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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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Thursday, 15 September 16
INDONESIA MAY FACE A COAL CRISIS BY 2035!
COALspot.com: Indonesia is the world’s fourth-largest coal producer and the world’s largest thermal coal exporter may face a coal crisi ...
Thursday, 15 September 16
CAPESIZE: LAST WEEK ENDED ON A VERY STRONG NOTE MAINLY DRIVEN BY A ACTIVE BRAZIL MARKET - FEARNLYS
Supramax
With holidays in the eastern hemisphere beginning this week, the sentiment and activity level has been decreasing.
In the Pacific, ...
Wednesday, 14 September 16
THE DRY BULK MARKET REACHED LEVELS LAST SEEN BACK IN 2015 - INTERMODAL
In an earlier column we commented that we are undergoing “shipping’s new (ab)normal” with constrained financing, shift in demand ...
Wednesday, 14 September 16
THE PORT OF NEWCASTLE SHIPPED 12.48 MMT OF COAL IN AUGUST; AVERAGE SELLING PRICE WAS $AU 83.33
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $AU $1,040.4 ...
Tuesday, 13 September 16
CAPESIZE: BIG STRENGTH SEEN IN THE MARKET THIS WEEK - ALLIED
Capesize - Big strength seen in the market this week, with an upbeat in sentiment amongst owners helping pull up rates fairly quickly and many hold ...
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- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Orica Australia Pty. Ltd.
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhoruka Overseas - Indonesia
- Iligan Light & Power Inc, Philippines
- Power Finance Corporation Ltd., India
- Straits Asia Resources Limited - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Singapore Mercantile Exchange
- Semirara Mining Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Neyveli Lignite Corporation Ltd, - India
- Kobexindo Tractors - Indoneisa
- Sakthi Sugars Limited - India
- Ceylon Electricity Board - Sri Lanka
- Aboitiz Power Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Samtan Co., Ltd - South Korea
- Miang Besar Coal Terminal - Indonesia
- Coastal Gujarat Power Limited - India
- Electricity Authority, New Zealand
- GMR Energy Limited - India
- Alfred C Toepfer International GmbH - Germany
- Pipit Mutiara Jaya. PT, Indonesia
- Central Java Power - Indonesia
- London Commodity Brokers - England
- TeaM Sual Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Minerals Council of Australia
- New Zealand Coal & Carbon
- ASAPP Information Group - India
- Karaikal Port Pvt Ltd - India
- Indian Oil Corporation Limited
- Renaissance Capital - South Africa
- European Bulk Services B.V. - Netherlands
- Latin American Coal - Colombia
- Maheswari Brothers Coal Limited - India
- Thiess Contractors Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bank of Tokyo Mitsubishi UFJ Ltd
- Salva Resources Pvt Ltd - India
- Parliament of New Zealand
- Marubeni Corporation - India
- Leighton Contractors Pty Ltd - Australia
- Globalindo Alam Lestari - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Makarim & Taira - Indonesia
- Standard Chartered Bank - UAE
- Kohat Cement Company Ltd. - Pakistan
- Manunggal Multi Energi - Indonesia
- Meralco Power Generation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Deloitte Consulting - India
- Ind-Barath Power Infra Limited - India
- Therma Luzon, Inc, Philippines
- Indian Energy Exchange, India
- Ministry of Transport, Egypt
- Kideco Jaya Agung - Indonesia
- Kumho Petrochemical, South Korea
- Bukit Makmur.PT - Indonesia
- Agrawal Coal Company - India
- Holcim Trading Pte Ltd - Singapore
- Commonwealth Bank - Australia
- Sindya Power Generating Company Private Ltd
- Bhushan Steel Limited - India
- The Treasury - Australian Government
- Billiton Holdings Pty Ltd - Australia
- Kalimantan Lumbung Energi - Indonesia
- Baramulti Group, Indonesia
- Wilmar Investment Holdings
- Antam Resourcindo - Indonesia
- Parry Sugars Refinery, India
- GN Power Mariveles Coal Plant, Philippines
- Cement Manufacturers Association - India
- OPG Power Generation Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Grasim Industreis Ltd - India
- Vedanta Resources Plc - India
- Coal and Oil Company - UAE
- Formosa Plastics Group - Taiwan
- Australian Commodity Traders Exchange
- Karbindo Abesyapradhi - Indoneisa
- Global Coal Blending Company Limited - Australia
- Timah Investasi Mineral - Indoneisa
- Sojitz Corporation - Japan
