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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, 02 June 14
SUB-BIT FOB INDONESIA COAL SWAPS LOST GROUND THIS WEEK
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 ...
Monday, 02 June 14
SOUTH CHINA COAL SWAP WAS SHOWING A POSITIVE MOVE IN Q4, INSTEAD OF THIS WEEK'S WEAK TREND
COALspot.com: API 8 CFR South China Coal swaps for average Q3 14 deliveries lost 3.39 percent month on month and closed at US$ 72.65 per mt as on F ...
Sunday, 01 June 14
INDO - INDIA SUPRMAX FREIGHT RATES CONTINUED TO DOWN THIS WEEK
COALspot.com: The freight market was soft this past week as all sectors soften particularly Panamax index was lost 129 points or 12.88% week on wee ...
Friday, 30 May 14
CLEAN COAL PROCESSING & CONVERSION ASIA SUMMIT 2014
Clean Coal Processing & Conversion Asia Summit 2014 will be held on Nov 20-21st, 2014 in Jakarta, Indonesia.
With the cooperation of ...
Friday, 30 May 14
US COAL PRODUCTION RELATIVELY FLAT WEEK ON WEEK
COALspot.com – United States the world's second largest coal producer, produced approximately 18.6 million short tons (mmst) of coal in a ...
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- PowerSource Philippines DevCo
- Bharathi Cement Corporation - India
- Borneo Indobara - Indonesia
- Toyota Tsusho Corporation, Japan
- Xindia Steels Limited - India
- Uttam Galva Steels Limited - India
- Thai Mozambique Logistica
- PetroVietnam Power Coal Import and Supply Company
- The Treasury - Australian Government
- Semirara Mining and Power Corporation, Philippines
- PTC India Limited - India
- Energy Link Ltd, New Zealand
- Coastal Gujarat Power Limited - India
- Karaikal Port Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Central Electricity Authority - India
- Bukit Baiduri Energy - Indonesia
- Mintek Dendrill Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Sakthi Sugars Limited - India
- IEA Clean Coal Centre - UK
- Intertek Mineral Services - Indonesia
- Planning Commission, India
- Salva Resources Pvt Ltd - India
- Electricity Authority, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kartika Selabumi Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- Interocean Group of Companies - India
- Minerals Council of Australia
- Edison Trading Spa - Italy
- LBH Netherlands Bv - Netherlands
- Miang Besar Coal Terminal - Indonesia
- Parry Sugars Refinery, India
- Bangladesh Power Developement Board
- Port Waratah Coal Services - Australia
- Cement Manufacturers Association - India
- Global Business Power Corporation, Philippines
- India Bulls Power Limited - India
- Dalmia Cement Bharat India
- SMG Consultants - Indonesia
- The University of Queensland
- Indo Tambangraya Megah - Indonesia
- White Energy Company Limited
- Bhoruka Overseas - Indonesia
- Posco Energy - South Korea
- Ceylon Electricity Board - Sri Lanka
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Commonwealth Bank - Australia
- New Zealand Coal & Carbon
- Medco Energi Mining Internasional
- Indian Oil Corporation Limited
- Malabar Cements Ltd - India
- Trasteel International SA, Italy
- Banpu Public Company Limited - Thailand
- Eastern Coal Council - USA
- Manunggal Multi Energi - Indonesia
- GVK Power & Infra Limited - India
- Agrawal Coal Company - India
- Economic Council, Georgia
- Videocon Industries ltd - India
- Gujarat Sidhee Cement - India
- Indonesian Coal Mining Association
- Essar Steel Hazira Ltd - India
- OPG Power Generation Pvt Ltd - India
- ICICI Bank Limited - India
- Sree Jayajothi Cements Limited - India
- Timah Investasi Mineral - Indoneisa
- Baramulti Group, Indonesia
- The State Trading Corporation of India Ltd
- Power Finance Corporation Ltd., India
- Ministry of Finance - Indonesia
- CNBM International Corporation - China
- Sarangani Energy Corporation, Philippines
- Bulk Trading Sa - Switzerland
- GAC Shipping (India) Pvt Ltd
- ASAPP Information Group - India
- PNOC Exploration Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Deloitte Consulting - India
- Samtan Co., Ltd - South Korea
- Barasentosa Lestari - Indonesia
- Riau Bara Harum - Indonesia
- Latin American Coal - Colombia
- Mercuria Energy - Indonesia
- Mjunction Services Limited - India
- Krishnapatnam Port Company Ltd. - India
- Rashtriya Ispat Nigam Limited - India
- Tamil Nadu electricity Board
- Tata Chemicals Ltd - India
- Chamber of Mines of South Africa
