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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, 20 January 13
S7 & S8 ROUTE FREIGHT TREND IS EXPECTED TO BE FLAT TO SOFT THIS WEEK - VISTAAR
COALspot.com - The freight market was fairly steady with all the indices BDI up by 9.21 pct closing at 837 points. The Cape index was also sharply u ...
Friday, 18 January 13
NEWLEAD HOLDINGS LTD. TO ACQUIRE TWO COAL PROPERTIES WITH ESTIMATED COAL RESERVES OF 18.6 MMT & 143.1 MMT
NewLead Holdings Ltd. Announces Signing Agreement to Acquire Properties with Estimated Coal Reserves of 18.6 Million Tons; Signing Agreement to Acqu ...
Friday, 18 January 13
DRY BULK MARKET ON THE RISE, ON STRONG DEMAND FOR CAPESIZE VESSELS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has continued its climbing trend yesterday, as the industry's benchmark, the Baltic Dry Index (BDI) was up by 39 points to 820. ...
Friday, 18 January 13
CAPESIZE : SIGNALS ARE MIXED BUT THE OVERALL TENDENCY IS POSITIVE - FEARNLEYS
Handy
The Atlantic market remained stable with USG-Feast fixed around USD 17k, according to fearnleys’s weekly report.
Continent / Medite ...
Tuesday, 15 January 13
GRANT SMITH APPOINTED GROUP MANAGING DIRECTOR OF BRAEMAR ADJUSTING
The Board of Braemar Adjusting is delighted to announce the appointment of Grant Smith as Group Managing Director of the company with immediate effe ...
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- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Carbofer General Trading SA - India
- Global Business Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Therma Luzon, Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Jaiprakash Power Ventures ltd
- Uttam Galva Steels Limited - India
- Goldman Sachs - Singapore
- Sical Logistics Limited - India
- Rio Tinto Coal - Australia
- Parliament of New Zealand
- Manunggal Multi Energi - Indonesia
- Samtan Co., Ltd - South Korea
- European Bulk Services B.V. - Netherlands
- Bharathi Cement Corporation - India
- The State Trading Corporation of India Ltd
- Metalloyd Limited - United Kingdom
- Wood Mackenzie - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Mercator Lines Limited - India
- Thai Mozambique Logistica
- ASAPP Information Group - India
- McConnell Dowell - Australia
- Kideco Jaya Agung - Indonesia
- Maheswari Brothers Coal Limited - India
- Siam City Cement PLC, Thailand
- Chamber of Mines of South Africa
- Intertek Mineral Services - Indonesia
- Aditya Birla Group - India
- TNB Fuel Sdn Bhd - Malaysia
- Altura Mining Limited, Indonesia
- Indonesian Coal Mining Association
- Coalindo Energy - Indonesia
- Merrill Lynch Commodities Europe
- Economic Council, Georgia
- Africa Commodities Group - South Africa
- Wilmar Investment Holdings
- Tamil Nadu electricity Board
- Kapuas Tunggal Persada - Indonesia
- Indian Energy Exchange, India
- Coal and Oil Company - UAE
- Borneo Indobara - Indonesia
- Vedanta Resources Plc - India
- Posco Energy - South Korea
- Karaikal Port Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Singapore Mercantile Exchange
- Coastal Gujarat Power Limited - India
- Directorate Of Revenue Intelligence - India
- New Zealand Coal & Carbon
- Aboitiz Power Corporation - Philippines
- Bhushan Steel Limited - India
- TeaM Sual Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- South Luzon Thermal Energy Corporation
- The University of Queensland
- Petrochimia International Co. Ltd.- Taiwan
- Binh Thuan Hamico - Vietnam
- Essar Steel Hazira Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Miang Besar Coal Terminal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Lanco Infratech Ltd - India
- ICICI Bank Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PowerSource Philippines DevCo
- Leighton Contractors Pty Ltd - Australia
- SMG Consultants - Indonesia
- Toyota Tsusho Corporation, Japan
- Bukit Asam (Persero) Tbk - Indonesia
- Bhatia International Limited - India
- Medco Energi Mining Internasional
- VISA Power Limited - India
- White Energy Company Limited
- Eastern Coal Council - USA
- Indogreen Group - Indonesia
- Riau Bara Harum - Indonesia
- Star Paper Mills Limited - India
- Australian Coal Association
- Directorate General of MIneral and Coal - Indonesia
- Orica Australia Pty. Ltd.
