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Friday, 18 September 15
SHIPPING AND THE FED RATE DECISION: FINANCING COSTS COULD RISE EVEN HIGHER - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
 Regardless of the FED’s decision to raise rates, shipping stands to be influenced by the decision. Shipbroker Allied Shipbroking noted this week, that “the real direct impact which shipping might have to face from the FED’s decision to increase interest rates would be in terms of financing”.
According to Allied’s George Lazaridis, Head of Market Research and Asset Valuations, “with most loans being dollar denominated and the spreads on offer by banks already on the high end compared to what the industry has been offered over the past decade, it would likely make ship financing an even harder task for many to undertake. The lack in availability of finance has been a key characteristic of the market for well over 2-3 years now, and this would likely deteriorate things further. Nevertheless, such difficulties may prove to help in the long run, allowing for a tightening of new investments and especially in terms of further ordering. At the same time the higher financing cost will eventually be absorbed by freight rates as it will be a cost shared by the majority in the industry, while once the freight market finds its footing once more and starts to improve, this cost will start to play a more minor role once more. For the time being what one hopes for more is for a possible escape from the pessimism that has plagued the global markets over the past months, the possible negative side effects seem like small hurdles in comparison”, said Lazaridis.
Analyzing the current macroeconomic climate, Allied’s analyst said that “with the U.S. economy still managing to show fairly promising figures with regards to its trajectory, the Federal Reserve is inching closer to the decision to make its pivotal decision regarding an interest rate hike (something that could materialise as early as this week). Although, the fundamentals are a positive overall sign for shipping there are things to feed worries below the surface and on an indirect basis. The main focus and what helps support an optimistic view towards the current decision revolves around the fact that with the global economy lacking a strong source of economic growth, a positive outcome for the world’s largest economy can be taken as a very favourable move and one that could help drive the rest of the global growth engine as it once did in the past. With such a high consumer base and a strong source of indirect investment, its economy is highly placed to support growth elsewhere around the world”.
Lazaridis added that “yet as things are showing, neither is its current strong growth a given (with some shaky signs having been noted during end of spring early summer) nor is a decision to increase interest rates sure to spring further growth down the line. In regards to the latter, it will likely spur extra lending by banks which is going to drive both investment within the economy and allow for improved earnings from banks themselves. Yet it will also drive for an increase in the default rate of bad loans, as those who are already struggling to meet their debt obligations are likely going to find themselves sooner rather than later in default. This is the least of what this latest development could bring about, as the emerging economies will struggle to maintain the same amount of interest in attracting further investment, while their previous dollar denominated debt will become more expensive to pay off as the dollar strengthens against the borrowers’ local currencies”.
He went to say that “further to this end, corporate profits previously retained in many of these emerging economies by big multinationals will likely be repatriated back to the U.S. as local investment starts to become more favourable. Yet all this might end up as a more favourable outcome for shipping as an economy the size of the U.S. could allow once more for the export-led growth models than many of the emerging economies still focus on. As an example a fast pace increase in consumer spending in the U.S. could allow for increased exports out of both China and India which would in turn drive their economies into further production growth”, Lazaridis concluded.
Source: Nikos Roussanoglou, Hellenic Shipping News
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Monday, 05 October 15
Q1 & Q2 2016 DELIVERY SWAPS DECLINED M-M AND W-W THIS PAST WEEK
COALspot.com: API 5 FOB Newcastle Coal swap for Q4’ 2015 delivery decreased $0.36 per ton (0.85%) month over month to US$ 42.12 per ton. The ...
Monday, 05 October 15
Q1' 16 CFR SOUTH CHINA COAL SWAP CLOSED US$ 48.05 PER TON
COALspot.com: API 8 CFR South China Coal swap for 4Q’ 2015 delivery down US$ 0.47 (0.96 %) per ton month over month.
A commodity swap is ...
Monday, 05 October 15
SMALL DECLINE IN 2014 SHIP OPERATING COSTS - MOORE STEPHENS
Total annual operating costs in the shipping industry fell by an average of 0.8% in 2014. This compares with the 0.3% average fall in costs recorde ...
