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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.
The Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Thursday, 15 September 16
INDONESIA MAY FACE A COAL CRISIS BY 2035!
COALspot.com: Indonesia is the world’s fourth-largest coal producer and the world’s largest thermal coal exporter may face a coal crisi ...
Thursday, 15 September 16
CAPESIZE: LAST WEEK ENDED ON A VERY STRONG NOTE MAINLY DRIVEN BY A ACTIVE BRAZIL MARKET - FEARNLYS
Supramax
With holidays in the eastern hemisphere beginning this week, the sentiment and activity level has been decreasing.
In the Pacific, ...
Wednesday, 14 September 16
THE DRY BULK MARKET REACHED LEVELS LAST SEEN BACK IN 2015 - INTERMODAL
In an earlier column we commented that we are undergoing “shipping’s new (ab)normal” with constrained financing, shift in demand ...
Wednesday, 14 September 16
THE PORT OF NEWCASTLE SHIPPED 12.48 MMT OF COAL IN AUGUST; AVERAGE SELLING PRICE WAS $AU 83.33
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $AU $1,040.4 ...
Tuesday, 13 September 16
CAPESIZE: BIG STRENGTH SEEN IN THE MARKET THIS WEEK - ALLIED
Capesize - Big strength seen in the market this week, with an upbeat in sentiment amongst owners helping pull up rates fairly quickly and many hold ...
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- Siam City Cement PLC, Thailand
- CIMB Investment Bank - Malaysia
- SN Aboitiz Power Inc, Philippines
- Savvy Resources Ltd - HongKong
- Borneo Indobara - Indonesia
- Orica Mining Services - Indonesia
- Directorate Of Revenue Intelligence - India
- Barasentosa Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- Jindal Steel & Power Ltd - India
- Electricity Authority, New Zealand
- International Coal Ventures Pvt Ltd - India
- Central Java Power - Indonesia
- Trasteel International SA, Italy
- Georgia Ports Authority, United States
- Semirara Mining Corp, Philippines
- Rio Tinto Coal - Australia
- Attock Cement Pakistan Limited
- PowerSource Philippines DevCo
- Interocean Group of Companies - India
- Sindya Power Generating Company Private Ltd
- Mercuria Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Anglo American - United Kingdom
- Central Electricity Authority - India
- Bharathi Cement Corporation - India
- Tata Chemicals Ltd - India
- South Luzon Thermal Energy Corporation
- Kartika Selabumi Mining - Indonesia
- Africa Commodities Group - South Africa
- Renaissance Capital - South Africa
- Ministry of Transport, Egypt
- White Energy Company Limited
- OPG Power Generation Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Bangladesh Power Developement Board
- Cigading International Bulk Terminal - Indonesia
- Eastern Coal Council - USA
- Thai Mozambique Logistica
- Goldman Sachs - Singapore
- Kalimantan Lumbung Energi - Indonesia
- IEA Clean Coal Centre - UK
- Mercator Lines Limited - India
- Antam Resourcindo - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Chamber of Mines of South Africa
- Price Waterhouse Coopers - Russia
- Aboitiz Power Corporation - Philippines
- GMR Energy Limited - India
- Minerals Council of Australia
- Eastern Energy - Thailand
- MS Steel International - UAE
- New Zealand Coal & Carbon
- Makarim & Taira - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Dalmia Cement Bharat India
- Ind-Barath Power Infra Limited - India
- Chettinad Cement Corporation Ltd - India
- PNOC Exploration Corporation - Philippines
- Meralco Power Generation, Philippines
- Standard Chartered Bank - UAE
- Global Green Power PLC Corporation, Philippines
- Energy Development Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Singapore Mercantile Exchange
- Planning Commission, India
- Indogreen Group - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Intertek Mineral Services - Indonesia
- Simpson Spence & Young - Indonesia
- Kideco Jaya Agung - Indonesia
- Vizag Seaport Private Limited - India
- Coal and Oil Company - UAE
- Sakthi Sugars Limited - India
- GVK Power & Infra Limited - India
- Jaiprakash Power Ventures ltd
- Marubeni Corporation - India
- GN Power Mariveles Coal Plant, Philippines
- Port Waratah Coal Services - Australia
- Ministry of Mines - Canada
- Alfred C Toepfer International GmbH - Germany
- Binh Thuan Hamico - Vietnam
- Indika Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Siam City Cement - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Electricity Generating Authority of Thailand
