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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, 25 July 16
THE BDI FELL ON WEAKER RATES FOR CAPESIZE & PANAMAX VESSELS
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities slide slightly as Cape and Panamax segments ending in neg ...
Friday, 22 July 16
U.S COAL OUTPUT ROSE 17.2% WEEK OVER WEEK - EIA
COALspot.com – U.S, world’s second largest coal producers has produced approximately totalled an estimated 15.1 million short tons (mms ...
Thursday, 21 July 16
WHAT TO DO WHEN YOU DON'T GET PAID - SHIPOWNERS CLUB
Present market conditions have led to an increase in claims related to unpaid hire. To recover unpaid hire, Owners need to fully understand who the ...
Thursday, 21 July 16
CONSTRUCTIVE TOTAL LOSS: WHAT GOES IN TO CALCULATING QUANTUM? - HILL DICKINSON
KNOWLEDGE TO ELEVATE
The Commercial Court recently delivered its judgment in an important case (Connect Shipping Inc and Machrimar Management ...
Wednesday, 20 July 16
EDIBLE OIL MARKETS ACROSS THE GLOBE REMAIN UNDER PRESSURE - STELIOS KOLLINTZAS
The edible oil markets across the globe remain under pressure on the back of lackluster demand. Some of the main factors causing the low activity a ...
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- Port Waratah Coal Services - Australia
- Kapuas Tunggal Persada - Indonesia
- Kepco SPC Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Binh Thuan Hamico - Vietnam
- Price Waterhouse Coopers - Russia
- Anglo American - United Kingdom
- GMR Energy Limited - India
- Manunggal Multi Energi - Indonesia
- Makarim & Taira - Indonesia
- Therma Luzon, Inc, Philippines
- Latin American Coal - Colombia
- Rio Tinto Coal - Australia
- Siam City Cement PLC, Thailand
- Australian Coal Association
- Intertek Mineral Services - Indonesia
- ICICI Bank Limited - India
- Posco Energy - South Korea
- Vedanta Resources Plc - India
- Eastern Energy - Thailand
- Aboitiz Power Corporation - Philippines
- Videocon Industries ltd - India
- PowerSource Philippines DevCo
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Altura Mining Limited, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- The State Trading Corporation of India Ltd
- Coal and Oil Company - UAE
- Sojitz Corporation - Japan
- Global Coal Blending Company Limited - Australia
- TeaM Sual Corporation - Philippines
- London Commodity Brokers - England
- Simpson Spence & Young - Indonesia
- PTC India Limited - India
- Cigading International Bulk Terminal - Indonesia
- Thiess Contractors Indonesia
- Sindya Power Generating Company Private Ltd
- White Energy Company Limited
- Barasentosa Lestari - Indonesia
- The University of Queensland
- Central Java Power - Indonesia
- LBH Netherlands Bv - Netherlands
- Malabar Cements Ltd - India
- Bukit Baiduri Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Ministry of Transport, Egypt
- Bulk Trading Sa - Switzerland
- Wilmar Investment Holdings
- Global Business Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Star Paper Mills Limited - India
- VISA Power Limited - India
- Metalloyd Limited - United Kingdom
- Chamber of Mines of South Africa
- Pendopo Energi Batubara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Orica Mining Services - Indonesia
- Minerals Council of Australia
- Bahari Cakrawala Sebuku - Indonesia
- ASAPP Information Group - India
- Jorong Barutama Greston.PT - Indonesia
- Attock Cement Pakistan Limited
- Wood Mackenzie - Singapore
- Krishnapatnam Port Company Ltd. - India
- Orica Australia Pty. Ltd.
