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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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Monday, 29 August 16
THE 5000 GAR THERMAL COAL INDEX HAS STRENGTHENED BY 9.90% SINCE JANUARY
COALspot.com: A rally in thermal coal prices over the past few months, after years of decline, is still continuing upward and it is expected to ral ...
Monday, 29 August 16
THE FREIGHT MARKET WAS STEADY AND FIRM THIS PAST WEEK; BCI ROSE 18.74%
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose and ending in a positive note this past week except ...
Friday, 26 August 16
WEEKLY US COAL OUTPUT UP 0.7% W/W TO 16 MMST: EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16 million short tons ...
Thursday, 25 August 16
SUPRAMAXES ARE BEING FIXED IN REGION OF $9000
Supramax
Due to Chinese coal imports which continues to source much of the tonnage in SE Asia combined with a good flow of mineral exports ex Aus ...
Wednesday, 24 August 16
DRY BULK VESSELS FACE CONTINUED DISTRESS - CLEAR ASSET
Dry bulk vessels have faced extreme distress in recent years. With a combination of factors including newer vessels being ordered with up to 5-year ...
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- Kumho Petrochemical, South Korea
- Formosa Plastics Group - Taiwan
- Eastern Energy - Thailand
- Kartika Selabumi Mining - Indonesia
- Minerals Council of Australia
- Petrochimia International Co. Ltd.- Taiwan
- New Zealand Coal & Carbon
- Miang Besar Coal Terminal - Indonesia
- Commonwealth Bank - Australia
- Baramulti Group, Indonesia
- San Jose City I Power Corp, Philippines
- Global Business Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Central Java Power - Indonesia
- Global Green Power PLC Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PetroVietnam Power Coal Import and Supply Company
- ICICI Bank Limited - India
- Leighton Contractors Pty Ltd - Australia
- Riau Bara Harum - Indonesia
- Tamil Nadu electricity Board
- Goldman Sachs - Singapore
- Energy Development Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Coal and Oil Company - UAE
- Vedanta Resources Plc - India
- Indian Oil Corporation Limited
- Alfred C Toepfer International GmbH - Germany
- Parry Sugars Refinery, India
- Videocon Industries ltd - India
- Ambuja Cements Ltd - India
- International Coal Ventures Pvt Ltd - India
- Thiess Contractors Indonesia
- Manunggal Multi Energi - Indonesia
- Georgia Ports Authority, United States
- Kaltim Prima Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Port Waratah Coal Services - Australia
- Sarangani Energy Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Mercuria Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- SMC Global Power, Philippines
- Vizag Seaport Private Limited - India
- Chettinad Cement Corporation Ltd - India
- Sinarmas Energy and Mining - Indonesia
- GAC Shipping (India) Pvt Ltd
- Larsen & Toubro Limited - India
- Meralco Power Generation, Philippines
- Energy Link Ltd, New Zealand
- Mercator Lines Limited - India
- Sical Logistics Limited - India
- Romanian Commodities Exchange
- Cement Manufacturers Association - India
- Savvy Resources Ltd - HongKong
- Lanco Infratech Ltd - India
- Planning Commission, India
- Bharathi Cement Corporation - India
- Australian Commodity Traders Exchange
- CIMB Investment Bank - Malaysia
- Pendopo Energi Batubara - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Salva Resources Pvt Ltd - India
- Renaissance Capital - South Africa
- Bhatia International Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Independent Power Producers Association of India
- Bhushan Steel Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- South Luzon Thermal Energy Corporation
- Metalloyd Limited - United Kingdom
- Grasim Industreis Ltd - India
- Central Electricity Authority - India
- Bulk Trading Sa - Switzerland
- GMR Energy Limited - India
- Economic Council, Georgia
- Essar Steel Hazira Ltd - India
- Simpson Spence & Young - Indonesia
- ASAPP Information Group - India
- Straits Asia Resources Limited - Singapore
- VISA Power Limited - India
- Merrill Lynch Commodities Europe
- Parliament of New Zealand
- Directorate General of MIneral and Coal - Indonesia
- LBH Netherlands Bv - Netherlands
- India Bulls Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Cigading International Bulk Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- Maheswari Brothers Coal Limited - India
