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Wednesday, 02 July 14
SHIPPING: MARKET INSIGHT - GEORGE DERMATIS
 After 6 months, 57 ministerial meetings and 67 political agreements, the journey of the Greek Presidency in the EU reached its end yesterday; only a day after the journey of our National football team reached its own end at the World Cup.
Last week was a bit more upbeat following the visit of China’s Premier, Mr. Li Keqiang, as the two nations signed shipping, trade and energy deals worth close to $4bn.
China Exim Bank raised its Greek shipping portfolio to $1.3bn and is pacing itself for increasing its exposure in the world’s largest shipping market. It finally seems that Chinese lenders cannot ignore the fact that Greek-owned ships carry 60 per cent of oil, iron ore, coal and other commodities imported by China. ICBC and CDB managed to also raise eyebrows during the same week; especially the latter and its mammoth loan agreement with Costamare for $1.5bn against the owner’s new building program at Chinese shipyards. After all, Greek owners are the biggest customers of Chinese shipyards with almost 200 vessels on order, which means that alignment of interests between the two economies is needed now more than ever.
Although these steps are sporadic and do not necessarily solve the problem of the finance gap that the shipping market faces these days, they are definitely steps in the right direction for –potentially- one of the world’s largest shipping lenders in the years to come. The know-how and track record being built up is immensely significant for establishing confidence in the “name lending” particularities of shipping finance.
Undeniably, Chinese lenders are undergoing a phase of intense restructuring during the past 12 months and the ripple effects are obvious in the shipping industry –including but not limited to the- difficulty that shipyards have in obtaining both refund guarantees and construction loans for several projects. Whilst still trying to create a sustainable framework through small steps rather than a large-scale stimulus, the Chinese Central Bank’s monetary easing over the past 2 months has been positively received by equity markets.
One move towards this direction was announced last week as policy makers committed to increase the number of lenders eligible for lower reserve requirement ratios (RRR). As the Chinese economy is entering a “quasi-deflation” mode, the Central bank is focusing on reducing finance cost in the long run by allowing more and more institutions to use RRR and interest rate adjustments in the short run. These moves, although primarily designed to help the ailing housing market and farming sector, speak volumes about the government’s intention to actively address the concerns of a “hard landing”.
With the freight market still at year lows, it is almost unavoidable to look towards China for glimpses of hope. Whether growth rates will be sustained at levels which will allow healthy trade volumes and subsequently raise freight rates, seems a bit premature to judge. One thing is certain though; all policies from the present Chinese government –even the deflationary ones- have so far been towards the right direction. Although the net result might not be enough to break open the bubbly just yet, we cannot ignore the fact that it is the first week in a long time that we saw some big names in dry cargo chartering slowly coming out of their shell for period charters…
Analysts:
Mr. George Lazaridis
Ms. Eva Tzima
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.
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Friday, 25 July 14
U.S WEEKLY COAL PRODUCTION UP AROUND 3.5% WEEK ENDED JULY 19
COALspot.com – United States the world's second largest coal producer, produced approximately 19.00 million short tons (mmst) of coal in ...
Thursday, 24 July 14
INDONESIA'S JUNE 2014 COAL EXPORT VOLUME DOWN 6.82%; AVERAGE SELLING PRICE DOWN
COALspot.com: Indonesia, one of the world's largest coal producer and the global leading multi grade coal exporter shipped around $1.70* ...
Thursday, 24 July 14
HANDY: SOUTH AFRICA SOFTENED A BIT, HERE RATES ARE AT AROUND 8K +150K BB FOR TRIPS EAST - FEARNLEYS AS
Handy
The handy market in the Atlantic is going sideways and a tick down on low activity. Levels hoovering around USD 5k on Supras. The SMX marke ...
Thursday, 24 July 14
INDONESIAN COAL EXPORTERS ARE REQUIRED TO OBTAIN ET-BATUBARA UNDER LATEST TRADE MINISTRY'S NEW REGULATION
COALspot.com: Indonesia's trade ministry has issued regulation No. 39/M-DAG/PER/7/2014 which is requires exporters of power plant coal as ...
Wednesday, 23 July 14
PANAMAXES WERE BACK ON A DOWNWARD COURSE; CAPES WERE FEELING THE MOST PRESSURE - INTERMODAL
COALspot.com: The Dry Bulk market was on a downward spiral this week, with the BDI noting another week-on-week decline of the magnitude of 10% this ...
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- International Coal Ventures Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The State Trading Corporation of India Ltd
- Xindia Steels Limited - India
- Port Waratah Coal Services - Australia
- Ceylon Electricity Board - Sri Lanka
- Energy Development Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Georgia Ports Authority, United States
- Gujarat Electricity Regulatory Commission - India
- Bhushan Steel Limited - India
- The Treasury - Australian Government
- Attock Cement Pakistan Limited
- Essar Steel Hazira Ltd - India
- Madhucon Powers Ltd - India
- Planning Commission, India
- Lanco Infratech Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Larsen & Toubro Limited - India
- TeaM Sual Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Global Coal Blending Company Limited - Australia
- Karbindo Abesyapradhi - Indoneisa
- Therma Luzon, Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Chamber of Mines of South Africa
- Sinarmas Energy and Mining - Indonesia
- White Energy Company Limited
- Rio Tinto Coal - Australia
- Kartika Selabumi Mining - Indonesia
- Kumho Petrochemical, South Korea
- London Commodity Brokers - England
- Goldman Sachs - Singapore
- Sindya Power Generating Company Private Ltd
- Orica Mining Services - Indonesia
- Sical Logistics Limited - India
- Globalindo Alam Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- GVK Power & Infra Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Asmin Koalindo Tuhup - Indonesia
- Formosa Plastics Group - Taiwan
- Parliament of New Zealand
- Eastern Coal Council - USA
- Kalimantan Lumbung Energi - Indonesia
- Merrill Lynch Commodities Europe
- Indian Oil Corporation Limited
- PetroVietnam Power Coal Import and Supply Company
- Sarangani Energy Corporation, Philippines
- Marubeni Corporation - India
- Siam City Cement PLC, Thailand
- Indonesian Coal Mining Association
- Baramulti Group, Indonesia
- Binh Thuan Hamico - Vietnam
- Commonwealth Bank - Australia
- Gujarat Sidhee Cement - India
- Malabar Cements Ltd - India
- Orica Australia Pty. Ltd.