- Sree Jayajothi Cements Limited - India
- Bharathi Cement Corporation - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SMG Consultants - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Thai Mozambique Logistica
- Kalimantan Lumbung Energi - Indonesia
- McConnell Dowell - Australia
- Leighton Contractors Pty Ltd - Australia
- Kobexindo Tractors - Indoneisa
- Lanco Infratech Ltd - India
- Mjunction Services Limited - India
- Gujarat Sidhee Cement - India
- Indika Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Carbofer General Trading SA - India
- Chettinad Cement Corporation Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Tata Chemicals Ltd - India
- Siam City Cement - Thailand
- Semirara Mining and Power Corporation, Philippines
- Mercator Lines Limited - India
- Timah Investasi Mineral - Indoneisa
- Energy Development Corp, Philippines
- New Zealand Coal & Carbon
- Vijayanagar Sugar Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Deloitte Consulting - India
- Samtan Co., Ltd - South Korea
- Africa Commodities Group - South Africa
- Karbindo Abesyapradhi - Indoneisa
- Agrawal Coal Company - India
- SMC Global Power, Philippines
- Sical Logistics Limited - India
- Antam Resourcindo - Indonesia
- Salva Resources Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Kohat Cement Company Ltd. - Pakistan
- Renaissance Capital - South Africa
- Semirara Mining Corp, Philippines
- Jaiprakash Power Ventures ltd
- Edison Trading Spa - Italy
- Karaikal Port Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Central Electricity Authority - India
- Petron Corporation, Philippines
- Madhucon Powers Ltd - India
- Billiton Holdings Pty Ltd - Australia
- South Luzon Thermal Energy Corporation
- Maharashtra Electricity Regulatory Commission - India
- Interocean Group of Companies - India
- Bukit Makmur.PT - Indonesia
- Merrill Lynch Commodities Europe
- San Jose City I Power Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Alfred C Toepfer International GmbH - Germany
- IHS Mccloskey Coal Group - USA
- Bukit Asam (Persero) Tbk - Indonesia
- Coastal Gujarat Power Limited - India
- Heidelberg Cement - Germany
- Electricity Generating Authority of Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- CIMB Investment Bank - Malaysia
- Australian Commodity Traders Exchange
- Aditya Birla Group - India
- Indian Oil Corporation Limited
- Indogreen Group - Indonesia
- Sarangani Energy Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- The Treasury - Australian Government
- Ministry of Finance - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Economic Council, Georgia
- GAC Shipping (India) Pvt Ltd
- Gujarat Mineral Development Corp Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- SN Aboitiz Power Inc, Philippines
- Romanian Commodities Exchange
- Medco Energi Mining Internasional
- PetroVietnam Power Coal Import and Supply Company
- PNOC Exploration Corporation - Philippines
- Singapore Mercantile Exchange
- Meralco Power Generation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Riau Bara Harum - Indonesia
- Kumho Petrochemical, South Korea
- Essar Steel Hazira Ltd - India
- Standard Chartered Bank - UAE
- Sinarmas Energy and Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- CNBM International Corporation - China
- Xindia Steels Limited - India
- Commonwealth Bank - Australia
- Kartika Selabumi Mining - Indonesia
- Bhoruka Overseas - Indonesia
- Baramulti Group, Indonesia
- Toyota Tsusho Corporation, Japan
- Goldman Sachs - Singapore
- Electricity Authority, New Zealand
- Vizag Seaport Private Limited - India
- Parry Sugars Refinery, India
- Uttam Galva Steels Limited - India
- GVK Power & Infra Limited - India
- Global Green Power PLC Corporation, Philippines
- Bangladesh Power Developement Board
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jindal Steel & Power Ltd - India
- Mintek Dendrill Indonesia
- Planning Commission, India
- Straits Asia Resources Limited - Singapore
- Tamil Nadu electricity Board
- Borneo Indobara - Indonesia
- Power Finance Corporation Ltd., India
- Larsen & Toubro Limited - India
- Savvy Resources Ltd - HongKong
- Parliament of New Zealand
- European Bulk Services B.V. - Netherlands
- Iligan Light & Power Inc, Philippines
- Trasteel International SA, Italy
- Miang Besar Coal Terminal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coalindo Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- MS Steel International - UAE
- Directorate Of Revenue Intelligence - India
- Dalmia Cement Bharat India
- Marubeni Corporation - India
- Bhushan Steel Limited - India
- Sakthi Sugars Limited - India
- Ambuja Cements Ltd - India
- Formosa Plastics Group - Taiwan
- Georgia Ports Authority, United States
- International Coal Ventures Pvt Ltd - India
- Indonesian Coal Mining Association
- AsiaOL BioFuels Corp., Philippines
- Bhatia International Limited - India
- Energy Link Ltd, New Zealand
- Mercuria Energy - Indonesia
- India Bulls Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Ministry of Mines - Canada
- Eastern Coal Council - USA
- IEA Clean Coal Centre - UK
- Indo Tambangraya Megah - Indonesia
- Cement Manufacturers Association - India
- Grasim Industreis Ltd - India
- Independent Power Producers Association of India
- Indian Energy Exchange, India
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