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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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Monday, 27 June 16
INDONESIA BANS (AGAIN) SHIPS SAILING TO THE PHILIPPINES FROM INDONESIA
COALspot.com: The Indonesian Transport Ministry strictly prohibited harbour masters issuing permits to all Indonesian-flagged vessels bound for the ...
Friday, 24 June 16
U.S WEEKLY COAL PRODUCTION UP MARGINALLY
COALspot.com – U.S, world’s one of the largest coal producers has produced approximately totalled an estimated 13.4 million short tons ...
Wednesday, 22 June 16
SMALL RISE IN SHIPPING CONFIDENCE - MOORE STEPHENS
In May 2016, the average confidence level expressed by respondents in the markets in which they operate was 5.1 on a scale of 1 (low) to 10 (high). ...
Wednesday, 22 June 16
SHIPPING MARKET INSIGHT - NASSOS SOULAKIS
Stagnation- With the BDI stuck in the low 600 points for almost a month now, if we had to choose a word to describe the state of the Dry Bulk freig ...
Monday, 20 June 16
CS COAL INDICES CONTINUE UPWARD TREND SINCE END APRIL
COALspot.com: Average 5000 GAR coal index of Indonesian origin was up again by 0.05 percent week over week to averaging $39.39 per ton this past we ...
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- Vijayanagar Sugar Pvt Ltd - India
- London Commodity Brokers - England
- Directorate General of MIneral and Coal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Indika Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Banpu Public Company Limited - Thailand
- Aditya Birla Group - India
- New Zealand Coal & Carbon
- The University of Queensland
- Iligan Light & Power Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Tamil Nadu electricity Board
- Bangladesh Power Developement Board
- Intertek Mineral Services - Indonesia
- Eastern Coal Council - USA
- Ministry of Mines - Canada
- ICICI Bank Limited - India
- Orica Australia Pty. Ltd.
- Ministry of Finance - Indonesia
- Gujarat Sidhee Cement - India
- Coalindo Energy - Indonesia
- Ambuja Cements Ltd - India
- Altura Mining Limited, Indonesia
- Dalmia Cement Bharat India
- Coastal Gujarat Power Limited - India
- PTC India Limited - India
- Global Business Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Sojitz Corporation - Japan
- Ministry of Transport, Egypt
- Gujarat Mineral Development Corp Ltd - India
- Energy Link Ltd, New Zealand
- Star Paper Mills Limited - India
- India Bulls Power Limited - India
- Oldendorff Carriers - Singapore
- Eastern Energy - Thailand
- Lanco Infratech Ltd - India
- Vedanta Resources Plc - India
- Gujarat Electricity Regulatory Commission - India
- Petrochimia International Co. Ltd.- Taiwan
- Price Waterhouse Coopers - Russia
- Marubeni Corporation - India
- Karbindo Abesyapradhi - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Savvy Resources Ltd - HongKong
- Central Java Power - Indonesia
- Attock Cement Pakistan Limited
- Chamber of Mines of South Africa
- Central Electricity Authority - India
- Baramulti Group, Indonesia
- Mjunction Services Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Samtan Co., Ltd - South Korea
- Directorate Of Revenue Intelligence - India
- Thiess Contractors Indonesia
- Commonwealth Bank - Australia
- Manunggal Multi Energi - Indonesia
- Global Green Power PLC Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- San Jose City I Power Corp, Philippines
- Standard Chartered Bank - UAE
- Planning Commission, India
- IHS Mccloskey Coal Group - USA
- OPG Power Generation Pvt Ltd - India
- Orica Mining Services - Indonesia
- Interocean Group of Companies - India
- Meralco Power Generation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Latin American Coal - Colombia
- Holcim Trading Pte Ltd - Singapore
- Alfred C Toepfer International GmbH - Germany
- Economic Council, Georgia
- GVK Power & Infra Limited - India
- European Bulk Services B.V. - Netherlands
- Indian Oil Corporation Limited
- Thai Mozambique Logistica
- Petron Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Georgia Ports Authority, United States
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ind-Barath Power Infra Limited - India
- Bulk Trading Sa - Switzerland
- Uttam Galva Steels Limited - India
- Singapore Mercantile Exchange
- Bharathi Cement Corporation - India
- Kobexindo Tractors - Indoneisa
- Merrill Lynch Commodities Europe
