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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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Friday, 07 December 12
A NEW PHASE FOR AUSTRALIAN RESOURCES - A FITCH STREET INTERVIEW
This week Matt Jamieson spoke with Andrew Colquhoun in Fitch's Asian sovereign rating team, and Vicky Melbourne, Fitch's commodity analyst based i ...
Friday, 07 December 12
SHIPPING INDUSTRY LOOKING ON YET ANOTHER TOUGH YEAR AS WE APPROACH 2013 - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
With shipping finance "on the ropes" as traditional lenders appear to be cutting their losses and tonnage oversupply still the most import ...
Thursday, 06 December 12
PANAMAX : THE POSITIVE VIBES IN THE ATLANTIC REMAINS - FEARNLEYS AS
Handy
The Atlantic market is still depressed with dearth of cargoes and more ships. The trips from Continent to Feast fixed around USD 12k. Trips f ...
Thursday, 06 December 12
STRONG CHINESE DEMAND FOR DRY BULK COMMODITIES EXPECTED FOR 2013 - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
A new analysis from BIMCO released yesterday suggests that 2013 is expected to be a stronger year in terms of China's "hunger" for commod ...
Tuesday, 04 December 12
JATENERGY SIGNS MOU FOR INDONESIAN COAL ASSET
COALspot.com - Jatenergy Limited has announced that its fully-owned Indonesian subsidiary, PT Barata Energy (BE), has signed an exclusive, non-bindi ...
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- Altura Mining Limited, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sojitz Corporation - Japan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Ministry of Transport, Egypt
- Sakthi Sugars Limited - India
- Maheswari Brothers Coal Limited - India
- Interocean Group of Companies - India
- Savvy Resources Ltd - HongKong
- Indian Energy Exchange, India
- Makarim & Taira - Indonesia
- Videocon Industries ltd - India
- IEA Clean Coal Centre - UK
- Romanian Commodities Exchange
- Barasentosa Lestari - Indonesia
- Anglo American - United Kingdom
- Merrill Lynch Commodities Europe
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Finance - Indonesia
- Iligan Light & Power Inc, Philippines
- Baramulti Group, Indonesia
- Karaikal Port Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Manunggal Multi Energi - Indonesia
- Aditya Birla Group - India
- Larsen & Toubro Limited - India
- Indogreen Group - Indonesia
- GVK Power & Infra Limited - India
- Jaiprakash Power Ventures ltd
- Samtan Co., Ltd - South Korea
- Parliament of New Zealand
- Siam City Cement - Thailand
- Banpu Public Company Limited - Thailand
- Agrawal Coal Company - India
- Thiess Contractors Indonesia
- Coalindo Energy - Indonesia
- Semirara Mining Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Malabar Cements Ltd - India
- SMG Consultants - Indonesia
- European Bulk Services B.V. - Netherlands
- San Jose City I Power Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Binh Thuan Hamico - Vietnam
- Riau Bara Harum - Indonesia
- South Luzon Thermal Energy Corporation
- Deloitte Consulting - India
- Posco Energy - South Korea
- Neyveli Lignite Corporation Ltd, - India
- Australian Commodity Traders Exchange
- Eastern Coal Council - USA
- Intertek Mineral Services - Indonesia
- Trasteel International SA, Italy
- Indonesian Coal Mining Association
- Gujarat Sidhee Cement - India
- White Energy Company Limited
- Bangladesh Power Developement Board
- Indo Tambangraya Megah - Indonesia
- MS Steel International - UAE
- Orica Mining Services - Indonesia
- Central Java Power - Indonesia
- PowerSource Philippines DevCo
- Planning Commission, India
- Bhushan Steel Limited - India
- Directorate Of Revenue Intelligence - India
- Africa Commodities Group - South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Vedanta Resources Plc - India
- Alfred C Toepfer International GmbH - Germany
- The University of Queensland
- Lanco Infratech Ltd - India
- VISA Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Electricity Authority, New Zealand
- Georgia Ports Authority, United States
- Energy Development Corp, Philippines
- Bharathi Cement Corporation - India
- Petron Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Holcim Trading Pte Ltd - Singapore
- The State Trading Corporation of India Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Grasim Industreis Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Tamil Nadu electricity Board
- Australian Coal Association
- Global Green Power PLC Corporation, Philippines
- CNBM International Corporation - China
- Dalmia Cement Bharat India
- Kaltim Prima Coal - Indonesia
- Renaissance Capital - South Africa
- Jindal Steel & Power Ltd - India
- Latin American Coal - Colombia
- International Coal Ventures Pvt Ltd - India
- Bhatia International Limited - India
- Essar Steel Hazira Ltd - India
- Star Paper Mills Limited - India
- Independent Power Producers Association of India
- Chamber of Mines of South Africa
- Asmin Koalindo Tuhup - Indonesia
- Bukit Makmur.PT - Indonesia
- Vizag Seaport Private Limited - India
- London Commodity Brokers - England
- Gujarat Mineral Development Corp Ltd - India
- SN Aboitiz Power Inc, Philippines
- ICICI Bank Limited - India
- Standard Chartered Bank - UAE
- GN Power Mariveles Coal Plant, Philippines
- Edison Trading Spa - Italy
- Kepco SPC Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Xindia Steels Limited - India
- New Zealand Coal & Carbon
- Attock Cement Pakistan Limited
- Mercuria Energy - Indonesia
- Uttam Galva Steels Limited - India
- Global Coal Blending Company Limited - Australia
- Carbofer General Trading SA - India
- Orica Australia Pty. Ltd.
