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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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Friday, 05 April 13
SGX API 8 CFR SOUTH CHINA COAL SWAPS TO GO LIVE
COALspot.com - The Exchange has announced that the SGX API 8 CFR South China Coal Swap will go live for clearing on SGX-DC starting from 29 Ap ...
Thursday, 04 April 13
HANDY:QUIET ; PANAMAX: SLOW START; CAPESIZE: LOW ACTIVITIES - FEARNRESEARCH
Handy
The Atlantic markets remain quiet as charterers and owners waiting to see how it moves. The USG-Feast was at USD 20k and Black Sea-Feast was ...
Wednesday, 03 April 13
HBA HAS LOST US$ 1.53 PER MT IN APRIL 2013
COALspot.com - The Indonesian government’s declared coal bench mark price has lost $1.53 / MT in April 2013.
The monthly coal referen ...
Tuesday, 02 April 13
AUSTRALIA'S NEWCASTLE PORT SHIPPED 633K MT MORE COAL W-O-W
COALspot.com - Newcastle port in Australia has loaded 3,029,482 tons of thermal and coking coal for week ended 0700 hours 1 April 2013, Newcas ...
Tuesday, 02 April 13
THE GOVERNORS TO TAKE OVER AUTHORITY OF MINING, FORESTRY AND PLANTATION CONCESSIONS
The Indonesian government is planning to transfer the authority of issuing mining, forestry and plantation concessions from municipalities and distr ...
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- Vedanta Resources Plc - India
- Banpu Public Company Limited - Thailand
- Salva Resources Pvt Ltd - India
- Grasim Industreis Ltd - India
- Timah Investasi Mineral - Indoneisa
- Coalindo Energy - Indonesia
- Xindia Steels Limited - India
- Sakthi Sugars Limited - India
- India Bulls Power Limited - India
- Anglo American - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- Global Coal Blending Company Limited - Australia
- Merrill Lynch Commodities Europe
- Energy Link Ltd, New Zealand
- Gujarat Sidhee Cement - India
- Wood Mackenzie - Singapore
- Indika Energy - Indonesia
- Borneo Indobara - Indonesia
- SMG Consultants - Indonesia
- Aditya Birla Group - India
- Iligan Light & Power Inc, Philippines
- Sical Logistics Limited - India
- Barasentosa Lestari - Indonesia
- Power Finance Corporation Ltd., India
- Parry Sugars Refinery, India
- Vijayanagar Sugar Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Metalloyd Limited - United Kingdom
- Coastal Gujarat Power Limited - India
- Aboitiz Power Corporation - Philippines
- Eastern Energy - Thailand
- Formosa Plastics Group - Taiwan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Baramulti Group, Indonesia
- Bhatia International Limited - India
- Semirara Mining Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Alfred C Toepfer International GmbH - Germany
- White Energy Company Limited
- GVK Power & Infra Limited - India
- Petron Corporation, Philippines
- PowerSource Philippines DevCo
- Directorate General of MIneral and Coal - Indonesia
- Manunggal Multi Energi - Indonesia
- IEA Clean Coal Centre - UK
- Eastern Coal Council - USA
- Oldendorff Carriers - Singapore
- Kaltim Prima Coal - Indonesia
- Wilmar Investment Holdings
- Semirara Mining and Power Corporation, Philippines
- Mintek Dendrill Indonesia
- CNBM International Corporation - China
- Bukit Asam (Persero) Tbk - Indonesia
- PNOC Exploration Corporation - Philippines
- Indonesian Coal Mining Association
- Pendopo Energi Batubara - Indonesia
- Chettinad Cement Corporation Ltd - India
- ASAPP Information Group - India
- SN Aboitiz Power Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Thiess Contractors Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Indo Tambangraya Megah - Indonesia
- Carbofer General Trading SA - India
- Commonwealth Bank - Australia
- Toyota Tsusho Corporation, Japan
- Kobexindo Tractors - Indoneisa
- Straits Asia Resources Limited - Singapore
- Independent Power Producers Association of India
- Gujarat Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- Bhushan Steel Limited - India
- Kumho Petrochemical, South Korea
- Billiton Holdings Pty Ltd - Australia
- Romanian Commodities Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bulk Trading Sa - Switzerland
- Coal and Oil Company - UAE
- Interocean Group of Companies - India
- Ind-Barath Power Infra Limited - India
- Bhoruka Overseas - Indonesia
- San Jose City I Power Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Marubeni Corporation - India
- Australian Commodity Traders Exchange
- MS Steel International - UAE
