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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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Thursday, 19 May 16
AUSTRALIAN IRON ORE CARGOES PUSHED UP THE FREIGHT RATES FOR CAPE THIS WEEK - FEARNLEYS
Cape
It has been a big jump in the freight rates for Cape size this week, says Fearnleys in its latest weekly report. All of the Australian iron ...
Thursday, 19 May 16
DISPUTE OVER VAT ON COAL DRAGS ON, CAUSING DOUBLE-BLOW TO MINERS - JP
The dispute over the value-added tax ( VAT ) mechanism between coal miners operating under third-generation contracts and the Finance Ministry&rsqu ...
Wednesday, 18 May 16
DRY BULK OUTLOOK REMAINS GLOOMY SAYS DANISH SHIP FINANCE, AS SHIPPING NEEDS TO RETHINK BUSINESS MODEL - HELLENIC SHIPPING
Our Shipping Market Review – May 2016 is devoted to the fourth industrial revolution. To understand the truly disruptive nature of the fourth ...
Wednesday, 18 May 16
LONG TERM FUNDAMENTALS ARE SLOWLY IMPROVING FOR THE DRY BULK MARKET - INTERMODAL
As we are approaching the end of the first half of the year, there is a number of market participants over at the dry bulk sector that have started ...
Tuesday, 17 May 16
INDONESIAN COAL PRICE REFERENCE DECLINE AGAIN
COALspot.com: The Indonesia Coal Benchmark Price declined in May 2016.
The Director General of Mineral and Coal of Indonesia, the regulator of ...
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- Kalimantan Lumbung Energi - Indonesia
- Indian Energy Exchange, India
- Energy Link Ltd, New Zealand
- Intertek Mineral Services - Indonesia
- Standard Chartered Bank - UAE
- Ambuja Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Indogreen Group - Indonesia
- Power Finance Corporation Ltd., India
- Romanian Commodities Exchange
- SN Aboitiz Power Inc, Philippines
- Kaltim Prima Coal - Indonesia
- The University of Queensland
- The Treasury - Australian Government
- Semirara Mining Corp, Philippines
- South Luzon Thermal Energy Corporation
- Gujarat Electricity Regulatory Commission - India
- Parry Sugars Refinery, India
- Orica Australia Pty. Ltd.
- London Commodity Brokers - England
- Rio Tinto Coal - Australia
- Singapore Mercantile Exchange
- Binh Thuan Hamico - Vietnam
- Kobexindo Tractors - Indoneisa
- Oldendorff Carriers - Singapore
- Electricity Generating Authority of Thailand
- Altura Mining Limited, Indonesia
- Bukit Makmur.PT - Indonesia
- Ministry of Mines - Canada
- Riau Bara Harum - Indonesia
- Vizag Seaport Private Limited - India
- Australian Coal Association
- VISA Power Limited - India
- Xindia Steels Limited - India
- Anglo American - United Kingdom
- Goldman Sachs - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Green Power PLC Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- New Zealand Coal & Carbon
- Antam Resourcindo - Indonesia
- Banpu Public Company Limited - Thailand
- Sree Jayajothi Cements Limited - India
- Orica Mining Services - Indonesia
- Makarim & Taira - Indonesia
- European Bulk Services B.V. - Netherlands
- Timah Investasi Mineral - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- McConnell Dowell - Australia
- Latin American Coal - Colombia
- Billiton Holdings Pty Ltd - Australia
- Malabar Cements Ltd - India
- Kumho Petrochemical, South Korea
- SMG Consultants - Indonesia
- Kepco SPC Power Corporation, Philippines
- Indonesian Coal Mining Association
- Gujarat Sidhee Cement - India
- Iligan Light & Power Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Coal and Oil Company - UAE
- Sinarmas Energy and Mining - Indonesia
- Directorate Of Revenue Intelligence - India
- Borneo Indobara - Indonesia
- Ind-Barath Power Infra Limited - India
- Manunggal Multi Energi - Indonesia
- White Energy Company Limited
- Sakthi Sugars Limited - India
- Price Waterhouse Coopers - Russia
- TeaM Sual Corporation - Philippines
- Chamber of Mines of South Africa
- Carbofer General Trading SA - India
- Kapuas Tunggal Persada - Indonesia
- GVK Power & Infra Limited - India
- Siam City Cement - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Medco Energi Mining Internasional
- Sarangani Energy Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Merrill Lynch Commodities Europe
- Mercator Lines Limited - India
- Grasim Industreis Ltd - India
- Leighton Contractors Pty Ltd - Australia
- CNBM International Corporation - China
- Electricity Authority, New Zealand
- Bulk Trading Sa - Switzerland
- Energy Development Corp, Philippines
- Port Waratah Coal Services - Australia
