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, 07 March 14
US PRODUCED 19.4 MMST OF COAL IN PAST 7 DAYS, SAYS EIA
COALspot.com – United States the world’s second largest coal producer, produced approximately 19.4 million short tons (mmst) of coal in ...
Thursday, 06 March 14
PANAMAX MARKET IS STRUGGLING IN BOTH HEMISPHERES - FEARNRESEARCH
Handy
The Handy/Supra market experienced a rate increase in the Pacific. The activity itself is not too big, but spot tonnage is clearing up and ow ...
Wednesday, 05 March 14
THE BIG BULKERS HAVE IN FACT WITNESSED SIGNIFICANT IMPROVEMENTS IN BOTH BASINS
The BDI continues to gain back some of the lost ground, although in reality there isn't a lot to celebrate abou ...
Wednesday, 05 March 14
LEAVE IT TO CAPES TO CHANGE THE DIRECTION OF THE DRY BULK MARKET - INTERMODAL
Chartering (Wet: Stable- / Dry: Stable+)
Leave it to Capes to change the direction of the Dry Bulk market. The big bulkers managed to drag the BDI ...
Tuesday, 04 March 14
AUSTRALIA'S NPC TO SHIP 11.85 MMT OF COAL IN MARCH
COALspot.com: In the week ended 3 March 2014, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland, total 3.15 m ...
|
|
|
Showing 3816 to 3820 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- GN Power Mariveles Coal Plant, Philippines
- Kapuas Tunggal Persada - Indonesia
- Indo Tambangraya Megah - Indonesia
- Sindya Power Generating Company Private Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Anglo American - United Kingdom
- Savvy Resources Ltd - HongKong
- Wilmar Investment Holdings
- Oldendorff Carriers - Singapore
- Parry Sugars Refinery, India
- Therma Luzon, Inc, Philippines
- Directorate Of Revenue Intelligence - India
- White Energy Company Limited
- The State Trading Corporation of India Ltd
- Eastern Energy - Thailand
- Interocean Group of Companies - India
- Toyota Tsusho Corporation, Japan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Rio Tinto Coal - Australia
- Electricity Authority, New Zealand
- Bukit Makmur.PT - Indonesia
- Commonwealth Bank - Australia
- Global Business Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Marubeni Corporation - India
- European Bulk Services B.V. - Netherlands
- ICICI Bank Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Straits Asia Resources Limited - Singapore
- Rashtriya Ispat Nigam Limited - India
- Metalloyd Limited - United Kingdom
- Malabar Cements Ltd - India
- Madhucon Powers Ltd - India
- Aditya Birla Group - India
- Maheswari Brothers Coal Limited - India
- Bhatia International Limited - India
- Timah Investasi Mineral - Indoneisa
- Independent Power Producers Association of India
- Bangladesh Power Developement Board
- SMC Global Power, Philippines
- Romanian Commodities Exchange
- Australian Coal Association
- Samtan Co., Ltd - South Korea
- Ministry of Transport, Egypt
- VISA Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Star Paper Mills Limited - India
- Bayan Resources Tbk. - Indonesia
- McConnell Dowell - Australia
- Antam Resourcindo - Indonesia
- Tamil Nadu electricity Board
- Billiton Holdings Pty Ltd - Australia
- PNOC Exploration Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Altura Mining Limited, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Thiess Contractors Indonesia
- Grasim Industreis Ltd - India
- Global Coal Blending Company Limited - Australia
- Sree Jayajothi Cements Limited - India
- Mercator Lines Limited - India
- Goldman Sachs - Singapore
- Planning Commission, India
- Georgia Ports Authority, United States
- Kobexindo Tractors - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Latin American Coal - Colombia
- Makarim & Taira - Indonesia
- MS Steel International - UAE
- Orica Australia Pty. Ltd.
