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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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Monday, 14 July 14
SGX CFR SOUTH CHINA COAL SWAP FOR Q3' 14 LOST 17.29% SINCE EARLY JANUARY 2014
COALspot.com: Coal price falling is continues as the impact oversupply and lower demand. API 8 CFR South China Coal swap for delivery in Q3 drops U ...
Sunday, 13 July 14
PANAMAX INDEX GAINS SLIGHTLY THIS WEEK; CAPE INDEX FALLS ALMOST 21.40%
COALspot.com: This week the freight market fell again after gaining last week. The cape index was down almost 21.40 pct and closed at 1465 points.
...
Friday, 11 July 14
EUROPE HAS A SUBSTANTIAL SURPLUS IN COAL SUPPLIES; RENEWABLE ENERGIES ARE REDUCING THE FULL-LOAD OPERATING HOURS OF HARD COAL-FIRED POWER PLANTS - VDKI
COALspot.com: General conditions for coal-fired power plants must be improved if the energy turnaround is to be a success, said German coal importe ...
Friday, 11 July 14
DR.CIESLIK RE-ELECTED AS CEO OF GERMAN COAL IMPORTER ASSOCIATION (VDKI)
Press Release : Dr Cieslik re-elected as CEO of German Coal Importer Association (VDKi) for the period 2014 – 2018. The German Coal Importer ...
Friday, 11 July 14
PORT OF NEWCASTLE SHIPPED $ 1.031 BILLION WORTH OF 11.744 MILLION TONS OF COAL IN JUNE 2014
COALspot.com: Port of Newcastle has shipped 11,744,396 tons of coal for the month ended 30 June 2014. According to Port’s monthly report, YTD ...
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- Bahari Cakrawala Sebuku - Indonesia
- Planning Commission, India
- Sindya Power Generating Company Private Ltd
- Cigading International Bulk Terminal - Indonesia
- Georgia Ports Authority, United States
- Toyota Tsusho Corporation, Japan
- White Energy Company Limited
- Xindia Steels Limited - India
- Orica Australia Pty. Ltd.
- Price Waterhouse Coopers - Russia
- Jorong Barutama Greston.PT - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kalimantan Lumbung Energi - Indonesia
- Malabar Cements Ltd - India
- Mintek Dendrill Indonesia
- Bulk Trading Sa - Switzerland
- GAC Shipping (India) Pvt Ltd
- Renaissance Capital - South Africa
- Medco Energi Mining Internasional
- Independent Power Producers Association of India
- Lanco Infratech Ltd - India
- Gujarat Sidhee Cement - India
- Kohat Cement Company Ltd. - Pakistan
- Parry Sugars Refinery, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Banpu Public Company Limited - Thailand
- Marubeni Corporation - India
- Antam Resourcindo - Indonesia
- Energy Development Corp, Philippines
- Indian Energy Exchange, India
- McConnell Dowell - Australia
- GVK Power & Infra Limited - India
- Simpson Spence & Young - Indonesia
- Attock Cement Pakistan Limited
- Agrawal Coal Company - India
- Meralco Power Generation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Thai Mozambique Logistica
- Ind-Barath Power Infra Limited - India
- Wilmar Investment Holdings
- The University of Queensland
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kartika Selabumi Mining - Indonesia
- Meenaskhi Energy Private Limited - India
- Indika Energy - Indonesia
- Baramulti Group, Indonesia
- Straits Asia Resources Limited - Singapore
- Vedanta Resources Plc - India
- Intertek Mineral Services - Indonesia
- Sakthi Sugars Limited - India
- Holcim Trading Pte Ltd - Singapore
- Kepco SPC Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Singapore Mercantile Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Port Waratah Coal Services - Australia
- Indogreen Group - Indonesia
- Siam City Cement - Thailand
- Tata Chemicals Ltd - India
- Global Business Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Dalmia Cement Bharat India
- Power Finance Corporation Ltd., India
- Coal and Oil Company - UAE
- ICICI Bank Limited - India
- Coalindo Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Merrill Lynch Commodities Europe
- Ministry of Transport, Egypt
- Maharashtra Electricity Regulatory Commission - India
- Binh Thuan Hamico - Vietnam
- Australian Commodity Traders Exchange
- Trasteel International SA, Italy
- SN Aboitiz Power Inc, Philippines
- Anglo American - United Kingdom
- Vijayanagar Sugar Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Madhucon Powers Ltd - India
- Star Paper Mills Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Oldendorff Carriers - Singapore
- Ceylon Electricity Board - Sri Lanka
- Orica Mining Services - Indonesia
- Thiess Contractors Indonesia
- Kobexindo Tractors - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Indian Oil Corporation Limited