Sunday, 04 October 15
THE INDO-INDIA FREIGHT MARKET REMAINS UNDER PRESSURE
COALspot.com: The BDI closed on Friday (2 Oct 2015) at 889 points, down by 54 points compared to previous Friday's closing ( 24 Sept 2015) of 9 ...
Friday, 02 October 15
COAL PRODUCTION IN THE UNITED STATES DECREASED THIS WEEK - EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 17.5 million shor ...
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- Siam City Cement PLC, Thailand
- Simpson Spence & Young - Indonesia
- Star Paper Mills Limited - India
- International Coal Ventures Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- MS Steel International - UAE
- VISA Power Limited - India
- Binh Thuan Hamico - Vietnam
- Georgia Ports Authority, United States
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Interocean Group of Companies - India
- Indo Tambangraya Megah - Indonesia
- Krishnapatnam Port Company Ltd. - India
- SMG Consultants - Indonesia
- Kepco SPC Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Thiess Contractors Indonesia
- Bukit Baiduri Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Eastern Energy - Thailand
- South Luzon Thermal Energy Corporation
- Holcim Trading Pte Ltd - Singapore
- Formosa Plastics Group - Taiwan
- Ind-Barath Power Infra Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kalimantan Lumbung Energi - Indonesia
- Goldman Sachs - Singapore
- Borneo Indobara - Indonesia
- Planning Commission, India
- Essar Steel Hazira Ltd - India
- Standard Chartered Bank - UAE
- Bhatia International Limited - India
- Deloitte Consulting - India
- Gujarat Sidhee Cement - India
- Uttam Galva Steels Limited - India
- Leighton Contractors Pty Ltd - Australia
- Bukit Makmur.PT - Indonesia
- Global Coal Blending Company Limited - Australia
- Siam City Cement - Thailand
- Indogreen Group - Indonesia
- Edison Trading Spa - Italy
- Mintek Dendrill Indonesia
- Energy Link Ltd, New Zealand
- GMR Energy Limited - India
- Anglo American - United Kingdom
- Altura Mining Limited, Indonesia
- India Bulls Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Global Business Power Corporation, Philippines
- Coal and Oil Company - UAE
- Sojitz Corporation - Japan
- Malabar Cements Ltd - India
- Meralco Power Generation, Philippines
- Global Green Power PLC Corporation, Philippines
- Merrill Lynch Commodities Europe
- Toyota Tsusho Corporation, Japan
- Mercuria Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Parliament of New Zealand
- Metalloyd Limited - United Kingdom
- Parry Sugars Refinery, India
- Sical Logistics Limited - India
- San Jose City I Power Corp, Philippines
- Orica Mining Services - Indonesia
- The State Trading Corporation of India Ltd
- Therma Luzon, Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Port Waratah Coal Services - Australia
- PetroVietnam Power Coal Import and Supply Company
- Timah Investasi Mineral - Indoneisa
- Kumho Petrochemical, South Korea
- Economic Council, Georgia
- Renaissance Capital - South Africa
- Barasentosa Lestari - Indonesia
- Posco Energy - South Korea
- Karbindo Abesyapradhi - Indoneisa
- Riau Bara Harum - Indonesia
- Vedanta Resources Plc - India
- Xindia Steels Limited - India
- Cigading International Bulk Terminal - Indonesia
- Bharathi Cement Corporation - India
- Ministry of Transport, Egypt
- Meenaskhi Energy Private Limited - India
- Banpu Public Company Limited - Thailand
- Lanco Infratech Ltd - India
- Africa Commodities Group - South Africa
- CIMB Investment Bank - Malaysia
- New Zealand Coal & Carbon
- Videocon Industries ltd - India
- Carbofer General Trading SA - India
- Asmin Koalindo Tuhup - Indonesia
- Kapuas Tunggal Persada - Indonesia
- IEA Clean Coal Centre - UK
- Miang Besar Coal Terminal - Indonesia
- Kideco Jaya Agung - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- SN Aboitiz Power Inc, Philippines
- Sakthi Sugars Limited - India
- Manunggal Multi Energi - Indonesia
- Kobexindo Tractors - Indoneisa
- PNOC Exploration Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Baramulti Group, Indonesia
- Dalmia Cement Bharat India
- European Bulk Services B.V. - Netherlands
- Romanian Commodities Exchange
- Ministry of Mines - Canada
- Aditya Birla Group - India
- Madhucon Powers Ltd - India
- Gujarat Electricity Regulatory Commission - India
- SMC Global Power, Philippines
- Aboitiz Power Corporation - Philippines
- Cement Manufacturers Association - India
- Orica Australia Pty. Ltd.
