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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.
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, 28 April 17
DELTA DUNIA RECORDED $24 MILLION NET PROFIT FOR FIRST QUARTER OF 2017; UP 700% Y/Y
COALspot.com: PT Delta Dunia Makmur Tbk. has announced its financial results for the first quarter of 2017 yesterday. According to the ...
Thursday, 27 April 17
PACIFIC IS SOFTENING WITH MORE TONNAGE OPENING AND LESS COAL ORDERS AROUND - FEARNLEYS
Supramax
Relatively slow week, with both basins showing signs of cooling down. Although grain cargoes out ECSA and ECCA on Ultras still delivered ...
Wednesday, 26 April 17
IRON ORE PRICES HAVE BEEN ON A ROLLERCOASTER RIDE OVER THE LAST MONTH - CHRISTOPHER WHITTY
Iron ore prices have been on a rollercoaster ride over the last month. Prices started the year on a very positive note, surging up to their highest ...
Tuesday, 25 April 17
FIONA POUNDS: VALID TENDER OF NOTICE OF READINESS
KNOWLEDGE TO ELEVATE
In the recent English High Court case of MV Arundel Castle1, the Judge ruled that a vessel, that could not immediately pr ...
Tuesday, 25 April 17
SHIPPING MARKET - ALLIED
Over the weekend we witnessed a second win over the rising populism that has become present in global politics since last summer, Allied shipping s ...
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- Mercator Lines Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Australian Coal Association
- Mintek Dendrill Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kartika Selabumi Mining - Indonesia
- Jindal Steel & Power Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Kepco SPC Power Corporation, Philippines
- Trasteel International SA, Italy
- Singapore Mercantile Exchange
- Global Business Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Semirara Mining Corp, Philippines
- Goldman Sachs - Singapore
- Deloitte Consulting - India
- Straits Asia Resources Limited - Singapore
- Bulk Trading Sa - Switzerland
- South Luzon Thermal Energy Corporation
- Commonwealth Bank - Australia
- Edison Trading Spa - Italy
- Meenaskhi Energy Private Limited - India
- Electricity Authority, New Zealand
- Timah Investasi Mineral - Indoneisa
- Parliament of New Zealand
- Samtan Co., Ltd - South Korea
- Aboitiz Power Corporation - Philippines
- Renaissance Capital - South Africa
- Bayan Resources Tbk. - Indonesia
- Bhushan Steel Limited - India
- Toyota Tsusho Corporation, Japan
- Petron Corporation, Philippines
- Wood Mackenzie - Singapore
- Leighton Contractors Pty Ltd - Australia
- Karaikal Port Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Alfred C Toepfer International GmbH - Germany
- Oldendorff Carriers - Singapore
- Lanco Infratech Ltd - India
- ASAPP Information Group - India
- Planning Commission, India
- Tamil Nadu electricity Board
- Binh Thuan Hamico - Vietnam
- European Bulk Services B.V. - Netherlands
- Thai Mozambique Logistica
- Iligan Light & Power Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Vedanta Resources Plc - India
- Cement Manufacturers Association - India
- Economic Council, Georgia
- Ceylon Electricity Board - Sri Lanka
- Ministry of Transport, Egypt
- SMC Global Power, Philippines
- Dalmia Cement Bharat India
- PetroVietnam Power Coal Import and Supply Company
- CIMB Investment Bank - Malaysia
- PTC India Limited - India
- SN Aboitiz Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- ICICI Bank Limited - India
- Orica Australia Pty. Ltd.
