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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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Thursday, 14 March 13
SHIPPERS AND CARRIERS NEED GREATER COMMUNICATION AND MUTUAL UNDERSTANDING
Press Release – Shippers and shipping lines both need to raise their game if global container supply chains are not to be habitually subject t ...
Wednesday, 13 March 13
NEWBUILDING PRICES EXHIBIT NO FALL IN PAST SIX MONTHS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Despite the fact that oversupply has been the key plague of the shipping markets in recent years and newbuilding ordering activity has receded subst ...
Tuesday, 12 March 13
COAL MINING PRIVATIZATION IN INDIA: MUST - SUNIL K KUMBHAT
COALspot.com - India has the one of the richest coal reserves in the world and the country should have shown significant progress and gained the pos ...
Tuesday, 12 March 13
NEWCASTLE PORT SHIPPED 2.47 MILLION TONS OF COAL W/E 11 MARCH 2013
COALspot.com - Newcastle port in Australia has loaded 2,471,080 MT of thermal and coking coal for week ended 0700 hours 11 March 2013, Newcast ...
Monday, 11 March 13
SUB-BIT FOB INDONESIA COAL SWAPS FELL 1.41 PERCENT W-W
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for average Q2’ 2013 delivery has lost 1.41percent and CFR South China coal shipment ...
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- Kartika Selabumi Mining - Indonesia
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- Romanian Commodities Exchange
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- Jindal Steel & Power Ltd - India
- Banpu Public Company Limited - Thailand
- Carbofer General Trading SA - India
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- Global Coal Blending Company Limited - Australia
- International Coal Ventures Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Gujarat Mineral Development Corp Ltd - India
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- Tata Chemicals Ltd - India
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- Indika Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Latin American Coal - Colombia
- AsiaOL BioFuels Corp., Philippines
- Binh Thuan Hamico - Vietnam
- IEA Clean Coal Centre - UK
- Pipit Mutiara Jaya. PT, Indonesia
- The State Trading Corporation of India Ltd
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- Central Electricity Authority - India
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- Sindya Power Generating Company Private Ltd
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- Siam City Cement - Thailand
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- Aditya Birla Group - India
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- Parliament of New Zealand
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- Star Paper Mills Limited - India
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- Formosa Plastics Group - Taiwan
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- Port Waratah Coal Services - Australia
- Altura Mining Limited, Indonesia
- Toyota Tsusho Corporation, Japan
- Kepco SPC Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Independent Power Producers Association of India
- Ministry of Mines - Canada
- Samtan Co., Ltd - South Korea
- Oldendorff Carriers - Singapore
- Karbindo Abesyapradhi - Indoneisa
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- Attock Cement Pakistan Limited
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- South Luzon Thermal Energy Corporation
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- Coal and Oil Company - UAE
- Gujarat Electricity Regulatory Commission - India
- Asmin Koalindo Tuhup - Indonesia
- GVK Power & Infra Limited - India
- Commonwealth Bank - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Mintek Dendrill Indonesia
- Therma Luzon, Inc, Philippines
- Standard Chartered Bank - UAE
- Posco Energy - South Korea
- Ministry of Finance - Indonesia
- Bulk Trading Sa - Switzerland
- Indonesian Coal Mining Association
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- Directorate General of MIneral and Coal - Indonesia
- PNOC Exploration Corporation - Philippines
- Ambuja Cements Ltd - India
- Gujarat Sidhee Cement - India
- Minerals Council of Australia
- Jorong Barutama Greston.PT - Indonesia
- MS Steel International - UAE
- Goldman Sachs - Singapore
- Larsen & Toubro Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Riau Bara Harum - Indonesia
- PowerSource Philippines DevCo
- IHS Mccloskey Coal Group - USA
- Rio Tinto Coal - Australia
- San Jose City I Power Corp, Philippines
- Central Java Power - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indogreen Group - Indonesia
- Edison Trading Spa - Italy
- The Treasury - Australian Government
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Dalmia Cement Bharat India
- Sarangani Energy Corporation, Philippines
- Anglo American - United Kingdom
- Maheswari Brothers Coal Limited - India
- Mjunction Services Limited - India
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- Simpson Spence & Young - Indonesia
- Coalindo Energy - Indonesia
- Meralco Power Generation, Philippines
- PTC India Limited - India
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- Chettinad Cement Corporation Ltd - India
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- Bhoruka Overseas - Indonesia
- Wood Mackenzie - Singapore
- Australian Coal Association
- Essar Steel Hazira Ltd - India
- Global Business Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Indo Tambangraya Megah - Indonesia
- Bukit Makmur.PT - Indonesia
- Sical Logistics Limited - India
- CIMB Investment Bank - Malaysia
- Holcim Trading Pte Ltd - Singapore
- Indian Energy Exchange, India
- McConnell Dowell - Australia
- Bhatia International Limited - India
- Uttam Galva Steels Limited - India
- Singapore Mercantile Exchange
- VISA Power Limited - India
- Xindia Steels Limited - India
- Siam City Cement PLC, Thailand
- Australian Commodity Traders Exchange
- Jaiprakash Power Ventures ltd
- Kapuas Tunggal Persada - Indonesia
- Bukit Baiduri Energy - Indonesia
- Makarim & Taira - Indonesia
- Electricity Authority, New Zealand
- Chamber of Mines of South Africa
- Iligan Light & Power Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The University of Queensland
- Sree Jayajothi Cements Limited - India
- Semirara Mining and Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Semirara Mining Corp, Philippines
- Africa Commodities Group - South Africa
- Timah Investasi Mineral - Indoneisa
- Medco Energi Mining Internasional
- Vedanta Resources Plc - India
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- Lanco Infratech Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
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- Videocon Industries ltd - India
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- GMR Energy Limited - India
- Thiess Contractors Indonesia
- Kobexindo Tractors - Indoneisa
- London Commodity Brokers - England
- Parry Sugars Refinery, India
- Heidelberg Cement - Germany
- Metalloyd Limited - United Kingdom
- Savvy Resources Ltd - HongKong
- Barasentosa Lestari - Indonesia
- Petron Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Sakthi Sugars Limited - India
- White Energy Company Limited
- India Bulls Power Limited - India
- Orica Australia Pty. Ltd.
- Eastern Coal Council - USA
- Ceylon Electricity Board - Sri Lanka
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- Meenaskhi Energy Private Limited - India
- Malabar Cements Ltd - India
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- TeaM Sual Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Bangladesh Power Developement Board
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