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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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Friday, 02 June 17
U.S THE PAST WEEK'S COAL PRODUCTION ESTIMATE UP 4.4% - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 15 million short tonnes ...
Wednesday, 31 May 17
MARKET INSIGHT - KONSTANTINOS KAKAVITSAS
In the next episode of the oil market; The market reacts to OPEC’s production cut extension, the US shale oil producers are ruining the carte ...
Tuesday, 30 May 17
MARKET ANALYSIS - GEORGE LAZARIDIS
Despite the fair performance that has been noted in the Chinese economy over the past 5 months, we have started to see an increase in the skepticis ...
Friday, 26 May 17
MOST COAL PLANTS IN THE UNITED STATES WERE BUILT BEFORE 1990 - EIA
Coal-fired electricity generators accounted for 25% of operating electricity generating capacity in the United States and generated about 30% of U. ...
Friday, 26 May 17
U.S WEEKLY COAL OUTPUT ESTIMATE UP 6.3% W/W
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 14.3 million short ton ...
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- Metalloyd Limited - United Kingdom
- PowerSource Philippines DevCo
- Alfred C Toepfer International GmbH - Germany
- Global Coal Blending Company Limited - Australia
- McConnell Dowell - Australia
- Chettinad Cement Corporation Ltd - India
- Eastern Energy - Thailand
- Merrill Lynch Commodities Europe
- Electricity Generating Authority of Thailand
- Timah Investasi Mineral - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Siam City Cement - Thailand
- Simpson Spence & Young - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Romanian Commodities Exchange
- Thiess Contractors Indonesia
- Oldendorff Carriers - Singapore
- Price Waterhouse Coopers - Russia
- Energy Link Ltd, New Zealand
- Power Finance Corporation Ltd., India
- The State Trading Corporation of India Ltd
- Central Java Power - Indonesia
- Coal and Oil Company - UAE
- Holcim Trading Pte Ltd - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indian Oil Corporation Limited
- GMR Energy Limited - India
- Billiton Holdings Pty Ltd - Australia
- Carbofer General Trading SA - India
- Asmin Koalindo Tuhup - Indonesia
- Anglo American - United Kingdom
- AsiaOL BioFuels Corp., Philippines
- Sree Jayajothi Cements Limited - India
- Aditya Birla Group - India
- Indika Energy - Indonesia
- Independent Power Producers Association of India
- Altura Mining Limited, Indonesia
- Coalindo Energy - Indonesia
- Mercuria Energy - Indonesia
- Orica Mining Services - Indonesia
- Australian Coal Association
- Bank of Tokyo Mitsubishi UFJ Ltd
- Aboitiz Power Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- CNBM International Corporation - China
- Directorate Of Revenue Intelligence - India
- Indonesian Coal Mining Association
- Indo Tambangraya Megah - Indonesia
- Chamber of Mines of South Africa
- Marubeni Corporation - India
- Coastal Gujarat Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Goldman Sachs - Singapore
- Ministry of Mines - Canada
- VISA Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kepco SPC Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Port Waratah Coal Services - Australia
- San Jose City I Power Corp, Philippines
- Deloitte Consulting - India
- Parry Sugars Refinery, India
- Electricity Authority, New Zealand
- International Coal Ventures Pvt Ltd - India
- Commonwealth Bank - Australia
- Cement Manufacturers Association - India
- Rio Tinto Coal - Australia
- Lanco Infratech Ltd - India
- Meralco Power Generation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Bulk Trading Sa - Switzerland
- Iligan Light & Power Inc, Philippines
- Agrawal Coal Company - India
- Binh Thuan Hamico - Vietnam
- Siam City Cement PLC, Thailand
- Bukit Makmur.PT - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- ASAPP Information Group - India
- Ind-Barath Power Infra Limited - India
- Kartika Selabumi Mining - Indonesia
- Kobexindo Tractors - Indoneisa
- Planning Commission, India
- Barasentosa Lestari - Indonesia
- Australian Commodity Traders Exchange
- New Zealand Coal & Carbon
- ICICI Bank Limited - India