- Independent Power Producers Association of India
- Petron Corporation, Philippines
- Thai Mozambique Logistica
- Maharashtra Electricity Regulatory Commission - India
- Sindya Power Generating Company Private Ltd
- Bhushan Steel Limited - India
- Heidelberg Cement - Germany
- Global Business Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Wood Mackenzie - Singapore
- Coastal Gujarat Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Indo Tambangraya Megah - Indonesia
- Bhatia International Limited - India
- Dalmia Cement Bharat India
- Meralco Power Generation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PTC India Limited - India
- Gujarat Mineral Development Corp Ltd - India
- MS Steel International - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mintek Dendrill Indonesia
- Parliament of New Zealand
- Lanco Infratech Ltd - India
- ASAPP Information Group - India
- Jorong Barutama Greston.PT - Indonesia
- Sical Logistics Limited - India
- Madhucon Powers Ltd - India
- Samtan Co., Ltd - South Korea
- Commonwealth Bank - Australia
- Formosa Plastics Group - Taiwan
- Central Java Power - Indonesia
- Minerals Council of Australia
- Bharathi Cement Corporation - India
- Bayan Resources Tbk. - Indonesia
- Edison Trading Spa - Italy
- Africa Commodities Group - South Africa
- Planning Commission, India
- Neyveli Lignite Corporation Ltd, - India
- Simpson Spence & Young - Indonesia
- San Jose City I Power Corp, Philippines
- Kideco Jaya Agung - Indonesia
- SMC Global Power, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Videocon Industries ltd - India
- GMR Energy Limited - India
- Indika Energy - Indonesia
- Ministry of Finance - Indonesia
- PowerSource Philippines DevCo
- Eastern Energy - Thailand
- Vedanta Resources Plc - India
- Directorate General of MIneral and Coal - Indonesia
- Deloitte Consulting - India
- Larsen & Toubro Limited - India
- Aboitiz Power Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Karaikal Port Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Trasteel International SA, Italy
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Maheswari Brothers Coal Limited - India
- Holcim Trading Pte Ltd - Singapore
- India Bulls Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Jaiprakash Power Ventures ltd
- Vijayanagar Sugar Pvt Ltd - India
- Wilmar Investment Holdings
- Attock Cement Pakistan Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Tamil Nadu electricity Board
- Mjunction Services Limited - India
- Central Electricity Authority - India
- Petrochimia International Co. Ltd.- Taiwan
- PetroVietnam Power Coal Import and Supply Company
- Bhoruka Overseas - Indonesia
- Cement Manufacturers Association - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sojitz Corporation - Japan
- Star Paper Mills Limited - India
- Georgia Ports Authority, United States
- Metalloyd Limited - United Kingdom
- Baramulti Group, Indonesia
- Marubeni Corporation - India
- Australian Commodity Traders Exchange
- Krishnapatnam Port Company Ltd. - India
- Indian Oil Corporation Limited
- Thiess Contractors Indonesia
- Siam City Cement PLC, Thailand
- Uttam Galva Steels Limited - India
- Eastern Coal Council - USA
- AsiaOL BioFuels Corp., Philippines
- Coalindo Energy - Indonesia
- Ministry of Transport, Egypt
- Savvy Resources Ltd - HongKong
- Economic Council, Georgia
- CIMB Investment Bank - Malaysia
- Meenaskhi Energy Private Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Straits Asia Resources Limited - Singapore
- Salva Resources Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Toyota Tsusho Corporation, Japan
- IEA Clean Coal Centre - UK
- Interocean Group of Companies - India
- International Coal Ventures Pvt Ltd - India
- Mercuria Energy - Indonesia
- Renaissance Capital - South Africa
- GN Power Mariveles Coal Plant, Philippines
- Tata Chemicals Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Bukit Baiduri Energy - Indonesia
- Agrawal Coal Company - India
- PNOC Exploration Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- ICICI Bank Limited - India
- Semirara Mining and Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Posco Energy - South Korea
- Globalindo Alam Lestari - Indonesia
- Bangladesh Power Developement Board
- Asmin Koalindo Tuhup - Indonesia
- Aditya Birla Group - India
- Jindal Steel & Power Ltd - India
- Pendopo Energi Batubara - Indonesia
- The State Trading Corporation of India Ltd
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