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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, 05 April 13
SGX API 8 CFR SOUTH CHINA COAL SWAPS TO GO LIVE
COALspot.com - The Exchange has announced that the SGX API 8 CFR South China Coal Swap will go live for clearing on SGX-DC starting from 29 Ap ...
Thursday, 04 April 13
HANDY:QUIET ; PANAMAX: SLOW START; CAPESIZE: LOW ACTIVITIES - FEARNRESEARCH
Handy
The Atlantic markets remain quiet as charterers and owners waiting to see how it moves. The USG-Feast was at USD 20k and Black Sea-Feast was ...
Wednesday, 03 April 13
HBA HAS LOST US$ 1.53 PER MT IN APRIL 2013
COALspot.com - The Indonesian government’s declared coal bench mark price has lost $1.53 / MT in April 2013.
The monthly coal referen ...
Tuesday, 02 April 13
AUSTRALIA'S NEWCASTLE PORT SHIPPED 633K MT MORE COAL W-O-W
COALspot.com - Newcastle port in Australia has loaded 3,029,482 tons of thermal and coking coal for week ended 0700 hours 1 April 2013, Newcas ...
Tuesday, 02 April 13
THE GOVERNORS TO TAKE OVER AUTHORITY OF MINING, FORESTRY AND PLANTATION CONCESSIONS
The Indonesian government is planning to transfer the authority of issuing mining, forestry and plantation concessions from municipalities and distr ...
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- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Altura Mining Limited, Indonesia
- Manunggal Multi Energi - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- CNBM International Corporation - China
- Bukit Makmur.PT - Indonesia
- Thai Mozambique Logistica
- Dalmia Cement Bharat India
- Bhushan Steel Limited - India
- McConnell Dowell - Australia
- The State Trading Corporation of India Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Grasim Industreis Ltd - India
- Metalloyd Limited - United Kingdom
- Alfred C Toepfer International GmbH - Germany
- AsiaOL BioFuels Corp., Philippines
- Sakthi Sugars Limited - India
- Trasteel International SA, Italy
- Therma Luzon, Inc, Philippines
- Indonesian Coal Mining Association
- Rio Tinto Coal - Australia
- OPG Power Generation Pvt Ltd - India
- SMC Global Power, Philippines
- Mercuria Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Power Finance Corporation Ltd., India
- Bhatia International Limited - India
- Wood Mackenzie - Singapore
- Tata Chemicals Ltd - India
- GVK Power & Infra Limited - India
- PowerSource Philippines DevCo
- Bukit Asam (Persero) Tbk - Indonesia
- Formosa Plastics Group - Taiwan
- Ministry of Finance - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Coastal Gujarat Power Limited - India
- Kaltim Prima Coal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- VISA Power Limited - India
- Parliament of New Zealand
- Goldman Sachs - Singapore
- Indian Oil Corporation Limited
- Meenaskhi Energy Private Limited - India
- San Jose City I Power Corp, Philippines
- Global Business Power Corporation, Philippines
- Minerals Council of Australia
- Simpson Spence & Young - Indonesia
- The Treasury - Australian Government
- Attock Cement Pakistan Limited
- International Coal Ventures Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Essar Steel Hazira Ltd - India
- Sical Logistics Limited - India
- Renaissance Capital - South Africa
- Central Java Power - Indonesia
- The University of Queensland
- Orica Mining Services - Indonesia
- Sarangani Energy Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Aditya Birla Group - India
- Cigading International Bulk Terminal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Gujarat Electricity Regulatory Commission - India
- Coalindo Energy - Indonesia
- Orica Australia Pty. Ltd.
