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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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Wednesday, 20 February 13
BAKRIE GROUP LOOKS TO HAVE A CLEAR UPPER HAND - LUCKY ARIESANDI, CFA
The Bakrie-Rothschild saga is entering its final stage, with Bumi Plc (BUMI LN)’s holders to convene on 21 Feb at 11am GMT to vote on Nat Roth ...
Tuesday, 19 February 13
NEWCASTLE PORT SHIPPED 38.65 PERCENT LESS COAL W-O-W
COALspot.com - Newcastle port in Australia has loaded 1,820,559 MT of thermal and coking coal for week ended 0700 hours 18 February 2013, Newc ...
Monday, 18 February 13
78.75 MILLION TONS OF COAL RESERVES ARE NEWLY PROVEN IN WUGANG HUNAN PROVINCE
COALspot.com - Recently, Wugang City, known as the CHINA hundred key coal producing cities, achieved new breakthroughs in coal exploration: deep coa ...
Sunday, 17 February 13
STEEL DEMAND WILL HELP TO PUSH UP FREIGHT RATES - VISTAAR
COALspot.com - This freight market has been fairly steady week ended 15 February 2013.
The BDI was slightly up by 0.67 pct closing at 753 points ...
Friday, 15 February 13
2ND ANNUAL INDONESIA MINING 2013 CONFERENCE
Bringing Indonesia's Mining Stakeholders Together Towards Improving Mining Investment Climate & Operations
Following the success of th ...
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- Directorate Of Revenue Intelligence - India
- Standard Chartered Bank - UAE
- Sakthi Sugars Limited - India
- Semirara Mining and Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Savvy Resources Ltd - HongKong
- Africa Commodities Group - South Africa
- Eastern Energy - Thailand
- Sarangani Energy Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Binh Thuan Hamico - Vietnam
- Grasim Industreis Ltd - India
- Banpu Public Company Limited - Thailand
- Timah Investasi Mineral - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- Sinarmas Energy and Mining - Indonesia
- Indogreen Group - Indonesia
- Attock Cement Pakistan Limited
- Indonesian Coal Mining Association
- Chamber of Mines of South Africa
- Maheswari Brothers Coal Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Alfred C Toepfer International GmbH - Germany
- Intertek Mineral Services - Indonesia
- Wilmar Investment Holdings
- Australian Commodity Traders Exchange
- PowerSource Philippines DevCo
- MS Steel International - UAE
- Asmin Koalindo Tuhup - Indonesia
- Sindya Power Generating Company Private Ltd
- Wood Mackenzie - Singapore
- Sical Logistics Limited - India
- ICICI Bank Limited - India
- Vizag Seaport Private Limited - India
- Anglo American - United Kingdom
- Essar Steel Hazira Ltd - India
- CNBM International Corporation - China
- McConnell Dowell - Australia
- Kumho Petrochemical, South Korea
- SMG Consultants - Indonesia
- Parliament of New Zealand
- Samtan Co., Ltd - South Korea
- CIMB Investment Bank - Malaysia
- Petrochimia International Co. Ltd.- Taiwan
- Planning Commission, India
- Therma Luzon, Inc, Philippines
- The Treasury - Australian Government
- Directorate General of MIneral and Coal - Indonesia
- Manunggal Multi Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- Aboitiz Power Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Deloitte Consulting - India
- Madhucon Powers Ltd - India
- Ministry of Finance - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Tata Chemicals Ltd - India
- Latin American Coal - Colombia
- Cigading International Bulk Terminal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Toyota Tsusho Corporation, Japan
- Sree Jayajothi Cements Limited - India
- Bayan Resources Tbk. - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Eastern Coal Council - USA
- Kideco Jaya Agung - Indonesia
- Thiess Contractors Indonesia
- SMC Global Power, Philippines
- Ceylon Electricity Board - Sri Lanka
- Star Paper Mills Limited - India
- India Bulls Power Limited - India
- Merrill Lynch Commodities Europe
- Bhoruka Overseas - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Simpson Spence & Young - Indonesia
- Heidelberg Cement - Germany
- Trasteel International SA, Italy
- Coalindo Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Salva Resources Pvt Ltd - India
- Dalmia Cement Bharat India
- Kobexindo Tractors - Indoneisa
- Edison Trading Spa - Italy
- Riau Bara Harum - Indonesia
- Cement Manufacturers Association - India
