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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, 22 November 12
DRY BULK MARKET RISE, BUT OUTLOOK SEEN DIM ON THE BACK OF RECORD NEW BUILDING DELIVERIES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has been under hefty pressure since the start of the year, as a result of record newbuilding deliveries and below-par demand for ...
Wednesday, 21 November 12
LITTLE IMPACT FROM DISSOLUTION OF BP MIGAS ON INDONESIAN OIL & GAS COMPANIES - FITCH
Fitch Ratings has said that the recent court order to abolish the Indonesian upstream oil and gas regulator, BP Migas, has minimal immediate impact ...
Wednesday, 21 November 12
ORPHEUS ENERGY SECURES FIRST COAL OFF TAKE CONTRACT
COALspot.com - Orpheus Energy Limited (ASX:OEG) has announced that it has signed a coal sales contract with an Indonesian steel manufacturing compan ...
Tuesday, 20 November 12
AUSTRALIAN NEWCASTLE PORT HAS LOADED 13.18 PERCENT LESS COAL W-W
COALspot.com - Newcastle port in Australia has loaded 2,691,731 MT of thermal and coking coal for week ended 0700 hours 19 November 2012, Newc ...
Monday, 19 November 12
GOVT PREPARES TO FACE ANOTHER SUIT ON MINING LAW - THE JAKARTA POST
The government is gearing up to face a complaint on the 2009 Mining Law prepared by the same organization that previously brought down upstream oil ...
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- IHS Mccloskey Coal Group - USA
- Simpson Spence & Young - Indonesia
- Jaiprakash Power Ventures ltd
- Independent Power Producers Association of India
- TNB Fuel Sdn Bhd - Malaysia
- Ceylon Electricity Board - Sri Lanka
- Neyveli Lignite Corporation Ltd, - India
- McConnell Dowell - Australia
- Directorate General of MIneral and Coal - Indonesia
- The State Trading Corporation of India Ltd
- The Treasury - Australian Government
- Australian Coal Association
- Edison Trading Spa - Italy
- Maheswari Brothers Coal Limited - India
- Lanco Infratech Ltd - India
- Global Green Power PLC Corporation, Philippines
- Bharathi Cement Corporation - India
- Planning Commission, India
- Australian Commodity Traders Exchange
- Bukit Makmur.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Indika Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Xindia Steels Limited - India
- Cement Manufacturers Association - India
- Indian Energy Exchange, India
- Heidelberg Cement - Germany
- Trasteel International SA, Italy
- GAC Shipping (India) Pvt Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Bhatia International Limited - India
- Semirara Mining Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coal and Oil Company - UAE
- Bukit Baiduri Energy - Indonesia
- Indian Oil Corporation Limited
- Banpu Public Company Limited - Thailand
- Directorate Of Revenue Intelligence - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Essar Steel Hazira Ltd - India
- Electricity Authority, New Zealand
- Sarangani Energy Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Attock Cement Pakistan Limited
- Ministry of Mines - Canada
- White Energy Company Limited
- Wilmar Investment Holdings
- Alfred C Toepfer International GmbH - Germany
- Bangladesh Power Developement Board
- Bhushan Steel Limited - India
- Electricity Generating Authority of Thailand
- IEA Clean Coal Centre - UK
- Gujarat Electricity Regulatory Commission - India
- Bulk Trading Sa - Switzerland
- MS Steel International - UAE
- Jindal Steel & Power Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- GVK Power & Infra Limited - India
- Mjunction Services Limited - India
- Global Business Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Wood Mackenzie - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Energy Link Ltd, New Zealand
- Africa Commodities Group - South Africa
- Tamil Nadu electricity Board
- Bhoruka Overseas - Indonesia
- SMG Consultants - Indonesia
- Cigading International Bulk Terminal - Indonesia
- European Bulk Services B.V. - Netherlands
- Deloitte Consulting - India
- Renaissance Capital - South Africa
- Parry Sugars Refinery, India
- Minerals Council of Australia
- Gujarat Mineral Development Corp Ltd - India
- Uttam Galva Steels Limited - India
- Mercator Lines Limited - India
- LBH Netherlands Bv - Netherlands
- Price Waterhouse Coopers - Russia
- CIMB Investment Bank - Malaysia
- Timah Investasi Mineral - Indoneisa
- Malabar Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- New Zealand Coal & Carbon
