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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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Wednesday, 06 July 16
MARKET INSIGHT - VASSILIS VASSILIOU
After a fairly silent first half of the year in the ship repair sector, we have finally a harmonized workload in the shipyards around the world. Ma ...
Tuesday, 05 July 16
DRY BULK SHIPPING'S RECOVERY NOT SEEN UNTIL 2018 - SGX
SGX freight derivative volumes totaled 36,542 contracts in June (-28% m/m; +52% y/y), while open interest averaged 121,189 contracts during the mon ...
Tuesday, 05 July 16
SPOT COAL INDEXES FOR INDONESIAN COAL CONTINUE TO HOLD FIRM - CS COAL INDEX
COALspot.com: Average 5000 GAR coal index of Indonesian origin was up by 0.83 percent week over week to averaging $39.98 per ton this past week, sh ...
Monday, 04 July 16
INDONESIA COAL PRICE REFERENCE CLIMBED 2.30% IN JULY
COALspot.com: The Indonesia Coal Benchmark Price increased in July 2016.
The Director General of Mineral and Coal of Indonesia, the r ...
Monday, 04 July 16
BDI ROSE ON STRONGER DEMAND ACROSS ALL VESSEL SEGMENTS
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose this past week. The BDI was up 11.16 percent from la ...
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- Sakthi Sugars Limited - India
- Chettinad Cement Corporation Ltd - India
- Siam City Cement - Thailand
- Jindal Steel & Power Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Trasteel International SA, Italy
- Orica Australia Pty. Ltd.
- The Treasury - Australian Government
- Bukit Makmur.PT - Indonesia
- PNOC Exploration Corporation - Philippines
- Dalmia Cement Bharat India
- Bharathi Cement Corporation - India
- Larsen & Toubro Limited - India
- Indian Oil Corporation Limited
- Leighton Contractors Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Kaltim Prima Coal - Indonesia
- MS Steel International - UAE
- Central Electricity Authority - India
- TeaM Sual Corporation - Philippines
- Chamber of Mines of South Africa
- ICICI Bank Limited - India
- Anglo American - United Kingdom
- Videocon Industries ltd - India
- Latin American Coal - Colombia
- CNBM International Corporation - China
- Directorate Of Revenue Intelligence - India
- Binh Thuan Hamico - Vietnam
- Medco Energi Mining Internasional
- Mjunction Services Limited - India
- Thiess Contractors Indonesia
- Georgia Ports Authority, United States
- Aditya Birla Group - India
- Australian Coal Association
- Ministry of Finance - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Sojitz Corporation - Japan
- Bhushan Steel Limited - India
- Standard Chartered Bank - UAE
- GVK Power & Infra Limited - India
- Bhoruka Overseas - Indonesia
- Mercator Lines Limited - India
- Deloitte Consulting - India
- Ind-Barath Power Infra Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Borneo Indobara - Indonesia
- Wilmar Investment Holdings
- Holcim Trading Pte Ltd - Singapore
- Bhatia International Limited - India
- Attock Cement Pakistan Limited
- Malabar Cements Ltd - India
- Karaikal Port Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Pendopo Energi Batubara - Indonesia
- Indika Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Mines - Canada
- Petron Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Aboitiz Power Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- International Coal Ventures Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Goldman Sachs - Singapore
- Kobexindo Tractors - Indoneisa
- Central Java Power - Indonesia
- Kideco Jaya Agung - Indonesia
- Kumho Petrochemical, South Korea
- Star Paper Mills Limited - India
- Manunggal Multi Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- Energy Development Corp, Philippines
- Indonesian Coal Mining Association
- Uttam Galva Steels Limited - India
- Lanco Infratech Ltd - India
- Globalindo Alam Lestari - Indonesia
- Agrawal Coal Company - India
- IHS Mccloskey Coal Group - USA
- Tamil Nadu electricity Board
- Bangladesh Power Developement Board
- Semirara Mining and Power Corporation, Philippines
- Vedanta Resources Plc - India
- White Energy Company Limited
- Coalindo Energy - Indonesia
- Eastern Energy - Thailand
- Merrill Lynch Commodities Europe
- Indogreen Group - Indonesia
- Semirara Mining Corp, Philippines
- Banpu Public Company Limited - Thailand
- Karbindo Abesyapradhi - Indoneisa
