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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, 22 December 12
DELTA DUNIA MAKMUR PRODUCED 3.2 MILLION TONS OF COAL IN NOVEMBER' 12
COALspot.com - PT Delta Dunia Makmur Tbk., has removed 28.1 million bcm* (+1.8% YoY) of Overburden in November 2012 while coal production was at 3.2 ...
Friday, 21 December 12
JORC CODE, 2012 EDITION NOW FINALIZED
COALspot.com - The JORC Committee has announced that, the completion of the review of the JORC Code of 2012 Edition.
The JORC Code, 2012 Ed ...
Thursday, 20 December 12
COAL CLOSING IN ON OIL AS WORLD'S TOP ENERGY SOURCE BY 2017
COALspot.com - Coal’s share of the global energy mix continues to rise, and by 2017 coal will come close to surpassing oil as the world’ ...
Thursday, 20 December 12
CHINA'S IRON ORE AND COAL DEMAND WILL SHAPE THE CAPESIZE DRY BULK TRADE DURING 2013 - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Despite the best efforts from ship owners to help alleviate the current tonnage oversupply issue in the dry bulk segment, especially in the larger v ...
Tuesday, 18 December 12
NEWCASTLE PORT IN AUSTRALIA SHIPPED 20.19 PERCENT MORE COAL W/E 17 DECEMBER 2012
COALspot.com - Newcastle port in Australia has loaded 3,269,640 MT of thermal and coking coal for week ended 0700 hours 17 December 2012, Newc ...
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- Neyveli Lignite Corporation Ltd, - India
- Videocon Industries ltd - India
- LBH Netherlands Bv - Netherlands
- Latin American Coal - Colombia
- San Jose City I Power Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- GVK Power & Infra Limited - India
- Kapuas Tunggal Persada - Indonesia
- Kobexindo Tractors - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Barasentosa Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Aboitiz Power Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Interocean Group of Companies - India
- Karbindo Abesyapradhi - Indoneisa
- Georgia Ports Authority, United States
- Petrochimia International Co. Ltd.- Taiwan
- Jaiprakash Power Ventures ltd
- Australian Commodity Traders Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- London Commodity Brokers - England
- Straits Asia Resources Limited - Singapore
- Globalindo Alam Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- CNBM International Corporation - China
- Meenaskhi Energy Private Limited - India
- The University of Queensland
- Bhushan Steel Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Marubeni Corporation - India
- Riau Bara Harum - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Orica Mining Services - Indonesia
- Sindya Power Generating Company Private Ltd
- Energy Development Corp, Philippines
- Makarim & Taira - Indonesia
- Ministry of Mines - Canada
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Transport, Egypt
- Ceylon Electricity Board - Sri Lanka
- TeaM Sual Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Gujarat Sidhee Cement - India
- Mjunction Services Limited - India
- Malabar Cements Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Kumho Petrochemical, South Korea
- OPG Power Generation Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Chamber of Mines of South Africa
- Miang Besar Coal Terminal - Indonesia
- Central Java Power - Indonesia
- Binh Thuan Hamico - Vietnam
- Parry Sugars Refinery, India
- Banpu Public Company Limited - Thailand
- GMR Energy Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Medco Energi Mining Internasional
- Coalindo Energy - Indonesia
- Meralco Power Generation, Philippines
- Pendopo Energi Batubara - Indonesia
- MS Steel International - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Wilmar Investment Holdings
- Aditya Birla Group - India
- Bangladesh Power Developement Board
- Rio Tinto Coal - Australia
- Simpson Spence & Young - Indonesia
- Tamil Nadu electricity Board
- Bukit Baiduri Energy - Indonesia
- Romanian Commodities Exchange
- Xindia Steels Limited - India
- Madhucon Powers Ltd - India
- Timah Investasi Mineral - Indoneisa
- Bayan Resources Tbk. - Indonesia
- CIMB Investment Bank - Malaysia
- Iligan Light & Power Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Deloitte Consulting - India
- Sree Jayajothi Cements Limited - India
- Gujarat Electricity Regulatory Commission - India
- Cigading International Bulk Terminal - Indonesia
- Electricity Generating Authority of Thailand
- Commonwealth Bank - Australia
