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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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Saturday, 23 March 13
WORLD COAL TRADE FIRST PASSES 1 BILLION TONS IN 2012 - VEREIN DER KOHLENIMPORTEURE E.V
Press Release: Hard coal imports to Germany on the previous year's level in spite of regenerative energies. Imports for power plants at an all-time ...
Thursday, 21 March 13
HANDY : RBCT ROUNDS FIXED AT $ 9000 + 300K BB - FEARNRESEARCH
Handy
The Atlantic market remains firm with cargoes seen to support healthy rates as per last week. The USG-Feast was at USD 25k and Black Sea-Feas ...
Wednesday, 20 March 13
NTPC TO IMPORT SEVEN MILLION TONS COAL FOR FOUR MONTHS
COALspot.com : NTPC Limited (formerly National Thermal Power Corporation) is the largest Indian state-owned electric utilities company has awarded&n ...
Tuesday, 19 March 13
CHINA GAS PRICE REFORMS AND APAC GAS PRICING - FITCH STREET VIEW
Fitch Ratings says pricing reform in the Chinese gas sector is unlikely to materially impact gas distributors' margins, and low gas prices in the U ...
Tuesday, 19 March 13
NEWCASTLE COAL EXPORTS FALL BY 4.27 PERCENT ON WEEK
COALspot.com - Newcastle port in Australia has loaded 2,365,561 MT of thermal and coking coal for week ended 0700 hours 18 March 2013, Newcast ...
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- ICICI Bank Limited - India
- International Coal Ventures Pvt Ltd - India
- Wood Mackenzie - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Timah Investasi Mineral - Indoneisa
- Samtan Co., Ltd - South Korea
- Krishnapatnam Port Company Ltd. - India
- Economic Council, Georgia
- SMG Consultants - Indonesia
- Electricity Authority, New Zealand
- Karbindo Abesyapradhi - Indoneisa
- San Jose City I Power Corp, Philippines
- Heidelberg Cement - Germany
- SMC Global Power, Philippines
- Gujarat Sidhee Cement - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Goldman Sachs - Singapore
- Standard Chartered Bank - UAE
- Metalloyd Limited - United Kingdom
- Ministry of Mines - Canada
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Star Paper Mills Limited - India
- TeaM Sual Corporation - Philippines
- Tamil Nadu electricity Board
- Baramulti Group, Indonesia
- Bayan Resources Tbk. - Indonesia
- Borneo Indobara - Indonesia
- Independent Power Producers Association of India
- Madhucon Powers Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Mercuria Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Mercator Lines Limited - India
- Anglo American - United Kingdom
- Sree Jayajothi Cements Limited - India
- IHS Mccloskey Coal Group - USA
- Altura Mining Limited, Indonesia
- Marubeni Corporation - India
- Minerals Council of Australia
- Thiess Contractors Indonesia
- Riau Bara Harum - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Simpson Spence & Young - Indonesia
- LBH Netherlands Bv - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- Orica Mining Services - Indonesia
- London Commodity Brokers - England
- IEA Clean Coal Centre - UK
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Holcim Trading Pte Ltd - Singapore
- The University of Queensland
- Videocon Industries ltd - India
- Meenaskhi Energy Private Limited - India
- South Luzon Thermal Energy Corporation
- Mintek Dendrill Indonesia
- India Bulls Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Banpu Public Company Limited - Thailand
- Indogreen Group - Indonesia
- Xindia Steels Limited - India
- Straits Asia Resources Limited - Singapore
- Sinarmas Energy and Mining - Indonesia
- Energy Development Corp, Philippines
- Bhushan Steel Limited - India
- Bangladesh Power Developement Board
- Eastern Energy - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- GVK Power & Infra Limited - India
- Attock Cement Pakistan Limited
- Iligan Light & Power Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Deloitte Consulting - India
- Toyota Tsusho Corporation, Japan
- Sakthi Sugars Limited - India
- Mjunction Services Limited - India
- Lanco Infratech Ltd - India
- Merrill Lynch Commodities Europe
- Manunggal Multi Energi - Indonesia
- Trasteel International SA, Italy
- TNB Fuel Sdn Bhd - Malaysia
- White Energy Company Limited
- Central Java Power - Indonesia
- Barasentosa Lestari - Indonesia
- Meralco Power Generation, Philippines
- Indian Oil Corporation Limited
- Maharashtra Electricity Regulatory Commission - India
- Pipit Mutiara Jaya. PT, Indonesia
- Interocean Group of Companies - India
- Pendopo Energi Batubara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Sojitz Corporation - Japan
- Semirara Mining and Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Orica Australia Pty. Ltd.