- Bhoruka Overseas - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thiess Contractors Indonesia
- ASAPP Information Group - India
- Pendopo Energi Batubara - Indonesia
- Coalindo Energy - Indonesia
- Posco Energy - South Korea
- IHS Mccloskey Coal Group - USA
- Larsen & Toubro Limited - India
- Holcim Trading Pte Ltd - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Toyota Tsusho Corporation, Japan
- Xindia Steels Limited - India
- Economic Council, Georgia
- Independent Power Producers Association of India
- GAC Shipping (India) Pvt Ltd
- Tamil Nadu electricity Board
- Parry Sugars Refinery, India
- Bhatia International Limited - India
- Uttam Galva Steels Limited - India
- The State Trading Corporation of India Ltd
- Power Finance Corporation Ltd., India
- Ambuja Cements Ltd - India
- Global Coal Blending Company Limited - Australia
- Global Business Power Corporation, Philippines
- CNBM International Corporation - China
- Vijayanagar Sugar Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- PetroVietnam Power Coal Import and Supply Company
- Globalindo Alam Lestari - Indonesia
- Straits Asia Resources Limited - Singapore
- Bulk Trading Sa - Switzerland
- Kobexindo Tractors - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Deloitte Consulting - India
- London Commodity Brokers - England
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhushan Steel Limited - India
- SMC Global Power, Philippines
- LBH Netherlands Bv - Netherlands
- Kapuas Tunggal Persada - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Timah Investasi Mineral - Indoneisa
- Mjunction Services Limited - India
- Energy Link Ltd, New Zealand
- Vedanta Resources Plc - India
- Indonesian Coal Mining Association
- Romanian Commodities Exchange
- Riau Bara Harum - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Oldendorff Carriers - Singapore
- Wilmar Investment Holdings
- Petrochimia International Co. Ltd.- Taiwan
- Wood Mackenzie - Singapore
- Leighton Contractors Pty Ltd - Australia
- Orica Australia Pty. Ltd.
- Edison Trading Spa - Italy
- Karaikal Port Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indian Energy Exchange, India
- VISA Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Bukit Makmur.PT - Indonesia
- ICICI Bank Limited - India
- Ceylon Electricity Board - Sri Lanka
- Carbofer General Trading SA - India
- Billiton Holdings Pty Ltd - Australia
- Grasim Industreis Ltd - India
- Videocon Industries ltd - India
- AsiaOL BioFuels Corp., Philippines
- Directorate General of MIneral and Coal - Indonesia
- TeaM Sual Corporation - Philippines
- The Treasury - Australian Government
- Madhucon Powers Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Australian Coal Association
- Agrawal Coal Company - India
- Ministry of Finance - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Maheswari Brothers Coal Limited - India
- Meenaskhi Energy Private Limited - India
- Merrill Lynch Commodities Europe
- McConnell Dowell - Australia
- Miang Besar Coal Terminal - Indonesia
- Altura Mining Limited, Indonesia
- Australian Commodity Traders Exchange
- Iligan Light & Power Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Samtan Co., Ltd - South Korea
- Manunggal Multi Energi - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Sojitz Corporation - Japan
- Salva Resources Pvt Ltd - India
- India Bulls Power Limited - India
- Heidelberg Cement - Germany
- Baramulti Group, Indonesia
- Indo Tambangraya Megah - Indonesia
- Cement Manufacturers Association - India
- Star Paper Mills Limited - India
- Kumho Petrochemical, South Korea
- Petron Corporation, Philippines
- Parliament of New Zealand
- Malabar Cements Ltd - India
- Gujarat Sidhee Cement - India
- Sarangani Energy Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bahari Cakrawala Sebuku - Indonesia
- Sical Logistics Limited - India
- The University of Queensland
- PTC India Limited - India
- Indian Oil Corporation Limited
- Formosa Plastics Group - Taiwan
- Commonwealth Bank - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Maharashtra Electricity Regulatory Commission - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Latin American Coal - Colombia
- Metalloyd Limited - United Kingdom
- Mintek Dendrill Indonesia
- Aditya Birla Group - India
- Lanco Infratech Ltd - India
- Coastal Gujarat Power Limited - India
- Medco Energi Mining Internasional
- San Jose City I Power Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- SMG Consultants - Indonesia
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