- Karaikal Port Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Altura Mining Limited, Indonesia
- Medco Energi Mining Internasional
- Chettinad Cement Corporation Ltd - India
- Makarim & Taira - Indonesia
- Renaissance Capital - South Africa
- Romanian Commodities Exchange
- Coal and Oil Company - UAE
- Neyveli Lignite Corporation Ltd, - India
- Leighton Contractors Pty Ltd - Australia
- Videocon Industries ltd - India
- Bukit Makmur.PT - Indonesia
- Tamil Nadu electricity Board
- Port Waratah Coal Services - Australia
- PTC India Limited - India
- The State Trading Corporation of India Ltd
- Aditya Birla Group - India
- Gujarat Electricity Regulatory Commission - India
- VISA Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Straits Asia Resources Limited - Singapore
- Barasentosa Lestari - Indonesia
- Jindal Steel & Power Ltd - India
- Indian Oil Corporation Limited
- Petron Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- OPG Power Generation Pvt Ltd - India
- Semirara Mining Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Billiton Holdings Pty Ltd - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Jaiprakash Power Ventures ltd
- Vedanta Resources Plc - India
- Price Waterhouse Coopers - Russia
- Singapore Mercantile Exchange
- Thai Mozambique Logistica
- Minerals Council of Australia
- Global Coal Blending Company Limited - Australia
- GVK Power & Infra Limited - India
- Bhushan Steel Limited - India
- The University of Queensland
- Pendopo Energi Batubara - Indonesia
- IEA Clean Coal Centre - UK
- Gujarat Mineral Development Corp Ltd - India
- Rio Tinto Coal - Australia
- Australian Coal Association
- Indika Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Orica Australia Pty. Ltd.
- Globalindo Alam Lestari - Indonesia
- Kaltim Prima Coal - Indonesia
- New Zealand Coal & Carbon
- Marubeni Corporation - India
- Mercuria Energy - Indonesia
- Xindia Steels Limited - India
- Malabar Cements Ltd - India
- International Coal Ventures Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Interocean Group of Companies - India
- Mjunction Services Limited - India
- Antam Resourcindo - Indonesia
- TeaM Sual Corporation - Philippines
- South Luzon Thermal Energy Corporation
- Global Green Power PLC Corporation, Philippines
- Bhatia International Limited - India
- Miang Besar Coal Terminal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bharathi Cement Corporation - India
- Bangladesh Power Developement Board
- Electricity Authority, New Zealand
- Electricity Generating Authority of Thailand
- Meralco Power Generation, Philippines
- Global Business Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Energy Link Ltd, New Zealand
- LBH Netherlands Bv - Netherlands
- Larsen & Toubro Limited - India
- Siam City Cement PLC, Thailand
- GMR Energy Limited - India
- Metalloyd Limited - United Kingdom
- Independent Power Producers Association of India
- SN Aboitiz Power Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Uttam Galva Steels Limited - India
- IHS Mccloskey Coal Group - USA
- Coastal Gujarat Power Limited - India
- Economic Council, Georgia
- Gujarat Sidhee Cement - India
- Agrawal Coal Company - India
- Siam City Cement - Thailand
- Commonwealth Bank - Australia
- Parry Sugars Refinery, India
- Carbofer General Trading SA - India
- Georgia Ports Authority, United States
- Indo Tambangraya Megah - Indonesia
- Baramulti Group, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Borneo Indobara - Indonesia
- European Bulk Services B.V. - Netherlands
- Central Java Power - Indonesia
- Orica Mining Services - Indonesia
- Sojitz Corporation - Japan
- Goldman Sachs - Singapore
- Ambuja Cements Ltd - India
- ASAPP Information Group - India
- Kohat Cement Company Ltd. - Pakistan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Power Finance Corporation Ltd., India
- London Commodity Brokers - England
- Ind-Barath Power Infra Limited - India
- Ministry of Transport, Egypt
- Energy Development Corp, Philippines
- Central Electricity Authority - India
- Vijayanagar Sugar Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Mercator Lines Limited - India
- Ministry of Mines - Canada
- White Energy Company Limited
- Posco Energy - South Korea
- Lanco Infratech Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Mintek Dendrill Indonesia
- Oldendorff Carriers - Singapore
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