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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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Wednesday, 12 December 12
69.23 PERCENT OF END-USERS ARE BELIEVE, COAL PRICES ARE IN UPWARD TREND
COALspot.com - The Indonesian government’s declared coal reference price for December’ 12 has gained US cents 31 per MT M-o- ...
Wednesday, 12 December 12
CAPESIZE FREIGHT RATES TO RANGE BETWEEN $9,000 - 16,000/DAY IN THE COMING WEEKS SAYS BIMCO - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
In its regular update on the dry bulk market, BIMCO forecasted yesterday, that Capesize time-charter rates are expected to stay elevated in the foll ...
Tuesday, 11 December 12
NEWCASTLE PORT IN AUSTRALIA HAS LOADED 2,720,205 MT OF COAL W/E 10 DECEMBER 2012
COALspot.com - Newcastle port in Australia has loaded 2,720,205 MT of thermal and coking coal for week ended 0700 hours 10 December 2012, Newc ...
Sunday, 09 December 12
COAL SWAPS HAVE LOST DIRECTION DUE TO LACK OF ASIAN INTEREST
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for average Q1’ 2013 delivery gained 2.43 percent M-M but lost WoW by 0.54 percent and 0.62 ...
Sunday, 09 December 12
LOW DEMAND PUSHES CHARTER RATES TOWARDS DOWN - VISTAAR
COALspot.com - The freight market has softened and BDI, The Baltic Dry Index, a measure of shipping costs for dry bulk goods, plunged below 10 ...
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- Orica Mining Services - Indonesia
- Bulk Trading Sa - Switzerland
- Asmin Koalindo Tuhup - Indonesia
- Ind-Barath Power Infra Limited - India
- Straits Asia Resources Limited - Singapore
- South Luzon Thermal Energy Corporation
- Petron Corporation, Philippines
- London Commodity Brokers - England
- Coalindo Energy - Indonesia
- Indogreen Group - Indonesia
- Global Business Power Corporation, Philippines
- Minerals Council of Australia
- Meenaskhi Energy Private Limited - India
- Intertek Mineral Services - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Goldman Sachs - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Heidelberg Cement - Germany
- Chamber of Mines of South Africa
- Central Java Power - Indonesia
- Ambuja Cements Ltd - India
- Grasim Industreis Ltd - India
- Oldendorff Carriers - Singapore
- New Zealand Coal & Carbon
- Siam City Cement - Thailand
- Semirara Mining and Power Corporation, Philippines
- Dalmia Cement Bharat India
- Orica Australia Pty. Ltd.
- Bank of Tokyo Mitsubishi UFJ Ltd
- Larsen & Toubro Limited - India
- Anglo American - United Kingdom
- Jindal Steel & Power Ltd - India
- European Bulk Services B.V. - Netherlands
- TNB Fuel Sdn Bhd - Malaysia
- Indian Energy Exchange, India
- Posco Energy - South Korea
- Global Coal Blending Company Limited - Australia
- Marubeni Corporation - India
- Gujarat Mineral Development Corp Ltd - India
- Kepco SPC Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Kumho Petrochemical, South Korea
- San Jose City I Power Corp, Philippines
- White Energy Company Limited
- CNBM International Corporation - China
- Ministry of Mines - Canada
- Iligan Light & Power Inc, Philippines
- Power Finance Corporation Ltd., India
- Samtan Co., Ltd - South Korea
- International Coal Ventures Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Electricity Authority, New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Mercuria Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Australian Commodity Traders Exchange
- Price Waterhouse Coopers - Russia
- OPG Power Generation Pvt Ltd - India
- Vedanta Resources Plc - India
- Alfred C Toepfer International GmbH - Germany
- Directorate Of Revenue Intelligence - India
- Uttam Galva Steels Limited - India
- Energy Development Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Parry Sugars Refinery, India
- Electricity Generating Authority of Thailand
- Global Green Power PLC Corporation, Philippines
- Bhushan Steel Limited - India
- Trasteel International SA, Italy
- Coal and Oil Company - UAE
- Maharashtra Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- Indonesian Coal Mining Association
- Wilmar Investment Holdings
- Medco Energi Mining Internasional
- McConnell Dowell - Australia
- Manunggal Multi Energi - Indonesia
- Economic Council, Georgia
- Lanco Infratech Ltd - India
- ICICI Bank Limited - India
- Malabar Cements Ltd - India
- SN Aboitiz Power Inc, Philippines
- Renaissance Capital - South Africa
- Ceylon Electricity Board - Sri Lanka
- Maheswari Brothers Coal Limited - India
