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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, 19 April 13
FIRST QUARTER OF 2013 PROVEN A POSITIVE SURPRISE FOR DRY BULK MARKET - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Despite ominous predictions regarding the negative performance of the dry bulk market during the – traditionally weak anyway – first qua ...
Thursday, 18 April 13
HANDY: STABLE ; PANAMAX: BUSY WEEK - FEARNRESEARCH
Handy
The Atlantic markets remain stable in this week. The USG-Feast was at USD 19k and Black Sea-Feast was at USD 12k. The Pacific market is bit f ...
Thursday, 18 April 13
FEATURE: PREDICTING THE FUTURE - AND THE PAST - BIMCO
It’s not predicting the future that is problematical, it’s the realisation that you have to relive the past again and again when you fai ...
Wednesday, 17 April 13
INDONESIA SHIPPED 80 MILLION TONS OF COAL IN FIRST QUARTER - COAL DIRECTOR
COALspot.com - Indonesia has exported around 80 million tons of coal including power plant coal in first three months of this year.
Speaking on t ...
Tuesday, 16 April 13
AUSTRALIAN NEWCASTLE PORT'S COAL EXPORTS JUMPED 20.87 PER CENT ON WEEK TO 3.07 MMT
COALspot.com - Newcastle port in Australia has loaded 3,077,431 tons of thermal and coking coal for week ended 0700 hours 15 April 2013, Newca ...
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- Coastal Gujarat Power Limited - India
- Heidelberg Cement - Germany
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Eastern Energy - Thailand
- VISA Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- White Energy Company Limited
- The Treasury - Australian Government
- Sinarmas Energy and Mining - Indonesia
- Independent Power Producers Association of India
- Malabar Cements Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Cement Manufacturers Association - India
- Electricity Authority, New Zealand
- Ceylon Electricity Board - Sri Lanka
- Kideco Jaya Agung - Indonesia
- Straits Asia Resources Limited - Singapore
- AsiaOL BioFuels Corp., Philippines
- Bhushan Steel Limited - India
- Sree Jayajothi Cements Limited - India
- IEA Clean Coal Centre - UK
- Larsen & Toubro Limited - India
- Savvy Resources Ltd - HongKong
- Altura Mining Limited, Indonesia
- Latin American Coal - Colombia
- Directorate General of MIneral and Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Meralco Power Generation, Philippines
- OPG Power Generation Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Australian Coal Association
- Economic Council, Georgia
- Therma Luzon, Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- South Luzon Thermal Energy Corporation
- Agrawal Coal Company - India
- Leighton Contractors Pty Ltd - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Lanco Infratech Ltd - India
- Eastern Coal Council - USA
- Krishnapatnam Port Company Ltd. - India
- SN Aboitiz Power Inc, Philippines
- Jaiprakash Power Ventures ltd
- Salva Resources Pvt Ltd - India
- Petron Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Wilmar Investment Holdings
- Tamil Nadu electricity Board
- Iligan Light & Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Borneo Indobara - Indonesia
- Banpu Public Company Limited - Thailand
- Marubeni Corporation - India
- Kartika Selabumi Mining - Indonesia
- Medco Energi Mining Internasional
- Sojitz Corporation - Japan
- Bahari Cakrawala Sebuku - Indonesia
- London Commodity Brokers - England
- Carbofer General Trading SA - India
- Kobexindo Tractors - Indoneisa
- Indian Energy Exchange, India
- Kapuas Tunggal Persada - Indonesia
- TeaM Sual Corporation - Philippines
- SMG Consultants - Indonesia
- Bhoruka Overseas - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Maharashtra Electricity Regulatory Commission - India
- Coal and Oil Company - UAE
- Singapore Mercantile Exchange
- Vedanta Resources Plc - India
- Aditya Birla Group - India
- Ministry of Mines - Canada
- Coalindo Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GMR Energy Limited - India
- Dalmia Cement Bharat India
- Energy Development Corp, Philippines
- Ministry of Finance - Indonesia
- Aboitiz Power Corporation - Philippines
- CNBM International Corporation - China
- McConnell Dowell - Australia
- Oldendorff Carriers - Singapore
- Rio Tinto Coal - Australia
- Maheswari Brothers Coal Limited - India
- Toyota Tsusho Corporation, Japan
- Wood Mackenzie - Singapore
- Indogreen Group - Indonesia
- Jindal Steel & Power Ltd - India
- Bulk Trading Sa - Switzerland
