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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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Friday, 11 September 15
U.S'S WEEKLY COAL PRODUCTION WAS ALMOST FLAT PAST WEEK
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 18.6 million shor ...
Thursday, 10 September 15
U.S. H1' 15 STEAM COAL EXPORTS FELL BY 21 PER CENT Y-Y: EIA
Coal Trade
Slower growth in world coal demand, lower international coal prices, and higher coal output in other coal-exporting countries have all ...
Thursday, 10 September 15
INDONESIAN COAL BENCHMARK PRICE HITS A NEW LOW OF $58.21 PER TON
COALspot.com - The Director General of Mineral and Coal of Indonesia once a again revised down Indonesian coal benchmark price to US$ 58.21 per MT ...
Thursday, 10 September 15
IF NOT NOW, WHEN? - GIANNIS ANDRITSOPOULOS
Our industry is well known to be cyclical with some cycles lasting longer than others. Despite the fact that these shifts in the behavior of the fr ...
Wednesday, 09 September 15
FOB INDONESIA COAL SWAP LOSE GROUND ON SLOWING DEMAND
COALspot.com: Indonesian coal swap for delivery 4Q 2015 declined month on month and week over week.
The 4Q swap declined $ 1.92 (-4.52%) per t ...
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- Planning Commission, India
- Carbofer General Trading SA - India
- Straits Asia Resources Limited - Singapore
- Latin American Coal - Colombia
- Jorong Barutama Greston.PT - Indonesia
- Indonesian Coal Mining Association
- Asmin Koalindo Tuhup - Indonesia
- IHS Mccloskey Coal Group - USA
- Trasteel International SA, Italy
- Agrawal Coal Company - India
- Vizag Seaport Private Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Semirara Mining and Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Coal and Oil Company - UAE
- Rio Tinto Coal - Australia
- Toyota Tsusho Corporation, Japan
- OPG Power Generation Pvt Ltd - India
- Larsen & Toubro Limited - India
- Semirara Mining Corp, Philippines
- Merrill Lynch Commodities Europe
- AsiaOL BioFuels Corp., Philippines
- Coastal Gujarat Power Limited - India
- Heidelberg Cement - Germany
- Eastern Energy - Thailand
- Ministry of Mines - Canada
- Essar Steel Hazira Ltd - India
- Salva Resources Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- MS Steel International - UAE
- Parliament of New Zealand
- Wilmar Investment Holdings
- Indika Energy - Indonesia
- VISA Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Price Waterhouse Coopers - Russia
- Anglo American - United Kingdom
- Globalindo Alam Lestari - Indonesia
- New Zealand Coal & Carbon
- Banpu Public Company Limited - Thailand
- Tata Chemicals Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Riau Bara Harum - Indonesia
- Therma Luzon, Inc, Philippines
- Bangladesh Power Developement Board
- Jindal Steel & Power Ltd - India
- Chamber of Mines of South Africa
- Sarangani Energy Corporation, Philippines
- Videocon Industries ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Orica Mining Services - Indonesia
- Sree Jayajothi Cements Limited - India
- Siam City Cement PLC, Thailand
- Mintek Dendrill Indonesia
- Central Electricity Authority - India
- Xindia Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mercator Lines Limited - India
- Madhucon Powers Ltd - India
- Standard Chartered Bank - UAE
- CNBM International Corporation - China
- Kartika Selabumi Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Makarim & Taira - Indonesia
- TeaM Sual Corporation - Philippines
- Tamil Nadu electricity Board
- Chettinad Cement Corporation Ltd - India
- The State Trading Corporation of India Ltd
- Petron Corporation, Philippines
- Interocean Group of Companies - India
- Sojitz Corporation - Japan
- Bukit Asam (Persero) Tbk - Indonesia
- Baramulti Group, Indonesia
- Star Paper Mills Limited - India
- Aboitiz Power Corporation - Philippines
- Minerals Council of Australia
- Posco Energy - South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Timah Investasi Mineral - Indoneisa
- Grasim Industreis Ltd - India
- Deloitte Consulting - India
- International Coal Ventures Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Dalmia Cement Bharat India
- Bhushan Steel Limited - India
- Meenaskhi Energy Private Limited - India
- LBH Netherlands Bv - Netherlands
- Global Coal Blending Company Limited - Australia
- Directorate Of Revenue Intelligence - India
- Port Waratah Coal Services - Australia
- Rashtriya Ispat Nigam Limited - India
