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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, 09 June 14
API 8 CFR SOUTH CHINA COAL SWAP Q3 14 DELIVERIES LOST 4.61% M-O-M
COALspot.com: API 8 CFR South China Coal swaps for average Q3 14 deliveries lost 4.61 percent month on month and closed at US$ 71.62 per mt a ...
Sunday, 08 June 14
DRY BULK MARKET RATES FOR PANAMXES TO REMAIN VOLATILE; NO IMPROVEMENTS SEEN OVER THE WEEK
COALspot.com: Cape index increase pushes BDI index to 989 points week on week. The BDI firmed up by 5.88 pct and closed at 989 points week ended 6 ...
Saturday, 07 June 14
EVERYTHING CHANGES, AND NOTHING ABIDES - HERACLITUS
A couple of weeks ago, and while everyone was focusing on the struggling freight market, Russia and China made history by signing a three-decade lo ...
Saturday, 07 June 14
FIRST BITE AT ANTI-CORRUPTION CLAUSE - BIMCO
In recent years a number of countries have introduced anti-corruption legislation which, unfortunately, fails to recognise the practical implicatio ...
Saturday, 07 June 14
U.S. MONTHLY COAL PRODUCTION SLIGHTLY HIGHER IN MAY 2014
COALspot.com – United States the world's second largest coal producer, produced approximately 19.2 million short tons (mmst) of coal in a ...
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- GN Power Mariveles Coal Plant, Philippines
- Merrill Lynch Commodities Europe
- London Commodity Brokers - England
- Tamil Nadu electricity Board
- Bukit Baiduri Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Aditya Birla Group - India
- Mercator Lines Limited - India
- Attock Cement Pakistan Limited
- Vijayanagar Sugar Pvt Ltd - India
- Bangladesh Power Developement Board
- Heidelberg Cement - Germany
- Economic Council, Georgia
- Essar Steel Hazira Ltd - India
- Gujarat Sidhee Cement - India
- Timah Investasi Mineral - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Baramulti Group, Indonesia
- Kideco Jaya Agung - Indonesia
- Uttam Galva Steels Limited - India
- Ind-Barath Power Infra Limited - India
- Jindal Steel & Power Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Bulk Trading Sa - Switzerland
- Chettinad Cement Corporation Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Price Waterhouse Coopers - Russia
- Manunggal Multi Energi - Indonesia
- Savvy Resources Ltd - HongKong
- Vedanta Resources Plc - India
- Standard Chartered Bank - UAE
- Coastal Gujarat Power Limited - India
- SN Aboitiz Power Inc, Philippines
- CNBM International Corporation - China
- Borneo Indobara - Indonesia
- ASAPP Information Group - India
- Indonesian Coal Mining Association
- Tata Chemicals Ltd - India
- IHS Mccloskey Coal Group - USA
- Madhucon Powers Ltd - India
- Meenaskhi Energy Private Limited - India
- Riau Bara Harum - Indonesia
- Mjunction Services Limited - India
- Australian Commodity Traders Exchange
- Kohat Cement Company Ltd. - Pakistan
- Cigading International Bulk Terminal - Indonesia
- Mercuria Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Bhushan Steel Limited - India
- Port Waratah Coal Services - Australia
- Bhatia International Limited - India
- Dalmia Cement Bharat India
- Interocean Group of Companies - India
- Parliament of New Zealand
- Banpu Public Company Limited - Thailand
- Oldendorff Carriers - Singapore
- GVK Power & Infra Limited - India
- Wilmar Investment Holdings
- Karaikal Port Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Thai Mozambique Logistica
- Kobexindo Tractors - Indoneisa
- Siam City Cement PLC, Thailand
- Central Java Power - Indonesia
- Indian Oil Corporation Limited
- Indika Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- SMC Global Power, Philippines
- Singapore Mercantile Exchange
- Kumho Petrochemical, South Korea
- Meralco Power Generation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SMG Consultants - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Barasentosa Lestari - Indonesia
- Medco Energi Mining Internasional
- Latin American Coal - Colombia
- Power Finance Corporation Ltd., India
- Grasim Industreis Ltd - India
- South Luzon Thermal Energy Corporation
- Bukit Asam (Persero) Tbk - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Orica Australia Pty. Ltd.
