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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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Friday, 01 July 16
BREXIT SET TO HURT SHIPPING IN THE LONG-TERM AS IT WILL TAKE ITS TOLL IN THE GLOBAL ECONOMY'S GROWTH - HELLENIC SHIPPING
Setting aside the short-term negative impact of the Brexit, in terms of stock market and currency volatility, it’s more than evident that the ...
Friday, 01 July 16
U.S'S COAL EXPORTS HAVE DECLINED FOR TWELVE QUARTERS IN A ROW - EIA
COALspot.com – U.S, world’s one of the largest coal producers has produced approximately totalled an estimated 13.7 million short t ...
Thursday, 30 June 16
CAPE - THIS WEEK'S FREIGHT AND ACTIVITY LEVEL HAVE KEPT STABLE - FEARNLEYS
Cape
This week’s freight and activity level have kept stable. It is support at the present levels and despite a volatile market the freight ...
Thursday, 30 June 16
OIL PRODUCT TANKERS EARNINGS DECLINE AS STOCKBUILDING SLOWS DOWN - BIMCO
BIMCO’s expectations remain as the oil product tanker fleet continues to grow with earnings at the lowest since Q3 in 2014. But there is stil ...
Wednesday, 29 June 16
THE DRY BULK INDICES, OPPOSITE TO MOST GLOBAL MARKET INDICES, ROSE END OF LAST WEEK
Last week closed off with a massive shockwave for markets across the world following the British referendum, the result of which will mark the begi ...
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- Formosa Plastics Group - Taiwan
- Electricity Generating Authority of Thailand
- Petron Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- The State Trading Corporation of India Ltd
- Sical Logistics Limited - India
- Georgia Ports Authority, United States
- Bulk Trading Sa - Switzerland
- IEA Clean Coal Centre - UK
- Iligan Light & Power Inc, Philippines
- Jaiprakash Power Ventures ltd
- Posco Energy - South Korea
- Indonesian Coal Mining Association
- Rashtriya Ispat Nigam Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Rio Tinto Coal - Australia
- Medco Energi Mining Internasional
- GMR Energy Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Australian Coal Association
- Kalimantan Lumbung Energi - Indonesia
- Bhoruka Overseas - Indonesia
- Bayan Resources Tbk. - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- MS Steel International - UAE
- Gujarat Sidhee Cement - India
- Tamil Nadu electricity Board
- Cement Manufacturers Association - India
- Tata Chemicals Ltd - India
- The Treasury - Australian Government
- Ministry of Transport, Egypt
- Holcim Trading Pte Ltd - Singapore
- Miang Besar Coal Terminal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Mjunction Services Limited - India
- Timah Investasi Mineral - Indoneisa
- Orica Mining Services - Indonesia
- SN Aboitiz Power Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Central Electricity Authority - India
- Baramulti Group, Indonesia
- New Zealand Coal & Carbon
- Trasteel International SA, Italy
- Singapore Mercantile Exchange
- PetroVietnam Power Coal Import and Supply Company
- Bukit Asam (Persero) Tbk - Indonesia
- CNBM International Corporation - China
- Siam City Cement PLC, Thailand
- CIMB Investment Bank - Malaysia
- Coastal Gujarat Power Limited - India
- Latin American Coal - Colombia
- South Luzon Thermal Energy Corporation
- Mintek Dendrill Indonesia
- Mercator Lines Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Wood Mackenzie - Singapore
- Globalindo Alam Lestari - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Kohat Cement Company Ltd. - Pakistan
- ICICI Bank Limited - India
- McConnell Dowell - Australia
- The University of Queensland
- Global Green Power PLC Corporation, Philippines
- Bangladesh Power Developement Board
- Aboitiz Power Corporation - Philippines
- Attock Cement Pakistan Limited
- European Bulk Services B.V. - Netherlands
- Energy Development Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Altura Mining Limited, Indonesia
- Bhushan Steel Limited - India
- Orica Australia Pty. Ltd.
