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Wednesday, 24 August 16
MARKET INSIGHT
 Brazil and the world bid farewell on Sunday to the first Olympic Games in South America in the midst of a finale meant to be both one last bash and to take care of some business — namely signal the transition to the 2020 Summer Olympics in Japan. The theme was “Brazilians can do with their bare hands,” a nod to the emerging economy of the world’s fifth most-populous nation, whilst the world now turns their attention to the world’s third-largest economy, Japan, which most certainly can do it by using robots...However, at a time that Japan is facing unprecedented levels of budget deficit, plans for bold stimulus packages raise further concerns. Japan’s top government spokesmen have in the recent past ruled out the issuance of deficit bonds to fund an economic stimulus package planned for the autumn, hinting at the use of construction bonds for longer-term investments. Let’s hope that shipping, which is an important pillar of the Japanese sourcing capacity receives the support it deserves in the process.
Meanwhile, one of the most paradoxical summers in terms of snp activity is coming to an end, further underlining the illiquidity of the tanker sector and the lack of interest for the container and offshore segments.
Given the lack of finance during all shipping recessions, the redeeming feature of the idiosyncratic shipping investment model is the opportunity it presents during times of high volatility; i.e. based on the basic capital asset pricing (CAP) model used by most investment analysts, which equates volatility with risk, it is this volatility (high risk) and low returns that distinguishes shipping from other investments. In other words, given the lack of finance, it is at times of collapsing earnings that market pundits should recognize the asset value opportunities and move accordingly.
This summer’s paradox on the other hand means that the number of sales in the tanker sector –especially the crude- which has suffered a tremendous blow in earnings is attracting scarce buying interest, whereas the dry bulk sector is finding a strong footing both in healthy volumes of deals transacted and in asset values which are steadily going up despite a rather “zero sum game” earnings timeline. The reasons for such behavior are multiple but recognizing the trend itself is sufficient to make it worth keeping a closer look at any pattern/reaction forming in the near future.
By George Dermatis
SnP Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms. Eva Tzima
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Wednesday, 12 October 16
MARKET INSIGHT - LINOS KOGEVINAS
Another Monday has gone by, bringing with it further turbulence for oil. A series of meetings between high-production nations Russia & Saudi Ar ...
Wednesday, 12 October 16
INDIAN STEELMAKERS' DELEVERAGING AT RISK ON COKING COAL PRICE JUMP - FITCH
The sharp increase in coking coal prices since August 2016 could squeeze Indian steelmakers' profitability and threaten their deleveraging, Fit ...
Wednesday, 12 October 16
UK SEABORNE COAL IMPORT PLUNGES 64% AS A WORRYING TREND LURKS - BIMCO
The main exporters of thermal coal for coal- fired power plants to the United Kingdom (UK) have experienced a heavy decline in seaborne cargo volum ...
Monday, 10 October 16
INDONESIAN COAL PRICE REFERENCE HITS HIGHEST LEVELS SINCE SEPTEMBER 2014
COALspot.com: The Indonesia coal benchmark price hits to its highest level since September 2014. The government declared benchmark prices for Indon ...
Monday, 10 October 16
THE FREIGHT MARKET FIRMS UP ON STRONG CAPE PERFORMANCE
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose again and ending in a positive note this past week. ...
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- Timah Investasi Mineral - Indoneisa
- Tamil Nadu electricity Board
- Gujarat Mineral Development Corp Ltd - India
- Makarim & Taira - Indonesia
- Mercator Lines Limited - India
- Heidelberg Cement - Germany
- CNBM International Corporation - China
- Indian Oil Corporation Limited
- Petrochimia International Co. Ltd.- Taiwan
- Kohat Cement Company Ltd. - Pakistan
- Meenaskhi Energy Private Limited - India
- Essar Steel Hazira Ltd - India
- GVK Power & Infra Limited - India
- Simpson Spence & Young - Indonesia
- New Zealand Coal & Carbon
- Sakthi Sugars Limited - India
- Xindia Steels Limited - India
- Goldman Sachs - Singapore
- Madhucon Powers Ltd - India
- PNOC Exploration Corporation - Philippines
- Ministry of Transport, Egypt
- IEA Clean Coal Centre - UK
- South Luzon Thermal Energy Corporation
- Electricity Authority, New Zealand
- Semirara Mining and Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- ICICI Bank Limited - India
- Coastal Gujarat Power Limited - India
- Latin American Coal - Colombia
- GMR Energy Limited - India
- Larsen & Toubro Limited - India
- Medco Energi Mining Internasional
- Asmin Koalindo Tuhup - Indonesia
- Coalindo Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Global Coal Blending Company Limited - Australia
- Eastern Coal Council - USA
- Kartika Selabumi Mining - Indonesia
- Australian Commodity Traders Exchange
- Aditya Birla Group - India
- Barasentosa Lestari - Indonesia
- GAC Shipping (India) Pvt Ltd
- Orica Mining Services - Indonesia
- San Jose City I Power Corp, Philippines
- Lanco Infratech Ltd - India
- Chamber of Mines of South Africa
- LBH Netherlands Bv - Netherlands
- Independent Power Producers Association of India
- Vizag Seaport Private Limited - India
- Maheswari Brothers Coal Limited - India
- Kepco SPC Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Bhushan Steel Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Uttam Galva Steels Limited - India
