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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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Tuesday, 17 May 16
CHINA THERMAL-POWER OVERSUPPLY TO WORSEN - FITCH
COALspot.com: The overcapacity in thermal-power generation in China is likely to worsen in 2016 to 2017, Fitch Ratings says in a new report.
F ...
Tuesday, 17 May 16
ON YOUR MARKS: TRACKING CHINESE TRADE - CLARKSONS
One of the major drivers behind the challenges currently facing many of the shipping markets has been slower demand growth. World seaborne trade gr ...
Monday, 16 May 16
INDONESIAN WEEKLY COAL INDICES AT POSITIVE LEVELS - CS (I) COAL INDEX
COALspot.com: Average 5000 GAR coal index of Indonesian origin up 0.31 percent week over week to averaging $38.94 per ton this past week, shows CS ...
Monday, 16 May 16
OPEC SEES RIVAL OIL PRODUCTION DECLINING
Crude Oil Price Movements
The OPEC Reference Basket averaged $37.86/b in April, a gain of $3.21 or 9.3%. This was 40% higher than the lows reache ...
Monday, 16 May 16
THE FREIGHT MARKET WAS WEAK AND ALL SEGMENTS EXCEPT PANAMAX WERE DOWN
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities decline this week.
The freight market was weak and a ...
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- Siam City Cement PLC, Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- VISA Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Samtan Co., Ltd - South Korea
- Sarangani Energy Corporation, Philippines
- The University of Queensland
- Ministry of Mines - Canada
- Karbindo Abesyapradhi - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Kepco SPC Power Corporation, Philippines
- India Bulls Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Videocon Industries ltd - India
- Jaiprakash Power Ventures ltd
- Indian Energy Exchange, India
- Eastern Energy - Thailand
- Baramulti Group, Indonesia
- Bhushan Steel Limited - India
- Ind-Barath Power Infra Limited - India
- Intertek Mineral Services - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Price Waterhouse Coopers - Russia
- Lanco Infratech Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Parry Sugars Refinery, India
- Globalindo Alam Lestari - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Borneo Indobara - Indonesia
- Coal and Oil Company - UAE
- Sojitz Corporation - Japan
- Thai Mozambique Logistica
- Kapuas Tunggal Persada - Indonesia
- IHS Mccloskey Coal Group - USA
- Heidelberg Cement - Germany
- Aboitiz Power Corporation - Philippines
- Larsen & Toubro Limited - India
- New Zealand Coal & Carbon
- Goldman Sachs - Singapore
- PetroVietnam Power Coal Import and Supply Company
- OPG Power Generation Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Meralco Power Generation, Philippines
- Carbofer General Trading SA - India
- Chamber of Mines of South Africa
- Edison Trading Spa - Italy
- Merrill Lynch Commodities Europe
- Jorong Barutama Greston.PT - Indonesia
- Global Coal Blending Company Limited - Australia
- GAC Shipping (India) Pvt Ltd
- MS Steel International - UAE
- Attock Cement Pakistan Limited
- Ceylon Electricity Board - Sri Lanka
- Electricity Authority, New Zealand
- Standard Chartered Bank - UAE
- The State Trading Corporation of India Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Kaltim Prima Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Salva Resources Pvt Ltd - India
- Xindia Steels Limited - India
- Jindal Steel & Power Ltd - India
- Indika Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Interocean Group of Companies - India
- Sakthi Sugars Limited - India
- Commonwealth Bank - Australia
- Independent Power Producers Association of India
- SN Aboitiz Power Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Indonesian Coal Mining Association
- Petrochimia International Co. Ltd.- Taiwan
- Uttam Galva Steels Limited - India
- AsiaOL BioFuels Corp., Philippines
- Sinarmas Energy and Mining - Indonesia
- Bhatia International Limited - India
- Holcim Trading Pte Ltd - Singapore
- Meenaskhi Energy Private Limited - India
- Eastern Coal Council - USA
- Altura Mining Limited, Indonesia
- Renaissance Capital - South Africa
- Bayan Resources Tbk. - Indonesia
- Riau Bara Harum - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Coalindo Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Malabar Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Therma Luzon, Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Australian Coal Association
