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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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Friday, 15 February 13
SCRAPPING TO RISE AS BULKER OWNERS SUFFER - DREWRY MARITIME RESEARCH
Drewry's latest Dry Bulk Forecaster report suggests that cash-strapped shipowners will scrap younger and younger ships this year as the dry bulk ma ...
Thursday, 14 February 13
HANDY: ATLANTIC "STABLE"; PACIFIC "QUIET" - FEARNLEYS
Handy
The Atlantic remain stable with rates for FH from USG around USD 18k. The Pacific remains quiet due to Chinese New Year holidays. Rates were ...
Thursday, 14 February 13
BIMCO FORECASTS MOSTLY HIGHER DRY BULK RATES FOR THE COMING WEEKS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Higher steel demand is expected to keep dry bulk rates elevated during the next six weeks, according to the latest BIMCO forecast. The Organization ...
Wednesday, 13 February 13
6TH ANNUAL CBM CONFERENCE
The 6th Annual CBM conference which will be held in Singapore on 18-21 June 201 offers comprehensive insights into leading CBM projects in the Asia- ...
Tuesday, 12 February 13
GOVERNMENT DECLARED INDONESIAN THERMAL COAL PRICE INCHES UP IN FEBRUARY
COALspot.com - The Indonesian government has declared bench mark price for coal has moved upwards in February 2013.
The monthly coal refere ...
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- TNB Fuel Sdn Bhd - Malaysia
- Eastern Coal Council - USA
- Indogreen Group - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Therma Luzon, Inc, Philippines
- SMG Consultants - Indonesia
- Coalindo Energy - Indonesia
- IEA Clean Coal Centre - UK
- Electricity Authority, New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Port Waratah Coal Services - Australia
- IHS Mccloskey Coal Group - USA
- Xindia Steels Limited - India
- Carbofer General Trading SA - India
- Gujarat Mineral Development Corp Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Star Paper Mills Limited - India
- The State Trading Corporation of India Ltd
- ICICI Bank Limited - India
- Jindal Steel & Power Ltd - India
- Kepco SPC Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Thiess Contractors Indonesia
- Georgia Ports Authority, United States
- Minerals Council of Australia
- Maheswari Brothers Coal Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Interocean Group of Companies - India
- Globalindo Alam Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Romanian Commodities Exchange
- Gujarat Sidhee Cement - India
- McConnell Dowell - Australia
- Bangladesh Power Developement Board
- ASAPP Information Group - India
- Australian Coal Association
- European Bulk Services B.V. - Netherlands
- Tata Chemicals Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Orica Mining Services - Indonesia
- Mintek Dendrill Indonesia
- Goldman Sachs - Singapore
- PNOC Exploration Corporation - Philippines
- Energy Link Ltd, New Zealand
- Makarim & Taira - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Sojitz Corporation - Japan
- The University of Queensland
- Larsen & Toubro Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Oldendorff Carriers - Singapore
- Global Coal Blending Company Limited - Australia
- Wilmar Investment Holdings
- Indonesian Coal Mining Association
- Mercuria Energy - Indonesia
- Thai Mozambique Logistica
- Attock Cement Pakistan Limited
- Timah Investasi Mineral - Indoneisa
- Toyota Tsusho Corporation, Japan
- Coastal Gujarat Power Limited - India
- Riau Bara Harum - Indonesia
- Parry Sugars Refinery, India
- Kumho Petrochemical, South Korea
- Sarangani Energy Corporation, Philippines
- Deloitte Consulting - India
- Petron Corporation, Philippines
- Merrill Lynch Commodities Europe
- South Luzon Thermal Energy Corporation
- Karaikal Port Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Rio Tinto Coal - Australia
- Metalloyd Limited - United Kingdom
- White Energy Company Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Semirara Mining and Power Corporation, Philippines
- Renaissance Capital - South Africa
- GN Power Mariveles Coal Plant, Philippines
- Sindya Power Generating Company Private Ltd
- Aboitiz Power Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Binh Thuan Hamico - Vietnam
- Planning Commission, India
- Ministry of Mines - Canada
- Power Finance Corporation Ltd., India
- Intertek Mineral Services - Indonesia
- Edison Trading Spa - Italy
- Leighton Contractors Pty Ltd - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Electricity Generating Authority of Thailand
- Tamil Nadu electricity Board
- Indian Energy Exchange, India
- TeaM Sual Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Ambuja Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- Madhucon Powers Ltd - India
- Parliament of New Zealand
- Bhushan Steel Limited - India
- Africa Commodities Group - South Africa
- Anglo American - United Kingdom
- PetroVietnam Power Coal Import and Supply Company
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Eastern Energy - Thailand
- Economic Council, Georgia
- Central Electricity Authority - India
- The Treasury - Australian Government
- Uttam Galva Steels Limited - India
- Wood Mackenzie - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Orica Australia Pty. Ltd.
