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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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Wednesday, 23 September 15
INDONESIA: NEW REGULATION APPLIES FINAL INCOME TAX TO MINERAL AND COAL SALES - FLORENCE GRACIA SANTOSO
To increase state revenue from the mining sector, the Government of Indonesia has imposed a new final income tax on any sale of mineral and coal, a ...
Tuesday, 22 September 15
1Q16 FOB INDONESIA COAL SWAP DECLINED 6.49 PER CENT M-M
COALspot.com: Indonesian coal swap for delivery 4Q 2015 declined month on month and week over week.
The 4Q swap declined $ 2.29 (-5.42%) per t ...
Tuesday, 22 September 15
FOB RICHARDS BAY COAL SWAPS FALL CONTINUES
COALspot.com: API4 FOB Richards Bay Coal swap for delivery 4Q' 2015 declined week over week and month over month.
The 4Q swap was down US$ ...
Monday, 21 September 15
Q4' 15 FOB NEWCASTLE COAL SWAP CLOSED HIGHER THAN Q2' 16 SWAP
COALspot.com: API 5 FOB Newcastle Coal swap for 4Q’ 2015 delivery increased $0.43 per ton (1.01%) month over month to US$ 42.95 per ton. The ...
Monday, 21 September 15
CFR SOUTH CHINA COAL SWAP GAINED WEEK OVER WEEK
COALspot.com: API 8 CFR South China Coal swap for 4Q’ 2015 delivery declined just US$ 0.45 (0.90 %) per ton month over month.
A commodit ...
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- Banpu Public Company Limited - Thailand
- Orica Mining Services - Indonesia
- Thai Mozambique Logistica
- Kartika Selabumi Mining - Indonesia
- Global Business Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Sree Jayajothi Cements Limited - India
- Salva Resources Pvt Ltd - India
- Meralco Power Generation, Philippines
- Sindya Power Generating Company Private Ltd
- The Treasury - Australian Government
- Essar Steel Hazira Ltd - India
- SN Aboitiz Power Inc, Philippines
- VISA Power Limited - India
- Xindia Steels Limited - India
- AsiaOL BioFuels Corp., Philippines
- Independent Power Producers Association of India
- Ambuja Cements Ltd - India
- Africa Commodities Group - South Africa
- Central Electricity Authority - India
- Baramulti Group, Indonesia
- Coal and Oil Company - UAE
- Alfred C Toepfer International GmbH - Germany
- Iligan Light & Power Inc, Philippines
- Semirara Mining Corp, Philippines
- Singapore Mercantile Exchange
- Kaltim Prima Coal - Indonesia
- SMG Consultants - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bharathi Cement Corporation - India
- The State Trading Corporation of India Ltd
- Star Paper Mills Limited - India
- Bhushan Steel Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Sakthi Sugars Limited - India
- Cement Manufacturers Association - India
- Metalloyd Limited - United Kingdom
- Savvy Resources Ltd - HongKong
- Energy Development Corp, Philippines
- Larsen & Toubro Limited - India
- Borneo Indobara - Indonesia
- Samtan Co., Ltd - South Korea
- Madhucon Powers Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Binh Thuan Hamico - Vietnam
- SMC Global Power, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- McConnell Dowell - Australia
- Indogreen Group - Indonesia
- Australian Commodity Traders Exchange
- Semirara Mining and Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Coastal Gujarat Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- White Energy Company Limited
- Parry Sugars Refinery, India
- TeaM Sual Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Agrawal Coal Company - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Mintek Dendrill Indonesia
- Sical Logistics Limited - India
- MS Steel International - UAE
- Coalindo Energy - Indonesia
- Dalmia Cement Bharat India
- Mjunction Services Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Kalimantan Lumbung Energi - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- GVK Power & Infra Limited - India
- Posco Energy - South Korea
- Billiton Holdings Pty Ltd - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Australia Pty. Ltd.
