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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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Wednesday, 13 July 16
EIA FORECASTS U.S. COAL EXPORTS TO DECLINE BY 15 MMST IN 2016 AND BY 4 MMST IN 2017
COALspot.com: U.S. coal production in June was 57 million short tons (MMst), a 6 MMst (13%) increase from May and 9 MMst (14%) lower than in June 2 ...
Wednesday, 13 July 16
2015 VS. 2016; THE DRY BULK DEMOLITION DERBY - JOHN N. COTZIAS
In the first half of the year 373 Bulkers and General Cargo ships were scrapped representing 23.8mil tons of dwt carrying capacity.
Comparing ...
Tuesday, 12 July 16
DUE TO LONG HOLIDAYS, CS COAL INDICES HELD AT THE SAME LEVEL OF THE PREVIOUS WEEK
COALspot.com: Average 5000 GAR coal index of Indonesian origin was flat week over week to averaging $39.98 per ton this past week.
Due to the ...
Monday, 11 July 16
COAL MARKETS SAW IMPROVED PRICES IN H1 2016 - SGX'S COMMODITIES MID-YEAR REFLECTION
COALspot.com: Coal
Coal markets saw improved prices in H1 2016 with the benchmark coking coal and thermal coal spot prices rising 18% and 25%, re ...
Monday, 11 July 16
THE MAIN SEA FREIGHT INDEX, BDI ROSE FURTHER ON 8 JULY DUE TO STRONG DEMAND FOR PANAMAX SHIPS
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose this past week. The BDI was up 3.84 percent from las ...
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- Lanco Infratech Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Borneo Indobara - Indonesia
- Bhushan Steel Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Cigading International Bulk Terminal - Indonesia
- GMR Energy Limited - India
- Bhatia International Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Mintek Dendrill Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Goldman Sachs - Singapore
- Leighton Contractors Pty Ltd - Australia
- Price Waterhouse Coopers - Russia
- Semirara Mining and Power Corporation, Philippines
- ASAPP Information Group - India
- Merrill Lynch Commodities Europe
- Romanian Commodities Exchange
- Standard Chartered Bank - UAE
- San Jose City I Power Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Kartika Selabumi Mining - Indonesia
- Sree Jayajothi Cements Limited - India
- Intertek Mineral Services - Indonesia
- Parry Sugars Refinery, India
- Coastal Gujarat Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Eastern Energy - Thailand
- New Zealand Coal & Carbon
- Metalloyd Limited - United Kingdom
- Mercator Lines Limited - India
- Medco Energi Mining Internasional
- Bahari Cakrawala Sebuku - Indonesia
- Kapuas Tunggal Persada - Indonesia
- India Bulls Power Limited - India
- Bharathi Cement Corporation - India
- Thiess Contractors Indonesia
- Chettinad Cement Corporation Ltd - India
- Videocon Industries ltd - India
- Holcim Trading Pte Ltd - Singapore
- Indian Energy Exchange, India
- Neyveli Lignite Corporation Ltd, - India
- Bangladesh Power Developement Board
- Kobexindo Tractors - Indoneisa
- Baramulti Group, Indonesia
- Africa Commodities Group - South Africa
- Indian Oil Corporation Limited
- Malabar Cements Ltd - India
- Orica Mining Services - Indonesia
- Karaikal Port Pvt Ltd - India
- Minerals Council of Australia
- Tamil Nadu electricity Board
- Thai Mozambique Logistica
- White Energy Company Limited
- Wood Mackenzie - Singapore
- Global Green Power PLC Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Petron Corporation, Philippines
- CNBM International Corporation - China
- Indonesian Coal Mining Association
- Mercuria Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Manunggal Multi Energi - Indonesia
- Larsen & Toubro Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Australian Commodity Traders Exchange
- Australian Coal Association
- Savvy Resources Ltd - HongKong
- Siam City Cement - Thailand
- European Bulk Services B.V. - Netherlands
- Rio Tinto Coal - Australia
- Makarim & Taira - Indonesia
- Electricity Generating Authority of Thailand
- Tata Chemicals Ltd - India
- Bulk Trading Sa - Switzerland
- Ambuja Cements Ltd - India
- Heidelberg Cement - Germany
- Krishnapatnam Port Company Ltd. - India
- Indo Tambangraya Megah - Indonesia
- Aboitiz Power Corporation - Philippines
- Posco Energy - South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vedanta Resources Plc - India
- GN Power Mariveles Coal Plant, Philippines
- Alfred C Toepfer International GmbH - Germany
- Rashtriya Ispat Nigam Limited - India
- Sakthi Sugars Limited - India
- Anglo American - United Kingdom
