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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, 07 February 13
CHINA NDRC APPROVED 10 BILLION YUAN POWER GENERATION PROJECTS
NDRC of China currently announced that some of power grid and power station in Jiangxu, Sichuan and Anhui Province would be newly constructed or ext ...
Thursday, 07 February 13
CAPESIZE : MORE ACTIVE WEEK IN THE PACIFIC - FEARNLEYS AS
Handy
The Atlantic market remained stable with no significant movement in rates. Rates from USG to FEast were around USD 18k and Black Sea to Feast ...
Thursday, 07 February 13
WEAK STEEL MARKET MEANS IRON ORE RALLY LIKELY TO END SOON - FITCH
The sharp rebound in iron ore prices over the last couple of months will hurt margins at non-integrated steel producers in the first quarter of 2013 ...
Tuesday, 05 February 13
THE SHIPPING SECTOR IS " NAVIGATING IN STORMY WATERS" - PWC
The vulnerabilities of the global economy have been exposed and have more than played their part in making 2011 one of the worst years of shipping i ...
Tuesday, 05 February 13
NEWCASTLE PORT COAL SHIPMENTS DROPPED BY 10.77 PERCENT W-O-W
COALspot.com - Newcastle port in Australia has loaded 2,412,497 MT of thermal and coking coal for week ended 0700 hours 4 February 2013, Newca ...
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- McConnell Dowell - Australia
- CIMB Investment Bank - Malaysia
- Sical Logistics Limited - India
- Sindya Power Generating Company Private Ltd
- GMR Energy Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PTC India Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Madhucon Powers Ltd - India
- Bhatia International Limited - India
- Singapore Mercantile Exchange
- Vedanta Resources Plc - India
- Malabar Cements Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Metalloyd Limited - United Kingdom
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Sidhee Cement - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Georgia Ports Authority, United States
- Wood Mackenzie - Singapore
- Indika Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Kideco Jaya Agung - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Indonesian Coal Mining Association
- Global Business Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Power Finance Corporation Ltd., India
- Orica Australia Pty. Ltd.
- GVK Power & Infra Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Krishnapatnam Port Company Ltd. - India
- Altura Mining Limited, Indonesia
- Indo Tambangraya Megah - Indonesia
- Latin American Coal - Colombia
- Timah Investasi Mineral - Indoneisa
- Electricity Generating Authority of Thailand
- Videocon Industries ltd - India
- Attock Cement Pakistan Limited
- European Bulk Services B.V. - Netherlands
- Ministry of Mines - Canada
- Bayan Resources Tbk. - Indonesia
- Kobexindo Tractors - Indoneisa
- Borneo Indobara - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Maharashtra Electricity Regulatory Commission - India
- Mercuria Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Globalindo Alam Lestari - Indonesia
- IHS Mccloskey Coal Group - USA
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Antam Resourcindo - Indonesia
- Economic Council, Georgia
- Australian Commodity Traders Exchange
- SMG Consultants - Indonesia
- Ind-Barath Power Infra Limited - India
- Directorate Of Revenue Intelligence - India
- Africa Commodities Group - South Africa
- Wilmar Investment Holdings
- Leighton Contractors Pty Ltd - Australia
- Trasteel International SA, Italy
- Asmin Koalindo Tuhup - Indonesia
- Simpson Spence & Young - Indonesia
- Therma Luzon, Inc, Philippines
- SMC Global Power, Philippines
- Parry Sugars Refinery, India
- Cigading International Bulk Terminal - Indonesia
- Jindal Steel & Power Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Port Waratah Coal Services - Australia
- Merrill Lynch Commodities Europe
- Neyveli Lignite Corporation Ltd, - India
- San Jose City I Power Corp, Philippines
- Energy Link Ltd, New Zealand
- Siam City Cement - Thailand
- PNOC Exploration Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- ICICI Bank Limited - India
- GAC Shipping (India) Pvt Ltd
- Manunggal Multi Energi - Indonesia
- Coalindo Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Grasim Industreis Ltd - India
- Minerals Council of Australia
- Ambuja Cements Ltd - India
- Parliament of New Zealand
- Bhushan Steel Limited - India
