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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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Thursday, 01 October 15
SOUTH KOREA'S KOMIPO SEEKS SPOT BITUMINOUS COAL SUPPLIES
COALspot.com: South Korean state-owned utility Korea Midland Power (KOMIPO) issued an new tender for 265,000 Metric Tons (MT) of minimum 4,600 kcal ...
Wednesday, 30 September 15
Q1'16 FOB INDONESIA COAL SWAP FALLS $1.25 A TON AS SLIDE CONTINUES
COALspot.com: Indonesian coal swap for delivery Q4 2015 declined month on month and week over week.
The Q4 swap declined $ 0.72 (-1.78%) per t ...
Wednesday, 30 September 15
NEW BUILDING MARKET INSIGHT
COALspot.com: This year has been, beyond any doubt, a rather strenuous one for the newbuilding market. Ordering activity with regards to Dry Bulker ...
Tuesday, 29 September 15
FOB RICHARDS BAY COAL SWAPS ARE SLIDING
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q4' 2015 declined week over week and month over month.
The Q4 swap was down US$ ...
Monday, 28 September 15
API 5 FOB NEWCASTLE COAL SWAPS UP $2.15 IN ONE MONTH
COALspot.com: API 5 FOB Newcastle Coal swap for Q4’ 2015 delivery increased $2.10 per ton (5.15%) month over month to US$ 42.93 per ton. The ...
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- Indonesian Coal Mining Association
- Medco Energi Mining Internasional
- Commonwealth Bank - Australia
- Jindal Steel & Power Ltd - India
- Straits Asia Resources Limited - Singapore
- Sojitz Corporation - Japan
- MS Steel International - UAE
- Port Waratah Coal Services - Australia
- Planning Commission, India
- Maheswari Brothers Coal Limited - India
- Cigading International Bulk Terminal - Indonesia
- Karaikal Port Pvt Ltd - India
- Bangladesh Power Developement Board
- Makarim & Taira - Indonesia
- Binh Thuan Hamico - Vietnam
- Aditya Birla Group - India
- Sakthi Sugars Limited - India
- Simpson Spence & Young - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Energy Development Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- Orica Mining Services - Indonesia
- Uttam Galva Steels Limited - India
- Essar Steel Hazira Ltd - India
- South Luzon Thermal Energy Corporation
- Africa Commodities Group - South Africa
- Antam Resourcindo - Indonesia
- Central Electricity Authority - India
- Goldman Sachs - Singapore
- Interocean Group of Companies - India
- AsiaOL BioFuels Corp., Philippines
- Savvy Resources Ltd - HongKong
- Romanian Commodities Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Malabar Cements Ltd - India
- IHS Mccloskey Coal Group - USA
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Intertek Mineral Services - Indonesia
- Eastern Energy - Thailand
- Barasentosa Lestari - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Vedanta Resources Plc - India
- Globalindo Alam Lestari - Indonesia
- PowerSource Philippines DevCo
- The State Trading Corporation of India Ltd
- Borneo Indobara - Indonesia
- Wilmar Investment Holdings
- Ind-Barath Power Infra Limited - India
- Independent Power Producers Association of India
- PTC India Limited - India
- Semirara Mining Corp, Philippines
- Dalmia Cement Bharat India
- Rashtriya Ispat Nigam Limited - India
- Bhatia International Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Sarangani Energy Corporation, Philippines
- Mjunction Services Limited - India
- Bharathi Cement Corporation - India
- CIMB Investment Bank - Malaysia
- Kideco Jaya Agung - Indonesia
- Georgia Ports Authority, United States
- Renaissance Capital - South Africa
- Bukit Makmur.PT - Indonesia
- White Energy Company Limited
- Chettinad Cement Corporation Ltd - India
- Coastal Gujarat Power Limited - India
- New Zealand Coal & Carbon
- Global Business Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Ceylon Electricity Board - Sri Lanka
- Ministry of Finance - Indonesia
- Vizag Seaport Private Limited - India
- Kartika Selabumi Mining - Indonesia
- Samtan Co., Ltd - South Korea
- Kapuas Tunggal Persada - Indonesia
- Indian Oil Corporation Limited
- Billiton Holdings Pty Ltd - Australia
- Jaiprakash Power Ventures ltd
- Parry Sugars Refinery, India
- Agrawal Coal Company - India
- Meenaskhi Energy Private Limited - India
- Holcim Trading Pte Ltd - Singapore
- Anglo American - United Kingdom
- Semirara Mining and Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Grasim Industreis Ltd - India
