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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, 16 July 14
INDIA BUDGET HAS LIMITED SHORT TERM IMPACT ON POWER SECTOR - FITCH RATINGS
Fitch Ratings says that the measures announced relating to India's electricity sector in the budget for FY2015 are directionally correct but in ...
Wednesday, 16 July 14
WEEKLY SHIPPING MARKET INSIGHT - INTERMODAL
Wake me up when September ends - Theodore Ntalakos
Since last September most thought that the worst was behind us. It looks like the market de ...
Tuesday, 15 July 14
INDONESIA'S TOTAL COAL PRODUCTION REACHED ANOTHER HIGH DURING THE FIRST SIX MONTHS; GOVERNMENT EXPECTED TO RAISE ROYALTIES
COALspot.com: Indonesia's total coal production reached 213 million tons during January through June, up by 7.6 percent y-o-y. Coal output in I ...
Monday, 14 July 14
THE END OF THE ERA OF HEAVY FUEL OIL IN MARITIME SHIPPING - ICCT
KNOWLEDGE TO ELEVATE
Since the 1960s, heavy fuel oil (HFO) has been the king of marine fuels. Viscous, dirty, yet inexpensive and widely avail ...
Monday, 14 July 14
SGX SUB-BIT FOB INDONESIA COAL SWAP FOR Q4' 14 DELIVERY CLOSED AT $ 54.80
COALspot.com: Indonesian coal swaps for average Q3’ 2014 lost on day, week and on month according to AsiaClear OTC coal swap's reports re ...
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- TNB Fuel Sdn Bhd - Malaysia
- Sical Logistics Limited - India
- Intertek Mineral Services - Indonesia
- Kumho Petrochemical, South Korea
- Metalloyd Limited - United Kingdom
- Bhushan Steel Limited - India
- Africa Commodities Group - South Africa
- Leighton Contractors Pty Ltd - Australia
- Parliament of New Zealand
- Siam City Cement - Thailand
- Petron Corporation, Philippines
- Dalmia Cement Bharat India
- Singapore Mercantile Exchange
- Attock Cement Pakistan Limited
- Oldendorff Carriers - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- Chamber of Mines of South Africa
- Independent Power Producers Association of India
- Renaissance Capital - South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Maheswari Brothers Coal Limited - India
- GN Power Mariveles Coal Plant, Philippines
- PowerSource Philippines DevCo
- Sakthi Sugars Limited - India
- Bulk Trading Sa - Switzerland
- Kohat Cement Company Ltd. - Pakistan
- CIMB Investment Bank - Malaysia
- Georgia Ports Authority, United States
- Cigading International Bulk Terminal - Indonesia
- Iligan Light & Power Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Manunggal Multi Energi - Indonesia
- Kaltim Prima Coal - Indonesia
- Grasim Industreis Ltd - India
- San Jose City I Power Corp, Philippines
- Indika Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- New Zealand Coal & Carbon
- Global Green Power PLC Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Planning Commission, India
- Indogreen Group - Indonesia
- Cement Manufacturers Association - India
- Ministry of Transport, Egypt
- Holcim Trading Pte Ltd - Singapore
- PTC India Limited - India
- Posco Energy - South Korea
- Bukit Baiduri Energy - Indonesia
- Antam Resourcindo - Indonesia
- Ambuja Cements Ltd - India
- Orica Australia Pty. Ltd.