- Anglo American - United Kingdom
- Holcim Trading Pte Ltd - Singapore
- Ambuja Cements Ltd - India
- The University of Queensland
- Thiess Contractors Indonesia
- Parliament of New Zealand
- Global Business Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Attock Cement Pakistan Limited
- Directorate Of Revenue Intelligence - India
- Chettinad Cement Corporation Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Makarim & Taira - Indonesia
- Barasentosa Lestari - Indonesia
- Ministry of Transport, Egypt
- ICICI Bank Limited - India
- Manunggal Multi Energi - Indonesia
- Energy Link Ltd, New Zealand
- Bayan Resources Tbk. - Indonesia
- GAC Shipping (India) Pvt Ltd
- Intertek Mineral Services - Indonesia
- Formosa Plastics Group - Taiwan
- Bhatia International Limited - India
- Edison Trading Spa - Italy
- Pendopo Energi Batubara - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- PTC India Limited - India
- Standard Chartered Bank - UAE
- Semirara Mining and Power Corporation, Philippines
- Chamber of Mines of South Africa
- ASAPP Information Group - India
- Mercator Lines Limited - India
- Siam City Cement PLC, Thailand
- Cigading International Bulk Terminal - Indonesia
- Grasim Industreis Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Xindia Steels Limited - India
- Port Waratah Coal Services - Australia
- Electricity Generating Authority of Thailand
- Renaissance Capital - South Africa
- Baramulti Group, Indonesia
- Orica Australia Pty. Ltd.
- Essar Steel Hazira Ltd - India
- Kaltim Prima Coal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Madhucon Powers Ltd - India
- Trasteel International SA, Italy
- TNB Fuel Sdn Bhd - Malaysia
- Globalindo Alam Lestari - Indonesia
- India Bulls Power Limited - India
- Gujarat Sidhee Cement - India
- Uttam Galva Steels Limited - India
- Kumho Petrochemical, South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Thai Mozambique Logistica
- Neyveli Lignite Corporation Ltd, - India
- PNOC Exploration Corporation - Philippines
- Indonesian Coal Mining Association
- The State Trading Corporation of India Ltd
- Indian Oil Corporation Limited
- Kohat Cement Company Ltd. - Pakistan
- Karbindo Abesyapradhi - Indoneisa
- Posco Energy - South Korea
- Jorong Barutama Greston.PT - Indonesia
- Mjunction Services Limited - India
- Bangladesh Power Developement Board
- Interocean Group of Companies - India
- Samtan Co., Ltd - South Korea
- Bharathi Cement Corporation - India
- Karaikal Port Pvt Ltd - India
- Star Paper Mills Limited - India
- Australian Commodity Traders Exchange
- Merrill Lynch Commodities Europe
- Vizag Seaport Private Limited - India
- Power Finance Corporation Ltd., India
- Indika Energy - Indonesia
- Simpson Spence & Young - Indonesia
- European Bulk Services B.V. - Netherlands
- Georgia Ports Authority, United States
- Global Coal Blending Company Limited - Australia
- International Coal Ventures Pvt Ltd - India
- Siam City Cement - Thailand
- Minerals Council of Australia
- Parry Sugars Refinery, India
- Sindya Power Generating Company Private Ltd
- Alfred C Toepfer International GmbH - Germany
- Orica Mining Services - Indonesia
- MS Steel International - UAE
- Gujarat Electricity Regulatory Commission - India
- Sical Logistics Limited - India
- Commonwealth Bank - Australia
- Videocon Industries ltd - India
- Deloitte Consulting - India
- Riau Bara Harum - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Price Waterhouse Coopers - Russia
- Mintek Dendrill Indonesia
- Africa Commodities Group - South Africa
- Central Electricity Authority - India
- GVK Power & Infra Limited - India
- Sakthi Sugars Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mercuria Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- IHS Mccloskey Coal Group - USA
- Semirara Mining Corp, Philippines
- New Zealand Coal & Carbon
- Planning Commission, India
- SMC Global Power, Philippines
- LBH Netherlands Bv - Netherlands
- Central Java Power - Indonesia
- Indo Tambangraya Megah - Indonesia
- Goldman Sachs - Singapore
- PowerSource Philippines DevCo
- San Jose City I Power Corp, Philippines
- Tata Chemicals Ltd - India
- Global Green Power PLC Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Antam Resourcindo - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pipit Mutiara Jaya. PT, Indonesia
- Billiton Holdings Pty Ltd - Australia
- GN Power Mariveles Coal Plant, Philippines
- Romanian Commodities Exchange
- Bukit Makmur.PT - Indonesia
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