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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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Friday, 13 May 16
COAL CARGOES - SOME RECENT DEVELOPMENTS: SWEDISH CLUB
KNOWLEDGE TO ELEVATE
Indonesia continues to be amongst the world’s major exporters of coal, some 426Mt being traded in 2013 mostly to In ...
Friday, 13 May 16
US WEEKLY COAL PRODUCTION IS RUNNING 33% BELOW THE SAME PERIOD IN 2015 - EIA
COALspot.com – U.S the world’s second largest coal producer has produced approximately totaled an estimated 10.9 million short tons (mm ...
Friday, 13 May 16
DRY BULK SHIPPING MARKET RECOVERY WILL BE A LONG, HARD-FOUGHT BATTLE - HELLENIC SHIPPING NEWS
Anyone who expects a strong rally in dry bulk market rates to end the industry’s downturn will be bitterly disappointed. By contrast – ...
Wednesday, 11 May 16
U.S. FORECAST COAL PRODUCTION IS EXPECTED TO DECLINED BY 150 MMST IN 2016; THE LARGEST DECLINE SINCE 1949 - EIA
COALspot.com: EIA estimates that U.S. coal production in April was 46 million short tons (MMst), a 6 MMst (12%) decrease from the previous month an ...
Wednesday, 11 May 16
MARKET INSIGHT - KATERINA RESTIS
On Saturday 7th May, Riyadh replaced the long-serving oil minister of more than two decades, Ali-Al-Naimi, as part of a major government overhaul, ...
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- CNBM International Corporation - China
- Kideco Jaya Agung - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Metalloyd Limited - United Kingdom
- Simpson Spence & Young - Indonesia
- Makarim & Taira - Indonesia
- Eastern Energy - Thailand
- SN Aboitiz Power Inc, Philippines
- Formosa Plastics Group - Taiwan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Maharashtra Electricity Regulatory Commission - India
- Energy Link Ltd, New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Finance - Indonesia
- Price Waterhouse Coopers - Russia
- Petron Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Wood Mackenzie - Singapore
- Alfred C Toepfer International GmbH - Germany
- Renaissance Capital - South Africa
- Antam Resourcindo - Indonesia
- Georgia Ports Authority, United States
- Bayan Resources Tbk. - Indonesia
- Sakthi Sugars Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Chamber of Mines of South Africa
- GMR Energy Limited - India
- Billiton Holdings Pty Ltd - Australia
- GAC Shipping (India) Pvt Ltd
- Malabar Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- Africa Commodities Group - South Africa
- Asmin Koalindo Tuhup - Indonesia
- Deloitte Consulting - India
- Videocon Industries ltd - India
- Krishnapatnam Port Company Ltd. - India
- Manunggal Multi Energi - Indonesia
- ASAPP Information Group - India
- Binh Thuan Hamico - Vietnam
- Jindal Steel & Power Ltd - India
- Kaltim Prima Coal - Indonesia
- Mintek Dendrill Indonesia
- IHS Mccloskey Coal Group - USA
- Indika Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Rio Tinto Coal - Australia
- Ceylon Electricity Board - Sri Lanka
- Bhatia International Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Electricity Authority, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mercuria Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Sarangani Energy Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Mjunction Services Limited - India
- TeaM Sual Corporation - Philippines
- Marubeni Corporation - India
- Directorate General of MIneral and Coal - Indonesia
- Dalmia Cement Bharat India
- Wilmar Investment Holdings
- Attock Cement Pakistan Limited
- Orica Mining Services - Indonesia
- Gujarat Sidhee Cement - India
- Uttam Galva Steels Limited - India
- Essar Steel Hazira Ltd - India
- Ministry of Transport, Egypt
- IEA Clean Coal Centre - UK
- Meenaskhi Energy Private Limited - India
- Ind-Barath Power Infra Limited - India
- SMC Global Power, Philippines
- International Coal Ventures Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Trasteel International SA, Italy
- Kumho Petrochemical, South Korea
- Baramulti Group, Indonesia
- Indian Energy Exchange, India
- Sinarmas Energy and Mining - Indonesia
- Coalindo Energy - Indonesia
- Cement Manufacturers Association - India
- Iligan Light & Power Inc, Philippines
- Power Finance Corporation Ltd., India
- Larsen & Toubro Limited - India
- Kartika Selabumi Mining - Indonesia
- Romanian Commodities Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Edison Trading Spa - Italy
- Indogreen Group - Indonesia
- Grasim Industreis Ltd - India
