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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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Tuesday, 26 March 13
NEWCASTLE PORT SHIPPED 2.39 MMT OF COAL W/E 25 MARCH 2013
COALspot.com - Newcastle port in Australia has loaded 2.396 million tons of thermal and coking coal for week ended 0700 hours 25 March 2013, N ...
Monday, 25 March 13
BUNKER FUELS ARE ABOUT TO GET CLEANER, BUT AT WHAT COST? - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The cost of bunkers is nowadays the driving force behind most ship owners' major decisions, with regulations bound to change in many parts of the w ...
Sunday, 24 March 13
THE SUB-BIT INDONESIA'S COAL SWAPS FOR Q2 DELIVERY PRICE LOST 7.47 PERCENT PMT M-O-M
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for average Q2’ 2013 delivery has lost 3.39 percent and CFR South China coal shipment 2.65 ...
Sunday, 24 March 13
FREIGHT MARKETS CONTINUED TO FIRM - VISTAAR
COALspot.com - This freight market continued to remain firm in all segments except for cape index which softened slightly.
The BDI was up by 4.60 ...
Sunday, 24 March 13
DRY BULK MARKET PROSPECTS OFFER ROOM FOR RESTRAINED OPTIMISM SAYS SHIP OWNER - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
In its announcement regarding its annual performance, ship owner Frontline offered some useful insight on the future prospects of both the dry bulk ...
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- Parliament of New Zealand
- Heidelberg Cement - Germany
- Offshore Bulk Terminal Pte Ltd, Singapore
- Chamber of Mines of South Africa
- Goldman Sachs - Singapore
- Australian Coal Association
- Bukit Makmur.PT - Indonesia
- Borneo Indobara - Indonesia
- Indika Energy - Indonesia
- Mercuria Energy - Indonesia
- Interocean Group of Companies - India
- Sakthi Sugars Limited - India
- Ind-Barath Power Infra Limited - India
- Karaikal Port Pvt Ltd - India
- Baramulti Group, Indonesia
- Toyota Tsusho Corporation, Japan
- Lanco Infratech Ltd - India
- Banpu Public Company Limited - Thailand
- VISA Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Sarangani Energy Corporation, Philippines
- The University of Queensland
- CNBM International Corporation - China
- Pendopo Energi Batubara - Indonesia
- Kumho Petrochemical, South Korea
- Orica Mining Services - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Central Java Power - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Oldendorff Carriers - Singapore
- GMR Energy Limited - India
- Cigading International Bulk Terminal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Vizag Seaport Private Limited - India
- Semirara Mining Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- The State Trading Corporation of India Ltd
- Kaltim Prima Coal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Globalindo Alam Lestari - Indonesia
- Latin American Coal - Colombia
- Ceylon Electricity Board - Sri Lanka
- Bank of Tokyo Mitsubishi UFJ Ltd
- Riau Bara Harum - Indonesia
- Malabar Cements Ltd - India
- Ministry of Transport, Egypt
- Minerals Council of Australia
- Siam City Cement - Thailand
- Sree Jayajothi Cements Limited - India
- Medco Energi Mining Internasional
- Timah Investasi Mineral - Indoneisa
- Cement Manufacturers Association - India
- Bhoruka Overseas - Indonesia
- Meralco Power Generation, Philippines
- Deloitte Consulting - India
- Eastern Coal Council - USA
- Coal and Oil Company - UAE
- Maheswari Brothers Coal Limited - India
- Jindal Steel & Power Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Petron Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- MS Steel International - UAE
- Simpson Spence & Young - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Indonesian Coal Mining Association
- Ministry of Finance - Indonesia
- Independent Power Producers Association of India
- Marubeni Corporation - India
- Standard Chartered Bank - UAE
- ICICI Bank Limited - India
- Siam City Cement PLC, Thailand
- Bulk Trading Sa - Switzerland
- Sojitz Corporation - Japan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Alfred C Toepfer International GmbH - Germany
- Kepco SPC Power Corporation, Philippines
- White Energy Company Limited
- Wilmar Investment Holdings
- Pipit Mutiara Jaya. PT, Indonesia
- Kobexindo Tractors - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Posco Energy - South Korea
- Krishnapatnam Port Company Ltd. - India
