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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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- Pipit Mutiara Jaya. PT, Indonesia
- Merrill Lynch Commodities Europe
- Interocean Group of Companies - India
- Bukit Makmur.PT - Indonesia
- Mintek Dendrill Indonesia
- Ceylon Electricity Board - Sri Lanka
- Alfred C Toepfer International GmbH - Germany
- Ministry of Mines - Canada
- Gujarat Mineral Development Corp Ltd - India
- Bayan Resources Tbk. - Indonesia
- ICICI Bank Limited - India
- San Jose City I Power Corp, Philippines
- Oldendorff Carriers - Singapore
- The University of Queensland
- Goldman Sachs - Singapore
- Semirara Mining Corp, Philippines
- White Energy Company Limited
- Coal and Oil Company - UAE
- Wilmar Investment Holdings
- Commonwealth Bank - Australia
- Orica Australia Pty. Ltd.
- Orica Mining Services - Indonesia
- ASAPP Information Group - India
- Asmin Koalindo Tuhup - Indonesia
- Thai Mozambique Logistica
- Toyota Tsusho Corporation, Japan
- Rio Tinto Coal - Australia
- Power Finance Corporation Ltd., India
- South Luzon Thermal Energy Corporation
- Parry Sugars Refinery, India
- SMG Consultants - Indonesia
- VISA Power Limited - India
- London Commodity Brokers - England
- New Zealand Coal & Carbon
- Vizag Seaport Private Limited - India
- Gujarat Sidhee Cement - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhushan Steel Limited - India
- Dalmia Cement Bharat India
- TeaM Sual Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Meralco Power Generation, Philippines
- Thiess Contractors Indonesia
- Trasteel International SA, Italy
- Star Paper Mills Limited - India
- Timah Investasi Mineral - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mercator Lines Limited - India
- Electricity Authority, New Zealand
- PNOC Exploration Corporation - Philippines
- Latin American Coal - Colombia
- Straits Asia Resources Limited - Singapore
- Bulk Trading Sa - Switzerland
- Borneo Indobara - Indonesia
- PowerSource Philippines DevCo
- Energy Development Corp, Philippines
- Antam Resourcindo - Indonesia
- Iligan Light & Power Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Electricity Generating Authority of Thailand
- Rashtriya Ispat Nigam Limited - India
- Kumho Petrochemical, South Korea
- Kalimantan Lumbung Energi - Indonesia
- Samtan Co., Ltd - South Korea
- Xindia Steels Limited - India
- Tamil Nadu electricity Board
- Directorate General of MIneral and Coal - Indonesia
- Wood Mackenzie - Singapore
- Aboitiz Power Corporation - Philippines
- Energy Link Ltd, New Zealand
- Minerals Council of Australia
- Ministry of Finance - Indonesia
- Sarangani Energy Corporation, Philippines
- Indian Energy Exchange, India
- Bukit Asam (Persero) Tbk - Indonesia
- Independent Power Producers Association of India
- Pendopo Energi Batubara - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Leighton Contractors Pty Ltd - Australia
- Sakthi Sugars Limited - India
- The Treasury - Australian Government
- GMR Energy Limited - India
- Sical Logistics Limited - India
- Karaikal Port Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Carbofer General Trading SA - India
- Neyveli Lignite Corporation Ltd, - India
- Directorate Of Revenue Intelligence - India
- Attock Cement Pakistan Limited
- Kapuas Tunggal Persada - Indonesia
- Parliament of New Zealand
- Globalindo Alam Lestari - Indonesia
- Australian Coal Association
- GAC Shipping (India) Pvt Ltd
- Aditya Birla Group - India
- Indogreen Group - Indonesia
- Chettinad Cement Corporation Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Global Coal Blending Company Limited - Australia
- Mjunction Services Limited - India
- Global Business Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Altura Mining Limited, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indonesian Coal Mining Association
- Edison Trading Spa - Italy
- Planning Commission, India
- Metalloyd Limited - United Kingdom
- Indika Energy - Indonesia
- Medco Energi Mining Internasional
- Ambuja Cements Ltd - India
- Australian Commodity Traders Exchange
- Malabar Cements Ltd - India
- Therma Luzon, Inc, Philippines
- Georgia Ports Authority, United States
- Bharathi Cement Corporation - India
- LBH Netherlands Bv - Netherlands
- TNB Fuel Sdn Bhd - Malaysia
- McConnell Dowell - Australia
- Videocon Industries ltd - India
- Economic Council, Georgia
- Jindal Steel & Power Ltd - India
- Salva Resources Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Siam City Cement PLC, Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Essar Steel Hazira Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Petrochimia International Co. Ltd.- Taiwan
- Uttam Galva Steels Limited - India
- CNBM International Corporation - China
- Gujarat Electricity Regulatory Commission - India
- Banpu Public Company Limited - Thailand
- Ministry of Transport, Egypt
- Coalindo Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- International Coal Ventures Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- CIMB Investment Bank - Malaysia
- Simpson Spence & Young - Indonesia
- Bukit Baiduri Energy - Indonesia
- Port Waratah Coal Services - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Cement Manufacturers Association - India
- Savvy Resources Ltd - HongKong
- Grasim Industreis Ltd - India
- Renaissance Capital - South Africa
- Makarim & Taira - Indonesia
- Heidelberg Cement - Germany
- Agrawal Coal Company - India
- OPG Power Generation Pvt Ltd - India
- Chamber of Mines of South Africa
- SN Aboitiz Power Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- MS Steel International - UAE
- Semirara Mining and Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Siam City Cement - Thailand
- Anglo American - United Kingdom
- Holcim Trading Pte Ltd - Singapore
- Mercuria Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Central Electricity Authority - India
- Bhoruka Overseas - Indonesia
- Ind-Barath Power Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- Larsen & Toubro Limited - India
- Barasentosa Lestari - Indonesia
- Madhucon Powers Ltd - India
- Lanco Infratech Ltd - India
- Kobexindo Tractors - Indoneisa
- Jaiprakash Power Ventures ltd
- IEA Clean Coal Centre - UK
- PetroVietnam Power Coal Import and Supply Company
- European Bulk Services B.V. - Netherlands
- Marubeni Corporation - India
- Formosa Plastics Group - Taiwan
- Petron Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Singapore Mercantile Exchange
- Kohat Cement Company Ltd. - Pakistan
- Eastern Coal Council - USA
- Posco Energy - South Korea
- Sree Jayajothi Cements Limited - India
- Kideco Jaya Agung - Indonesia
- Intertek Mineral Services - Indonesia
- Bangladesh Power Developement Board
- Indian Oil Corporation Limited
- Kaltim Prima Coal - Indonesia
- Romanian Commodities Exchange
- Bhatia International Limited - India
- PTC India Limited - India
- Vedanta Resources Plc - India
- Sindya Power Generating Company Private Ltd
- Meenaskhi Energy Private Limited - India
- GVK Power & Infra Limited - India
- AsiaOL BioFuels Corp., Philippines
- Sojitz Corporation - Japan
- SMC Global Power, Philippines
- Global Green Power PLC Corporation, Philippines
- Deloitte Consulting - India
- GN Power Mariveles Coal Plant, Philippines
- Central Java Power - Indonesia
- Binh Thuan Hamico - Vietnam
- Indo Tambangraya Megah - Indonesia
- Africa Commodities Group - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The State Trading Corporation of India Ltd
- Billiton Holdings Pty Ltd - Australia
- India Bulls Power Limited - India
- Tata Chemicals Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Standard Chartered Bank - UAE
- Baramulti Group, Indonesia
- Eastern Energy - Thailand
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