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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, 28 September 15
CAPESIZE FLEET INCREASES BY JUST 1 VESSEL DURING LAST 12 MONTHS, IN POSITIVE SIGN FOR DRY BULK SHIPPING MARKET - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
After a rather tumultuous period, the shipping industry and more particular the dry bulk market has started to adjust to the new realities of globa ...
Monday, 28 September 15
Q1'16 CFR SOUTH CHINA COAL SWAP ROSE 2.73 PER CENT M-M
COALspot.com: API 8 CFR South China Coal swap for 4Q’ 2015 delivery moved upward US$ 1.45 (3.04 %) per ton month over month.
A commodity ...
Sunday, 27 September 15
THE PANAMAX INDEX FELL 1.19 PCT WEEK OVER WEEK
COALspot.com: The BDI closed Friday (25/09/2015) at 943 points, down by 17 points compared to previous Friday closing (18/09/2015). The BDI wa ...
Friday, 25 September 15
COAL PRODUCTION IN THE U.S. FOR THE WEEK ENDING SEPTEMBER 19 ROSE 2.5% PER CENT W-W
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 17.8 million shor ...
Wednesday, 23 September 15
CAPESIZE: SPOT RATES HAVE INCREASED MORE THAN 70 PER CENT DURING LAST WEEK
Dry Bulk owners, always look at September as the time that the market “signals” what lies ahead for the remainder of the year. The Chin ...
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- Minerals Council of Australia
- Anglo American - United Kingdom
- Electricity Authority, New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Finance - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bangladesh Power Developement Board
- Port Waratah Coal Services - Australia
- Lanco Infratech Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Economic Council, Georgia
- Georgia Ports Authority, United States
- Coastal Gujarat Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Trasteel International SA, Italy
- San Jose City I Power Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Ind-Barath Power Infra Limited - India
- Simpson Spence & Young - Indonesia
- Ministry of Mines - Canada
- Ambuja Cements Ltd - India
- Bharathi Cement Corporation - India
- Kohat Cement Company Ltd. - Pakistan
- Commonwealth Bank - Australia
- Africa Commodities Group - South Africa
- Kideco Jaya Agung - Indonesia
- Barasentosa Lestari - Indonesia
- TeaM Sual Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Larsen & Toubro Limited - India
- Rio Tinto Coal - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Bukit Makmur.PT - Indonesia
- Bhoruka Overseas - Indonesia
- SN Aboitiz Power Inc, Philippines
- Energy Link Ltd, New Zealand
- Eastern Coal Council - USA
- Kumho Petrochemical, South Korea
- Chettinad Cement Corporation Ltd - India
- Ministry of Transport, Egypt
- Salva Resources Pvt Ltd - India
- Sojitz Corporation - Japan
- Electricity Generating Authority of Thailand
- Mintek Dendrill Indonesia
- Malabar Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- Madhucon Powers Ltd - India
- Parliament of New Zealand
- Posco Energy - South Korea
- Videocon Industries ltd - India
- Gujarat Sidhee Cement - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- International Coal Ventures Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- GAC Shipping (India) Pvt Ltd
- Thiess Contractors Indonesia
- Star Paper Mills Limited - India
- Thai Mozambique Logistica
- Xindia Steels Limited - India
- Merrill Lynch Commodities Europe
- Grasim Industreis Ltd - India
- Price Waterhouse Coopers - Russia
- Manunggal Multi Energi - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Meralco Power Generation, Philippines
- Sakthi Sugars Limited - India
- Parry Sugars Refinery, India
- McConnell Dowell - Australia
- Pendopo Energi Batubara - Indonesia
- OPG Power Generation Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Bhushan Steel Limited - India
- Global Coal Blending Company Limited - Australia
- CNBM International Corporation - China
- Kepco SPC Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Petron Corporation, Philippines
- New Zealand Coal & Carbon
- Globalindo Alam Lestari - Indonesia
- Directorate Of Revenue Intelligence - India
- Bayan Resources Tbk. - Indonesia
- Mercuria Energy - Indonesia
- Attock Cement Pakistan Limited
- Therma Luzon, Inc, Philippines
- Tata Chemicals Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Vedanta Resources Plc - India
- Semirara Mining and Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Savvy Resources Ltd - HongKong
- Karaikal Port Pvt Ltd - India
- Heidelberg Cement - Germany
- Energy Development Corp, Philippines
- Tamil Nadu electricity Board
- Krishnapatnam Port Company Ltd. - India
- South Luzon Thermal Energy Corporation
- ICICI Bank Limited - India
- CIMB Investment Bank - Malaysia
- Toyota Tsusho Corporation, Japan
- Indika Energy - Indonesia
- Bhatia International Limited - India
- Cement Manufacturers Association - India
- Borneo Indobara - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kapuas Tunggal Persada - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement PLC, Thailand
- PTC India Limited - India
- Straits Asia Resources Limited - Singapore
- Edison Trading Spa - Italy
- Formosa Plastics Group - Taiwan
- Sical Logistics Limited - India
- Orica Australia Pty. Ltd.
