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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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Thursday, 30 March 17
PANAMAX : ACTIVITY IN THE PANAMAX MARKET HAS INCREASED SUBSTANTIALLY IN BOTH HEMISPHERES - FEARNLEYS
Supramax
This week we were looking at prolonged activity from ECSA, mostly with grain cargoes to Far East and SE Asia, where Ultras to SE Asia fi ...
Thursday, 30 March 17
THE ROLE OF COAL IN THE ENERGY SUPPLY OF THE EU-28: HANS-WILHELM SCHIFFER
The European Union (EU-28) is one of the largest economies in the world, with a gross domestic product (GDP) of €14,635 billion in 2015. It ha ...
Wednesday, 29 March 17
MARKET INSIGHT - NASOS SOULAKIS
Shipowners will always look for market signals in order to gauge market perception and decide upon which strategy to follow next. And while owners ...
Monday, 27 March 17
THE FREIGHT MARKET CONTINUED TO FIRM WEEK OVER WEEK
COALspot.com: The Freight market was continuing to firming up.
The Baltic Exchange, tracking rates for ships carrying dry bulk commodities ros ...
Friday, 24 March 17
ADARO INDONESIA'S COAL SALES VOLUME INCREASED SLIGHTLY TO 54.1 MILLION TONES IN 2016
COALspot.com: PT. Adaro Indonesia, Indonesia’s second largest coal miner’s sales volume increased slightly to 54.1 million tones (Mt) i ...
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- VISA Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Goldman Sachs - Singapore
- Makarim & Taira - Indonesia
- Indonesian Coal Mining Association
- Bhushan Steel Limited - India
- Standard Chartered Bank - UAE
- Semirara Mining Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Chamber of Mines of South Africa
- AsiaOL BioFuels Corp., Philippines
- Rashtriya Ispat Nigam Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bayan Resources Tbk. - Indonesia
- Energy Link Ltd, New Zealand
- Australian Coal Association
- LBH Netherlands Bv - Netherlands
- Gujarat Sidhee Cement - India
- Orica Mining Services - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Riau Bara Harum - Indonesia
- Sojitz Corporation - Japan
- New Zealand Coal & Carbon
- Gujarat Electricity Regulatory Commission - India
- Bharathi Cement Corporation - India
- Manunggal Multi Energi - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Interocean Group of Companies - India
- Larsen & Toubro Limited - India
- McConnell Dowell - Australia
- India Bulls Power Limited - India
- Romanian Commodities Exchange
- Thai Mozambique Logistica
- Indogreen Group - Indonesia
- Independent Power Producers Association of India
- Intertek Mineral Services - Indonesia
- Commonwealth Bank - Australia
- Electricity Generating Authority of Thailand
- Bhatia International Limited - India
- Cigading International Bulk Terminal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Sree Jayajothi Cements Limited - India
- SN Aboitiz Power Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Bangladesh Power Developement Board
- Lanco Infratech Ltd - India
- The State Trading Corporation of India Ltd
- ASAPP Information Group - India
- Gujarat Mineral Development Corp Ltd - India
- Alfred C Toepfer International GmbH - Germany
- South Luzon Thermal Energy Corporation
- Miang Besar Coal Terminal - Indonesia
- PTC India Limited - India
- San Jose City I Power Corp, Philippines
- Uttam Galva Steels Limited - India
- Baramulti Group, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- Edison Trading Spa - Italy
- Karaikal Port Pvt Ltd - India
- Marubeni Corporation - India
- Vizag Seaport Private Limited - India
- Borneo Indobara - Indonesia
- Eastern Energy - Thailand
- Dalmia Cement Bharat India
- Africa Commodities Group - South Africa
- Aditya Birla Group - India
- Sindya Power Generating Company Private Ltd
- Renaissance Capital - South Africa
- IEA Clean Coal Centre - UK
- Timah Investasi Mineral - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- Siam City Cement PLC, Thailand
- MS Steel International - UAE
- Sakthi Sugars Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Simpson Spence & Young - Indonesia
- Kepco SPC Power Corporation, Philippines
- Planning Commission, India
- Merrill Lynch Commodities Europe
- Aboitiz Power Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Minerals Council of Australia
- Jindal Steel & Power Ltd - India
- Australian Commodity Traders Exchange
- Xindia Steels Limited - India
- Sarangani Energy Corporation, Philippines
- Eastern Coal Council - USA
