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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, 24 January 13
DRY BULK MARKET FALLS ON TROPICAL CYCLONE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has been on the downside during the past couple of days, mainly as a result of the tropical storm which forced ports to close do ...
Tuesday, 22 January 13
PORT OF ANTWERP HANDLES 7.0 PERCENT MORE COAL IN 2012 Y-Y
COALspot.com - The port of Antwerp handled 184,134,516 tonnes of freight last year.
This represents a drop of 1.6% compared with 2011, when the v ...
Monday, 21 January 13
NEWCASTLE PORT SHIPPED 10.21 PERCENT LESS COAL W/E 21 JANUARY 2013
COALspot.com - Newcastle port in Australia has loaded 2,804,152 MT of thermal and coking coal for week ended 0700 hours 21 January 2013, Newca ...
Monday, 21 January 13
PANAMAX DRY BULK CARRIERS AND AFRAMAX TANKERS PROVED TO BE THE "WEAPON OF CHOICE" FOR MOST SHIP OWNERS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
With ship financing getting ever so difficult to procure during the past year or so, ship owners had to get creative in order to persuade banks and ...
Sunday, 20 January 13
Q1 & Q4 SUB-BIT FOB INDONESIA COAL SWAPS: FIRM
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) and CFR South China coal shipment for average Q1’ 2013 delivery have gained 0.81percent and ...
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- Meenaskhi Energy Private Limited - India
- Bayan Resources Tbk. - Indonesia
- Electricity Generating Authority of Thailand
- Siam City Cement PLC, Thailand
- Directorate Of Revenue Intelligence - India
- Port Waratah Coal Services - Australia
- Eastern Coal Council - USA
- Aditya Birla Group - India
- Ambuja Cements Ltd - India
- Mercator Lines Limited - India
- Carbofer General Trading SA - India
- Coalindo Energy - Indonesia
- SMG Consultants - Indonesia
- Grasim Industreis Ltd - India
- Jindal Steel & Power Ltd - India
- The State Trading Corporation of India Ltd
- Asmin Koalindo Tuhup - Indonesia
- Australian Coal Association
- Kumho Petrochemical, South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- MS Steel International - UAE
- Kobexindo Tractors - Indoneisa
- Malabar Cements Ltd - India
- Renaissance Capital - South Africa
- Sarangani Energy Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Karaikal Port Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Wilmar Investment Holdings
- Thai Mozambique Logistica
- Meralco Power Generation, Philippines
- CNBM International Corporation - China
- Star Paper Mills Limited - India
- Indo Tambangraya Megah - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Simpson Spence & Young - Indonesia
- Uttam Galva Steels Limited - India
- Toyota Tsusho Corporation, Japan
- PTC India Limited - India
- The Treasury - Australian Government
- Bharathi Cement Corporation - India
- Indian Energy Exchange, India
- Bhatia International Limited - India
- PowerSource Philippines DevCo
- Orica Australia Pty. Ltd.
- Minerals Council of Australia
- Thiess Contractors Indonesia
- India Bulls Power Limited - India
- Trasteel International SA, Italy
- London Commodity Brokers - England
- Indonesian Coal Mining Association
- San Jose City I Power Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Binh Thuan Hamico - Vietnam
- Siam City Cement - Thailand
- Kohat Cement Company Ltd. - Pakistan
- White Energy Company Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Salva Resources Pvt Ltd - India
- Videocon Industries ltd - India
- Lanco Infratech Ltd - India
- Energy Development Corp, Philippines
- Aboitiz Power Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Holcim Trading Pte Ltd - Singapore
- Samtan Co., Ltd - South Korea
- Dalmia Cement Bharat India
- Bangladesh Power Developement Board
- Therma Luzon, Inc, Philippines
- Global Coal Blending Company Limited - Australia
- McConnell Dowell - Australia
- Indogreen Group - Indonesia
- Makarim & Taira - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Semirara Mining Corp, Philippines
- Marubeni Corporation - India
- Alfred C Toepfer International GmbH - Germany
- LBH Netherlands Bv - Netherlands
- Coal and Oil Company - UAE
- Ministry of Mines - Canada
- Manunggal Multi Energi - Indonesia
- Antam Resourcindo - Indonesia
- Bhoruka Overseas - Indonesia
- Kaltim Prima Coal - Indonesia
