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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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Wednesday, 23 July 14
WEEKLY SHIPPING MARKET INSIGHT - INTERMODAL
In Australia, the world’s largest mining group, BHP Billiton, will beat the iron ore export target of more than 220 million tonnes for 2014. ...
Wednesday, 23 July 14
HARD COAL 2013: THE WORLD'S SECOND-MOST IMPORTANT ENERGY SOURCE AND GUARANTOR FOR THE SECURITY OF ENERGY SUPPLIES DURING TIMES OF CRISIS
Hard coal is again in 2013 the fastest-growing fossil primary energy source in the world. As shown in the BP Statistical Review 2014, it covered ab ...
Tuesday, 22 July 14
INDONESIAN ELECTION RESULT ENCOURAGING FOR FOREIGN INVESTMENT IN ENERGY AND MINING SECTORS - WOOD MACKENZIE
Joko Widodo-Jusuf Kalla has been announced as the official winner of Indonesia's presidential election. Joko Widodo, or Jokowi, is viewed as a ...
Tuesday, 22 July 14
THE CURRENT COAL PRICES ARE UNPROFITABLE FOR MINERS; COAL PRICES WILL GRADUALLY INCREASE - FITCH
COALspot.com: The Fitch Ratings expect the benchmark Newcastle coal prices (currently at about USD70/MT) to gradually increase.
Fitch's la ...
Tuesday, 22 July 14
SUB-BIT FOB INDONESIA COAL Q3' 14 DOWN 5.21%; Q4' 14 DOWN 3.56%; Q1' 15 DOWN 4.75% M-O-M
COALspot.com: Indonesian coal swaps for average Q3’ 2014 flat on day, weak week on week and on month according to AsiaClear OTC coal swap' ...
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- Ministry of Transport, Egypt
- New Zealand Coal & Carbon
- Mintek Dendrill Indonesia
- TeaM Sual Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Makmur.PT - Indonesia
- Independent Power Producers Association of India
- Larsen & Toubro Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Intertek Mineral Services - Indonesia
- SMG Consultants - Indonesia
- Indian Oil Corporation Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Mines - Canada
- Sakthi Sugars Limited - India
- Indika Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Directorate Of Revenue Intelligence - India
- Commonwealth Bank - Australia
- Meralco Power Generation, Philippines
- Cigading International Bulk Terminal - Indonesia
- MS Steel International - UAE
- Jaiprakash Power Ventures ltd
- Savvy Resources Ltd - HongKong
- South Luzon Thermal Energy Corporation
- Borneo Indobara - Indonesia
- Therma Luzon, Inc, Philippines
- Bhoruka Overseas - Indonesia
- Wilmar Investment Holdings
- Heidelberg Cement - Germany
- Coastal Gujarat Power Limited - India
- Electricity Authority, New Zealand
- Mjunction Services Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Price Waterhouse Coopers - Russia
- Bangladesh Power Developement Board
- Ambuja Cements Ltd - India
- Bharathi Cement Corporation - India
- Global Business Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Mercator Lines Limited - India
- Power Finance Corporation Ltd., India
- Mercuria Energy - Indonesia
- Africa Commodities Group - South Africa
- Kohat Cement Company Ltd. - Pakistan
- Carbofer General Trading SA - India
- Orica Mining Services - Indonesia
- White Energy Company Limited
- Rashtriya Ispat Nigam Limited - India
- Chettinad Cement Corporation Ltd - India
- Orica Australia Pty. Ltd.