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Singapore Mercantile Exchange
- Chettinad Cement Corporation Ltd - India
- Oldendorff Carriers - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- TeaM Sual Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Toyota Tsusho Corporation, Japan
- Parry Sugars Refinery, India
- Minerals Council of Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Sindya Power Generating Company Private Ltd
- Mjunction Services Limited - India
- Billiton Holdings Pty Ltd - Australia
- Electricity Generating Authority of Thailand
- Power Finance Corporation Ltd., India
- Indika Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- LBH Netherlands Bv - Netherlands
- Ceylon Electricity Board - Sri Lanka
- Price Waterhouse Coopers - Russia
- Wilmar Investment Holdings
- Wood Mackenzie - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indian Oil Corporation Limited
- McConnell Dowell - Australia
- Kumho Petrochemical, South Korea
- Coal and Oil Company - UAE
- Timah Investasi Mineral - Indoneisa
- Straits Asia Resources Limited - Singapore
- ASAPP Information Group - India
- Cigading International Bulk Terminal - Indonesia
- Cement Manufacturers Association - India
- Thai Mozambique Logistica
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Mines - Canada
- Central Electricity Authority - India
- Globalindo Alam Lestari - Indonesia
- Mintek Dendrill Indonesia
- Rio Tinto Coal - Australia
- Sree Jayajothi Cements Limited - India
- Formosa Plastics Group - Taiwan
- Petrochimia International Co. Ltd.- Taiwan
- AsiaOL BioFuels Corp., Philippines
- Meralco Power Generation, Philippines
- PTC India Limited - India
- Borneo Indobara - Indonesia
- Goldman Sachs - Singapore
- The Treasury - Australian Government
- Heidelberg Cement - Germany
- Tata Chemicals Ltd - India
- GAC Shipping (India) Pvt Ltd
- India Bulls Power Limited - India
- Mercator Lines Limited - India
- Directorate General of MIneral and Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Eastern Energy - Thailand
- PNOC Exploration Corporation - Philippines
- Antam Resourcindo - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Ambuja Cements Ltd - India
- Metalloyd Limited - United Kingdom
- Kapuas Tunggal Persada - Indonesia
- Medco Energi Mining Internasional
- Rashtriya Ispat Nigam Limited - India
- Sical Logistics Limited - India
- Leighton Contractors Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- PetroVietnam Power Coal Import and Supply Company
- IHS Mccloskey Coal Group - USA
- CIMB Investment Bank - Malaysia
- Kohat Cement Company Ltd. - Pakistan
- Coastal Gujarat Power Limited - India
- Economic Council, Georgia
- Commonwealth Bank - Australia
- Bayan Resources Tbk. - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- SMC Global Power, Philippines
- Krishnapatnam Port Company Ltd. - India
- Marubeni Corporation - India
- TNB Fuel Sdn Bhd - Malaysia
- GMR Energy Limited - India
- Madhucon Powers Ltd - India
- Simpson Spence & Young - Indonesia
- Bukit Baiduri Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Siam City Cement PLC, Thailand
- Therma Luzon, Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Energy Link Ltd, New Zealand
- Global Business Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
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