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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, 28 February 13
SHIP OWNERS EXPECTED TO FACE A CHALLENGING YEAR, DESPITE THE FALL OF NEWBUILDING ORDERS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Tonnage oversupply and a lagging growth in world trade demand are expected to keep shipping in the "red", despite a series of measures ado ...
Thursday, 28 February 13
PANAMAX : MARKET HAS SEEN A GOOD UPTURN OVER THE LAST WEEK - FEARNLEYS
Handy
The Atlantic saw more cargoes than last week and rates ticking upwards. The USG-Feast was at USD 19k and Black Sea-Feast was at USD 11k. The ...
Wednesday, 27 February 13
NEWCASTLE PORT IN AUSTRALIA SHIPPED 0.358 MILLION MT MORE COAL W-O-W
COALspot.com - Newcastle port in Australia has loaded 2,178,869 MT of thermal and coking coal for week ended 0700 hours 25 February 2013, Newc ...
Wednesday, 27 February 13
NEWLEAD HOLDINGS LTD. ANNOUNCES COAL SUPPLY AND DELIVERY CONTRACT
NewLead Holdings Ltd. yesterday announced that the Company has signed an agreement to supply and deliver 1.48 million metric tons of steam coal to a ...
Tuesday, 26 February 13
10TH CLEAN COAL FORUM WILL BE HELD ON JUNE 2013
CDMC Events will be presenting the 10th Clean Coal Forum 2013 on June 13 - 14, 2013 in Beijing,China.
It will make you understand regulatory asp ...
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- Meenaskhi Energy Private Limited - India
- Gujarat Sidhee Cement - India
- South Luzon Thermal Energy Corporation
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- VISA Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bharathi Cement Corporation - India
- Makarim & Taira - Indonesia
- New Zealand Coal & Carbon
- Pipit Mutiara Jaya. PT, Indonesia
- Timah Investasi Mineral - Indoneisa
- Minerals Council of Australia
- Australian Coal Association
- Petrochimia International Co. Ltd.- Taiwan
- Aditya Birla Group - India
- Barasentosa Lestari - Indonesia
- Goldman Sachs - Singapore
- SMC Global Power, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Wilmar Investment Holdings
- Madhucon Powers Ltd - India
- Baramulti Group, Indonesia
- Larsen & Toubro Limited - India
- Gujarat Mineral Development Corp Ltd - India
- OPG Power Generation Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Sojitz Corporation - Japan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sindya Power Generating Company Private Ltd
- ICICI Bank Limited - India
- Indogreen Group - Indonesia
- Star Paper Mills Limited - India
- Dalmia Cement Bharat India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Antam Resourcindo - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- European Bulk Services B.V. - Netherlands
- Australian Commodity Traders Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Directorate General of MIneral and Coal - Indonesia
- The University of Queensland
- Bulk Trading Sa - Switzerland
- MS Steel International - UAE
- Jindal Steel & Power Ltd - India
- Merrill Lynch Commodities Europe
- Kohat Cement Company Ltd. - Pakistan
- Xindia Steels Limited - India
- Central Electricity Authority - India
- Global Coal Blending Company Limited - Australia
- Formosa Plastics Group - Taiwan
- PowerSource Philippines DevCo
- Anglo American - United Kingdom
- Price Waterhouse Coopers - Russia
- Electricity Authority, New Zealand
- Leighton Contractors Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- Alfred C Toepfer International GmbH - Germany
- GVK Power & Infra Limited - India
- Coal and Oil Company - UAE
- Bukit Makmur.PT - Indonesia
- Siam City Cement PLC, Thailand
- Iligan Light & Power Inc, Philippines
- Sical Logistics Limited - India
- Metalloyd Limited - United Kingdom
- Kapuas Tunggal Persada - Indonesia
- Mjunction Services Limited - India
- Intertek Mineral Services - Indonesia
- Romanian Commodities Exchange
- Indonesian Coal Mining Association
- Standard Chartered Bank - UAE
- Coastal Gujarat Power Limited - India
- Banpu Public Company Limited - Thailand
- Vizag Seaport Private Limited - India
- Ministry of Mines - Canada
- Kaltim Prima Coal - Indonesia
- Africa Commodities Group - South Africa
- Holcim Trading Pte Ltd - Singapore
- Therma Luzon, Inc, Philippines
- Energy Development Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Rashtriya Ispat Nigam Limited - India
- Singapore Mercantile Exchange
- Kumho Petrochemical, South Korea