- Economic Council, Georgia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Agrawal Coal Company - India
- GAC Shipping (India) Pvt Ltd
- Vijayanagar Sugar Pvt Ltd - India
- India Bulls Power Limited - India
- Jaiprakash Power Ventures ltd
- Indian Oil Corporation Limited
- Makarim & Taira - Indonesia
- Antam Resourcindo - Indonesia
- Thai Mozambique Logistica
- Port Waratah Coal Services - Australia
- Bangladesh Power Developement Board
- Georgia Ports Authority, United States
- Planning Commission, India
- Renaissance Capital - South Africa
- SMG Consultants - Indonesia
- Attock Cement Pakistan Limited
- Mintek Dendrill Indonesia
- Holcim Trading Pte Ltd - Singapore
- GVK Power & Infra Limited - India
- Barasentosa Lestari - Indonesia
- Uttam Galva Steels Limited - India
- Commonwealth Bank - Australia
- PNOC Exploration Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Gujarat Electricity Regulatory Commission - India
- Eastern Energy - Thailand
- Formosa Plastics Group - Taiwan
- Central Electricity Authority - India
- Essar Steel Hazira Ltd - India
- SMC Global Power, Philippines
- Trasteel International SA, Italy
- Anglo American - United Kingdom
- Energy Link Ltd, New Zealand
- Samtan Co., Ltd - South Korea
- Global Coal Blending Company Limited - Australia
- Iligan Light & Power Inc, Philippines
- Coalindo Energy - Indonesia
- Orica Australia Pty. Ltd.
- Mercator Lines Limited - India
- Carbofer General Trading SA - India
- Star Paper Mills Limited - India
- Power Finance Corporation Ltd., India
- Larsen & Toubro Limited - India
- Merrill Lynch Commodities Europe
- Directorate General of MIneral and Coal - Indonesia
- Xindia Steels Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Aboitiz Power Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Tata Chemicals Ltd - India
- New Zealand Coal & Carbon
- Bharathi Cement Corporation - India
- Price Waterhouse Coopers - Russia
- Chettinad Cement Corporation Ltd - India
- Africa Commodities Group - South Africa
- Electricity Generating Authority of Thailand
- Billiton Holdings Pty Ltd - Australia
- Bukit Baiduri Energy - Indonesia
- Edison Trading Spa - Italy
- Manunggal Multi Energi - Indonesia
- Madhucon Powers Ltd - India
- LBH Netherlands Bv - Netherlands
- Directorate Of Revenue Intelligence - India
- TeaM Sual Corporation - Philippines
- Videocon Industries ltd - India
- Bhushan Steel Limited - India
- Dalmia Cement Bharat India
- Wood Mackenzie - Singapore
- PowerSource Philippines DevCo
- Sindya Power Generating Company Private Ltd
- Miang Besar Coal Terminal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Therma Luzon, Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Thiess Contractors Indonesia
- Gujarat Sidhee Cement - India
- South Luzon Thermal Energy Corporation
- Meenaskhi Energy Private Limited - India
- European Bulk Services B.V. - Netherlands
- Parry Sugars Refinery, India
- Altura Mining Limited, Indonesia
- Energy Development Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- The Treasury - Australian Government
- Indian Energy Exchange, India
- Rio Tinto Coal - Australia
- Bhatia International Limited - India
- Binh Thuan Hamico - Vietnam
- Vedanta Resources Plc - India
- Ministry of Mines - Canada
- CIMB Investment Bank - Malaysia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Salva Resources Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Grasim Industreis Ltd - India
- London Commodity Brokers - England
- Indo Tambangraya Megah - Indonesia
- Kideco Jaya Agung - Indonesia
- Straits Asia Resources Limited - Singapore
- Neyveli Lignite Corporation Ltd, - India
- TNB Fuel Sdn Bhd - Malaysia
- PTC India Limited - India
- Intertek Mineral Services - Indonesia
- Singapore Mercantile Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- McConnell Dowell - Australia
- Coastal Gujarat Power Limited - India
- ASAPP Information Group - India
- Metalloyd Limited - United Kingdom
- Romanian Commodities Exchange
- Ambuja Cements Ltd - India
- Aditya Birla Group - India
- Mjunction Services Limited - India
- IEA Clean Coal Centre - UK
- Tamil Nadu electricity Board
- Electricity Authority, New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- OPG Power Generation Pvt Ltd - India
- Australian Commodity Traders Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Sical Logistics Limited - India
- San Jose City I Power Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- SN Aboitiz Power Inc, Philippines
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