- Straits Asia Resources Limited - Singapore
- Indo Tambangraya Megah - Indonesia
- Essar Steel Hazira Ltd - India
- Agrawal Coal Company - India
- Meenaskhi Energy Private Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Pendopo Energi Batubara - Indonesia
- Australian Commodity Traders Exchange
- Aditya Birla Group - India
- International Coal Ventures Pvt Ltd - India
- CNBM International Corporation - China
- Ind-Barath Power Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- London Commodity Brokers - England
- Price Waterhouse Coopers - Russia
- Bhoruka Overseas - Indonesia
- Kobexindo Tractors - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Malabar Cements Ltd - India
- VISA Power Limited - India
- SMC Global Power, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Siam City Cement - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Posco Energy - South Korea
- Bukit Baiduri Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Krishnapatnam Port Company Ltd. - India
- Global Business Power Corporation, Philippines
- Vedanta Resources Plc - India
- Gujarat Electricity Regulatory Commission - India
- MS Steel International - UAE
- GMR Energy Limited - India
- Kartika Selabumi Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Kaltim Prima Coal - Indonesia
- Sical Logistics Limited - India
- Grasim Industreis Ltd - India
- Antam Resourcindo - Indonesia
- Videocon Industries ltd - India
- Manunggal Multi Energi - Indonesia
- Chettinad Cement Corporation Ltd - India
- Billiton Holdings Pty Ltd - Australia
- San Jose City I Power Corp, Philippines
- Jaiprakash Power Ventures ltd
- Chamber of Mines of South Africa
- Indika Energy - Indonesia
- Ministry of Transport, Egypt
- Energy Development Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Mjunction Services Limited - India
- LBH Netherlands Bv - Netherlands
- Barasentosa Lestari - Indonesia
- Ministry of Finance - Indonesia
- Banpu Public Company Limited - Thailand
- Semirara Mining Corp, Philippines
- Marubeni Corporation - India
- Dalmia Cement Bharat India
- Formosa Plastics Group - Taiwan
- Singapore Mercantile Exchange
- Siam City Cement PLC, Thailand
- Commonwealth Bank - Australia
- Bhatia International Limited - India
- Medco Energi Mining Internasional
- Baramulti Group, Indonesia
- Cement Manufacturers Association - India
- GVK Power & Infra Limited - India
- Central Java Power - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Latin American Coal - Colombia
- India Bulls Power Limited - India
- Iligan Light & Power Inc, Philippines
- PowerSource Philippines DevCo
- Bharathi Cement Corporation - India
- Kideco Jaya Agung - Indonesia
- CIMB Investment Bank - Malaysia
- New Zealand Coal & Carbon
- Directorate Of Revenue Intelligence - India
- Independent Power Producers Association of India
- Sinarmas Energy and Mining - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- PTC India Limited - India
- Standard Chartered Bank - UAE
- Vizag Seaport Private Limited - India
- AsiaOL BioFuels Corp., Philippines
- Meralco Power Generation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Salva Resources Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Samtan Co., Ltd - South Korea
- Trasteel International SA, Italy
- Bukit Makmur.PT - Indonesia
- Indian Oil Corporation Limited
- Heidelberg Cement - Germany
- Sakthi Sugars Limited - India
- Mercator Lines Limited - India
- Sree Jayajothi Cements Limited - India
- Borneo Indobara - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Altura Mining Limited, Indonesia
- Bulk Trading Sa - Switzerland
- Coal and Oil Company - UAE
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