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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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Monday, 24 April 17
THE FREIGHT MARKET WAS DOWN WEEK OVER WEEK EXCEPT FOR HANDYSIZE SEGMENT
COALspot.com: The Freight market was fell, week over a week as all segments show a negative downward trend except Handy Size segment this past week ...
Friday, 21 April 17
US WEEKLY COAL OUTPUT ON THE UP, EIA DATA SHOWS
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 14.9 million short ton ...
Thursday, 20 April 17
SHIPPING POOLS: DON'T JUST DIVE IN - MOORE STEPHENS
Shipping pools can be an attractive option for ship owners and operators, particularly in difficult markets and during periods of economic uncertai ...
Thursday, 20 April 17
THE DRY BULK MARKET IS STILL ON ITS UPWARD MOMENTUM - ALLIED SHIPPING
Having gone through the first quarter of the year and with the Easter break having no come and gone, it seems as though the dry bulk market is stil ...
Thursday, 20 April 17
CHINA'S IMPORT OF IRON ORE TO PROPEL DRY BULK SHIPPING DEMAND IN 2017 - PETER SAND
China's import of iron ore will continue to be a key driver for the demand growth in 2017 for the dry bulk shipping industry, alongside shippin ...
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- Medco Energi Mining Internasional
- Straits Asia Resources Limited - Singapore
- The State Trading Corporation of India Ltd
- Energy Link Ltd, New Zealand
- GAC Shipping (India) Pvt Ltd
- Tamil Nadu electricity Board
- Sree Jayajothi Cements Limited - India
- OPG Power Generation Pvt Ltd - India
- Star Paper Mills Limited - India
- Holcim Trading Pte Ltd - Singapore
- Kartika Selabumi Mining - Indonesia
- Global Green Power PLC Corporation, Philippines
- SMC Global Power, Philippines
- Orica Mining Services - Indonesia
- Standard Chartered Bank - UAE
- Posco Energy - South Korea
- Malabar Cements Ltd - India
- TeaM Sual Corporation - Philippines
- Formosa Plastics Group - Taiwan
- Romanian Commodities Exchange
- Leighton Contractors Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- Goldman Sachs - Singapore
- The Treasury - Australian Government
- Chamber of Mines of South Africa
- Edison Trading Spa - Italy
- Attock Cement Pakistan Limited
- Mintek Dendrill Indonesia
- Timah Investasi Mineral - Indoneisa
- VISA Power Limited - India
- Metalloyd Limited - United Kingdom
- Binh Thuan Hamico - Vietnam
- TNB Fuel Sdn Bhd - Malaysia
- Global Coal Blending Company Limited - Australia
- San Jose City I Power Corp, Philippines
- Eastern Coal Council - USA
- Rio Tinto Coal - Australia
- Electricity Generating Authority of Thailand
- LBH Netherlands Bv - Netherlands
- European Bulk Services B.V. - Netherlands
- Sarangani Energy Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Directorate Of Revenue Intelligence - India
- ICICI Bank Limited - India
- Ministry of Transport, Egypt
- Gujarat Sidhee Cement - India
- Orica Australia Pty. Ltd.
- Cigading International Bulk Terminal - Indonesia
- Renaissance Capital - South Africa
- Vedanta Resources Plc - India
- ASAPP Information Group - India
- Ind-Barath Power Infra Limited - India
- Billiton Holdings Pty Ltd - Australia
- Mjunction Services Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coal and Oil Company - UAE
- Aboitiz Power Corporation - Philippines
- Port Waratah Coal Services - Australia
- Indian Oil Corporation Limited
- Mercuria Energy - Indonesia
- Anglo American - United Kingdom
- Kepco SPC Power Corporation, Philippines
- Petron Corporation, Philippines
- Indogreen Group - Indonesia
- Oldendorff Carriers - Singapore
- Agrawal Coal Company - India
- Sinarmas Energy and Mining - Indonesia
- IHS Mccloskey Coal Group - USA
- Siam City Cement - Thailand
- Price Waterhouse Coopers - Russia
- Makarim & Taira - Indonesia
- Indian Energy Exchange, India
- Kobexindo Tractors - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Siam City Cement PLC, Thailand
- Indo Tambangraya Megah - Indonesia
- Globalindo Alam Lestari - Indonesia
- Bayan Resources Tbk. - Indonesia
- Global Business Power Corporation, Philippines
- India Bulls Power Limited - India
- GMR Energy Limited - India
- Cement Manufacturers Association - India
- Gujarat Mineral Development Corp Ltd - India
- Simpson Spence & Young - Indonesia
- Australian Commodity Traders Exchange
- Parliament of New Zealand
- Kumho Petrochemical, South Korea
- Savvy Resources Ltd - HongKong
