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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, 10 March 13
INDIA - INDONESIA SUPRAMAX FREIGHT : FIRM TREND
COALspot.com – This week freight market was raised and remained firm in all segments.
The BDI was up by 6.70 pct closed at 843 points, ...
Sunday, 10 March 13
INDONESIA'S FORESTRY DEPARTMENT IS TO INCREASE BORROW-TO-USE PERMITS (IJIN PINJAM PAKAI) FEE SOON
COALspot.com : Indonesia to increase borrows-to-use permit fees by 33.33 percent. The government of Indonesia is planning to increase the state&rsqu ...
Friday, 08 March 13
EKO SANTOSO BUDIANTO APPOINTED AS PRESDIENT DIRECTOR OF BERAU COAL ENERGY
COALspot.com - PT Berau Coal Energy has appointed Eko Santoso Budianto as new president director, replacing Rosan Roeslani. Berau’s extraordin ...
Friday, 08 March 13
INDONESIAN HBA UP FOR FIVE CONSECUTIVE MONTHS
COALspot.com - The Indonesian government has declared bench mark price for coal has moved upwards in March 2013.
The monthly coal reference ...
Friday, 08 March 13
DRY BULK MARKET ON A RISING TREND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has continued its rising pattern set after China opened up again for business, following the Asian New Year Holidays. As a resul ...
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- Africa Commodities Group - South Africa
- Krishnapatnam Port Company Ltd. - India
- Energy Link Ltd, New Zealand
- The State Trading Corporation of India Ltd
- Bhatia International Limited - India
- Coalindo Energy - Indonesia
- Star Paper Mills Limited - India
- PowerSource Philippines DevCo
- Indonesian Coal Mining Association
- Essar Steel Hazira Ltd - India
- Kepco SPC Power Corporation, Philippines
- Siam City Cement - Thailand
- Anglo American - United Kingdom
- Oldendorff Carriers - Singapore
- Cement Manufacturers Association - India
- Directorate General of MIneral and Coal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Coal Blending Company Limited - Australia
- Neyveli Lignite Corporation Ltd, - India
- Semirara Mining Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Videocon Industries ltd - India
- Mintek Dendrill Indonesia
- Kaltim Prima Coal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- TeaM Sual Corporation - Philippines
- Bulk Trading Sa - Switzerland
- GMR Energy Limited - India
- Baramulti Group, Indonesia
- Romanian Commodities Exchange
- Latin American Coal - Colombia
- The Treasury - Australian Government
- Rio Tinto Coal - Australia
- GAC Shipping (India) Pvt Ltd
- PNOC Exploration Corporation - Philippines
- Sakthi Sugars Limited - India
- Bayan Resources Tbk. - Indonesia
- London Commodity Brokers - England
- Ministry of Transport, Egypt
- Orica Mining Services - Indonesia
- Riau Bara Harum - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Edison Trading Spa - Italy
- Sindya Power Generating Company Private Ltd
- Formosa Plastics Group - Taiwan
- LBH Netherlands Bv - Netherlands
- Ind-Barath Power Infra Limited - India
- Coastal Gujarat Power Limited - India
- Bharathi Cement Corporation - India
- IHS Mccloskey Coal Group - USA
- Global Business Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Grasim Industreis Ltd - India
- Sical Logistics Limited - India
- Bukit Baiduri Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Jaiprakash Power Ventures ltd
- Vizag Seaport Private Limited - India
- Metalloyd Limited - United Kingdom
- Wood Mackenzie - Singapore
- South Luzon Thermal Energy Corporation
- Karaikal Port Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Sarangani Energy Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Sojitz Corporation - Japan
- Altura Mining Limited, Indonesia
- Thai Mozambique Logistica
- Leighton Contractors Pty Ltd - Australia
- Indogreen Group - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Trasteel International SA, Italy
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coal and Oil Company - UAE
- AsiaOL BioFuels Corp., Philippines
- Bhoruka Overseas - Indonesia
- Medco Energi Mining Internasional
- Central Electricity Authority - India
- OPG Power Generation Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Economic Council, Georgia
- Sree Jayajothi Cements Limited - India
- Mjunction Services Limited - India
- Tamil Nadu electricity Board
- IEA Clean Coal Centre - UK
- Tata Chemicals Ltd - India
