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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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Friday, 15 February 13
SCRAPPING TO RISE AS BULKER OWNERS SUFFER - DREWRY MARITIME RESEARCH
Drewry's latest Dry Bulk Forecaster report suggests that cash-strapped shipowners will scrap younger and younger ships this year as the dry bulk ma ...
Thursday, 14 February 13
HANDY: ATLANTIC "STABLE"; PACIFIC "QUIET" - FEARNLEYS
Handy
The Atlantic remain stable with rates for FH from USG around USD 18k. The Pacific remains quiet due to Chinese New Year holidays. Rates were ...
Thursday, 14 February 13
BIMCO FORECASTS MOSTLY HIGHER DRY BULK RATES FOR THE COMING WEEKS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Higher steel demand is expected to keep dry bulk rates elevated during the next six weeks, according to the latest BIMCO forecast. The Organization ...
Wednesday, 13 February 13
6TH ANNUAL CBM CONFERENCE
The 6th Annual CBM conference which will be held in Singapore on 18-21 June 201 offers comprehensive insights into leading CBM projects in the Asia- ...
Tuesday, 12 February 13
GOVERNMENT DECLARED INDONESIAN THERMAL COAL PRICE INCHES UP IN FEBRUARY
COALspot.com - The Indonesian government has declared bench mark price for coal has moved upwards in February 2013.
The monthly coal refere ...
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- Straits Asia Resources Limited - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Global Green Power PLC Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Kumho Petrochemical, South Korea
- Sical Logistics Limited - India
- Economic Council, Georgia
- Indian Oil Corporation Limited
- Singapore Mercantile Exchange
- Power Finance Corporation Ltd., India
- Videocon Industries ltd - India
- Carbofer General Trading SA - India
- Heidelberg Cement - Germany
- International Coal Ventures Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Independent Power Producers Association of India
- Mintek Dendrill Indonesia
- The State Trading Corporation of India Ltd
- Directorate Of Revenue Intelligence - India
- Mercuria Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Posco Energy - South Korea
- Formosa Plastics Group - Taiwan
- Vedanta Resources Plc - India
- India Bulls Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- The Treasury - Australian Government
- SN Aboitiz Power Inc, Philippines
- Medco Energi Mining Internasional
- Aboitiz Power Corporation - Philippines
- Eastern Coal Council - USA
- Pendopo Energi Batubara - Indonesia
- Indo Tambangraya Megah - Indonesia
- Simpson Spence & Young - Indonesia
- Chamber of Mines of South Africa
- Eastern Energy - Thailand
- Energy Development Corp, Philippines
- The University of Queensland
- Agrawal Coal Company - India
- Tamil Nadu electricity Board
- ICICI Bank Limited - India
- Directorate General of MIneral and Coal - Indonesia
- GVK Power & Infra Limited - India
- Coal and Oil Company - UAE
- Anglo American - United Kingdom
- Antam Resourcindo - Indonesia
- Global Coal Blending Company Limited - Australia
- Kideco Jaya Agung - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Star Paper Mills Limited - India
- Ceylon Electricity Board - Sri Lanka
- Siam City Cement PLC, Thailand
- Coastal Gujarat Power Limited - India
- Rio Tinto Coal - Australia
- Parliament of New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Xindia Steels Limited - India
- Thai Mozambique Logistica
- Holcim Trading Pte Ltd - Singapore
- Indonesian Coal Mining Association
- Jaiprakash Power Ventures ltd
- Bulk Trading Sa - Switzerland
- IEA Clean Coal Centre - UK
- European Bulk Services B.V. - Netherlands
- AsiaOL BioFuels Corp., Philippines
- Semirara Mining Corp, Philippines
- Coalindo Energy - Indonesia
- Energy Link Ltd, New Zealand
- Tata Chemicals Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Georgia Ports Authority, United States
- Essar Steel Hazira Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Semirara Mining and Power Corporation, Philippines
- Siam City Cement - Thailand
- Orica Mining Services - Indonesia
- Manunggal Multi Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Attock Cement Pakistan Limited
- OPG Power Generation Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Vizag Seaport Private Limited - India
- Kartika Selabumi Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Merrill Lynch Commodities Europe
- Lanco Infratech Ltd - India
- Sakthi Sugars Limited - India
- Indogreen Group - Indonesia
- Central Electricity Authority - India
- Mjunction Services Limited - India
- Ministry of Mines - Canada
- Sojitz Corporation - Japan
- Kobexindo Tractors - Indoneisa
- Oldendorff Carriers - Singapore
- Barasentosa Lestari - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Edison Trading Spa - Italy
- Gujarat Sidhee Cement - India
- Samtan Co., Ltd - South Korea
- Gujarat Mineral Development Corp Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- LBH Netherlands Bv - Netherlands
- Gujarat Electricity Regulatory Commission - India
- Sindya Power Generating Company Private Ltd
- Globalindo Alam Lestari - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Altura Mining Limited, Indonesia
- Makarim & Taira - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Uttam Galva Steels Limited - India
- Central Java Power - Indonesia
- Orica Australia Pty. Ltd.
