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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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Monday, 15 April 13
SUB - BIT INDONESIA COAL SWAP SHOWS POSITIVE TREND
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for average Q2’ 2013 delivery has gained 2.70 percent and CFR South China coal shipment&nbs ...
Saturday, 13 April 13
THE FREIGHT MARKETS EXPECTED TO HOLD FIRM NEXT WEEK - CAPT. REDDY
COALspot.com - This freight market firmed up this week and all sectors were up except for Supramax index.
The BDI was up by 1.62 pct closing at 8 ...
Friday, 12 April 13
DRY BULK SHIP OWNERS DEVELOPED NEWFOUND APPETITE FOR BULKERS DURING FIRST QUARTER OF 2013 - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
It's official; more and more ship owners operating in the dry bulk market appear to have developed a newfound optimism in the market's prospects. ...
Thursday, 11 April 13
HANDY: INDO - INDIA NOW BEEN REPORTED AT APS BASIS AT USD 10K+BB 85K - FEARNLEYS
Handy
The Atlantic markets remain with not many cargoes seen this week. The USG-Feast was at USD 18k and Black Sea-Feast was at USD 12k. The Pacifi ...
Thursday, 11 April 13
AUSTRALIA'S NEWCASTLE PORT SHIPPED 15.96 PERCENT LESS COAL W-O-W
COALspot.com - Newcastle port in Australia has loaded 2,545,914 tons of thermal and coking coal for week ended 0700 hours 8 April 2013, Newcas ...
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- Thai Mozambique Logistica
- Economic Council, Georgia
- International Coal Ventures Pvt Ltd - India
- VISA Power Limited - India
- Bharathi Cement Corporation - India
- Deloitte Consulting - India
- Simpson Spence & Young - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Anglo American - United Kingdom
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- PowerSource Philippines DevCo
- Globalindo Alam Lestari - Indonesia
- Kaltim Prima Coal - Indonesia
- Indika Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Salva Resources Pvt Ltd - India
- MS Steel International - UAE
- PNOC Exploration Corporation - Philippines
- Energy Development Corp, Philippines
- Carbofer General Trading SA - India
- Lanco Infratech Ltd - India
- Port Waratah Coal Services - Australia
- IEA Clean Coal Centre - UK
- Bahari Cakrawala Sebuku - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Tamil Nadu electricity Board
- Timah Investasi Mineral - Indoneisa
- Romanian Commodities Exchange
- Central Electricity Authority - India
- South Luzon Thermal Energy Corporation
- PTC India Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Maheswari Brothers Coal Limited - India
- Kumho Petrochemical, South Korea
- Electricity Authority, New Zealand
- Star Paper Mills Limited - India
- Georgia Ports Authority, United States
- Rashtriya Ispat Nigam Limited - India
- Intertek Mineral Services - Indonesia
- Sakthi Sugars Limited - India
- Standard Chartered Bank - UAE
- Tata Chemicals Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mintek Dendrill Indonesia
- McConnell Dowell - Australia
- Kobexindo Tractors - Indoneisa
- Siam City Cement - Thailand
- Straits Asia Resources Limited - Singapore
- San Jose City I Power Corp, Philippines
- The State Trading Corporation of India Ltd
- Sinarmas Energy and Mining - Indonesia
- Barasentosa Lestari - Indonesia
- Karaikal Port Pvt Ltd - India
- Planning Commission, India
- Semirara Mining Corp, Philippines
- London Commodity Brokers - England
- Binh Thuan Hamico - Vietnam
- Power Finance Corporation Ltd., India
- Price Waterhouse Coopers - Russia
- GMR Energy Limited - India
- Vedanta Resources Plc - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- ICICI Bank Limited - India
- Riau Bara Harum - Indonesia
- Bangladesh Power Developement Board
- IHS Mccloskey Coal Group - USA
- Sree Jayajothi Cements Limited - India
- Antam Resourcindo - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Global Business Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Cement Manufacturers Association - India
- SN Aboitiz Power Inc, Philippines
- Australian Commodity Traders Exchange
- Indo Tambangraya Megah - Indonesia
- The Treasury - Australian Government
- Toyota Tsusho Corporation, Japan
- Thiess Contractors Indonesia
- Rio Tinto Coal - Australia
- Aditya Birla Group - India
- Parry Sugars Refinery, India
- Vizag Seaport Private Limited - India
- Makarim & Taira - Indonesia
- Borneo Indobara - Indonesia
- Ministry of Mines - Canada