- India Bulls Power Limited - India
- Singapore Mercantile Exchange
- Meralco Power Generation, Philippines
- Planning Commission, India
- Kobexindo Tractors - Indoneisa
- Intertek Mineral Services - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining and Power Corporation, Philippines
- ASAPP Information Group - India
- Borneo Indobara - Indonesia
- White Energy Company Limited
- Indo Tambangraya Megah - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Xindia Steels Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Minerals Council of Australia
- Goldman Sachs - Singapore
- Central Java Power - Indonesia
- Australian Coal Association
- Power Finance Corporation Ltd., India
- Attock Cement Pakistan Limited
- PetroVietnam Power Coal Import and Supply Company
- Directorate Of Revenue Intelligence - India
- Independent Power Producers Association of India
- Vijayanagar Sugar Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Eastern Coal Council - USA
- Iligan Light & Power Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- International Coal Ventures Pvt Ltd - India
- The University of Queensland
- Asmin Koalindo Tuhup - Indonesia
- Kumho Petrochemical, South Korea
- Energy Development Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Manunggal Multi Energi - Indonesia
- Vedanta Resources Plc - India
- San Jose City I Power Corp, Philippines
- Commonwealth Bank - Australia
- Ministry of Finance - Indonesia
- Petron Corporation, Philippines
- Gujarat Sidhee Cement - India
- New Zealand Coal & Carbon
- Port Waratah Coal Services - Australia
- Chamber of Mines of South Africa
- Maheswari Brothers Coal Limited - India
- Dalmia Cement Bharat India
- Meenaskhi Energy Private Limited - India
- Parliament of New Zealand
- SMG Consultants - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Aboitiz Power Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Indian Oil Corporation Limited
- PTC India Limited - India
- Indika Energy - Indonesia
- Wilmar Investment Holdings
- Therma Luzon, Inc, Philippines
- Georgia Ports Authority, United States
- Electricity Authority, New Zealand
- Jindal Steel & Power Ltd - India
- GVK Power & Infra Limited - India
- Marubeni Corporation - India
- Madhucon Powers Ltd - India
- Price Waterhouse Coopers - Russia
- Antam Resourcindo - Indonesia
- VISA Power Limited - India
- Barasentosa Lestari - Indonesia
- Makarim & Taira - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Agrawal Coal Company - India
- Aditya Birla Group - India
- Pipit Mutiara Jaya. PT, Indonesia
- Ambuja Cements Ltd - India
- Malabar Cements Ltd - India
- Posco Energy - South Korea
- Kideco Jaya Agung - Indonesia
- Carbofer General Trading SA - India
- Thiess Contractors Indonesia
- Salva Resources Pvt Ltd - India
- Indian Energy Exchange, India
- MS Steel International - UAE
- Straits Asia Resources Limited - Singapore
- Lanco Infratech Ltd - India
- Ministry of Mines - Canada
- Timah Investasi Mineral - Indoneisa
- Interocean Group of Companies - India
- Mercator Lines Limited - India
- Standard Chartered Bank - UAE
- Banpu Public Company Limited - Thailand
- Pendopo Energi Batubara - Indonesia
- Bangladesh Power Developement Board
- Siam City Cement PLC, Thailand
- ICICI Bank Limited - India
- Deloitte Consulting - India
- CIMB Investment Bank - Malaysia
- Samtan Co., Ltd - South Korea
- Mercuria Energy - Indonesia
- McConnell Dowell - Australia
- Orica Australia Pty. Ltd.
- Parry Sugars Refinery, India
- Gujarat Mineral Development Corp Ltd - India
- Bukit Makmur.PT - Indonesia
- European Bulk Services B.V. - Netherlands
- Larsen & Toubro Limited - India
- SN Aboitiz Power Inc, Philippines
- Bhushan Steel Limited - India
- Binh Thuan Hamico - Vietnam
- Cigading International Bulk Terminal - Indonesia
- Heidelberg Cement - Germany
- Holcim Trading Pte Ltd - Singapore
- Sinarmas Energy and Mining - Indonesia
- Australian Commodity Traders Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Renaissance Capital - South Africa
- SMC Global Power, Philippines
- Merrill Lynch Commodities Europe
- Electricity Generating Authority of Thailand
- Globalindo Alam Lestari - Indonesia
- Rashtriya Ispat Nigam Limited - India
- CNBM International Corporation - China
- Eastern Energy - Thailand
- Uttam Galva Steels Limited - India
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