- Indogreen Group - Indonesia
- Uttam Galva Steels Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Standard Chartered Bank - UAE
- Jaiprakash Power Ventures ltd
- Australian Coal Association
- Larsen & Toubro Limited - India
- Mjunction Services Limited - India
- Sree Jayajothi Cements Limited - India
- The Treasury - Australian Government
- Port Waratah Coal Services - Australia
- Price Waterhouse Coopers - Russia
- Medco Energi Mining Internasional
- Lanco Infratech Ltd - India
- Orica Mining Services - Indonesia
- Bharathi Cement Corporation - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Altura Mining Limited, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- AsiaOL BioFuels Corp., Philippines
- Kideco Jaya Agung - Indonesia
- Maheswari Brothers Coal Limited - India
- Tata Chemicals Ltd - India
- ICICI Bank Limited - India
- Kepco SPC Power Corporation, Philippines
- Renaissance Capital - South Africa
- Meralco Power Generation, Philippines
- Essar Steel Hazira Ltd - India
- Antam Resourcindo - Indonesia
- GMR Energy Limited - India
- Goldman Sachs - Singapore
- Sinarmas Energy and Mining - Indonesia
- Ministry of Finance - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bayan Resources Tbk. - Indonesia
- Latin American Coal - Colombia
- Binh Thuan Hamico - Vietnam
- Agrawal Coal Company - India
- Singapore Mercantile Exchange
- Parliament of New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- TeaM Sual Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Directorate Of Revenue Intelligence - India
- Meenaskhi Energy Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Makarim & Taira - Indonesia
- Siam City Cement PLC, Thailand
- Electricity Authority, New Zealand
- Bukit Makmur.PT - Indonesia
- London Commodity Brokers - England
- Kartika Selabumi Mining - Indonesia
- Samtan Co., Ltd - South Korea
- Holcim Trading Pte Ltd - Singapore
- Ministry of Mines - Canada
- Bangladesh Power Developement Board
- Central Java Power - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kapuas Tunggal Persada - Indonesia
- Rio Tinto Coal - Australia
- Georgia Ports Authority, United States
- Sojitz Corporation - Japan
- Savvy Resources Ltd - HongKong
- LBH Netherlands Bv - Netherlands
- Malabar Cements Ltd - India
- Intertek Mineral Services - Indonesia
- Global Green Power PLC Corporation, Philippines
- Deloitte Consulting - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SMC Global Power, Philippines
- Ceylon Electricity Board - Sri Lanka
- New Zealand Coal & Carbon
- Jindal Steel & Power Ltd - India
- Videocon Industries ltd - India
- Dalmia Cement Bharat India
- Attock Cement Pakistan Limited
- CIMB Investment Bank - Malaysia
- Posco Energy - South Korea
- Global Business Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Thai Mozambique Logistica
- The University of Queensland
- Krishnapatnam Port Company Ltd. - India
- The State Trading Corporation of India Ltd
- VISA Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- South Luzon Thermal Energy Corporation
- Bukit Baiduri Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Karaikal Port Pvt Ltd - India
- Madhucon Powers Ltd - India
- Mercator Lines Limited - India
- Riau Bara Harum - Indonesia
- European Bulk Services B.V. - Netherlands
- Simpson Spence & Young - Indonesia
- Central Electricity Authority - India
- Siam City Cement - Thailand
- Ambuja Cements Ltd - India
- Indian Energy Exchange, India
- PetroVietnam Power Coal Import and Supply Company
- Star Paper Mills Limited - India
- Orica Australia Pty. Ltd.
- Planning Commission, India
- Sarangani Energy Corporation, Philippines
- PTC India Limited - India
- Tamil Nadu electricity Board
- Mercuria Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- OPG Power Generation Pvt Ltd - India
- Indian Oil Corporation Limited
- Petrochimia International Co. Ltd.- Taiwan
- Edison Trading Spa - Italy
- Sindya Power Generating Company Private Ltd
- IHS Mccloskey Coal Group - USA
- Economic Council, Georgia
- Cement Manufacturers Association - India
- Therma Luzon, Inc, Philippines
- Heidelberg Cement - Germany
- Trasteel International SA, Italy
- Rashtriya Ispat Nigam Limited - India
- Africa Commodities Group - South Africa
- Energy Development Corp, Philippines
- Minerals Council of Australia
- McConnell Dowell - Australia
- Chamber of Mines of South Africa
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