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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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Tuesday, 15 January 13
2ND MYANMAR MINING SUMMIT & OFFICIAL HOST MINISTRY OF MINES TO WELCOME OVER 200 DELEGATES NEXT WEEK
Press Release: The Ministry of Mines is hosting the 2nd Myanmar Mining Summit in Yangon on 21-24 January to unravel the local mining climate, prospe ...
Monday, 14 January 13
NEWCASTLE PORT SHIPPED 2.32 PERCENT LESS COAL W/E 14 JANUARY 2013
COALspot.com - Newcastle port in Australia has loaded 3,123,312 MT of thermal and coking coal for week ended 0700 hours 14 January 2013, Newca ...
Monday, 14 January 13
THE COAL MONGOLIA - 2013 OFFICIALLY IN COOPERATION WITH TOP MINING COMPANIES
Press Release: Mongolian first mining portal site Mining.mn has already started its preparation of the International Conference “COAL MONGOLIA ...
Monday, 14 January 13
NTPC INVITES BIDS FOR 500K MT OF IMPORTED COAL
COALspot.com - NTPC Limited (formerly National Thermal Power Corporation) is the largest Indian state-owned electric utilities company called for a ...
Sunday, 13 January 13
THE FREIGHT MARKET: FAIRLY STEADY - VISTAAR
COALspot.com - The freight market was fairly steady with all the indices up with maximum gain in the Panamax segment. The BDI was up by 7.65 pct clo ...
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- Star Paper Mills Limited - India
- Directorate Of Revenue Intelligence - India
- Mercator Lines Limited - India
- Savvy Resources Ltd - HongKong
- Maharashtra Electricity Regulatory Commission - India
- Marubeni Corporation - India
- Intertek Mineral Services - Indonesia
- Thai Mozambique Logistica
- Jindal Steel & Power Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Parliament of New Zealand
- Globalindo Alam Lestari - Indonesia
- Manunggal Multi Energi - Indonesia
- The University of Queensland
- Simpson Spence & Young - Indonesia
- Bulk Trading Sa - Switzerland
- Uttam Galva Steels Limited - India
- Therma Luzon, Inc, Philippines
- Bharathi Cement Corporation - India
- Australian Coal Association
- Aboitiz Power Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vedanta Resources Plc - India
- GMR Energy Limited - India
- Orica Australia Pty. Ltd.
- Energy Development Corp, Philippines
- Sical Logistics Limited - India
- Interocean Group of Companies - India
- Billiton Holdings Pty Ltd - Australia
- Kalimantan Lumbung Energi - Indonesia
- SN Aboitiz Power Inc, Philippines
- South Luzon Thermal Energy Corporation
- Medco Energi Mining Internasional
- Eastern Energy - Thailand
- Malabar Cements Ltd - India
- Sindya Power Generating Company Private Ltd
- Electricity Generating Authority of Thailand
- Tamil Nadu electricity Board
- Ambuja Cements Ltd - India
- Riau Bara Harum - Indonesia
- ICICI Bank Limited - India
- Indogreen Group - Indonesia
- Standard Chartered Bank - UAE
- Africa Commodities Group - South Africa
- Cigading International Bulk Terminal - Indonesia
- Rio Tinto Coal - Australia
- Formosa Plastics Group - Taiwan
- OPG Power Generation Pvt Ltd - India
- Xindia Steels Limited - India
- Lanco Infratech Ltd - India
- Global Business Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Videocon Industries ltd - India
- Posco Energy - South Korea
- Gujarat Electricity Regulatory Commission - India
- Eastern Coal Council - USA
- Vizag Seaport Private Limited - India
- Latin American Coal - Colombia
- New Zealand Coal & Carbon
- Goldman Sachs - Singapore
- Coal and Oil Company - UAE
- Energy Link Ltd, New Zealand
- Maheswari Brothers Coal Limited - India
- Coastal Gujarat Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Indian Oil Corporation Limited
- Oldendorff Carriers - Singapore
- Minerals Council of Australia
- Grasim Industreis Ltd - India
- Banpu Public Company Limited - Thailand
- Kartika Selabumi Mining - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bayan Resources Tbk. - Indonesia
- Port Waratah Coal Services - Australia
- Salva Resources Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Bangladesh Power Developement Board
- PNOC Exploration Corporation - Philippines
- Australian Commodity Traders Exchange
- Gujarat Sidhee Cement - India
- Semirara Mining and Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Metalloyd Limited - United Kingdom
- Leighton Contractors Pty Ltd - Australia
- PetroVietnam Power Coal Import and Supply Company
- MS Steel International - UAE
- Neyveli Lignite Corporation Ltd, - India
