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Tuesday, 19 March 13
SHIP PRICES COULD BE CLOSING IN TO REACH THEIR BOTTOM - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
 One of the latest developments in shipping asset prices has been the reluctance from shipyards to further reduce their price expectations to higher loss areas, due to the fact that they are faced with greater construction costs, as a result of the closing of the price gap between China and Japan. In its latest analysis, Intermodal, looks at the issue of inflation and its effect of ship prices around the world.
According to Mr. George Dermatis, "inflation is fast becoming our new friend... Up almost 9% for the year so far, the more than century-old blue-chip index, Dow Jones, posted last week its first finish above the record closing high of 14,164.53 set on Oct. 9th 2007, which is just ahead of the global financial meltdown.It is an undeniable fact that this new peak is reached primarily due to the extensive monetary stimuli that the Fed has provided over the past 4 years".
He added that "in Japan, the sun seems to be rising once again after decades of standing as a warning sign of what can go wrong when government debt reaches to extremely high levels. Yet enough though Japan's Nikkei 225 index stands at less than a third of its record high since 1989, the stock market has made big strides forward, climbing 35% since mid-November".
Meanwhile, in Europe, stocks rallied to their highest level in 4½ years, as investors cheered stronger-than-expected euro-zone retail sales and keyed off gains in U.S. equities. Dermatis noted that "Europe is standing at the opposite side of inflation argument, with austerity measures governing the southern countries and an almost deflationary outlook for the year ahead. Amidst heavy reforms on governance, fiscal policy and taxation amongst the country-members, the EU has managed to increase its competiveness; however pressures for monetary easing are expected to intensify as the voiced concerns in the Eurozone amplify. Let's not forget that it is the only major economy that has not resorted to this solution post-2008...Could this change soon?" he asks.
Finally, "China’s minimum wage has tripled since 2000, creating extra pressure via fast rising labour costs within China. This fact should however be looked at with greater scrunity, as the ageing population of China means a dropping supply of youth labour in the country. Environmental awareness pressures and restrictions on pollution from factories create another bottleneck in production and raise production costs across the board for Chinese manufacturing. Furthermore, the RMB is going from strength to strength and while nominal appreciation has been slower than critics in Brussels and Washington might like, real appreciation (adjusting for the country's relatively faster inflation rate) has been rapid. The Chinese currency has appreciated considerably in nominal terms as well, recording a median of about 22% against 13 Asian currencies over the past five years, as such negatively impacting the attractiveness of the country's exports. In order to combat this and drive the country's competitiveness, the only solution is through automation and higher sophistication in production, which in turn requires substantial support from the government in the form of financial aid, subsidies and access to finance (especially for the latter this column has been a regular and strong advocate of financial easing in all forms of production as an added incentive for local and/or foreign investors). These measures would mean increasing the money supply and in turn having to battle inflation once more, hopefully in a more effective way than last year's attempt to keep real estate prices and infrastructure spending under control", Intermodal's analyst noted.
So, as the factor of inflation seems to be fast-becoming ''a lesser of two devils'' for most major economies, what are the potential effects on shipping? "Secondhand prices and NB cost have seriously dropped over the past 4½ years. Current fleet profile, outstanding deliveries, market demand/supply factors all maintain their importance of course and have generated a dim outlook for the market ahead, but we cannot ignore the fact that all asset prices are subject to inflationery pressures as well. As the price gap between Japan and China is narrowing down, shipyards suffer greatly from rising construction costs and seem heavily reluctant to drop their price expectations to higher loss areas. Could this provide the necessary pillar for a reaction in prices? Could we finally be close to an artificial bottom?" the report concluded.
Source: Nikos Roussanoglou, Hellenic Shipping News
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Thursday, 11 April 13
TNEB HAS OPENED 4.2 MILLION TONS IMPORTED COAL TENDER
COALspot.com - TANGEDCO, the state run utility TANGEDCO (formerly known as TNEB), Tamil Nadu state owned electricity company has opened bids to purc ...
Wednesday, 10 April 13
US COAL CONSUMPTION TO INCREASE FROM 889 MMST IN 2012 TO 948 MMST IN 2013 AND 957 MMST IN 2014 - EIA
Based on estimates for the first quarter of 2013, American coal production has continued to decline.