- Pendopo Energi Batubara - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Economic Council, Georgia
- Riau Bara Harum - Indonesia
- Vizag Seaport Private Limited - India
- Binh Thuan Hamico - Vietnam
- Bulk Trading Sa - Switzerland
- Semirara Mining and Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Energy Development Corp, Philippines
- Petron Corporation, Philippines
- CNBM International Corporation - China
- SMC Global Power, Philippines
- Xindia Steels Limited - India
- Altura Mining Limited, Indonesia
- Metalloyd Limited - United Kingdom
- Jorong Barutama Greston.PT - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- The State Trading Corporation of India Ltd
- Interocean Group of Companies - India
- White Energy Company Limited
- Attock Cement Pakistan Limited
- Eastern Coal Council - USA
- Merrill Lynch Commodities Europe
- CIMB Investment Bank - Malaysia
- Central Electricity Authority - India
- Heidelberg Cement - Germany
- Bhatia International Limited - India
- Indonesian Coal Mining Association
- GAC Shipping (India) Pvt Ltd
- Chamber of Mines of South Africa
- Bayan Resources Tbk. - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Baiduri Energy - Indonesia
- Gujarat Sidhee Cement - India
- Petrochimia International Co. Ltd.- Taiwan
- Toyota Tsusho Corporation, Japan
- Sinarmas Energy and Mining - Indonesia
- IHS Mccloskey Coal Group - USA
- Jindal Steel & Power Ltd - India
- Carbofer General Trading SA - India
- Sree Jayajothi Cements Limited - India
- IEA Clean Coal Centre - UK
- India Bulls Power Limited - India
- Siam City Cement - Thailand
- Energy Link Ltd, New Zealand
- MS Steel International - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Oldendorff Carriers - Singapore
- Orica Mining Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- Larsen & Toubro Limited - India
- Thai Mozambique Logistica
- Kartika Selabumi Mining - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Intertek Mineral Services - Indonesia
- VISA Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Planning Commission, India
- Tata Chemicals Ltd - India
- SMG Consultants - Indonesia
- Jaiprakash Power Ventures ltd
- Mjunction Services Limited - India
- Edison Trading Spa - Italy
- Uttam Galva Steels Limited - India
- Banpu Public Company Limited - Thailand
- ICICI Bank Limited - India
- Ministry of Mines - Canada
- Borneo Indobara - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Indogreen Group - Indonesia
- Malabar Cements Ltd - India
- Barasentosa Lestari - Indonesia
- South Luzon Thermal Energy Corporation
- McConnell Dowell - Australia
- Lanco Infratech Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Bangladesh Power Developement Board
- Ambuja Cements Ltd - India
- Goldman Sachs - Singapore
- Anglo American - United Kingdom
- The University of Queensland
- Sical Logistics Limited - India
- Rashtriya Ispat Nigam Limited - India
- Madhucon Powers Ltd - India
- PNOC Exploration Corporation - Philippines
- Mintek Dendrill Indonesia
- Ministry of Finance - Indonesia
- Romanian Commodities Exchange
- Sarangani Energy Corporation, Philippines
- Australian Coal Association
- Kapuas Tunggal Persada - Indonesia
- Aditya Birla Group - India
- PetroVietnam Power Coal Import and Supply Company
- Indika Energy - Indonesia
- Rio Tinto Coal - Australia
- Krishnapatnam Port Company Ltd. - India
- Eastern Energy - Thailand
- PTC India Limited - India
- Savvy Resources Ltd - HongKong
- Posco Energy - South Korea
- Mercuria Energy - Indonesia
- Siam City Cement PLC, Thailand
- Trasteel International SA, Italy
- Georgia Ports Authority, United States
- Meenaskhi Energy Private Limited - India
- Tamil Nadu electricity Board
- PowerSource Philippines DevCo
- GVK Power & Infra Limited - India
- SN Aboitiz Power Inc, Philippines
- Dalmia Cement Bharat India
- San Jose City I Power Corp, Philippines
- Coalindo Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Bharathi Cement Corporation - India
- Electricity Generating Authority of Thailand
- Wood Mackenzie - Singapore
- Africa Commodities Group - South Africa
- Mercator Lines Limited - India
- Star Paper Mills Limited - India
- International Coal Ventures Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Medco Energi Mining Internasional
- Videocon Industries ltd - India
- Kaltim Prima Coal - Indonesia
- Independent Power Producers Association of India
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