Ltd - South Korea
- Global Business Power Corporation, Philippines
- Star Paper Mills Limited - India
- Indogreen Group - Indonesia
- Parry Sugars Refinery, India
- Essar Steel Hazira Ltd - India
- Manunggal Multi Energi - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Central Electricity Authority - India
- Siam City Cement - Thailand
- Asmin Koalindo Tuhup - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bhoruka Overseas - Indonesia
- Directorate Of Revenue Intelligence - India
- Jorong Barutama Greston.PT - Indonesia
- Kobexindo Tractors - Indoneisa
- Medco Energi Mining Internasional
- Bank of Tokyo Mitsubishi UFJ Ltd
- Planning Commission, India
- Independent Power Producers Association of India
- Port Waratah Coal Services - Australia
- Aditya Birla Group - India
- New Zealand Coal & Carbon
- Global Green Power PLC Corporation, Philippines
- Cement Manufacturers Association - India
- Attock Cement Pakistan Limited
- Jindal Steel & Power Ltd - India
- Sindya Power Generating Company Private Ltd
- Borneo Indobara - Indonesia
- Indian Energy Exchange, India
- London Commodity Brokers - England
- Bahari Cakrawala Sebuku - Indonesia
- Makarim & Taira - Indonesia
- Kepco SPC Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Carbofer General Trading SA - India
- Maharashtra Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- Electricity Generating Authority of Thailand
- The Treasury - Australian Government
- Bulk Trading Sa - Switzerland
- Romanian Commodities Exchange
- Eastern Energy - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- AsiaOL BioFuels Corp., Philippines
- Australian Coal Association
- Larsen & Toubro Limited - India
- Kideco Jaya Agung - Indonesia
- Sojitz Corporation - Japan
- Kaltim Prima Coal - Indonesia
- Indonesian Coal Mining Association
- Orica Mining Services - Indonesia
- Mjunction Services Limited - India
- Lanco Infratech Ltd - India
- Wilmar Investment Holdings
- Edison Trading Spa - Italy
- SMG Consultants - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhatia International Limited - India
- GMR Energy Limited - India
- Tata Chemicals Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Aboitiz Power Corporation - Philippines
- CNBM International Corporation - China
- Grasim Industreis Ltd - India
- Bukit Makmur.PT - Indonesia
- Savvy Resources Ltd - HongKong
- IHS Mccloskey Coal Group - USA
- Xindia Steels Limited - India
- Commonwealth Bank - Australia
- GVK Power & Infra Limited - India
- Heidelberg Cement - Germany
- Semirara Mining and Power Corporation, Philippines
- Thiess Contractors Indonesia
- Ministry of Transport, Egypt
- Singapore Mercantile Exchange
- Antam Resourcindo - Indonesia
- Chettinad Cement Corporation Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Neyveli Lignite Corporation Ltd, - India
- Maheswari Brothers Coal Limited - India
- The University of Queensland
- Vizag Seaport Private Limited - India
- San Jose City I Power Corp, Philippines
- PowerSource Philippines DevCo
- PNOC Exploration Corporation - Philippines
- VISA Power Limited - India
- Uttam Galva Steels Limited - India
- Rio Tinto Coal - Australia
- Price Waterhouse Coopers - Russia
- Sarangani Energy Corporation, Philippines
- Simpson Spence & Young - Indonesia
- International Coal Ventures Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Barasentosa Lestari - Indonesia
- LBH Netherlands Bv - Netherlands
- Therma Luzon, Inc, Philippines
- Anglo American - United Kingdom
- IEA Clean Coal Centre - UK
- Global Coal Blending Company Limited - Australia
- Goldman Sachs - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Indian Oil Corporation Limited
- Standard Chartered Bank - UAE
- Binh Thuan Hamico - Vietnam
- Bharathi Cement Corporation - India
- Coastal Gujarat Power Limited - India
- Minerals Council of Australia
- Iligan Light & Power Inc, Philippines
- Parliament of New Zealand
- Riau Bara Harum - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coal and Oil Company - UAE
- Siam City Cement PLC, Thailand
- Sinarmas Energy and Mining - Indonesia
- Formosa Plastics Group - Taiwan
- Energy Link Ltd, New Zealand
- McConnell Dowell - Australia
- Ind-Barath Power Infra Limited - India
- Salva Resources Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Kartika Selabumi Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- Chamber of Mines of South Africa
- Bayan Resources Tbk. - Indonesia
- Videocon Industries ltd - India
- Dalmia Cement Bharat India
- TeaM Sual Corporation - Philippines
- Eastern Coal Council - USA
- Orica Australia Pty. Ltd.
- Toyota Tsusho Corporation, Japan
- Ministry of Finance - Indonesia
- Bhushan Steel Limited - India
- Bukit Baiduri Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- European Bulk Services B.V. - Netherlands
- Merrill Lynch Commodities Europe
- Sree Jayajothi Cements Limited - India
- Petron Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Oldendorff Carriers - Singapore
- Australian Commodity Traders Exchange
- Coalindo Energy - Indonesia
- Semirara Mining Corp, Philippines
- Sical Logistics Limited - India
- Baramulti Group, Indonesia
- Trasteel International SA, Italy
- OPG Power Generation Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Mintek Dendrill Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- CIMB Investment Bank - Malaysia
- MS Steel International - UAE
- Globalindo Alam Lestari - Indonesia
- Interocean Group of Companies - India
- Posco Energy - South Korea
- Kohat Cement Company Ltd. - Pakistan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Billiton Holdings Pty Ltd - Australia
- Gujarat Sidhee Cement - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Thai Mozambique Logistica
- Malabar Cements Ltd - India
- Miang Besar Coal Terminal - Indonesia
- ICICI Bank Limited - India
- The State Trading Corporation of India Ltd
- Power Finance Corporation Ltd., India
- Jaiprakash Power Ventures ltd
- Marubeni Corporation - India
- Bangladesh Power Developement Board
|
| |
| |
|