- Georgia Ports Authority, United States
- Sree Jayajothi Cements Limited - India
- Riau Bara Harum - Indonesia
- Latin American Coal - Colombia
- Indo Tambangraya Megah - Indonesia
- Standard Chartered Bank - UAE
- Holcim Trading Pte Ltd - Singapore
- Savvy Resources Ltd - HongKong
- Vizag Seaport Private Limited - India
- Thai Mozambique Logistica
- Toyota Tsusho Corporation, Japan
- Sojitz Corporation - Japan
- Power Finance Corporation Ltd., India
- ASAPP Information Group - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kepco SPC Power Corporation, Philippines
- ICICI Bank Limited - India
- Chamber of Mines of South Africa
- South Luzon Thermal Energy Corporation
- Videocon Industries ltd - India
- Vedanta Resources Plc - India
- Metalloyd Limited - United Kingdom
- Eastern Coal Council - USA
- Coastal Gujarat Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Altura Mining Limited, Indonesia
- Kartika Selabumi Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- Commonwealth Bank - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Star Paper Mills Limited - India
- Grasim Industreis Ltd - India
- Central Electricity Authority - India
- Sinarmas Energy and Mining - Indonesia
- Sakthi Sugars Limited - India
- GMR Energy Limited - India
- Rashtriya Ispat Nigam Limited - India
- Straits Asia Resources Limited - Singapore
- Dalmia Cement Bharat India
- Anglo American - United Kingdom
- Port Waratah Coal Services - Australia
- Orica Mining Services - Indonesia
- Antam Resourcindo - Indonesia
- Kideco Jaya Agung - Indonesia
- Siam City Cement PLC, Thailand
- Energy Development Corp, Philippines
- Mercuria Energy - Indonesia
- Singapore Mercantile Exchange
- Economic Council, Georgia
- Pendopo Energi Batubara - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Baramulti Group, Indonesia
- Tata Chemicals Ltd - India
- The University of Queensland
- Kohat Cement Company Ltd. - Pakistan
- Kaltim Prima Coal - Indonesia
- Makarim & Taira - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Petron Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Interocean Group of Companies - India
- Borneo Indobara - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
- Pipit Mutiara Jaya. PT, Indonesia
- London Commodity Brokers - England
- Carbofer General Trading SA - India
- Agrawal Coal Company - India
- San Jose City I Power Corp, Philippines
- TeaM Sual Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- International Coal Ventures Pvt Ltd - India
- SMC Global Power, Philippines
- PowerSource Philippines DevCo
- Global Coal Blending Company Limited - Australia
- Mintek Dendrill Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Salva Resources Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Goldman Sachs - Singapore
- Coalindo Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Central Java Power - Indonesia
- Ministry of Finance - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Therma Luzon, Inc, Philippines
- Ambuja Cements Ltd - India
- Samtan Co., Ltd - South Korea
- PetroVietnam Power Coal Import and Supply Company
- Siam City Cement - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Meralco Power Generation, Philippines
- Iligan Light & Power Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Miang Besar Coal Terminal - Indonesia
- Posco Energy - South Korea
- Jorong Barutama Greston.PT - Indonesia
- Romanian Commodities Exchange
- PTC India Limited - India
- PNOC Exploration Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Indogreen Group - Indonesia
- CNBM International Corporation - China
- Thiess Contractors Indonesia
- Larsen & Toubro Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Aditya Birla Group - India
- Gujarat Sidhee Cement - India
- Madhucon Powers Ltd - India
- Orica Australia Pty. Ltd.
- Marubeni Corporation - India
- Sical Logistics Limited - India
- Rio Tinto Coal - Australia
- Eastern Energy - Thailand
- India Bulls Power Limited - India
- Oldendorff Carriers - Singapore
- Intertek Mineral Services - Indonesia
- Ministry of Transport, Egypt
- Indonesian Coal Mining Association
- Leighton Contractors Pty Ltd - Australia
- Manunggal Multi Energi - Indonesia
- Parliament of New Zealand
- Barasentosa Lestari - Indonesia
- VISA Power Limited - India
- Ind-Barath Power Infra Limited - India
- Medco Energi Mining Internasional
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