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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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Wednesday, 20 February 13
BAKRIE GROUP LOOKS TO HAVE A CLEAR UPPER HAND - LUCKY ARIESANDI, CFA
The Bakrie-Rothschild saga is entering its final stage, with Bumi Plc (BUMI LN)’s holders to convene on 21 Feb at 11am GMT to vote on Nat Roth ...
Tuesday, 19 February 13
NEWCASTLE PORT SHIPPED 38.65 PERCENT LESS COAL W-O-W
COALspot.com - Newcastle port in Australia has loaded 1,820,559 MT of thermal and coking coal for week ended 0700 hours 18 February 2013, Newc ...
Monday, 18 February 13
78.75 MILLION TONS OF COAL RESERVES ARE NEWLY PROVEN IN WUGANG HUNAN PROVINCE
COALspot.com - Recently, Wugang City, known as the CHINA hundred key coal producing cities, achieved new breakthroughs in coal exploration: deep coa ...
Sunday, 17 February 13
STEEL DEMAND WILL HELP TO PUSH UP FREIGHT RATES - VISTAAR
COALspot.com - This freight market has been fairly steady week ended 15 February 2013.
The BDI was slightly up by 0.67 pct closing at 753 points ...
Friday, 15 February 13
2ND ANNUAL INDONESIA MINING 2013 CONFERENCE
Bringing Indonesia's Mining Stakeholders Together Towards Improving Mining Investment Climate & Operations
Following the success of th ...
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- Australian Commodity Traders Exchange
- Formosa Plastics Group - Taiwan
- Semirara Mining Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Rio Tinto Coal - Australia
- Semirara Mining and Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Energy Link Ltd, New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Orica Australia Pty. Ltd.
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jaiprakash Power Ventures ltd
- Kartika Selabumi Mining - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Meenaskhi Energy Private Limited - India
- Wood Mackenzie - Singapore
- Merrill Lynch Commodities Europe
- Altura Mining Limited, Indonesia
- Parry Sugars Refinery, India
- Toyota Tsusho Corporation, Japan
- SN Aboitiz Power Inc, Philippines
- London Commodity Brokers - England
- Dalmia Cement Bharat India
- Kapuas Tunggal Persada - Indonesia
- Sarangani Energy Corporation, Philippines
- Posco Energy - South Korea
- Essar Steel Hazira Ltd - India
- Energy Development Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Parliament of New Zealand
- India Bulls Power Limited - India
- Lanco Infratech Ltd - India
- Indogreen Group - Indonesia
- Xindia Steels Limited - India
- Billiton Holdings Pty Ltd - Australia
- Central Java Power - Indonesia
- Coalindo Energy - Indonesia
- Planning Commission, India
- Bangladesh Power Developement Board
- Romanian Commodities Exchange
- Economic Council, Georgia
- PowerSource Philippines DevCo
- San Jose City I Power Corp, Philippines
- Therma Luzon, Inc, Philippines
- Tamil Nadu electricity Board
- Commonwealth Bank - Australia
- Price Waterhouse Coopers - Russia
- Grasim Industreis Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Eastern Energy - Thailand
- Kobexindo Tractors - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Sakthi Sugars Limited - India
- PNOC Exploration Corporation - Philippines
- SMG Consultants - Indonesia
- Straits Asia Resources Limited - Singapore
- Maheswari Brothers Coal Limited - India
- Attock Cement Pakistan Limited
- Global Coal Blending Company Limited - Australia
- Ministry of Mines - Canada
- Eastern Coal Council - USA
- CNBM International Corporation - China
- Chettinad Cement Corporation Ltd - India
- Kideco Jaya Agung - Indonesia
- Antam Resourcindo - Indonesia
- Trasteel International SA, Italy
- Cement Manufacturers Association - India
- Simpson Spence & Young - Indonesia
- ASAPP Information Group - India
- European Bulk Services B.V. - Netherlands
- Edison Trading Spa - Italy
- Independent Power Producers Association of India
- Central Electricity Authority - India
- The Treasury - Australian Government
- The University of Queensland
- Sojitz Corporation - Japan
- Intertek Mineral Services - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Electricity Generating Authority of Thailand
- Gujarat Electricity Regulatory Commission - India
- Alfred C Toepfer International GmbH - Germany
- Leighton Contractors Pty Ltd - Australia
- Meralco Power Generation, Philippines
- Gujarat Sidhee Cement - India
- Samtan Co., Ltd - South Korea
- Malabar Cements Ltd - India
- Star Paper Mills Limited - India
