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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, 11 July 16
DRY BULK MARKET: UP TO 30 MILLION DWT OF OLDER BULKERS WILL NEED TO BE SCRAPPED BY END OF 2017 FOR MARKET TO FIND BALANCE
Tonnage oversupply in the dry bulk market is more than evident, as newbuildings have been hitting the water faster than owners can scrap their olde ...
Friday, 08 July 16
U.S. WEEKLY COAL OUTPUT UP 3% TO 14.1 MMST - EIA
COALspot.com – U.S, world’s second largest coal producers has produced approximately totalled an estimated 14.1 million short tons (mms ...
Thursday, 07 July 16
PANAMAX : THE TENDENCY FROM LAST WEEK CONTINUES WITH A CONSIDERABLY STRONGER SENTIMENT ALL ACROSS THE BLOCK - FEARNLEYS
Capesize
Rates have been holding at steady levels over the last weeks but towards end of this period they are becoming under more pressure as gen ...
Thursday, 07 July 16
CONSOLIDATION TO RULE OVER SHIPPING, AS EXECUTIVES SEEK INVESTMENT OPPORTUNITIES IN CHINA, INDIA AND EUROPE SAYS NORTON ROSE SURVEY
The transport sector is looking to Asia Pacific as the key market for investment over the next five years, according to the seventh The way ahead T ...
Wednesday, 06 July 16
KOMIPO INVITES BIDS FOR 780000 MT OF BITUMINOUS COAL
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 780,000 Metric Tons of Bituminous Coal for its B ...
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- AsiaOL BioFuels Corp., Philippines
- SMG Consultants - Indonesia
- White Energy Company Limited
- ASAPP Information Group - India
- CNBM International Corporation - China
- Coalindo Energy - Indonesia
- Singapore Mercantile Exchange
- The State Trading Corporation of India Ltd
- Grasim Industreis Ltd - India
- Kideco Jaya Agung - Indonesia
- Sakthi Sugars Limited - India
- Edison Trading Spa - Italy
- Energy Link Ltd, New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Economic Council, Georgia
- Global Coal Blending Company Limited - Australia
- India Bulls Power Limited - India
- South Luzon Thermal Energy Corporation
- Petron Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Indika Energy - Indonesia
- New Zealand Coal & Carbon
- Baramulti Group, Indonesia
- Attock Cement Pakistan Limited
- Mjunction Services Limited - India
- Kobexindo Tractors - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Thiess Contractors Indonesia
- Ambuja Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Manunggal Multi Energi - Indonesia
- VISA Power Limited - India
- Gujarat Sidhee Cement - India
- Siam City Cement PLC, Thailand
- Agrawal Coal Company - India
- Maheswari Brothers Coal Limited - India
- The Treasury - Australian Government
- Australian Commodity Traders Exchange
- Chettinad Cement Corporation Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- SMC Global Power, Philippines
- Essar Steel Hazira Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Tata Chemicals Ltd - India
- Madhucon Powers Ltd - India
- Bhushan Steel Limited - India
- Goldman Sachs - Singapore
- Samtan Co., Ltd - South Korea
- IHS Mccloskey Coal Group - USA
- Bukit Asam (Persero) Tbk - Indonesia
- Therma Luzon, Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Sojitz Corporation - Japan
- Independent Power Producers Association of India
- Orica Australia Pty. Ltd.