- Kepco SPC Power Corporation, Philippines
- Minerals Council of Australia
- Attock Cement Pakistan Limited
- Kideco Jaya Agung - Indonesia
- Parliament of New Zealand
- Oldendorff Carriers - Singapore
- Independent Power Producers Association of India
- Formosa Plastics Group - Taiwan
- Renaissance Capital - South Africa
- Salva Resources Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Wood Mackenzie - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Energy Link Ltd, New Zealand
- Ind-Barath Power Infra Limited - India
- PowerSource Philippines DevCo
- Bhatia International Limited - India
- Global Business Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Posco Energy - South Korea
- Therma Luzon, Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- The State Trading Corporation of India Ltd
- India Bulls Power Limited - India
- Bharathi Cement Corporation - India
- Planning Commission, India
- SMG Consultants - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Bukit Makmur.PT - Indonesia
- Goldman Sachs - Singapore
- Grasim Industreis Ltd - India
- Africa Commodities Group - South Africa
- Star Paper Mills Limited - India
- Port Waratah Coal Services - Australia
- Savvy Resources Ltd - HongKong
- White Energy Company Limited
- Heidelberg Cement - Germany
- PTC India Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Altura Mining Limited, Indonesia
- Coal and Oil Company - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Vizag Seaport Private Limited - India
- Eastern Coal Council - USA
- Dalmia Cement Bharat India
- GAC Shipping (India) Pvt Ltd
- IEA Clean Coal Centre - UK
- Merrill Lynch Commodities Europe
- Antam Resourcindo - Indonesia
- Larsen & Toubro Limited - India
- Sarangani Energy Corporation, Philippines
- Mercuria Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Semirara Mining Corp, Philippines
- Trasteel International SA, Italy
- ASAPP Information Group - India
- Siam City Cement PLC, Thailand
- Global Green Power PLC Corporation, Philippines
- Sical Logistics Limited - India
- Sojitz Corporation - Japan
- VISA Power Limited - India
- Eastern Energy - Thailand
- Siam City Cement - Thailand
- Electricity Authority, New Zealand
- Indian Oil Corporation Limited
- Edison Trading Spa - Italy
- Indian Energy Exchange, India
- Vedanta Resources Plc - India
- PNOC Exploration Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Bulk Trading Sa - Switzerland
- Thai Mozambique Logistica
- Lanco Infratech Ltd - India
- Indonesian Coal Mining Association
- Baramulti Group, Indonesia
- SN Aboitiz Power Inc, Philippines
- Sakthi Sugars Limited - India
- Rashtriya Ispat Nigam Limited - India
- Petron Corporation, Philippines
- Ministry of Finance - Indonesia
- Cement Manufacturers Association - India
- The Treasury - Australian Government
- TNB Fuel Sdn Bhd - Malaysia
- Economic Council, Georgia
- Borneo Indobara - Indonesia
- Karaikal Port Pvt Ltd - India
- Carbofer General Trading SA - India
- Coastal Gujarat Power Limited - India
- Kartika Selabumi Mining - Indonesia
- SMC Global Power, Philippines
- Orica Australia Pty. Ltd.
- Jindal Steel & Power Ltd - India
- McConnell Dowell - Australia
- New Zealand Coal & Carbon
- Chettinad Cement Corporation Ltd - India
- Ambuja Cements Ltd - India
- Indogreen Group - Indonesia
- Maheswari Brothers Coal Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mercator Lines Limited - India
- European Bulk Services B.V. - Netherlands
- Agrawal Coal Company - India
- Australian Coal Association
- Mintek Dendrill Indonesia
- Bhoruka Overseas - Indonesia
- South Luzon Thermal Energy Corporation
- International Coal Ventures Pvt Ltd - India
- ICICI Bank Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Uttam Galva Steels Limited - India
- Singapore Mercantile Exchange
- Billiton Holdings Pty Ltd - Australia
- Intertek Mineral Services - Indonesia
- Anglo American - United Kingdom
- Standard Chartered Bank - UAE
- Indika Energy - Indonesia
- Power Finance Corporation Ltd., India
- Sinarmas Energy and Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Metalloyd Limited - United Kingdom
- Tata Chemicals Ltd - India
- Directorate Of Revenue Intelligence - India
- Indo Tambangraya Megah - Indonesia
- Thiess Contractors Indonesia
- Global Coal Blending Company Limited - Australia
- Central Electricity Authority - India
- IHS Mccloskey Coal Group - USA
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