- Globalindo Alam Lestari - Indonesia
- Thiess Contractors Indonesia
- Medco Energi Mining Internasional
- Sical Logistics Limited - India
- Tata Chemicals Ltd - India
- SMC Global Power, Philippines
- AsiaOL BioFuels Corp., Philippines
- Asmin Koalindo Tuhup - Indonesia
- Goldman Sachs - Singapore
- Rashtriya Ispat Nigam Limited - India
- Wilmar Investment Holdings
- Power Finance Corporation Ltd., India
- South Luzon Thermal Energy Corporation
- Directorate Of Revenue Intelligence - India
- Bhatia International Limited - India
- Salva Resources Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- VISA Power Limited - India
- Ministry of Transport, Egypt
- Cigading International Bulk Terminal - Indonesia
- Riau Bara Harum - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- CIMB Investment Bank - Malaysia
- Baramulti Group, Indonesia
- Carbofer General Trading SA - India
- Deloitte Consulting - India
- Singapore Mercantile Exchange
- Coal and Oil Company - UAE
- Bhushan Steel Limited - India
- Coastal Gujarat Power Limited - India
- Global Green Power PLC Corporation, Philippines
- MS Steel International - UAE
- Banpu Public Company Limited - Thailand
- ICICI Bank Limited - India
- GMR Energy Limited - India
- Siam City Cement - Thailand
- Aditya Birla Group - India
- Indonesian Coal Mining Association
- Orica Mining Services - Indonesia
- Vedanta Resources Plc - India
- Bhoruka Overseas - Indonesia
- IHS Mccloskey Coal Group - USA
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- OPG Power Generation Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Finance - Indonesia
- Anglo American - United Kingdom
- Kepco SPC Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Makarim & Taira - Indonesia
- New Zealand Coal & Carbon
- Oldendorff Carriers - Singapore
- Indo Tambangraya Megah - Indonesia
- Bukit Makmur.PT - Indonesia
- Kumho Petrochemical, South Korea
- Kaltim Prima Coal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Uttam Galva Steels Limited - India
- Binh Thuan Hamico - Vietnam
- Borneo Indobara - Indonesia
- Timah Investasi Mineral - Indoneisa
- Larsen & Toubro Limited - India
- Global Business Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- PTC India Limited - India
- Indian Oil Corporation Limited
- Georgia Ports Authority, United States
- Karaikal Port Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- Barasentosa Lestari - Indonesia
- International Coal Ventures Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Indika Energy - Indonesia
- Marubeni Corporation - India
- White Energy Company Limited
- The State Trading Corporation of India Ltd
- Madhucon Powers Ltd - India
- Vizag Seaport Private Limited - India
- Renaissance Capital - South Africa
- TeaM Sual Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Metalloyd Limited - United Kingdom
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Petron Corporation, Philippines
- Port Waratah Coal Services - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Thai Mozambique Logistica
- Mintek Dendrill Indonesia
- Mercator Lines Limited - India
- Australian Coal Association
- Vijayanagar Sugar Pvt Ltd - India
- Minerals Council of Australia
- Videocon Industries ltd - India
- Jindal Steel & Power Ltd - India
- Aboitiz Power Corporation - Philippines
- Standard Chartered Bank - UAE
- IEA Clean Coal Centre - UK
- Sinarmas Energy and Mining - Indonesia
- Bharathi Cement Corporation - India
- Jorong Barutama Greston.PT - Indonesia
- LBH Netherlands Bv - Netherlands
- Bayan Resources Tbk. - Indonesia
- Sree Jayajothi Cements Limited - India
- Bulk Trading Sa - Switzerland
- Kohat Cement Company Ltd. - Pakistan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mercuria Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- McConnell Dowell - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Latin American Coal - Colombia
- Africa Commodities Group - South Africa
- GVK Power & Infra Limited - India
- Electricity Authority, New Zealand
- Interocean Group of Companies - India
- Agrawal Coal Company - India
- Pendopo Energi Batubara - Indonesia
- Indian Energy Exchange, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Chamber of Mines of South Africa
- Ind-Barath Power Infra Limited - India
- Ambuja Cements Ltd - India
- Heidelberg Cement - Germany
- Siam City Cement PLC, Thailand
- Mjunction Services Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
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