- Global Coal Blending Company Limited - Australia
- Aditya Birla Group - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vizag Seaport Private Limited - India
- ASAPP Information Group - India
- Iligan Light & Power Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Vijayanagar Sugar Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Eastern Energy - Thailand
- Thai Mozambique Logistica
- Edison Trading Spa - Italy
- Kapuas Tunggal Persada - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Renaissance Capital - South Africa
- Oldendorff Carriers - Singapore
- Dalmia Cement Bharat India
- Bahari Cakrawala Sebuku - Indonesia
- SMC Global Power, Philippines
- Agrawal Coal Company - India
- Maheswari Brothers Coal Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- SN Aboitiz Power Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Xindia Steels Limited - India
- London Commodity Brokers - England
- Central Electricity Authority - India
- Singapore Mercantile Exchange
- Coal and Oil Company - UAE
- Australian Coal Association
- Leighton Contractors Pty Ltd - Australia
- Minerals Council of Australia
- Semirara Mining and Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Lanco Infratech Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- The Treasury - Australian Government
- Barasentosa Lestari - Indonesia
- Planning Commission, India
- Semirara Mining Corp, Philippines
- PTC India Limited - India
- ICICI Bank Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- McConnell Dowell - Australia
- Central Java Power - Indonesia
- Standard Chartered Bank - UAE
- Bayan Resources Tbk. - Indonesia
- Siam City Cement PLC, Thailand
- Riau Bara Harum - Indonesia
- Energy Development Corp, Philippines
- Merrill Lynch Commodities Europe
- Rio Tinto Coal - Australia
- Binh Thuan Hamico - Vietnam
- Jindal Steel & Power Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Sarangani Energy Corporation, Philippines
- Bhatia International Limited - India
- Sindya Power Generating Company Private Ltd
- Sinarmas Energy and Mining - Indonesia
- GAC Shipping (India) Pvt Ltd
- CNBM International Corporation - China
- Electricity Generating Authority of Thailand
- Kaltim Prima Coal - Indonesia
- Metalloyd Limited - United Kingdom
- Thiess Contractors Indonesia
- GMR Energy Limited - India
- Ministry of Finance - Indonesia
- The University of Queensland
- Essar Steel Hazira Ltd - India
- Krishnapatnam Port Company Ltd. - India
- IEA Clean Coal Centre - UK
- Sree Jayajothi Cements Limited - India
- Attock Cement Pakistan Limited
- Medco Energi Mining Internasional
- San Jose City I Power Corp, Philippines
- Georgia Ports Authority, United States
- Sical Logistics Limited - India
- Billiton Holdings Pty Ltd - Australia
- PNOC Exploration Corporation - Philippines
- Australian Commodity Traders Exchange
- Indonesian Coal Mining Association
- Aboitiz Power Corporation - Philippines
- Star Paper Mills Limited - India
- Interocean Group of Companies - India
- Pipit Mutiara Jaya. PT, Indonesia
- Indogreen Group - Indonesia
- Malabar Cements Ltd - India
- Energy Link Ltd, New Zealand
- Directorate General of MIneral and Coal - Indonesia
- CIMB Investment Bank - Malaysia
- PetroVietnam Power Coal Import and Supply Company
- Marubeni Corporation - India
- Videocon Industries ltd - India
- Timah Investasi Mineral - Indoneisa
- Salva Resources Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- The State Trading Corporation of India Ltd
- IHS Mccloskey Coal Group - USA
- Kobexindo Tractors - Indoneisa
- Kumho Petrochemical, South Korea
- Global Green Power PLC Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Pendopo Energi Batubara - Indonesia
- Formosa Plastics Group - Taiwan
- Eastern Coal Council - USA
- Makarim & Taira - Indonesia
- Siam City Cement - Thailand
- Bukit Baiduri Energy - Indonesia
- India Bulls Power Limited - India
- Straits Asia Resources Limited - Singapore
- Simpson Spence & Young - Indonesia
- Wood Mackenzie - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Cement Manufacturers Association - India
- Posco Energy - South Korea
- Globalindo Alam Lestari - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Port Waratah Coal Services - Australia
- Grasim Industreis Ltd - India
- Meenaskhi Energy Private Limited - India
- Latin American Coal - Colombia
- Toyota Tsusho Corporation, Japan
- Kalimantan Lumbung Energi - Indonesia
- GVK Power & Infra Limited - India
- Gujarat Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- Coalindo Energy - Indonesia
- Parry Sugars Refinery, India
- Trasteel International SA, Italy
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Sidhee Cement - India
- Samtan Co., Ltd - South Korea
- OPG Power Generation Pvt Ltd - India
- Vedanta Resources Plc - India
- Petron Corporation, Philippines
- VISA Power Limited - India
- Goldman Sachs - Singapore
- Economic Council, Georgia
- PowerSource Philippines DevCo
- Karbindo Abesyapradhi - Indoneisa
- Kepco SPC Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Indian Energy Exchange, India
- Banpu Public Company Limited - Thailand
- LBH Netherlands Bv - Netherlands
- Chamber of Mines of South Africa
- Baramulti Group, Indonesia
- Anglo American - United Kingdom
- Sojitz Corporation - Japan
- Romanian Commodities Exchange
- Madhucon Powers Ltd - India
- Parliament of New Zealand
- Tamil Nadu electricity Board
- GN Power Mariveles Coal Plant, Philippines
- Karaikal Port Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Antam Resourcindo - Indonesia
- Bhushan Steel Limited - India
- Deloitte Consulting - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
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