Total production is down 9.9 million short t ...
Wednesday, 10 April 13
DRY BULK FREIGHT RATES SEEN MOSTLY STABLE IN THE COMING WEEKS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS WORLDWIDE
In its latest report, BIMCO forecast that for the coming six weeks, Capesize time charter average rates will remain subdued around $4,500-8,500 per ...
Monday, 08 April 13
SUB-BIT INDONESIA COAL SWAPS: UPWARD TREND
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for average Q2’ 2013 delivery has gained 2.71 percent and CFR South China coal shipment&nbs ...
Sunday, 07 April 13
CHARTER RATES ARE UNDER PRESSURE DUE TO DECLINING DEMAND - VISTAAR
COALspot.com - The freight market continued to fall further with all the indices down.
The BDI was down by 5.38 pct closing at 861 points and the ...
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- Global Green Power PLC Corporation, Philippines
- Jaiprakash Power Ventures ltd
- The State Trading Corporation of India Ltd
- Wilmar Investment Holdings
- India Bulls Power Limited - India
- Electricity Authority, New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sakthi Sugars Limited - India
- Bhatia International Limited - India
- GVK Power & Infra Limited - India
- IEA Clean Coal Centre - UK
- Renaissance Capital - South Africa
- Bhushan Steel Limited - India
- Siam City Cement PLC, Thailand
- Dalmia Cement Bharat India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- TeaM Sual Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Krishnapatnam Port Company Ltd. - India
- Kartika Selabumi Mining - Indonesia
- Cement Manufacturers Association - India
- San Jose City I Power Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- The University of Queensland
- Petrochimia International Co. Ltd.- Taiwan
- Economic Council, Georgia
- Price Waterhouse Coopers - Russia
- Kapuas Tunggal Persada - Indonesia
- ICICI Bank Limited - India
- Central Java Power - Indonesia
- Rashtriya Ispat Nigam Limited - India
- AsiaOL BioFuels Corp., Philippines
- GAC Shipping (India) Pvt Ltd
- Samtan Co., Ltd - South Korea
- PNOC Exploration Corporation - Philippines
- Anglo American - United Kingdom
- ASAPP Information Group - India
- Ministry of Transport, Egypt
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- MS Steel International - UAE
- Sree Jayajothi Cements Limited - India
- Indonesian Coal Mining Association
- Offshore Bulk Terminal Pte Ltd, Singapore
- Posco Energy - South Korea
- Agrawal Coal Company - India
- Independent Power Producers Association of India
- Aditya Birla Group - India
- Holcim Trading Pte Ltd - Singapore
- Neyveli Lignite Corporation Ltd, - India
- New Zealand Coal & Carbon
- Intertek Mineral Services - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- VISA Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Makarim & Taira - Indonesia
- Aboitiz Power Corporation - Philippines
- Minerals Council of Australia
- Timah Investasi Mineral - Indoneisa
- Ind-Barath Power Infra Limited - India
- Tata Chemicals Ltd - India
- Standard Chartered Bank - UAE
- Globalindo Alam Lestari - Indonesia
- Salva Resources Pvt Ltd - India
- Coalindo Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Heidelberg Cement - Germany
- Port Waratah Coal Services - Australia
- Power Finance Corporation Ltd., India
- Orica Mining Services - Indonesia
- Kepco SPC Power Corporation, Philippines
- Rio Tinto Coal - Australia
- Cigading International Bulk Terminal - Indonesia
- CNBM International Corporation - China
- Binh Thuan Hamico - Vietnam
- Ministry of Finance - Indonesia
- Commonwealth Bank - Australia
- Kideco Jaya Agung - Indonesia
- Savvy Resources Ltd - HongKong
- Madhucon Powers Ltd - India
- Edison Trading Spa - Italy
- Bahari Cakrawala Sebuku - Indonesia
- Energy Link Ltd, New Zealand
- Simpson Spence & Young - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- South Luzon Thermal Energy Corporation
- Semirara Mining and Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Bhoruka Overseas - Indonesia
- Therma Luzon, Inc, Philippines
- Jindal Steel & Power Ltd - India
- London Commodity Brokers - England
- Billiton Holdings Pty Ltd - Australia
- Vizag Seaport Private Limited - India
- SMC Global Power, Philippines
- Romanian Commodities Exchange
- SN Aboitiz Power Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- IHS Mccloskey Coal Group - USA
- LBH Netherlands Bv - Netherlands
- Sical Logistics Limited - India
- Malabar Cements Ltd - India
- Mintek Dendrill Indonesia
- Grasim Industreis Ltd - India
- Georgia Ports Authority, United States
- Ministry of Mines - Canada
- Sinarmas Energy and Mining - Indonesia
- Meenaskhi Energy Private Limited - India
- Iligan Light & Power Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Global Coal Blending Company Limited - Australia
- Mercuria Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Antam Resourcindo - Indonesia
- Planning Commission, India
- SMG Consultants - Indonesia
- McConnell Dowell - Australia
- Coal and Oil Company - UAE
- Orica Australia Pty. Ltd.