- Ambuja Cements Ltd - India
- Goldman Sachs - Singapore
- Latin American Coal - Colombia
- Petron Corporation, Philippines
- PTC India Limited - India
- Kapuas Tunggal Persada - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Ministry of Transport, Egypt
- Maheswari Brothers Coal Limited - India
- Timah Investasi Mineral - Indoneisa
- Borneo Indobara - Indonesia
- Aditya Birla Group - India
- Grasim Industreis Ltd - India
- MS Steel International - UAE
- White Energy Company Limited
- London Commodity Brokers - England
- Australian Coal Association
- Australian Commodity Traders Exchange
- Krishnapatnam Port Company Ltd. - India
- SMC Global Power, Philippines
- Bangladesh Power Developement Board
- IHS Mccloskey Coal Group - USA
- Bhoruka Overseas - Indonesia
- Kaltim Prima Coal - Indonesia
- Standard Chartered Bank - UAE
- CIMB Investment Bank - Malaysia
- Wilmar Investment Holdings
- Mercator Lines Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Bukit Baiduri Energy - Indonesia
- Malabar Cements Ltd - India
- Madhucon Powers Ltd - India
- Larsen & Toubro Limited - India
- Trasteel International SA, Italy
- Maharashtra Electricity Regulatory Commission - India
- McConnell Dowell - Australia
- Sarangani Energy Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Dalmia Cement Bharat India
- Electricity Generating Authority of Thailand
- Intertek Mineral Services - Indonesia
- Romanian Commodities Exchange
- South Luzon Thermal Energy Corporation
- Bhushan Steel Limited - India
- Karaikal Port Pvt Ltd - India
- GMR Energy Limited - India
- Banpu Public Company Limited - Thailand
- Toyota Tsusho Corporation, Japan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- SMG Consultants - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Meralco Power Generation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Business Power Corporation, Philippines
- Cement Manufacturers Association - India
- Interocean Group of Companies - India
- Africa Commodities Group - South Africa
- Chettinad Cement Corporation Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- TeaM Sual Corporation - Philippines
- Salva Resources Pvt Ltd - India
- PowerSource Philippines DevCo
- Meenaskhi Energy Private Limited - India
- Commonwealth Bank - Australia
- Ind-Barath Power Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- Minerals Council of Australia
- San Jose City I Power Corp, Philippines
- Renaissance Capital - South Africa
- Therma Luzon, Inc, Philippines
- Indika Energy - Indonesia
- Planning Commission, India
- ASAPP Information Group - India
- CNBM International Corporation - China
- Savvy Resources Ltd - HongKong
- Baramulti Group, Indonesia
- Bhatia International Limited - India
- Alfred C Toepfer International GmbH - Germany
- Electricity Authority, New Zealand
- Price Waterhouse Coopers - Russia
- New Zealand Coal & Carbon
- Pipit Mutiara Jaya. PT, Indonesia
- VISA Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Marubeni Corporation - India
- Bharathi Cement Corporation - India
- Bukit Makmur.PT - Indonesia
- Parry Sugars Refinery, India
- GAC Shipping (India) Pvt Ltd
- Deloitte Consulting - India
- Wood Mackenzie - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Finance - Indonesia
- Riau Bara Harum - Indonesia
- Thiess Contractors Indonesia
- Port Waratah Coal Services - Australia
- Iligan Light & Power Inc, Philippines
- Indian Energy Exchange, India
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