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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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Monday, 17 April 17
THE PANAMAX INDEX (BPI) ROSE (12.89%) WEEK OVER WEEK
COALspot.com: The Freight market was firm, week over a week as all segments show a positive upward trend this past week.
The Baltic Exchange, ...
Monday, 17 April 17
U.S. WEEKLY COAL OUTPUT FELL 5% WEEK OVER WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 13.8 million short tons ...
Thursday, 13 April 17
OPEC OVER-DELIVERS ON OIL CUTS, BUT SEES RIVALS' OUTPUT RISING
Crude Oil Price Movements
The OPEC Reference Basket averaged $50.32/b in March, representing a decline of 5.7% from the previous month. Crude fut ...
Wednesday, 12 April 17
THE PORT OF NEWCASTLE SHIPPED 13.791 MILLION TONS OF COAL IN MARCH 2017
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export ports has shipped $AU 1,688.5 ...
Wednesday, 12 April 17
SHIPPING MARKET INSIGHT - VASSILIS VASSILIOU
The first quarter of 2017 started relatively busy for the ship repair sector, with most of the repair facilities being nearly fully occupied till t ...
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- Iligan Light & Power Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Star Paper Mills Limited - India
- Jaiprakash Power Ventures ltd
- Semirara Mining Corp, Philippines
- The State Trading Corporation of India Ltd
- Makarim & Taira - Indonesia
- Kartika Selabumi Mining - Indonesia
- LBH Netherlands Bv - Netherlands
- Energy Link Ltd, New Zealand
- ASAPP Information Group - India
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement - Thailand
- Uttam Galva Steels Limited - India
- Simpson Spence & Young - Indonesia
- Siam City Cement PLC, Thailand
- London Commodity Brokers - England
- The University of Queensland
- Sakthi Sugars Limited - India
- MS Steel International - UAE
- Global Business Power Corporation, Philippines
- Anglo American - United Kingdom
- Indogreen Group - Indonesia
- Heidelberg Cement - Germany
- Jorong Barutama Greston.PT - Indonesia
- SMC Global Power, Philippines
- Therma Luzon, Inc, Philippines
- Eastern Energy - Thailand
- Sarangani Energy Corporation, Philippines
- Latin American Coal - Colombia
- Kohat Cement Company Ltd. - Pakistan
- Alfred C Toepfer International GmbH - Germany
- Mjunction Services Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- Bharathi Cement Corporation - India
- Asmin Koalindo Tuhup - Indonesia
- Commonwealth Bank - Australia
- Posco Energy - South Korea
- Metalloyd Limited - United Kingdom
- Gujarat Electricity Regulatory Commission - India
- Indika Energy - Indonesia
- Renaissance Capital - South Africa
- Thiess Contractors Indonesia
- Ind-Barath Power Infra Limited - India
- Neyveli Lignite Corporation Ltd, - India
- TNB Fuel Sdn Bhd - Malaysia
- Bahari Cakrawala Sebuku - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kobexindo Tractors - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Bayan Resources Tbk. - Indonesia
- Aboitiz Power Corporation - Philippines
- Goldman Sachs - Singapore
- Kapuas Tunggal Persada - Indonesia
- OPG Power Generation Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bhushan Steel Limited - India
- Malabar Cements Ltd - India
- Global Green Power PLC Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Electricity Generating Authority of Thailand
- Gujarat Mineral Development Corp Ltd - India
- Central Electricity Authority - India
- Coalindo Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Cigading International Bulk Terminal - Indonesia
- South Luzon Thermal Energy Corporation
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Trasteel International SA, Italy
- San Jose City I Power Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Bukit Makmur.PT - Indonesia
- Cement Manufacturers Association - India
- PetroVietnam Power Coal Import and Supply Company
- Merrill Lynch Commodities Europe
- Bukit Baiduri Energy - Indonesia
- Larsen & Toubro Limited - India
- Interocean Group of Companies - India
- Romanian Commodities Exchange
- SMG Consultants - Indonesia
- Samtan Co., Ltd - South Korea
- White Energy Company Limited
- Edison Trading Spa - Italy
- Central Java Power - Indonesia
- India Bulls Power Limited - India
- Indian Energy Exchange, India
- International Coal Ventures Pvt Ltd - India
- Mintek Dendrill Indonesia