- Singapore Mercantile Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Borneo Indobara - Indonesia
- Antam Resourcindo - Indonesia
- Global Coal Blending Company Limited - Australia
- India Bulls Power Limited - India
- Bukit Makmur.PT - Indonesia
- San Jose City I Power Corp, Philippines
- Meralco Power Generation, Philippines
- London Commodity Brokers - England
- Planning Commission, India
- PowerSource Philippines DevCo
- White Energy Company Limited
- Mintek Dendrill Indonesia
- Indonesian Coal Mining Association
- Toyota Tsusho Corporation, Japan
- Barasentosa Lestari - Indonesia
- Kumho Petrochemical, South Korea
- Kaltim Prima Coal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Trasteel International SA, Italy
- Dalmia Cement Bharat India
- Kobexindo Tractors - Indoneisa
- Coalindo Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Electricity Authority, New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Miang Besar Coal Terminal - Indonesia
- Ind-Barath Power Infra Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Wilmar Investment Holdings
- Pipit Mutiara Jaya. PT, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indo Tambangraya Megah - Indonesia
- Price Waterhouse Coopers - Russia
- Renaissance Capital - South Africa
- The State Trading Corporation of India Ltd
- Georgia Ports Authority, United States
- Central Java Power - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Merrill Lynch Commodities Europe
- Straits Asia Resources Limited - Singapore
- Mjunction Services Limited - India
- Semirara Mining Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Altura Mining Limited, Indonesia
- Power Finance Corporation Ltd., India
- Makarim & Taira - Indonesia
- AsiaOL BioFuels Corp., Philippines
- PTC India Limited - India
- Sojitz Corporation - Japan
- TeaM Sual Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Economic Council, Georgia
- IEA Clean Coal Centre - UK
- GAC Shipping (India) Pvt Ltd
- Krishnapatnam Port Company Ltd. - India
- Heidelberg Cement - Germany
- Bahari Cakrawala Sebuku - Indonesia
- Chettinad Cement Corporation Ltd - India
- Bhoruka Overseas - Indonesia
- Independent Power Producers Association of India
- Thiess Contractors Indonesia
- Sakthi Sugars Limited - India
- Sree Jayajothi Cements Limited - India
- Sinarmas Energy and Mining - Indonesia
- International Coal Ventures Pvt Ltd - India
- Mercuria Energy - Indonesia
- The Treasury - Australian Government
- McConnell Dowell - Australia
- Cement Manufacturers Association - India
- Anglo American - United Kingdom
- Baramulti Group, Indonesia
- Commonwealth Bank - Australia
- SMC Global Power, Philippines
- Sarangani Energy Corporation, Philippines
- Essar Steel Hazira Ltd - India
- European Bulk Services B.V. - Netherlands
- Alfred C Toepfer International GmbH - Germany
- Central Electricity Authority - India
- Indika Energy - Indonesia
- Indian Energy Exchange, India
- Romanian Commodities Exchange
- VISA Power Limited - India
- Madhucon Powers Ltd - India
- Ministry of Finance - Indonesia
- Bhatia International Limited - India
- CNBM International Corporation - China
- Petrochimia International Co. Ltd.- Taiwan
- LBH Netherlands Bv - Netherlands
- Deloitte Consulting - India
- Tata Chemicals Ltd - India
- Parry Sugars Refinery, India
- Directorate General of MIneral and Coal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Siam City Cement - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Carbofer General Trading SA - India
- Kapuas Tunggal Persada - Indonesia
- Binh Thuan Hamico - Vietnam
- Wood Mackenzie - Singapore
- Ministry of Mines - Canada
- Jorong Barutama Greston.PT - Indonesia
- Larsen & Toubro Limited - India
- Petron Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Rashtriya Ispat Nigam Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Timah Investasi Mineral - Indoneisa
- Ministry of Transport, Egypt
- Karaikal Port Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Agrawal Coal Company - India
- GVK Power & Infra Limited - India
- Pendopo Energi Batubara - Indonesia
- Edison Trading Spa - Italy
- Kepco SPC Power Corporation, Philippines
- SMG Consultants - Indonesia
- ASAPP Information Group - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Chamber of Mines of South Africa
- Bhushan Steel Limited - India
- Aditya Birla Group - India
- IHS Mccloskey Coal Group - USA
- Orica Mining Services - Indonesia
- Samtan Co., Ltd - South Korea
- Karbindo Abesyapradhi - Indoneisa
- Attock Cement Pakistan Limited
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