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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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Tuesday, 26 March 13
NEWCASTLE PORT SHIPPED 2.39 MMT OF COAL W/E 25 MARCH 2013
COALspot.com - Newcastle port in Australia has loaded 2.396 million tons of thermal and coking coal for week ended 0700 hours 25 March 2013, N ...
Monday, 25 March 13
BUNKER FUELS ARE ABOUT TO GET CLEANER, BUT AT WHAT COST? - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The cost of bunkers is nowadays the driving force behind most ship owners' major decisions, with regulations bound to change in many parts of the w ...
Sunday, 24 March 13
THE SUB-BIT INDONESIA'S COAL SWAPS FOR Q2 DELIVERY PRICE LOST 7.47 PERCENT PMT M-O-M
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for average Q2’ 2013 delivery has lost 3.39 percent and CFR South China coal shipment 2.65 ...
Sunday, 24 March 13
FREIGHT MARKETS CONTINUED TO FIRM - VISTAAR
COALspot.com - This freight market continued to remain firm in all segments except for cape index which softened slightly.
The BDI was up by 4.60 ...
Sunday, 24 March 13
DRY BULK MARKET PROSPECTS OFFER ROOM FOR RESTRAINED OPTIMISM SAYS SHIP OWNER - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
In its announcement regarding its annual performance, ship owner Frontline offered some useful insight on the future prospects of both the dry bulk ...
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- Gujarat Mineral Development Corp Ltd - India
- International Coal Ventures Pvt Ltd - India
- Coalindo Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Ind-Barath Power Infra Limited - India
- PTC India Limited - India
- Indo Tambangraya Megah - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mercuria Energy - Indonesia
- Central Java Power - Indonesia
- Bhushan Steel Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Jindal Steel & Power Ltd - India
- Economic Council, Georgia
- Sree Jayajothi Cements Limited - India
- Eastern Energy - Thailand
- Ceylon Electricity Board - Sri Lanka
- Meenaskhi Energy Private Limited - India
- Energy Link Ltd, New Zealand
- Cement Manufacturers Association - India
- San Jose City I Power Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Essar Steel Hazira Ltd - India
- Chamber of Mines of South Africa
- Metalloyd Limited - United Kingdom
- Grasim Industreis Ltd - India
- Maheswari Brothers Coal Limited - India
- Energy Development Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Larsen & Toubro Limited - India
- Bayan Resources Tbk. - Indonesia
- Formosa Plastics Group - Taiwan
- Straits Asia Resources Limited - Singapore
- Parry Sugars Refinery, India
- Bulk Trading Sa - Switzerland
- Electricity Authority, New Zealand
- Bhoruka Overseas - Indonesia
- Siam City Cement PLC, Thailand
- Siam City Cement - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Orica Mining Services - Indonesia
- Makarim & Taira - Indonesia
- McConnell Dowell - Australia
- Marubeni Corporation - India
- Goldman Sachs - Singapore
- Kobexindo Tractors - Indoneisa
- Romanian Commodities Exchange
- MS Steel International - UAE
- AsiaOL BioFuels Corp., Philippines
- Banpu Public Company Limited - Thailand
- Ambuja Cements Ltd - India
- Ministry of Mines - Canada
- Coal and Oil Company - UAE
- Orica Australia Pty. Ltd.