- Manunggal Multi Energi - Indonesia
- Leighton Contractors Pty Ltd - Australia
- GVK Power & Infra Limited - India
- Sakthi Sugars Limited - India
- Indian Energy Exchange, India
- Chamber of Mines of South Africa
- Uttam Galva Steels Limited - India
- India Bulls Power Limited - India
- Bharathi Cement Corporation - India
- Miang Besar Coal Terminal - Indonesia
- Africa Commodities Group - South Africa
- Gujarat Electricity Regulatory Commission - India
- Australian Commodity Traders Exchange
- Baramulti Group, Indonesia
- Carbofer General Trading SA - India
- GMR Energy Limited - India
- CIMB Investment Bank - Malaysia
- PowerSource Philippines DevCo
- Kepco SPC Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Indogreen Group - Indonesia
- Indonesian Coal Mining Association
- Videocon Industries ltd - India
- Renaissance Capital - South Africa
- Edison Trading Spa - Italy
- Attock Cement Pakistan Limited
- South Luzon Thermal Energy Corporation
- Kohat Cement Company Ltd. - Pakistan
- Kalimantan Lumbung Energi - Indonesia
- Kumho Petrochemical, South Korea
- Central Java Power - Indonesia
- Binh Thuan Hamico - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- Indian Oil Corporation Limited
- Sarangani Energy Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Meenaskhi Energy Private Limited - India
- Global Green Power PLC Corporation, Philippines
- Energy Link Ltd, New Zealand
- Ministry of Mines - Canada
- Dalmia Cement Bharat India
- SN Aboitiz Power Inc, Philippines
- Mjunction Services Limited - India
- Vizag Seaport Private Limited - India
- Indika Energy - Indonesia
- Deloitte Consulting - India
- San Jose City I Power Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Electricity Generating Authority of Thailand
- Orica Mining Services - Indonesia
- Intertek Mineral Services - Indonesia
- Agrawal Coal Company - India
- Pendopo Energi Batubara - Indonesia
- Bhoruka Overseas - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- IEA Clean Coal Centre - UK
- Bahari Cakrawala Sebuku - Indonesia
- Bhushan Steel Limited - India
- Semirara Mining and Power Corporation, Philippines
- Trasteel International SA, Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coastal Gujarat Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- TeaM Sual Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Singapore Mercantile Exchange
- Bulk Trading Sa - Switzerland
- Central Electricity Authority - India
- Salva Resources Pvt Ltd - India
- The University of Queensland
- Kartika Selabumi Mining - Indonesia
- OPG Power Generation Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Thai Mozambique Logistica
- Kaltim Prima Coal - Indonesia
- Xindia Steels Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Borneo Indobara - Indonesia
- Simpson Spence & Young - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Meralco Power Generation, Philippines
- Vedanta Resources Plc - India
- Gujarat Sidhee Cement - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Wood Mackenzie - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Mintek Dendrill Indonesia
- GAC Shipping (India) Pvt Ltd
- Mercuria Energy - Indonesia
- Minerals Council of Australia
- PetroVietnam Power Coal Import and Supply Company
- Cement Manufacturers Association - India
- Essar Steel Hazira Ltd - India
- Coal and Oil Company - UAE
- The Treasury - Australian Government
- PTC India Limited - India
- Aboitiz Power Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Power Finance Corporation Ltd., India
- Alfred C Toepfer International GmbH - Germany
- SMG Consultants - Indonesia
- Barasentosa Lestari - Indonesia
- IHS Mccloskey Coal Group - USA
- Coalindo Energy - Indonesia
- Heidelberg Cement - Germany
- Siam City Cement PLC, Thailand
- Cigading International Bulk Terminal - Indonesia
- Semirara Mining Corp, Philippines
- Lanco Infratech Ltd - India
- Jaiprakash Power Ventures ltd
- Iligan Light & Power Inc, Philippines
- Tata Chemicals Ltd - India
- Sojitz Corporation - Japan
- Medco Energi Mining Internasional
- Ambuja Cements Ltd - India
- Parliament of New Zealand
- Formosa Plastics Group - Taiwan
- Sinarmas Energy and Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Riau Bara Harum - Indonesia
- Price Waterhouse Coopers - Russia
- Jindal Steel & Power Ltd - India
- Posco Energy - South Korea
- Sical Logistics Limited - India
- LBH Netherlands Bv - Netherlands
- Port Waratah Coal Services - Australia
- Petron Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Eastern Coal Council - USA
- Merrill Lynch Commodities Europe
- CNBM International Corporation - China
- ASAPP Information Group - India
- Karaikal Port Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- New Zealand Coal & Carbon
- Ministry of Finance - Indonesia
- Energy Development Corp, Philippines
- Siam City Cement - Thailand
- Ind-Barath Power Infra Limited - India
- Standard Chartered Bank - UAE
- London Commodity Brokers - England
- Economic Council, Georgia
- Bukit Baiduri Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
|
| |
| |
|
