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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, 11 July 16
DRY BULK MARKET: UP TO 30 MILLION DWT OF OLDER BULKERS WILL NEED TO BE SCRAPPED BY END OF 2017 FOR MARKET TO FIND BALANCE
Tonnage oversupply in the dry bulk market is more than evident, as newbuildings have been hitting the water faster than owners can scrap their olde ...
Friday, 08 July 16
U.S. WEEKLY COAL OUTPUT UP 3% TO 14.1 MMST - EIA
COALspot.com – U.S, world’s second largest coal producers has produced approximately totalled an estimated 14.1 million short tons (mms ...
Thursday, 07 July 16
PANAMAX : THE TENDENCY FROM LAST WEEK CONTINUES WITH A CONSIDERABLY STRONGER SENTIMENT ALL ACROSS THE BLOCK - FEARNLEYS
Capesize
Rates have been holding at steady levels over the last weeks but towards end of this period they are becoming under more pressure as gen ...
Thursday, 07 July 16
CONSOLIDATION TO RULE OVER SHIPPING, AS EXECUTIVES SEEK INVESTMENT OPPORTUNITIES IN CHINA, INDIA AND EUROPE SAYS NORTON ROSE SURVEY
The transport sector is looking to Asia Pacific as the key market for investment over the next five years, according to the seventh The way ahead T ...
Wednesday, 06 July 16
KOMIPO INVITES BIDS FOR 780000 MT OF BITUMINOUS COAL
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 780,000 Metric Tons of Bituminous Coal for its B ...
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- Indonesian Coal Mining Association
- MS Steel International - UAE
- Thiess Contractors Indonesia
- Electricity Generating Authority of Thailand
- Kartika Selabumi Mining - Indonesia
- VISA Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Marubeni Corporation - India
- Thai Mozambique Logistica
- Bank of Tokyo Mitsubishi UFJ Ltd
- SMG Consultants - Indonesia
- Simpson Spence & Young - Indonesia
- Sarangani Energy Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Antam Resourcindo - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Romanian Commodities Exchange
- Wood Mackenzie - Singapore
- Sical Logistics Limited - India
- Independent Power Producers Association of India
- Gujarat Sidhee Cement - India
- OPG Power Generation Pvt Ltd - India
- Sojitz Corporation - Japan
- Vedanta Resources Plc - India
- GMR Energy Limited - India
- Energy Link Ltd, New Zealand
- European Bulk Services B.V. - Netherlands
- Grasim Industreis Ltd - India
- Central Electricity Authority - India
- Kohat Cement Company Ltd. - Pakistan
- SN Aboitiz Power Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- LBH Netherlands Bv - Netherlands
- Miang Besar Coal Terminal - Indonesia
- South Luzon Thermal Energy Corporation
- Parliament of New Zealand
- Straits Asia Resources Limited - Singapore
- Binh Thuan Hamico - Vietnam
- CNBM International Corporation - China
- Semirara Mining Corp, Philippines
- ASAPP Information Group - India
- Aditya Birla Group - India
- London Commodity Brokers - England
- Singapore Mercantile Exchange
- Jorong Barutama Greston.PT - Indonesia
- Bukit Makmur.PT - Indonesia
- India Bulls Power Limited - India
- Australian Coal Association
- The State Trading Corporation of India Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhoruka Overseas - Indonesia
- Merrill Lynch Commodities Europe
- Eastern Energy - Thailand
- Power Finance Corporation Ltd., India
- Alfred C Toepfer International GmbH - Germany
- Australian Commodity Traders Exchange
- Timah Investasi Mineral - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Orica Australia Pty. Ltd.
