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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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Thursday, 29 November 12
BUMI TO PRODUCE 100 MILLION TONS OF COAL BY 2014
COALspot.com - Expansions on both BUMI’ s subsidiaries, PT Kaltim Prima Coal (KPC) and PT Arutmin Indonesia ( Arutmin) , are ...
Thursday, 29 November 12
PANAMAX : A FAIRLY STEADY MARKET WITH USD 8.5-9K/DAY FOR 2 LADEN LEGS IN ATLANTIC - FEARNLEYS
Handy
The Atlantic market continues to remain quiet due to more supply of ships. Rates from USG to Far East were around USD 18k and Black Sea to Fa ...
Thursday, 29 November 12
DRY BULK MARKET SLIGHTLY HIGHER DESPITE LULL ACTIVITY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market was marginally higher yesterday, according to the industry's benchmark, the Baltic Dry Index (BDI), which rose by 7 points to 1 ...
Wednesday, 28 November 12
NEWBUILDING ORDERING PICKS UP AS SHIP OWNERS LOOK TO CLOSE DEALS BEFORE THE END OF THE YEAR - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Ship owners are active once again in the newbuilding ordering market, as they look to clinch deals ahead of the end of the year. Once again their fo ...
Tuesday, 27 November 12
NEWCASTLE PORT HAS SHIPPED 1.79 MILLION TONS OF COAL W/E 26 NOVEMBER
COALspot.com - Newcastle port in Australia has loaded 1,793,841 MT of thermal and coking coal for week ended 0700 hours 26 November 2012, Newc ...
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- Port Waratah Coal Services - Australia
- GN Power Mariveles Coal Plant, Philippines
- Altura Mining Limited, Indonesia
- Sarangani Energy Corporation, Philippines
- Indogreen Group - Indonesia
- International Coal Ventures Pvt Ltd - India
- GMR Energy Limited - India
- Ministry of Mines - Canada
- Kideco Jaya Agung - Indonesia
- PTC India Limited - India
- Eastern Coal Council - USA
- Gujarat Mineral Development Corp Ltd - India
- Global Green Power PLC Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Metalloyd Limited - United Kingdom
- The State Trading Corporation of India Ltd
- Orica Mining Services - Indonesia
- New Zealand Coal & Carbon
- Kapuas Tunggal Persada - Indonesia
- McConnell Dowell - Australia
- Heidelberg Cement - Germany
- Lanco Infratech Ltd - India
- OPG Power Generation Pvt Ltd - India
- ICICI Bank Limited - India
- Borneo Indobara - Indonesia
- Interocean Group of Companies - India
- AsiaOL BioFuels Corp., Philippines
- Indonesian Coal Mining Association
- Vijayanagar Sugar Pvt Ltd - India
- Madhucon Powers Ltd - India
- Bukit Baiduri Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Intertek Mineral Services - Indonesia
- Mercuria Energy - Indonesia
- ASAPP Information Group - India
- Asmin Koalindo Tuhup - Indonesia
- IEA Clean Coal Centre - UK
- Siam City Cement - Thailand
- Sindya Power Generating Company Private Ltd
- Baramulti Group, Indonesia
- Formosa Plastics Group - Taiwan
- Toyota Tsusho Corporation, Japan
- Meralco Power Generation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Commonwealth Bank - Australia
- Banpu Public Company Limited - Thailand
- Therma Luzon, Inc, Philippines
- Xindia Steels Limited - India
- Riau Bara Harum - Indonesia
- Global Business Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- TeaM Sual Corporation - Philippines
- Parry Sugars Refinery, India
- Jindal Steel & Power Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Electricity Generating Authority of Thailand
- Globalindo Alam Lestari - Indonesia
- Standard Chartered Bank - UAE
- Chettinad Cement Corporation Ltd - India
- Parliament of New Zealand
- India Bulls Power Limited - India
- Kaltim Prima Coal - Indonesia
- PowerSource Philippines DevCo
- Energy Development Corp, Philippines
- Semirara Mining Corp, Philippines
- Coastal Gujarat Power Limited - India
- Salva Resources Pvt Ltd - India
- Mintek Dendrill Indonesia
- Bhatia International Limited - India
- Bayan Resources Tbk. - Indonesia
- Economic Council, Georgia
- Manunggal Multi Energi - Indonesia
- Iligan Light & Power Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Savvy Resources Ltd - HongKong
- Billiton Holdings Pty Ltd - Australia
- Samtan Co., Ltd - South Korea
- Essar Steel Hazira Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Wilmar Investment Holdings
- Kumho Petrochemical, South Korea
- Bharathi Cement Corporation - India
- SN Aboitiz Power Inc, Philippines
- GVK Power & Infra Limited - India
- London Commodity Brokers - England