- Kideco Jaya Agung - Indonesia
- India Bulls Power Limited - India
- Indonesian Coal Mining Association
- Samtan Co., Ltd - South Korea
- Kohat Cement Company Ltd. - Pakistan
- Wilmar Investment Holdings
- Ind-Barath Power Infra Limited - India
- Kapuas Tunggal Persada - Indonesia
- Independent Power Producers Association of India
- CNBM International Corporation - China
- Australian Coal Association
- Posco Energy - South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Therma Luzon, Inc, Philippines
- White Energy Company Limited
- Banpu Public Company Limited - Thailand
- Malabar Cements Ltd - India
- Leighton Contractors Pty Ltd - Australia
- European Bulk Services B.V. - Netherlands
- Orica Mining Services - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Aboitiz Power Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Essar Steel Hazira Ltd - India
- Singapore Mercantile Exchange
- Attock Cement Pakistan Limited
- Agrawal Coal Company - India
- Kartika Selabumi Mining - Indonesia
- Electricity Generating Authority of Thailand
- Bulk Trading Sa - Switzerland
- Jorong Barutama Greston.PT - Indonesia
- Directorate Of Revenue Intelligence - India
- Videocon Industries ltd - India
- Xindia Steels Limited - India
- New Zealand Coal & Carbon
- Formosa Plastics Group - Taiwan
- Mjunction Services Limited - India
- Coastal Gujarat Power Limited - India
- Sojitz Corporation - Japan
- Madhucon Powers Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Meralco Power Generation, Philippines
- GAC Shipping (India) Pvt Ltd
- Holcim Trading Pte Ltd - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Manunggal Multi Energi - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Global Coal Blending Company Limited - Australia
- Kepco SPC Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Commonwealth Bank - Australia
- Merrill Lynch Commodities Europe
- Jindal Steel & Power Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Transport, Egypt
- Bhushan Steel Limited - India
- Metalloyd Limited - United Kingdom
- Interocean Group of Companies - India
- Indian Energy Exchange, India
- Wood Mackenzie - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Altura Mining Limited, Indonesia
- Parliament of New Zealand
- Minerals Council of Australia
- Sical Logistics Limited - India
- Marubeni Corporation - India
- Central Java Power - Indonesia
- Siam City Cement PLC, Thailand
- Renaissance Capital - South Africa
- Bayan Resources Tbk. - Indonesia
- OPG Power Generation Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Dalmia Cement Bharat India
- Maharashtra Electricity Regulatory Commission - India
- Medco Energi Mining Internasional
- Coal and Oil Company - UAE
- Chamber of Mines of South Africa
- LBH Netherlands Bv - Netherlands
- Jaiprakash Power Ventures ltd
- Goldman Sachs - Singapore
- Heidelberg Cement - Germany
- Sindya Power Generating Company Private Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Eastern Coal Council - USA
- Savvy Resources Ltd - HongKong
- Indian Oil Corporation Limited
- Larsen & Toubro Limited - India
- Miang Besar Coal Terminal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- ASAPP Information Group - India
- Mercuria Energy - Indonesia
- Mercator Lines Limited - India
- Trasteel International SA, Italy
- Pendopo Energi Batubara - Indonesia
- Global Green Power PLC Corporation, Philippines
- SMC Global Power, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Billiton Holdings Pty Ltd - Australia
- GVK Power & Infra Limited - India
- Eastern Energy - Thailand
- Energy Link Ltd, New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Coalindo Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Meenaskhi Energy Private Limited - India
- Sarangani Energy Corporation, Philippines
- The University of Queensland
- Latin American Coal - Colombia
- Indogreen Group - Indonesia
- Chettinad Cement Corporation Ltd - India
- Bukit Baiduri Energy - Indonesia
- Edison Trading Spa - Italy
- Pipit Mutiara Jaya. PT, Indonesia
- Alfred C Toepfer International GmbH - Germany
- SMG Consultants - Indonesia
- Africa Commodities Group - South Africa
- Baramulti Group, Indonesia
- Ministry of Finance - Indonesia
- Bhatia International Limited - India
- Ambuja Cements Ltd - India
- Bukit Makmur.PT - Indonesia
- Petron Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Uttam Galva Steels Limited - India
- Grasim Industreis Ltd - India
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