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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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Tuesday, 06 September 16
INDO GOVT. SETS SEPTEMBER COAL REFERENCE PRICE AT US$ 63.93 PER TON; JUMP 20.17% YTD
COALspot.com: The Indonesia coal benchmark price hits to its highest level since April 2015. The government declared benchmark prices f ...
Tuesday, 06 September 16
CAPESIZE: THE PACIFIC BASIN WAS THE MAIN REGION KEEPING UP WITH THE POSITIVE SUPPORT - ALLIED
Capesize
Despite some mixed feelings being seen early on in the week, we managed to see a positive week-on-week close on Friday with some positiv ...
Monday, 05 September 16
INDIA BECAME ADARO'S SECOND LARGEST MARKET IN 1H' 16
COALspot.com: The Wara Balangan blend product has been well received by customers in China and India - AI
In the second quarter of 2 ...
Monday, 05 September 16
POOR FREIGHT RATES DESPITE STRONG DEMAND GROWTH FROM CHINA - BIMCO
Demand
The dry bulk commodity imports into and exports out of China we have seen in the first half of 2016 are very positive – and nothing ...
Monday, 05 September 16
FREIGHT RATE FROM INDONESIA TO INDIA IS EXPECTED TO BE FLAT TO SOFT THIS WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose and ending in a positive note this past week except ...
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- Attock Cement Pakistan Limited
- Orica Mining Services - Indonesia
- Price Waterhouse Coopers - Russia
- Billiton Holdings Pty Ltd - Australia
- Petron Corporation, Philippines
- Heidelberg Cement - Germany
- Global Coal Blending Company Limited - Australia
- Leighton Contractors Pty Ltd - Australia
- Energy Link Ltd, New Zealand
- Oldendorff Carriers - Singapore
- Anglo American - United Kingdom
- Trasteel International SA, Italy
- Medco Energi Mining Internasional
- Holcim Trading Pte Ltd - Singapore
- Latin American Coal - Colombia
- Offshore Bulk Terminal Pte Ltd, Singapore
- GMR Energy Limited - India
- Intertek Mineral Services - Indonesia
- Aditya Birla Group - India
- Cement Manufacturers Association - India
- Sakthi Sugars Limited - India
- Barasentosa Lestari - Indonesia
- PNOC Exploration Corporation - Philippines
- Indian Energy Exchange, India
- Savvy Resources Ltd - HongKong
- CNBM International Corporation - China
- Banpu Public Company Limited - Thailand
- Bayan Resources Tbk. - Indonesia
- Malabar Cements Ltd - India
- Singapore Mercantile Exchange
- Power Finance Corporation Ltd., India
- Kohat Cement Company Ltd. - Pakistan
- Tamil Nadu electricity Board
- Alfred C Toepfer International GmbH - Germany
- Miang Besar Coal Terminal - Indonesia
- Bangladesh Power Developement Board
- Siam City Cement PLC, Thailand
- Antam Resourcindo - Indonesia
- Marubeni Corporation - India
- Bahari Cakrawala Sebuku - Indonesia
- Bharathi Cement Corporation - India
- PowerSource Philippines DevCo
- Bukit Asam (Persero) Tbk - Indonesia
- Sojitz Corporation - Japan
- Semirara Mining Corp, Philippines
- Africa Commodities Group - South Africa
- Electricity Authority, New Zealand
- Lanco Infratech Ltd - India
- Timah Investasi Mineral - Indoneisa
- India Bulls Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Indo Tambangraya Megah - Indonesia
- Tata Chemicals Ltd - India
- Siam City Cement - Thailand
- Australian Commodity Traders Exchange
- The State Trading Corporation of India Ltd
- ICICI Bank Limited - India
- GAC Shipping (India) Pvt Ltd
- Krishnapatnam Port Company Ltd. - India
- International Coal Ventures Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Ambuja Cements Ltd - India
- Bhoruka Overseas - Indonesia
- Meralco Power Generation, Philippines
- Interocean Group of Companies - India
- GN Power Mariveles Coal Plant, Philippines
- Planning Commission, India
- White Energy Company Limited
- Simpson Spence & Young - Indonesia
- Bulk Trading Sa - Switzerland
- Straits Asia Resources Limited - Singapore
- Deloitte Consulting - India
- Videocon Industries ltd - India
- Posco Energy - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Wilmar Investment Holdings
- Uttam Galva Steels Limited - India
- Makarim & Taira - Indonesia
- Star Paper Mills Limited - India
- Edison Trading Spa - Italy
- Altura Mining Limited, Indonesia
- Indonesian Coal Mining Association
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Kaltim Prima Coal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Madhucon Powers Ltd - India
