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Wednesday, 10 May 17
MARKET INSIGHT - INTERMODAL
 Up until a few weeks ago, demo deals were being concluded at just a fraction below $400/ldt. Last time we saw demo prices around that level was in May 2015. But over the past few weeks, the scene has completely changed. There is an apparent lack of demolition candidates, while demo prices in the Indian subcontinent have lost over $30/ldt on average during the same period. Bangladesh and Pakistan were competing quite strongly offering a small premium over India’s Alang prices. However, the recent heavy decline in local steel plate prices has forced most end buyers to reduce their offering price.
In view of the restocking ahead of the monsoon season in late May –June and the annual budgets in Pakistan and Bangladesh during the same period, we remain to see if rumors of any new duties/taxes will come into effect for the respective domestic ship-recycling sectors, and how such developments will affect scrap buyers appetite.
We have to keep in mind that at the moment only Bangladesh and India can cut gas free and clean for hot works tanker vessels, as after the fatal accidents that took place in Pakistan earlier this year, there is still a total ban on the demolition of all wet units in the country.
Scrap prices are mainly dictated by steel demand and steel prices and these are subsequently affected by iron ore commodity prices. Iron ore prices had climbed from below $60/ton in Oct 2016 to approximately $96/ton in February this year. Since then, the price of the commodity has constantly dropped to settle at low $60/ton levels and at the end of last week when a full-scale retreat took place, with futures in China, Dalian Iron Ore witnessing a limit down on investor concern in regards to demand outlook.
It seems that the deleveraging of China's $4 trillion shadow banking system just accelerated massively as Bank Wealth Product Issuance crashed 15% month-over-month. With stocks and bonds already plunging, commodities joined the decline that came after tightened regulation on macro-prudential assessment and interbank business. According to the China Iron and Steel Association, there is still room for iron ore to decline further amid oversupply with imports and port stockpiles remaining at high levels that further support oversupply.
Over the past months, Capes and Panamaxes freight rates increased significantly by demand for more shipments, together with record steel production in China, and that has helped boost stockpiles at local ports. After peaking at a record 132.5 million tons in March, stockpiles have held near that level, according to Shanghai Steelhome E-Commerce Co.
Since the end of March though the BCI has lost more than 1,100 points and the average earnings quoted by the Baltic Exchange have dropped from $20,650/day to $12,446/day today. Is it time to panic? The reality is that we are still way above the $1,985/day the big bulkers were earning in March 2016, but signs are indicating a slowdown in demand that inevitably always leads to pressure on earnings. As we are all waiting to see how long will this pressure last, all hopes for sustained positive sentiment in the dry bulk market have now been placed on the grains trade that could potentially make up for some of the lost momentum due to the slowdown Capesizes are currently witnessing.
By John N. Cotzias
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, 07 June 17
INDO HBA INDEX SEE LARGEST DROP SINCE FEBRUARY 2017
COALspot.com: Indonesian coal benchmark price decline 9.96% in June, government data showed.
The benchmark price of Indonesian thermal coal de ...
Wednesday, 07 June 17
MARKET INSIGHT - PANOS MAKRINOS
2017 undoubtedly began with very optimistic signs for the future of the Oil & Gas industry on the back of the Vienna Agreement. OPEC and non-OP ...
Tuesday, 06 June 17
THE FREIGHT MARKET WAS CONTINUE TO TUMBLE THIS PAST WEEK
COALspot.com: The Freight market continued to tumble this past week, as BDI and cape index showed a negative trend week over week.
The Baltic ...
Friday, 02 June 17
THE WORLD COAL ASSOCIATION HAS RESPONDED TO THE WITHDRAWAL OF THE UNITED STATES FROM THE PARIS AGREEMENT
“This decision is the result of a failure to build a genuine coalition on climate action that recognises the role of all technologies, includ ...
