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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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Monday, 08 August 16
THE BALTIC EXCHANGE, TRACKING RATES FOR SHIPS CARRYING DRY BULK COMMODITIES SLIDE SLIGHTLY
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities slide slightly as Panamax and Supramax segments ending in ...
Monday, 08 August 16
ARE EXPENSES INCURRED DURING NEGOTIATION OF A PIRATE RANSOM RECOVERABLE IN GENERAL AVERAGE? - CLYDE&CO
KNOWLEDGE TO ELEVATE
Facts
The laden chemical tanker LONGCHAMP was transiting the Gulf of Aden on passage to Vietnam. The ship was subject t ...
Saturday, 06 August 16
DRY BULK SHIPPING CHARTER RATES TO RISE ON UNEXPECTED DEMAND GROWTH - DREWRY
Increasing trade and contracting supply will support a recovery in charter rates on major dry bulk shipping routes, with the prospect of China impo ...
Friday, 05 August 16
WEEKLY U.S. COAL OUTPUT TOTALED AN ESTIMATED 16.1 MMST IN THE WEEK ENDED JULY 30 - EIA
COALspot.com – U.S., the world’s second largest coal producers has produced approximately totalled an estimated 16.1 million short tons ...
Friday, 05 August 16
CAPESIZE : RATES ARE REMAINING AT DEPRESSING LEVELS DUE TO LACK OF FRESH CARGOES - FEARNLEYS
Supramax
Last week has been one of the slowest for some time with rates under pressure in most areas.
In its latest weekly report, shipbroke ...
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- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Globalindo Alam Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Jindal Steel & Power Ltd - India
- Sindya Power Generating Company Private Ltd
- Gujarat Sidhee Cement - India
- Planning Commission, India
- Petrochimia International Co. Ltd.- Taiwan
- Economic Council, Georgia
- Ceylon Electricity Board - Sri Lanka
- Maharashtra Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- Formosa Plastics Group - Taiwan
- Singapore Mercantile Exchange
- Banpu Public Company Limited - Thailand
- Siam City Cement - Thailand
- Essar Steel Hazira Ltd - India
- Sree Jayajothi Cements Limited - India
- The University of Queensland
- PTC India Limited - India
- Eastern Coal Council - USA
- Commonwealth Bank - Australia
- Heidelberg Cement - Germany
- Bhatia International Limited - India
- Parry Sugars Refinery, India
- Malabar Cements Ltd - India
- Altura Mining Limited, Indonesia
- Sinarmas Energy and Mining - Indonesia
- South Luzon Thermal Energy Corporation
- Iligan Light & Power Inc, Philippines
- Coalindo Energy - Indonesia
- CNBM International Corporation - China
- Merrill Lynch Commodities Europe
- Thiess Contractors Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Romanian Commodities Exchange
- Therma Luzon, Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Ministry of Mines - Canada
- The Treasury - Australian Government
- ICICI Bank Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Bhushan Steel Limited - India
- Ministry of Transport, Egypt
- Petron Corporation, Philippines
- Renaissance Capital - South Africa
- Leighton Contractors Pty Ltd - Australia
- Straits Asia Resources Limited - Singapore
- Indonesian Coal Mining Association
- Kapuas Tunggal Persada - Indonesia
- Parliament of New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Bharathi Cement Corporation - India
- Wood Mackenzie - Singapore
- SN Aboitiz Power Inc, Philippines
- Mintek Dendrill Indonesia
- Carbofer General Trading SA - India
- Dalmia Cement Bharat India
- Marubeni Corporation - India
- Kaltim Prima Coal - Indonesia
- Indian Oil Corporation Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kohat Cement Company Ltd. - Pakistan
- Sarangani Energy Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Star Paper Mills Limited - India
- Port Waratah Coal Services - Australia
- Coastal Gujarat Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- McConnell Dowell - Australia
- Mercator Lines Limited - India
- Karaikal Port Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Gujarat Mineral Development Corp Ltd - India
- MS Steel International - UAE
- Posco Energy - South Korea
- Barasentosa Lestari - Indonesia
- Goldman Sachs - Singapore
- India Bulls Power Limited - India
- CIMB Investment Bank - Malaysia
- Kobexindo Tractors - Indoneisa
- Trasteel International SA, Italy
- Chamber of Mines of South Africa
- Cigading International Bulk Terminal - Indonesia
- Medco Energi Mining Internasional
- European Bulk Services B.V. - Netherlands