- ASAPP Information Group - India
- Global Coal Blending Company Limited - Australia
- Wood Mackenzie - Singapore
- Sical Logistics Limited - India
- Australian Coal Association
- Global Green Power PLC Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- San Jose City I Power Corp, Philippines
- Directorate Of Revenue Intelligence - India
- GN Power Mariveles Coal Plant, Philippines
- Tamil Nadu electricity Board
- CNBM International Corporation - China
- Borneo Indobara - Indonesia
- Chamber of Mines of South Africa
- Kumho Petrochemical, South Korea
- Grasim Industreis Ltd - India
- Carbofer General Trading SA - India
- Leighton Contractors Pty Ltd - Australia
- Bangladesh Power Developement Board
- Standard Chartered Bank - UAE
- Chettinad Cement Corporation Ltd - India
- Bhushan Steel Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- MS Steel International - UAE
- The Treasury - Australian Government
- PTC India Limited - India
- Minerals Council of Australia
- Miang Besar Coal Terminal - Indonesia
- Kideco Jaya Agung - Indonesia
- Heidelberg Cement - Germany
- Kapuas Tunggal Persada - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Mercator Lines Limited - India
- Altura Mining Limited, Indonesia
- IEA Clean Coal Centre - UK
- International Coal Ventures Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- PowerSource Philippines DevCo
- AsiaOL BioFuels Corp., Philippines
- Mercuria Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Sree Jayajothi Cements Limited - India
- Barasentosa Lestari - Indonesia
- Energy Link Ltd, New Zealand
- European Bulk Services B.V. - Netherlands
- The State Trading Corporation of India Ltd
- Salva Resources Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- SMG Consultants - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Bukit Makmur.PT - Indonesia
- Bhoruka Overseas - Indonesia
- Latin American Coal - Colombia
- Economic Council, Georgia
- Cement Manufacturers Association - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Essar Steel Hazira Ltd - India
- Mjunction Services Limited - India
- Gujarat Electricity Regulatory Commission - India
- Globalindo Alam Lestari - Indonesia
- Africa Commodities Group - South Africa
- Sojitz Corporation - Japan
- CIMB Investment Bank - Malaysia
- Neyveli Lignite Corporation Ltd, - India
- Jaiprakash Power Ventures ltd
- Ministry of Mines - Canada
- VISA Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Edison Trading Spa - Italy
- IHS Mccloskey Coal Group - USA
- New Zealand Coal & Carbon
- Gujarat Mineral Development Corp Ltd - India
- Coastal Gujarat Power Limited - India
- PNOC Exploration Corporation - Philippines
- Eastern Coal Council - USA
- Aditya Birla Group - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Sarangani Energy Corporation, Philippines
- Electricity Authority, New Zealand
- SMC Global Power, Philippines
- Uttam Galva Steels Limited - India
- Therma Luzon, Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Formosa Plastics Group - Taiwan
- Samtan Co., Ltd - South Korea
- Aboitiz Power Corporation - Philippines
- Semirara Mining Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Interocean Group of Companies - India
- Siam City Cement PLC, Thailand
- Rashtriya Ispat Nigam Limited - India
- OPG Power Generation Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Ambuja Cements Ltd - India
- India Bulls Power Limited - India
- Vizag Seaport Private Limited - India
- Larsen & Toubro Limited - India
- Central Java Power - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Riau Bara Harum - Indonesia
- GMR Energy Limited - India
- Goldman Sachs - Singapore
- Parliament of New Zealand
- Videocon Industries ltd - India
- Timah Investasi Mineral - Indoneisa
- Central Electricity Authority - India
- Makarim & Taira - Indonesia
- Bhatia International Limited - India
- Petron Corporation, Philippines
- Indonesian Coal Mining Association
- South Luzon Thermal Energy Corporation
- Posco Energy - South Korea
- Iligan Light & Power Inc, Philippines
- Bharathi Cement Corporation - India
- London Commodity Brokers - England
- Romanian Commodities Exchange
- Rio Tinto Coal - Australia
- Metalloyd Limited - United Kingdom
- Kaltim Prima Coal - Indonesia
- Ministry of Finance - Indonesia
- Eastern Energy - Thailand
- Electricity Generating Authority of Thailand
- Commonwealth Bank - Australia
- Karaikal Port Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Deloitte Consulting - India
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