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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, 09 July 14
PANAMAX MARKET FINALLY CORRECTING UPWARDS; AVERAGE TC MORE THAN DOUBLING WEEK ON WEEK - INTERMODAL
The Dry Bulk market has closed off on Friday on a more positive note, with most segments noting weekly gains and the Panamax market finally correct ...
Wednesday, 09 July 14
SHIPPING MARKET INSIGHT - PANOS TSILINGIRIS
The mini-boom in dry bulker values catapulted ship prices too fast too far over the last one-and-a-half year. The concurrence of historically low p ...
Tuesday, 08 July 14
INDONESIAN COAL PRICE REFERENCE FALL AGAIN IN JULY; LOST 1.62%
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia again revised down the coal bench mark price in July. HBA for month of J ...
Tuesday, 08 July 14
ENERGY IN THE MIX - INTERMODAL SHIPBROKERS
With the Tanker freight market having showed much promise this year compared to the performance that had been noted during the previous five, it is ...
Monday, 07 July 14
INDONESIA STATE-CONTROLLED COAL MINER BUKIT ASAM TO TRADE COAL ON-LINE THROUGH JFX
COALspot.com: Indonesian state owned coal miner PT Tambang Batubara Bukit Asam Tbk (PTBA) has teamed up with Jakarta Futures Exchange (JFX) to sell ...
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- Posco Energy - South Korea
- Eastern Energy - Thailand
- Central Java Power - Indonesia
- Heidelberg Cement - Germany
- Vijayanagar Sugar Pvt Ltd - India
- Electricity Authority, New Zealand
- Bhatia International Limited - India
- Banpu Public Company Limited - Thailand
- Sojitz Corporation - Japan
- Orica Australia Pty. Ltd.
- Pipit Mutiara Jaya. PT, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- San Jose City I Power Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Iligan Light & Power Inc, Philippines
- Georgia Ports Authority, United States
- Karaikal Port Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Goldman Sachs - Singapore
- Eastern Coal Council - USA
- Global Coal Blending Company Limited - Australia
- The Treasury - Australian Government
- Borneo Indobara - Indonesia
- Independent Power Producers Association of India
- Barasentosa Lestari - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Aboitiz Power Corporation - Philippines
- Romanian Commodities Exchange
- Bharathi Cement Corporation - India
- Siam City Cement - Thailand
- Global Green Power PLC Corporation, Philippines
- Port Waratah Coal Services - Australia
- Mintek Dendrill Indonesia
- Central Electricity Authority - India
- ASAPP Information Group - India
- Rio Tinto Coal - Australia
- Kobexindo Tractors - Indoneisa
- Directorate Of Revenue Intelligence - India
- Tamil Nadu electricity Board
- Riau Bara Harum - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Intertek Mineral Services - Indonesia
- Formosa Plastics Group - Taiwan
- Kumho Petrochemical, South Korea
- Cement Manufacturers Association - India
- Marubeni Corporation - India
- AsiaOL BioFuels Corp., Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Baiduri Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Baramulti Group, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Sidhee Cement - India
- European Bulk Services B.V. - Netherlands
- CNBM International Corporation - China
- Sindya Power Generating Company Private Ltd
- Indian Energy Exchange, India
- Bhushan Steel Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Madhucon Powers Ltd - India
- McConnell Dowell - Australia
- Parliament of New Zealand
- White Energy Company Limited
- Antam Resourcindo - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- SMC Global Power, Philippines
- Chettinad Cement Corporation Ltd - India
- Bukit Makmur.PT - Indonesia
- Globalindo Alam Lestari - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Bahari Cakrawala Sebuku - Indonesia
- Lanco Infratech Ltd - India
- Attock Cement Pakistan Limited
- Metalloyd Limited - United Kingdom
- Meenaskhi Energy Private Limited - India
- Ind-Barath Power Infra Limited - India
- Sree Jayajothi Cements Limited - India
- Deloitte Consulting - India
- Global Business Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Chamber of Mines of South Africa
- Minerals Council of Australia
- Price Waterhouse Coopers - Russia
- Semirara Mining and Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- ICICI Bank Limited - India
- Trasteel International SA, Italy