- PNOC Exploration Corporation - Philippines
- Medco Energi Mining Internasional
- GVK Power & Infra Limited - India
- Planning Commission, India
- Ind-Barath Power Infra Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhushan Steel Limited - India
- Goldman Sachs - Singapore
- Kapuas Tunggal Persada - Indonesia
- Savvy Resources Ltd - HongKong
- Independent Power Producers Association of India
- Gujarat Electricity Regulatory Commission - India
- CIMB Investment Bank - Malaysia
- Romanian Commodities Exchange
- Directorate General of MIneral and Coal - Indonesia
- Intertek Mineral Services - Indonesia
- Kideco Jaya Agung - Indonesia
- Commonwealth Bank - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- New Zealand Coal & Carbon
- Xindia Steels Limited - India
- Miang Besar Coal Terminal - Indonesia
- Global Business Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Iligan Light & Power Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Billiton Holdings Pty Ltd - Australia
- Interocean Group of Companies - India
- Krishnapatnam Port Company Ltd. - India
- Banpu Public Company Limited - Thailand
- Cement Manufacturers Association - India
- Vedanta Resources Plc - India
- Rashtriya Ispat Nigam Limited - India
- Attock Cement Pakistan Limited
- Rio Tinto Coal - Australia
- ICICI Bank Limited - India
- Eastern Energy - Thailand
- Pendopo Energi Batubara - Indonesia
- Sical Logistics Limited - India
- Economic Council, Georgia
- Riau Bara Harum - Indonesia
- Wood Mackenzie - Singapore
- Heidelberg Cement - Germany
- Electricity Authority, New Zealand
- Australian Commodity Traders Exchange
- SMC Global Power, Philippines
- OPG Power Generation Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Oldendorff Carriers - Singapore
- Borneo Indobara - Indonesia
- Gujarat Sidhee Cement - India
- Essar Steel Hazira Ltd - India
- Latin American Coal - Colombia
- IHS Mccloskey Coal Group - USA
- Formosa Plastics Group - Taiwan
- Indian Oil Corporation Limited
- Tata Chemicals Ltd - India
- IEA Clean Coal Centre - UK
- Mjunction Services Limited - India
- Merrill Lynch Commodities Europe
- Tamil Nadu electricity Board
- VISA Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coastal Gujarat Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Central Electricity Authority - India
- TeaM Sual Corporation - Philippines
- Madhucon Powers Ltd - India
- Bulk Trading Sa - Switzerland
- GMR Energy Limited - India
- Edison Trading Spa - Italy
- GAC Shipping (India) Pvt Ltd
- Energy Link Ltd, New Zealand
- Kepco SPC Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Transport, Egypt
- Ministry of Finance - Indonesia
- Agrawal Coal Company - India
- The University of Queensland
- Sojitz Corporation - Japan
- Timah Investasi Mineral - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Vijayanagar Sugar Pvt Ltd - India
- Larsen & Toubro Limited - India
- Indika Energy - Indonesia
- Orica Mining Services - Indonesia
- South Luzon Thermal Energy Corporation
- Price Waterhouse Coopers - Russia
- Maheswari Brothers Coal Limited - India
- SN Aboitiz Power Inc, Philippines
- Petron Corporation, Philippines
- Georgia Ports Authority, United States
- Bukit Asam (Persero) Tbk - Indonesia
- Bukit Baiduri Energy - Indonesia
- ASAPP Information Group - India
- Sree Jayajothi Cements Limited - India
- Sinarmas Energy and Mining - Indonesia
- Parry Sugars Refinery, India
- Altura Mining Limited, Indonesia
- Mintek Dendrill Indonesia
- Baramulti Group, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Sakthi Sugars Limited - India
- Bukit Makmur.PT - Indonesia
- Standard Chartered Bank - UAE
- Barasentosa Lestari - Indonesia
- Chamber of Mines of South Africa
- Global Green Power PLC Corporation, Philippines
- Power Finance Corporation Ltd., India
- Sindya Power Generating Company Private Ltd
- Metalloyd Limited - United Kingdom
- Petrochimia International Co. Ltd.- Taiwan
- Posco Energy - South Korea
- Mercuria Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Globalindo Alam Lestari - Indonesia
- Anglo American - United Kingdom
- Africa Commodities Group - South Africa
- Central Java Power - Indonesia
- Straits Asia Resources Limited - Singapore
- Singapore Mercantile Exchange
- Deloitte Consulting - India
- International Coal Ventures Pvt Ltd - India
- Parliament of New Zealand
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