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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, 13 July 16
EIA FORECASTS U.S. COAL EXPORTS TO DECLINE BY 15 MMST IN 2016 AND BY 4 MMST IN 2017
COALspot.com: U.S. coal production in June was 57 million short tons (MMst), a 6 MMst (13%) increase from May and 9 MMst (14%) lower than in June 2 ...
Wednesday, 13 July 16
2015 VS. 2016; THE DRY BULK DEMOLITION DERBY - JOHN N. COTZIAS
In the first half of the year 373 Bulkers and General Cargo ships were scrapped representing 23.8mil tons of dwt carrying capacity.
Comparing ...
Tuesday, 12 July 16
DUE TO LONG HOLIDAYS, CS COAL INDICES HELD AT THE SAME LEVEL OF THE PREVIOUS WEEK
COALspot.com: Average 5000 GAR coal index of Indonesian origin was flat week over week to averaging $39.98 per ton this past week.
Due to the ...
Monday, 11 July 16
COAL MARKETS SAW IMPROVED PRICES IN H1 2016 - SGX'S COMMODITIES MID-YEAR REFLECTION
COALspot.com: Coal
Coal markets saw improved prices in H1 2016 with the benchmark coking coal and thermal coal spot prices rising 18% and 25%, re ...
Monday, 11 July 16
THE MAIN SEA FREIGHT INDEX, BDI ROSE FURTHER ON 8 JULY DUE TO STRONG DEMAND FOR PANAMAX SHIPS
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose this past week. The BDI was up 3.84 percent from las ...
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- Savvy Resources Ltd - HongKong
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Sidhee Cement - India
- Bulk Trading Sa - Switzerland
- Binh Thuan Hamico - Vietnam
- Meralco Power Generation, Philippines
- Kapuas Tunggal Persada - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Sarangani Energy Corporation, Philippines
- GVK Power & Infra Limited - India
- Ministry of Transport, Egypt
- Kohat Cement Company Ltd. - Pakistan
- Aditya Birla Group - India
- Madhucon Powers Ltd - India
- SMG Consultants - Indonesia
- Oldendorff Carriers - Singapore
- Orica Mining Services - Indonesia
- Global Green Power PLC Corporation, Philippines
- Uttam Galva Steels Limited - India
- Kideco Jaya Agung - Indonesia
- Thiess Contractors Indonesia
- Borneo Indobara - Indonesia
- Economic Council, Georgia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- South Luzon Thermal Energy Corporation
- Port Waratah Coal Services - Australia
- Minerals Council of Australia
- AsiaOL BioFuels Corp., Philippines
- ASAPP Information Group - India
- Mintek Dendrill Indonesia
- Central Java Power - Indonesia
- Sakthi Sugars Limited - India
- GAC Shipping (India) Pvt Ltd
- Indika Energy - Indonesia
- Mercuria Energy - Indonesia
- Vedanta Resources Plc - India
- Sree Jayajothi Cements Limited - India
- Siam City Cement PLC, Thailand
- Ambuja Cements Ltd - India
- Banpu Public Company Limited - Thailand
- Sojitz Corporation - Japan
- Carbofer General Trading SA - India
- Cement Manufacturers Association - India
- Semirara Mining Corp, Philippines
- Siam City Cement - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Posco Energy - South Korea
- Iligan Light & Power Inc, Philippines
- The Treasury - Australian Government
- India Bulls Power Limited - India
- ICICI Bank Limited - India
- Power Finance Corporation Ltd., India
- Coalindo Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Deloitte Consulting - India
- Antam Resourcindo - Indonesia
- Chettinad Cement Corporation Ltd - India
- Salva Resources Pvt Ltd - India
- Goldman Sachs - Singapore
- Therma Luzon, Inc, Philippines
- Bhoruka Overseas - Indonesia
- Star Paper Mills Limited - India
- Lanco Infratech Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Mineral Development Corp Ltd - India
- Riau Bara Harum - Indonesia
- Electricity Generating Authority of Thailand
- The State Trading Corporation of India Ltd
- Central Electricity Authority - India
- Rio Tinto Coal - Australia
- Kalimantan Lumbung Energi - Indonesia
- Manunggal Multi Energi - Indonesia
- Petron Corporation, Philippines
- Heidelberg Cement - Germany
- PNOC Exploration Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Globalindo Alam Lestari - Indonesia
- Tamil Nadu electricity Board
- Videocon Industries ltd - India
- Renaissance Capital - South Africa
- Mjunction Services Limited - India
- Commonwealth Bank - Australia
- Eastern Energy - Thailand
- McConnell Dowell - Australia
- Dalmia Cement Bharat India
- Kartika Selabumi Mining - Indonesia
- Attock Cement Pakistan Limited
- Semirara Mining and Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Bukit Makmur.PT - Indonesia
- Toyota Tsusho Corporation, Japan
- Interocean Group of Companies - India
- Sindya Power Generating Company Private Ltd
- San Jose City I Power Corp, Philippines
- Orica Australia Pty. Ltd.