- Miang Besar Coal Terminal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Eastern Energy - Thailand
- Riau Bara Harum - Indonesia
- PTC India Limited - India
- Mintek Dendrill Indonesia
- CNBM International Corporation - China
- Bayan Resources Tbk. - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Chamber of Mines of South Africa
- McConnell Dowell - Australia
- Thai Mozambique Logistica
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sakthi Sugars Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Ambuja Cements Ltd - India
- Commonwealth Bank - Australia
- Jaiprakash Power Ventures ltd
- Renaissance Capital - South Africa
- GMR Energy Limited - India
- Semirara Mining and Power Corporation, Philippines
- Agrawal Coal Company - India
- Bukit Asam (Persero) Tbk - Indonesia
- Sarangani Energy Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Siam City Cement - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Kartika Selabumi Mining - Indonesia
- Rio Tinto Coal - Australia
- LBH Netherlands Bv - Netherlands
- Bangladesh Power Developement Board
- Manunggal Multi Energi - Indonesia
- Uttam Galva Steels Limited - India
- Aboitiz Power Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- International Coal Ventures Pvt Ltd - India
- Bhatia International Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Tamil Nadu electricity Board
- Georgia Ports Authority, United States
- Independent Power Producers Association of India
- Latin American Coal - Colombia
- Sinarmas Energy and Mining - Indonesia
- Borneo Indobara - Indonesia
- Interocean Group of Companies - India
- Videocon Industries ltd - India
- Tata Chemicals Ltd - India
- SN Aboitiz Power Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Marubeni Corporation - India
- Kideco Jaya Agung - Indonesia
- London Commodity Brokers - England
- Chettinad Cement Corporation Ltd - India
- Trasteel International SA, Italy
- Ministry of Transport, Egypt
- Economic Council, Georgia
- Vedanta Resources Plc - India
- Binh Thuan Hamico - Vietnam
- Central Java Power - Indonesia
- Bhoruka Overseas - Indonesia
- Orica Australia Pty. Ltd.
- Semirara Mining Corp, Philippines
- Indian Energy Exchange, India
- Altura Mining Limited, Indonesia
- IEA Clean Coal Centre - UK
- Global Business Power Corporation, Philippines
- Indika Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Mercator Lines Limited - India
- Bhushan Steel Limited - India
- Malabar Cements Ltd - India
- Carbofer General Trading SA - India
- CIMB Investment Bank - Malaysia
- Bukit Baiduri Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Heidelberg Cement - Germany
- Toyota Tsusho Corporation, Japan
- Deloitte Consulting - India
- Cement Manufacturers Association - India
- Electricity Generating Authority of Thailand
- Energy Link Ltd, New Zealand
- TeaM Sual Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- SMG Consultants - Indonesia
- India Bulls Power Limited - India
- Ministry of Finance - Indonesia
- Wood Mackenzie - Singapore
- Maheswari Brothers Coal Limited - India
- Billiton Holdings Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Straits Asia Resources Limited - Singapore
- Directorate Of Revenue Intelligence - India
- Maharashtra Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- Samtan Co., Ltd - South Korea
- Mercuria Energy - Indonesia
- Grasim Industreis Ltd - India
- Orica Mining Services - Indonesia
- Parry Sugars Refinery, India
- Medco Energi Mining Internasional
- Attock Cement Pakistan Limited
- Essar Steel Hazira Ltd - India
- IHS Mccloskey Coal Group - USA
- Planning Commission, India
- Savvy Resources Ltd - HongKong
- Cigading International Bulk Terminal - Indonesia
- The Treasury - Australian Government
- Port Waratah Coal Services - Australia
- Thiess Contractors Indonesia
- Simpson Spence & Young - Indonesia
- Krishnapatnam Port Company Ltd. - India
- San Jose City I Power Corp, Philippines
- Coalindo Energy - Indonesia
- Posco Energy - South Korea
- Meralco Power Generation, Philippines
- Parliament of New Zealand
- ASAPP Information Group - India
- Global Green Power PLC Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Sree Jayajothi Cements Limited - India
- White Energy Company Limited
- Edison Trading Spa - Italy
- Eastern Coal Council - USA
- Oldendorff Carriers - Singapore
- Indian Oil Corporation Limited
- PetroVietnam Power Coal Import and Supply Company
- Petron Corporation, Philippines
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