- Semirara Mining and Power Corporation, Philippines
- Cement Manufacturers Association - India
- Mjunction Services Limited - India
- Deloitte Consulting - India
- Electricity Authority, New Zealand
- Makarim & Taira - Indonesia
- Australian Coal Association
- Agrawal Coal Company - India
- Pendopo Energi Batubara - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Chamber of Mines of South Africa
- Sojitz Corporation - Japan
- Ministry of Finance - Indonesia
- Uttam Galva Steels Limited - India
- Karaikal Port Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Star Paper Mills Limited - India
- Riau Bara Harum - Indonesia
- Dalmia Cement Bharat India
- Marubeni Corporation - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- London Commodity Brokers - England
- Karbindo Abesyapradhi - Indoneisa
- The State Trading Corporation of India Ltd
- OPG Power Generation Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Transport, Egypt
- Bangladesh Power Developement Board
- TeaM Sual Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Global Coal Blending Company Limited - Australia
- IEA Clean Coal Centre - UK
- Standard Chartered Bank - UAE
- Anglo American - United Kingdom
- Formosa Plastics Group - Taiwan
- Salva Resources Pvt Ltd - India
- India Bulls Power Limited - India
- MS Steel International - UAE
- Kepco SPC Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Sree Jayajothi Cements Limited - India
- Binh Thuan Hamico - Vietnam
- International Coal Ventures Pvt Ltd - India
- Tata Chemicals Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Indogreen Group - Indonesia
- Mercator Lines Limited - India
- Heidelberg Cement - Germany
- Energy Development Corp, Philippines
- Medco Energi Mining Internasional
- Rashtriya Ispat Nigam Limited - India
- Aditya Birla Group - India
- Sinarmas Energy and Mining - Indonesia
- Thai Mozambique Logistica
- Sakthi Sugars Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Jaiprakash Power Ventures ltd
- Carbofer General Trading SA - India
- Eastern Coal Council - USA
- Kohat Cement Company Ltd. - Pakistan
- Central Java Power - Indonesia
- ASAPP Information Group - India
- Gujarat Electricity Regulatory Commission - India
- VISA Power Limited - India
- PowerSource Philippines DevCo
- Romanian Commodities Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Commonwealth Bank - Australia
- New Zealand Coal & Carbon
- Bukit Baiduri Energy - Indonesia
- Mintek Dendrill Indonesia
- Kumho Petrochemical, South Korea
- Coal and Oil Company - UAE
- Bhoruka Overseas - Indonesia
- Baramulti Group, Indonesia
- Intertek Mineral Services - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Bulk Trading Sa - Switzerland
- Directorate General of MIneral and Coal - Indonesia
- Savvy Resources Ltd - HongKong
- Posco Energy - South Korea
- Interocean Group of Companies - India
- Meenaskhi Energy Private Limited - India
- Coastal Gujarat Power Limited - India
- Kaltim Prima Coal - Indonesia
- The University of Queensland
- Planning Commission, India
- Petron Corporation, Philippines
- Vizag Seaport Private Limited - India
- The Treasury - Australian Government
- Sarangani Energy Corporation, Philippines
- Oldendorff Carriers - Singapore
- Goldman Sachs - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Chettinad Cement Corporation Ltd - India
- CNBM International Corporation - China
- Aboitiz Power Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- SN Aboitiz Power Inc, Philippines
- Independent Power Producers Association of India
- Meralco Power Generation, Philippines
- Renaissance Capital - South Africa
- Orica Mining Services - Indonesia
- Siam City Cement PLC, Thailand
- Edison Trading Spa - Italy
- Indian Oil Corporation Limited
- Central Electricity Authority - India
- Iligan Light & Power Inc, Philippines
- Samtan Co., Ltd - South Korea
- Tamil Nadu electricity Board
- Indian Energy Exchange, India
- Bharathi Cement Corporation - India
- Miang Besar Coal Terminal - Indonesia
- Rio Tinto Coal - Australia
- Semirara Mining Corp, Philippines
- Essar Steel Hazira Ltd - India
- Thiess Contractors Indonesia
- Xindia Steels Limited - India
- LBH Netherlands Bv - Netherlands
- White Energy Company Limited
- Holcim Trading Pte Ltd - Singapore
- Eastern Energy - Thailand
- Kapuas Tunggal Persada - Indonesia
- Lanco Infratech Ltd - India
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