- Lanco Infratech Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Heidelberg Cement - Germany
- European Bulk Services B.V. - Netherlands
- Carbofer General Trading SA - India
- Parry Sugars Refinery, India
- The Treasury - Australian Government
- Coastal Gujarat Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Bhoruka Overseas - Indonesia
- ICICI Bank Limited - India
- Global Business Power Corporation, Philippines
- Medco Energi Mining Internasional
- Siam City Cement PLC, Thailand
- Neyveli Lignite Corporation Ltd, - India
- Australian Coal Association
- McConnell Dowell - Australia
- Karaikal Port Pvt Ltd - India
- Tata Chemicals Ltd - India
- Bukit Baiduri Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Anglo American - United Kingdom
- Singapore Mercantile Exchange
- Aboitiz Power Corporation - Philippines
- Ambuja Cements Ltd - India
- Riau Bara Harum - Indonesia
- PTC India Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Central Java Power - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Straits Asia Resources Limited - Singapore
- Meralco Power Generation, Philippines
- Sojitz Corporation - Japan
- Timah Investasi Mineral - Indoneisa
- Kepco SPC Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vedanta Resources Plc - India
- Petrochimia International Co. Ltd.- Taiwan
- LBH Netherlands Bv - Netherlands
- Port Waratah Coal Services - Australia
- Independent Power Producers Association of India
- Indonesian Coal Mining Association
- Directorate Of Revenue Intelligence - India
- Central Electricity Authority - India
- PowerSource Philippines DevCo
- Bhushan Steel Limited - India
- Coal and Oil Company - UAE
- Oldendorff Carriers - Singapore
- Ministry of Mines - Canada
- Barasentosa Lestari - Indonesia
- PNOC Exploration Corporation - Philippines
- Siam City Cement - Thailand
- Thai Mozambique Logistica
- Posco Energy - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kobexindo Tractors - Indoneisa
- Interocean Group of Companies - India
- Xindia Steels Limited - India
- Banpu Public Company Limited - Thailand
- Energy Development Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- The State Trading Corporation of India Ltd
- Orica Australia Pty. Ltd.
- Standard Chartered Bank - UAE
- Gujarat Electricity Regulatory Commission - India
- TNB Fuel Sdn Bhd - Malaysia
- Electricity Generating Authority of Thailand
- Star Paper Mills Limited - India
- SMG Consultants - Indonesia
- Thiess Contractors Indonesia
- Commonwealth Bank - Australia
- White Energy Company Limited
- Semirara Mining Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Global Green Power PLC Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Salva Resources Pvt Ltd - India
- Sical Logistics Limited - India
- AsiaOL BioFuels Corp., Philippines
- Toyota Tsusho Corporation, Japan
- Altura Mining Limited, Indonesia
- GVK Power & Infra Limited - India
- Bharathi Cement Corporation - India
- Cigading International Bulk Terminal - Indonesia
- Planning Commission, India
- Globalindo Alam Lestari - Indonesia
- Global Coal Blending Company Limited - Australia
- Miang Besar Coal Terminal - Indonesia
- VISA Power Limited - India
- Economic Council, Georgia
- Aditya Birla Group - India
- Vizag Seaport Private Limited - India
- Intertek Mineral Services - Indonesia
- Parliament of New Zealand
- South Luzon Thermal Energy Corporation
- Samtan Co., Ltd - South Korea
- The University of Queensland
- Bahari Cakrawala Sebuku - Indonesia
- Goldman Sachs - Singapore
- New Zealand Coal & Carbon
- Indian Oil Corporation Limited
- Mercator Lines Limited - India
- OPG Power Generation Pvt Ltd - India
- MS Steel International - UAE
- Eastern Coal Council - USA
- Kalimantan Lumbung Energi - Indonesia
- Tamil Nadu electricity Board
- Australian Commodity Traders Exchange
- Sree Jayajothi Cements Limited - India
- Rashtriya Ispat Nigam Limited - India
- Minerals Council of Australia
- Leighton Contractors Pty Ltd - Australia
- Bukit Makmur.PT - Indonesia
- San Jose City I Power Corp, Philippines
- Madhucon Powers Ltd - India
- Agrawal Coal Company - India
- London Commodity Brokers - England
- Bangladesh Power Developement Board
- India Bulls Power Limited - India
- Jaiprakash Power Ventures ltd
- Borneo Indobara - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Maheswari Brothers Coal Limited - India
- Semirara Mining and Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Latin American Coal - Colombia
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