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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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Sunday, 20 July 14
THE FREIGHT MARKET CONTINUED ITS DOWNWARD TREND
COALspot.com: The market continued its downward trend this week as all segments were down compared to last week. The Cape and Panamax indices being ...
Friday, 18 July 14
3RD CHINA INTERNATIONAL SHALE GAS SUMMIT
Building on the massive success of the past 2 shale gas programs that has generated huge success by attracting 500+ industry players, and intrig ...
Friday, 18 July 14
US WEEKLY COAL PRODUCTION UP BY 1.4% TO 18.3 MMST
COALspot.com – United States the world's second largest coal producer, produced approximately 18.3 million short tons (mmst) of coal in a ...
Thursday, 17 July 14
PANAMAX : MARKET HAS COOLED DOWN AGAIN TO LOW AND DEPRESSED LEVELS
Handy
The supra market remains pretty flat in the Atlantic while for the smaller sizes there has been little reported with ships chasing business ...
Thursday, 17 July 14
INDIAN GOVERNMENT WISE TO TAKE ADVANTAGE OF CURRENTLY LOW THERMAL COAL PRICES AND SHIPPING RATES - JEFFREY LANDSBERG
With thermal coal import prices (and also shipping rates) very low at present, India's government would be very wise to take advantage of curre ...
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- Kartika Selabumi Mining - Indonesia
- Interocean Group of Companies - India
- GVK Power & Infra Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Semirara Mining and Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Kideco Jaya Agung - Indonesia
- Riau Bara Harum - Indonesia
- Energy Link Ltd, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Heidelberg Cement - Germany
- GN Power Mariveles Coal Plant, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- TeaM Sual Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Star Paper Mills Limited - India
- Baramulti Group, Indonesia
- Kaltim Prima Coal - Indonesia
- Chamber of Mines of South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Cement Manufacturers Association - India
- Samtan Co., Ltd - South Korea
- Gujarat Sidhee Cement - India
- Bulk Trading Sa - Switzerland
- CIMB Investment Bank - Malaysia
- Latin American Coal - Colombia
- International Coal Ventures Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Wilmar Investment Holdings
- Maheswari Brothers Coal Limited - India
- Minerals Council of Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Anglo American - United Kingdom
- Ministry of Finance - Indonesia
- The State Trading Corporation of India Ltd
- Port Waratah Coal Services - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Marubeni Corporation - India
- Ind-Barath Power Infra Limited - India
- MS Steel International - UAE
- Sakthi Sugars Limited - India
- Commonwealth Bank - Australia
- Petron Corporation, Philippines
- ASAPP Information Group - India
- Ambuja Cements Ltd - India
- Karaikal Port Pvt Ltd - India
- Larsen & Toubro Limited - India
- Kepco SPC Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Semirara Mining Corp, Philippines
- Indonesian Coal Mining Association
- Medco Energi Mining Internasional
- McConnell Dowell - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Coalindo Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Siam City Cement PLC, Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Africa Commodities Group - South Africa
- Georgia Ports Authority, United States
- European Bulk Services B.V. - Netherlands
- Independent Power Producers Association of India
- CNBM International Corporation - China
- Vijayanagar Sugar Pvt Ltd - India
- Indian Energy Exchange, India
- Binh Thuan Hamico - Vietnam
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Indo Tambangraya Megah - Indonesia
- Altura Mining Limited, Indonesia
- Mercuria Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Romanian Commodities Exchange
- Pendopo Energi Batubara - Indonesia
- IEA Clean Coal Centre - UK
- Oldendorff Carriers - Singapore
- Timah Investasi Mineral - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Simpson Spence & Young - Indonesia
- Alfred C Toepfer International GmbH - Germany
- GMR Energy Limited - India
- Posco Energy - South Korea
- Kohat Cement Company Ltd. - Pakistan
- Trasteel International SA, Italy
- Malabar Cements Ltd - India
- Eastern Coal Council - USA
- Aboitiz Power Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Sree Jayajothi Cements Limited - India
