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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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Sunday, 17 March 13
A WEAK WEEK FOR SUB-BIT INDONESIA COAL SWAPS
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for average Q2’ 2013 delivery has lost 2.11 percent and CFR South China coal shipment ...
Sunday, 17 March 13
COAL FREIGHT RATES STEADY ON HIGHER DEMAND - CAPT. REDDY
COALspot.com - This freight market continued to remain firm in all segments.
The BDI was up by 5.81 pct closing at 892 points. Cape index was up ...
Friday, 15 March 13
CHEAP SHIP VALUATIONS DON'T NECESSARILY MEAN ATTRACTIVE SAYS VESSELS VALUE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
With ship prices plunging by double-digits in the past few years, many ship owners are pondering their next moves in a market often described as att ...
Thursday, 14 March 13
SUPRAMAX : INDO - INDIA TRIP RATE IS AROUND $10,000; SOUTH CHINA $9500 - FEARNRESEARCH
Handy
Indian market is still quiet in respect of export of iron ore. WC India market has improved with a few stems out of the MEG, WC India opening ...
Thursday, 14 March 13
DRY BULK MARKET KEEPS ON RISING MOMENTUM - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has maintained its rising momentum, on the back of increased cargo availability. According to yesterday's figures, the industry ...
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- India Bulls Power Limited - India
- The Treasury - Australian Government
- Latin American Coal - Colombia
- Rashtriya Ispat Nigam Limited - India
- Kumho Petrochemical, South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Aboitiz Power Corporation - Philippines
- Jindal Steel & Power Ltd - India
- IEA Clean Coal Centre - UK
- ICICI Bank Limited - India
- Kartika Selabumi Mining - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Makarim & Taira - Indonesia
- White Energy Company Limited
- Mercuria Energy - Indonesia
- Power Finance Corporation Ltd., India
- San Jose City I Power Corp, Philippines
- Marubeni Corporation - India
- Kapuas Tunggal Persada - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Singapore Mercantile Exchange
- Electricity Generating Authority of Thailand
- Maheswari Brothers Coal Limited - India
- Eastern Coal Council - USA
- Tata Chemicals Ltd - India
- The University of Queensland
- Indian Oil Corporation Limited
- Bahari Cakrawala Sebuku - Indonesia
- Toyota Tsusho Corporation, Japan
- Price Waterhouse Coopers - Russia
- Neyveli Lignite Corporation Ltd, - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Africa Commodities Group - South Africa
- Ambuja Cements Ltd - India
- Thiess Contractors Indonesia
- Cement Manufacturers Association - India
- Leighton Contractors Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- Australian Commodity Traders Exchange
- IHS Mccloskey Coal Group - USA
- Independent Power Producers Association of India
- Miang Besar Coal Terminal - Indonesia
- PTC India Limited - India
- Semirara Mining and Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Cigading International Bulk Terminal - Indonesia
- SMG Consultants - Indonesia
- Formosa Plastics Group - Taiwan
- Banpu Public Company Limited - Thailand
- Sical Logistics Limited - India
- Madhucon Powers Ltd - India
- SN Aboitiz Power Inc, Philippines
- Essar Steel Hazira Ltd - India
- Attock Cement Pakistan Limited
- Sakthi Sugars Limited - India
- Manunggal Multi Energi - Indonesia
- Therma Luzon, Inc, Philippines
- Central Electricity Authority - India
- Tamil Nadu electricity Board
- Offshore Bulk Terminal Pte Ltd, Singapore
- Samtan Co., Ltd - South Korea
- GVK Power & Infra Limited - India
- McConnell Dowell - Australia
- Gujarat Mineral Development Corp Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- AsiaOL BioFuels Corp., Philippines
- Ceylon Electricity Board - Sri Lanka
- Lanco Infratech Ltd - India
- Aditya Birla Group - India
- LBH Netherlands Bv - Netherlands
- Uttam Galva Steels Limited - India
- Iligan Light & Power Inc, Philippines
- Xindia Steels Limited - India
- Global Green Power PLC Corporation, Philippines
- Sojitz Corporation - Japan
- Asmin Koalindo Tuhup - Indonesia
- Minerals Council of Australia
- Bayan Resources Tbk. - Indonesia
- Pendopo Energi Batubara - Indonesia
- Petron Corporation, Philippines
- Parry Sugars Refinery, India
- Central Java Power - Indonesia
- Vedanta Resources Plc - India
- MS Steel International - UAE