- Petrochimia International Co. Ltd.- Taiwan
- Directorate Of Revenue Intelligence - India
- Jindal Steel & Power Ltd - India
- Interocean Group of Companies - India
- Energy Development Corp, Philippines
- Riau Bara Harum - Indonesia
- Madhucon Powers Ltd - India
- Renaissance Capital - South Africa
- Ministry of Mines - Canada
- Bangladesh Power Developement Board
- PNOC Exploration Corporation - Philippines
- Georgia Ports Authority, United States
- Malabar Cements Ltd - India
- GAC Shipping (India) Pvt Ltd
- Kepco SPC Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Oldendorff Carriers - Singapore
- Standard Chartered Bank - UAE
- CIMB Investment Bank - Malaysia
- TNB Fuel Sdn Bhd - Malaysia
- TeaM Sual Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Commonwealth Bank - Australia
- Therma Luzon, Inc, Philippines
- Posco Energy - South Korea
- Xindia Steels Limited - India
- Pendopo Energi Batubara - Indonesia
- Bayan Resources Tbk. - Indonesia
- Electricity Authority, New Zealand
- Siam City Cement - Thailand
- Billiton Holdings Pty Ltd - Australia
- Planning Commission, India
- New Zealand Coal & Carbon
- San Jose City I Power Corp, Philippines
- Essar Steel Hazira Ltd - India
- Coastal Gujarat Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vizag Seaport Private Limited - India
- Meenaskhi Energy Private Limited - India
- Latin American Coal - Colombia
- Iligan Light & Power Inc, Philippines
- Tamil Nadu electricity Board
- ICICI Bank Limited - India
- Chettinad Cement Corporation Ltd - India
- Intertek Mineral Services - Indonesia
- Petron Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Bhushan Steel Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Barasentosa Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Trasteel International SA, Italy
- Indika Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Leighton Contractors Pty Ltd - Australia
- GVK Power & Infra Limited - India
- Jaiprakash Power Ventures ltd
- Lanco Infratech Ltd - India
- Savvy Resources Ltd - HongKong
- Indo Tambangraya Megah - Indonesia
- Attock Cement Pakistan Limited
- Tata Chemicals Ltd - India
- International Coal Ventures Pvt Ltd - India
- PTC India Limited - India
- Deloitte Consulting - India
- Krishnapatnam Port Company Ltd. - India
- Central Java Power - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Global Business Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Altura Mining Limited, Indonesia
- Bhatia International Limited - India
- Sakthi Sugars Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The University of Queensland
- Holcim Trading Pte Ltd - Singapore
- White Energy Company Limited
- Kapuas Tunggal Persada - Indonesia
- Makarim & Taira - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Cement Manufacturers Association - India
- SMC Global Power, Philippines
- Indian Energy Exchange, India
- Heidelberg Cement - Germany
- Goldman Sachs - Singapore
- Star Paper Mills Limited - India
- Borneo Indobara - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Medco Energi Mining Internasional
- Price Waterhouse Coopers - Russia
- Meralco Power Generation, Philippines
- Agrawal Coal Company - India
- Gujarat Mineral Development Corp Ltd - India
- Rio Tinto Coal - Australia
- Wilmar Investment Holdings
- Bahari Cakrawala Sebuku - Indonesia
- PowerSource Philippines DevCo
- Banpu Public Company Limited - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Manunggal Multi Energi - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Transport, Egypt
- Larsen & Toubro Limited - India
- Ministry of Finance - Indonesia
- Metalloyd Limited - United Kingdom
- IHS Mccloskey Coal Group - USA
- Kaltim Prima Coal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Karaikal Port Pvt Ltd - India
- Anglo American - United Kingdom
- Orica Mining Services - Indonesia
- Indian Oil Corporation Limited
- Vijayanagar Sugar Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Coalindo Energy - Indonesia
- The Treasury - Australian Government
- Parry Sugars Refinery, India
- Edison Trading Spa - Italy
- Eastern Coal Council - USA
- Asmin Koalindo Tuhup - Indonesia
- Global Coal Blending Company Limited - Australia
- Salva Resources Pvt Ltd - India
- Mjunction Services Limited - India
- Africa Commodities Group - South Africa
- McConnell Dowell - Australia
- Mintek Dendrill Indonesia
- Sindya Power Generating Company Private Ltd
- Indogreen Group - Indonesia
- Videocon Industries ltd - India
- Toyota Tsusho Corporation, Japan
- Chamber of Mines of South Africa
- Ambuja Cements Ltd - India
- Mercator Lines Limited - India
- Samtan Co., Ltd - South Korea
- Baramulti Group, Indonesia
- Uttam Galva Steels Limited - India
- Bharathi Cement Corporation - India
- Ind-Barath Power Infra Limited - India
- Dalmia Cement Bharat India
- Formosa Plastics Group - Taiwan
- GN Power Mariveles Coal Plant, Philippines
- Kumho Petrochemical, South Korea
- Coal and Oil Company - UAE
- Sree Jayajothi Cements Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Economic Council, Georgia
- IEA Clean Coal Centre - UK
- Port Waratah Coal Services - Australia
- Bulk Trading Sa - Switzerland
- Gujarat Electricity Regulatory Commission - India
- Siam City Cement PLC, Thailand
- Carbofer General Trading SA - India
- Sinarmas Energy and Mining - Indonesia
- Aboitiz Power Corporation - Philippines
- Minerals Council of Australia
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