- Vedanta Resources Plc - India
- Cement Manufacturers Association - India
- Kobexindo Tractors - Indoneisa
- Africa Commodities Group - South Africa
- Straits Asia Resources Limited - Singapore
- Bulk Trading Sa - Switzerland
- Economic Council, Georgia
- Gujarat Sidhee Cement - India
- Binh Thuan Hamico - Vietnam
- LBH Netherlands Bv - Netherlands
- Mintek Dendrill Indonesia
- Antam Resourcindo - Indonesia
- IEA Clean Coal Centre - UK
- Medco Energi Mining Internasional
- Ministry of Finance - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Savvy Resources Ltd - HongKong
- Manunggal Multi Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- Petron Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- SMC Global Power, Philippines
- Parliament of New Zealand
- TeaM Sual Corporation - Philippines
- PNOC Exploration Corporation - Philippines
- White Energy Company Limited
- Neyveli Lignite Corporation Ltd, - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Alfred C Toepfer International GmbH - Germany
- Billiton Holdings Pty Ltd - Australia
- Central Electricity Authority - India
- Energy Link Ltd, New Zealand
- Ambuja Cements Ltd - India
- Maheswari Brothers Coal Limited - India
- Thiess Contractors Indonesia
- Simpson Spence & Young - Indonesia
- McConnell Dowell - Australia
- Coastal Gujarat Power Limited - India
- Singapore Mercantile Exchange
- CNBM International Corporation - China
- Kohat Cement Company Ltd. - Pakistan
- Directorate Of Revenue Intelligence - India
- Indian Oil Corporation Limited
- Mjunction Services Limited - India
- Georgia Ports Authority, United States
- Banpu Public Company Limited - Thailand
- PTC India Limited - India
- Makarim & Taira - Indonesia
- Ministry of Transport, Egypt
- GVK Power & Infra Limited - India
- Siam City Cement - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Iligan Light & Power Inc, Philippines
- Planning Commission, India
- Formosa Plastics Group - Taiwan
- Tamil Nadu electricity Board
- Central Java Power - Indonesia
- GMR Energy Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Grasim Industreis Ltd - India
- ICICI Bank Limited - India
- Minerals Council of Australia
- Posco Energy - South Korea
- European Bulk Services B.V. - Netherlands
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Sical Logistics Limited - India
- CIMB Investment Bank - Malaysia
- Metalloyd Limited - United Kingdom
- Aditya Birla Group - India
- Madhucon Powers Ltd - India
- Energy Development Corp, Philippines
- The Treasury - Australian Government
- Mercuria Energy - Indonesia
- Anglo American - United Kingdom
- Toyota Tsusho Corporation, Japan
- SMG Consultants - Indonesia
- Trasteel International SA, Italy
- Pendopo Energi Batubara - Indonesia
- Kumho Petrochemical, South Korea
- Rio Tinto Coal - Australia
- Australian Commodity Traders Exchange
- Indo Tambangraya Megah - Indonesia
- Wilmar Investment Holdings
- Indogreen Group - Indonesia
- Star Paper Mills Limited - India
- Power Finance Corporation Ltd., India
- Kideco Jaya Agung - Indonesia
- Orica Mining Services - Indonesia
- Mercator Lines Limited - India
- Dalmia Cement Bharat India
- Barasentosa Lestari - Indonesia
- International Coal Ventures Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Leighton Contractors Pty Ltd - Australia
- Latin American Coal - Colombia
- ASAPP Information Group - India
- Cigading International Bulk Terminal - Indonesia
- Wood Mackenzie - Singapore
- Karaikal Port Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Marubeni Corporation - India
- Global Green Power PLC Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Vizag Seaport Private Limited - India
- Romanian Commodities Exchange
- Bharathi Cement Corporation - India
- London Commodity Brokers - England
- Port Waratah Coal Services - Australia
- Tata Chemicals Ltd - India
- Essar Steel Hazira Ltd - India
- Bukit Makmur.PT - Indonesia
- PowerSource Philippines DevCo
- Global Business Power Corporation, Philippines
- Agrawal Coal Company - India
- Electricity Generating Authority of Thailand
- South Luzon Thermal Energy Corporation
- Bangladesh Power Developement Board
- Directorate General of MIneral and Coal - Indonesia
- Semirara Mining Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Deloitte Consulting - India
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