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