- Indian Energy Exchange, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Australian Coal Association
- Baramulti Group, Indonesia
- Karaikal Port Pvt Ltd - India
- Heidelberg Cement - Germany
- Trasteel International SA, Italy
- Asmin Koalindo Tuhup - Indonesia
- Indian Oil Corporation Limited
- Energy Development Corp, Philippines
- Goldman Sachs - Singapore
- Semirara Mining Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
- Deloitte Consulting - India
- Pipit Mutiara Jaya. PT, Indonesia
- India Bulls Power Limited - India
- Indonesian Coal Mining Association
- The University of Queensland
- Australian Commodity Traders Exchange
- Straits Asia Resources Limited - Singapore
- Interocean Group of Companies - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement PLC, Thailand
- Altura Mining Limited, Indonesia
- McConnell Dowell - Australia
- Barasentosa Lestari - Indonesia
- Vedanta Resources Plc - India
- Jindal Steel & Power Ltd - India
- Mercuria Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Wood Mackenzie - Singapore
- Eastern Coal Council - USA
- Jorong Barutama Greston.PT - Indonesia
- Meenaskhi Energy Private Limited - India
- Kartika Selabumi Mining - Indonesia
- Wilmar Investment Holdings
- Therma Luzon, Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- SMC Global Power, Philippines
- Formosa Plastics Group - Taiwan
- Karbindo Abesyapradhi - Indoneisa
- Borneo Indobara - Indonesia
- Mjunction Services Limited - India
- Binh Thuan Hamico - Vietnam
- Kalimantan Lumbung Energi - Indonesia
- Port Waratah Coal Services - Australia
- Globalindo Alam Lestari - Indonesia
- Sarangani Energy Corporation, Philippines
- Ministry of Finance - Indonesia
- South Luzon Thermal Energy Corporation
- Banpu Public Company Limited - Thailand
- Edison Trading Spa - Italy
- Sojitz Corporation - Japan
- Medco Energi Mining Internasional
- VISA Power Limited - India
- GMR Energy Limited - India
- Bayan Resources Tbk. - Indonesia
- ICICI Bank Limited - India
- Price Waterhouse Coopers - Russia
- Rio Tinto Coal - Australia
- Directorate General of MIneral and Coal - Indonesia
- Samtan Co., Ltd - South Korea
- Mintek Dendrill Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Directorate Of Revenue Intelligence - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ind-Barath Power Infra Limited - India
- Marubeni Corporation - India
- Coal and Oil Company - UAE
- Economic Council, Georgia
- Miang Besar Coal Terminal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Bharathi Cement Corporation - India
- PetroVietnam Power Coal Import and Supply Company
- Aboitiz Power Corporation - Philippines
- Malabar Cements Ltd - India
- Pendopo Energi Batubara - Indonesia
- Billiton Holdings Pty Ltd - Australia
- The Treasury - Australian Government
- Standard Chartered Bank - UAE
- Power Finance Corporation Ltd., India
- Bukit Makmur.PT - Indonesia
- Star Paper Mills Limited - India
- SMG Consultants - Indonesia
- Xindia Steels Limited - India
- Romanian Commodities Exchange
- Agrawal Coal Company - India
- Sindya Power Generating Company Private Ltd
- IEA Clean Coal Centre - UK
- European Bulk Services B.V. - Netherlands
- International Coal Ventures Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Electricity Authority, New Zealand
- Gujarat Sidhee Cement - India
- Tata Chemicals Ltd - India
- Thiess Contractors Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kepco SPC Power Corporation, Philippines
- Madhucon Powers Ltd - India
- SN Aboitiz Power Inc, Philippines
- Uttam Galva Steels Limited - India
- Tamil Nadu electricity Board
- Bahari Cakrawala Sebuku - Indonesia
- Savvy Resources Ltd - HongKong
- Electricity Generating Authority of Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- LBH Netherlands Bv - Netherlands
- Riau Bara Harum - Indonesia
- Anglo American - United Kingdom
- AsiaOL BioFuels Corp., Philippines
- Eastern Energy - Thailand
- Merrill Lynch Commodities Europe
- Parry Sugars Refinery, India
- Bhatia International Limited - India
- Makarim & Taira - Indonesia
- Vizag Seaport Private Limited - India
- Mercator Lines Limited - India
- Thai Mozambique Logistica
- Alfred C Toepfer International GmbH - Germany
- Orica Mining Services - Indonesia
- Global Coal Blending Company Limited - Australia
- Timah Investasi Mineral - Indoneisa
- Carbofer General Trading SA - India
- GVK Power & Infra Limited - India
- Aditya Birla Group - India
- Gujarat Mineral Development Corp Ltd - India
- Minerals Council of Australia
- IHS Mccloskey Coal Group - USA
- White Energy Company Limited
- Central Java Power - Indonesia
- CNBM International Corporation - China
- Global Business Power Corporation, Philippines
- Commonwealth Bank - Australia
- Gujarat Electricity Regulatory Commission - India
- Neyveli Lignite Corporation Ltd, - India
- Meralco Power Generation, Philippines
- Salva Resources Pvt Ltd - India
- Central Electricity Authority - India
- The State Trading Corporation of India Ltd
- Kobexindo Tractors - Indoneisa
- Essar Steel Hazira Ltd - India
- Larsen & Toubro Limited - India
- Energy Link Ltd, New Zealand
- MS Steel International - UAE
- Krishnapatnam Port Company Ltd. - India
- Jaiprakash Power Ventures ltd
- Sree Jayajothi Cements Limited - India
- London Commodity Brokers - England
- GAC Shipping (India) Pvt Ltd
- Simpson Spence & Young - Indonesia
- Lanco Infratech Ltd - India
- Coalindo Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Videocon Industries ltd - India
- Coastal Gujarat Power Limited - India
- Latin American Coal - Colombia
- Bangladesh Power Developement Board
- PNOC Exploration Corporation - Philippines
- Ministry of Mines - Canada
- ASAPP Information Group - India
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