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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, 08 January 13
HOLIDAY ACTIVITY SCARCE IN THE MARKET OF SECOND HAND VESSELS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Although the market for second hand vessel purchasing was quite lull during the Holiday period, as is usually the case, the first days of the New Ye ...
Tuesday, 08 January 13
NEWCASTLE PORT SHIPPED 3.197 MILLION MT OF COAL W/E 7 JANUARY 2013
COALspot.com - Newcastle port in Australia has loaded 3,197,580 MT of thermal and coking coal for week ended 0700 hours 7 January 2013, Newcas ...
Sunday, 06 January 13
CFR SOUTH CHINA COAL: 2014 DELIVERY CLOSED US$ 6.80 HIGHER THAN Q1 '13 PRICE
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for average Q1’ 2013 delivery has gained 0.37 percent WoW and CFR South China coal sh ...
Sunday, 06 January 13
COAL BOOM: WAKE-UP CALL FOR INDIA & INDONESIA! - SUNIL K KUMBHAT
COALspot.com - Coal Boom : Scenario, Now & later!
Coal has been the dominant fuel for power generating plants in developed countries since th ...
Sunday, 06 January 13
FREIGHT MARKET REMAINED FAIRLY STEADY - VISTAAR
WISH YOU ALL HAPPY NEW YEAR
COALspot.com - The freight market remained fairly steady in spite of Christmas / New Year Holidays. The BDI was almos ...
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- Ind-Barath Power Infra Limited - India
- Alfred C Toepfer International GmbH - Germany
- White Energy Company Limited
- Wilmar Investment Holdings
- Neyveli Lignite Corporation Ltd, - India
- Petron Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Australian Coal Association
- Price Waterhouse Coopers - Russia
- Timah Investasi Mineral - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Ministry of Finance - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Chamber of Mines of South Africa
- AsiaOL BioFuels Corp., Philippines
- Kumho Petrochemical, South Korea
- GVK Power & Infra Limited - India
- Central Java Power - Indonesia
- Medco Energi Mining Internasional
- Attock Cement Pakistan Limited
- Parliament of New Zealand
- Miang Besar Coal Terminal - Indonesia
- CNBM International Corporation - China
- Cigading International Bulk Terminal - Indonesia
- VISA Power Limited - India
- Deloitte Consulting - India
- GMR Energy Limited - India
- Indogreen Group - Indonesia
- Gujarat Sidhee Cement - India
- Kohat Cement Company Ltd. - Pakistan
- Sical Logistics Limited - India
- Kideco Jaya Agung - Indonesia
- Sakthi Sugars Limited - India
- Kobexindo Tractors - Indoneisa
- Ministry of Mines - Canada
- Grasim Industreis Ltd - India
- Essar Steel Hazira Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- GAC Shipping (India) Pvt Ltd
- Ministry of Transport, Egypt
- Asmin Koalindo Tuhup - Indonesia
- Cement Manufacturers Association - India
- Kalimantan Lumbung Energi - Indonesia
- The State Trading Corporation of India Ltd
- Port Waratah Coal Services - Australia
- Maheswari Brothers Coal Limited - India
- Uttam Galva Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement PLC, Thailand
- The Treasury - Australian Government
- Merrill Lynch Commodities Europe
- Vedanta Resources Plc - India
- Minerals Council of Australia
- Meralco Power Generation, Philippines
- Binh Thuan Hamico - Vietnam
- Indo Tambangraya Megah - Indonesia
- Larsen & Toubro Limited - India
- San Jose City I Power Corp, Philippines
- Central Electricity Authority - India
- South Luzon Thermal Energy Corporation
- Madhucon Powers Ltd - India
- Thai Mozambique Logistica
- Billiton Holdings Pty Ltd - Australia
- Bhatia International Limited - India
- International Coal Ventures Pvt Ltd - India
- Ambuja Cements Ltd - India
- Carbofer General Trading SA - India
- Aboitiz Power Corporation - Philippines
- Riau Bara Harum - Indonesia
- Marubeni Corporation - India
- Coastal Gujarat Power Limited - India
- Independent Power Producers Association of India
- Posco Energy - South Korea
- PNOC Exploration Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Commonwealth Bank - Australia
- Iligan Light & Power Inc, Philippines
- Barasentosa Lestari - Indonesia
- Goldman Sachs - Singapore
- Mercuria Energy - Indonesia
- Renaissance Capital - South Africa
- McConnell Dowell - Australia
- Siam City Cement - Thailand
- Sojitz Corporation - Japan
- European Bulk Services B.V. - Netherlands
- Leighton Contractors Pty Ltd - Australia
- Jorong Barutama Greston.PT - Indonesia