- Electricity Generating Authority of Thailand
- London Commodity Brokers - England
- Intertek Mineral Services - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Altura Mining Limited, Indonesia
- Kapuas Tunggal Persada - Indonesia
- Ministry of Mines - Canada
- Bayan Resources Tbk. - Indonesia
- Dalmia Cement Bharat India
- Marubeni Corporation - India
- European Bulk Services B.V. - Netherlands
- Orica Mining Services - Indonesia
- Attock Cement Pakistan Limited
- Coalindo Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Electricity Authority, New Zealand
- Sindya Power Generating Company Private Ltd
- Uttam Galva Steels Limited - India
- Ind-Barath Power Infra Limited - India
- Star Paper Mills Limited - India
- Eastern Coal Council - USA
- Wilmar Investment Holdings
- Oldendorff Carriers - Singapore
- Semirara Mining Corp, Philippines
- Wood Mackenzie - Singapore
- Kideco Jaya Agung - Indonesia
- Interocean Group of Companies - India
- Petron Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- SN Aboitiz Power Inc, Philippines
- Ministry of Finance - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Indo Tambangraya Megah - Indonesia
- Kepco SPC Power Corporation, Philippines
- Malabar Cements Ltd - India
- The Treasury - Australian Government
- Directorate Of Revenue Intelligence - India
- Iligan Light & Power Inc, Philippines
- Bangladesh Power Developement Board
- The State Trading Corporation of India Ltd
- Latin American Coal - Colombia
- Neyveli Lignite Corporation Ltd, - India
- Chamber of Mines of South Africa
- Barasentosa Lestari - Indonesia
- Karaikal Port Pvt Ltd - India
- Aditya Birla Group - India
- Bukit Makmur.PT - Indonesia
- Indika Energy - Indonesia
- The University of Queensland
- Mjunction Services Limited - India
- Bhoruka Overseas - Indonesia
- Anglo American - United Kingdom
- Carbofer General Trading SA - India
- Bukit Baiduri Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Edison Trading Spa - Italy
- Samtan Co., Ltd - South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Agrawal Coal Company - India
- McConnell Dowell - Australia
- Semirara Mining and Power Corporation, Philippines
- Indian Energy Exchange, India
- Holcim Trading Pte Ltd - Singapore
- Thai Mozambique Logistica
- CNBM International Corporation - China
- OPG Power Generation Pvt Ltd - India
- Heidelberg Cement - Germany
- Price Waterhouse Coopers - Russia
- Maharashtra Electricity Regulatory Commission - India
- Asmin Koalindo Tuhup - Indonesia
- Africa Commodities Group - South Africa
- Coastal Gujarat Power Limited - India
- Sojitz Corporation - Japan
- Borneo Indobara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Toyota Tsusho Corporation, Japan
- Standard Chartered Bank - UAE
- Rio Tinto Coal - Australia
- Global Coal Blending Company Limited - Australia
- Therma Luzon, Inc, Philippines
- Indonesian Coal Mining Association
- Makarim & Taira - Indonesia
- Sakthi Sugars Limited - India
- Singapore Mercantile Exchange
- Xindia Steels Limited - India
- Deloitte Consulting - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- MS Steel International - UAE
- IEA Clean Coal Centre - UK
- Bahari Cakrawala Sebuku - Indonesia
- Jaiprakash Power Ventures ltd
- Antam Resourcindo - Indonesia
- Sree Jayajothi Cements Limited - India
- Australian Coal Association
- PowerSource Philippines DevCo
- Orica Australia Pty. Ltd.
- Kobexindo Tractors - Indoneisa
- Posco Energy - South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Power Finance Corporation Ltd., India
- White Energy Company Limited
- Binh Thuan Hamico - Vietnam
- Gujarat Sidhee Cement - India
- GVK Power & Infra Limited - India
- PTC India Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Siam City Cement - Thailand
- Meenaskhi Energy Private Limited - India
- TeaM Sual Corporation - Philippines
- SMG Consultants - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Timah Investasi Mineral - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- Mintek Dendrill Indonesia
- Tata Chemicals Ltd - India
- Medco Energi Mining Internasional
- Madhucon Powers Ltd - India
- Trasteel International SA, Italy
- Aboitiz Power Corporation - Philippines
- Indogreen Group - Indonesia
- Siam City Cement PLC, Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Transport, Egypt
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