- Australian Commodity Traders Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhushan Steel Limited - India
- SMG Consultants - Indonesia
- Bukit Makmur.PT - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Therma Luzon, Inc, Philippines
- TeaM Sual Corporation - Philippines
- Independent Power Producers Association of India
- Kaltim Prima Coal - Indonesia
- Carbofer General Trading SA - India
- AsiaOL BioFuels Corp., Philippines
- PowerSource Philippines DevCo
- Essar Steel Hazira Ltd - India
- Australian Coal Association
- GAC Shipping (India) Pvt Ltd
- Mintek Dendrill Indonesia
- The Treasury - Australian Government
- Neyveli Lignite Corporation Ltd, - India
- Maharashtra Electricity Regulatory Commission - India
- Grasim Industreis Ltd - India
- Madhucon Powers Ltd - India
- The State Trading Corporation of India Ltd
- Antam Resourcindo - Indonesia
- VISA Power Limited - India
- Metalloyd Limited - United Kingdom
- Bukit Baiduri Energy - Indonesia
- Electricity Authority, New Zealand
- MS Steel International - UAE
- Kalimantan Lumbung Energi - Indonesia
- White Energy Company Limited
- Asmin Koalindo Tuhup - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Parry Sugars Refinery, India
- Africa Commodities Group - South Africa
- Global Coal Blending Company Limited - Australia
- Maheswari Brothers Coal Limited - India
- Miang Besar Coal Terminal - Indonesia
- Mercator Lines Limited - India
- Power Finance Corporation Ltd., India
- LBH Netherlands Bv - Netherlands
- Videocon Industries ltd - India
- Port Waratah Coal Services - Australia
- Kideco Jaya Agung - Indonesia
- SN Aboitiz Power Inc, Philippines
- Indonesian Coal Mining Association
- Rio Tinto Coal - Australia
- Edison Trading Spa - Italy
- Indogreen Group - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- McConnell Dowell - Australia
- Romanian Commodities Exchange
- Energy Development Corp, Philippines
- Sarangani Energy Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Semirara Mining Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Borneo Indobara - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Sindya Power Generating Company Private Ltd
- Posco Energy - South Korea
- Sical Logistics Limited - India
- Anglo American - United Kingdom
- Kapuas Tunggal Persada - Indonesia
- Simpson Spence & Young - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Wood Mackenzie - Singapore
- GMR Energy Limited - India
- Trasteel International SA, Italy
- Medco Energi Mining Internasional
- Pendopo Energi Batubara - Indonesia
- Deloitte Consulting - India
- Timah Investasi Mineral - Indoneisa
- Barasentosa Lestari - Indonesia
- Salva Resources Pvt Ltd - India
- Sakthi Sugars Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Agrawal Coal Company - India
- Jindal Steel & Power Ltd - India
- Coal and Oil Company - UAE
- CIMB Investment Bank - Malaysia
- Renaissance Capital - South Africa
- Tata Chemicals Ltd - India
- Xindia Steels Limited - India
- Riau Bara Harum - Indonesia
- Heidelberg Cement - Germany
- Meenaskhi Energy Private Limited - India
- Straits Asia Resources Limited - Singapore
- Kartika Selabumi Mining - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jorong Barutama Greston.PT - Indonesia
- Goldman Sachs - Singapore
- Larsen & Toubro Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Mercuria Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bhatia International Limited - India
- CNBM International Corporation - China
- Wilmar Investment Holdings
- Kumho Petrochemical, South Korea
- Binh Thuan Hamico - Vietnam
- International Coal Ventures Pvt Ltd - India
- Minerals Council of Australia
- Siam City Cement PLC, Thailand
- Billiton Holdings Pty Ltd - Australia
- IEA Clean Coal Centre - UK
- Indo Tambangraya Megah - Indonesia
- Siam City Cement - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- ASAPP Information Group - India
- Formosa Plastics Group - Taiwan
- Makarim & Taira - Indonesia
- Parliament of New Zealand
- SMC Global Power, Philippines
- Cement Manufacturers Association - India
- Sinarmas Energy and Mining - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Toyota Tsusho Corporation, Japan
- Malabar Cements Ltd - India
- Electricity Generating Authority of Thailand
- Indian Energy Exchange, India
- Pipit Mutiara Jaya. PT, Indonesia
- Bhoruka Overseas - Indonesia
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