- Kalimantan Lumbung Energi - Indonesia
- Georgia Ports Authority, United States
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- European Bulk Services B.V. - Netherlands
- Krishnapatnam Port Company Ltd. - India
- Maheswari Brothers Coal Limited - India
- Madhucon Powers Ltd - India
- Metalloyd Limited - United Kingdom
- Savvy Resources Ltd - HongKong
- Directorate Of Revenue Intelligence - India
- Directorate General of MIneral and Coal - Indonesia
- Posco Energy - South Korea
- Price Waterhouse Coopers - Russia
- Ministry of Transport, Egypt
- The University of Queensland
- Parliament of New Zealand
- Straits Asia Resources Limited - Singapore
- Heidelberg Cement - Germany
- ICICI Bank Limited - India
- Anglo American - United Kingdom
- Mercuria Energy - Indonesia
- GMR Energy Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Mjunction Services Limited - India
- Electricity Authority, New Zealand
- OPG Power Generation Pvt Ltd - India
- Tata Chemicals Ltd - India
- Bhoruka Overseas - Indonesia
- Vedanta Resources Plc - India
- CNBM International Corporation - China
- Power Finance Corporation Ltd., India
- Meenaskhi Energy Private Limited - India
- Attock Cement Pakistan Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Maharashtra Electricity Regulatory Commission - India
- Essar Steel Hazira Ltd - India
- Energy Development Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Agrawal Coal Company - India
- Therma Luzon, Inc, Philippines
- Samtan Co., Ltd - South Korea
- Kideco Jaya Agung - Indonesia
- SMC Global Power, Philippines
- London Commodity Brokers - England
- Cement Manufacturers Association - India
- Oldendorff Carriers - Singapore
- Rio Tinto Coal - Australia
- Ceylon Electricity Board - Sri Lanka
- Ministry of Mines - Canada
- Sical Logistics Limited - India
- Antam Resourcindo - Indonesia
- Carbofer General Trading SA - India
- GVK Power & Infra Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Meralco Power Generation, Philippines
- Coastal Gujarat Power Limited - India
- Grasim Industreis Ltd - India
- Medco Energi Mining Internasional
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Central Electricity Authority - India
- Port Waratah Coal Services - Australia
- Chettinad Cement Corporation Ltd - India
- Central Java Power - Indonesia
- TeaM Sual Corporation - Philippines
- Economic Council, Georgia
- Sinarmas Energy and Mining - Indonesia
- Latin American Coal - Colombia
- Mercator Lines Limited - India
- White Energy Company Limited
- Petron Corporation, Philippines
- Altura Mining Limited, Indonesia
- Trasteel International SA, Italy
- Bukit Baiduri Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Orica Australia Pty. Ltd.
- Tamil Nadu electricity Board
- PetroVietnam Power Coal Import and Supply Company
- Bulk Trading Sa - Switzerland
- Billiton Holdings Pty Ltd - Australia
- Singapore Mercantile Exchange
- Ministry of Finance - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Kumho Petrochemical, South Korea
- Iligan Light & Power Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- SMG Consultants - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jaiprakash Power Ventures ltd
- Formosa Plastics Group - Taiwan
- GAC Shipping (India) Pvt Ltd
- CIMB Investment Bank - Malaysia
- Global Business Power Corporation, Philippines
- Indika Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Binh Thuan Hamico - Vietnam
- Coal and Oil Company - UAE
- Indian Energy Exchange, India
- The Treasury - Australian Government
- IHS Mccloskey Coal Group - USA
- Kaltim Prima Coal - Indonesia
- Salva Resources Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Wood Mackenzie - Singapore
- Malabar Cements Ltd - India
- Parry Sugars Refinery, India
- Siam City Cement - Thailand
- Banpu Public Company Limited - Thailand
- Coalindo Energy - Indonesia
- Videocon Industries ltd - India
- Star Paper Mills Limited - India
- International Coal Ventures Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- PowerSource Philippines DevCo
- Indo Tambangraya Megah - Indonesia
- Bukit Makmur.PT - Indonesia
- Wilmar Investment Holdings
- Leighton Contractors Pty Ltd - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Barasentosa Lestari - Indonesia
- Indian Oil Corporation Limited
- Globalindo Alam Lestari - Indonesia
- PNOC Exploration Corporation - Philippines
- Thiess Contractors Indonesia
- Ambuja Cements Ltd - India
- Deloitte Consulting - India
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