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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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- Carbofer General Trading SA - India
- Ministry of Mines - Canada
- Bangladesh Power Developement Board
- Neyveli Lignite Corporation Ltd, - India
- Siam City Cement PLC, Thailand
- Global Coal Blending Company Limited - Australia
- SN Aboitiz Power Inc, Philippines
- GVK Power & Infra Limited - India
- Sarangani Energy Corporation, Philippines
- Baramulti Group, Indonesia
- Central Electricity Authority - India
- GAC Shipping (India) Pvt Ltd
- White Energy Company Limited
- Medco Energi Mining Internasional
- Gujarat Sidhee Cement - India
- Bulk Trading Sa - Switzerland
- Sinarmas Energy and Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- PNOC Exploration Corporation - Philippines
- Indika Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Wood Mackenzie - Singapore
- VISA Power Limited - India
- Star Paper Mills Limited - India
- TeaM Sual Corporation - Philippines
- Orica Mining Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Mintek Dendrill Indonesia
- Bukit Baiduri Energy - Indonesia
- Central Java Power - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Latin American Coal - Colombia
- Grasim Industreis Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Formosa Plastics Group - Taiwan
- Bayan Resources Tbk. - Indonesia
- Kobexindo Tractors - Indoneisa
- Barasentosa Lestari - Indonesia
- Attock Cement Pakistan Limited
- ASAPP Information Group - India
- Thai Mozambique Logistica
- Jindal Steel & Power Ltd - India
- The Treasury - Australian Government
- Indogreen Group - Indonesia
- Coal and Oil Company - UAE
- Gujarat Electricity Regulatory Commission - India
- Mercuria Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Anglo American - United Kingdom
- Indian Energy Exchange, India
- Metalloyd Limited - United Kingdom
- GN Power Mariveles Coal Plant, Philippines
- Independent Power Producers Association of India
- Parliament of New Zealand
- Orica Australia Pty. Ltd.
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Petrochimia International Co. Ltd.- Taiwan
- Karbindo Abesyapradhi - Indoneisa
- Meralco Power Generation, Philippines
- Savvy Resources Ltd - HongKong
- Globalindo Alam Lestari - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Africa Commodities Group - South Africa
- Price Waterhouse Coopers - Russia
- Bukit Makmur.PT - Indonesia
- Indo Tambangraya Megah - Indonesia
- Vizag Seaport Private Limited - India
- Goldman Sachs - Singapore
- Indonesian Coal Mining Association
- Larsen & Toubro Limited - India
- Riau Bara Harum - Indonesia
- Energy Development Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Lanco Infratech Ltd - India
- The University of Queensland
- London Commodity Brokers - England
- Georgia Ports Authority, United States
- Electricity Authority, New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Alfred C Toepfer International GmbH - Germany
- CNBM International Corporation - China
- Sakthi Sugars Limited - India
- OPG Power Generation Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Meenaskhi Energy Private Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- International Coal Ventures Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Coastal Gujarat Power Limited - India
- Intertek Mineral Services - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Simpson Spence & Young - Indonesia
- Singapore Mercantile Exchange
- Dalmia Cement Bharat India
- Directorate Of Revenue Intelligence - India
- Holcim Trading Pte Ltd - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Vedanta Resources Plc - India
- Bukit Asam (Persero) Tbk - Indonesia
- Mercator Lines Limited - India
- Bharathi Cement Corporation - India
- South Luzon Thermal Energy Corporation
- SMC Global Power, Philippines
- Kaltim Prima Coal - Indonesia
- LBH Netherlands Bv - Netherlands
- Economic Council, Georgia
- Port Waratah Coal Services - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Renaissance Capital - South Africa
- Iligan Light & Power Inc, Philippines
- Aditya Birla Group - India
- Coalindo Energy - Indonesia
- Oldendorff Carriers - Singapore
- Merrill Lynch Commodities Europe
- Ministry of Finance - Indonesia
- Uttam Galva Steels Limited - India
- IHS Mccloskey Coal Group - USA
- Standard Chartered Bank - UAE
- Rashtriya Ispat Nigam Limited - India
- Leighton Contractors Pty Ltd - Australia
- Global Business Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Jaiprakash Power Ventures ltd
- PowerSource Philippines DevCo
- Energy Link Ltd, New Zealand
- Binh Thuan Hamico - Vietnam
- ICICI Bank Limited - India
- Petron Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Australian Commodity Traders Exchange
- Australian Coal Association
- Malabar Cements Ltd - India
- Eastern Coal Council - USA
- Tamil Nadu electricity Board
- SMG Consultants - Indonesia
- The State Trading Corporation of India Ltd
- GMR Energy Limited - India
- Madhucon Powers Ltd - India
- Mjunction Services Limited - India
- European Bulk Services B.V. - Netherlands
- Trasteel International SA, Italy
- Kumho Petrochemical, South Korea
- Kepco SPC Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Commonwealth Bank - Australia
- Videocon Industries ltd - India
- Minerals Council of Australia
- Timah Investasi Mineral - Indoneisa
- Essar Steel Hazira Ltd - India
- Wilmar Investment Holdings
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sindya Power Generating Company Private Ltd
- Straits Asia Resources Limited - Singapore
- Therma Luzon, Inc, Philippines
- Samtan Co., Ltd - South Korea
- Electricity Generating Authority of Thailand
- Agrawal Coal Company - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- CIMB Investment Bank - Malaysia
- Eastern Energy - Thailand
- Posco Energy - South Korea
- Kartika Selabumi Mining - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bhushan Steel Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Karaikal Port Pvt Ltd - India
- Sical Logistics Limited - India
- San Jose City I Power Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Parry Sugars Refinery, India
- Pendopo Energi Batubara - Indonesia
- PTC India Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Bhatia International Limited - India
- Bhoruka Overseas - Indonesia
- Altura Mining Limited, Indonesia
- Romanian Commodities Exchange
- Chettinad Cement Corporation Ltd - India
- Siam City Cement - Thailand
- Xindia Steels Limited - India
- Sojitz Corporation - Japan
- Toyota Tsusho Corporation, Japan
- Indian Oil Corporation Limited
- Interocean Group of Companies - India
- Heidelberg Cement - Germany
- New Zealand Coal & Carbon
- Ministry of Transport, Egypt
- Edison Trading Spa - Italy
- Cement Manufacturers Association - India
- Makarim & Taira - Indonesia
- Planning Commission, India
- Thiess Contractors Indonesia
- Ambuja Cements Ltd - India
- Power Finance Corporation Ltd., India
- Directorate General of MIneral and Coal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- IEA Clean Coal Centre - UK
- Marubeni Corporation - India
- Ceylon Electricity Board - Sri Lanka
- Rio Tinto Coal - Australia
- India Bulls Power Limited - India
- Antam Resourcindo - Indonesia
- McConnell Dowell - Australia
- Chamber of Mines of South Africa
- Borneo Indobara - Indonesia
- Deloitte Consulting - India
- Sree Jayajothi Cements Limited - India
- MS Steel International - UAE
- Salva Resources Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Semirara Mining Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
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