- Ministry of Finance - Indonesia
- Eastern Coal Council - USA
- Wood Mackenzie - Singapore
- Medco Energi Mining Internasional
- Indo Tambangraya Megah - Indonesia
- Videocon Industries ltd - India
- Standard Chartered Bank - UAE
- Mercuria Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- GN Power Mariveles Coal Plant, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Holcim Trading Pte Ltd - Singapore
- Price Waterhouse Coopers - Russia
- Tamil Nadu electricity Board
- European Bulk Services B.V. - Netherlands
- Oldendorff Carriers - Singapore
- Electricity Authority, New Zealand
- Petron Corporation, Philippines
- Ministry of Mines - Canada
- Orica Mining Services - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bhatia International Limited - India
- Krishnapatnam Port Company Ltd. - India
- IEA Clean Coal Centre - UK
- Kaltim Prima Coal - Indonesia
- Vedanta Resources Plc - India
- Wilmar Investment Holdings
- Carbofer General Trading SA - India
- Coastal Gujarat Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ceylon Electricity Board - Sri Lanka
- Meralco Power Generation, Philippines
- PowerSource Philippines DevCo
- Maharashtra Electricity Regulatory Commission - India
- CIMB Investment Bank - Malaysia
- Power Finance Corporation Ltd., India
- Bangladesh Power Developement Board
- VISA Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Development Corp, Philippines
- Intertek Mineral Services - Indonesia
- Vizag Seaport Private Limited - India
- Antam Resourcindo - Indonesia
- Thai Mozambique Logistica
- Ambuja Cements Ltd - India
- Lanco Infratech Ltd - India
- Agrawal Coal Company - India
- Grasim Industreis Ltd - India
- Meenaskhi Energy Private Limited - India
- PNOC Exploration Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Sical Logistics Limited - India
- TeaM Sual Corporation - Philippines
- Georgia Ports Authority, United States
- Gujarat Sidhee Cement - India
- Dalmia Cement Bharat India
- Indonesian Coal Mining Association
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- CNBM International Corporation - China
- GVK Power & Infra Limited - India
- PTC India Limited - India
- Rio Tinto Coal - Australia
- Coal and Oil Company - UAE
- AsiaOL BioFuels Corp., Philippines
- Deloitte Consulting - India
- The Treasury - Australian Government
- Petrochimia International Co. Ltd.- Taiwan
- Sojitz Corporation - Japan
- Xindia Steels Limited - India
- ICICI Bank Limited - India
- Jindal Steel & Power Ltd - India
- Madhucon Powers Ltd - India
- Kideco Jaya Agung - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Transport, Egypt
- Minerals Council of Australia
- Directorate General of MIneral and Coal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Straits Asia Resources Limited - Singapore
- Parliament of New Zealand
- Sree Jayajothi Cements Limited - India
- Africa Commodities Group - South Africa
- Marubeni Corporation - India
- Formosa Plastics Group - Taiwan
- Aditya Birla Group - India
- Borneo Indobara - Indonesia
- Karaikal Port Pvt Ltd - India
- Indian Oil Corporation Limited
- Chamber of Mines of South Africa
- Rashtriya Ispat Nigam Limited - India
- Globalindo Alam Lestari - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sindya Power Generating Company Private Ltd
- Salva Resources Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Australian Coal Association
- Port Waratah Coal Services - Australia
- Parry Sugars Refinery, India
- Planning Commission, India
- Baramulti Group, Indonesia
- SN Aboitiz Power Inc, Philippines
- Independent Power Producers Association of India
- IHS Mccloskey Coal Group - USA
- Attock Cement Pakistan Limited
- Savvy Resources Ltd - HongKong
- Binh Thuan Hamico - Vietnam
- Orica Australia Pty. Ltd.
- Kumho Petrochemical, South Korea
- Bulk Trading Sa - Switzerland
- Manunggal Multi Energi - Indonesia
- Economic Council, Georgia
- Altura Mining Limited, Indonesia
- McConnell Dowell - Australia
- Mercator Lines Limited - India
- Maheswari Brothers Coal Limited - India
- GMR Energy Limited - India
- Bhoruka Overseas - Indonesia
- Singapore Mercantile Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Toyota Tsusho Corporation, Japan
- Semirara Mining and Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- New Zealand Coal & Carbon
- Australian Commodity Traders Exchange
- Tata Chemicals Ltd - India
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