- Xindia Steels Limited - India
- Meenaskhi Energy Private Limited - India
- Baramulti Group, Indonesia
- Bhatia International Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Iligan Light & Power Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- MS Steel International - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- White Energy Company Limited
- Thai Mozambique Logistica
- Bharathi Cement Corporation - India
- International Coal Ventures Pvt Ltd - India
- Sical Logistics Limited - India
- Dalmia Cement Bharat India
- New Zealand Coal & Carbon
- PetroVietnam Power Coal Import and Supply Company
- Kalimantan Lumbung Energi - Indonesia
- Manunggal Multi Energi - Indonesia
- Indonesian Coal Mining Association
- Aditya Birla Group - India
- Commonwealth Bank - Australia
- Alfred C Toepfer International GmbH - Germany
- Chettinad Cement Corporation Ltd - India
- Jindal Steel & Power Ltd - India
- Carbofer General Trading SA - India
- Maheswari Brothers Coal Limited - India
- Tata Chemicals Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Bukit Baiduri Energy - Indonesia
- Africa Commodities Group - South Africa
- Toyota Tsusho Corporation, Japan
- Larsen & Toubro Limited - India
- Coalindo Energy - Indonesia
- SMG Consultants - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Petrochimia International Co. Ltd.- Taiwan
- CIMB Investment Bank - Malaysia
- PowerSource Philippines DevCo
- Kohat Cement Company Ltd. - Pakistan
- Central Electricity Authority - India
- Economic Council, Georgia
- Kideco Jaya Agung - Indonesia
- Wood Mackenzie - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Banpu Public Company Limited - Thailand
- Deloitte Consulting - India
- Energy Development Corp, Philippines
- South Luzon Thermal Energy Corporation
- AsiaOL BioFuels Corp., Philippines
- Samtan Co., Ltd - South Korea
- Pendopo Energi Batubara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indika Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Minerals Council of Australia
- Latin American Coal - Colombia
- Bukit Makmur.PT - Indonesia
- Essar Steel Hazira Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PNOC Exploration Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Coastal Gujarat Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Bhushan Steel Limited - India
- Ceylon Electricity Board - Sri Lanka
- Vizag Seaport Private Limited - India
- Sakthi Sugars Limited - India
- Jaiprakash Power Ventures ltd
- Uttam Galva Steels Limited - India
- Independent Power Producers Association of India
- Sindya Power Generating Company Private Ltd
- Therma Luzon, Inc, Philippines
- Interocean Group of Companies - India
- Sojitz Corporation - Japan
- Riau Bara Harum - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Madhucon Powers Ltd - India
- Meralco Power Generation, Philippines
- Marubeni Corporation - India
- Bhoruka Overseas - Indonesia
- Singapore Mercantile Exchange
- Planning Commission, India
- Thiess Contractors Indonesia
- PTC India Limited - India
- Heidelberg Cement - Germany
- Borneo Indobara - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Antam Resourcindo - Indonesia
- SN Aboitiz Power Inc, Philippines
- Barasentosa Lestari - Indonesia
- Mercator Lines Limited - India
- CNBM International Corporation - China
- Semirara Mining Corp, Philippines
- Australian Coal Association
- Georgia Ports Authority, United States
- Ministry of Finance - Indonesia
- Kaltim Prima Coal - Indonesia
- The University of Queensland
- Trasteel International SA, Italy
- Wilmar Investment Holdings
- Power Finance Corporation Ltd., India
- Intertek Mineral Services - Indonesia
- IEA Clean Coal Centre - UK
- Altura Mining Limited, Indonesia
- Bangladesh Power Developement Board
- Ministry of Mines - Canada
- Ambuja Cements Ltd - India
- Eastern Energy - Thailand
- Kapuas Tunggal Persada - Indonesia
- Lanco Infratech Ltd - India
- Merrill Lynch Commodities Europe
- Parry Sugars Refinery, India
- Grasim Industreis Ltd - India
- Karaikal Port Pvt Ltd - India
- London Commodity Brokers - England
- GN Power Mariveles Coal Plant, Philippines
- Electricity Authority, New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Semirara Mining and Power Corporation, Philippines
- Central Java Power - Indonesia
- GVK Power & Infra Limited - India
- Videocon Industries ltd - India
- McConnell Dowell - Australia
- Karbindo Abesyapradhi - Indoneisa
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