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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, 03 May 13
SHIP OWNERS ARE INVESTING HEAVILY IN DRY BULK CARRIER NEWBUILDINGS ONCE MORE: IS THERE ANY RATIONALE? - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Despite the fact that the dry bulk market remains heavily oversupplied and just as the orderbook of newbuildings had began to shrink, it seems that sh ...
Wednesday, 01 May 13
NEWCASTLE PORT SHIPPED 23.14 PER CENT MORE COAL WEEK ON WEEK
COALspot.com - Newcastle port in Australia has loaded 2,997,729 tons of thermal and coking coal for week ended 0700 hours 29 April 2013, Newca ...
Tuesday, 30 April 13
KATINGAN RIA THERMAL COAL TO START PRODUCTION FROM EARLY 2014
COALspot.com - Realm Resources Ltd. (ASX: RRP) has announced the completion of the Feasibility Study for its 51% owned Katingan Ria thermal co ...
Monday, 29 April 13
FIRST TRADES OF SGX API 8 CFR SOUTH CHINA COAL SWAP
COALspot.com - The SGX API 8 CFR South China Coal Swap went live for clearing on SGX-DC today with a total volume of 25,000 metric tonnes (25 lots). ...
Sunday, 28 April 13
SUB BIT INDONESIA COAL & CFR SOUTH CHINA COAL SWAPS STAY POSITIVE
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for average May 2013 delivery has gained 0.34 percent and CFR South China coal shipment gai ...
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- Dong Bac Coal Mineral Investment Coporation - Vietnam
- TeaM Sual Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Globalindo Alam Lestari - Indonesia
- Indian Oil Corporation Limited
- Agrawal Coal Company - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Semirara Mining Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Ind-Barath Power Infra Limited - India
- Deloitte Consulting - India
- Georgia Ports Authority, United States
- Intertek Mineral Services - Indonesia
- Energy Development Corp, Philippines
- SMC Global Power, Philippines
- Marubeni Corporation - India
- Vizag Seaport Private Limited - India
- OPG Power Generation Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Videocon Industries ltd - India
- Electricity Authority, New Zealand
- Parry Sugars Refinery, India
- Samtan Co., Ltd - South Korea
- Riau Bara Harum - Indonesia
- Iligan Light & Power Inc, Philippines
- Essar Steel Hazira Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Gujarat Mineral Development Corp Ltd - India
- Siam City Cement - Thailand
- Bharathi Cement Corporation - India
- Timah Investasi Mineral - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Carbofer General Trading SA - India
- IEA Clean Coal Centre - UK
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The State Trading Corporation of India Ltd
- Gujarat Sidhee Cement - India
- Chamber of Mines of South Africa
- Attock Cement Pakistan Limited
- Mjunction Services Limited - India
- Alfred C Toepfer International GmbH - Germany
- PetroVietnam Power Coal Import and Supply Company
- Eastern Coal Council - USA
- Ambuja Cements Ltd - India
- PTC India Limited - India
- Jindal Steel & Power Ltd - India
- LBH Netherlands Bv - Netherlands
- Anglo American - United Kingdom
- Cigading International Bulk Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- GVK Power & Infra Limited - India
- London Commodity Brokers - England
- CNBM International Corporation - China
- Salva Resources Pvt Ltd - India
- Xindia Steels Limited - India
- Miang Besar Coal Terminal - Indonesia
- VISA Power Limited - India
- Ministry of Mines - Canada
- Standard Chartered Bank - UAE
- Karaikal Port Pvt Ltd - India
- Commonwealth Bank - Australia
- European Bulk Services B.V. - Netherlands
- Uttam Galva Steels Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Planning Commission, India
- Bukit Baiduri Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Central Electricity Authority - India
- Goldman Sachs - Singapore
- Savvy Resources Ltd - HongKong
- Banpu Public Company Limited - Thailand
- The Treasury - Australian Government
- Indika Energy - Indonesia
- Madhucon Powers Ltd - India
- Aditya Birla Group - India
- Renaissance Capital - South Africa
- Kepco SPC Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Rio Tinto Coal - Australia
- Barasentosa Lestari - Indonesia
- MS Steel International - UAE
- Vedanta Resources Plc - India
- McConnell Dowell - Australia
- Pendopo Energi Batubara - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Semirara Mining and Power Corporation, Philippines
- New Zealand Coal & Carbon
- Eastern Energy - Thailand
