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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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Tuesday, 22 July 14
INDONESIA'S MINERAL EXPORT BAN: CHINA UNDER PRESSURE? - CLARKSONS
In January 2014, Indonesia introduced new regulations on exports of unprocessed minerals. Exports of some minerals have been heavily taxed, whilst ...
Tuesday, 22 July 14
ASIAN SUB-BITUMINOUS COAL USERS' GROUP CONFERENCE
Press Release: Registration Open for Fourth Annual Asian Sub-Bituminous Coal Users’ Group Conference
Register today for this year&r ...
Monday, 21 July 14
25% OF INDIA'S POWER PLANTS WERE HAVING SUPER CRITICAL COAL STOCK - COAL AND POWER MINISTER
25% of India’s power plants were having super critical coal stock; power utilities have also been advised to enhance the import of coal - Coa ...
Monday, 21 July 14
INDONESIA'S STATE CONTROLLED COAL MINER BUKIT ASAM ENJOYED HIGHER SELLING PRICE DURING THIS STORMY MARKET
COALspot.com: PT Bukit Asam, the Indonesian government controlled coal miner announced today that, the company has produced 7.70 million tons of co ...
Monday, 21 July 14
CFR SOUTH CHINA COAL Q3 DELIVERY SWAPS LOST 16% SINCE JANUARY 17, 2014
COALspot.com: Coal price falling is continues as the impact oversupply and lower demand. Market is not showing any positive trend in near future.
...
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- Sakthi Sugars Limited - India
- Bulk Trading Sa - Switzerland
- Riau Bara Harum - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Toyota Tsusho Corporation, Japan
- Gujarat Mineral Development Corp Ltd - India
- Thiess Contractors Indonesia
- Xindia Steels Limited - India
- Sree Jayajothi Cements Limited - India
- Indian Energy Exchange, India
- Posco Energy - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Holcim Trading Pte Ltd - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Timah Investasi Mineral - Indoneisa
- India Bulls Power Limited - India
- Ministry of Transport, Egypt
- Vedanta Resources Plc - India
- Global Coal Blending Company Limited - Australia
- Eastern Energy - Thailand
- Tata Chemicals Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Singapore Mercantile Exchange
- Semirara Mining Corp, Philippines
- Larsen & Toubro Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Maheswari Brothers Coal Limited - India
- Altura Mining Limited, Indonesia
- Siam City Cement - Thailand
- New Zealand Coal & Carbon
- Antam Resourcindo - Indonesia
- Georgia Ports Authority, United States
- Barasentosa Lestari - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Intertek Mineral Services - Indonesia
- Kapuas Tunggal Persada - Indonesia
- OPG Power Generation Pvt Ltd - India
- Ministry of Mines - Canada
- GAC Shipping (India) Pvt Ltd
- London Commodity Brokers - England
- Orica Australia Pty. Ltd.
- Chettinad Cement Corporation Ltd - India
- The University of Queensland
- Essar Steel Hazira Ltd - India
- Siam City Cement PLC, Thailand
- Renaissance Capital - South Africa
- Electricity Generating Authority of Thailand
- Sical Logistics Limited - India
- Billiton Holdings Pty Ltd - Australia
- San Jose City I Power Corp, Philippines
- Price Waterhouse Coopers - Russia
- Globalindo Alam Lestari - Indonesia
- Deloitte Consulting - India
- AsiaOL BioFuels Corp., Philippines
- Australian Coal Association
- Bank of Tokyo Mitsubishi UFJ Ltd
- PNOC Exploration Corporation - Philippines
- Bhatia International Limited - India
- Aditya Birla Group - India
- Metalloyd Limited - United Kingdom
- Indo Tambangraya Megah - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Meralco Power Generation, Philippines
- Australian Commodity Traders Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Mjunction Services Limited - India
- European Bulk Services B.V. - Netherlands
- Economic Council, Georgia
- TNB Fuel Sdn Bhd - Malaysia
- Maharashtra Electricity Regulatory Commission - India
- Ambuja Cements Ltd - India
- Coastal Gujarat Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Carbofer General Trading SA - India
- Iligan Light & Power Inc, Philippines
- Global Business Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- VISA Power Limited - India
- Cement Manufacturers Association - India
- Kaltim Prima Coal - Indonesia
- Eastern Coal Council - USA
- Wood Mackenzie - Singapore
- The State Trading Corporation of India Ltd
- Gujarat Sidhee Cement - India
- Bukit Makmur.PT - Indonesia
