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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, 29 May 14
PEABODY ENERGY CHAIRMAN RECEIVES WCA AWARD
The World Coal Association has presented Gregory H. Boyce, Chairman and Chief Executive Officer of Peabody Energy (NYSE: BTU), with the 2014 Chairm ...
Thursday, 29 May 14
HANDY : THE SUPRAS ARE BEING TRADED AROUND 13K FOR SHORTER UPTO 1 YEAR PERIOD
Handy
The week started off with bank holidays in London and very little happening. This trend has continued and we believe it will continue into ...
Wednesday, 28 May 14
THE DRY BULK MARKET REMAINED UNDER PRESSURE - INTERMODAL
COALspot.com: The Dry Bulk market remained under pressure during this past week, with all indices pointing down compared to the previous Friday. Th ...
Tuesday, 27 May 14
PORT OF NEWCASTLE SHIPPED 19.13% LESS COAL THIS PAST WEEK
COALspot.com: In the week ended 07:00 hours 26 May 2014, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland, ...
Monday, 26 May 14
SUB-BIT FOB INDO COAL SWAP Q1' 15 DELIVERIES CLOSED AT US$ 59.40 PER MT
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 ...
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- Dalmia Cement Bharat India
- ASAPP Information Group - India
- Samtan Co., Ltd - South Korea
- White Energy Company Limited
- The Treasury - Australian Government
- SMG Consultants - Indonesia
- Romanian Commodities Exchange
- Asmin Koalindo Tuhup - Indonesia
- Savvy Resources Ltd - HongKong
- Eastern Coal Council - USA
- Petron Corporation, Philippines
- Standard Chartered Bank - UAE
- Banpu Public Company Limited - Thailand
- Directorate Of Revenue Intelligence - India
- Maheswari Brothers Coal Limited - India
- Wilmar Investment Holdings
- Chamber of Mines of South Africa
- Xindia Steels Limited - India
- Makarim & Taira - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Altura Mining Limited, Indonesia
- Energy Link Ltd, New Zealand
- Toyota Tsusho Corporation, Japan
- London Commodity Brokers - England
- Metalloyd Limited - United Kingdom
- Energy Development Corp, Philippines
- VISA Power Limited - India
- Vizag Seaport Private Limited - India
- TeaM Sual Corporation - Philippines
- Sakthi Sugars Limited - India
- Leighton Contractors Pty Ltd - Australia
- Iligan Light & Power Inc, Philippines
- Videocon Industries ltd - India
- IEA Clean Coal Centre - UK
- Grasim Industreis Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Baramulti Group, Indonesia
- New Zealand Coal & Carbon
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhushan Steel Limited - India
- Lanco Infratech Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Deloitte Consulting - India
- PNOC Exploration Corporation - Philippines
- Tamil Nadu electricity Board
- Vedanta Resources Plc - India
- Medco Energi Mining Internasional
- Kobexindo Tractors - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Barasentosa Lestari - Indonesia
- Mercator Lines Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Edison Trading Spa - Italy
- Ministry of Finance - Indonesia
- Gujarat Sidhee Cement - India
- Malabar Cements Ltd - India
- Indonesian Coal Mining Association
- Sojitz Corporation - Japan
- Bharathi Cement Corporation - India
- Orica Australia Pty. Ltd.