- Meenaskhi Energy Private Limited - India
- PNOC Exploration Corporation - Philippines
- Energy Development Corp, Philippines
- The State Trading Corporation of India Ltd
- European Bulk Services B.V. - Netherlands
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Wood Mackenzie - Singapore
- Planning Commission, India
- Petrochimia International Co. Ltd.- Taiwan
- Kepco SPC Power Corporation, Philippines
- Mjunction Services Limited - India
- South Luzon Thermal Energy Corporation
- Bhatia International Limited - India
- Larsen & Toubro Limited - India
- Indian Energy Exchange, India
- Krishnapatnam Port Company Ltd. - India
- Riau Bara Harum - Indonesia
- Gujarat Sidhee Cement - India
- CIMB Investment Bank - Malaysia
- Parliament of New Zealand
- Dalmia Cement Bharat India
- Sindya Power Generating Company Private Ltd
- Straits Asia Resources Limited - Singapore
- Ind-Barath Power Infra Limited - India
- Goldman Sachs - Singapore
- Deloitte Consulting - India
- VISA Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Electricity Authority, New Zealand
- Borneo Indobara - Indonesia
- PowerSource Philippines DevCo
- Kobexindo Tractors - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Mines - Canada
- Bukit Baiduri Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Commonwealth Bank - Australia
- Karbindo Abesyapradhi - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- ASAPP Information Group - India
- Mercator Lines Limited - India
- Karaikal Port Pvt Ltd - India
- New Zealand Coal & Carbon
- TeaM Sual Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Barasentosa Lestari - Indonesia
- Ministry of Finance - Indonesia
- Chamber of Mines of South Africa
- Indonesian Coal Mining Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kalimantan Lumbung Energi - Indonesia
- Orica Mining Services - Indonesia
- CNBM International Corporation - China
- Eastern Energy - Thailand
- Global Coal Blending Company Limited - Australia
- Binh Thuan Hamico - Vietnam
- Directorate Of Revenue Intelligence - India
- SMC Global Power, Philippines
- Indika Energy - Indonesia
- Bharathi Cement Corporation - India
- Energy Link Ltd, New Zealand
- Timah Investasi Mineral - Indoneisa
- Bhushan Steel Limited - India
- Economic Council, Georgia
- Georgia Ports Authority, United States
- Bulk Trading Sa - Switzerland
- Coalindo Energy - Indonesia
- Merrill Lynch Commodities Europe
- Coal and Oil Company - UAE
- Thai Mozambique Logistica
- Mintek Dendrill Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Carbofer General Trading SA - India
- Meralco Power Generation, Philippines
- Trasteel International SA, Italy
- Interocean Group of Companies - India
- Heidelberg Cement - Germany
- Australian Coal Association
- Ministry of Transport, Egypt
- Edison Trading Spa - Italy
- Salva Resources Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Anglo American - United Kingdom
- Renaissance Capital - South Africa
- Sarangani Energy Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- PetroVietnam Power Coal Import and Supply Company
- Antam Resourcindo - Indonesia
- Jaiprakash Power Ventures ltd
- Vizag Seaport Private Limited - India
- Bukit Makmur.PT - Indonesia
- Siam City Cement - Thailand
- Chettinad Cement Corporation Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Posco Energy - South Korea
- Billiton Holdings Pty Ltd - Australia
- Intertek Mineral Services - Indonesia
- Baramulti Group, Indonesia
- Romanian Commodities Exchange
- Directorate General of MIneral and Coal - Indonesia
- Global Business Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Siam City Cement PLC, Thailand
- Star Paper Mills Limited - India
- Orica Australia Pty. Ltd.
- Sree Jayajothi Cements Limited - India
- Bangladesh Power Developement Board
- Malabar Cements Ltd - India
- Videocon Industries ltd - India
- Medco Energi Mining Internasional
- Globalindo Alam Lestari - Indonesia
- GMR Energy Limited - India
- Agrawal Coal Company - India
- London Commodity Brokers - England
- Semirara Mining Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Grasim Industreis Ltd - India
- OPG Power Generation Pvt Ltd - India
- Standard Chartered Bank - UAE
- Oldendorff Carriers - Singapore
- International Coal Ventures Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Wilmar Investment Holdings
- Kaltim Prima Coal - Indonesia
- Rio Tinto Coal - Australia
- Metalloyd Limited - United Kingdom
- Indogreen Group - Indonesia
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