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 April 14
DRY BULK MARKET STRUGGLED THROUGHOUT THE WEEK - INTERMODAL
The Dry Bulk market struggled throughout the week but the poor performance across the board didn't allow for any positive reversal, pushing ...
Tuesday, 08 April 14
PORT OF NEWCASTLE SHIPPED 2.90 MMT OF POWER PLANT AND SEMI-SOFT COKING COAL IN A WEEK
COALspot.com: In the week ended 07:00 hours 7 April 2014, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensla ...
Tuesday, 08 April 14
RBCT SHIPPED 53.79% MORE COAL IN MARCH 2014
COALspot.com: South Africa's Richards Bay Coal Terminal (RBCT) the single largest export coal terminal in the world, shipped 6.90 million to ...
Tuesday, 08 April 14
APRIL 2014 INDONESIAN COAL PRICE REFERENCE DROPS TO LOWEST SINCE JANUARY 2010
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia has revised down again the coal bench mark price by US$ 2.20 / MT to ...
Monday, 07 April 14
WEEKLY SUB-BIT FOB INDONESIA COAL SWAP CLAIMS EDGE FALL; TREND NEGATIVE
COALspot.com: Indonesian coal swaps for average Q4’ 2014 lost on month, day and on week according to AsiaClear OTC coal swap's reports ...
|
|
|
Showing 3761 to 3765 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- PTC India Limited - India
- Maheswari Brothers Coal Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Indian Energy Exchange, India
- Anglo American - United Kingdom
- Essar Steel Hazira Ltd - India
- Grasim Industreis Ltd - India
- Tamil Nadu electricity Board
- Metalloyd Limited - United Kingdom
- Manunggal Multi Energi - Indonesia
- Kepco SPC Power Corporation, Philippines
- Indonesian Coal Mining Association
- Makarim & Taira - Indonesia
- Posco Energy - South Korea
- Borneo Indobara - Indonesia
- McConnell Dowell - Australia
- Globalindo Alam Lestari - Indonesia
- Mercator Lines Limited - India
- Independent Power Producers Association of India
- Directorate Of Revenue Intelligence - India
- PNOC Exploration Corporation - Philippines
- Edison Trading Spa - Italy
- Africa Commodities Group - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Parry Sugars Refinery, India
- Meralco Power Generation, Philippines
- Thiess Contractors Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Simpson Spence & Young - Indonesia
- Central Java Power - Indonesia
- Toyota Tsusho Corporation, Japan
- Siam City Cement - Thailand
- Jaiprakash Power Ventures ltd
- Indian Oil Corporation Limited
- Semirara Mining and Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Sakthi Sugars Limited - India
- Krishnapatnam Port Company Ltd. - India
- Formosa Plastics Group - Taiwan
- Therma Luzon, Inc, Philippines
- San Jose City I Power Corp, Philippines
- Medco Energi Mining Internasional
- Rio Tinto Coal - Australia
- Intertek Mineral Services - Indonesia
- Xindia Steels Limited - India
- Savvy Resources Ltd - HongKong
- Heidelberg Cement - Germany
- Ceylon Electricity Board - Sri Lanka
- Merrill Lynch Commodities Europe
- Wilmar Investment Holdings
- SMC Global Power, Philippines
- OPG Power Generation Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Australian Commodity Traders Exchange
- Goldman Sachs - Singapore
- Commonwealth Bank - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Economic Council, Georgia
- Ambuja Cements Ltd - India
- Chettinad Cement Corporation Ltd - India
- Sarangani Energy Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Sidhee Cement - India
- Bhoruka Overseas - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- PowerSource Philippines DevCo
- Cigading International Bulk Terminal - Indonesia
- Australian Coal Association
- Altura Mining Limited, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Minerals Council of Australia
- Billiton Holdings Pty Ltd - Australia
- Sical Logistics Limited - India
- The State Trading Corporation of India Ltd
- Aboitiz Power Corporation - Philippines
- Malabar Cements Ltd - India
- London Commodity Brokers - England
- Indika Energy - Indonesia
- Carbofer General Trading SA - India
- IHS Mccloskey Coal Group - USA
- Pendopo Energi Batubara - Indonesia
- Port Waratah Coal Services - Australia
- Asmin Koalindo Tuhup - Indonesia
- Iligan Light & Power Inc, Philippines
- Georgia Ports Authority, United States
- LBH Netherlands Bv - Netherlands
- Sojitz Corporation - Japan
- Trasteel International SA, Italy
- Chamber of Mines of South Africa
- Ind-Barath Power Infra Limited - India
- Electricity Generating Authority of Thailand
