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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, 23 June 14
COAL SWAPS DROPS FURTHER MONTH ON MONTH ON WEAK DEMAND
COALspot.com: API 8 CFR South China Coal swaps for average Q3 14 deliveries lost 6.91 percent month on month and closed at US$ 69.00 per mt a ...
Sunday, 22 June 14
THE PANAMAX COAL FREIGHT FROM INDONESIA TO INDIA SLIPPED THIS WEEK
COALspot.com: The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, fell slightly on Friday ...
Friday, 20 June 14
DRY BULK MARKET LOOKING FOR UPSIDE ON ROBUST SEABORNE IRON ORE TRADE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market hasn’t been able to justify the heightened expectations this year. Yesterday, the Baltic Dry Index managed to inch forwar ...
Friday, 20 June 14
US WEEKLY COAL PRODUCTION DROPS 1.8% WEEK ON WEEK
COALspot.com – United States the world's second largest coal producer, produced approximately 18.3 million short tons (mmst) of coal in a ...
Thursday, 19 June 14
PANAMAX: VERY CLOSE TO BREAKING THE ALL TIME LOW RECORD - FEARNLEYS AS
Handy
The Supra-Handy market is experiencing the same market slow down as its bigger sister markets however not to the same extent. We see TA rat ...
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- Bukit Baiduri Energy - Indonesia
- SMC Global Power, Philippines
- Chettinad Cement Corporation Ltd - India
- Singapore Mercantile Exchange
- Therma Luzon, Inc, Philippines
- Altura Mining Limited, Indonesia
- Larsen & Toubro Limited - India
- Kartika Selabumi Mining - Indonesia
- Australian Commodity Traders Exchange
- Price Waterhouse Coopers - Russia
- Sojitz Corporation - Japan
- Gujarat Sidhee Cement - India
- Malabar Cements Ltd - India
- Mjunction Services Limited - India
- GMR Energy Limited - India
- ASAPP Information Group - India
- The State Trading Corporation of India Ltd
- Bharathi Cement Corporation - India
- Central Java Power - Indonesia
- Marubeni Corporation - India
- Rashtriya Ispat Nigam Limited - India
- Parry Sugars Refinery, India
- Ind-Barath Power Infra Limited - India
- Sical Logistics Limited - India
- Mintek Dendrill Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Essar Steel Hazira Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Kepco SPC Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Bhoruka Overseas - Indonesia
- International Coal Ventures Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Australian Coal Association
- Leighton Contractors Pty Ltd - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GVK Power & Infra Limited - India
- Neyveli Lignite Corporation Ltd, - India
- PowerSource Philippines DevCo
- Planning Commission, India
- Commonwealth Bank - Australia
- Kapuas Tunggal Persada - Indonesia
- Salva Resources Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- VISA Power Limited - India
- Antam Resourcindo - Indonesia
- AsiaOL BioFuels Corp., Philippines
- PTC India Limited - India
- The University of Queensland
- Deloitte Consulting - India
- Globalindo Alam Lestari - Indonesia
- Latin American Coal - Colombia
- Timah Investasi Mineral - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Sarangani Energy Corporation, Philippines
- Agrawal Coal Company - India
- Eastern Energy - Thailand
- Economic Council, Georgia
- Metalloyd Limited - United Kingdom
- Kideco Jaya Agung - Indonesia
- Renaissance Capital - South Africa
- CNBM International Corporation - China
- Wood Mackenzie - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Maheswari Brothers Coal Limited - India
- Binh Thuan Hamico - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Tata Chemicals Ltd - India
- Power Finance Corporation Ltd., India
- Siam City Cement PLC, Thailand
- Banpu Public Company Limited - Thailand
- Mercuria Energy - Indonesia
- White Energy Company Limited
- Indonesian Coal Mining Association
- Coalindo Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Sree Jayajothi Cements Limited - India
- Thai Mozambique Logistica
- Orica Mining Services - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Makarim & Taira - Indonesia
- SN Aboitiz Power Inc, Philippines
- Bulk Trading Sa - Switzerland
- Petron Corporation, Philippines
- Uttam Galva Steels Limited - India
- Parliament of New Zealand
- Sakthi Sugars Limited - India
- Attock Cement Pakistan Limited
- Central Electricity Authority - India
- London Commodity Brokers - England
