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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, 25 June 14
INDONESIAN COAL EXPORTS ON RISE; EARNINGS FALL ON LOWER SELLING PRICES
COALspot.com: Indonesia, one of the world's largest coal producer and the global largest multi grade coal exporter shipped around $1.84* ...
Wednesday, 25 June 14
THE PANAMAX MARKET REACHED FRESH LOWS FOR THE YEAR, SAYS INTERMODAL
COALspot.com: The Dry Bulk market closed off the week noting a slight decrease, but this image of stability is merely representative of freight rat ...
Wednesday, 25 June 14
SHIPPING: MARKET INSIGHT - YANNIS OLZIERSKY
During his recent visit in London, China's Premier, Li Keqiang, announced that China's economy, the world's second largest after the US ...
Tuesday, 24 June 14
INDONESIAN COAL MINER TARGETS RP 313 BILLION IPO
COALspot.com: Indonesian coal miner PT Mitrabara Adiperdana is aiming to raise up to Rp 313 billion to Rp 368 billion (approximately $26.133 millio ...
Monday, 23 June 14
INDONESIAN COAL SWAP FOR Q3 DELIVERY LOST 8.60% Y-O-Y;4.80% M-O-M
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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- Indian Oil Corporation Limited
- Mintek Dendrill Indonesia
- Banpu Public Company Limited - Thailand
- Billiton Holdings Pty Ltd - Australia
- Kalimantan Lumbung Energi - Indonesia
- Latin American Coal - Colombia
- Coal and Oil Company - UAE
- Posco Energy - South Korea
- Edison Trading Spa - Italy
- The State Trading Corporation of India Ltd
- Orica Mining Services - Indonesia
- Semirara Mining Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- CIMB Investment Bank - Malaysia
- Ambuja Cements Ltd - India
- European Bulk Services B.V. - Netherlands
- Maheswari Brothers Coal Limited - India
- Australian Commodity Traders Exchange
- Vizag Seaport Private Limited - India
- Marubeni Corporation - India
- Maharashtra Electricity Regulatory Commission - India
- Agrawal Coal Company - India
- Indika Energy - Indonesia
- Medco Energi Mining Internasional
- Jindal Steel & Power Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Jaiprakash Power Ventures ltd
- MS Steel International - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- AsiaOL BioFuels Corp., Philippines
- Africa Commodities Group - South Africa
- Gujarat Sidhee Cement - India
- Economic Council, Georgia
- Wilmar Investment Holdings
- Eastern Energy - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Indogreen Group - Indonesia
- Riau Bara Harum - Indonesia
- SMG Consultants - Indonesia
- McConnell Dowell - Australia
- Antam Resourcindo - Indonesia
- VISA Power Limited - India
- Meenaskhi Energy Private Limited - India
- Sree Jayajothi Cements Limited - India
- Aditya Birla Group - India
- Grasim Industreis Ltd - India
- Indonesian Coal Mining Association
- Oldendorff Carriers - Singapore
- Eastern Coal Council - USA
- Vijayanagar Sugar Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Karbindo Abesyapradhi - Indoneisa
- Petron Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Meralco Power Generation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aboitiz Power Corporation - Philippines
- Star Paper Mills Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- GAC Shipping (India) Pvt Ltd
- Trasteel International SA, Italy
- Malabar Cements Ltd - India
- Mercator Lines Limited - India
- International Coal Ventures Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Indo Tambangraya Megah - Indonesia
- Heidelberg Cement - Germany
- Gujarat Mineral Development Corp Ltd - India
- Bhushan Steel Limited - India
- Price Waterhouse Coopers - Russia
- Energy Link Ltd, New Zealand
- Thai Mozambique Logistica
- Timah Investasi Mineral - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Kideco Jaya Agung - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Port Waratah Coal Services - Australia
- GN Power Mariveles Coal Plant, Philippines
- Mercuria Energy - Indonesia
- ICICI Bank Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indian Energy Exchange, India
- Metalloyd Limited - United Kingdom
- Tata Chemicals Ltd - India
- Simpson Spence & Young - Indonesia
- Deloitte Consulting - India
- Carbofer General Trading SA - India
- Ministry of Finance - Indonesia
- Essar Steel Hazira Ltd - India
- Coastal Gujarat Power Limited - India
