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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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Sunday, 17 March 13
A WEAK WEEK FOR SUB-BIT INDONESIA COAL SWAPS
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for average Q2’ 2013 delivery has lost 2.11 percent and CFR South China coal shipment ...
Sunday, 17 March 13
COAL FREIGHT RATES STEADY ON HIGHER DEMAND - CAPT. REDDY
COALspot.com - This freight market continued to remain firm in all segments.
The BDI was up by 5.81 pct closing at 892 points. Cape index was up ...
Friday, 15 March 13
CHEAP SHIP VALUATIONS DON'T NECESSARILY MEAN ATTRACTIVE SAYS VESSELS VALUE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
With ship prices plunging by double-digits in the past few years, many ship owners are pondering their next moves in a market often described as att ...
Thursday, 14 March 13
SUPRAMAX : INDO - INDIA TRIP RATE IS AROUND $10,000; SOUTH CHINA $9500 - FEARNRESEARCH
Handy
Indian market is still quiet in respect of export of iron ore. WC India market has improved with a few stems out of the MEG, WC India opening ...
Thursday, 14 March 13
DRY BULK MARKET KEEPS ON RISING MOMENTUM - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has maintained its rising momentum, on the back of increased cargo availability. According to yesterday's figures, the industry ...
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- PowerSource Philippines DevCo
- San Jose City I Power Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Dalmia Cement Bharat India
- Toyota Tsusho Corporation, Japan
- Trasteel International SA, Italy
- PTC India Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Global Business Power Corporation, Philippines
- Mercator Lines Limited - India
- Altura Mining Limited, Indonesia
- Formosa Plastics Group - Taiwan
- Maharashtra Electricity Regulatory Commission - India
- Madhucon Powers Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Heidelberg Cement - Germany
- PetroVietnam Power Coal Import and Supply Company
- Sakthi Sugars Limited - India
- Gujarat Electricity Regulatory Commission - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indian Oil Corporation Limited
- Ind-Barath Power Infra Limited - India
- Attock Cement Pakistan Limited
- Goldman Sachs - Singapore
- ICICI Bank Limited - India
- Barasentosa Lestari - Indonesia
- Commonwealth Bank - Australia
- Georgia Ports Authority, United States
- Energy Development Corp, Philippines
- Deloitte Consulting - India
- Parry Sugars Refinery, India
- CIMB Investment Bank - Malaysia
- Borneo Indobara - Indonesia
- TeaM Sual Corporation - Philippines
- Africa Commodities Group - South Africa
- Sical Logistics Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Transport, Egypt
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Sidhee Cement - India
- Petron Corporation, Philippines
- Malabar Cements Ltd - India
- Economic Council, Georgia
- Alfred C Toepfer International GmbH - Germany
- Bukit Asam (Persero) Tbk - Indonesia
- Simpson Spence & Young - Indonesia
- Kepco SPC Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- GAC Shipping (India) Pvt Ltd
- Coalindo Energy - Indonesia
- ASAPP Information Group - India
- IHS Mccloskey Coal Group - USA
- Makarim & Taira - Indonesia
- Therma Luzon, Inc, Philippines
- Bukit Makmur.PT - Indonesia
- SMC Global Power, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Kobexindo Tractors - Indoneisa
- Antam Resourcindo - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- CNBM International Corporation - China
- Standard Chartered Bank - UAE
- Merrill Lynch Commodities Europe
- SN Aboitiz Power Inc, Philippines
- VISA Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Tata Chemicals Ltd - India
- Latin American Coal - Colombia
- Parliament of New Zealand
- GVK Power & Infra Limited - India
- South Luzon Thermal Energy Corporation
- Independent Power Producers Association of India
- Kohat Cement Company Ltd. - Pakistan
- Chettinad Cement Corporation Ltd - India
- Edison Trading Spa - Italy
- Kideco Jaya Agung - Indonesia
- Meralco Power Generation, Philippines
- Bhatia International Limited - India
- Oldendorff Carriers - Singapore
- LBH Netherlands Bv - Netherlands
- Maheswari Brothers Coal Limited - India
- Bhushan Steel Limited - India
- MS Steel International - UAE
- Karbindo Abesyapradhi - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Renaissance Capital - South Africa
