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Oct. 15 (Bloomberg) -- Pacific Basin Shipping Ltd., Hong Kongapos;s biggest dry-bulk carrier, and Precious Shipping Pcl. Said demand for moving coal, iron ore and other commodities will fall because banks are guaranteeing fewer loads.

``Letters of credit and the credit lines for trade currently are frozen,apos;apos; Khalid Hashim, managing director of Precious Shipping, said in Singapore yesterday. ``Nothing is moving because the trader doesnapos;t want to take the risk of putting cargo on the boat and finding that nobody can pay.apos;apos;

The lack of letters of credit, in which banks guarantee payment for merchandise, could become a ``big issueapos;apos; for world trade, according to Klaus Nyborg, Deputy Chief Executive Officer at Pacific Basin. Tighter credit has contributed to this yearapos;s 80 percent drop in the Baltic Dry Index, a measure of commodities-shipping costs.

``This can have a significant effect on demand because you wonapos;t see the same volume of cargo moved,apos;apos; Harold L. Malone III, senior vice president at Jefferies Co., said at a Marine Money conference in Singapore. ``You have to figure out other ways to get trade done.apos;apos;

Banks worldwide have curbed lending because of increased concerns about getting their money back. Shipowners are already struggling to obtain funding for new vessels. Precious Shipping, Thailandapos;s second-largest shipping company, took as long as 15 months to secure financing for 18 vessels it has on order, Hashim said.

For the non-financial readers, these are one of the most basic instruments of interbanking, and amount to a large-denomination certified check. In essence, major banks will no longer accept one-anotherapos;s cashierapos;s checks above a trivial denomination, if the cashierapos;s check has any durational character. Implication: the other bank may not last until the end of a 90 day instrument.

Not a really happy place for the credit markets here, this is a 15th century instrument. Ultimately, this suggests to me that the market is voting with its faith that the collective CBs canapos;t float the economy out of their pockets for the duration of the crisis. Weapos;ll see if conditions ease going forward.

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