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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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Wednesday, 21 September 16
SHIPPING MARKET INSIGHT - PANOS MAKRINOS
Amidst a challenging dry bulk and tanker market, very little time has been spent on the offshore industry developments during the past couple of ye ...
Monday, 19 September 16
AFTER YEARS OF COMA, COAL BECOMES THE MOST ATTRACTIVE COMMODITY RIGHT NOW
COALspot.com: China boosted coal imports in recent months. The Chinese government’s drive to cut over capacity pushed up the demand for therm ...
Monday, 19 September 16
THE CAPE INDEX WAS UP 7.28% WEEK OVER WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities declined and ending in a slightly negative note this past ...
Friday, 16 September 16
GLOBAL SHIPBUILDING: THE CHALLENGE TO REMAIN 'ACTIVE' - CHRISTOPHER PEARCE, CLARKSONS
The number of ‘active’ shipyards globally has more than halved since the start of 2009, falling to around 400 shipyards at the start of ...
Friday, 16 September 16
U.S. WEEKLY COAL OUTPUT DECLINED 6.2% TO 15.1 MMST, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.1 million short ton ...
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- The University of Queensland
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- Coalindo Energy - Indonesia
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- GAC Shipping (India) Pvt Ltd
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- Energy Development Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
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- Parry Sugars Refinery, India
- Toyota Tsusho Corporation, Japan
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- Minerals Council of Australia
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- Chamber of Mines of South Africa
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- International Coal Ventures Pvt Ltd - India
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- Commonwealth Bank - Australia
- The State Trading Corporation of India Ltd
- Aboitiz Power Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Indian Energy Exchange, India
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- Antam Resourcindo - Indonesia
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- Ceylon Electricity Board - Sri Lanka
- Larsen & Toubro Limited - India
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- Kumho Petrochemical, South Korea
- Africa Commodities Group - South Africa
- Alfred C Toepfer International GmbH - Germany
- Gujarat Mineral Development Corp Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Georgia Ports Authority, United States
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- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Eastern Coal Council - USA
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- Sarangani Energy Corporation, Philippines
- Parliament of New Zealand
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- PowerSource Philippines DevCo
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- Asmin Koalindo Tuhup - Indonesia
- Economic Council, Georgia
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- Dalmia Cement Bharat India
- Indogreen Group - Indonesia
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- LBH Netherlands Bv - Netherlands
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- TeaM Sual Corporation - Philippines
- Orica Mining Services - Indonesia
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- CNBM International Corporation - China
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- Renaissance Capital - South Africa
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- San Jose City I Power Corp, Philippines
- Timah Investasi Mineral - Indoneisa
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- Baramulti Group, Indonesia
- Samtan Co., Ltd - South Korea
- Tamil Nadu electricity Board
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- PNOC Exploration Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- IEA Clean Coal Centre - UK
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- Bayan Resources Tbk. - Indonesia
- Price Waterhouse Coopers - Russia
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- Siam City Cement PLC, Thailand
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- Ministry of Finance - Indonesia
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- Pipit Mutiara Jaya. PT, Indonesia
- Heidelberg Cement - Germany
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- PTC India Limited - India
- Jindal Steel & Power Ltd - India
- Meralco Power Generation, Philippines
- McConnell Dowell - Australia
- Bangladesh Power Developement Board
- Jorong Barutama Greston.PT - Indonesia
- Deloitte Consulting - India
- Wood Mackenzie - Singapore
- Merrill Lynch Commodities Europe
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- Eastern Energy - Thailand
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- Petron Corporation, Philippines
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- Romanian Commodities Exchange
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- Electricity Generating Authority of Thailand
- Wilmar Investment Holdings
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- White Energy Company Limited
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- London Commodity Brokers - England
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- Ministry of Transport, Egypt
- Coal and Oil Company - UAE
- SN Aboitiz Power Inc, Philippines
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- Singapore Mercantile Exchange
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- Indika Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Oldendorff Carriers - Singapore
- IHS Mccloskey Coal Group - USA
- Thai Mozambique Logistica
- Intertek Mineral Services - Indonesia
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