- Formosa Plastics Group - Taiwan
- Bharathi Cement Corporation - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sojitz Corporation - Japan
- Kumho Petrochemical, South Korea
- Altura Mining Limited, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Kaltim Prima Coal - Indonesia
- Indogreen Group - Indonesia
- PTC India Limited - India
- Electricity Generating Authority of Thailand
- Lanco Infratech Ltd - India
- Bangladesh Power Developement Board
- Borneo Indobara - Indonesia
- Meralco Power Generation, Philippines
- Parry Sugars Refinery, India
- Chamber of Mines of South Africa
- The Treasury - Australian Government
- Wood Mackenzie - Singapore
- Directorate Of Revenue Intelligence - India
- Gujarat Mineral Development Corp Ltd - India
- Siam City Cement - Thailand
- Attock Cement Pakistan Limited
- Ambuja Cements Ltd - India
- Australian Commodity Traders Exchange
- Jorong Barutama Greston.PT - Indonesia
- Indian Oil Corporation Limited
- Star Paper Mills Limited - India
- Ceylon Electricity Board - Sri Lanka
- Kohat Cement Company Ltd. - Pakistan
- Bulk Trading Sa - Switzerland
- Eastern Coal Council - USA
- CIMB Investment Bank - Malaysia
- Energy Development Corp, Philippines
- Africa Commodities Group - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- European Bulk Services B.V. - Netherlands
- Karaikal Port Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Global Business Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- GMR Energy Limited - India
- Metalloyd Limited - United Kingdom
- Thai Mozambique Logistica
- Central Electricity Authority - India
- White Energy Company Limited
- Petron Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- PowerSource Philippines DevCo
- Carbofer General Trading SA - India
- Bayan Resources Tbk. - Indonesia
- Trasteel International SA, Italy
- Coastal Gujarat Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Interocean Group of Companies - India
- Marubeni Corporation - India
- Deloitte Consulting - India
- TNB Fuel Sdn Bhd - Malaysia
- Australian Coal Association
- Thiess Contractors Indonesia
- Baramulti Group, Indonesia
- Vedanta Resources Plc - India
- Gujarat Sidhee Cement - India
- Bukit Asam (Persero) Tbk - Indonesia
- Mjunction Services Limited - India
- Essar Steel Hazira Ltd - India
- Larsen & Toubro Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Directorate General of MIneral and Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Indian Energy Exchange, India
- Mercator Lines Limited - India
- Riau Bara Harum - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Eastern Energy - Thailand
- Tamil Nadu electricity Board
- Goldman Sachs - Singapore
- Bukit Makmur.PT - Indonesia
- International Coal Ventures Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Indika Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Parliament of New Zealand
- Latin American Coal - Colombia
- Oldendorff Carriers - Singapore
- Xindia Steels Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Semirara Mining Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Merrill Lynch Commodities Europe
- Videocon Industries ltd - India
- Pendopo Energi Batubara - Indonesia
- Medco Energi Mining Internasional
- Kalimantan Lumbung Energi - Indonesia
- Kobexindo Tractors - Indoneisa
- Singapore Mercantile Exchange
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