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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, 28 February 13
SHIP OWNERS EXPECTED TO FACE A CHALLENGING YEAR, DESPITE THE FALL OF NEWBUILDING ORDERS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Tonnage oversupply and a lagging growth in world trade demand are expected to keep shipping in the "red", despite a series of measures ado ...
Thursday, 28 February 13
PANAMAX : MARKET HAS SEEN A GOOD UPTURN OVER THE LAST WEEK - FEARNLEYS
Handy
The Atlantic saw more cargoes than last week and rates ticking upwards. The USG-Feast was at USD 19k and Black Sea-Feast was at USD 11k. The ...
Wednesday, 27 February 13
NEWCASTLE PORT IN AUSTRALIA SHIPPED 0.358 MILLION MT MORE COAL W-O-W
COALspot.com - Newcastle port in Australia has loaded 2,178,869 MT of thermal and coking coal for week ended 0700 hours 25 February 2013, Newc ...
Wednesday, 27 February 13
NEWLEAD HOLDINGS LTD. ANNOUNCES COAL SUPPLY AND DELIVERY CONTRACT
NewLead Holdings Ltd. yesterday announced that the Company has signed an agreement to supply and deliver 1.48 million metric tons of steam coal to a ...
Tuesday, 26 February 13
10TH CLEAN COAL FORUM WILL BE HELD ON JUNE 2013
CDMC Events will be presenting the 10th Clean Coal Forum 2013 on June 13 - 14, 2013 in Beijing,China.
It will make you understand regulatory asp ...
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- Meralco Power Generation, Philippines
- PNOC Exploration Corporation - Philippines
- ICICI Bank Limited - India
- Coalindo Energy - Indonesia
- Malabar Cements Ltd - India
- Savvy Resources Ltd - HongKong
- Vedanta Resources Plc - India
- ASAPP Information Group - India
- Gujarat Electricity Regulatory Commission - India
- Ambuja Cements Ltd - India
- Standard Chartered Bank - UAE
- Wilmar Investment Holdings
- Maheswari Brothers Coal Limited - India
- Cement Manufacturers Association - India
- Samtan Co., Ltd - South Korea
- Semirara Mining Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Directorate Of Revenue Intelligence - India
- Rashtriya Ispat Nigam Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Kapuas Tunggal Persada - Indonesia
- Port Waratah Coal Services - Australia
- Dalmia Cement Bharat India
- Maharashtra Electricity Regulatory Commission - India
- Indo Tambangraya Megah - Indonesia
- Bhatia International Limited - India
- Karaikal Port Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- LBH Netherlands Bv - Netherlands
- Kaltim Prima Coal - Indonesia
- Vizag Seaport Private Limited - India
- Indonesian Coal Mining Association
- Kepco SPC Power Corporation, Philippines
- Indian Energy Exchange, India
- Rio Tinto Coal - Australia
- Banpu Public Company Limited - Thailand
- Sakthi Sugars Limited - India
- Sinarmas Energy and Mining - Indonesia
- Petron Corporation, Philippines
- Tata Chemicals Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Renaissance Capital - South Africa
- Carbofer General Trading SA - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parliament of New Zealand
- Makarim & Taira - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Indogreen Group - Indonesia
- Indian Oil Corporation Limited
- Orica Mining Services - Indonesia
- The State Trading Corporation of India Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Eastern Energy - Thailand
- Merrill Lynch Commodities Europe
- Australian Coal Association
- Sojitz Corporation - Japan
- Kartika Selabumi Mining - Indonesia
- Commonwealth Bank - Australia
- Meenaskhi Energy Private Limited - India
- Central Java Power - Indonesia
- Star Paper Mills Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Mercuria Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Anglo American - United Kingdom
- Madhucon Powers Ltd - India
- Essar Steel Hazira Ltd - India
- Siam City Cement - Thailand
- Metalloyd Limited - United Kingdom
- Bukit Makmur.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Planning Commission, India
- Electricity Generating Authority of Thailand
- White Energy Company Limited
- IHS Mccloskey Coal Group - USA
- Jorong Barutama Greston.PT - Indonesia
- Interocean Group of Companies - India
- Formosa Plastics Group - Taiwan
- Parry Sugars Refinery, India
- PowerSource Philippines DevCo
- Kideco Jaya Agung - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Pendopo Energi Batubara - Indonesia
- Jaiprakash Power Ventures ltd
- Grasim Industreis Ltd - India
- Independent Power Producers Association of India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Australia Pty. Ltd.