- SMG Consultants - Indonesia
- Samtan Co., Ltd - South Korea
- White Energy Company Limited
- Manunggal Multi Energi - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Sical Logistics Limited - India
- Central Java Power - Indonesia
- Toyota Tsusho Corporation, Japan
- Larsen & Toubro Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Makarim & Taira - Indonesia
- Mercuria Energy - Indonesia
- Electricity Generating Authority of Thailand
- AsiaOL BioFuels Corp., Philippines
- Bukit Baiduri Energy - Indonesia
- Power Finance Corporation Ltd., India
- Attock Cement Pakistan Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- Bayan Resources Tbk. - Indonesia
- VISA Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Borneo Indobara - Indonesia
- Pendopo Energi Batubara - Indonesia
- Indogreen Group - Indonesia
- Kideco Jaya Agung - Indonesia
- Videocon Industries ltd - India
- Bulk Trading Sa - Switzerland
- Africa Commodities Group - South Africa
- Energy Link Ltd, New Zealand
- Thai Mozambique Logistica
- Georgia Ports Authority, United States
- Miang Besar Coal Terminal - Indonesia
- Madhucon Powers Ltd - India
- Indian Energy Exchange, India
- Anglo American - United Kingdom
- Semirara Mining Corp, Philippines
- Latin American Coal - Colombia
- Krishnapatnam Port Company Ltd. - India
- Alfred C Toepfer International GmbH - Germany
- IEA Clean Coal Centre - UK
- Bukit Asam (Persero) Tbk - Indonesia
- Wilmar Investment Holdings
- Electricity Authority, New Zealand
- Savvy Resources Ltd - HongKong
- Directorate Of Revenue Intelligence - India
- Energy Development Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Global Coal Blending Company Limited - Australia
- Ministry of Finance - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Deloitte Consulting - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Minerals Council of Australia
- Indika Energy - Indonesia
- The State Trading Corporation of India Ltd
- New Zealand Coal & Carbon
- Eastern Energy - Thailand
- Riau Bara Harum - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Mjunction Services Limited - India
- Agrawal Coal Company - India
- Australian Commodity Traders Exchange
- LBH Netherlands Bv - Netherlands
- Tamil Nadu electricity Board
- Vedanta Resources Plc - India
- TeaM Sual Corporation - Philippines
- SMC Global Power, Philippines
- Simpson Spence & Young - Indonesia
- Australian Coal Association
- Independent Power Producers Association of India
- Xindia Steels Limited - India
- Standard Chartered Bank - UAE
- Sakthi Sugars Limited - India
- Antam Resourcindo - Indonesia
- Salva Resources Pvt Ltd - India
- Central Electricity Authority - India
- TNB Fuel Sdn Bhd - Malaysia
- Rio Tinto Coal - Australia
- ASAPP Information Group - India
- Jaiprakash Power Ventures ltd
- Orica Australia Pty. Ltd.
- Binh Thuan Hamico - Vietnam
- Rashtriya Ispat Nigam Limited - India
- Sojitz Corporation - Japan
- Lanco Infratech Ltd - India
- Interocean Group of Companies - India
- GVK Power & Infra Limited - India
- Price Waterhouse Coopers - Russia
- International Coal Ventures Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Global Green Power PLC Corporation, Philippines
- GMR Energy Limited - India
- Ambuja Cements Ltd - India
- Siam City Cement PLC, Thailand
- Vizag Seaport Private Limited - India
- Global Business Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Coal and Oil Company - UAE
- Timah Investasi Mineral - Indoneisa
- Baramulti Group, Indonesia
- Kartika Selabumi Mining - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Meralco Power Generation, Philippines
- Bangladesh Power Developement Board
- Vijayanagar Sugar Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Grasim Industreis Ltd - India
- Kumho Petrochemical, South Korea
- Kepco SPC Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- PowerSource Philippines DevCo
- Oldendorff Carriers - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Bhoruka Overseas - Indonesia
- Metalloyd Limited - United Kingdom
- Tata Chemicals Ltd - India
- Cement Manufacturers Association - India
- London Commodity Brokers - England
- Intertek Mineral Services - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Aditya Birla Group - India
- San Jose City I Power Corp, Philippines
- Maheswari Brothers Coal Limited - India
- GAC Shipping (India) Pvt Ltd
- Edison Trading Spa - Italy
- IHS Mccloskey Coal Group - USA
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