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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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Sunday, 15 June 14
COAL FREIGHT RATES FALL FURTHER ON LACK OF DEMANDS - CAPT. REDDY
COALspot.com: The BDI softened this week as all segments fell this week. The Panamax sector being most affected. The Cape index was down 3.51 pct w ...
Friday, 13 June 14
US COAL PRODUCTION FELL 3% IN WEEK THAT ENDED JUNE 7, SAYS EIA
COALspot.com – United States the world's second largest coal producer, produced approximately 18.6 million short tons (mmst) of coal in a ...
Friday, 13 June 14
DRY BULK MARKET KEEPS ON FALLING, DESPITE RESPITE OF THE CAPESIZE SECTOR - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has kept on its lacklustre performance overall, with the Baltic Dry Index (BDI) still hovering below the 1,000 point mark. Yest ...
Thursday, 12 June 14
INDONESIA SETS HBA FOR MONTH OF JUNE AT US$ 73.64
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia has revised up first time in last four months the coal bench mark price. ...
Thursday, 12 June 14
HANDY : TA MARKET IS CONTINUING SOUTH WITH A DECREASE OF 26% W-O-W
Handy
The week started off with holidays in most European countries and the TA market is continuing south with a decrease of 26% w-o-w. We do see ...
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- SN Aboitiz Power Inc, Philippines
- Australian Commodity Traders Exchange
- Carbofer General Trading SA - India
- Eastern Energy - Thailand
- Mercuria Energy - Indonesia
- SMC Global Power, Philippines
- Krishnapatnam Port Company Ltd. - India
- Sinarmas Energy and Mining - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Bhoruka Overseas - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Australian Coal Association
- New Zealand Coal & Carbon
- Mercator Lines Limited - India
- Cement Manufacturers Association - India
- Global Business Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- Bhatia International Limited - India
- Agrawal Coal Company - India
- Manunggal Multi Energi - Indonesia
- GMR Energy Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Central Java Power - Indonesia
- Anglo American - United Kingdom
- Vizag Seaport Private Limited - India
- Wood Mackenzie - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PowerSource Philippines DevCo
- Bharathi Cement Corporation - India
- ICICI Bank Limited - India
- Ceylon Electricity Board - Sri Lanka
- Indika Energy - Indonesia
- Posco Energy - South Korea
- Georgia Ports Authority, United States
- Edison Trading Spa - Italy
- Samtan Co., Ltd - South Korea
- Ind-Barath Power Infra Limited - India
- Billiton Holdings Pty Ltd - Australia
- Gujarat Sidhee Cement - India
- Deloitte Consulting - India
- Lanco Infratech Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Savvy Resources Ltd - HongKong
- Oldendorff Carriers - Singapore
- Sree Jayajothi Cements Limited - India
- Parliament of New Zealand
- Kideco Jaya Agung - Indonesia
- Ministry of Transport, Egypt
- Antam Resourcindo - Indonesia
- Chamber of Mines of South Africa
- Electricity Authority, New Zealand
- Essar Steel Hazira Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Makarim & Taira - Indonesia
- Bulk Trading Sa - Switzerland
- Jaiprakash Power Ventures ltd
- Sakthi Sugars Limited - India
- Power Finance Corporation Ltd., India
- Jindal Steel & Power Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Kobexindo Tractors - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indogreen Group - Indonesia
- Coalindo Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Indo Tambangraya Megah - Indonesia
- Parry Sugars Refinery, India
- GVK Power & Infra Limited - India
- McConnell Dowell - Australia
- Independent Power Producers Association of India
- European Bulk Services B.V. - Netherlands
- Salva Resources Pvt Ltd - India
- Mintek Dendrill Indonesia
- Thiess Contractors Indonesia
- Siam City Cement - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Pipit Mutiara Jaya. PT, Indonesia
- Kumho Petrochemical, South Korea
- Electricity Generating Authority of Thailand
- Interocean Group of Companies - India
- TeaM Sual Corporation - Philippines
- PNOC Exploration Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Pendopo Energi Batubara - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Mines - Canada
- Sojitz Corporation - Japan
- International Coal Ventures Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Bukit Baiduri Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Videocon Industries ltd - India
- Iligan Light & Power Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Neyveli Lignite Corporation Ltd, - India
- Orica Australia Pty. Ltd.