- OPG Power Generation Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Banpu Public Company Limited - Thailand
- Global Coal Blending Company Limited - Australia
- Indonesian Coal Mining Association
- Binh Thuan Hamico - Vietnam
- Cement Manufacturers Association - India
- Karaikal Port Pvt Ltd - India
- Anglo American - United Kingdom
- Port Waratah Coal Services - Australia
- Central Java Power - Indonesia
- Aboitiz Power Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Sinarmas Energy and Mining - Indonesia
- Ministry of Finance - Indonesia
- Ambuja Cements Ltd - India
- Wood Mackenzie - Singapore
- European Bulk Services B.V. - Netherlands
- Holcim Trading Pte Ltd - Singapore
- Siam City Cement PLC, Thailand
- Siam City Cement - Thailand
- Chamber of Mines of South Africa
- New Zealand Coal & Carbon
- Uttam Galva Steels Limited - India
- Globalindo Alam Lestari - Indonesia
- Indika Energy - Indonesia
- Energy Link Ltd, New Zealand
- Meenaskhi Energy Private Limited - India
- Mintek Dendrill Indonesia
- Billiton Holdings Pty Ltd - Australia
- Star Paper Mills Limited - India
- Sindya Power Generating Company Private Ltd
- Coastal Gujarat Power Limited - India
- Carbofer General Trading SA - India
- Aditya Birla Group - India
- TNB Fuel Sdn Bhd - Malaysia
- Eastern Coal Council - USA
- Bukit Baiduri Energy - Indonesia
- The University of Queensland
- Vizag Seaport Private Limited - India
- Kapuas Tunggal Persada - Indonesia
- The State Trading Corporation of India Ltd
- Minerals Council of Australia
- Semirara Mining and Power Corporation, Philippines
- Posco Energy - South Korea
- Samtan Co., Ltd - South Korea
- Directorate Of Revenue Intelligence - India
- GMR Energy Limited - India
- Global Green Power PLC Corporation, Philippines
- Sojitz Corporation - Japan
- Videocon Industries ltd - India
- Planning Commission, India
- Grasim Industreis Ltd - India
- Thai Mozambique Logistica
- Vedanta Resources Plc - India
- SMG Consultants - Indonesia
- Romanian Commodities Exchange
- Singapore Mercantile Exchange
- Interocean Group of Companies - India
- Power Finance Corporation Ltd., India
- Bahari Cakrawala Sebuku - Indonesia
- Price Waterhouse Coopers - Russia
- IEA Clean Coal Centre - UK
- Baramulti Group, Indonesia
- Metalloyd Limited - United Kingdom
- International Coal Ventures Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kartika Selabumi Mining - Indonesia
- Bhoruka Overseas - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The Treasury - Australian Government
- Iligan Light & Power Inc, Philippines
- Larsen & Toubro Limited - India
- Intertek Mineral Services - Indonesia
- Thiess Contractors Indonesia
- Central Electricity Authority - India
- India Bulls Power Limited - India
- Lanco Infratech Ltd - India
- Indo Tambangraya Megah - Indonesia
- Bharathi Cement Corporation - India
- Krishnapatnam Port Company Ltd. - India
- Wilmar Investment Holdings
- Tamil Nadu electricity Board
- Timah Investasi Mineral - Indoneisa
- McConnell Dowell - Australia
- Medco Energi Mining Internasional
- Rio Tinto Coal - Australia
- GN Power Mariveles Coal Plant, Philippines
- Australian Coal Association
- Petrochimia International Co. Ltd.- Taiwan
- Riau Bara Harum - Indonesia
- Indogreen Group - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Sree Jayajothi Cements Limited - India
- Mjunction Services Limited - India
- Salva Resources Pvt Ltd - India
- Eastern Energy - Thailand
- Electricity Generating Authority of Thailand
- Marubeni Corporation - India
- Jindal Steel & Power Ltd - India
- Manunggal Multi Energi - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Orica Mining Services - Indonesia
- PNOC Exploration Corporation - Philippines
- Mercuria Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Coal and Oil Company - UAE
- Savvy Resources Ltd - HongKong
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Pendopo Energi Batubara - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Indian Energy Exchange, India
- Kumho Petrochemical, South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Electricity Authority, New Zealand
- Orica Australia Pty. Ltd.
- London Commodity Brokers - England
- Bangladesh Power Developement Board
- Essar Steel Hazira Ltd - India
- Ministry of Mines - Canada
- Jorong Barutama Greston.PT - Indonesia
- White Energy Company Limited
- Xindia Steels Limited - India
- Straits Asia Resources Limited - Singapore
- Agrawal Coal Company - India
- Semirara Mining Corp, Philippines
- Australian Commodity Traders Exchange
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