- Eastern Coal Council - USA
- Mjunction Services Limited - India
- Electricity Generating Authority of Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Parry Sugars Refinery, India
- Chamber of Mines of South Africa
- Posco Energy - South Korea
- Salva Resources Pvt Ltd - India
- White Energy Company Limited
- Jorong Barutama Greston.PT - Indonesia
- Tata Chemicals Ltd - India
- Minerals Council of Australia
- Metalloyd Limited - United Kingdom
- Madhucon Powers Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhatia International Limited - India
- OPG Power Generation Pvt Ltd - India
- Siam City Cement - Thailand
- Globalindo Alam Lestari - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Banpu Public Company Limited - Thailand
- LBH Netherlands Bv - Netherlands
- Romanian Commodities Exchange
- Kapuas Tunggal Persada - Indonesia
- Africa Commodities Group - South Africa
- International Coal Ventures Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Eastern Energy - Thailand
- Thiess Contractors Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Therma Luzon, Inc, Philippines
- Meralco Power Generation, Philippines
- Bukit Makmur.PT - Indonesia
- Rio Tinto Coal - Australia
- Rashtriya Ispat Nigam Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Independent Power Producers Association of India
- Medco Energi Mining Internasional
- Central Java Power - Indonesia
- Antam Resourcindo - Indonesia
- Indogreen Group - Indonesia
- San Jose City I Power Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- Global Green Power PLC Corporation, Philippines
- Coal and Oil Company - UAE
- GAC Shipping (India) Pvt Ltd
- Bangladesh Power Developement Board
- Wilmar Investment Holdings
- Attock Cement Pakistan Limited
- The Treasury - Australian Government
- Altura Mining Limited, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Kumho Petrochemical, South Korea
- Makarim & Taira - Indonesia
- Central Electricity Authority - India
- Georgia Ports Authority, United States
- Cigading International Bulk Terminal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Interocean Group of Companies - India
- Sree Jayajothi Cements Limited - India
- Star Paper Mills Limited - India
- Sinarmas Energy and Mining - Indonesia
- Power Finance Corporation Ltd., India
- Energy Link Ltd, New Zealand
- Anglo American - United Kingdom
- Larsen & Toubro Limited - India
- PowerSource Philippines DevCo
- Kaltim Prima Coal - Indonesia
- Standard Chartered Bank - UAE
- Bharathi Cement Corporation - India
- Formosa Plastics Group - Taiwan
- Sakthi Sugars Limited - India
- Price Waterhouse Coopers - Russia
- Mercuria Energy - Indonesia
- The University of Queensland
- Xindia Steels Limited - India
- Malabar Cements Ltd - India
- The State Trading Corporation of India Ltd
- Pendopo Energi Batubara - Indonesia
- Marubeni Corporation - India
- Maheswari Brothers Coal Limited - India
- Sarangani Energy Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Siam City Cement PLC, Thailand
- Ministry of Mines - Canada
- London Commodity Brokers - England
- Essar Steel Hazira Ltd - India
- Coalindo Energy - Indonesia
- Heidelberg Cement - Germany
- VISA Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- IHS Mccloskey Coal Group - USA
- Energy Development Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Global Coal Blending Company Limited - Australia
- Aditya Birla Group - India
- Simpson Spence & Young - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Carbofer General Trading SA - India
- Borneo Indobara - Indonesia
- Sojitz Corporation - Japan
- Baramulti Group, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- SMG Consultants - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Agrawal Coal Company - India
- Indo Tambangraya Megah - Indonesia
- India Bulls Power Limited - India
- Vizag Seaport Private Limited - India
- Coastal Gujarat Power Limited - India
- Barasentosa Lestari - Indonesia
- Sindya Power Generating Company Private Ltd
- Intertek Mineral Services - Indonesia
- Videocon Industries ltd - India
- Latin American Coal - Colombia
- McConnell Dowell - Australia
- Bukit Baiduri Energy - Indonesia
- New Zealand Coal & Carbon
- Indika Energy - Indonesia
- Indian Oil Corporation Limited
- Australian Commodity Traders Exchange
- Gujarat Electricity Regulatory Commission - India
- Gujarat Sidhee Cement - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Krishnapatnam Port Company Ltd. - India
- Savvy Resources Ltd - HongKong
- Port Waratah Coal Services - Australia
- Orica Mining Services - Indonesia
- Indonesian Coal Mining Association
- Ambuja Cements Ltd - India
- Kideco Jaya Agung - Indonesia
- Ministry of Finance - Indonesia
- IEA Clean Coal Centre - UK
- CNBM International Corporation - China
- Grasim Industreis Ltd - India
- Jaiprakash Power Ventures ltd
- TeaM Sual Corporation - Philippines
- GVK Power & Infra Limited - India
- Indian Energy Exchange, India
- MS Steel International - UAE
- GN Power Mariveles Coal Plant, Philippines
- Kobexindo Tractors - Indoneisa
- Sical Logistics Limited - India
- Riau Bara Harum - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Directorate Of Revenue Intelligence - India
- GMR Energy Limited - India
- Ind-Barath Power Infra Limited - India
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