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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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Tuesday, 15 September 15
API 5 FOB NEWCASTLE COAL SWAP FOR 4Q' 2015 DELIVERY CLOSED AT $42.71 PER TON ON 11 SEPT, SGX DATA SHOWS
COALspot.com: API 5 FOB Newcastle Coal swap for 4Q’ 2015 delivery declined $0.94 per MT (-2.15%) month over month to US$ 42.71 per mt. The sw ...
Monday, 14 September 15
Q1'16 CFR SOUTH CHINA COAL SWAP DECLINED $1.80 PMT M-M
COALspot.com: API 8 CFR South China Coal swap for 4Q’ 2015 delivery declined just US$ 1.62 (3.21 %) per MT month over month.
A commodity ...
Monday, 14 September 15
MOODY'S LOWERS COMMODITY PRICE ASSUMPTIONS ON MACRO, INDUSTRY FACTORS
COALspot.com: Moody's Investors Service has lowered its base metal price assumptions for 2015-17 as slowing growth in China, lower oil prices, ...
Sunday, 13 September 15
FREIGHT RATES ARE EXPECTED TO BE SOFT NEXT WEEK
COALspot.com: The BDI decreased further by 6.51 per cent or 57 points since last Friday and closed at 818 on 11 September 2015 while the cape index ...
Friday, 11 September 15
SHIPPING MARKETS SHOW MIXED EMOTIONS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has managed to show marginal improvements over the past few days, with the Capesize segment faring better than smaller dry bulk ...
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- Romanian Commodities Exchange
- Wood Mackenzie - Singapore
- Semirara Mining Corp, Philippines
- Simpson Spence & Young - Indonesia
- CIMB Investment Bank - Malaysia
- Maheswari Brothers Coal Limited - India
- Holcim Trading Pte Ltd - Singapore
- Grasim Industreis Ltd - India
- Sojitz Corporation - Japan
- CNBM International Corporation - China
- Vizag Seaport Private Limited - India
- Price Waterhouse Coopers - Russia
- Sarangani Energy Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Transport, Egypt
- Latin American Coal - Colombia
- Borneo Indobara - Indonesia
- Economic Council, Georgia
- Kumho Petrochemical, South Korea
- Heidelberg Cement - Germany
- Edison Trading Spa - Italy
- Ministry of Finance - Indonesia
- Independent Power Producers Association of India
- European Bulk Services B.V. - Netherlands
- Therma Luzon, Inc, Philippines
- Attock Cement Pakistan Limited
- AsiaOL BioFuels Corp., Philippines
- Deloitte Consulting - India
- Jaiprakash Power Ventures ltd
- Essar Steel Hazira Ltd - India
- Power Finance Corporation Ltd., India
- Ind-Barath Power Infra Limited - India
- ASAPP Information Group - India
- Global Coal Blending Company Limited - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhoruka Overseas - Indonesia
- Bharathi Cement Corporation - India
- Riau Bara Harum - Indonesia
- San Jose City I Power Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Electricity Authority - India
- Indogreen Group - Indonesia
- Bayan Resources Tbk. - Indonesia
- Antam Resourcindo - Indonesia
- South Luzon Thermal Energy Corporation
- Marubeni Corporation - India
- Australian Coal Association
- Straits Asia Resources Limited - Singapore
- Indian Oil Corporation Limited
- Global Business Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Savvy Resources Ltd - HongKong
- Barasentosa Lestari - Indonesia
- Chamber of Mines of South Africa
- SMC Global Power, Philippines
- The Treasury - Australian Government
- Pendopo Energi Batubara - Indonesia
- Mintek Dendrill Indonesia
- London Commodity Brokers - England
- Vijayanagar Sugar Pvt Ltd - India
- The University of Queensland
- Trasteel International SA, Italy
- Miang Besar Coal Terminal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Mercator Lines Limited - India
- Singapore Mercantile Exchange
- Thai Mozambique Logistica
- Electricity Generating Authority of Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhatia International Limited - India
- TeaM Sual Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Kepco SPC Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Baramulti Group, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Kartika Selabumi Mining - Indonesia
- Eastern Energy - Thailand
- Australian Commodity Traders Exchange
- Siam City Cement PLC, Thailand
- Kideco Jaya Agung - Indonesia
- Aditya Birla Group - India
- Karbindo Abesyapradhi - Indoneisa
- Energy Link Ltd, New Zealand
- Cement Manufacturers Association - India
- Standard Chartered Bank - UAE
- Indo Tambangraya Megah - Indonesia
- Xindia Steels Limited - India
