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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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Thursday, 12 June 14
CONSOLIDATION IS THE ' NAME OF THE GAME' WHEN IT COMES TO SHIPYARDS ACROSS ASIA - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Intense competition, a swelling of new greenfield shipyards over the past few years mainly in China, especially prior to the 2008 global financial ...
Wednesday, 11 June 14
INDONESIA'S COAL EXPORT VOLUME AND REVENUE SLIPS 2.75% AND 6.73% RESPECTIVELY IN APRIL
COALspot.com: Indonesia, one of the world's largest coal producer and the global largest multi grade coal exporter shipped around $1.8* b ...
Wednesday, 11 June 14
BPI TOUCHING A NEW LOW FOR THE YEAR
The Dry Bulk market closed off the week positively, on the back of firming Capesize rates, while the market overall continues to face a very challe ...
Monday, 09 June 14
GOVT GETS TOUGH ON ILLEGAL MINING, SUSPENDS LICENSES - THE JAKARTA POST
The government has temporarily suspended the licenses of 62 mineral and coal transportation companies as part of its efforts to curb illegal mining ...
Monday, 09 June 14
INDO SUB-BIT COAL SWAPS FOR Q3,Q4 OF 2014 AND Q1 2015: LOST ON DAY AND MONTH
COALspot.com: Indonesian coal swaps for average Q3’ 2014 continue last week’s trend or lost on day, week and on month according to Asia ...
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- PowerSource Philippines DevCo
- Dalmia Cement Bharat India
- Kideco Jaya Agung - Indonesia
- Kumho Petrochemical, South Korea
- Singapore Mercantile Exchange
- Ministry of Mines - Canada
- Antam Resourcindo - Indonesia
- Manunggal Multi Energi - Indonesia
- Ministry of Finance - Indonesia
- OPG Power Generation Pvt Ltd - India
- London Commodity Brokers - England
- Gujarat Mineral Development Corp Ltd - India
- Parliament of New Zealand
- Sree Jayajothi Cements Limited - India
- Bukit Makmur.PT - Indonesia
- Wilmar Investment Holdings
- Mintek Dendrill Indonesia
- Ceylon Electricity Board - Sri Lanka
- Indian Oil Corporation Limited
- San Jose City I Power Corp, Philippines
- Therma Luzon, Inc, Philippines
- Meralco Power Generation, Philippines
- McConnell Dowell - Australia
- Marubeni Corporation - India
- Bukit Baiduri Energy - Indonesia
- Minerals Council of Australia
- Vizag Seaport Private Limited - India
- White Energy Company Limited
- GMR Energy Limited - India
- New Zealand Coal & Carbon
- Energy Development Corp, Philippines
- Tata Chemicals Ltd - India
- ASAPP Information Group - India
- CNBM International Corporation - China
- Chettinad Cement Corporation Ltd - India
- Simpson Spence & Young - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Thiess Contractors Indonesia
- Parry Sugars Refinery, India
- Krishnapatnam Port Company Ltd. - India
- Wood Mackenzie - Singapore
- Ind-Barath Power Infra Limited - India
- Billiton Holdings Pty Ltd - Australia
- Eastern Coal Council - USA
- Bulk Trading Sa - Switzerland
- Heidelberg Cement - Germany
- European Bulk Services B.V. - Netherlands
- Tamil Nadu electricity Board
- Indonesian Coal Mining Association
- Planning Commission, India
- Bahari Cakrawala Sebuku - Indonesia
- Deloitte Consulting - India
- Ambuja Cements Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Sojitz Corporation - Japan
- Directorate Of Revenue Intelligence - India
- Coastal Gujarat Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Intertek Mineral Services - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Interocean Group of Companies - India
- Anglo American - United Kingdom
- Cigading International Bulk Terminal - Indonesia
- Indian Energy Exchange, India
- Central Electricity Authority - India
- Jorong Barutama Greston.PT - Indonesia
- Attock Cement Pakistan Limited
- Sical Logistics Limited - India
- Lanco Infratech Ltd - India
- Bayan Resources Tbk. - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Jaiprakash Power Ventures ltd
- Aditya Birla Group - India
- Kohat Cement Company Ltd. - Pakistan
- SN Aboitiz Power Inc, Philippines
- Chamber of Mines of South Africa
- Vedanta Resources Plc - India
- Barasentosa Lestari - Indonesia
- Meenaskhi Energy Private Limited - India
- Petron Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Coalindo Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Romanian Commodities Exchange
- Madhucon Powers Ltd - India
- Iligan Light & Power Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Energy Link Ltd, New Zealand
- SMC Global Power, Philippines
- India Bulls Power Limited - India
- Semirara Mining Corp, Philippines
- Baramulti Group, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Indo Tambangraya Megah - Indonesia
- Siam City Cement - Thailand
- LBH Netherlands Bv - Netherlands
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Orica Australia Pty. Ltd.