Friday, 02 June 17
MOL SIGNS COAL TRANSPORT DEAL WITH THERMAL POWERTECH CORPORATION INDIA LIMITED
MOL Signs Coal Transport Deal with Thermal Powertech Corporation India Limited - Contributing to a Stable Power Supply in India -
Jun ...
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- Trasteel International SA, Italy
- Oldendorff Carriers - Singapore
- Sical Logistics Limited - India
- London Commodity Brokers - England
- Star Paper Mills Limited - India
- Indo Tambangraya Megah - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Thiess Contractors Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Kapuas Tunggal Persada - Indonesia
- Heidelberg Cement - Germany
- Sarangani Energy Corporation, Philippines
- Planning Commission, India
- Straits Asia Resources Limited - Singapore
- Renaissance Capital - South Africa
- Iligan Light & Power Inc, Philippines
- Xindia Steels Limited - India
- Mercator Lines Limited - India
- Sojitz Corporation - Japan
- Ministry of Transport, Egypt
- Bangladesh Power Developement Board
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kaltim Prima Coal - Indonesia
- Sindya Power Generating Company Private Ltd
- Riau Bara Harum - Indonesia
- Parry Sugars Refinery, India
- Baramulti Group, Indonesia
- Grasim Industreis Ltd - India
- PowerSource Philippines DevCo
- Gujarat Mineral Development Corp Ltd - India
- Coastal Gujarat Power Limited - India
- The State Trading Corporation of India Ltd
- Kartika Selabumi Mining - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Siam City Cement PLC, Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Central Electricity Authority - India
- AsiaOL BioFuels Corp., Philippines
- Miang Besar Coal Terminal - Indonesia
- Goldman Sachs - Singapore
- Attock Cement Pakistan Limited
- Madhucon Powers Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Bhatia International Limited - India
- Power Finance Corporation Ltd., India
- Deloitte Consulting - India
- Tamil Nadu electricity Board
- Romanian Commodities Exchange
- Ind-Barath Power Infra Limited - India
- Chamber of Mines of South Africa
- Sakthi Sugars Limited - India
- Orica Australia Pty. Ltd.
- Merrill Lynch Commodities Europe
- Holcim Trading Pte Ltd - Singapore
- Chettinad Cement Corporation Ltd - India
- LBH Netherlands Bv - Netherlands
- Central Java Power - Indonesia
- TeaM Sual Corporation - Philippines
- Indika Energy - Indonesia
- Semirara Mining Corp, Philippines
- Indogreen Group - Indonesia
- Edison Trading Spa - Italy
- SMG Consultants - Indonesia
- New Zealand Coal & Carbon
- IHS Mccloskey Coal Group - USA
- Global Coal Blending Company Limited - Australia
- Bhushan Steel Limited - India
- VISA Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- PTC India Limited - India
- Malabar Cements Ltd - India
- Kumho Petrochemical, South Korea
- Cement Manufacturers Association - India
- Indonesian Coal Mining Association
- Vedanta Resources Plc - India
- European Bulk Services B.V. - Netherlands
- Gujarat Electricity Regulatory Commission - India
- Gujarat Sidhee Cement - India
- Toyota Tsusho Corporation, Japan
- Billiton Holdings Pty Ltd - Australia
- Energy Development Corp, Philippines
- Minerals Council of Australia
- Antam Resourcindo - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Ambuja Cements Ltd - India
- India Bulls Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Australian Commodity Traders Exchange
- Kepco SPC Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- GVK Power & Infra Limited - India
- Eastern Energy - Thailand
- Africa Commodities Group - South Africa
- GAC Shipping (India) Pvt Ltd
- OPG Power Generation Pvt Ltd - India
- Wilmar Investment Holdings
- Karbindo Abesyapradhi - Indoneisa
- ASAPP Information Group - India
- Simpson Spence & Young - Indonesia
- Aboitiz Power Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Latin American Coal - Colombia
- Therma Luzon, Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Directorate Of Revenue Intelligence - India