- Latin American Coal - Colombia
- Jindal Steel & Power Ltd - India
- Port Waratah Coal Services - Australia
- CNBM International Corporation - China
- Siam City Cement - Thailand
- Salva Resources Pvt Ltd - India
- Indika Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- OPG Power Generation Pvt Ltd - India
- Renaissance Capital - South Africa
- Wilmar Investment Holdings
- Vizag Seaport Private Limited - India
- Vedanta Resources Plc - India
- Petrochimia International Co. Ltd.- Taiwan
- Karaikal Port Pvt Ltd - India
- Planning Commission, India
- Globalindo Alam Lestari - Indonesia
- Ambuja Cements Ltd - India
- Ministry of Finance - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Aditya Birla Group - India
- GMR Energy Limited - India
- Global Coal Blending Company Limited - Australia
- Bhoruka Overseas - Indonesia
- Petron Corporation, Philippines
- Singapore Mercantile Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- AsiaOL BioFuels Corp., Philippines
- Coal and Oil Company - UAE
- MS Steel International - UAE
- European Bulk Services B.V. - Netherlands
- Carbofer General Trading SA - India
- Gujarat Mineral Development Corp Ltd - India
- Makarim & Taira - Indonesia
- Tata Chemicals Ltd - India
- Commonwealth Bank - Australia
- Parry Sugars Refinery, India
- Thai Mozambique Logistica
- Kartika Selabumi Mining - Indonesia
- Sindya Power Generating Company Private Ltd
- Agrawal Coal Company - India
- Global Business Power Corporation, Philippines
- ASAPP Information Group - India
- Kalimantan Lumbung Energi - Indonesia
- PowerSource Philippines DevCo
- Eastern Coal Council - USA
- Energy Link Ltd, New Zealand
- Price Waterhouse Coopers - Russia
- The Treasury - Australian Government
- Neyveli Lignite Corporation Ltd, - India
- Oldendorff Carriers - Singapore
- Romanian Commodities Exchange
- Larsen & Toubro Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ceylon Electricity Board - Sri Lanka
- Central Electricity Authority - India
- Rio Tinto Coal - Australia
- Global Green Power PLC Corporation, Philippines
- Kumho Petrochemical, South Korea
- New Zealand Coal & Carbon
- SN Aboitiz Power Inc, Philippines
- Formosa Plastics Group - Taiwan
- PetroVietnam Power Coal Import and Supply Company
- The State Trading Corporation of India Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Dalmia Cement Bharat India
- Bukit Asam (Persero) Tbk - Indonesia
- Sical Logistics Limited - India
- Coalindo Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Malabar Cements Ltd - India
- Maheswari Brothers Coal Limited - India
- Bukit Baiduri Energy - Indonesia
- Posco Energy - South Korea
- Parliament of New Zealand
- Australian Commodity Traders Exchange
- Chettinad Cement Corporation Ltd - India
- Uttam Galva Steels Limited - India
- Cement Manufacturers Association - India
- Binh Thuan Hamico - Vietnam
- Chamber of Mines of South Africa
- Siam City Cement PLC, Thailand
- Bhatia International Limited - India
- Rashtriya Ispat Nigam Limited - India
- Edison Trading Spa - Italy
- Kaltim Prima Coal - Indonesia
- Power Finance Corporation Ltd., India
- Antam Resourcindo - Indonesia
- Semirara Mining Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Intertek Mineral Services - Indonesia
- Africa Commodities Group - South Africa
- Coastal Gujarat Power Limited - India
- Sarangani Energy Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- GN Power Mariveles Coal Plant, Philippines
- Electricity Generating Authority of Thailand
- VISA Power Limited - India
- PTC India Limited - India
- Australian Coal Association
- PNOC Exploration Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Aboitiz Power Corporation - Philippines
- Jaiprakash Power Ventures ltd
- CIMB Investment Bank - Malaysia
- Kohat Cement Company Ltd. - Pakistan
- Indonesian Coal Mining Association
- Therma Luzon, Inc, Philippines
- Georgia Ports Authority, United States
- Medco Energi Mining Internasional
- Ministry of Transport, Egypt
- Kobexindo Tractors - Indoneisa
- Savvy Resources Ltd - HongKong
- Grasim Industreis Ltd - India
- Indian Energy Exchange, India
- McConnell Dowell - Australia
- Directorate Of Revenue Intelligence - India
- Ind-Barath Power Infra Limited - India
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