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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, 07 July 14
RBCT, THE WORLD'S SINGLE LARGEST EXPORT COAL TERMINAL SHIPPED 31.91 MMT OF COAL IN H1 2014
COALspot.com: South Africa's Richards Bay Coal Terminal (RBCT) the world’s single largest export coal terminal, shipped 31.91 million ton ...
Monday, 07 July 14
SOUTH AFRICA'S RICHARDS BAY COAL TERMINAL SHIPPED 12% LESS COAL IN JUNE COMPARED TO MAY EXPORTS
COALspot.com: South Africa's Richards Bay Coal Terminal (RBCT) the world’s single largest export coal terminal, shipped 4.91 million tons ...
Monday, 07 July 14
INDONESIAN SUB-BIT COAL SWAPS FOR Q3 DELIVERY CRASHES THROUGH $ 54.50
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 ...
Monday, 07 July 14
API 8 CFR SOUTH CHINA COAL SWAPS SHOW A DOWNWARD TREND THIS PAST WEEK
COALspot.com: API 8 CFR South China Coal swap for delivery in Q3 drops US$ 5.47 month on month on Friday, dipping under $68 a ton. The CFR South Ch ...
Sunday, 06 July 14
PANAMAX INDEX BEING THE BIGGEST GAINER THIS WEEK; UP 52.75% W-O-W
COALspot.com: This week there was some positive signs in all the sectors. The Panamax index being the biggest gainer this week after losing for sev ...
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- Sinarmas Energy and Mining - Indonesia
- Central Electricity Authority - India
- Petron Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Wood Mackenzie - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indika Energy - Indonesia
- Baramulti Group, Indonesia
- Renaissance Capital - South Africa
- AsiaOL BioFuels Corp., Philippines
- PetroVietnam Power Coal Import and Supply Company
- MS Steel International - UAE
- Agrawal Coal Company - India
- GVK Power & Infra Limited - India
- Indogreen Group - Indonesia
- Straits Asia Resources Limited - Singapore
- Economic Council, Georgia
- Bahari Cakrawala Sebuku - Indonesia
- VISA Power Limited - India
- Parry Sugars Refinery, India
- Georgia Ports Authority, United States
- Eastern Coal Council - USA
- Aboitiz Power Corporation - Philippines
- Global Business Power Corporation, Philippines
- PowerSource Philippines DevCo
- Bharathi Cement Corporation - India
- Mercuria Energy - Indonesia
- Heidelberg Cement - Germany
- Australian Coal Association
- Bukit Makmur.PT - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Gujarat Sidhee Cement - India
- San Jose City I Power Corp, Philippines
- Interocean Group of Companies - India
- Vedanta Resources Plc - India
- Gujarat Electricity Regulatory Commission - India
- Directorate General of MIneral and Coal - Indonesia
- Thai Mozambique Logistica
- Pendopo Energi Batubara - Indonesia
- Altura Mining Limited, Indonesia
- OPG Power Generation Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Karbindo Abesyapradhi - Indoneisa
- GMR Energy Limited - India
- Kalimantan Lumbung Energi - Indonesia
- London Commodity Brokers - England
- Orica Mining Services - Indonesia
- Sree Jayajothi Cements Limited - India
- Power Finance Corporation Ltd., India
- Rashtriya Ispat Nigam Limited - India
- Asmin Koalindo Tuhup - Indonesia
- PTC India Limited - India
- Orica Australia Pty. Ltd.
