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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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Saturday, 12 January 13
SUB-BIT FOB INDONESIA COAL SWAPS: WEAK
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for average Q1’ 2013 delivery has lost 0.32 percent WoW but CFR South China coal ship ...
Saturday, 12 January 13
HIGHER COAL PRICES: SEASONAL EFFECT
COALspot.com : Bahana Securities, one of the leading securities in Indonesia, said in its latest coal outlook that, on US and China&rsquo ...
Friday, 11 January 13
HBA HAS JUMPED BY US$ 5.80 PMT IN JANUARY 2013
COALspot.com - The Indonesian government has declared bench mark price for coal higher than December price. The monthly coal reference price f ...
Thursday, 10 January 13
PANAMAX : SOME GLIMMERS OF HOPE MID WEEK - FEARNLEYS
According to Fearnley’s weekly report, the Atlantic handy market is stable with rates around USD 11k for Cont-Feast and USD 17k bss USG/Feast. ...
Thursday, 10 January 13
DRY BULK PANAMAX MARKET HEAVILY OVERSUPPLIED, UNLIKELY TO FIND SUPPORT IN 2013 - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Despite positive indication for a significant surge of dry bulk demand this year, the oversupply problems of the market, will continue to weigh heav ...
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- Meenaskhi Energy Private Limited - India
- Indonesian Coal Mining Association
- Neyveli Lignite Corporation Ltd, - India
- The University of Queensland
- SMG Consultants - Indonesia
- Karaikal Port Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Meralco Power Generation, Philippines
- Kartika Selabumi Mining - Indonesia
- Uttam Galva Steels Limited - India
- Edison Trading Spa - Italy
- Marubeni Corporation - India
- PetroVietnam Power Coal Import and Supply Company
- Siam City Cement PLC, Thailand
- Ceylon Electricity Board - Sri Lanka
- Electricity Generating Authority of Thailand
- Therma Luzon, Inc, Philippines
- Metalloyd Limited - United Kingdom
- Tamil Nadu electricity Board
- Semirara Mining Corp, Philippines
- Posco Energy - South Korea
- Manunggal Multi Energi - Indonesia
- Eastern Energy - Thailand
- Economic Council, Georgia
- Port Waratah Coal Services - Australia
- Interocean Group of Companies - India
- Chettinad Cement Corporation Ltd - India
- Minerals Council of Australia
- Baramulti Group, Indonesia
- Aboitiz Power Corporation - Philippines
- Chamber of Mines of South Africa
- Miang Besar Coal Terminal - Indonesia
- Simpson Spence & Young - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Holcim Trading Pte Ltd - Singapore
- Orica Australia Pty. Ltd.
- Agrawal Coal Company - India
- IEA Clean Coal Centre - UK
- Ministry of Finance - Indonesia
- Commonwealth Bank - Australia
- The Treasury - Australian Government
- CIMB Investment Bank - Malaysia
- Dalmia Cement Bharat India
- Pendopo Energi Batubara - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Independent Power Producers Association of India
- Kepco SPC Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Indian Oil Corporation Limited
- Indika Energy - Indonesia
- Georgia Ports Authority, United States
- Formosa Plastics Group - Taiwan
- Timah Investasi Mineral - Indoneisa
- ASAPP Information Group - India
- Jindal Steel & Power Ltd - India
- Mintek Dendrill Indonesia
- Bhushan Steel Limited - India
- Gujarat Sidhee Cement - India
- Mercuria Energy - Indonesia
- Malabar Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Goldman Sachs - Singapore
- Standard Chartered Bank - UAE
- Carbofer General Trading SA - India
- Ambuja Cements Ltd - India
- Makarim & Taira - Indonesia
- South Luzon Thermal Energy Corporation
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Asam (Persero) Tbk - Indonesia
- LBH Netherlands Bv - Netherlands
- London Commodity Brokers - England
- Indo Tambangraya Megah - Indonesia
- Central Java Power - Indonesia
- TeaM Sual Corporation - Philippines
- Vedanta Resources Plc - India
- GN Power Mariveles Coal Plant, Philippines
- Globalindo Alam Lestari - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Rashtriya Ispat Nigam Limited - India
- PowerSource Philippines DevCo
- Larsen & Toubro Limited - India
- Oldendorff Carriers - Singapore
- Price Waterhouse Coopers - Russia
- Karbindo Abesyapradhi - Indoneisa
- Singapore Mercantile Exchange
- Sakthi Sugars Limited - India
- Medco Energi Mining Internasional
- CNBM International Corporation - China