- Deloitte Consulting - India
- Barasentosa Lestari - Indonesia
- Kapuas Tunggal Persada - Indonesia
- TeaM Sual Corporation - Philippines
- Madhucon Powers Ltd - India
- Petron Corporation, Philippines
- Semirara Mining Corp, Philippines
- Ind-Barath Power Infra Limited - India
- SMG Consultants - Indonesia
- Baramulti Group, Indonesia
- Siam City Cement PLC, Thailand
- Indika Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- SN Aboitiz Power Inc, Philippines
- Videocon Industries ltd - India
- London Commodity Brokers - England
- New Zealand Coal & Carbon
- Straits Asia Resources Limited - Singapore
- Jindal Steel & Power Ltd - India
- Port Waratah Coal Services - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Marubeni Corporation - India
- South Luzon Thermal Energy Corporation
- Jaiprakash Power Ventures ltd
- Edison Trading Spa - Italy
- Pendopo Energi Batubara - Indonesia
- Riau Bara Harum - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Indogreen Group - Indonesia
- Interocean Group of Companies - India
- Planning Commission, India
- GMR Energy Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PTC India Limited - India
- Thiess Contractors Indonesia
- Ceylon Electricity Board - Sri Lanka
- Kideco Jaya Agung - Indonesia
- Oldendorff Carriers - Singapore
- Directorate Of Revenue Intelligence - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sree Jayajothi Cements Limited - India
- White Energy Company Limited
- Ministry of Mines - Canada
- Kumho Petrochemical, South Korea
- Kartika Selabumi Mining - Indonesia
- Commonwealth Bank - Australia
- Miang Besar Coal Terminal - Indonesia
- Parry Sugars Refinery, India
- Africa Commodities Group - South Africa
- IHS Mccloskey Coal Group - USA
- Australian Commodity Traders Exchange
- Mintek Dendrill Indonesia
- Energy Development Corp, Philippines
- Merrill Lynch Commodities Europe
- Binh Thuan Hamico - Vietnam
- PetroVietnam Power Coal Import and Supply Company
- Eastern Energy - Thailand
- Larsen & Toubro Limited - India
- Uttam Galva Steels Limited - India
- Tamil Nadu electricity Board
- PNOC Exploration Corporation - Philippines
- ASAPP Information Group - India
- Energy Link Ltd, New Zealand
- Ministry of Transport, Egypt
- Wilmar Investment Holdings
- Billiton Holdings Pty Ltd - Australia
- Intertek Mineral Services - Indonesia
- Lanco Infratech Ltd - India
- Chamber of Mines of South Africa
- CIMB Investment Bank - Malaysia
- Siam City Cement - Thailand
- Mercator Lines Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Xindia Steels Limited - India
- Electricity Generating Authority of Thailand
- Bukit Baiduri Energy - Indonesia
- ICICI Bank Limited - India
- Toyota Tsusho Corporation, Japan
- Banpu Public Company Limited - Thailand
- Posco Energy - South Korea
- Ambuja Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Indo Tambangraya Megah - Indonesia
- Makarim & Taira - Indonesia
- Medco Energi Mining Internasional
- Heidelberg Cement - Germany
- Maharashtra Electricity Regulatory Commission - India
- Latin American Coal - Colombia
- GAC Shipping (India) Pvt Ltd
- Standard Chartered Bank - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Economic Council, Georgia
- Global Green Power PLC Corporation, Philippines
- Gujarat Sidhee Cement - India
- Anglo American - United Kingdom
- Gujarat Mineral Development Corp Ltd - India
- Samtan Co., Ltd - South Korea
- Timah Investasi Mineral - Indoneisa
- Malabar Cements Ltd - India
- Romanian Commodities Exchange
- Borneo Indobara - Indonesia
- Global Coal Blending Company Limited - Australia
- Vedanta Resources Plc - India
- TNB Fuel Sdn Bhd - Malaysia
- Georgia Ports Authority, United States
- GN Power Mariveles Coal Plant, Philippines
- Electricity Authority, New Zealand
- Vizag Seaport Private Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kalimantan Lumbung Energi - Indonesia
- Eastern Coal Council - USA
- Aboitiz Power Corporation - Philippines
- Antam Resourcindo - Indonesia
- MS Steel International - UAE
- Singapore Mercantile Exchange
- Savvy Resources Ltd - HongKong
- Agrawal Coal Company - India
- Kepco SPC Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- Bhoruka Overseas - Indonesia
- Kobexindo Tractors - Indoneisa
- Globalindo Alam Lestari - Indonesia
- European Bulk Services B.V. - Netherlands
- Cement Manufacturers Association - India
- Price Waterhouse Coopers - Russia
- Meralco Power Generation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Bharathi Cement Corporation - India
- Chettinad Cement Corporation Ltd - India
- Indian Energy Exchange, India
- Salva Resources Pvt Ltd - India
- Star Paper Mills Limited - India
- Independent Power Producers Association of India
- Central Electricity Authority - India
- India Bulls Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Sojitz Corporation - Japan
- Karaikal Port Pvt Ltd - India
- Australian Coal Association
- Petrochimia International Co. Ltd.- Taiwan
- Mjunction Services Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Bangladesh Power Developement Board
- Coal and Oil Company - UAE
- Sindya Power Generating Company Private Ltd
- LBH Netherlands Bv - Netherlands
- Carbofer General Trading SA - India
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