- Trasteel International SA, Italy
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- CNBM International Corporation - China
- Economic Council, Georgia
- Alfred C Toepfer International GmbH - Germany
- Parliament of New Zealand
- Thiess Contractors Indonesia
- The University of Queensland
- Bhoruka Overseas - Indonesia
- The Treasury - Australian Government
- Posco Energy - South Korea
- Latin American Coal - Colombia
- Coal and Oil Company - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Attock Cement Pakistan Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Eastern Coal Council - USA
- McConnell Dowell - Australia
- Edison Trading Spa - Italy
- PetroVietnam Power Coal Import and Supply Company
- Cement Manufacturers Association - India
- Sree Jayajothi Cements Limited - India
- Marubeni Corporation - India
- Rio Tinto Coal - Australia
- Indika Energy - Indonesia
- Energy Link Ltd, New Zealand
- Electricity Generating Authority of Thailand
- Kobexindo Tractors - Indoneisa
- Meralco Power Generation, Philippines
- GAC Shipping (India) Pvt Ltd
- GVK Power & Infra Limited - India
- Mercator Lines Limited - India
- Toyota Tsusho Corporation, Japan
- Gujarat Sidhee Cement - India
- Asmin Koalindo Tuhup - Indonesia
- Larsen & Toubro Limited - India
- Global Green Power PLC Corporation, Philippines
- Baramulti Group, Indonesia
- Minerals Council of Australia
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Coal Blending Company Limited - Australia
- Sindya Power Generating Company Private Ltd
- GN Power Mariveles Coal Plant, Philippines
- Miang Besar Coal Terminal - Indonesia
- Singapore Mercantile Exchange
- Bhushan Steel Limited - India
- India Bulls Power Limited - India
- Banpu Public Company Limited - Thailand
- Formosa Plastics Group - Taiwan
- Bahari Cakrawala Sebuku - Indonesia
- Standard Chartered Bank - UAE
- Australian Coal Association
- ASAPP Information Group - India
- Indian Energy Exchange, India
- IEA Clean Coal Centre - UK
- Kepco SPC Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Timah Investasi Mineral - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Riau Bara Harum - Indonesia
- Lanco Infratech Ltd - India
- LBH Netherlands Bv - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- Orica Australia Pty. Ltd.
- Videocon Industries ltd - India
- Indogreen Group - Indonesia
- Siam City Cement - Thailand
- Mercuria Energy - Indonesia
- Ambuja Cements Ltd - India
- Xindia Steels Limited - India
- Heidelberg Cement - Germany
- San Jose City I Power Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Salva Resources Pvt Ltd - India
- Thai Mozambique Logistica
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Mines - Canada
- Petron Corporation, Philippines
- Deloitte Consulting - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- European Bulk Services B.V. - Netherlands
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kalimantan Lumbung Energi - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Tamil Nadu electricity Board
- Australian Commodity Traders Exchange
- Carbofer General Trading SA - India
- Electricity Authority, New Zealand
- Krishnapatnam Port Company Ltd. - India
- Sical Logistics Limited - India
- SMC Global Power, Philippines
- SMG Consultants - Indonesia
- Madhucon Powers Ltd - India
- Metalloyd Limited - United Kingdom
- ICICI Bank Limited - India
- Price Waterhouse Coopers - Russia
- TeaM Sual Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Central Java Power - Indonesia
- Siam City Cement PLC, Thailand
- OPG Power Generation Pvt Ltd - India
- GMR Energy Limited - India
- VISA Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Tata Chemicals Ltd - India
- Oldendorff Carriers - Singapore
- Bulk Trading Sa - Switzerland
- Altura Mining Limited, Indonesia
- Aboitiz Power Corporation - Philippines
- Coalindo Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- Merrill Lynch Commodities Europe
- Directorate Of Revenue Intelligence - India
- Kaltim Prima Coal - Indonesia
- Chamber of Mines of South Africa
- Ministry of Transport, Egypt
- London Commodity Brokers - England
- Therma Luzon, Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Star Paper Mills Limited - India
- Power Finance Corporation Ltd., India
- Mintek Dendrill Indonesia
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