- Central Electricity Authority - India
- Maheswari Brothers Coal Limited - India
- Iligan Light & Power Inc, Philippines
- India Bulls Power Limited - India
- Essar Steel Hazira Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- SMC Global Power, Philippines
- Sindya Power Generating Company Private Ltd
- Planning Commission, India
- Coalindo Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Wood Mackenzie - Singapore
- MS Steel International - UAE
- Kaltim Prima Coal - Indonesia
- Star Paper Mills Limited - India
- Ministry of Mines - Canada
- Electricity Authority, New Zealand
- European Bulk Services B.V. - Netherlands
- Thai Mozambique Logistica
- Vizag Seaport Private Limited - India
- International Coal Ventures Pvt Ltd - India
- Kumho Petrochemical, South Korea
- ICICI Bank Limited - India
- Directorate Of Revenue Intelligence - India
- Petrochimia International Co. Ltd.- Taiwan
- VISA Power Limited - India
- GVK Power & Infra Limited - India
- Siam City Cement - Thailand
- Lanco Infratech Ltd - India
- Indogreen Group - Indonesia
- Sical Logistics Limited - India
- Bharathi Cement Corporation - India
- Straits Asia Resources Limited - Singapore
- Banpu Public Company Limited - Thailand
- Mjunction Services Limited - India
- Sarangani Energy Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Merrill Lynch Commodities Europe
- Renaissance Capital - South Africa
- Kohat Cement Company Ltd. - Pakistan
- Thiess Contractors Indonesia
- Intertek Mineral Services - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Semirara Mining and Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Transport, Egypt
- New Zealand Coal & Carbon
- Bhoruka Overseas - Indonesia
- McConnell Dowell - Australia
- Alfred C Toepfer International GmbH - Germany
- Bahari Cakrawala Sebuku - Indonesia
- Anglo American - United Kingdom
- Energy Development Corp, Philippines
- Bhatia International Limited - India
- Bayan Resources Tbk. - Indonesia
- Sojitz Corporation - Japan
- Bangladesh Power Developement Board
- Directorate General of MIneral and Coal - Indonesia
- Power Finance Corporation Ltd., India
- Aditya Birla Group - India
- Salva Resources Pvt Ltd - India
- Wilmar Investment Holdings
- Tata Chemicals Ltd - India
- San Jose City I Power Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Savvy Resources Ltd - HongKong
- Madhucon Powers Ltd - India
- White Energy Company Limited
- Cigading International Bulk Terminal - Indonesia
- Samtan Co., Ltd - South Korea
- PTC India Limited - India
- PNOC Exploration Corporation - Philippines
- Rio Tinto Coal - Australia
- GMR Energy Limited - India
- Videocon Industries ltd - India
- Trasteel International SA, Italy
- Energy Link Ltd, New Zealand
- Global Coal Blending Company Limited - Australia
- Global Green Power PLC Corporation, Philippines
- Coal and Oil Company - UAE
- Bukit Baiduri Energy - Indonesia
- Latin American Coal - Colombia
- Gujarat Mineral Development Corp Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Eastern Coal Council - USA
- Kalimantan Lumbung Energi - Indonesia
- Bukit Makmur.PT - Indonesia
- Petron Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Africa Commodities Group - South Africa
- Indian Energy Exchange, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Barasentosa Lestari - Indonesia
- SN Aboitiz Power Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Altura Mining Limited, Indonesia
- Kapuas Tunggal Persada - Indonesia
- Binh Thuan Hamico - Vietnam
- Australian Coal Association
- Riau Bara Harum - Indonesia
- IHS Mccloskey Coal Group - USA
- Heidelberg Cement - Germany
- Krishnapatnam Port Company Ltd. - India
- Parry Sugars Refinery, India
- Australian Commodity Traders Exchange
- Mercator Lines Limited - India
- Coastal Gujarat Power Limited - India
- Cement Manufacturers Association - India
- Antam Resourcindo - Indonesia
- Borneo Indobara - Indonesia
- Bulk Trading Sa - Switzerland
- Grasim Industreis Ltd - India
- Romanian Commodities Exchange
- The State Trading Corporation of India Ltd
- Xindia Steels Limited - India
- Kobexindo Tractors - Indoneisa
- Parliament of New Zealand
- Orica Mining Services - Indonesia
- Sree Jayajothi Cements Limited - India
- Attock Cement Pakistan Limited
- Deloitte Consulting - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jaiprakash Power Ventures ltd
- Toyota Tsusho Corporation, Japan
- Sinarmas Energy and Mining - Indonesia
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