- Manunggal Multi Energi - Indonesia
- Toyota Tsusho Corporation, Japan
- The State Trading Corporation of India Ltd
- ICICI Bank Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Commonwealth Bank - Australia
- Chettinad Cement Corporation Ltd - India
- Tamil Nadu electricity Board
- Meenaskhi Energy Private Limited - India
- Gujarat Mineral Development Corp Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- VISA Power Limited - India
- Tata Chemicals Ltd - India
- Globalindo Alam Lestari - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- PTC India Limited - India
- Cigading International Bulk Terminal - Indonesia
- Merrill Lynch Commodities Europe
- Dalmia Cement Bharat India
- Maharashtra Electricity Regulatory Commission - India
- GMR Energy Limited - India
- Karaikal Port Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Pipit Mutiara Jaya. PT, Indonesia
- Iligan Light & Power Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Meralco Power Generation, Philippines
- Kaltim Prima Coal - Indonesia
- McConnell Dowell - Australia
- Central Java Power - Indonesia
- Siam City Cement - Thailand
- Electricity Authority, New Zealand
- Bulk Trading Sa - Switzerland
- Sical Logistics Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- White Energy Company Limited
- International Coal Ventures Pvt Ltd - India
- Carbofer General Trading SA - India
- Salva Resources Pvt Ltd - India
- GVK Power & Infra Limited - India
- LBH Netherlands Bv - Netherlands
- Kobexindo Tractors - Indoneisa
- India Bulls Power Limited - India
- Goldman Sachs - Singapore
- Agrawal Coal Company - India
- Binh Thuan Hamico - Vietnam
- Malabar Cements Ltd - India
- Renaissance Capital - South Africa
- GN Power Mariveles Coal Plant, Philippines
- Timah Investasi Mineral - Indoneisa
- Ministry of Mines - Canada
- SMG Consultants - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Indonesian Coal Mining Association
- Krishnapatnam Port Company Ltd. - India
- Port Waratah Coal Services - Australia
- Planning Commission, India
- Banpu Public Company Limited - Thailand
- Bukit Baiduri Energy - Indonesia
- Lanco Infratech Ltd - India
- Metalloyd Limited - United Kingdom
- Mercuria Energy - Indonesia
- Star Paper Mills Limited - India
- Semirara Mining and Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Billiton Holdings Pty Ltd - Australia
- Bangladesh Power Developement Board
- Videocon Industries ltd - India
- Energy Development Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Parliament of New Zealand
- PNOC Exploration Corporation - Philippines
- Larsen & Toubro Limited - India
- Africa Commodities Group - South Africa
- Jorong Barutama Greston.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bhushan Steel Limited - India
- Anglo American - United Kingdom
- Madhucon Powers Ltd - India
- Minerals Council of Australia
- OPG Power Generation Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Coal and Oil Company - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Uttam Galva Steels Limited - India
- Petron Corporation, Philippines
- Georgia Ports Authority, United States
- Leighton Contractors Pty Ltd - Australia
- Gujarat Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- Mjunction Services Limited - India
- Eastern Coal Council - USA
- Ambuja Cements Ltd - India
- Coastal Gujarat Power Limited - India
- Posco Energy - South Korea
- Bukit Makmur.PT - Indonesia
- Sree Jayajothi Cements Limited - India
- MS Steel International - UAE
- Rashtriya Ispat Nigam Limited - India
- Parry Sugars Refinery, India
- Indika Energy - Indonesia
- Gujarat Sidhee Cement - India
- Medco Energi Mining Internasional
- Intertek Mineral Services - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Orica Mining Services - Indonesia
- Indian Energy Exchange, India
- New Zealand Coal & Carbon
- Sakthi Sugars Limited - India
- Oldendorff Carriers - Singapore
- Coalindo Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Makarim & Taira - Indonesia
- Wilmar Investment Holdings
- Thiess Contractors Indonesia
- Sindya Power Generating Company Private Ltd
- PowerSource Philippines DevCo
- Aboitiz Power Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Interocean Group of Companies - India
- Kapuas Tunggal Persada - Indonesia
- Orica Australia Pty. Ltd.
- Vedanta Resources Plc - India
- Samtan Co., Ltd - South Korea
- Kohat Cement Company Ltd. - Pakistan
- IHS Mccloskey Coal Group - USA
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