- Parry Sugars Refinery, India
- Port Waratah Coal Services - Australia
- Global Green Power PLC Corporation, Philippines
- Edison Trading Spa - Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Therma Luzon, Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement - Thailand
- Meralco Power Generation, Philippines
- Oldendorff Carriers - Singapore
- Manunggal Multi Energi - Indonesia
- Cement Manufacturers Association - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- The Treasury - Australian Government
- Trasteel International SA, Italy
- Australian Coal Association
- Parliament of New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Posco Energy - South Korea
- Formosa Plastics Group - Taiwan
- SN Aboitiz Power Inc, Philippines
- Deloitte Consulting - India
- Thai Mozambique Logistica
- Merrill Lynch Commodities Europe
- Holcim Trading Pte Ltd - Singapore
- Ministry of Mines - Canada
- OPG Power Generation Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Bangladesh Power Developement Board
- Riau Bara Harum - Indonesia
- Central Java Power - Indonesia
- Antam Resourcindo - Indonesia
- Bhatia International Limited - India
- Kideco Jaya Agung - Indonesia
- Star Paper Mills Limited - India
- Wood Mackenzie - Singapore
- Bukit Baiduri Energy - Indonesia
- Central Electricity Authority - India
- Jaiprakash Power Ventures ltd
- European Bulk Services B.V. - Netherlands
- Jorong Barutama Greston.PT - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Chettinad Cement Corporation Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Thiess Contractors Indonesia
- Indo Tambangraya Megah - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Grasim Industreis Ltd - India
- Borneo Indobara - Indonesia
- Sindya Power Generating Company Private Ltd
- Bhoruka Overseas - Indonesia
- Mintek Dendrill Indonesia
- Agrawal Coal Company - India
- Globalindo Alam Lestari - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- Bayan Resources Tbk. - Indonesia
- Kumho Petrochemical, South Korea
- Leighton Contractors Pty Ltd - Australia
- Alfred C Toepfer International GmbH - Germany
- Kobexindo Tractors - Indoneisa
- Rio Tinto Coal - Australia
- Indonesian Coal Mining Association
- Attock Cement Pakistan Limited
- Ind-Barath Power Infra Limited - India
- Ambuja Cements Ltd - India
- Malabar Cements Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Dalmia Cement Bharat India
- Singapore Mercantile Exchange
- Altura Mining Limited, Indonesia
- Baramulti Group, Indonesia
- Planning Commission, India
- Binh Thuan Hamico - Vietnam
- Metalloyd Limited - United Kingdom
- Miang Besar Coal Terminal - Indonesia
- MS Steel International - UAE
- Jindal Steel & Power Ltd - India
- Energy Development Corp, Philippines
- Mjunction Services Limited - India
- Iligan Light & Power Inc, Philippines
- Africa Commodities Group - South Africa
- Aboitiz Power Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- ASAPP Information Group - India
- Sarangani Energy Corporation, Philippines
- Carbofer General Trading SA - India
- Maharashtra Electricity Regulatory Commission - India
- Siam City Cement PLC, Thailand
- Pendopo Energi Batubara - Indonesia
- Interocean Group of Companies - India
- McConnell Dowell - Australia
- Mercuria Energy - Indonesia
- Ministry of Finance - Indonesia
- Videocon Industries ltd - India
- TeaM Sual Corporation - Philippines
- The State Trading Corporation of India Ltd
- Anglo American - United Kingdom
- Kalimantan Lumbung Energi - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Toyota Tsusho Corporation, Japan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Renaissance Capital - South Africa
- The University of Queensland
- Gujarat Sidhee Cement - India
- Samtan Co., Ltd - South Korea
- Eastern Energy - Thailand
- Minerals Council of Australia
- Neyveli Lignite Corporation Ltd, - India
- Semirara Mining Corp, Philippines
- Coal and Oil Company - UAE
- Salva Resources Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Sical Logistics Limited - India
- Economic Council, Georgia
- Billiton Holdings Pty Ltd - Australia
- Bharathi Cement Corporation - India
- Directorate Of Revenue Intelligence - India
- PowerSource Philippines DevCo
- Indian Energy Exchange, India
- Vijayanagar Sugar Pvt Ltd - India
- Sojitz Corporation - Japan
- Banpu Public Company Limited - Thailand
- Power Finance Corporation Ltd., India
- Krishnapatnam Port Company Ltd. - India
- Georgia Ports Authority, United States
- White Energy Company Limited
- Sinarmas Energy and Mining - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Romanian Commodities Exchange
- PTC India Limited - India
- International Coal Ventures Pvt Ltd - India
- Orica Australia Pty. Ltd.
- VISA Power Limited - India
- Indika Energy - Indonesia
- Electricity Generating Authority of Thailand
- Vedanta Resources Plc - India
- CIMB Investment Bank - Malaysia
- London Commodity Brokers - England
- IHS Mccloskey Coal Group - USA
- Price Waterhouse Coopers - Russia
- SMC Global Power, Philippines
- Tata Chemicals Ltd - India
- Marubeni Corporation - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kaltim Prima Coal - Indonesia
- Wilmar Investment Holdings
- India Bulls Power Limited - India
- Energy Link Ltd, New Zealand
- Savvy Resources Ltd - HongKong
- Petron Corporation, Philippines
- Standard Chartered Bank - UAE
- Bukit Makmur.PT - Indonesia
- Straits Asia Resources Limited - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- GN Power Mariveles Coal Plant, Philippines
- Commonwealth Bank - Australia
- Global Business Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- SMG Consultants - Indonesia
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