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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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Friday, 04 July 14
US: WEEKLY COAL PRODUCTION SLIGHTLY UP W-O-W
COALspot.com – United States the world's second largest coal producer, produced approximately 19.4 million short tons (mmst) of coa ...
Friday, 04 July 14
PARAM MITRA COAL RESOURCES SECURES US$ 7.5M INVESTMENT FROM TEMBUSU PARTNERS
Param Mitra Coal Resources Pte Ltd (“PMCR”), which owns two operating coal mines in Indonesia, has secured from Singapore private equit ...
Thursday, 03 July 14
BUMI TRANSFERS 19% OF KPC STAKE VALUED AT US$ 950 MILLION TO CIC
COALspot.com: PT. Bumi Resources announces that 19% of its holdings in Kaltim Prima Coal (KPC), valued at US$ 950 million, has been transferred to ...
Thursday, 03 July 14
PANAMAX : IN THE ATLANTIC, OWNERS ARE WILLING TO FIX AT ABOUT $2.5K PER DAY - FEARNEYS
Handy
In its latest weekly report, shipbroker Fearneys noted that, this week seems to have been more of a wait and see game between owners and ch ...
Wednesday, 02 July 14
NEWMONT FILES FOR INTERNATIONAL ARBITRATION ON ORE EXPORT BAN - THE JAKARTA POST
PT Newmont Nusa Tenggara (NNT), a subsidiary of United States-based Newmont Corporation, has filed for international arbitration against the govern ...
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- Wilmar Investment Holdings
- International Coal Ventures Pvt Ltd - India
- Central Java Power - Indonesia
- Energy Link Ltd, New Zealand
- Kobexindo Tractors - Indoneisa
- PNOC Exploration Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Essar Steel Hazira Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Interocean Group of Companies - India
- Neyveli Lignite Corporation Ltd, - India
- Directorate Of Revenue Intelligence - India
- Pipit Mutiara Jaya. PT, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Georgia Ports Authority, United States
- SMC Global Power, Philippines
- Vizag Seaport Private Limited - India
- Iligan Light & Power Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Indian Oil Corporation Limited
- Goldman Sachs - Singapore
- Antam Resourcindo - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- VISA Power Limited - India
- Banpu Public Company Limited - Thailand
- Barasentosa Lestari - Indonesia
- South Luzon Thermal Energy Corporation
- Petrochimia International Co. Ltd.- Taiwan
- Samtan Co., Ltd - South Korea
- GMR Energy Limited - India
- Coal and Oil Company - UAE
- Posco Energy - South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Orica Australia Pty. Ltd.
- Attock Cement Pakistan Limited
- Medco Energi Mining Internasional
- Orica Mining Services - Indonesia
- GVK Power & Infra Limited - India
- Aboitiz Power Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Kaltim Prima Coal - Indonesia
- White Energy Company Limited
- Miang Besar Coal Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- Jindal Steel & Power Ltd - India
- Manunggal Multi Energi - Indonesia
- Grasim Industreis Ltd - India
- European Bulk Services B.V. - Netherlands
- Eastern Coal Council - USA
- Chettinad Cement Corporation Ltd - India
- Coalindo Energy - Indonesia
- Anglo American - United Kingdom
- Baramulti Group, Indonesia
- Ambuja Cements Ltd - India
- Malabar Cements Ltd - India
- Formosa Plastics Group - Taiwan
- Indian Energy Exchange, India
- Directorate General of MIneral and Coal - Indonesia
- Indogreen Group - Indonesia
- IHS Mccloskey Coal Group - USA
- PTC India Limited - India
- Thiess Contractors Indonesia
- Alfred C Toepfer International GmbH - Germany
- Sindya Power Generating Company Private Ltd
- CIMB Investment Bank - Malaysia
- Standard Chartered Bank - UAE
- Siam City Cement - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- The Treasury - Australian Government
- Bayan Resources Tbk. - Indonesia
- GAC Shipping (India) Pvt Ltd
- Timah Investasi Mineral - Indoneisa
- Australian Coal Association
- Maharashtra Electricity Regulatory Commission - India
- LBH Netherlands Bv - Netherlands
- Maheswari Brothers Coal Limited - India
- Parry Sugars Refinery, India
- Sarangani Energy Corporation, Philippines
- Planning Commission, India
- Therma Luzon, Inc, Philippines
- Singapore Mercantile Exchange
- Meralco Power Generation, Philippines
- Salva Resources Pvt Ltd - India
- Merrill Lynch Commodities Europe
- India Bulls Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indika Energy - Indonesia
- Port Waratah Coal Services - Australia