- Sarangani Energy Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Thai Mozambique Logistica
- Goldman Sachs - Singapore
- Siam City Cement PLC, Thailand
- Grasim Industreis Ltd - India
- Global Green Power PLC Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- TeaM Sual Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- GVK Power & Infra Limited - India
- Bangladesh Power Developement Board
- Standard Chartered Bank - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- The University of Queensland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Australian Coal Association
- Metalloyd Limited - United Kingdom
- IHS Mccloskey Coal Group - USA
- Karaikal Port Pvt Ltd - India
- Xindia Steels Limited - India
- Trasteel International SA, Italy
- Videocon Industries ltd - India
- ICICI Bank Limited - India
- Global Business Power Corporation, Philippines
- Electricity Authority, New Zealand
- MS Steel International - UAE
- Oldendorff Carriers - Singapore
- Malabar Cements Ltd - India
- South Luzon Thermal Energy Corporation
- Sakthi Sugars Limited - India
- Global Coal Blending Company Limited - Australia
- Rashtriya Ispat Nigam Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Aboitiz Power Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Maharashtra Electricity Regulatory Commission - India
- Electricity Generating Authority of Thailand
- Kaltim Prima Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Renaissance Capital - South Africa
- GAC Shipping (India) Pvt Ltd
- Maheswari Brothers Coal Limited - India
- Posco Energy - South Korea
- Independent Power Producers Association of India
- Leighton Contractors Pty Ltd - Australia
- Eastern Energy - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Medco Energi Mining Internasional
- Gujarat Sidhee Cement - India
- The State Trading Corporation of India Ltd
- Alfred C Toepfer International GmbH - Germany
- Kartika Selabumi Mining - Indonesia
- Uttam Galva Steels Limited - India
- Samtan Co., Ltd - South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Merrill Lynch Commodities Europe
- VISA Power Limited - India
- Indogreen Group - Indonesia
- Timah Investasi Mineral - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Georgia Ports Authority, United States
- Jindal Steel & Power Ltd - India
- Africa Commodities Group - South Africa
- Orica Mining Services - Indonesia
- Mercator Lines Limited - India
- Indika Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Sinarmas Energy and Mining - Indonesia
- Star Paper Mills Limited - India
- Coal and Oil Company - UAE
- Mercuria Energy - Indonesia
- Central Java Power - Indonesia
- Edison Trading Spa - Italy
- Rio Tinto Coal - Australia
- Banpu Public Company Limited - Thailand
- Australian Commodity Traders Exchange
- International Coal Ventures Pvt Ltd - India
- Bhatia International Limited - India
- The Treasury - Australian Government
- Cement Manufacturers Association - India
- Carbofer General Trading SA - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhushan Steel Limited - India
- Commonwealth Bank - Australia
- PTC India Limited - India
- PNOC Exploration Corporation - Philippines
- Larsen & Toubro Limited - India
- Altura Mining Limited, Indonesia
- Essar Steel Hazira Ltd - India
- IEA Clean Coal Centre - UK
- Globalindo Alam Lestari - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bharathi Cement Corporation - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Borneo Indobara - Indonesia
- Kobexindo Tractors - Indoneisa
- Mjunction Services Limited - India
- Makarim & Taira - Indonesia
- Agrawal Coal Company - India
- Latin American Coal - Colombia
- AsiaOL BioFuels Corp., Philippines
- Ministry of Transport, Egypt
- Holcim Trading Pte Ltd - Singapore
- GN Power Mariveles Coal Plant, Philippines
- SMG Consultants - Indonesia
- Riau Bara Harum - Indonesia
- Savvy Resources Ltd - HongKong
- Binh Thuan Hamico - Vietnam
- Power Finance Corporation Ltd., India
- CIMB Investment Bank - Malaysia
- Formosa Plastics Group - Taiwan
- Economic Council, Georgia
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