- GMR Energy Limited - India
- Tamil Nadu electricity Board
- Bhoruka Overseas - Indonesia
- Salva Resources Pvt Ltd - India
- PTC India Limited - India
- Georgia Ports Authority, United States
- Sojitz Corporation - Japan
- LBH Netherlands Bv - Netherlands
- Mercator Lines Limited - India
- Australian Coal Association
- AsiaOL BioFuels Corp., Philippines
- Altura Mining Limited, Indonesia
- MS Steel International - UAE
- Simpson Spence & Young - Indonesia
- Miang Besar Coal Terminal - Indonesia
- India Bulls Power Limited - India
- Coastal Gujarat Power Limited - India
- Videocon Industries ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Madhucon Powers Ltd - India
- Bharathi Cement Corporation - India
- Indo Tambangraya Megah - Indonesia
- Rio Tinto Coal - Australia
- Makarim & Taira - Indonesia
- IHS Mccloskey Coal Group - USA
- PowerSource Philippines DevCo
- Holcim Trading Pte Ltd - Singapore
- Sical Logistics Limited - India
- Metalloyd Limited - United Kingdom
- Gujarat Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- Carbofer General Trading SA - India
- Central Electricity Authority - India
- Kartika Selabumi Mining - Indonesia
- Savvy Resources Ltd - HongKong
- Bhatia International Limited - India
- IEA Clean Coal Centre - UK
- Barasentosa Lestari - Indonesia
- Gujarat Sidhee Cement - India
- Thai Mozambique Logistica
- The State Trading Corporation of India Ltd
- PNOC Exploration Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Borneo Indobara - Indonesia
- Port Waratah Coal Services - Australia
- Latin American Coal - Colombia
- VISA Power Limited - India
- Siam City Cement PLC, Thailand
- Kaltim Prima Coal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Jaiprakash Power Ventures ltd
- Globalindo Alam Lestari - Indonesia
- Attock Cement Pakistan Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Essar Steel Hazira Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Vizag Seaport Private Limited - India
- SMC Global Power, Philippines
- Bangladesh Power Developement Board
- Banpu Public Company Limited - Thailand
- Formosa Plastics Group - Taiwan
- TeaM Sual Corporation - Philippines
- Wood Mackenzie - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Offshore Bulk Terminal Pte Ltd, Singapore
- Neyveli Lignite Corporation Ltd, - India
- Aboitiz Power Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Xindia Steels Limited - India
- Cement Manufacturers Association - India
- Indian Oil Corporation Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Eastern Energy - Thailand
- Mjunction Services Limited - India
- SMG Consultants - Indonesia
- Timah Investasi Mineral - Indoneisa
- Deloitte Consulting - India
- Bukit Makmur.PT - Indonesia
- Meralco Power Generation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Indika Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- GVK Power & Infra Limited - India
- Toyota Tsusho Corporation, Japan
- Krishnapatnam Port Company Ltd. - India
- Independent Power Producers Association of India
- Ministry of Finance - Indonesia
- Merrill Lynch Commodities Europe
- Semirara Mining Corp, Philippines
- Standard Chartered Bank - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Planning Commission, India
- Aditya Birla Group - India
- PetroVietnam Power Coal Import and Supply Company
- CIMB Investment Bank - Malaysia
- Leighton Contractors Pty Ltd - Australia
- ASAPP Information Group - India
- Binh Thuan Hamico - Vietnam
- Edison Trading Spa - Italy
- Therma Luzon, Inc, Philippines
- Romanian Commodities Exchange
- Baramulti Group, Indonesia
- Bayan Resources Tbk. - Indonesia
- The University of Queensland
- Sree Jayajothi Cements Limited - India
- Africa Commodities Group - South Africa
- Star Paper Mills Limited - India
- Cigading International Bulk Terminal - Indonesia
- Sindya Power Generating Company Private Ltd
- Antam Resourcindo - Indonesia
- Thiess Contractors Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Kideco Jaya Agung - Indonesia
- Riau Bara Harum - Indonesia
- Singapore Mercantile Exchange
- Ministry of Transport, Egypt
- Kohat Cement Company Ltd. - Pakistan
- Agrawal Coal Company - India
- Mintek Dendrill Indonesia
- Karaikal Port Pvt Ltd - India
- Tata Chemicals Ltd - India
- Sakthi Sugars Limited - India
- Commonwealth Bank - Australia
- Energy Link Ltd, New Zealand
- The Treasury - Australian Government
- Parliament of New Zealand
- Eastern Coal Council - USA
- Interocean Group of Companies - India
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