- Economic Council, Georgia
- Formosa Plastics Group - Taiwan
- Wood Mackenzie - Singapore
- London Commodity Brokers - England
- Aditya Birla Group - India
- Videocon Industries ltd - India
- Gujarat Electricity Regulatory Commission - India
- Central Electricity Authority - India
- Bayan Resources Tbk. - Indonesia
- Bharathi Cement Corporation - India
- Standard Chartered Bank - UAE
- Toyota Tsusho Corporation, Japan
- Kapuas Tunggal Persada - Indonesia
- Bhushan Steel Limited - India
- White Energy Company Limited
- Ministry of Mines - Canada
- Kobexindo Tractors - Indoneisa
- Carbofer General Trading SA - India
- Indika Energy - Indonesia
- Merrill Lynch Commodities Europe
- Grasim Industreis Ltd - India
- Tata Chemicals Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Global Business Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Australian Commodity Traders Exchange
- Holcim Trading Pte Ltd - Singapore
- PTC India Limited - India
- Tamil Nadu electricity Board
- Salva Resources Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Thiess Contractors Indonesia
- Miang Besar Coal Terminal - Indonesia
- Sarangani Energy Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Energy Development Corp, Philippines
- Manunggal Multi Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Dalmia Cement Bharat India
- Offshore Bulk Terminal Pte Ltd, Singapore
- AsiaOL BioFuels Corp., Philippines
- Meenaskhi Energy Private Limited - India
- GAC Shipping (India) Pvt Ltd
- Parry Sugars Refinery, India
- Bangladesh Power Developement Board
- Kalimantan Lumbung Energi - Indonesia
- Vizag Seaport Private Limited - India
- Singapore Mercantile Exchange
- The University of Queensland
- Parliament of New Zealand
- Global Coal Blending Company Limited - Australia
- Savvy Resources Ltd - HongKong
- Lanco Infratech Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Xindia Steels Limited - India
- Siam City Cement - Thailand
- Sical Logistics Limited - India
- Jindal Steel & Power Ltd - India
- Globalindo Alam Lestari - Indonesia
- Madhucon Powers Ltd - India
- Bukit Baiduri Energy - Indonesia
- New Zealand Coal & Carbon
- Deloitte Consulting - India
- Sindya Power Generating Company Private Ltd
- Global Green Power PLC Corporation, Philippines
- Antam Resourcindo - Indonesia
- Banpu Public Company Limited - Thailand
- San Jose City I Power Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Barasentosa Lestari - Indonesia
- Rio Tinto Coal - Australia
- India Bulls Power Limited - India
- Mjunction Services Limited - India
- Metalloyd Limited - United Kingdom
- Therma Luzon, Inc, Philippines
- Edison Trading Spa - Italy
- Sojitz Corporation - Japan
- Power Finance Corporation Ltd., India
- Makarim & Taira - Indonesia
- SMG Consultants - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- VISA Power Limited - India
- Attock Cement Pakistan Limited
- Iligan Light & Power Inc, Philippines
- Orica Mining Services - Indonesia
- Bhatia International Limited - India
- Eastern Energy - Thailand
- SMC Global Power, Philippines
- Vedanta Resources Plc - India
- Asmin Koalindo Tuhup - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Renaissance Capital - South Africa
- Kumho Petrochemical, South Korea
- Electricity Generating Authority of Thailand
- The Treasury - Australian Government
- Coal and Oil Company - UAE
- SN Aboitiz Power Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Rashtriya Ispat Nigam Limited - India
- Uttam Galva Steels Limited - India
- Orica Australia Pty. Ltd.
- Indian Oil Corporation Limited
- South Luzon Thermal Energy Corporation
- Mintek Dendrill Indonesia
- Electricity Authority, New Zealand
- Indogreen Group - Indonesia
- Directorate Of Revenue Intelligence - India
- Jaiprakash Power Ventures ltd
- Straits Asia Resources Limited - Singapore
- PowerSource Philippines DevCo
- Borneo Indobara - Indonesia
- Central Java Power - Indonesia
- ICICI Bank Limited - India
- Thai Mozambique Logistica
- Leighton Contractors Pty Ltd - Australia
- Intertek Mineral Services - Indonesia
- Coastal Gujarat Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- Australian Coal Association
- Planning Commission, India
- Ministry of Transport, Egypt
- Goldman Sachs - Singapore
- Agrawal Coal Company - India
- Cigading International Bulk Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- Mercator Lines Limited - India
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