- Karbindo Abesyapradhi - Indoneisa
- Kaltim Prima Coal - Indonesia
- Simpson Spence & Young - Indonesia
- Power Finance Corporation Ltd., India
- Uttam Galva Steels Limited - India
- Rashtriya Ispat Nigam Limited - India
- Thai Mozambique Logistica
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bulk Trading Sa - Switzerland
- Bangladesh Power Developement Board
- Ministry of Transport, Egypt
- SMG Consultants - Indonesia
- Vizag Seaport Private Limited - India
- PNOC Exploration Corporation - Philippines
- Grasim Industreis Ltd - India
- Merrill Lynch Commodities Europe
- Toyota Tsusho Corporation, Japan
- Energy Link Ltd, New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Agrawal Coal Company - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Miang Besar Coal Terminal - Indonesia
- Maheswari Brothers Coal Limited - India
- Binh Thuan Hamico - Vietnam
- Australian Coal Association
- Straits Asia Resources Limited - Singapore
- PTC India Limited - India
- Indo Tambangraya Megah - Indonesia
- PowerSource Philippines DevCo
- Malabar Cements Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Samtan Co., Ltd - South Korea
- Mercator Lines Limited - India
- VISA Power Limited - India
- Carbofer General Trading SA - India
- Sical Logistics Limited - India
- Indika Energy - Indonesia
- Aditya Birla Group - India
- Bayan Resources Tbk. - Indonesia
- Jaiprakash Power Ventures ltd
- Holcim Trading Pte Ltd - Singapore
- Mjunction Services Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Anglo American - United Kingdom
- Kideco Jaya Agung - Indonesia
- The University of Queensland
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Finance - Indonesia
- Mercuria Energy - Indonesia
- India Bulls Power Limited - India
- Essar Steel Hazira Ltd - India
- GVK Power & Infra Limited - India
- Asmin Koalindo Tuhup - Indonesia
- South Luzon Thermal Energy Corporation
- Salva Resources Pvt Ltd - India
- Edison Trading Spa - Italy
- OPG Power Generation Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- IEA Clean Coal Centre - UK
- Kapuas Tunggal Persada - Indonesia
- TeaM Sual Corporation - Philippines
- Parry Sugars Refinery, India
- Jindal Steel & Power Ltd - India
- SN Aboitiz Power Inc, Philippines
- Semirara Mining Corp, Philippines
- Tata Chemicals Ltd - India
- Economic Council, Georgia
- Electricity Generating Authority of Thailand
- International Coal Ventures Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Medco Energi Mining Internasional
- Manunggal Multi Energi - Indonesia
- Indonesian Coal Mining Association
- MS Steel International - UAE
- Cigading International Bulk Terminal - Indonesia
- Meralco Power Generation, Philippines
- Oldendorff Carriers - Singapore
- Star Paper Mills Limited - India
- Standard Chartered Bank - UAE
- Pendopo Energi Batubara - Indonesia
- The State Trading Corporation of India Ltd
- Orica Mining Services - Indonesia
- Coal and Oil Company - UAE
- Commonwealth Bank - Australia
- GAC Shipping (India) Pvt Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Videocon Industries ltd - India
- Coastal Gujarat Power Limited - India
- Dalmia Cement Bharat India
- Makarim & Taira - Indonesia
- Vedanta Resources Plc - India
- Leighton Contractors Pty Ltd - Australia
- Ceylon Electricity Board - Sri Lanka
- Wood Mackenzie - Singapore
- Singapore Mercantile Exchange
- Siam City Cement PLC, Thailand
- Ministry of Mines - Canada
- Africa Commodities Group - South Africa
- Thiess Contractors Indonesia
- Petron Corporation, Philippines
- Energy Development Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- GMR Energy Limited - India
- Altura Mining Limited, Indonesia
- Wilmar Investment Holdings
- Australian Commodity Traders Exchange
- CIMB Investment Bank - Malaysia
- Kartika Selabumi Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bukit Asam (Persero) Tbk - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Latin American Coal - Colombia
- Therma Luzon, Inc, Philippines
- Interocean Group of Companies - India
- Renaissance Capital - South Africa
- Larsen & Toubro Limited - India
- London Commodity Brokers - England
- Sarangani Energy Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Planning Commission, India
- Indian Oil Corporation Limited
- New Zealand Coal & Carbon
- Indogreen Group - Indonesia
- Xindia Steels Limited - India
- Ambuja Cements Ltd - India
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