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.
|
|
Sunday, 30 March 14
FREIGHTS FROM INDONESIA TO INDIA IS EXPECTED TO BE SOFT NEXT WEEK - REDDY
COALspot.com: The freight market dropped drastically and all sectors were affected severely.
The BDI was down by 14.13 pct and closed at 1, ...
Friday, 28 March 14
US PRODUCED APPROXIMATELY 18.9 MMST IN A WEEK - EIA
COALspot.com – United States the world's second largest coal producer, produced approximately 18.9 million short tons (mmst) of coal i ...
Friday, 28 March 14
CHINA'S ENVIRONMENTAL MEASURES WILL NOT CURB GROWTH IN DOMESTIC STEEL PRODUCTION AND SEABORNE IRON ORE - WOOD MACKENZIE SAYS
Steel plants in China have been targeted as a major source of the toxic smog enveloping Beijing and Shanghai. Emergency measures have been impos ...
Thursday, 27 March 14
PANAMAX : SEEMS TO HEAD FURTHER DOWN; CAPESIZE : ANOTHER CHOPPY AND UNPREDICTABLE WEEK - FEARNLEYS AS
Handy
A weaker sentiment for the smaller size as well, with reduced activity in the Atlantic where Owners have to face significantly lower ret ...
Wednesday, 26 March 14
NEWBUILDING ORDERING ACTIVITY PICKS UP PACE ON IMPROVING DRY BULK MARKET CONDITIONS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The gradual improvement of the dry bulk market, as expected for some time now, is urging shipowners to increase their newbuilding ordering activ ...
|
|
|
Showing 3776 to 3780 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Power Finance Corporation Ltd., India
- Energy Link Ltd, New Zealand
- Neyveli Lignite Corporation Ltd, - India
- Australian Coal Association
- Indo Tambangraya Megah - Indonesia
- Bangladesh Power Developement Board
- IEA Clean Coal Centre - UK
- Pipit Mutiara Jaya. PT, Indonesia
- Central Java Power - Indonesia
- LBH Netherlands Bv - Netherlands
- Planning Commission, India
- Medco Energi Mining Internasional
- Metalloyd Limited - United Kingdom
- Cigading International Bulk Terminal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Formosa Plastics Group - Taiwan
- Bhoruka Overseas - Indonesia
- Global Coal Blending Company Limited - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Tamil Nadu electricity Board
- Deloitte Consulting - India
- Carbofer General Trading SA - India
- Meralco Power Generation, Philippines
- Bukit Baiduri Energy - Indonesia
- SMG Consultants - Indonesia
- The University of Queensland
- Thai Mozambique Logistica
- Xindia Steels Limited - India
- Heidelberg Cement - Germany
- Essar Steel Hazira Ltd - India
- Cement Manufacturers Association - India
- Lanco Infratech Ltd - India
- Commonwealth Bank - Australia
- Coastal Gujarat Power Limited - India
- Mintek Dendrill Indonesia
- Meenaskhi Energy Private Limited - India
- Directorate Of Revenue Intelligence - India
- Sree Jayajothi Cements Limited - India
- South Luzon Thermal Energy Corporation
- Parry Sugars Refinery, India
- San Jose City I Power Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- PNOC Exploration Corporation - Philippines
- Indian Oil Corporation Limited
- Kalimantan Lumbung Energi - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- India Bulls Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Videocon Industries ltd - India
- ICICI Bank Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- ASAPP Information Group - India
- Malabar Cements Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Electricity Generating Authority of Thailand
- Attock Cement Pakistan Limited
- Makarim & Taira - Indonesia
- CNBM International Corporation - China
- Toyota Tsusho Corporation, Japan
- Orica Mining Services - Indonesia
- Bulk Trading Sa - Switzerland
- Larsen & Toubro Limited - India
- Global Business Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Coal and Oil Company - UAE
- Price Waterhouse Coopers - Russia
- Indika Energy - Indonesia
- GVK Power & Infra Limited - India
- London Commodity Brokers - England
- Siam City Cement - Thailand
- Oldendorff Carriers - Singapore
- IHS Mccloskey Coal Group - USA
- Trasteel International SA, Italy
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Latin American Coal - Colombia
- Singapore Mercantile Exchange
- Kumho Petrochemical, South Korea
- Indonesian Coal Mining Association
- Bukit Makmur.PT - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Mjunction Services Limited - India
- OPG Power Generation Pvt Ltd - India
- PTC India Limited - India
