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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, 27 January 13
CFR SOUTH CHINA COAL SWAPS: WEAK
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for average Q1’ 2013 delivery has gained 0.31 percent and CFR South China coal shipment&nbs ...
Sunday, 27 January 13
FREIGHT MARKET: FLAT TO SOFT - VISTAAR
COALspot.com - The freight market was soft and all the indices were down except for handy size.
The BDI was down 4.66 pct closing at 798 points.. ...
Friday, 25 January 13
BOTSWANA GOVERNMENT GRANTS COAL LICENSES TO A-CAP RESOURCES LIMITED
A-Cap Resources Limited has announced that it has been granted coal rights within its Bolau tenements which sit next to the Sese Coal and Power Proj ...
Friday, 25 January 13
SMALL ROOM FOR OPTIMISM FOR THE PROSPECTS OF THE DRY BULK MARKET AS NET FLEET GROWTH IS SLOWING DOWN - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Despite the fact that the dry bulk market didn't manage to post a rebound during the past year, quite the opposite, as a fast fleet growth and slow ...
Thursday, 24 January 13
INDO - INDIA NOW AT APS $ 8K + BB USD 90000 - FEARNLEYS AS
Handy
The Atlantic market remains stable as supply of tonnage is still in excess of demand. USG- Far east fixed at $18k and CONT-FEAST at $ 11k. Pa ...
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- Sarangani Energy Corporation, Philippines
- IEA Clean Coal Centre - UK
- Georgia Ports Authority, United States
- Bharathi Cement Corporation - India
- Banpu Public Company Limited - Thailand
- Cement Manufacturers Association - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Simpson Spence & Young - Indonesia
- Merrill Lynch Commodities Europe
- Malabar Cements Ltd - India
- CNBM International Corporation - China
- SMC Global Power, Philippines
- Goldman Sachs - Singapore
- LBH Netherlands Bv - Netherlands
- Oldendorff Carriers - Singapore
- PTC India Limited - India
- Krishnapatnam Port Company Ltd. - India
- Xindia Steels Limited - India
- Chamber of Mines of South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Global Green Power PLC Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Bhatia International Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Sinarmas Energy and Mining - Indonesia
- Mercuria Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Petrochimia International Co. Ltd.- Taiwan
- TeaM Sual Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Semirara Mining Corp, Philippines
- Australian Coal Association
- Offshore Bulk Terminal Pte Ltd, Singapore
- GVK Power & Infra Limited - India
- Parry Sugars Refinery, India
- The University of Queensland
- CIMB Investment Bank - Malaysia
- Bhushan Steel Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Siam City Cement PLC, Thailand
- ICICI Bank Limited - India
- The Treasury - Australian Government
- Lanco Infratech Ltd - India
- Deloitte Consulting - India
- Bangladesh Power Developement Board
- Edison Trading Spa - Italy
- White Energy Company Limited
- Carbofer General Trading SA - India
- Bukit Asam (Persero) Tbk - Indonesia
- Straits Asia Resources Limited - Singapore
- Tamil Nadu electricity Board
- Heidelberg Cement - Germany
- Energy Link Ltd, New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Power Finance Corporation Ltd., India
- Romanian Commodities Exchange
- ASAPP Information Group - India
- Jaiprakash Power Ventures ltd
- PNOC Exploration Corporation - Philippines
- Baramulti Group, Indonesia
- Petron Corporation, Philippines
- SMG Consultants - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Economic Council, Georgia
- Maheswari Brothers Coal Limited - India
- Sical Logistics Limited - India
- Global Business Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- India Bulls Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Bulk Trading Sa - Switzerland
- Bayan Resources Tbk. - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Sojitz Corporation - Japan
- Coalindo Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Salva Resources Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Star Paper Mills Limited - India
- Central Java Power - Indonesia
- Medco Energi Mining Internasional
- Makarim & Taira - Indonesia
- Ministry of Finance - Indonesia
- Ministry of Transport, Egypt
- SN Aboitiz Power Inc, Philippines
- Dalmia Cement Bharat India