- Coalindo Energy - Indonesia
- Siam City Cement - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indian Energy Exchange, India
- Goldman Sachs - Singapore
- Renaissance Capital - South Africa
- Iligan Light & Power Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Formosa Plastics Group - Taiwan
- Global Green Power PLC Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Altura Mining Limited, Indonesia
- Kapuas Tunggal Persada - Indonesia
- Parry Sugars Refinery, India
- Trasteel International SA, Italy
- Sojitz Corporation - Japan
- Directorate General of MIneral and Coal - Indonesia
- Videocon Industries ltd - India
- Vizag Seaport Private Limited - India
- Larsen & Toubro Limited - India
- Carbofer General Trading SA - India
- Orica Mining Services - Indonesia
- Electricity Authority, New Zealand
- Ministry of Mines - Canada
- White Energy Company Limited
- Agrawal Coal Company - India
- Petron Corporation, Philippines
- Cement Manufacturers Association - India
- Africa Commodities Group - South Africa
- Directorate Of Revenue Intelligence - India
- Maharashtra Electricity Regulatory Commission - India
- Indo Tambangraya Megah - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Star Paper Mills Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Salva Resources Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Ministry of Transport, Egypt
- GMR Energy Limited - India
- Posco Energy - South Korea
- LBH Netherlands Bv - Netherlands
- Gujarat Mineral Development Corp Ltd - India
- OPG Power Generation Pvt Ltd - India
- Sakthi Sugars Limited - India
- AsiaOL BioFuels Corp., Philippines
- Coal and Oil Company - UAE
- Antam Resourcindo - Indonesia
- Energy Development Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Sinarmas Energy and Mining - Indonesia
- ICICI Bank Limited - India
- Marubeni Corporation - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The Treasury - Australian Government
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indogreen Group - Indonesia
- Eastern Energy - Thailand
- The State Trading Corporation of India Ltd
- Electricity Generating Authority of Thailand
- Australian Coal Association
- PNOC Exploration Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Makmur.PT - Indonesia
- Global Business Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Metalloyd Limited - United Kingdom
- Kartika Selabumi Mining - Indonesia
- Simpson Spence & Young - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Ceylon Electricity Board - Sri Lanka
- Globalindo Alam Lestari - Indonesia
- CIMB Investment Bank - Malaysia
- VISA Power Limited - India
- Sical Logistics Limited - India
- McConnell Dowell - Australia
- Semirara Mining Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Romanian Commodities Exchange
- New Zealand Coal & Carbon
- Deloitte Consulting - India
- Eastern Coal Council - USA
- Bhoruka Overseas - Indonesia
- Chamber of Mines of South Africa
- Energy Link Ltd, New Zealand
- Independent Power Producers Association of India
- Bharathi Cement Corporation - India
- Mintek Dendrill Indonesia
- Pendopo Energi Batubara - Indonesia
- Thiess Contractors Indonesia
- Minerals Council of Australia
- Georgia Ports Authority, United States
- San Jose City I Power Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- PetroVietnam Power Coal Import and Supply Company
- Aboitiz Power Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- TeaM Sual Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Bayan Resources Tbk. - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Jaiprakash Power Ventures ltd
- Anglo American - United Kingdom
- Sindya Power Generating Company Private Ltd
- Lanco Infratech Ltd - India
- Central Electricity Authority - India
- GAC Shipping (India) Pvt Ltd
- Wood Mackenzie - Singapore
- Commonwealth Bank - Australia
- Malabar Cements Ltd - India
- Makarim & Taira - Indonesia
- MS Steel International - UAE
- IEA Clean Coal Centre - UK
- Alfred C Toepfer International GmbH - Germany
- PowerSource Philippines DevCo
- Planning Commission, India
- Xindia Steels Limited - India
- India Bulls Power Limited - India
- Samtan Co., Ltd - South Korea
- PTC India Limited - India
- Global Coal Blending Company Limited - Australia
- Rio Tinto Coal - Australia
- The University of Queensland
- TNB Fuel Sdn Bhd - Malaysia
- Ambuja Cements Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Edison Trading Spa - Italy
- Therma Luzon, Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Ministry of Finance - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Toyota Tsusho Corporation, Japan
- Asmin Koalindo Tuhup - Indonesia
- Kepco SPC Power Corporation, Philippines
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