- Port Waratah Coal Services - Australia
- Baramulti Group, Indonesia
- Trasteel International SA, Italy
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Transport, Egypt
- Lanco Infratech Ltd - India
- White Energy Company Limited
- Bhoruka Overseas - Indonesia
- Edison Trading Spa - Italy
- Economic Council, Georgia
- International Coal Ventures Pvt Ltd - India
- Mercuria Energy - Indonesia
- Central Java Power - Indonesia
- Makarim & Taira - Indonesia
- Price Waterhouse Coopers - Russia
- Global Coal Blending Company Limited - Australia
- Holcim Trading Pte Ltd - Singapore
- ASAPP Information Group - India
- Electricity Generating Authority of Thailand
- Larsen & Toubro Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Therma Luzon, Inc, Philippines
- Romanian Commodities Exchange
- Cement Manufacturers Association - India
- Sindya Power Generating Company Private Ltd
- Manunggal Multi Energi - Indonesia
- ICICI Bank Limited - India
- Tata Chemicals Ltd - India
- Independent Power Producers Association of India
- GN Power Mariveles Coal Plant, Philippines
- Indonesian Coal Mining Association
- Maheswari Brothers Coal Limited - India
- Bhatia International Limited - India
- India Bulls Power Limited - India
- The University of Queensland
- Leighton Contractors Pty Ltd - Australia
- San Jose City I Power Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Interocean Group of Companies - India
- Posco Energy - South Korea
- CIMB Investment Bank - Malaysia
- Bhushan Steel Limited - India
- Africa Commodities Group - South Africa
- Energy Link Ltd, New Zealand
- Metalloyd Limited - United Kingdom
- Bulk Trading Sa - Switzerland
- Antam Resourcindo - Indonesia
- Australian Coal Association
- Singapore Mercantile Exchange
- Gujarat Electricity Regulatory Commission - India
- Global Business Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Wood Mackenzie - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Sical Logistics Limited - India
- Kumho Petrochemical, South Korea
- Borneo Indobara - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Indogreen Group - Indonesia
- Coalindo Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jaiprakash Power Ventures ltd
- Meenaskhi Energy Private Limited - India
- Wilmar Investment Holdings
- Sree Jayajothi Cements Limited - India
- Malabar Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Bangladesh Power Developement Board
- SN Aboitiz Power Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Straits Asia Resources Limited - Singapore
- PowerSource Philippines DevCo
- Directorate General of MIneral and Coal - Indonesia
- Heidelberg Cement - Germany
- Orica Mining Services - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Mintek Dendrill Indonesia
- Grasim Industreis Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Krishnapatnam Port Company Ltd. - India
- Kapuas Tunggal Persada - Indonesia
- Sojitz Corporation - Japan
- Maharashtra Electricity Regulatory Commission - India
- Mercator Lines Limited - India
- Chettinad Cement Corporation Ltd - India
- Thai Mozambique Logistica
- Oldendorff Carriers - Singapore
- Meralco Power Generation, Philippines
- Kobexindo Tractors - Indoneisa
- Altura Mining Limited, Indonesia
- Australian Commodity Traders Exchange
- PNOC Exploration Corporation - Philippines
- Dalmia Cement Bharat India
- Minerals Council of Australia
- Ministry of Finance - Indonesia
- Power Finance Corporation Ltd., India
- Medco Energi Mining Internasional
- Bayan Resources Tbk. - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Indian Energy Exchange, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Siam City Cement PLC, Thailand
- GMR Energy Limited - India
- Indo Tambangraya Megah - Indonesia
- Orica Australia Pty. Ltd.
- Star Paper Mills Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Latin American Coal - Colombia
- Vijayanagar Sugar Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Thiess Contractors Indonesia
- Merrill Lynch Commodities Europe
- Kartika Selabumi Mining - Indonesia
- GAC Shipping (India) Pvt Ltd
- Parliament of New Zealand
- Kaltim Prima Coal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- SMG Consultants - Indonesia
- Coal and Oil Company - UAE
- Petron Corporation, Philippines
- Tamil Nadu electricity Board
- Binh Thuan Hamico - Vietnam
- South Luzon Thermal Energy Corporation
- Formosa Plastics Group - Taiwan
- Coastal Gujarat Power Limited - India
- Directorate Of Revenue Intelligence - India
- TNB Fuel Sdn Bhd - Malaysia
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