- Agrawal Coal Company - India
- Larsen & Toubro Limited - India
- Gujarat Sidhee Cement - India
- Semirara Mining and Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Videocon Industries ltd - India
- Timah Investasi Mineral - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coalindo Energy - Indonesia
- Power Finance Corporation Ltd., India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bangladesh Power Developement Board
- Neyveli Lignite Corporation Ltd, - India
- Sical Logistics Limited - India
- Coal and Oil Company - UAE
- Independent Power Producers Association of India
- Chamber of Mines of South Africa
- IHS Mccloskey Coal Group - USA
- Karaikal Port Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Ministry of Finance - Indonesia
- Bhoruka Overseas - Indonesia
- Rio Tinto Coal - Australia
- Makarim & Taira - Indonesia
- Thiess Contractors Indonesia
- Leighton Contractors Pty Ltd - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhushan Steel Limited - India
- Anglo American - United Kingdom
- Cigading International Bulk Terminal - Indonesia
- The University of Queensland
- GAC Shipping (India) Pvt Ltd
- Sree Jayajothi Cements Limited - India
- Deloitte Consulting - India
- Kobexindo Tractors - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- The Treasury - Australian Government
- Directorate Of Revenue Intelligence - India
- TNB Fuel Sdn Bhd - Malaysia
- Eastern Energy - Thailand
- CNBM International Corporation - China
- SMG Consultants - Indonesia
- Mercator Lines Limited - India
- Oldendorff Carriers - Singapore
- Australian Commodity Traders Exchange
- Attock Cement Pakistan Limited
- Barasentosa Lestari - Indonesia
- Carbofer General Trading SA - India
- Sojitz Corporation - Japan
- Rashtriya Ispat Nigam Limited - India
- Medco Energi Mining Internasional
- Gujarat Electricity Regulatory Commission - India
- Global Coal Blending Company Limited - Australia
- Central Electricity Authority - India
- Singapore Mercantile Exchange
- Romanian Commodities Exchange
- Ambuja Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- Dalmia Cement Bharat India
- Trasteel International SA, Italy
- Star Paper Mills Limited - India
- South Luzon Thermal Energy Corporation
- MS Steel International - UAE
- Indika Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Orica Australia Pty. Ltd.
- White Energy Company Limited
- Jaiprakash Power Ventures ltd
- Indo Tambangraya Megah - Indonesia
- Wood Mackenzie - Singapore
- Malabar Cements Ltd - India
- LBH Netherlands Bv - Netherlands
- Ind-Barath Power Infra Limited - India
- CIMB Investment Bank - Malaysia
- Posco Energy - South Korea
- Vedanta Resources Plc - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Krishnapatnam Port Company Ltd. - India
- Mjunction Services Limited - India
- Africa Commodities Group - South Africa
- Simpson Spence & Young - Indonesia
- Kepco SPC Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Bulk Trading Sa - Switzerland
- Antam Resourcindo - Indonesia
- Central Java Power - Indonesia
- European Bulk Services B.V. - Netherlands
- Alfred C Toepfer International GmbH - Germany
- Uttam Galva Steels Limited - India
- VISA Power Limited - India
- Edison Trading Spa - Italy
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Cement Manufacturers Association - India
- Pendopo Energi Batubara - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Electricity Authority, New Zealand
- Energy Link Ltd, New Zealand
- Vizag Seaport Private Limited - India
- Aditya Birla Group - India
- Minerals Council of Australia
- Binh Thuan Hamico - Vietnam
- Siam City Cement PLC, Thailand
- Indian Energy Exchange, India
- SMC Global Power, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Bukit Makmur.PT - Indonesia
- Latin American Coal - Colombia
- Goldman Sachs - Singapore
- Tamil Nadu electricity Board
- Marubeni Corporation - India
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Transport, Egypt
- Thai Mozambique Logistica
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sakthi Sugars Limited - India
- Renaissance Capital - South Africa
- Georgia Ports Authority, United States
- Kohat Cement Company Ltd. - Pakistan
- Merrill Lynch Commodities Europe
- Grasim Industreis Ltd - India
- Indian Oil Corporation Limited
- San Jose City I Power Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Tata Chemicals Ltd - India
- Petron Corporation, Philippines
- Australian Coal Association
- Planning Commission, India
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