- Coalindo Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Kumho Petrochemical, South Korea
- Georgia Ports Authority, United States
- Petrochimia International Co. Ltd.- Taiwan
- Oldendorff Carriers - Singapore
- Jindal Steel & Power Ltd - India
- San Jose City I Power Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Salva Resources Pvt Ltd - India
- Independent Power Producers Association of India
- GMR Energy Limited - India
- International Coal Ventures Pvt Ltd - India
- Indika Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Meralco Power Generation, Philippines
- MS Steel International - UAE
- Central Java Power - Indonesia
- South Luzon Thermal Energy Corporation
- Bhoruka Overseas - Indonesia
- Bangladesh Power Developement Board
- Kepco SPC Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Singapore Mercantile Exchange
- Thai Mozambique Logistica
- Cigading International Bulk Terminal - Indonesia
- PTC India Limited - India
- AsiaOL BioFuels Corp., Philippines
- Karbindo Abesyapradhi - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Electricity Authority, New Zealand
- Riau Bara Harum - Indonesia
- Trasteel International SA, Italy
- Globalindo Alam Lestari - Indonesia
- Formosa Plastics Group - Taiwan
- Tata Chemicals Ltd - India
- GAC Shipping (India) Pvt Ltd
- Billiton Holdings Pty Ltd - Australia
- Renaissance Capital - South Africa
- Indian Energy Exchange, India
- Chettinad Cement Corporation Ltd - India
- Mjunction Services Limited - India
- Australian Commodity Traders Exchange
- Carbofer General Trading SA - India
- Semirara Mining and Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- The University of Queensland
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Semirara Mining Corp, Philippines
- Jaiprakash Power Ventures ltd
- Mercuria Energy - Indonesia
- Port Waratah Coal Services - Australia
- LBH Netherlands Bv - Netherlands
- Attock Cement Pakistan Limited
- Orica Mining Services - Indonesia
- Ministry of Mines - Canada
- Bulk Trading Sa - Switzerland
- India Bulls Power Limited - India
- CIMB Investment Bank - Malaysia
- IHS Mccloskey Coal Group - USA
- Anglo American - United Kingdom
- Marubeni Corporation - India
- GN Power Mariveles Coal Plant, Philippines
- Global Green Power PLC Corporation, Philippines
- Heidelberg Cement - Germany
- Commonwealth Bank - Australia
- Star Paper Mills Limited - India
- Agrawal Coal Company - India
- Indian Oil Corporation Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Central Electricity Authority - India
- Sical Logistics Limited - India
- Borneo Indobara - Indonesia
- OPG Power Generation Pvt Ltd - India
- Ministry of Transport, Egypt
- Ind-Barath Power Infra Limited - India
- Electricity Generating Authority of Thailand
- Rio Tinto Coal - Australia
- Straits Asia Resources Limited - Singapore
- Manunggal Multi Energi - Indonesia
- Essar Steel Hazira Ltd - India
- Meenaskhi Energy Private Limited - India
- Interocean Group of Companies - India
- Kideco Jaya Agung - Indonesia
- Siam City Cement - Thailand
- Kartika Selabumi Mining - Indonesia
- Sindya Power Generating Company Private Ltd
- Directorate General of MIneral and Coal - Indonesia
- Eastern Energy - Thailand
- Ceylon Electricity Board - Sri Lanka
- Mintek Dendrill Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Aboitiz Power Corporation - Philippines
- Posco Energy - South Korea
- Gujarat Electricity Regulatory Commission - India
- Aditya Birla Group - India
- Australian Coal Association
- Krishnapatnam Port Company Ltd. - India
- Parliament of New Zealand
- Bukit Makmur.PT - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Global Business Power Corporation, Philippines
- Latin American Coal - Colombia
- Karaikal Port Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Kapuas Tunggal Persada - Indonesia
- Siam City Cement PLC, Thailand
- Kalimantan Lumbung Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Intertek Mineral Services - Indonesia
- Indogreen Group - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Merrill Lynch Commodities Europe
- Minerals Council of Australia
- Larsen & Toubro Limited - India
- Ambuja Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhatia International Limited - India
- Coal and Oil Company - UAE
- ICICI Bank Limited - India
- SMC Global Power, Philippines
- Planning Commission, India
- The State Trading Corporation of India Ltd
- CNBM International Corporation - China
- Sinarmas Energy and Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- GVK Power & Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- Thiess Contractors Indonesia
- Pendopo Energi Batubara - Indonesia
- Economic Council, Georgia
- Cement Manufacturers Association - India
- Global Coal Blending Company Limited - Australia
- Goldman Sachs - Singapore
- Madhucon Powers Ltd - India
- Binh Thuan Hamico - Vietnam
- Gujarat Mineral Development Corp Ltd - India
- Uttam Galva Steels Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Coastal Gujarat Power Limited - India
- Antam Resourcindo - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Parry Sugars Refinery, India
- Sree Jayajothi Cements Limited - India
- Simpson Spence & Young - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Price Waterhouse Coopers - Russia
- PowerSource Philippines DevCo
- Neyveli Lignite Corporation Ltd, - India
- Pipit Mutiara Jaya. PT, Indonesia
- Wood Mackenzie - Singapore
- McConnell Dowell - Australia
- European Bulk Services B.V. - Netherlands
- Indo Tambangraya Megah - Indonesia
- Therma Luzon, Inc, Philippines
- Kaltim Prima Coal - Indonesia
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