- Semirara Mining Corp, Philippines
- Mercator Lines Limited - India
- Kumho Petrochemical, South Korea
- Parliament of New Zealand
- Bukit Makmur.PT - Indonesia
- CIMB Investment Bank - Malaysia
- Simpson Spence & Young - Indonesia
- Maheswari Brothers Coal Limited - India
- Goldman Sachs - Singapore
- Rio Tinto Coal - Australia
- San Jose City I Power Corp, Philippines
- Jindal Steel & Power Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Gujarat Electricity Regulatory Commission - India
- Kohat Cement Company Ltd. - Pakistan
- Carbofer General Trading SA - India
- SMC Global Power, Philippines
- AsiaOL BioFuels Corp., Philippines
- Lanco Infratech Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Wood Mackenzie - Singapore
- Madhucon Powers Ltd - India
- Savvy Resources Ltd - HongKong
- TeaM Sual Corporation - Philippines
- Central Java Power - Indonesia
- Standard Chartered Bank - UAE
- Anglo American - United Kingdom
- Africa Commodities Group - South Africa
- Kapuas Tunggal Persada - Indonesia
- Coalindo Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Ind-Barath Power Infra Limited - India
- Eastern Energy - Thailand
- Indogreen Group - Indonesia
- European Bulk Services B.V. - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- Ambuja Cements Ltd - India
- Ministry of Transport, Egypt
- McConnell Dowell - Australia
- Coal and Oil Company - UAE
- SN Aboitiz Power Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Sojitz Corporation - Japan
- Electricity Generating Authority of Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Indian Energy Exchange, India
- Ministry of Mines - Canada
- Kideco Jaya Agung - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Sical Logistics Limited - India
- Bhatia International Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Merrill Lynch Commodities Europe
- Therma Luzon, Inc, Philippines
- Singapore Mercantile Exchange
- Karbindo Abesyapradhi - Indoneisa
- Global Coal Blending Company Limited - Australia
- Jaiprakash Power Ventures ltd
- Altura Mining Limited, Indonesia
- Meralco Power Generation, Philippines
- Straits Asia Resources Limited - Singapore
- Romanian Commodities Exchange
- VISA Power Limited - India
- Price Waterhouse Coopers - Russia
- Makarim & Taira - Indonesia
- Vizag Seaport Private Limited - India
- Georgia Ports Authority, United States
- Wilmar Investment Holdings
- Orica Australia Pty. Ltd.
- Billiton Holdings Pty Ltd - Australia
- GMR Energy Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indika Energy - Indonesia
- Energy Development Corp, Philippines
- Grasim Industreis Ltd - India
- Formosa Plastics Group - Taiwan
- Holcim Trading Pte Ltd - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Renaissance Capital - South Africa
- Orica Mining Services - Indonesia
- Thiess Contractors Indonesia
- Aditya Birla Group - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- South Luzon Thermal Energy Corporation
- Directorate Of Revenue Intelligence - India
- Globalindo Alam Lestari - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement PLC, Thailand
- Metalloyd Limited - United Kingdom
- MS Steel International - UAE
- Star Paper Mills Limited - India
- Kepco SPC Power Corporation, Philippines
- Vedanta Resources Plc - India
- London Commodity Brokers - England
- Aboitiz Power Corporation - Philippines
- Antam Resourcindo - Indonesia
- IHS Mccloskey Coal Group - USA
- Bank of Tokyo Mitsubishi UFJ Ltd
- Oldendorff Carriers - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Kaltim Prima Coal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Pendopo Energi Batubara - Indonesia
- Australian Commodity Traders Exchange
- Meenaskhi Energy Private Limited - India
- International Coal Ventures Pvt Ltd - India
- Petron Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Heidelberg Cement - Germany
- Larsen & Toubro Limited - India
- Cigading International Bulk Terminal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Australian Coal Association
- Siam City Cement - Thailand
- Independent Power Producers Association of India
- TNB Fuel Sdn Bhd - Malaysia
- Sinarmas Energy and Mining - Indonesia
- Marubeni Corporation - India
- Sindya Power Generating Company Private Ltd
- Attock Cement Pakistan Limited
- Bhushan Steel Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
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