- Sakthi Sugars Limited - India
- Ministry of Transport, Egypt
- Cigading International Bulk Terminal - Indonesia
- Semirara Mining Corp, Philippines
- Petron Corporation, Philippines
- Mjunction Services Limited - India
- Indo Tambangraya Megah - Indonesia
- Mercator Lines Limited - India
- Coastal Gujarat Power Limited - India
- New Zealand Coal & Carbon
- Deloitte Consulting - India
- Gujarat Sidhee Cement - India
- Kepco SPC Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Karaikal Port Pvt Ltd - India
- Larsen & Toubro Limited - India
- Eastern Energy - Thailand
- Pendopo Energi Batubara - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- McConnell Dowell - Australia
- Kumho Petrochemical, South Korea
- Toyota Tsusho Corporation, Japan
- Videocon Industries ltd - India
- Altura Mining Limited, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bulk Trading Sa - Switzerland
- Mercuria Energy - Indonesia
- Riau Bara Harum - Indonesia
- Globalindo Alam Lestari - Indonesia
- Australian Commodity Traders Exchange
- Bhoruka Overseas - Indonesia
- TeaM Sual Corporation - Philippines
- IEA Clean Coal Centre - UK
- Kohat Cement Company Ltd. - Pakistan
- Parliament of New Zealand
- Rio Tinto Coal - Australia
- London Commodity Brokers - England
- Agrawal Coal Company - India
- Kapuas Tunggal Persada - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bukit Makmur.PT - Indonesia
- Tata Chemicals Ltd - India
- Xindia Steels Limited - India
- Ind-Barath Power Infra Limited - India
- Commonwealth Bank - Australia
- Makarim & Taira - Indonesia
- Global Business Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- ASAPP Information Group - India
- Mintek Dendrill Indonesia
- Lanco Infratech Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Oldendorff Carriers - Singapore
- Central Electricity Authority - India
- Price Waterhouse Coopers - Russia
- Heidelberg Cement - Germany
- Edison Trading Spa - Italy
- Sree Jayajothi Cements Limited - India
- Rashtriya Ispat Nigam Limited - India
- Borneo Indobara - Indonesia
- Meenaskhi Energy Private Limited - India
- Siam City Cement PLC, Thailand
- SN Aboitiz Power Inc, Philippines
- Tamil Nadu electricity Board
- Offshore Bulk Terminal Pte Ltd, Singapore
- Latin American Coal - Colombia
- Ceylon Electricity Board - Sri Lanka
- Kalimantan Lumbung Energi - Indonesia
- Economic Council, Georgia
- Power Finance Corporation Ltd., India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vedanta Resources Plc - India
- Marubeni Corporation - India
- Ministry of Mines - Canada
- Uttam Galva Steels Limited - India
- Sojitz Corporation - Japan
- Thai Mozambique Logistica
- Metalloyd Limited - United Kingdom
- Trasteel International SA, Italy
- Electricity Generating Authority of Thailand
- Madhucon Powers Ltd - India
- Indonesian Coal Mining Association
- Ministry of Finance - Indonesia
- San Jose City I Power Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Romanian Commodities Exchange
- Global Green Power PLC Corporation, Philippines
- SMG Consultants - Indonesia
- Bukit Baiduri Energy - Indonesia
- The University of Queensland
- ICICI Bank Limited - India
- Bhatia International Limited - India
- Kartika Selabumi Mining - Indonesia
- Kideco Jaya Agung - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Wood Mackenzie - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Africa Commodities Group - South Africa
- Holcim Trading Pte Ltd - Singapore
- Carbofer General Trading SA - India
- Cement Manufacturers Association - India
- CNBM International Corporation - China
- MS Steel International - UAE
- PowerSource Philippines DevCo
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Star Paper Mills Limited - India
- Gujarat Electricity Regulatory Commission - India
- Straits Asia Resources Limited - Singapore
- Bangladesh Power Developement Board
- Bharathi Cement Corporation - India
- Dalmia Cement Bharat India
- Jaiprakash Power Ventures ltd
- Minerals Council of Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- The State Trading Corporation of India Ltd
- Aditya Birla Group - India
- Chamber of Mines of South Africa
- Semirara Mining and Power Corporation, Philippines
- Independent Power Producers Association of India
- Bhushan Steel Limited - India
- Renaissance Capital - South Africa
- Sical Logistics Limited - India
- Savvy Resources Ltd - HongKong
- AsiaOL BioFuels Corp., Philippines
- Energy Development Corp, Philippines
- Electricity Authority, New Zealand
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