- Uttam Galva Steels Limited - India
- Deloitte Consulting - India
- Asmin Koalindo Tuhup - Indonesia
- Mercator Lines Limited - India
- Borneo Indobara - Indonesia
- Bulk Trading Sa - Switzerland
- Economic Council, Georgia
- San Jose City I Power Corp, Philippines
- TeaM Sual Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Miang Besar Coal Terminal - Indonesia
- IEA Clean Coal Centre - UK
- Energy Link Ltd, New Zealand
- Billiton Holdings Pty Ltd - Australia
- The Treasury - Australian Government
- SMG Consultants - Indonesia
- Intertek Mineral Services - Indonesia
- Wood Mackenzie - Singapore
- Oldendorff Carriers - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Straits Asia Resources Limited - Singapore
- Tamil Nadu electricity Board
- Thai Mozambique Logistica
- Cigading International Bulk Terminal - Indonesia
- Bhushan Steel Limited - India
- Lanco Infratech Ltd - India
- Latin American Coal - Colombia
- Africa Commodities Group - South Africa
- Power Finance Corporation Ltd., India
- Manunggal Multi Energi - Indonesia
- Aboitiz Power Corporation - Philippines
- Mjunction Services Limited - India
- International Coal Ventures Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- South Luzon Thermal Energy Corporation
- Mintek Dendrill Indonesia
- Coal and Oil Company - UAE
- Sarangani Energy Corporation, Philippines
- Edison Trading Spa - Italy
- Price Waterhouse Coopers - Russia
- Indika Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Ministry of Mines - Canada
- Romanian Commodities Exchange
- PTC India Limited - India
- Baramulti Group, Indonesia
- Sical Logistics Limited - India
- The University of Queensland
- Toyota Tsusho Corporation, Japan
- Xindia Steels Limited - India
- Attock Cement Pakistan Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Timah Investasi Mineral - Indoneisa
- Goldman Sachs - Singapore
- Therma Luzon, Inc, Philippines
- SMC Global Power, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- PetroVietnam Power Coal Import and Supply Company
- Siam City Cement PLC, Thailand
- Medco Energi Mining Internasional
- MS Steel International - UAE
- Altura Mining Limited, Indonesia
- GAC Shipping (India) Pvt Ltd
- Chamber of Mines of South Africa
- Georgia Ports Authority, United States
- Minerals Council of Australia
- AsiaOL BioFuels Corp., Philippines
- Kumho Petrochemical, South Korea
- Riau Bara Harum - Indonesia
- Salva Resources Pvt Ltd - India
- Larsen & Toubro Limited - India
- Iligan Light & Power Inc, Philippines
- New Zealand Coal & Carbon
- Neyveli Lignite Corporation Ltd, - India
- Bhoruka Overseas - Indonesia
- Central Electricity Authority - India
- Heidelberg Cement - Germany
- CNBM International Corporation - China
- Coastal Gujarat Power Limited - India
- Ministry of Transport, Egypt
- Ministry of Finance - Indonesia
- London Commodity Brokers - England
- Videocon Industries ltd - India
- GVK Power & Infra Limited - India
- Ind-Barath Power Infra Limited - India
- European Bulk Services B.V. - Netherlands
- Barasentosa Lestari - Indonesia
- Globalindo Alam Lestari - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Jindal Steel & Power Ltd - India
- Australian Commodity Traders Exchange
- Global Coal Blending Company Limited - Australia
- India Bulls Power Limited - India
- McConnell Dowell - Australia
- Posco Energy - South Korea
- Gujarat Sidhee Cement - India
- Global Green Power PLC Corporation, Philippines
- Global Business Power Corporation, Philippines
- Thiess Contractors Indonesia
- Energy Development Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Semirara Mining and Power Corporation, Philippines
- VISA Power Limited - India
- Electricity Authority, New Zealand
- Singapore Mercantile Exchange
- Trasteel International SA, Italy
- Binh Thuan Hamico - Vietnam
- Chettinad Cement Corporation Ltd - India
- Marubeni Corporation - India
- Agrawal Coal Company - India
- Bharathi Cement Corporation - India
- CIMB Investment Bank - Malaysia
- Aditya Birla Group - India
- GMR Energy Limited - India
- Antam Resourcindo - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Holcim Trading Pte Ltd - Singapore
- Bangladesh Power Developement Board
- Eastern Coal Council - USA
- SN Aboitiz Power Inc, Philippines
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