- New Zealand Coal & Carbon
- Aditya Birla Group - India
- San Jose City I Power Corp, Philippines
- Altura Mining Limited, Indonesia
- Attock Cement Pakistan Limited
- Pendopo Energi Batubara - Indonesia
- Thiess Contractors Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Planning Commission, India
- Gujarat Mineral Development Corp Ltd - India
- Kobexindo Tractors - Indoneisa
- Indian Energy Exchange, India
- Karaikal Port Pvt Ltd - India
- Borneo Indobara - Indonesia
- Binh Thuan Hamico - Vietnam
- Rio Tinto Coal - Australia
- Holcim Trading Pte Ltd - Singapore
- Eastern Coal Council - USA
- Australian Commodity Traders Exchange
- Commonwealth Bank - Australia
- Gujarat Sidhee Cement - India
- Siam City Cement - Thailand
- Bhoruka Overseas - Indonesia
- Ambuja Cements Ltd - India
- London Commodity Brokers - England
- Timah Investasi Mineral - Indoneisa
- Therma Luzon, Inc, Philippines
- Larsen & Toubro Limited - India
- PowerSource Philippines DevCo
- GMR Energy Limited - India
- Bukit Makmur.PT - Indonesia
- Indo Tambangraya Megah - Indonesia
- International Coal Ventures Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Energy Development Corp, Philippines
- Parliament of New Zealand
- Indogreen Group - Indonesia
- Mjunction Services Limited - India
- Videocon Industries ltd - India
- Indian Oil Corporation Limited
- Formosa Plastics Group - Taiwan
- Asmin Koalindo Tuhup - Indonesia
- Anglo American - United Kingdom
- Gujarat Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- Savvy Resources Ltd - HongKong
- McConnell Dowell - Australia
- Jorong Barutama Greston.PT - Indonesia
- MS Steel International - UAE
- Africa Commodities Group - South Africa
- Ind-Barath Power Infra Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Posco Energy - South Korea
- Latin American Coal - Colombia
- Rashtriya Ispat Nigam Limited - India
- Billiton Holdings Pty Ltd - Australia
- Central Electricity Authority - India
- Kumho Petrochemical, South Korea
- Marubeni Corporation - India
- Semirara Mining and Power Corporation, Philippines
- VISA Power Limited - India
- Mintek Dendrill Indonesia
- Trasteel International SA, Italy
- Electricity Authority, New Zealand
- Vedanta Resources Plc - India
- Orica Mining Services - Indonesia
- Iligan Light & Power Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Independent Power Producers Association of India
- Kaltim Prima Coal - Indonesia
- Port Waratah Coal Services - Australia
- Ministry of Mines - Canada
- Leighton Contractors Pty Ltd - Australia
- Thai Mozambique Logistica
- Metalloyd Limited - United Kingdom
- European Bulk Services B.V. - Netherlands
- Coastal Gujarat Power Limited - India
- Directorate Of Revenue Intelligence - India
- Antam Resourcindo - Indonesia
- Wood Mackenzie - Singapore
- Bukit Baiduri Energy - Indonesia
- Indonesian Coal Mining Association
- Bank of Tokyo Mitsubishi UFJ Ltd
- Chettinad Cement Corporation Ltd - India
- Vizag Seaport Private Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Meenaskhi Energy Private Limited - India
- Interocean Group of Companies - India
- Meralco Power Generation, Philippines
- Sindya Power Generating Company Private Ltd
- Globalindo Alam Lestari - Indonesia
- Minerals Council of Australia
- Mercator Lines Limited - India
- Intertek Mineral Services - Indonesia
- Price Waterhouse Coopers - Russia
- Samtan Co., Ltd - South Korea
- Agrawal Coal Company - India
- Aboitiz Power Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Barasentosa Lestari - Indonesia
- Standard Chartered Bank - UAE
- Tata Chemicals Ltd - India
- Renaissance Capital - South Africa
- Sree Jayajothi Cements Limited - India
- Coal and Oil Company - UAE
- OPG Power Generation Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Grasim Industreis Ltd - India
- Eastern Energy - Thailand
- Madhucon Powers Ltd - India
- Essar Steel Hazira Ltd - India
- Wilmar Investment Holdings
- IHS Mccloskey Coal Group - USA
- Indika Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Jindal Steel & Power Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Singapore Mercantile Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ceylon Electricity Board - Sri Lanka
- Sakthi Sugars Limited - India
- Electricity Generating Authority of Thailand
- South Luzon Thermal Energy Corporation
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