- Sindya Power Generating Company Private Ltd
- Thai Mozambique Logistica
- Global Green Power PLC Corporation, Philippines
- Romanian Commodities Exchange
- Price Waterhouse Coopers - Russia
- Offshore Bulk Terminal Pte Ltd, Singapore
- The University of Queensland
- Miang Besar Coal Terminal - Indonesia
- IEA Clean Coal Centre - UK
- Coalindo Energy - Indonesia
- Antam Resourcindo - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Oldendorff Carriers - Singapore
- Holcim Trading Pte Ltd - Singapore
- Jindal Steel & Power Ltd - India
- Attock Cement Pakistan Limited
- Banpu Public Company Limited - Thailand
- Maharashtra Electricity Regulatory Commission - India
- CNBM International Corporation - China
- Gujarat Mineral Development Corp Ltd - India
- TeaM Sual Corporation - Philippines
- Parliament of New Zealand
- Mjunction Services Limited - India
- Indo Tambangraya Megah - Indonesia
- Ministry of Finance - Indonesia
- Binh Thuan Hamico - Vietnam
- Alfred C Toepfer International GmbH - Germany
- Central Electricity Authority - India
- Kideco Jaya Agung - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Standard Chartered Bank - UAE
- Power Finance Corporation Ltd., India
- White Energy Company Limited
- Energy Development Corp, Philippines
- South Luzon Thermal Energy Corporation
- Kumho Petrochemical, South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Electricity Regulatory Commission - India
- Bangladesh Power Developement Board
- VISA Power Limited - India
- Bulk Trading Sa - Switzerland
- Singapore Mercantile Exchange
- Neyveli Lignite Corporation Ltd, - India
- Deloitte Consulting - India
- Cement Manufacturers Association - India
- Aditya Birla Group - India
- Madhucon Powers Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Marubeni Corporation - India
- Larsen & Toubro Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Meenaskhi Energy Private Limited - India
- CIMB Investment Bank - Malaysia
- Dalmia Cement Bharat India
- Star Paper Mills Limited - India
- Eastern Energy - Thailand
- Vedanta Resources Plc - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bayan Resources Tbk. - Indonesia
- Kartika Selabumi Mining - Indonesia
- Latin American Coal - Colombia
- Timah Investasi Mineral - Indoneisa
- ICICI Bank Limited - India
- Kobexindo Tractors - Indoneisa
- Agrawal Coal Company - India
- The Treasury - Australian Government
- Ministry of Transport, Egypt
- Videocon Industries ltd - India
- Kaltim Prima Coal - Indonesia
- Straits Asia Resources Limited - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Orica Mining Services - Indonesia
- Mintek Dendrill Indonesia
- GAC Shipping (India) Pvt Ltd
- SMG Consultants - Indonesia
- European Bulk Services B.V. - Netherlands
- AsiaOL BioFuels Corp., Philippines
- Global Business Power Corporation, Philippines
- Baramulti Group, Indonesia
- Eastern Coal Council - USA
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Coal Blending Company Limited - Australia
- Sree Jayajothi Cements Limited - India
- GMR Energy Limited - India
- Indogreen Group - Indonesia
- SN Aboitiz Power Inc, Philippines
- Tata Chemicals Ltd - India
- Barasentosa Lestari - Indonesia
- ASAPP Information Group - India
- Interocean Group of Companies - India
- Bahari Cakrawala Sebuku - Indonesia
- Bhatia International Limited - India
- Vizag Seaport Private Limited - India
- GVK Power & Infra Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Australia Pty. Ltd.
- India Bulls Power Limited - India
- Semirara Mining Corp, Philippines
- Bhushan Steel Limited - India
- Leighton Contractors Pty Ltd - Australia
- Rashtriya Ispat Nigam Limited - India
- Planning Commission, India
- Coal and Oil Company - UAE
- Coastal Gujarat Power Limited - India
- Petron Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Energy Link Ltd, New Zealand
- Uttam Galva Steels Limited - India
- Mercuria Energy - Indonesia
- Renaissance Capital - South Africa
- MS Steel International - UAE
- Bukit Baiduri Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Electricity Authority, New Zealand
- Wood Mackenzie - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Mines - Canada
- Lanco Infratech Ltd - India
- Karaikal Port Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bharathi Cement Corporation - India
- GN Power Mariveles Coal Plant, Philippines
- International Coal Ventures Pvt Ltd - India
- New Zealand Coal & Carbon
- Samtan Co., Ltd - South Korea
|
| |
| |
|
