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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, 31 January 13
DRY BULK RATES ON A FALLING PATTERN DUE TO ADVERSE WEATHER CONDITIONS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The seasonal factor has emerged as the latest catalyst in determining the course of the dry bulk market, as the floods in eastern Australia, the big ...
Thursday, 31 January 13
NEWCASTLE PORT SHIPPED 2.70 MMT OF COAL W/E 28 JANUARY 2013
COALspot.com - Newcastle port in Australia has loaded 2,703,921 MT of thermal and coking coal for week ended 0700 hours 28 January 2013, Newca ...
Thursday, 31 January 13
MMTC TO IMPORT 2.68 MMT OF COAL FOR ARAVALI POWER CORPORATION LTD
COALspot.com: The tender floated by MMTC on behalf of Aravali Power Corporation Ltd, a Joint venture between NTPC and State of Haryana for supply of ...
Wednesday, 30 January 13
TNPL TO SECURE 300K MT OF IMPORTED COAL SUPPLIES AT US$ 75.95 PMT FOR MARCH - AUGUST 2013 DELIVERY
COALspot.com – Chennai based Coastal Energy Private Limited (C&O Group of companies) offered lowest price of US$ 75.95 per met ...
Monday, 28 January 13
BAYAN RESOURCES TO SELL 18 MILLION TONS OF COAL TO GNPOWER MARIVELES COAL PLANT
Publicly-listed PT Bayan Resources announced on Friday that it had signed an agreement on coal sales with Philippine-based GNPower Mariveles Coal Pl ...
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- Asmin Koalindo Tuhup - Indonesia
- Madhucon Powers Ltd - India
- Coalindo Energy - Indonesia
- Bhatia International Limited - India
- LBH Netherlands Bv - Netherlands
- Therma Luzon, Inc, Philippines
- Anglo American - United Kingdom
- Indonesian Coal Mining Association
- Australian Commodity Traders Exchange
- Minerals Council of Australia
- Riau Bara Harum - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Parliament of New Zealand
- Ambuja Cements Ltd - India
- Indian Energy Exchange, India
- Singapore Mercantile Exchange
- Bharathi Cement Corporation - India
- Kapuas Tunggal Persada - Indonesia
- Petron Corporation, Philippines
- Gujarat Sidhee Cement - India
- Carbofer General Trading SA - India
- Borneo Indobara - Indonesia
- The University of Queensland
- Price Waterhouse Coopers - Russia
- Alfred C Toepfer International GmbH - Germany
- Straits Asia Resources Limited - Singapore
- Sindya Power Generating Company Private Ltd
- GMR Energy Limited - India
- Leighton Contractors Pty Ltd - Australia
- Globalindo Alam Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- Independent Power Producers Association of India
- Jorong Barutama Greston.PT - Indonesia
- Romanian Commodities Exchange
- Ministry of Transport, Egypt
- Salva Resources Pvt Ltd - India
- Baramulti Group, Indonesia
- Wood Mackenzie - Singapore
- Iligan Light & Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Coastal Gujarat Power Limited - India
- PNOC Exploration Corporation - Philippines
- Medco Energi Mining Internasional
- Jindal Steel & Power Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Economic Council, Georgia
- Mercator Lines Limited - India
- Marubeni Corporation - India
- Bangladesh Power Developement Board
- Attock Cement Pakistan Limited
- Georgia Ports Authority, United States
- Antam Resourcindo - Indonesia
- Cement Manufacturers Association - India
- Formosa Plastics Group - Taiwan
- VISA Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Xindia Steels Limited - India
- Malabar Cements Ltd - India
- Bukit Baiduri Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Commonwealth Bank - Australia
- Vizag Seaport Private Limited - India
- Ind-Barath Power Infra Limited - India
- Pendopo Energi Batubara - Indonesia
- Eastern Coal Council - USA
- TeaM Sual Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Toyota Tsusho Corporation, Japan
- Sarangani Energy Corporation, Philippines
- Meralco Power Generation, Philippines
- Altura Mining Limited, Indonesia
- New Zealand Coal & Carbon
- Kaltim Prima Coal - Indonesia
- Central Java Power - Indonesia
- McConnell Dowell - Australia
- Oldendorff Carriers - Singapore
- Miang Besar Coal Terminal - Indonesia
- Larsen & Toubro Limited - India
- San Jose City I Power Corp, Philippines
- Star Paper Mills Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kepco SPC Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Bhushan Steel Limited - India
- The Treasury - Australian Government
- Indogreen Group - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Thiess Contractors Indonesia
- Timah Investasi Mineral - Indoneisa
- Mjunction Services Limited - India
- Power Finance Corporation Ltd., India
- Tamil Nadu electricity Board
- Mercuria Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Manunggal Multi Energi - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- GVK Power & Infra Limited - India
- Orica Australia Pty. Ltd.