- Straits Asia Resources Limited - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Asam (Persero) Tbk - Indonesia
- Banpu Public Company Limited - Thailand
- Sinarmas Energy and Mining - Indonesia
- Indian Oil Corporation Limited
- Mjunction Services Limited - India
- Indika Energy - Indonesia
- Electricity Authority, New Zealand
- Metalloyd Limited - United Kingdom
- LBH Netherlands Bv - Netherlands
- Jaiprakash Power Ventures ltd
- SMC Global Power, Philippines
- Salva Resources Pvt Ltd - India
- Coal and Oil Company - UAE
- Kepco SPC Power Corporation, Philippines
- Indian Energy Exchange, India
- Samtan Co., Ltd - South Korea
- Rashtriya Ispat Nigam Limited - India
- Indonesian Coal Mining Association
- Planning Commission, India
- Kaltim Prima Coal - Indonesia
- Jindal Steel & Power Ltd - India
- Georgia Ports Authority, United States
- Parry Sugars Refinery, India
- India Bulls Power Limited - India
- Mercator Lines Limited - India
- ASAPP Information Group - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kartika Selabumi Mining - Indonesia
- Manunggal Multi Energi - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coalindo Energy - Indonesia
- Energy Link Ltd, New Zealand
- Rio Tinto Coal - Australia
- New Zealand Coal & Carbon
- Agrawal Coal Company - India
- Toyota Tsusho Corporation, Japan
- Videocon Industries ltd - India
- Sarangani Energy Corporation, Philippines
- Eastern Coal Council - USA
- Xindia Steels Limited - India
- Bharathi Cement Corporation - India
- Orica Australia Pty. Ltd.
- Ceylon Electricity Board - Sri Lanka
- London Commodity Brokers - England
- IEA Clean Coal Centre - UK
- Bayan Resources Tbk. - Indonesia
- PTC India Limited - India
- Savvy Resources Ltd - HongKong
- Sindya Power Generating Company Private Ltd
- The University of Queensland
- Antam Resourcindo - Indonesia
- Baramulti Group, Indonesia
- Simpson Spence & Young - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Makmur.PT - Indonesia
- ICICI Bank Limited - India
- Global Coal Blending Company Limited - Australia
- PetroVietnam Power Coal Import and Supply Company
- SMG Consultants - Indonesia
- Dalmia Cement Bharat India
- GN Power Mariveles Coal Plant, Philippines
- Singapore Mercantile Exchange
- Star Paper Mills Limited - India
- Orica Mining Services - Indonesia
- Bangladesh Power Developement Board
- Latin American Coal - Colombia
- CIMB Investment Bank - Malaysia
- Makarim & Taira - Indonesia
- Globalindo Alam Lestari - Indonesia
- Meenaskhi Energy Private Limited - India
- Mintek Dendrill Indonesia
- Heidelberg Cement - Germany
- Intertek Mineral Services - Indonesia
- Tata Chemicals Ltd - India
- Eastern Energy - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Thiess Contractors Indonesia
- Bulk Trading Sa - Switzerland
- Tamil Nadu electricity Board
- Directorate General of MIneral and Coal - Indonesia
- TeaM Sual Corporation - Philippines
- Malabar Cements Ltd - India
- MS Steel International - UAE
- Energy Development Corp, Philippines
- Bhoruka Overseas - Indonesia
- Global Business Power Corporation, Philippines
- PowerSource Philippines DevCo
- Bukit Baiduri Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Anglo American - United Kingdom
- Petrochimia International Co. Ltd.- Taiwan
- Romanian Commodities Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Semirara Mining and Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Africa Commodities Group - South Africa
- Karbindo Abesyapradhi - Indoneisa
- IHS Mccloskey Coal Group - USA
- Edison Trading Spa - Italy
- Aditya Birla Group - India
- Formosa Plastics Group - Taiwan
- Kapuas Tunggal Persada - Indonesia
- Altura Mining Limited, Indonesia
- Borneo Indobara - Indonesia
- Semirara Mining Corp, Philippines
- Vizag Seaport Private Limited - India
- Karaikal Port Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Australian Commodity Traders Exchange
- Wood Mackenzie - Singapore
- Holcim Trading Pte Ltd - Singapore
- Bhushan Steel Limited - India
- Electricity Generating Authority of Thailand
- Global Green Power PLC Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Standard Chartered Bank - UAE
- Trasteel International SA, Italy
- Power Finance Corporation Ltd., India
- Sree Jayajothi Cements Limited - India
- Interocean Group of Companies - India
- Chettinad Cement Corporation Ltd - India
- Lanco Infratech Ltd - India
- Therma Luzon, Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Economic Council, Georgia
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