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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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Wednesday, 06 July 16
MARKET INSIGHT - VASSILIS VASSILIOU
After a fairly silent first half of the year in the ship repair sector, we have finally a harmonized workload in the shipyards around the world. Ma ...
Tuesday, 05 July 16
DRY BULK SHIPPING'S RECOVERY NOT SEEN UNTIL 2018 - SGX
SGX freight derivative volumes totaled 36,542 contracts in June (-28% m/m; +52% y/y), while open interest averaged 121,189 contracts during the mon ...
Tuesday, 05 July 16
SPOT COAL INDEXES FOR INDONESIAN COAL CONTINUE TO HOLD FIRM - CS COAL INDEX
COALspot.com: Average 5000 GAR coal index of Indonesian origin was up by 0.83 percent week over week to averaging $39.98 per ton this past week, sh ...
Monday, 04 July 16
INDONESIA COAL PRICE REFERENCE CLIMBED 2.30% IN JULY
COALspot.com: The Indonesia Coal Benchmark Price increased in July 2016.
The Director General of Mineral and Coal of Indonesia, the r ...
Monday, 04 July 16
BDI ROSE ON STRONGER DEMAND ACROSS ALL VESSEL SEGMENTS
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose this past week. The BDI was up 11.16 percent from la ...
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- Eastern Energy - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Medco Energi Mining Internasional
- Electricity Authority, New Zealand
- Central Java Power - Indonesia
- Sojitz Corporation - Japan
- Miang Besar Coal Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Ind-Barath Power Infra Limited - India
- Riau Bara Harum - Indonesia
- Ministry of Transport, Egypt
- Global Green Power PLC Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Samtan Co., Ltd - South Korea
- Baramulti Group, Indonesia
- Globalindo Alam Lestari - Indonesia
- Carbofer General Trading SA - India
- Ministry of Finance - Indonesia
- OPG Power Generation Pvt Ltd - India
- Videocon Industries ltd - India
- Vizag Seaport Private Limited - India
- Kideco Jaya Agung - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bharathi Cement Corporation - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- MS Steel International - UAE
- Price Waterhouse Coopers - Russia
- South Luzon Thermal Energy Corporation
- Independent Power Producers Association of India
- Economic Council, Georgia
- Commonwealth Bank - Australia
- Directorate Of Revenue Intelligence - India
- Meralco Power Generation, Philippines
- Simpson Spence & Young - Indonesia
- Edison Trading Spa - Italy
- Romanian Commodities Exchange
- Kepco SPC Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Chamber of Mines of South Africa
- SN Aboitiz Power Inc, Philippines
- GVK Power & Infra Limited - India
- Chettinad Cement Corporation Ltd - India
- White Energy Company Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Agrawal Coal Company - India
- Cement Manufacturers Association - India
- IEA Clean Coal Centre - UK
- Salva Resources Pvt Ltd - India
- Rio Tinto Coal - Australia
- Kaltim Prima Coal - Indonesia
- Coalindo Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Bukit Baiduri Energy - Indonesia
- Ministry of Mines - Canada
- Sinarmas Energy and Mining - Indonesia
- CIMB Investment Bank - Malaysia
- Indian Oil Corporation Limited
- Dalmia Cement Bharat India
- Indonesian Coal Mining Association
- Sree Jayajothi Cements Limited - India
- Jaiprakash Power Ventures ltd
- Borneo Indobara - Indonesia
- Toyota Tsusho Corporation, Japan
- TeaM Sual Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Australian Coal Association
- CNBM International Corporation - China
- Minerals Council of Australia
- Vedanta Resources Plc - India
- Pendopo Energi Batubara - Indonesia
- Port Waratah Coal Services - Australia
- Merrill Lynch Commodities Europe
- Bhushan Steel Limited - India
- Sakthi Sugars Limited - India
- European Bulk Services B.V. - Netherlands
- Offshore Bulk Terminal Pte Ltd, Singapore
- Marubeni Corporation - India
- Singapore Mercantile Exchange
- Latin American Coal - Colombia
- Semirara Mining Corp, Philippines
- Mercator Lines Limited - India
- Manunggal Multi Energi - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Sical Logistics Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Electricity Generating Authority of Thailand
- Ambuja Cements Ltd - India
- Star Paper Mills Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Grasim Industreis Ltd - India