- Commonwealth Bank - Australia
- Neyveli Lignite Corporation Ltd, - India
- Thiess Contractors Indonesia
- SN Aboitiz Power Inc, Philippines
- Metalloyd Limited - United Kingdom
- Mercator Lines Limited - India
- Bhushan Steel Limited - India
- Baramulti Group, Indonesia
- SMG Consultants - Indonesia
- Aboitiz Power Corporation - Philippines
- Global Business Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Minerals Council of Australia
- Ministry of Mines - Canada
- Grasim Industreis Ltd - India
- Port Waratah Coal Services - Australia
- PetroVietnam Power Coal Import and Supply Company
- Carbofer General Trading SA - India
- Coalindo Energy - Indonesia
- McConnell Dowell - Australia
- Georgia Ports Authority, United States
- Xindia Steels Limited - India
- Rashtriya Ispat Nigam Limited - India
- Independent Power Producers Association of India
- Wood Mackenzie - Singapore
- Directorate Of Revenue Intelligence - India
- Goldman Sachs - Singapore
- Energy Development Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Global Green Power PLC Corporation, Philippines
- The Treasury - Australian Government
- Parry Sugars Refinery, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Asmin Koalindo Tuhup - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SMC Global Power, Philippines
- IEA Clean Coal Centre - UK
- Indian Oil Corporation Limited
- Dalmia Cement Bharat India
- Indika Energy - Indonesia
- Ministry of Transport, Egypt
- GVK Power & Infra Limited - India
- AsiaOL BioFuels Corp., Philippines
- Jorong Barutama Greston.PT - Indonesia
- Romanian Commodities Exchange
- IHS Mccloskey Coal Group - USA
- Ceylon Electricity Board - Sri Lanka
- Gujarat Mineral Development Corp Ltd - India
- Eastern Energy - Thailand
- The University of Queensland
- Sarangani Energy Corporation, Philippines
- Electricity Generating Authority of Thailand
- Rio Tinto Coal - Australia
- Binh Thuan Hamico - Vietnam
- Larsen & Toubro Limited - India
- PTC India Limited - India
- Merrill Lynch Commodities Europe
- Salva Resources Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- European Bulk Services B.V. - Netherlands
- Chamber of Mines of South Africa
- Riau Bara Harum - Indonesia
- Samtan Co., Ltd - South Korea
- London Commodity Brokers - England
- Vizag Seaport Private Limited - India
- New Zealand Coal & Carbon
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Orica Australia Pty. Ltd.
- Karaikal Port Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Thai Mozambique Logistica
- Agrawal Coal Company - India
- Petrochimia International Co. Ltd.- Taiwan
- Mercuria Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Bukit Makmur.PT - Indonesia
- Mjunction Services Limited - India
- OPG Power Generation Pvt Ltd - India
- Ministry of Finance - Indonesia
- Standard Chartered Bank - UAE
- Mintek Dendrill Indonesia
- Central Java Power - Indonesia
- Australian Coal Association
- Sinarmas Energy and Mining - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- MS Steel International - UAE
- LBH Netherlands Bv - Netherlands
- Kumho Petrochemical, South Korea
- Coal and Oil Company - UAE
- Coastal Gujarat Power Limited - India
- Ind-Barath Power Infra Limited - India
- Maheswari Brothers Coal Limited - India
- Kideco Jaya Agung - Indonesia
- Economic Council, Georgia
- Vedanta Resources Plc - India
- Parliament of New Zealand
- Iligan Light & Power Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Therma Luzon, Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- ASAPP Information Group - India
- San Jose City I Power Corp, Philippines
- Jindal Steel & Power Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Jaiprakash Power Ventures ltd
- Meenaskhi Energy Private Limited - India
- TeaM Sual Corporation - Philippines
- VISA Power Limited - India
- Central Electricity Authority - India
- CIMB Investment Bank - Malaysia
- Borneo Indobara - Indonesia
- Gujarat Sidhee Cement - India
- South Luzon Thermal Energy Corporation
- Pendopo Energi Batubara - Indonesia
- Bhatia International Limited - India
- Chettinad Cement Corporation Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Indogreen Group - Indonesia
- Bukit Baiduri Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Sical Logistics Limited - India
- Renaissance Capital - South Africa
- Eastern Coal Council - USA
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