- Banpu Public Company Limited - Thailand
- Eastern Energy - Thailand
- Kepco SPC Power Corporation, Philippines
- Electricity Authority, New Zealand
- GAC Shipping (India) Pvt Ltd
- Madhucon Powers Ltd - India
- Riau Bara Harum - Indonesia
- Straits Asia Resources Limited - Singapore
- Videocon Industries ltd - India
- AsiaOL BioFuels Corp., Philippines
- Australian Commodity Traders Exchange
- Jindal Steel & Power Ltd - India
- Ministry of Mines - Canada
- Coal and Oil Company - UAE
- Indo Tambangraya Megah - Indonesia
- Indian Energy Exchange, India
- Malabar Cements Ltd - India
- Larsen & Toubro Limited - India
- Star Paper Mills Limited - India
- Parry Sugars Refinery, India
- Toyota Tsusho Corporation, Japan
- Sree Jayajothi Cements Limited - India
- Kumho Petrochemical, South Korea
- Barasentosa Lestari - Indonesia
- SMC Global Power, Philippines
- Economic Council, Georgia
- Central Java Power - Indonesia
- Oldendorff Carriers - Singapore
- Agrawal Coal Company - India
- Kartika Selabumi Mining - Indonesia
- SMG Consultants - Indonesia
- Kaltim Prima Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- GVK Power & Infra Limited - India
- Price Waterhouse Coopers - Russia
- Karaikal Port Pvt Ltd - India
- Coalindo Energy - Indonesia
- Simpson Spence & Young - Indonesia
- PTC India Limited - India
- Thai Mozambique Logistica
- Cigading International Bulk Terminal - Indonesia
- Kobexindo Tractors - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Uttam Galva Steels Limited - India
- Semirara Mining Corp, Philippines
- Romanian Commodities Exchange
- Anglo American - United Kingdom
- Standard Chartered Bank - UAE
- VISA Power Limited - India
- Global Coal Blending Company Limited - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- ASAPP Information Group - India
- GN Power Mariveles Coal Plant, Philippines
- Siam City Cement - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Borneo Indobara - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bharathi Cement Corporation - India
- Sinarmas Energy and Mining - Indonesia
- Minerals Council of Australia
- Dalmia Cement Bharat India
- Power Finance Corporation Ltd., India
- PowerSource Philippines DevCo
- Ceylon Electricity Board - Sri Lanka
- Vizag Seaport Private Limited - India
- PNOC Exploration Corporation - Philippines
- Marubeni Corporation - India
- Chamber of Mines of South Africa
- Deloitte Consulting - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- San Jose City I Power Corp, Philippines
- Thiess Contractors Indonesia
- Essar Steel Hazira Ltd - India
- International Coal Ventures Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Edison Trading Spa - Italy
- India Bulls Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Electricity Regulatory Commission - India
- Eastern Coal Council - USA
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Makmur.PT - Indonesia
- Binh Thuan Hamico - Vietnam
- Asmin Koalindo Tuhup - Indonesia
- Salva Resources Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Meralco Power Generation, Philippines
- Energy Link Ltd, New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Lanco Infratech Ltd - India
- Meenaskhi Energy Private Limited - India
- Merrill Lynch Commodities Europe
- Samtan Co., Ltd - South Korea
- Bhatia International Limited - India
- Sojitz Corporation - Japan
- Ambuja Cements Ltd - India
- Parliament of New Zealand
- Chettinad Cement Corporation Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Vedanta Resources Plc - India
- Aditya Birla Group - India
- Antam Resourcindo - Indonesia
- Directorate Of Revenue Intelligence - India
- Ministry of Finance - Indonesia
- LBH Netherlands Bv - Netherlands
- Indian Oil Corporation Limited
- Carbofer General Trading SA - India
- Planning Commission, India
- Intertek Mineral Services - Indonesia
- Independent Power Producers Association of India
- Petrochimia International Co. Ltd.- Taiwan
- IHS Mccloskey Coal Group - USA
- Wilmar Investment Holdings
- Therma Luzon, Inc, Philippines
- Interocean Group of Companies - India
- Global Business Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Kideco Jaya Agung - Indonesia
- Xindia Steels Limited - India
- Savvy Resources Ltd - HongKong
- Makarim & Taira - Indonesia
- Commonwealth Bank - Australia
- Leighton Contractors Pty Ltd - Australia
- Manunggal Multi Energi - Indonesia
- Goldman Sachs - Singapore
- Mercuria Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Grasim Industreis Ltd - India
- Renaissance Capital - South Africa
- Heidelberg Cement - Germany
- White Energy Company Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sakthi Sugars Limited - India
- Indika Energy - Indonesia
- London Commodity Brokers - England
- Kapuas Tunggal Persada - Indonesia
- Indogreen Group - Indonesia
- Gujarat Mineral Development Corp Ltd - India
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