- Bayan Resources Tbk. - Indonesia
- Timah Investasi Mineral - Indoneisa
- Global Business Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Bhushan Steel Limited - India
- Makarim & Taira - Indonesia
- IEA Clean Coal Centre - UK
- White Energy Company Limited
- Directorate Of Revenue Intelligence - India
- Holcim Trading Pte Ltd - Singapore
- Aboitiz Power Corporation - Philippines
- Standard Chartered Bank - UAE
- Indonesian Coal Mining Association
- Global Coal Blending Company Limited - Australia
- Marubeni Corporation - India
- Gujarat Electricity Regulatory Commission - India
- Latin American Coal - Colombia
- Pendopo Energi Batubara - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Ind-Barath Power Infra Limited - India
- Barasentosa Lestari - Indonesia
- Energy Link Ltd, New Zealand
- International Coal Ventures Pvt Ltd - India
- Mercator Lines Limited - India
- Rashtriya Ispat Nigam Limited - India
- VISA Power Limited - India
- Meenaskhi Energy Private Limited - India
- Agrawal Coal Company - India
- Jindal Steel & Power Ltd - India
- LBH Netherlands Bv - Netherlands
- Bhatia International Limited - India
- Parliament of New Zealand
- New Zealand Coal & Carbon
- Malabar Cements Ltd - India
- Ministry of Finance - Indonesia
- European Bulk Services B.V. - Netherlands
- Bukit Baiduri Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Wood Mackenzie - Singapore
- The University of Queensland
- Edison Trading Spa - Italy
- Coal and Oil Company - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Energy Development Corp, Philippines
- Intertek Mineral Services - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Indo Tambangraya Megah - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Anglo American - United Kingdom
- Parry Sugars Refinery, India
- Simpson Spence & Young - Indonesia
- SMC Global Power, Philippines
- Romanian Commodities Exchange
- Indian Energy Exchange, India
- Karbindo Abesyapradhi - Indoneisa
- Indogreen Group - Indonesia
- Straits Asia Resources Limited - Singapore
- Independent Power Producers Association of India
- Xindia Steels Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Karaikal Port Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Eastern Coal Council - USA
- Trasteel International SA, Italy
- Indian Oil Corporation Limited
- Planning Commission, India
- Ministry of Mines - Canada
- Australian Commodity Traders Exchange
- Kaltim Prima Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Kumho Petrochemical, South Korea
- Grasim Industreis Ltd - India
- Australian Coal Association
- Chamber of Mines of South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- TeaM Sual Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Wilmar Investment Holdings
- Altura Mining Limited, Indonesia
- Georgia Ports Authority, United States
- Formosa Plastics Group - Taiwan
- Merrill Lynch Commodities Europe
- Sical Logistics Limited - India
- Miang Besar Coal Terminal - Indonesia
- GMR Energy Limited - India
- Bangladesh Power Developement Board
- Kobexindo Tractors - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Metalloyd Limited - United Kingdom
- Samtan Co., Ltd - South Korea
- Alfred C Toepfer International GmbH - Germany
- Baramulti Group, Indonesia
- Thai Mozambique Logistica
- Tata Chemicals Ltd - India
- Larsen & Toubro Limited - India
- IHS Mccloskey Coal Group - USA
- Coastal Gujarat Power Limited - India
- CIMB Investment Bank - Malaysia
- PTC India Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Bharathi Cement Corporation - India
- OPG Power Generation Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Medco Energi Mining Internasional
- Singapore Mercantile Exchange
- Africa Commodities Group - South Africa
- Jorong Barutama Greston.PT - Indonesia
- Electricity Authority, New Zealand
- SN Aboitiz Power Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- MS Steel International - UAE
- Maheswari Brothers Coal Limited - India
- London Commodity Brokers - England
- Krishnapatnam Port Company Ltd. - India
- PowerSource Philippines DevCo
- CNBM International Corporation - China
- Pipit Mutiara Jaya. PT, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
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