- LBH Netherlands Bv - Netherlands
- Riau Bara Harum - Indonesia
- PowerSource Philippines DevCo
- Sarangani Energy Corporation, Philippines
- Dalmia Cement Bharat India
- Petrochimia International Co. Ltd.- Taiwan
- Aboitiz Power Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Indian Energy Exchange, India
- Makarim & Taira - Indonesia
- The University of Queensland
- Gujarat Mineral Development Corp Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Maheswari Brothers Coal Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Meenaskhi Energy Private Limited - India
- Jindal Steel & Power Ltd - India
- SMC Global Power, Philippines
- GMR Energy Limited - India
- Metalloyd Limited - United Kingdom
- Vizag Seaport Private Limited - India
- Power Finance Corporation Ltd., India
- Samtan Co., Ltd - South Korea
- Ceylon Electricity Board - Sri Lanka
- SMG Consultants - Indonesia
- Jaiprakash Power Ventures ltd
- European Bulk Services B.V. - Netherlands
- Kaltim Prima Coal - Indonesia
- Medco Energi Mining Internasional
- Karbindo Abesyapradhi - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Singapore Mercantile Exchange
- Asmin Koalindo Tuhup - Indonesia
- Oldendorff Carriers - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Intertek Mineral Services - Indonesia
- Banpu Public Company Limited - Thailand
- Indogreen Group - Indonesia
- Coal and Oil Company - UAE
- Interocean Group of Companies - India
- ASAPP Information Group - India
- Latin American Coal - Colombia
- Antam Resourcindo - Indonesia
- Deloitte Consulting - India
- Orica Mining Services - Indonesia
- Indian Oil Corporation Limited
- Central Electricity Authority - India
- MS Steel International - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Marubeni Corporation - India
- Maharashtra Electricity Regulatory Commission - India
- Sindya Power Generating Company Private Ltd
- Central Java Power - Indonesia
- Semirara Mining Corp, Philippines
- India Bulls Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Eastern Energy - Thailand
- Planning Commission, India
- IEA Clean Coal Centre - UK
- IHS Mccloskey Coal Group - USA
- Mjunction Services Limited - India
- Romanian Commodities Exchange
- Sinarmas Energy and Mining - Indonesia
- Chamber of Mines of South Africa
- VISA Power Limited - India
- Agrawal Coal Company - India
- Aditya Birla Group - India
- London Commodity Brokers - England
- Gujarat Electricity Regulatory Commission - India
- GVK Power & Infra Limited - India
- Wood Mackenzie - Singapore
- Mercator Lines Limited - India
- The Treasury - Australian Government
- Carbofer General Trading SA - India
- Global Business Power Corporation, Philippines
- Siam City Cement - Thailand
- Essar Steel Hazira Ltd - India
- Baramulti Group, Indonesia
- Binh Thuan Hamico - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- The State Trading Corporation of India Ltd
- White Energy Company Limited
- Independent Power Producers Association of India
- Wilmar Investment Holdings
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Renaissance Capital - South Africa
- PNOC Exploration Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Australian Commodity Traders Exchange
- Australian Coal Association
- Goldman Sachs - Singapore
- Standard Chartered Bank - UAE
- Coalindo Energy - Indonesia
- Indonesian Coal Mining Association
- AsiaOL BioFuels Corp., Philippines
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