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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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- SMC Global Power, Philippines
- Planning Commission, India
- Rio Tinto Coal - Australia
- Malabar Cements Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Savvy Resources Ltd - HongKong
- Bukit Asam (Persero) Tbk - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Kartika Selabumi Mining - Indonesia
- Binh Thuan Hamico - Vietnam
- Jaiprakash Power Ventures ltd
- Price Waterhouse Coopers - Russia
- IEA Clean Coal Centre - UK
- Mjunction Services Limited - India
- McConnell Dowell - Australia
- Directorate Of Revenue Intelligence - India
- SMG Consultants - Indonesia
- Altura Mining Limited, Indonesia
- CIMB Investment Bank - Malaysia
- Pendopo Energi Batubara - Indonesia
- Siam City Cement - Thailand
- Tamil Nadu electricity Board
- Aboitiz Power Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- ASAPP Information Group - India
- Vizag Seaport Private Limited - India
- Globalindo Alam Lestari - Indonesia
- Formosa Plastics Group - Taiwan
- Central Java Power - Indonesia
- Vedanta Resources Plc - India
- Coalindo Energy - Indonesia
- Lanco Infratech Ltd - India
- Antam Resourcindo - Indonesia
- Commonwealth Bank - Australia
- Dalmia Cement Bharat India
- Energy Link Ltd, New Zealand
- AsiaOL BioFuels Corp., Philippines
- Bukit Makmur.PT - Indonesia
- Coastal Gujarat Power Limited - India
- Economic Council, Georgia
- Asmin Koalindo Tuhup - Indonesia
- Merrill Lynch Commodities Europe
- Larsen & Toubro Limited - India
- VISA Power Limited - India
- Oldendorff Carriers - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Agrawal Coal Company - India
- Bhatia International Limited - India
- European Bulk Services B.V. - Netherlands
- Jindal Steel & Power Ltd - India
- GVK Power & Infra Limited - India
- Kaltim Prima Coal - Indonesia
- IHS Mccloskey Coal Group - USA
- Independent Power Producers Association of India
- Intertek Mineral Services - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- CNBM International Corporation - China
- Baramulti Group, Indonesia
- Bulk Trading Sa - Switzerland
- Indogreen Group - Indonesia
- Therma Luzon, Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Miang Besar Coal Terminal - Indonesia
- Manunggal Multi Energi - Indonesia
- Carbofer General Trading SA - India
- Kepco SPC Power Corporation, Philippines
- Renaissance Capital - South Africa
- Bhushan Steel Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Global Coal Blending Company Limited - Australia
- Kumho Petrochemical, South Korea
- Videocon Industries ltd - India
- Trasteel International SA, Italy
- Neyveli Lignite Corporation Ltd, - India
- Krishnapatnam Port Company Ltd. - India
- Toyota Tsusho Corporation, Japan
- Banpu Public Company Limited - Thailand
- Kobexindo Tractors - Indoneisa
- GMR Energy Limited - India
- Minerals Council of Australia
- Eastern Coal Council - USA
- Maharashtra Electricity Regulatory Commission - India
- The Treasury - Australian Government
- Sindya Power Generating Company Private Ltd
- GN Power Mariveles Coal Plant, Philippines
- Samtan Co., Ltd - South Korea
- Semirara Mining and Power Corporation, Philippines
- The University of Queensland
- Central Electricity Authority - India
- Global Green Power PLC Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Bhoruka Overseas - Indonesia
- Deloitte Consulting - India
- Energy Development Corp, Philippines
- Parry Sugars Refinery, India
- Georgia Ports Authority, United States
- Essar Steel Hazira Ltd - India
- Heidelberg Cement - Germany
- Ambuja Cements Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Posco Energy - South Korea
- Maheswari Brothers Coal Limited - India
- Australian Coal Association
- PowerSource Philippines DevCo
- Ministry of Transport, Egypt
- India Bulls Power Limited - India
- Barasentosa Lestari - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- Karaikal Port Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Ministry of Finance - Indonesia
- PNOC Exploration Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Aditya Birla Group - India
- Port Waratah Coal Services - Australia
- Gujarat Sidhee Cement - India
- Leighton Contractors Pty Ltd - Australia
- The State Trading Corporation of India Ltd
- Indian Energy Exchange, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Africa Commodities Group - South Africa
- Indika Energy - Indonesia
- Orica Mining Services - Indonesia
- Orica Australia Pty. Ltd.
- Mercator Lines Limited - India
- Petron Corporation, Philippines
- Bharathi Cement Corporation - India
- Mercuria Energy - Indonesia
- Eastern Energy - Thailand
- ICICI Bank Limited - India
- Wilmar Investment Holdings
- Meralco Power Generation, Philippines
- TeaM Sual Corporation - Philippines
- Cement Manufacturers Association - India
- Sical Logistics Limited - India
- Borneo Indobara - Indonesia
- MS Steel International - UAE
- Meenaskhi Energy Private Limited - India
- Semirara Mining Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Petrochimia International Co. Ltd.- Taiwan
- Ind-Barath Power Infra Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Attock Cement Pakistan Limited
- Ministry of Mines - Canada
- Bukit Baiduri Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Xindia Steels Limited - India
- Indo Tambangraya Megah - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Metalloyd Limited - United Kingdom
- Electricity Authority, New Zealand
- Romanian Commodities Exchange
- Thai Mozambique Logistica
- Offshore Bulk Terminal Pte Ltd, Singapore
- PTC India Limited - India
- South Luzon Thermal Energy Corporation
- Bank of Tokyo Mitsubishi UFJ Ltd
- Australian Commodity Traders Exchange
- London Commodity Brokers - England
- Sree Jayajothi Cements Limited - India
- Medco Energi Mining Internasional
- San Jose City I Power Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Uttam Galva Steels Limited - India
- Singapore Mercantile Exchange
- Standard Chartered Bank - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Simpson Spence & Young - Indonesia
- Goldman Sachs - Singapore
- Sakthi Sugars Limited - India
- Gujarat Mineral Development Corp Ltd - India
- White Energy Company Limited
- Mintek Dendrill Indonesia
- Wood Mackenzie - Singapore
- Global Business Power Corporation, Philippines
- Latin American Coal - Colombia
- Salva Resources Pvt Ltd - India
- Grasim Industreis Ltd - India
- OPG Power Generation Pvt Ltd - India
- Star Paper Mills Limited - India
- Alfred C Toepfer International GmbH - Germany
- Thiess Contractors Indonesia
- Power Finance Corporation Ltd., India
- Edison Trading Spa - Italy
- SN Aboitiz Power Inc, Philippines
- Interocean Group of Companies - India
- Makarim & Taira - Indonesia
- Sarangani Energy Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Parliament of New Zealand
- New Zealand Coal & Carbon
- Iligan Light & Power Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Anglo American - United Kingdom
- Indonesian Coal Mining Association
- Marubeni Corporation - India
- Siam City Cement PLC, Thailand
- Bangladesh Power Developement Board
- TNB Fuel Sdn Bhd - Malaysia
- Madhucon Powers Ltd - India
- Straits Asia Resources Limited - Singapore
- Chamber of Mines of South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GAC Shipping (India) Pvt Ltd
- International Coal Ventures Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Sojitz Corporation - Japan
- Indian Oil Corporation Limited
- Coal and Oil Company - UAE
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