- Altura Mining Limited, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Australian Coal Association
- Therma Luzon, Inc, Philippines
- Antam Resourcindo - Indonesia
- CNBM International Corporation - China
- The University of Queensland
- Aditya Birla Group - India
- Krishnapatnam Port Company Ltd. - India
- Edison Trading Spa - Italy
- Goldman Sachs - Singapore
- Siam City Cement PLC, Thailand
- Mercuria Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Kumho Petrochemical, South Korea
- Bhoruka Overseas - Indonesia
- Sojitz Corporation - Japan
- Ministry of Mines - Canada
- Interocean Group of Companies - India
- Indian Oil Corporation Limited
- LBH Netherlands Bv - Netherlands
- GMR Energy Limited - India
- Energy Link Ltd, New Zealand
- Renaissance Capital - South Africa
- Vedanta Resources Plc - India
- PNOC Exploration Corporation - Philippines
- Riau Bara Harum - Indonesia
- Mercator Lines Limited - India
- Planning Commission, India
- Lanco Infratech Ltd - India
- Electricity Generating Authority of Thailand
- IEA Clean Coal Centre - UK
- Tamil Nadu electricity Board
- Port Waratah Coal Services - Australia
- Gujarat Mineral Development Corp Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Videocon Industries ltd - India
- Bukit Baiduri Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Asmin Koalindo Tuhup - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Latin American Coal - Colombia
- TNB Fuel Sdn Bhd - Malaysia
- PTC India Limited - India
- Jindal Steel & Power Ltd - India
- Parliament of New Zealand
- Marubeni Corporation - India
- Economic Council, Georgia
- Sarangani Energy Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Ministry of Finance - Indonesia
- Jaiprakash Power Ventures ltd
- Indo Tambangraya Megah - Indonesia
- Minerals Council of Australia
- Merrill Lynch Commodities Europe
- New Zealand Coal & Carbon
- Kobexindo Tractors - Indoneisa
- Karaikal Port Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Makarim & Taira - Indonesia
- Eastern Coal Council - USA
- Rashtriya Ispat Nigam Limited - India
- San Jose City I Power Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Uttam Galva Steels Limited - India
- India Bulls Power Limited - India
- Gujarat Sidhee Cement - India
- PowerSource Philippines DevCo
- Indika Energy - Indonesia
- Anglo American - United Kingdom
- Leighton Contractors Pty Ltd - Australia
- Heidelberg Cement - Germany
- Ceylon Electricity Board - Sri Lanka
- Romanian Commodities Exchange
- Maheswari Brothers Coal Limited - India
- Trasteel International SA, Italy
- Standard Chartered Bank - UAE
- Meenaskhi Energy Private Limited - India
- Miang Besar Coal Terminal - Indonesia
- Siam City Cement - Thailand
- Gujarat Electricity Regulatory Commission - India
- OPG Power Generation Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Oldendorff Carriers - Singapore
- Straits Asia Resources Limited - Singapore
- South Luzon Thermal Energy Corporation
- Bangladesh Power Developement Board
- Electricity Authority, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Power Finance Corporation Ltd., India
- Kideco Jaya Agung - Indonesia
- Bukit Makmur.PT - Indonesia
- Deloitte Consulting - India
- Intertek Mineral Services - Indonesia
- IHS Mccloskey Coal Group - USA
- Chettinad Cement Corporation Ltd - India
- Ind-Barath Power Infra Limited - India
- Georgia Ports Authority, United States
- Central Java Power - Indonesia
- ASAPP Information Group - India
- Holcim Trading Pte Ltd - Singapore
- Pendopo Energi Batubara - Indonesia
- Toyota Tsusho Corporation, Japan
- Commonwealth Bank - Australia
- ICICI Bank Limited - India
- Vizag Seaport Private Limited - India
- Wilmar Investment Holdings
- Manunggal Multi Energi - Indonesia
- Eastern Energy - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GAC Shipping (India) Pvt Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- CIMB Investment Bank - Malaysia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bulk Trading Sa - Switzerland
- Kohat Cement Company Ltd. - Pakistan
- Wood Mackenzie - Singapore
- Indian Energy Exchange, India
- Bayan Resources Tbk. - Indonesia
- Indonesian Coal Mining Association
- Directorate Of Revenue Intelligence - India
- Carbofer General Trading SA - India
- Grasim Industreis Ltd - India
- European Bulk Services B.V. - Netherlands
- Thiess Contractors Indonesia
- Malabar Cements Ltd - India
- Petron Corporation, Philippines
- Attock Cement Pakistan Limited
- Ministry of Transport, Egypt
- Rio Tinto Coal - Australia
- Bhatia International Limited - India
- Sinarmas Energy and Mining - Indonesia
- Medco Energi Mining Internasional
- Kepco SPC Power Corporation, Philippines
- London Commodity Brokers - England
- Barasentosa Lestari - Indonesia
- Price Waterhouse Coopers - Russia
- Chamber of Mines of South Africa
- International Coal Ventures Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
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