- Gujarat Sidhee Cement - India
- Malabar Cements Ltd - India
- Meralco Power Generation, Philippines
- Vizag Seaport Private Limited - India
- Trasteel International SA, Italy
- Ministry of Finance - Indonesia
- Agrawal Coal Company - India
- Heidelberg Cement - Germany
- Krishnapatnam Port Company Ltd. - India
- Ind-Barath Power Infra Limited - India
- Cement Manufacturers Association - India
- Dalmia Cement Bharat India
- Karbindo Abesyapradhi - Indoneisa
- Electricity Generating Authority of Thailand
- Bhoruka Overseas - Indonesia
- Port Waratah Coal Services - Australia
- Siam City Cement - Thailand
- Kepco SPC Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Price Waterhouse Coopers - Russia
- Semirara Mining Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Mercuria Energy - Indonesia
- Georgia Ports Authority, United States
- IEA Clean Coal Centre - UK
- Gujarat Electricity Regulatory Commission - India
- Independent Power Producers Association of India
- Bahari Cakrawala Sebuku - Indonesia
- Globalindo Alam Lestari - Indonesia
- CIMB Investment Bank - Malaysia
- Ministry of Transport, Egypt
- Offshore Bulk Terminal Pte Ltd, Singapore
- Makarim & Taira - Indonesia
- Attock Cement Pakistan Limited
- Formosa Plastics Group - Taiwan
- Ambuja Cements Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Marubeni Corporation - India
- Chettinad Cement Corporation Ltd - India
- Renaissance Capital - South Africa
- SN Aboitiz Power Inc, Philippines
- MS Steel International - UAE
- Central Electricity Authority - India
- Antam Resourcindo - Indonesia
- Pendopo Energi Batubara - Indonesia
- Jindal Steel & Power Ltd - India
- Madhucon Powers Ltd - India
- Bukit Makmur.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- Salva Resources Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Australian Commodity Traders Exchange
- Tata Chemicals Ltd - India
- India Bulls Power Limited - India
- Interocean Group of Companies - India
- Cigading International Bulk Terminal - Indonesia
- Bangladesh Power Developement Board
- Xindia Steels Limited - India
- Banpu Public Company Limited - Thailand
- Savvy Resources Ltd - HongKong
- Energy Development Corp, Philippines
- Grasim Industreis Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Sakthi Sugars Limited - India
- Central Java Power - Indonesia
- Orica Mining Services - Indonesia
- Commonwealth Bank - Australia
- Timah Investasi Mineral - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Indo Tambangraya Megah - Indonesia
- Petron Corporation, Philippines
- Anglo American - United Kingdom
- Kalimantan Lumbung Energi - Indonesia
- Indian Oil Corporation Limited
- GAC Shipping (India) Pvt Ltd
- Barasentosa Lestari - Indonesia
- Baramulti Group, Indonesia
- Larsen & Toubro Limited - India
- Minerals Council of Australia
- Videocon Industries ltd - India
- Bulk Trading Sa - Switzerland
- Planning Commission, India
- San Jose City I Power Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Kobexindo Tractors - Indoneisa
- Thiess Contractors Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Eastern Energy - Thailand
- IHS Mccloskey Coal Group - USA
- Bank of Tokyo Mitsubishi UFJ Ltd
- CNBM International Corporation - China
- Kumho Petrochemical, South Korea
- Standard Chartered Bank - UAE
- Oldendorff Carriers - Singapore
- Deloitte Consulting - India
- SMC Global Power, Philippines
- London Commodity Brokers - England
- Sinarmas Energy and Mining - Indonesia
- Kaltim Prima Coal - Indonesia
- Sree Jayajothi Cements Limited - India
- The Treasury - Australian Government
- Mjunction Services Limited - India
- Simpson Spence & Young - Indonesia
- International Coal Ventures Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Jorong Barutama Greston.PT - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Parry Sugars Refinery, India
- LBH Netherlands Bv - Netherlands
- PNOC Exploration Corporation - Philippines
- Latin American Coal - Colombia
- GMR Energy Limited - India
- Semirara Mining and Power Corporation, Philippines
- Ministry of Mines - Canada
- Indika Energy - Indonesia
- GVK Power & Infra Limited - India
- Global Coal Blending Company Limited - Australia
- Bukit Baiduri Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Romanian Commodities Exchange
- Sarangani Energy Corporation, Philippines
- Sojitz Corporation - Japan
- Edison Trading Spa - Italy
- Mintek Dendrill Indonesia
- PTC India Limited - India
- Power Finance Corporation Ltd., India
- Alfred C Toepfer International GmbH - Germany
- Electricity Authority, New Zealand
- OPG Power Generation Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
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