- Kepco SPC Power Corporation, Philippines
- Deloitte Consulting - India
- OPG Power Generation Pvt Ltd - India
- Trasteel International SA, Italy
- Power Finance Corporation Ltd., India
- Mercator Lines Limited - India
- Planning Commission, India
- Attock Cement Pakistan Limited
- Asmin Koalindo Tuhup - Indonesia
- Singapore Mercantile Exchange
- Alfred C Toepfer International GmbH - Germany
- Karbindo Abesyapradhi - Indoneisa
- IHS Mccloskey Coal Group - USA
- India Bulls Power Limited - India
- Savvy Resources Ltd - HongKong
- Offshore Bulk Terminal Pte Ltd, Singapore
- Iligan Light & Power Inc, Philippines
- Madhucon Powers Ltd - India
- Videocon Industries ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Bukit Baiduri Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- The Treasury - Australian Government
- Georgia Ports Authority, United States
- Miang Besar Coal Terminal - Indonesia
- Kaltim Prima Coal - Indonesia
- Star Paper Mills Limited - India
- Interocean Group of Companies - India
- PowerSource Philippines DevCo
- Indian Energy Exchange, India
- Sinarmas Energy and Mining - Indonesia
- GAC Shipping (India) Pvt Ltd
- Ministry of Finance - Indonesia
- Therma Luzon, Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Edison Trading Spa - Italy
- Indika Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Heidelberg Cement - Germany
- Kapuas Tunggal Persada - Indonesia
- IEA Clean Coal Centre - UK
- Rashtriya Ispat Nigam Limited - India
- Indonesian Coal Mining Association
- SMG Consultants - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Antam Resourcindo - Indonesia
- Thiess Contractors Indonesia
- Xindia Steels Limited - India
- Independent Power Producers Association of India
- ASAPP Information Group - India
- The State Trading Corporation of India Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Simpson Spence & Young - Indonesia
- Merrill Lynch Commodities Europe
- Sakthi Sugars Limited - India
- Tata Chemicals Ltd - India
- Global Coal Blending Company Limited - Australia
- Parliament of New Zealand
- Australian Commodity Traders Exchange
- London Commodity Brokers - England
- Malabar Cements Ltd - India
- Riau Bara Harum - Indonesia
- CIMB Investment Bank - Malaysia
- Vedanta Resources Plc - India
- Minerals Council of Australia
- Standard Chartered Bank - UAE
- Bharathi Cement Corporation - India
- Price Waterhouse Coopers - Russia
- Bhatia International Limited - India
- Cigading International Bulk Terminal - Indonesia
- Africa Commodities Group - South Africa
- Coastal Gujarat Power Limited - India
- Binh Thuan Hamico - Vietnam
- Altura Mining Limited, Indonesia
- New Zealand Coal & Carbon
- Sindya Power Generating Company Private Ltd
- Semirara Mining Corp, Philippines
- Baramulti Group, Indonesia
- Kumho Petrochemical, South Korea
- Renaissance Capital - South Africa
- PNOC Exploration Corporation - Philippines
- Aditya Birla Group - India
- Latin American Coal - Colombia
- Global Business Power Corporation, Philippines
- ICICI Bank Limited - India
- Central Electricity Authority - India
- GVK Power & Infra Limited - India
- Pendopo Energi Batubara - Indonesia
- Rio Tinto Coal - Australia
- Jorong Barutama Greston.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- SMC Global Power, Philippines
- Carbofer General Trading SA - India
- Globalindo Alam Lestari - Indonesia
- White Energy Company Limited
- Samtan Co., Ltd - South Korea
- Bangladesh Power Developement Board
- Medco Energi Mining Internasional
- Gujarat Sidhee Cement - India
- Manunggal Multi Energi - Indonesia
- Directorate Of Revenue Intelligence - India
- Bahari Cakrawala Sebuku - Indonesia
- Barasentosa Lestari - Indonesia
- The University of Queensland
- CNBM International Corporation - China
- Mjunction Services Limited - India
- Uttam Galva Steels Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Toyota Tsusho Corporation, Japan
- Sojitz Corporation - Japan
- Sarangani Energy Corporation, Philippines
- Posco Energy - South Korea
- Chettinad Cement Corporation Ltd - India
- Leighton Contractors Pty Ltd - Australia
- GMR Energy Limited - India
- Maharashtra Electricity Regulatory Commission - India
- LBH Netherlands Bv - Netherlands
- Krishnapatnam Port Company Ltd. - India
- Wood Mackenzie - Singapore
- SN Aboitiz Power Inc, Philippines
- Electricity Generating Authority of Thailand
- Kohat Cement Company Ltd. - Pakistan
- Mintek Dendrill Indonesia
- Australian Coal Association
- Dalmia Cement Bharat India
- Timah Investasi Mineral - Indoneisa
- Borneo Indobara - Indonesia
- Port Waratah Coal Services - Australia
- European Bulk Services B.V. - Netherlands
- Meralco Power Generation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Jaiprakash Power Ventures ltd
- Neyveli Lignite Corporation Ltd, - India
- Billiton Holdings Pty Ltd - Australia
- Lanco Infratech Ltd - India
- Indian Oil Corporation Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Wilmar Investment Holdings
- Aboitiz Power Corporation - Philippines
- Anglo American - United Kingdom
- Indogreen Group - Indonesia
- Global Green Power PLC Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Thai Mozambique Logistica
- Petron Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Oldendorff Carriers - Singapore
- Tamil Nadu electricity Board
- Commonwealth Bank - Australia
- Ministry of Transport, Egypt
- Eastern Coal Council - USA
- TeaM Sual Corporation - Philippines
- Vizag Seaport Private Limited - India
- Salva Resources Pvt Ltd - India
- VISA Power Limited - India
- Agrawal Coal Company - India
- Kideco Jaya Agung - Indonesia
- Sical Logistics Limited - India
- Kartika Selabumi Mining - Indonesia
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