- Coal and Oil Company - UAE
- PowerSource Philippines DevCo
- Pipit Mutiara Jaya. PT, Indonesia
- Kartika Selabumi Mining - Indonesia
- New Zealand Coal & Carbon
- Kohat Cement Company Ltd. - Pakistan
- SMC Global Power, Philippines
- Krishnapatnam Port Company Ltd. - India
- Timah Investasi Mineral - Indoneisa
- India Bulls Power Limited - India
- VISA Power Limited - India
- Interocean Group of Companies - India
- Aditya Birla Group - India
- SMG Consultants - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- LBH Netherlands Bv - Netherlands
- Bukit Asam (Persero) Tbk - Indonesia
- Indika Energy - Indonesia
- Heidelberg Cement - Germany
- Attock Cement Pakistan Limited
- Trasteel International SA, Italy
- Rashtriya Ispat Nigam Limited - India
- Gujarat Sidhee Cement - India
- Semirara Mining and Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Africa Commodities Group - South Africa
- Indo Tambangraya Megah - Indonesia
- PNOC Exploration Corporation - Philippines
- Uttam Galva Steels Limited - India
- Sarangani Energy Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- GN Power Mariveles Coal Plant, Philippines
- Kobexindo Tractors - Indoneisa
- Madhucon Powers Ltd - India
- PTC India Limited - India
- Mintek Dendrill Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Petron Corporation, Philippines
- Posco Energy - South Korea
- Asmin Koalindo Tuhup - Indonesia
- McConnell Dowell - Australia
- Iligan Light & Power Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Metalloyd Limited - United Kingdom
- Tata Chemicals Ltd - India
- Orica Australia Pty. Ltd.
- Xindia Steels Limited - India
- Energy Development Corp, Philippines
- Banpu Public Company Limited - Thailand
- Eastern Coal Council - USA
- Power Finance Corporation Ltd., India
- Maharashtra Electricity Regulatory Commission - India
- Thiess Contractors Indonesia
- Georgia Ports Authority, United States
- Global Business Power Corporation, Philippines
- Bangladesh Power Developement Board
- GMR Energy Limited - India
- Leighton Contractors Pty Ltd - Australia
- Central Electricity Authority - India
- Parliament of New Zealand
- Renaissance Capital - South Africa
- Standard Chartered Bank - UAE
- ICICI Bank Limited - India
- Parry Sugars Refinery, India
- Lanco Infratech Ltd - India
- Mjunction Services Limited - India
- Kumho Petrochemical, South Korea
- Wood Mackenzie - Singapore
- Therma Luzon, Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Bhoruka Overseas - Indonesia
- Bulk Trading Sa - Switzerland
- Alfred C Toepfer International GmbH - Germany
- Vijayanagar Sugar Pvt Ltd - India
- Goldman Sachs - Singapore
- Sindya Power Generating Company Private Ltd
- Australian Commodity Traders Exchange
- Tamil Nadu electricity Board
- Coastal Gujarat Power Limited - India
- Bhatia International Limited - India
- Maheswari Brothers Coal Limited - India
- Altura Mining Limited, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Siam City Cement PLC, Thailand
- Jorong Barutama Greston.PT - Indonesia
- Indogreen Group - Indonesia
- Wilmar Investment Holdings
- Essar Steel Hazira Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Holcim Trading Pte Ltd - Singapore
- Planning Commission, India
- The University of Queensland
- Makarim & Taira - Indonesia
- Deloitte Consulting - India
- Formosa Plastics Group - Taiwan
- GAC Shipping (India) Pvt Ltd
- Mercuria Energy - Indonesia
- Indian Energy Exchange, India
- Anglo American - United Kingdom
- Savvy Resources Ltd - HongKong
- Energy Link Ltd, New Zealand
- Jindal Steel & Power Ltd - India
- The State Trading Corporation of India Ltd
- Larsen & Toubro Limited - India
- San Jose City I Power Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Thai Mozambique Logistica
- Global Coal Blending Company Limited - Australia
- Directorate General of MIneral and Coal - Indonesia
- IHS Mccloskey Coal Group - USA
- Straits Asia Resources Limited - Singapore
- The Treasury - Australian Government
- Gujarat Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
- Siam City Cement - Thailand
- Oldendorff Carriers - Singapore
- London Commodity Brokers - England
- ASAPP Information Group - India
- Cigading International Bulk Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Orica Mining Services - Indonesia
- Malabar Cements Ltd - India
- Barasentosa Lestari - Indonesia
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