- Electricity Authority, New Zealand
- Iligan Light & Power Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Parry Sugars Refinery, India
- Orica Mining Services - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Central Java Power - Indonesia
- Larsen & Toubro Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sical Logistics Limited - India
- Bangladesh Power Developement Board
- Siam City Cement - Thailand
- Ministry of Mines - Canada
- PNOC Exploration Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Borneo Indobara - Indonesia
- Standard Chartered Bank - UAE
- Ministry of Finance - Indonesia
- Indogreen Group - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bhatia International Limited - India
- Gujarat Electricity Regulatory Commission - India
- The University of Queensland
- OPG Power Generation Pvt Ltd - India
- Tamil Nadu electricity Board
- Posco Energy - South Korea
- Parliament of New Zealand
- Straits Asia Resources Limited - Singapore
- Kartika Selabumi Mining - Indonesia
- International Coal Ventures Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Central Electricity Authority - India
- Indian Oil Corporation Limited
- Savvy Resources Ltd - HongKong
- Wilmar Investment Holdings
- Bharathi Cement Corporation - India
- Mintek Dendrill Indonesia
- Planning Commission, India
- Electricity Generating Authority of Thailand
- Gujarat Mineral Development Corp Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Altura Mining Limited, Indonesia
- GMR Energy Limited - India
- Bhoruka Overseas - Indonesia
- Dalmia Cement Bharat India
- Jorong Barutama Greston.PT - Indonesia
- Riau Bara Harum - Indonesia
- Cement Manufacturers Association - India
- Cigading International Bulk Terminal - Indonesia
- Bukit Baiduri Energy - Indonesia
- PowerSource Philippines DevCo
- MS Steel International - UAE
- Xindia Steels Limited - India
- Vedanta Resources Plc - India
- Kepco SPC Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Jindal Steel & Power Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Oldendorff Carriers - Singapore
- Binh Thuan Hamico - Vietnam
- Uttam Galva Steels Limited - India
- Kaltim Prima Coal - Indonesia
- Bukit Makmur.PT - Indonesia
- Meralco Power Generation, Philippines
- Ind-Barath Power Infra Limited - India
- Indonesian Coal Mining Association
- Bahari Cakrawala Sebuku - Indonesia
- Coastal Gujarat Power Limited - India
- Africa Commodities Group - South Africa
- Simpson Spence & Young - Indonesia
- Lanco Infratech Ltd - India
- Merrill Lynch Commodities Europe
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- Directorate General of MIneral and Coal - Indonesia
- PTC India Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Transport, Egypt
- Rio Tinto Coal - Australia
- GVK Power & Infra Limited - India
- Bulk Trading Sa - Switzerland
- Indian Energy Exchange, India
- Eastern Energy - Thailand
- Heidelberg Cement - Germany
- Medco Energi Mining Internasional
- Makarim & Taira - Indonesia
- TeaM Sual Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- San Jose City I Power Corp, Philippines
- Mercuria Energy - Indonesia
- Global Business Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Formosa Plastics Group - Taiwan
- Rashtriya Ispat Nigam Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Karaikal Port Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kumho Petrochemical, South Korea
- Anglo American - United Kingdom
- ICICI Bank Limited - India
- Eastern Coal Council - USA
- LBH Netherlands Bv - Netherlands
- Bayan Resources Tbk. - Indonesia
- GAC Shipping (India) Pvt Ltd
- Sarangani Energy Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Wood Mackenzie - Singapore
- Carbofer General Trading SA - India
- Jaiprakash Power Ventures ltd
- Leighton Contractors Pty Ltd - Australia
- Sree Jayajothi Cements Limited - India
- Trasteel International SA, Italy
- CIMB Investment Bank - Malaysia
- Malabar Cements Ltd - India
- Georgia Ports Authority, United States
- London Commodity Brokers - England
- Pendopo Energi Batubara - Indonesia
- Chamber of Mines of South Africa
- Romanian Commodities Exchange
- Toyota Tsusho Corporation, Japan
- SN Aboitiz Power Inc, Philippines
- Antam Resourcindo - Indonesia
- Globalindo Alam Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Marubeni Corporation - India
- Power Finance Corporation Ltd., India
- Minerals Council of Australia
- Australian Coal Association
- Star Paper Mills Limited - India
- Vizag Seaport Private Limited - India
- Deloitte Consulting - India
- GN Power Mariveles Coal Plant, Philippines
- Renaissance Capital - South Africa
- Price Waterhouse Coopers - Russia
- Semirara Mining Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Aditya Birla Group - India
- Vijayanagar Sugar Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Miang Besar Coal Terminal - Indonesia
- Sindya Power Generating Company Private Ltd
- Videocon Industries ltd - India
- Interocean Group of Companies - India
- Mercator Lines Limited - India
- Directorate Of Revenue Intelligence - India
- Billiton Holdings Pty Ltd - Australia
- Barasentosa Lestari - Indonesia
- Thai Mozambique Logistica
- Coal and Oil Company - UAE
- Meenaskhi Energy Private Limited - India
- Sinarmas Energy and Mining - Indonesia
- Port Waratah Coal Services - Australia
- Energy Development Corp, Philippines
- IEA Clean Coal Centre - UK
- Commonwealth Bank - Australia
- McConnell Dowell - Australia
- Latin American Coal - Colombia
- Indo Tambangraya Megah - Indonesia
- Salva Resources Pvt Ltd - India
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