- Kalimantan Lumbung Energi - Indonesia
- LBH Netherlands Bv - Netherlands
- Straits Asia Resources Limited - Singapore
- Ministry of Transport, Egypt
- Georgia Ports Authority, United States
- Oldendorff Carriers - Singapore
- Jindal Steel & Power Ltd - India
- Wilmar Investment Holdings
- Kumho Petrochemical, South Korea
- Grasim Industreis Ltd - India
- Aditya Birla Group - India
- Sinarmas Energy and Mining - Indonesia
- Meenaskhi Energy Private Limited - India
- Krishnapatnam Port Company Ltd. - India
- Global Coal Blending Company Limited - Australia
- Baramulti Group, Indonesia
- Indo Tambangraya Megah - Indonesia
- CIMB Investment Bank - Malaysia
- Riau Bara Harum - Indonesia
- Trasteel International SA, Italy
- San Jose City I Power Corp, Philippines
- Africa Commodities Group - South Africa
- Edison Trading Spa - Italy
- McConnell Dowell - Australia
- Star Paper Mills Limited - India
- Xindia Steels Limited - India
- Semirara Mining Corp, Philippines
- Bangladesh Power Developement Board
- Pendopo Energi Batubara - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vedanta Resources Plc - India
- Eastern Coal Council - USA
- Toyota Tsusho Corporation, Japan
- Ministry of Mines - Canada
- Pipit Mutiara Jaya. PT, Indonesia
- Vizag Seaport Private Limited - India
- ICICI Bank Limited - India
- Indian Energy Exchange, India
- Bhatia International Limited - India
- Intertek Mineral Services - Indonesia
- OPG Power Generation Pvt Ltd - India
- India Bulls Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indian Oil Corporation Limited
- Holcim Trading Pte Ltd - Singapore
- SMG Consultants - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ambuja Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- Romanian Commodities Exchange
- Meralco Power Generation, Philippines
- Kaltim Prima Coal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Asmin Koalindo Tuhup - Indonesia
- Energy Link Ltd, New Zealand
- Cigading International Bulk Terminal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Bhushan Steel Limited - India
- South Luzon Thermal Energy Corporation
- Electricity Generating Authority of Thailand
- Ceylon Electricity Board - Sri Lanka
- European Bulk Services B.V. - Netherlands
- Heidelberg Cement - Germany
- Semirara Mining and Power Corporation, Philippines
- The Treasury - Australian Government
- Merrill Lynch Commodities Europe
- Coal and Oil Company - UAE
- Minerals Council of Australia
- Indika Energy - Indonesia
- IEA Clean Coal Centre - UK
- MS Steel International - UAE
- Energy Development Corp, Philippines
- TeaM Sual Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Miang Besar Coal Terminal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Borneo Indobara - Indonesia
- Videocon Industries ltd - India
- Jorong Barutama Greston.PT - Indonesia
- New Zealand Coal & Carbon
- Chamber of Mines of South Africa
- Petrochimia International Co. Ltd.- Taiwan
- Tamil Nadu electricity Board
- Jaiprakash Power Ventures ltd
- Independent Power Producers Association of India
- Aboitiz Power Corporation - Philippines
- Rio Tinto Coal - Australia
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- Karaikal Port Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Directorate Of Revenue Intelligence - India
- Medco Energi Mining Internasional
- Kohat Cement Company Ltd. - Pakistan
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Finance - Indonesia
- Indogreen Group - Indonesia
- Interocean Group of Companies - India
- Bahari Cakrawala Sebuku - Indonesia
- Thiess Contractors Indonesia
- Billiton Holdings Pty Ltd - Australia
- Bayan Resources Tbk. - Indonesia
- Siam City Cement - Thailand
- Lanco Infratech Ltd - India
- Savvy Resources Ltd - HongKong
- Orica Australia Pty. Ltd.
- Posco Energy - South Korea
- Cement Manufacturers Association - India
- IHS Mccloskey Coal Group - USA
- Dalmia Cement Bharat India
- Goldman Sachs - Singapore
- Electricity Authority, New Zealand
- Madhucon Powers Ltd - India
- PNOC Exploration Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Carbofer General Trading SA - India
- Anglo American - United Kingdom
- Mercator Lines Limited - India
- Port Waratah Coal Services - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Global Business Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Manunggal Multi Energi - Indonesia
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