- Sojitz Corporation - Japan
- Vijayanagar Sugar Pvt Ltd - India
- Planning Commission, India
- White Energy Company Limited
- Makarim & Taira - Indonesia
- Energy Development Corp, Philippines
- Ministry of Finance - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Port Waratah Coal Services - Australia
- MS Steel International - UAE
- Sindya Power Generating Company Private Ltd
- Kohat Cement Company Ltd. - Pakistan
- Directorate General of MIneral and Coal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Energy Link Ltd, New Zealand
- Jaiprakash Power Ventures ltd
- GVK Power & Infra Limited - India
- Bangladesh Power Developement Board
- Kepco SPC Power Corporation, Philippines
- Edison Trading Spa - Italy
- Mercuria Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Parry Sugars Refinery, India
- GMR Energy Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Rio Tinto Coal - Australia
- Kideco Jaya Agung - Indonesia
- Bharathi Cement Corporation - India
- Binh Thuan Hamico - Vietnam
- IEA Clean Coal Centre - UK
- Mercator Lines Limited - India
- Manunggal Multi Energi - Indonesia
- CNBM International Corporation - China
- Samtan Co., Ltd - South Korea
- Cigading International Bulk Terminal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Mintek Dendrill Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Vizag Seaport Private Limited - India
- Goldman Sachs - Singapore
- Heidelberg Cement - Germany
- Central Java Power - Indonesia
- Kobexindo Tractors - Indoneisa
- Coalindo Energy - Indonesia
- Malabar Cements Ltd - India
- Meenaskhi Energy Private Limited - India
- Kumho Petrochemical, South Korea
- Ind-Barath Power Infra Limited - India
- Bukit Baiduri Energy - Indonesia
- Lanco Infratech Ltd - India
- Petron Corporation, Philippines
- Borneo Indobara - Indonesia
- Savvy Resources Ltd - HongKong
- Wilmar Investment Holdings
- Gujarat Electricity Regulatory Commission - India
- International Coal Ventures Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- McConnell Dowell - Australia
- Electricity Authority, New Zealand
- Marubeni Corporation - India
- ASAPP Information Group - India
- Tamil Nadu electricity Board
- Latin American Coal - Colombia
- Simpson Spence & Young - Indonesia
- SMG Consultants - Indonesia
- Bhushan Steel Limited - India
- Formosa Plastics Group - Taiwan
- GN Power Mariveles Coal Plant, Philippines
- Agrawal Coal Company - India
- Coal and Oil Company - UAE
- Africa Commodities Group - South Africa
- Attock Cement Pakistan Limited
- Videocon Industries ltd - India
- Leighton Contractors Pty Ltd - Australia
- South Luzon Thermal Energy Corporation
- Romanian Commodities Exchange
- Thai Mozambique Logistica
- Merrill Lynch Commodities Europe
- Jindal Steel & Power Ltd - India
- Kartika Selabumi Mining - Indonesia
- Parliament of New Zealand
- Karaikal Port Pvt Ltd - India
- Indika Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- LBH Netherlands Bv - Netherlands
- Trasteel International SA, Italy
- Standard Chartered Bank - UAE
- Salva Resources Pvt Ltd - India
- Interocean Group of Companies - India
- Indonesian Coal Mining Association
- SMC Global Power, Philippines
- Semirara Mining and Power Corporation, Philippines
- PowerSource Philippines DevCo
- Central Electricity Authority - India
- Directorate Of Revenue Intelligence - India
- Baramulti Group, Indonesia
- Oldendorff Carriers - Singapore
- Bayan Resources Tbk. - Indonesia
- Bhoruka Overseas - Indonesia
- The Treasury - Australian Government
- Dalmia Cement Bharat India
- Rashtriya Ispat Nigam Limited - India
- Uttam Galva Steels Limited - India
- Orica Mining Services - Indonesia
- TeaM Sual Corporation - Philippines
- Indian Oil Corporation Limited
- IHS Mccloskey Coal Group - USA
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Aboitiz Power Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Grasim Industreis Ltd - India
- Minerals Council of Australia
- ICICI Bank Limited - India
- Independent Power Producers Association of India
- Madhucon Powers Ltd - India
- PTC India Limited - India
- Chamber of Mines of South Africa
- Indogreen Group - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- CIMB Investment Bank - Malaysia
- Star Paper Mills Limited - India
- Commonwealth Bank - Australia
- Power Finance Corporation Ltd., India
- Jorong Barutama Greston.PT - Indonesia
- Anglo American - United Kingdom
- Medco Energi Mining Internasional
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