- Interocean Group of Companies - India
- Kepco SPC Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- TeaM Sual Corporation - Philippines
- Posco Energy - South Korea
- Straits Asia Resources Limited - Singapore
- Merrill Lynch Commodities Europe
- Port Waratah Coal Services - Australia
- Aditya Birla Group - India
- Thiess Contractors Indonesia
- Kaltim Prima Coal - Indonesia
- Mercator Lines Limited - India
- Salva Resources Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Madhucon Powers Ltd - India
- Chamber of Mines of South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Ind-Barath Power Infra Limited - India
- Star Paper Mills Limited - India
- GAC Shipping (India) Pvt Ltd
- Sarangani Energy Corporation, Philippines
- Semirara Mining Corp, Philippines
- The Treasury - Australian Government
- Kideco Jaya Agung - Indonesia
- Sojitz Corporation - Japan
- VISA Power Limited - India
- Jaiprakash Power Ventures ltd
- Binh Thuan Hamico - Vietnam
- International Coal Ventures Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Uttam Galva Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- The State Trading Corporation of India Ltd
- Altura Mining Limited, Indonesia
- Timah Investasi Mineral - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Sical Logistics Limited - India
- Savvy Resources Ltd - HongKong
- Petron Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Ministry of Mines - Canada
- Aboitiz Power Corporation - Philippines
- Coalindo Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Parliament of New Zealand
- Gujarat Electricity Regulatory Commission - India
- Rashtriya Ispat Nigam Limited - India
- Intertek Mineral Services - Indonesia
- Wood Mackenzie - Singapore
- Kobexindo Tractors - Indoneisa
- Bhatia International Limited - India
- Ministry of Finance - Indonesia
- White Energy Company Limited
- Africa Commodities Group - South Africa
- Eastern Coal Council - USA
- Jindal Steel & Power Ltd - India
- Georgia Ports Authority, United States
- Bharathi Cement Corporation - India
- Minerals Council of Australia
- McConnell Dowell - Australia
- Vizag Seaport Private Limited - India
- Electricity Authority, New Zealand
- Ambuja Cements Ltd - India
- Antam Resourcindo - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Indogreen Group - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- GMR Energy Limited - India
- Siam City Cement PLC, Thailand
- Bayan Resources Tbk. - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Karaikal Port Pvt Ltd - India
- Central Electricity Authority - India
- Kartika Selabumi Mining - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Energy Development Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Maheswari Brothers Coal Limited - India
- Bhushan Steel Limited - India
- Tata Chemicals Ltd - India
- Renaissance Capital - South Africa
- Simpson Spence & Young - Indonesia
- Dalmia Cement Bharat India
- Sakthi Sugars Limited - India
- Anglo American - United Kingdom
- Sindya Power Generating Company Private Ltd
- Independent Power Producers Association of India
- New Zealand Coal & Carbon
- PowerSource Philippines DevCo
- Marubeni Corporation - India
- CIMB Investment Bank - Malaysia
- Kohat Cement Company Ltd. - Pakistan
- Bukit Asam (Persero) Tbk - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- SMC Global Power, Philippines
- Ceylon Electricity Board - Sri Lanka
- Goldman Sachs - Singapore
- Grasim Industreis Ltd - India
- Therma Luzon, Inc, Philippines
- Riau Bara Harum - Indonesia
- Samtan Co., Ltd - South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Ministry of Transport, Egypt
- Economic Council, Georgia
- Australian Commodity Traders Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Orica Australia Pty. Ltd.
- Baramulti Group, Indonesia
- Agrawal Coal Company - India
- Borneo Indobara - Indonesia
- Iligan Light & Power Inc, Philippines
- Gujarat Sidhee Cement - India
- Indian Energy Exchange, India
- Semirara Mining and Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Wilmar Investment Holdings
- Manunggal Multi Energi - Indonesia
- SN Aboitiz Power Inc, Philippines
- Vedanta Resources Plc - India
- Rio Tinto Coal - Australia
- Eastern Energy - Thailand
- Banpu Public Company Limited - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Romanian Commodities Exchange
- Standard Chartered Bank - UAE
- MS Steel International - UAE
- Edison Trading Spa - Italy
|
| |
| |
|