- Electricity Authority, New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Independent Power Producers Association of India
- Pipit Mutiara Jaya. PT, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bhatia International Limited - India
- Romanian Commodities Exchange
- Krishnapatnam Port Company Ltd. - India
- Petrochimia International Co. Ltd.- Taiwan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Electricity Regulatory Commission - India
- Wood Mackenzie - Singapore
- Siam City Cement - Thailand
- Kohat Cement Company Ltd. - Pakistan
- The University of Queensland
- Chettinad Cement Corporation Ltd - India
- Bangladesh Power Developement Board
- Singapore Mercantile Exchange
- Kumho Petrochemical, South Korea
- Minerals Council of Australia
- Bharathi Cement Corporation - India
- Dalmia Cement Bharat India
- OPG Power Generation Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Kartika Selabumi Mining - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- IEA Clean Coal Centre - UK
- SMC Global Power, Philippines
- IHS Mccloskey Coal Group - USA
- Ministry of Mines - Canada
- Interocean Group of Companies - India
- Manunggal Multi Energi - Indonesia
- San Jose City I Power Corp, Philippines
- Goldman Sachs - Singapore
- Sindya Power Generating Company Private Ltd
- Chamber of Mines of South Africa
- Jorong Barutama Greston.PT - Indonesia
- Commonwealth Bank - Australia
- Straits Asia Resources Limited - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PowerSource Philippines DevCo
- Savvy Resources Ltd - HongKong
- Videocon Industries ltd - India
- Sojitz Corporation - Japan
- White Energy Company Limited
- Renaissance Capital - South Africa
- Standard Chartered Bank - UAE
- Toyota Tsusho Corporation, Japan
- Tamil Nadu electricity Board
- Attock Cement Pakistan Limited
- Energy Development Corp, Philippines
- Barasentosa Lestari - Indonesia
- Cement Manufacturers Association - India
- London Commodity Brokers - England
- PTC India Limited - India
- Xindia Steels Limited - India
- Parry Sugars Refinery, India
- Cigading International Bulk Terminal - Indonesia
- Thiess Contractors Indonesia
- Kapuas Tunggal Persada - Indonesia
- Makarim & Taira - Indonesia
- CNBM International Corporation - China
- Globalindo Alam Lestari - Indonesia
- Therma Luzon, Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- New Zealand Coal & Carbon
- Australian Coal Association
- Lanco Infratech Ltd - India
- Electricity Generating Authority of Thailand
- Bhoruka Overseas - Indonesia
- Kaltim Prima Coal - Indonesia
- LBH Netherlands Bv - Netherlands
- Power Finance Corporation Ltd., India
- Global Business Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Uttam Galva Steels Limited - India
- ASAPP Information Group - India
- Bukit Baiduri Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Formosa Plastics Group - Taiwan
- Central Java Power - Indonesia
- Altura Mining Limited, Indonesia
- Larsen & Toubro Limited - India
- SN Aboitiz Power Inc, Philippines
- Sarangani Energy Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Kobexindo Tractors - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- GVK Power & Infra Limited - India
- Global Green Power PLC Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Orica Australia Pty. Ltd.
- PNOC Exploration Corporation - Philippines
- Madhucon Powers Ltd - India
- Borneo Indobara - Indonesia
- Anglo American - United Kingdom
- Intertek Mineral Services - Indonesia
- GMR Energy Limited - India
- Central Electricity Authority - India
- Salva Resources Pvt Ltd - India
- Sakthi Sugars Limited - India
- Rio Tinto Coal - Australia
- India Bulls Power Limited - India
- Ind-Barath Power Infra Limited - India
- Ministry of Transport, Egypt
- Merrill Lynch Commodities Europe
- Rashtriya Ispat Nigam Limited - India
- Ceylon Electricity Board - Sri Lanka
- Parliament of New Zealand
- Pendopo Energi Batubara - Indonesia
- Planning Commission, India
- Bulk Trading Sa - Switzerland
- Baramulti Group, Indonesia
- Sical Logistics Limited - India
- Georgia Ports Authority, United States
- Sinarmas Energy and Mining - Indonesia
- Coalindo Energy - Indonesia
- Mjunction Services Limited - India
- Vedanta Resources Plc - India
- Siam City Cement PLC, Thailand
- Semirara Mining and Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The Treasury - Australian Government
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