- MS Steel International - UAE
- PTC India Limited - India
- Jindal Steel & Power Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Dalmia Cement Bharat India
- Ministry of Mines - Canada
- ICICI Bank Limited - India
- Miang Besar Coal Terminal - Indonesia
- Meralco Power Generation, Philippines
- Central Java Power - Indonesia
- Toyota Tsusho Corporation, Japan
- London Commodity Brokers - England
- Attock Cement Pakistan Limited
- International Coal Ventures Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Bukit Makmur.PT - Indonesia
- Aditya Birla Group - India
- Wilmar Investment Holdings
- CIMB Investment Bank - Malaysia
- Meenaskhi Energy Private Limited - India
- Therma Luzon, Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Bayan Resources Tbk. - Indonesia
- SMC Global Power, Philippines
- Semirara Mining Corp, Philippines
- Sojitz Corporation - Japan
- SN Aboitiz Power Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Oldendorff Carriers - Singapore
- Binh Thuan Hamico - Vietnam
- Trasteel International SA, Italy
- Uttam Galva Steels Limited - India
- Billiton Holdings Pty Ltd - Australia
- Kideco Jaya Agung - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Barasentosa Lestari - Indonesia
- LBH Netherlands Bv - Netherlands
- Agrawal Coal Company - India
- Deloitte Consulting - India
- Bhoruka Overseas - Indonesia
- Edison Trading Spa - Italy
- Indogreen Group - Indonesia
- Cement Manufacturers Association - India
- Energy Link Ltd, New Zealand
- Gujarat Electricity Regulatory Commission - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- GAC Shipping (India) Pvt Ltd
- Kepco SPC Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Gujarat Sidhee Cement - India
- Mjunction Services Limited - India
- Commonwealth Bank - Australia
- Georgia Ports Authority, United States
- Singapore Mercantile Exchange
- Siam City Cement PLC, Thailand
- Altura Mining Limited, Indonesia
- Eastern Coal Council - USA
- Essar Steel Hazira Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Finance - Indonesia
- Riau Bara Harum - Indonesia
- Iligan Light & Power Inc, Philippines
- GVK Power & Infra Limited - India
- The State Trading Corporation of India Ltd
- Indika Energy - Indonesia
- Parliament of New Zealand
- Jaiprakash Power Ventures ltd
- McConnell Dowell - Australia
- The Treasury - Australian Government
- Vijayanagar Sugar Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Coal and Oil Company - UAE
- Marubeni Corporation - India
- Renaissance Capital - South Africa
- Electricity Authority, New Zealand
- Planning Commission, India
- Karbindo Abesyapradhi - Indoneisa
- South Luzon Thermal Energy Corporation
- Timah Investasi Mineral - Indoneisa
- Ind-Barath Power Infra Limited - India
- Directorate Of Revenue Intelligence - India
- Global Business Power Corporation, Philippines
- Ministry of Transport, Egypt
- Antam Resourcindo - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Ceylon Electricity Board - Sri Lanka
- TeaM Sual Corporation - Philippines
- Kumho Petrochemical, South Korea
- Banpu Public Company Limited - Thailand
- Maheswari Brothers Coal Limited - India
- VISA Power Limited - India
- The University of Queensland
- Star Paper Mills Limited - India
- AsiaOL BioFuels Corp., Philippines
- Salva Resources Pvt Ltd - India
- Madhucon Powers Ltd - India
- PowerSource Philippines DevCo
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Straits Asia Resources Limited - Singapore
- Kaltim Prima Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Latin American Coal - Colombia
- Xindia Steels Limited - India
- SMG Consultants - Indonesia
- Sindya Power Generating Company Private Ltd
- Carbofer General Trading SA - India
- IHS Mccloskey Coal Group - USA
- PNOC Exploration Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- IEA Clean Coal Centre - UK
- Chamber of Mines of South Africa
- Economic Council, Georgia
- Orica Australia Pty. Ltd.
- Port Waratah Coal Services - Australia
- Independent Power Producers Association of India
- Central Electricity Authority - India
- Power Finance Corporation Ltd., India
- Pendopo Energi Batubara - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Grasim Industreis Ltd - India
- Simpson Spence & Young - Indonesia
- Formosa Plastics Group - Taiwan
- Energy Development Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Interocean Group of Companies - India
- Coalindo Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Sical Logistics Limited - India
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