- CIMB Investment Bank - Malaysia
- South Luzon Thermal Energy Corporation
- Rio Tinto Coal - Australia
- Jaiprakash Power Ventures ltd
- SN Aboitiz Power Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Directorate General of MIneral and Coal - Indonesia
- Straits Asia Resources Limited - Singapore
- Meenaskhi Energy Private Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Parry Sugars Refinery, India
- Formosa Plastics Group - Taiwan
- Kohat Cement Company Ltd. - Pakistan
- Renaissance Capital - South Africa
- Interocean Group of Companies - India
- Indian Energy Exchange, India
- SMG Consultants - Indonesia
- Price Waterhouse Coopers - Russia
- Africa Commodities Group - South Africa
- Krishnapatnam Port Company Ltd. - India
- San Jose City I Power Corp, Philippines
- Minerals Council of Australia
- Eastern Coal Council - USA
- PowerSource Philippines DevCo
- GMR Energy Limited - India
- IEA Clean Coal Centre - UK
- ASAPP Information Group - India
- Mercuria Energy - Indonesia
- Independent Power Producers Association of India
- Indo Tambangraya Megah - Indonesia
- India Bulls Power Limited - India
- Sindya Power Generating Company Private Ltd
- Ministry of Transport, Egypt
- Riau Bara Harum - Indonesia
- Altura Mining Limited, Indonesia
- Vizag Seaport Private Limited - India
- Thai Mozambique Logistica
- Gujarat Electricity Regulatory Commission - India
- OPG Power Generation Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Gujarat Sidhee Cement - India
- Ambuja Cements Ltd - India
- McConnell Dowell - Australia
- The State Trading Corporation of India Ltd
- Parliament of New Zealand
- Electricity Generating Authority of Thailand
- Therma Luzon, Inc, Philippines
- PTC India Limited - India
- Marubeni Corporation - India
- Cement Manufacturers Association - India
- Billiton Holdings Pty Ltd - Australia
- Miang Besar Coal Terminal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Edison Trading Spa - Italy
- Antam Resourcindo - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Port Waratah Coal Services - Australia
- GAC Shipping (India) Pvt Ltd
- Timah Investasi Mineral - Indoneisa
- Mintek Dendrill Indonesia
- European Bulk Services B.V. - Netherlands
- Bayan Resources Tbk. - Indonesia
- Baramulti Group, Indonesia
- Oldendorff Carriers - Singapore
- Samtan Co., Ltd - South Korea
- Orica Mining Services - Indonesia
- London Commodity Brokers - England
- Siam City Cement PLC, Thailand
- Kartika Selabumi Mining - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- AsiaOL BioFuels Corp., Philippines
- Australian Commodity Traders Exchange
- Carbofer General Trading SA - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Metalloyd Limited - United Kingdom
- Kepco SPC Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Intertek Mineral Services - Indonesia
- Posco Energy - South Korea
- Power Finance Corporation Ltd., India
- Bukit Asam (Persero) Tbk - Indonesia
- Iligan Light & Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bank of Tokyo Mitsubishi UFJ Ltd
- Singapore Mercantile Exchange
- Global Coal Blending Company Limited - Australia
- Electricity Authority, New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Planning Commission, India
- Wood Mackenzie - Singapore
- Commonwealth Bank - Australia
- Bukit Baiduri Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Bulk Trading Sa - Switzerland
- GN Power Mariveles Coal Plant, Philippines
- Ceylon Electricity Board - Sri Lanka
- Meralco Power Generation, Philippines
- Simpson Spence & Young - Indonesia
- Sarangani Energy Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The University of Queensland
- Makarim & Taira - Indonesia
- Heidelberg Cement - Germany
- SMC Global Power, Philippines
- New Zealand Coal & Carbon
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Essar Steel Hazira Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Coal and Oil Company - UAE
- Xindia Steels Limited - India
- Coastal Gujarat Power Limited - India
- Grasim Industreis Ltd - India
- Romanian Commodities Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Savvy Resources Ltd - HongKong
- Petrochimia International Co. Ltd.- Taiwan
- Economic Council, Georgia
- Sree Jayajothi Cements Limited - India
- Sical Logistics Limited - India
- VISA Power Limited - India
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