- Port Waratah Coal Services - Australia
- PetroVietnam Power Coal Import and Supply Company
- Singapore Mercantile Exchange
- Kobexindo Tractors - Indoneisa
- Independent Power Producers Association of India
- Coalindo Energy - Indonesia
- Coal and Oil Company - UAE
- Cigading International Bulk Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- CNBM International Corporation - China
- Bharathi Cement Corporation - India
- South Luzon Thermal Energy Corporation
- Jaiprakash Power Ventures ltd
- Pendopo Energi Batubara - Indonesia
- Anglo American - United Kingdom
- Agrawal Coal Company - India
- Petron Corporation, Philippines
- Rio Tinto Coal - Australia
- Samtan Co., Ltd - South Korea
- Savvy Resources Ltd - HongKong
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Carbofer General Trading SA - India
- Posco Energy - South Korea
- Meenaskhi Energy Private Limited - India
- Bulk Trading Sa - Switzerland
- Semirara Mining and Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Bukit Makmur.PT - Indonesia
- Bhoruka Overseas - Indonesia
- Economic Council, Georgia
- Intertek Mineral Services - Indonesia
- Timah Investasi Mineral - Indoneisa
- Uttam Galva Steels Limited - India
- SMC Global Power, Philippines
- Mjunction Services Limited - India
- MS Steel International - UAE
- Electricity Generating Authority of Thailand
- Maheswari Brothers Coal Limited - India
- Dalmia Cement Bharat India
- Mintek Dendrill Indonesia
- IEA Clean Coal Centre - UK
- Standard Chartered Bank - UAE
- Alfred C Toepfer International GmbH - Germany
- Thai Mozambique Logistica
- The Treasury - Australian Government
- Interocean Group of Companies - India
- Commonwealth Bank - Australia
- Electricity Authority, New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Karaikal Port Pvt Ltd - India
- Mercuria Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Global Green Power PLC Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Essar Steel Hazira Ltd - India
- Meralco Power Generation, Philippines
- Energy Link Ltd, New Zealand
- Ministry of Finance - Indonesia
- Altura Mining Limited, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Price Waterhouse Coopers - Russia
- Kideco Jaya Agung - Indonesia
- Formosa Plastics Group - Taiwan
- Bukit Baiduri Energy - Indonesia
- GMR Energy Limited - India
- CIMB Investment Bank - Malaysia
- Larsen & Toubro Limited - India
- Banpu Public Company Limited - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Georgia Ports Authority, United States
- Pipit Mutiara Jaya. PT, Indonesia
- Wood Mackenzie - Singapore
- Barasentosa Lestari - Indonesia
- San Jose City I Power Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Australian Coal Association
- Ceylon Electricity Board - Sri Lanka
- Manunggal Multi Energi - Indonesia
- Global Business Power Corporation, Philippines
- Siam City Cement - Thailand
- Binh Thuan Hamico - Vietnam
- Makarim & Taira - Indonesia
- Indian Energy Exchange, India
- Ministry of Mines - Canada
- Videocon Industries ltd - India
- SN Aboitiz Power Inc, Philippines
- Parliament of New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Metalloyd Limited - United Kingdom
- Aditya Birla Group - India
- Kalimantan Lumbung Energi - Indonesia
- Indian Oil Corporation Limited
- PNOC Exploration Corporation - Philippines
- Marubeni Corporation - India
- Tata Chemicals Ltd - India
- McConnell Dowell - Australia
- Lanco Infratech Ltd - India
- ICICI Bank Limited - India
- White Energy Company Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Medco Energi Mining Internasional
- Salva Resources Pvt Ltd - India
- Borneo Indobara - Indonesia
- Leighton Contractors Pty Ltd - Australia
- The University of Queensland
- Orica Mining Services - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Eastern Coal Council - USA
- Vizag Seaport Private Limited - India
- Maharashtra Electricity Regulatory Commission - India
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