- Carbofer General Trading SA - India
- Miang Besar Coal Terminal - Indonesia
- CNBM International Corporation - China
- Latin American Coal - Colombia
- Petrochimia International Co. Ltd.- Taiwan
- Sree Jayajothi Cements Limited - India
- Indika Energy - Indonesia
- Price Waterhouse Coopers - Russia
- CIMB Investment Bank - Malaysia
- Bhoruka Overseas - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- LBH Netherlands Bv - Netherlands
- Australian Coal Association
- Bukit Makmur.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Independent Power Producers Association of India
- Simpson Spence & Young - Indonesia
- OPG Power Generation Pvt Ltd - India
- SMG Consultants - Indonesia
- Ministry of Finance - Indonesia
- Ministry of Mines - Canada
- Salva Resources Pvt Ltd - India
- Deloitte Consulting - India
- TNB Fuel Sdn Bhd - Malaysia
- Bayan Resources Tbk. - Indonesia
- Coastal Gujarat Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Meralco Power Generation, Philippines
- Kobexindo Tractors - Indoneisa
- Minerals Council of Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- SN Aboitiz Power Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Africa Commodities Group - South Africa
- Makarim & Taira - Indonesia
- VISA Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Aditya Birla Group - India
- Heidelberg Cement - Germany
- Kaltim Prima Coal - Indonesia
- Sakthi Sugars Limited - India
- Riau Bara Harum - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- India Bulls Power Limited - India
- Tata Chemicals Ltd - India
- SMC Global Power, Philippines
- Edison Trading Spa - Italy
- Economic Council, Georgia
- Tamil Nadu electricity Board
- Central Java Power - Indonesia
- Oldendorff Carriers - Singapore
- Central Electricity Authority - India
- MS Steel International - UAE
- Coal and Oil Company - UAE
- Interocean Group of Companies - India
- Bhatia International Limited - India
- Jaiprakash Power Ventures ltd
- Bukit Baiduri Energy - Indonesia
- GMR Energy Limited - India
- AsiaOL BioFuels Corp., Philippines
- Krishnapatnam Port Company Ltd. - India
- Metalloyd Limited - United Kingdom
- Wood Mackenzie - Singapore
- McConnell Dowell - Australia
- Mercuria Energy - Indonesia
- Anglo American - United Kingdom
- PNOC Exploration Corporation - Philippines
- Vedanta Resources Plc - India
- Mjunction Services Limited - India
- IEA Clean Coal Centre - UK
- Savvy Resources Ltd - HongKong
- Dalmia Cement Bharat India
- Barasentosa Lestari - Indonesia
- PTC India Limited - India
- Thai Mozambique Logistica
- Bahari Cakrawala Sebuku - Indonesia
- Mintek Dendrill Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Global Business Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Electricity Generating Authority of Thailand
- Wilmar Investment Holdings
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Medco Energi Mining Internasional
- ASAPP Information Group - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Asam (Persero) Tbk - Indonesia
- Directorate Of Revenue Intelligence - India
- ICICI Bank Limited - India
- Star Paper Mills Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Grasim Industreis Ltd - India
- Uttam Galva Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- Thiess Contractors Indonesia
- Ministry of Transport, Egypt
- PowerSource Philippines DevCo
- Singapore Mercantile Exchange
- Australian Commodity Traders Exchange
- The University of Queensland
- Renaissance Capital - South Africa
- Pendopo Energi Batubara - Indonesia
- San Jose City I Power Corp, Philippines
- Trasteel International SA, Italy
- Energy Link Ltd, New Zealand
- Iligan Light & Power Inc, Philippines
- Cement Manufacturers Association - India
- Kapuas Tunggal Persada - Indonesia
- Sojitz Corporation - Japan
- Vizag Seaport Private Limited - India
- Agrawal Coal Company - India
- Semirara Mining and Power Corporation, Philippines
- Parry Sugars Refinery, India
- Antam Resourcindo - Indonesia
- Bulk Trading Sa - Switzerland
- Standard Chartered Bank - UAE
- Indogreen Group - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Kepco SPC Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Eastern Energy - Thailand
- Siam City Cement - Thailand
- Electricity Authority, New Zealand
- Petron Corporation, Philippines
- Bharathi Cement Corporation - India
- Semirara Mining Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Borneo Indobara - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Manunggal Multi Energi - Indonesia
- GAC Shipping (India) Pvt Ltd
- Videocon Industries ltd - India
- Bangladesh Power Developement Board
- Coalindo Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Posco Energy - South Korea
- Altura Mining Limited, Indonesia
- Intertek Mineral Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- New Zealand Coal & Carbon
- Indian Energy Exchange, India
- Banpu Public Company Limited - Thailand
- South Luzon Thermal Energy Corporation
- Meenaskhi Energy Private Limited - India
- Romanian Commodities Exchange
- Samtan Co., Ltd - South Korea
- Mercator Lines Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Maheswari Brothers Coal Limited - India
- Ind-Barath Power Infra Limited - India
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