- Australian Coal Association
- Marubeni Corporation - India
- Bahari Cakrawala Sebuku - Indonesia
- Savvy Resources Ltd - HongKong
- Wood Mackenzie - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Globalindo Alam Lestari - Indonesia
- London Commodity Brokers - England
- Straits Asia Resources Limited - Singapore
- Agrawal Coal Company - India
- Central Electricity Authority - India
- Larsen & Toubro Limited - India
- Indonesian Coal Mining Association
- Ceylon Electricity Board - Sri Lanka
- Bhoruka Overseas - Indonesia
- Coastal Gujarat Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Commonwealth Bank - Australia
- CNBM International Corporation - China
- Grasim Industreis Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Bhushan Steel Limited - India
- Ambuja Cements Ltd - India
- Directorate Of Revenue Intelligence - India
- Bayan Resources Tbk. - Indonesia
- GVK Power & Infra Limited - India
- Trasteel International SA, Italy
- Ministry of Finance - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- PowerSource Philippines DevCo
- PTC India Limited - India
- The University of Queensland
- Sinarmas Energy and Mining - Indonesia
- Bulk Trading Sa - Switzerland
- Alfred C Toepfer International GmbH - Germany
- Singapore Mercantile Exchange
- ASAPP Information Group - India
- Mercator Lines Limited - India
- Indian Oil Corporation Limited
- Rashtriya Ispat Nigam Limited - India
- Eastern Coal Council - USA
- Tamil Nadu electricity Board
- Central Java Power - Indonesia
- Samtan Co., Ltd - South Korea
- Directorate General of MIneral and Coal - Indonesia
- Australian Commodity Traders Exchange
- LBH Netherlands Bv - Netherlands
- IHS Mccloskey Coal Group - USA
- Electricity Generating Authority of Thailand
- Neyveli Lignite Corporation Ltd, - India
- Pipit Mutiara Jaya. PT, Indonesia
- Indika Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- OPG Power Generation Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Independent Power Producers Association of India
- Gujarat Mineral Development Corp Ltd - India
- Latin American Coal - Colombia
- Attock Cement Pakistan Limited
- Coalindo Energy - Indonesia
- Medco Energi Mining Internasional
- Makarim & Taira - Indonesia
- Rio Tinto Coal - Australia
- GAC Shipping (India) Pvt Ltd
- Power Finance Corporation Ltd., India
- Wilmar Investment Holdings
- Energy Development Corp, Philippines
- Antam Resourcindo - Indonesia
- Oldendorff Carriers - Singapore
- Vizag Seaport Private Limited - India
- The Treasury - Australian Government
- Chettinad Cement Corporation Ltd - India
- White Energy Company Limited
- Indian Energy Exchange, India
- TeaM Sual Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Salva Resources Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Thai Mozambique Logistica
- Mjunction Services Limited - India
- Jindal Steel & Power Ltd - India
- Pendopo Energi Batubara - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Heidelberg Cement - Germany
- ICICI Bank Limited - India
- Bangladesh Power Developement Board
- Semirara Mining Corp, Philippines
- Chamber of Mines of South Africa
- Minerals Council of Australia
- Kartika Selabumi Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Electricity Authority, New Zealand
- McConnell Dowell - Australia
- Kaltim Prima Coal - Indonesia
- Petron Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Tata Chemicals Ltd - India
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