- Essar Steel Hazira Ltd - India
- Bhoruka Overseas - Indonesia
- The State Trading Corporation of India Ltd
- Kobexindo Tractors - Indoneisa
- Central Java Power - Indonesia
- Latin American Coal - Colombia
- The Treasury - Australian Government
- Trasteel International SA, Italy
- Makarim & Taira - Indonesia
- Simpson Spence & Young - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Global Coal Blending Company Limited - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sical Logistics Limited - India
- Kaltim Prima Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- Sakthi Sugars Limited - India
- Posco Energy - South Korea
- CNBM International Corporation - China
- Deloitte Consulting - India
- The University of Queensland
- Videocon Industries ltd - India
- Electricity Generating Authority of Thailand
- Dalmia Cement Bharat India
- Karaikal Port Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Singapore Mercantile Exchange
- India Bulls Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- White Energy Company Limited
- Timah Investasi Mineral - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Authority, New Zealand
- Merrill Lynch Commodities Europe
- Siam City Cement - Thailand
- ASAPP Information Group - India
- Ministry of Transport, Egypt
- Kohat Cement Company Ltd. - Pakistan
- Coalindo Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Indo Tambangraya Megah - Indonesia
- Thiess Contractors Indonesia
- South Luzon Thermal Energy Corporation
- Romanian Commodities Exchange
- GN Power Mariveles Coal Plant, Philippines
- Edison Trading Spa - Italy
- Ambuja Cements Ltd - India
- IHS Mccloskey Coal Group - USA
- Bhushan Steel Limited - India
- GAC Shipping (India) Pvt Ltd
- Leighton Contractors Pty Ltd - Australia
- Holcim Trading Pte Ltd - Singapore
- Coastal Gujarat Power Limited - India
- Ministry of Finance - Indonesia
- Indian Energy Exchange, India
- TNB Fuel Sdn Bhd - Malaysia
- Miang Besar Coal Terminal - Indonesia
- Planning Commission, India
- SMG Consultants - Indonesia
- Therma Luzon, Inc, Philippines
- Metalloyd Limited - United Kingdom
- Bulk Trading Sa - Switzerland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vizag Seaport Private Limited - India
- Ind-Barath Power Infra Limited - India
- Kideco Jaya Agung - Indonesia
- Eastern Energy - Thailand
- PNOC Exploration Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Meenaskhi Energy Private Limited - India
- Salva Resources Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Oldendorff Carriers - Singapore
- Jindal Steel & Power Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Medco Energi Mining Internasional
- Meralco Power Generation, Philippines
- Coal and Oil Company - UAE
- Savvy Resources Ltd - HongKong
- Mintek Dendrill Indonesia
- Ceylon Electricity Board - Sri Lanka
- Samtan Co., Ltd - South Korea
- Barasentosa Lestari - Indonesia
- Africa Commodities Group - South Africa
- TeaM Sual Corporation - Philippines
- SMC Global Power, Philippines
- Sarangani Energy Corporation, Philippines
- Bangladesh Power Developement Board
- Kepco SPC Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Indonesian Coal Mining Association
- Grasim Industreis Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Bukit Baiduri Energy - Indonesia
- Standard Chartered Bank - UAE
- Aditya Birla Group - India
- Carbofer General Trading SA - India
- Madhucon Powers Ltd - India
- Tata Chemicals Ltd - India
- Iligan Light & Power Inc, Philippines
- Wilmar Investment Holdings
- IEA Clean Coal Centre - UK
- Attock Cement Pakistan Limited
- Port Waratah Coal Services - Australia
- Alfred C Toepfer International GmbH - Germany
- Xindia Steels Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Parliament of New Zealand
- Independent Power Producers Association of India
- LBH Netherlands Bv - Netherlands
- Rio Tinto Coal - Australia
- Larsen & Toubro Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Borneo Indobara - Indonesia
- Directorate Of Revenue Intelligence - India
- New Zealand Coal & Carbon
- Antam Resourcindo - Indonesia
- McConnell Dowell - Australia
- Mercator Lines Limited - India
- Commonwealth Bank - Australia
- Neyveli Lignite Corporation Ltd, - India
- Formosa Plastics Group - Taiwan
- Billiton Holdings Pty Ltd - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement PLC, Thailand
- Tamil Nadu electricity Board
- Goldman Sachs - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Star Paper Mills Limited - India
- Malabar Cements Ltd - India
- Kumho Petrochemical, South Korea
- Jaiprakash Power Ventures ltd
- Ministry of Mines - Canada
- Cement Manufacturers Association - India
- Semirara Mining Corp, Philippines
- Australian Commodity Traders Exchange
- Kapuas Tunggal Persada - Indonesia
- Uttam Galva Steels Limited - India
- Globalindo Alam Lestari - Indonesia
- Indian Oil Corporation Limited
- Mjunction Services Limited - India
- ICICI Bank Limited - India
- Sojitz Corporation - Japan
- Binh Thuan Hamico - Vietnam
- Vijayanagar Sugar Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- SN Aboitiz Power Inc, Philippines
- Chamber of Mines of South Africa
- Energy Link Ltd, New Zealand
- Minerals Council of Australia
- International Coal Ventures Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Bhatia International Limited - India
- Energy Development Corp, Philippines
- Anglo American - United Kingdom
- Jorong Barutama Greston.PT - Indonesia
- Marubeni Corporation - India
- Intertek Mineral Services - Indonesia
- Chettinad Cement Corporation Ltd - India
- Kartika Selabumi Mining - Indonesia
- Banpu Public Company Limited - Thailand
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