- Leighton Contractors Pty Ltd - Australia
- Attock Cement Pakistan Limited
- ASAPP Information Group - India
- Kaltim Prima Coal - Indonesia
- VISA Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Wilmar Investment Holdings
- Simpson Spence & Young - Indonesia
- Directorate Of Revenue Intelligence - India
- CNBM International Corporation - China
- Aboitiz Power Corporation - Philippines
- Latin American Coal - Colombia
- Meralco Power Generation, Philippines
- Straits Asia Resources Limited - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Semirara Mining Corp, Philippines
- Energy Link Ltd, New Zealand
- Riau Bara Harum - Indonesia
- London Commodity Brokers - England
- San Jose City I Power Corp, Philippines
- Siam City Cement PLC, Thailand
- Globalindo Alam Lestari - Indonesia
- The Treasury - Australian Government
- Intertek Mineral Services - Indonesia
- Aditya Birla Group - India
- Star Paper Mills Limited - India
- South Luzon Thermal Energy Corporation
- Heidelberg Cement - Germany
- Kepco SPC Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- GAC Shipping (India) Pvt Ltd
- Global Coal Blending Company Limited - Australia
- Altura Mining Limited, Indonesia
- LBH Netherlands Bv - Netherlands
- Indian Energy Exchange, India
- Price Waterhouse Coopers - Russia
- Marubeni Corporation - India
- Grasim Industreis Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Binh Thuan Hamico - Vietnam
- Economic Council, Georgia
- Renaissance Capital - South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Timah Investasi Mineral - Indoneisa
- Orica Mining Services - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Singapore Mercantile Exchange
- Petron Corporation, Philippines
- Commonwealth Bank - Australia
- Tamil Nadu electricity Board
- Formosa Plastics Group - Taiwan
- Uttam Galva Steels Limited - India
- India Bulls Power Limited - India
- The State Trading Corporation of India Ltd
- Karbindo Abesyapradhi - Indoneisa
- Coal and Oil Company - UAE
- Kohat Cement Company Ltd. - Pakistan
- Minerals Council of Australia
- CIMB Investment Bank - Malaysia
- PetroVietnam Power Coal Import and Supply Company
- Global Green Power PLC Corporation, Philippines
- Port Waratah Coal Services - Australia
- Borneo Indobara - Indonesia
- Standard Chartered Bank - UAE
- Rio Tinto Coal - Australia
- Xindia Steels Limited - India
- Merrill Lynch Commodities Europe
- SMG Consultants - Indonesia
- IEA Clean Coal Centre - UK
- Ambuja Cements Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- Baramulti Group, Indonesia
- Meenaskhi Energy Private Limited - India
- Tata Chemicals Ltd - India
- Thai Mozambique Logistica
- PTC India Limited - India
- Malabar Cements Ltd - India
- Maheswari Brothers Coal Limited - India
- White Energy Company Limited
- Indonesian Coal Mining Association
- Bukit Makmur.PT - Indonesia
- Medco Energi Mining Internasional
- Larsen & Toubro Limited - India
- Barasentosa Lestari - Indonesia
- Mjunction Services Limited - India
- The University of Queensland
- Miang Besar Coal Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Development Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Vedanta Resources Plc - India
- Bangladesh Power Developement Board
- Dalmia Cement Bharat India
- Central Electricity Authority - India
- Karaikal Port Pvt Ltd - India
- Sical Logistics Limited - India
- Banpu Public Company Limited - Thailand
- Indian Oil Corporation Limited
- Cigading International Bulk Terminal - Indonesia
- MS Steel International - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Trasteel International SA, Italy
- Jorong Barutama Greston.PT - Indonesia
- Toyota Tsusho Corporation, Japan
- Eastern Coal Council - USA
- Chettinad Cement Corporation Ltd - India
- Coastal Gujarat Power Limited - India
- Africa Commodities Group - South Africa
- Goldman Sachs - Singapore
- Planning Commission, India
- Ministry of Finance - Indonesia
- Romanian Commodities Exchange
- Bhushan Steel Limited - India
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