- European Bulk Services B.V. - Netherlands
- Parry Sugars Refinery, India
- Uttam Galva Steels Limited - India
- OPG Power Generation Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Karaikal Port Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Merrill Lynch Commodities Europe
- Meenaskhi Energy Private Limited - India
- PowerSource Philippines DevCo
- Africa Commodities Group - South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Eastern Energy - Thailand
- London Commodity Brokers - England
- Bukit Makmur.PT - Indonesia
- Coal and Oil Company - UAE
- Chettinad Cement Corporation Ltd - India
- Intertek Mineral Services - Indonesia
- Lanco Infratech Ltd - India
- Jaiprakash Power Ventures ltd
- Renaissance Capital - South Africa
- Kideco Jaya Agung - Indonesia
- Ministry of Mines - Canada
- Global Coal Blending Company Limited - Australia
- IEA Clean Coal Centre - UK
- Latin American Coal - Colombia
- Vijayanagar Sugar Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Central Electricity Authority - India
- International Coal Ventures Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Rio Tinto Coal - Australia
- Indo Tambangraya Megah - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Energy Link Ltd, New Zealand
- White Energy Company Limited
- Bahari Cakrawala Sebuku - Indonesia
- Sojitz Corporation - Japan
- Barasentosa Lestari - Indonesia
- CIMB Investment Bank - Malaysia
- Ceylon Electricity Board - Sri Lanka
- Metalloyd Limited - United Kingdom
- Savvy Resources Ltd - HongKong
- South Luzon Thermal Energy Corporation
- Directorate Of Revenue Intelligence - India
- Petrochimia International Co. Ltd.- Taiwan
- Kumho Petrochemical, South Korea
- MS Steel International - UAE
- Mintek Dendrill Indonesia
- Chamber of Mines of South Africa
- Edison Trading Spa - Italy
- Planning Commission, India
- Heidelberg Cement - Germany
- Agrawal Coal Company - India
- Krishnapatnam Port Company Ltd. - India
- Posco Energy - South Korea
- Kartika Selabumi Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Makarim & Taira - Indonesia
- Sical Logistics Limited - India
- ASAPP Information Group - India
- Wilmar Investment Holdings
- Semirara Mining Corp, Philippines
- Bulk Trading Sa - Switzerland
- Ministry of Finance - Indonesia
- Indika Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- PTC India Limited - India
- Electricity Authority, New Zealand
- Global Business Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- Sinarmas Energy and Mining - Indonesia
- Trasteel International SA, Italy
- Deloitte Consulting - India
- Gujarat Electricity Regulatory Commission - India
- Global Green Power PLC Corporation, Philippines
- Thai Mozambique Logistica
- AsiaOL BioFuels Corp., Philippines
- Electricity Generating Authority of Thailand
- CNBM International Corporation - China
- Energy Development Corp, Philippines
- Simpson Spence & Young - Indonesia
- Australian Coal Association
- Goldman Sachs - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- SMG Consultants - Indonesia
- IHS Mccloskey Coal Group - USA
- Billiton Holdings Pty Ltd - Australia
- Dalmia Cement Bharat India
- Neyveli Lignite Corporation Ltd, - India
- The State Trading Corporation of India Ltd
- Standard Chartered Bank - UAE
- Tata Chemicals Ltd - India
- ICICI Bank Limited - India
- Interocean Group of Companies - India
- Bhoruka Overseas - Indonesia
- Vedanta Resources Plc - India
- SMC Global Power, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Essar Steel Hazira Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Port Waratah Coal Services - Australia
- GN Power Mariveles Coal Plant, Philippines
- Sakthi Sugars Limited - India
- Kobexindo Tractors - Indoneisa
- Samtan Co., Ltd - South Korea
- India Bulls Power Limited - India
- Indian Oil Corporation Limited
- Bayan Resources Tbk. - Indonesia
- Aditya Birla Group - India
- Directorate General of MIneral and Coal - Indonesia
- Orica Mining Services - Indonesia
- GAC Shipping (India) Pvt Ltd
- Videocon Industries ltd - India
- Siam City Cement - Thailand
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