- Indogreen Group - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Mintek Dendrill Indonesia
- Therma Luzon, Inc, Philippines
- Semirara Mining Corp, Philippines
- Sical Logistics Limited - India
- Thai Mozambique Logistica
- SMC Global Power, Philippines
- Bayan Resources Tbk. - Indonesia
- Vedanta Resources Plc - India
- Samtan Co., Ltd - South Korea
- PNOC Exploration Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Tamil Nadu electricity Board
- Mjunction Services Limited - India
- PTC India Limited - India
- Xindia Steels Limited - India
- Manunggal Multi Energi - Indonesia
- Essar Steel Hazira Ltd - India
- Jaiprakash Power Ventures ltd
- Indian Energy Exchange, India
- Global Business Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Baramulti Group, Indonesia
- Banpu Public Company Limited - Thailand
- Sojitz Corporation - Japan
- CIMB Investment Bank - Malaysia
- Toyota Tsusho Corporation, Japan
- Pendopo Energi Batubara - Indonesia
- Intertek Mineral Services - Indonesia
- The University of Queensland
- Larsen & Toubro Limited - India
- Gujarat Sidhee Cement - India
- Madhucon Powers Ltd - India
- South Luzon Thermal Energy Corporation
- Vizag Seaport Private Limited - India
- MS Steel International - UAE
- Economic Council, Georgia
- Central Electricity Authority - India
- Krishnapatnam Port Company Ltd. - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Bhatia International Limited - India
- Tata Chemicals Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Trasteel International SA, Italy
- London Commodity Brokers - England
- Sarangani Energy Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Orica Australia Pty. Ltd.
- Riau Bara Harum - Indonesia
- IHS Mccloskey Coal Group - USA
- Ministry of Transport, Egypt
- Renaissance Capital - South Africa
- SN Aboitiz Power Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Savvy Resources Ltd - HongKong
- Eastern Coal Council - USA
- Posco Energy - South Korea
- Directorate General of MIneral and Coal - Indonesia
- Bharathi Cement Corporation - India
- PetroVietnam Power Coal Import and Supply Company
- Sindya Power Generating Company Private Ltd
- Gujarat Electricity Regulatory Commission - India
- Straits Asia Resources Limited - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Makarim & Taira - Indonesia
- Grasim Industreis Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Finance - Indonesia
- Bhushan Steel Limited - India
- Ceylon Electricity Board - Sri Lanka
- Jindal Steel & Power Ltd - India
- Petron Corporation, Philippines
- Attock Cement Pakistan Limited
- OPG Power Generation Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Borneo Indobara - Indonesia
- TeaM Sual Corporation - Philippines
- The Treasury - Australian Government
- Heidelberg Cement - Germany
- Singapore Mercantile Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- LBH Netherlands Bv - Netherlands
- Wilmar Investment Holdings
- Energy Development Corp, Philippines
- Antam Resourcindo - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Meenaskhi Energy Private Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Medco Energi Mining Internasional
- Bukit Baiduri Energy - Indonesia
- Georgia Ports Authority, United States
- Bangladesh Power Developement Board
- Sakthi Sugars Limited - India
- Minerals Council of Australia
- Star Paper Mills Limited - India
- Ambuja Cements Ltd - India
- Standard Chartered Bank - UAE
- Dalmia Cement Bharat India
- India Bulls Power Limited - India
- Interocean Group of Companies - India
- Cigading International Bulk Terminal - Indonesia
- Videocon Industries ltd - India
- Bhoruka Overseas - Indonesia
- Wood Mackenzie - Singapore
- Maheswari Brothers Coal Limited - India
- Parliament of New Zealand
- SMG Consultants - Indonesia
- Latin American Coal - Colombia
- Malabar Cements Ltd - India
- Edison Trading Spa - Italy
- Mercator Lines Limited - India
- White Energy Company Limited
- Gujarat Mineral Development Corp Ltd - India
- Karaikal Port Pvt Ltd - India
- Africa Commodities Group - South Africa
- GVK Power & Infra Limited - India
- Formosa Plastics Group - Taiwan
- Kapuas Tunggal Persada - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Kaltim Prima Coal - Indonesia
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