- Medco Energi Mining Internasional
- Electricity Authority, New Zealand
- SMG Consultants - Indonesia
- Sakthi Sugars Limited - India
- Bukit Makmur.PT - Indonesia
- PTC India Limited - India
- Economic Council, Georgia
- Indian Energy Exchange, India
- Oldendorff Carriers - Singapore
- European Bulk Services B.V. - Netherlands
- Cement Manufacturers Association - India
- Iligan Light & Power Inc, Philippines
- Antam Resourcindo - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Indogreen Group - Indonesia
- Mjunction Services Limited - India
- Wood Mackenzie - Singapore
- Savvy Resources Ltd - HongKong
- Africa Commodities Group - South Africa
- CIMB Investment Bank - Malaysia
- White Energy Company Limited
- Aditya Birla Group - India
- Bulk Trading Sa - Switzerland
- Ministry of Transport, Egypt
- Malabar Cements Ltd - India
- Indian Oil Corporation Limited
- Kideco Jaya Agung - Indonesia
- Ambuja Cements Ltd - India
- London Commodity Brokers - England
- PetroVietnam Power Coal Import and Supply Company
- Thai Mozambique Logistica
- Coalindo Energy - Indonesia
- Uttam Galva Steels Limited - India
- India Bulls Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Gujarat Sidhee Cement - India
- Bhoruka Overseas - Indonesia
- San Jose City I Power Corp, Philippines
- Meralco Power Generation, Philippines
- Romanian Commodities Exchange
- Kepco SPC Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Karaikal Port Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Simpson Spence & Young - Indonesia
- Billiton Holdings Pty Ltd - Australia
- GVK Power & Infra Limited - India
- Marubeni Corporation - India
- PNOC Exploration Corporation - Philippines
- Thiess Contractors Indonesia
- Manunggal Multi Energi - Indonesia
- Barasentosa Lestari - Indonesia
- Ministry of Finance - Indonesia
- PowerSource Philippines DevCo
- Lanco Infratech Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- GN Power Mariveles Coal Plant, Philippines
- South Luzon Thermal Energy Corporation
- McConnell Dowell - Australia
- Sindya Power Generating Company Private Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Goldman Sachs - Singapore
- Ind-Barath Power Infra Limited - India
- Independent Power Producers Association of India
- Parry Sugars Refinery, India
- Maharashtra Electricity Regulatory Commission - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Gujarat Mineral Development Corp Ltd - India
- Kobexindo Tractors - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Singapore Mercantile Exchange
- Attock Cement Pakistan Limited
- GMR Energy Limited - India
- Kumho Petrochemical, South Korea
- The Treasury - Australian Government
- Formosa Plastics Group - Taiwan
- Ceylon Electricity Board - Sri Lanka
- Global Business Power Corporation, Philippines
- Edison Trading Spa - Italy
- Australian Commodity Traders Exchange
- Kaltim Prima Coal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Central Java Power - Indonesia
- Indo Tambangraya Megah - Indonesia
- Jaiprakash Power Ventures ltd
- Samtan Co., Ltd - South Korea
- Power Finance Corporation Ltd., India
- Offshore Bulk Terminal Pte Ltd, Singapore
- ASAPP Information Group - India
- IEA Clean Coal Centre - UK
- Bhatia International Limited - India
- GAC Shipping (India) Pvt Ltd
- Australian Coal Association
- Metalloyd Limited - United Kingdom
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bharathi Cement Corporation - India
- The University of Queensland
- Pendopo Energi Batubara - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Georgia Ports Authority, United States
- Kohat Cement Company Ltd. - Pakistan
- TNB Fuel Sdn Bhd - Malaysia
- Sical Logistics Limited - India
- Commonwealth Bank - Australia
- Eastern Coal Council - USA
- Bayan Resources Tbk. - Indonesia
- Bukit Baiduri Energy - Indonesia
- Energy Link Ltd, New Zealand
- SMC Global Power, Philippines
- Electricity Generating Authority of Thailand
- Energy Development Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Renaissance Capital - South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Global Green Power PLC Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Siam City Cement - Thailand
- Mercuria Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- ICICI Bank Limited - India
- Vedanta Resources Plc - India
- Altura Mining Limited, Indonesia
- Orica Australia Pty. Ltd.
- Borneo Indobara - Indonesia
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