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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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Friday, 24 March 17
U.S COAL PRODUCTION ESTIMATE DECLINE 4.4% W/W - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 14.1 million short tons ...
Thursday, 23 March 17
CAPESIZE: TAKING A BREATHER AFTER RALLYING - BUT OUTLOOK FOR WEEKS TO COME NOT SCARY - FEARNLEYS
Supramax
In the Pacific the market seems somewhat slower this week, although healthy rates still being achieved said Fearnleys in its latest week ...
Thursday, 23 March 17
KOREA MIDLAND POWER COMPANY LIMITED INVITES BIDS FOR TOTAL 4.77 MILLION TONS OF BITUMINOUS COAL FOR ITS BORYEONG POWER PLANT
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 2,090,000 Metric Tons of Bituminous coal f ...
Wednesday, 22 March 17
THE DRY BULK MARKET HAS UNDOUBTEDLY REBOUNDED SINCE THE SAME PERIOD LAST YEAR - KONSTANTINOS KONTOMICHIS
The Dry Bulk market has undoubtedly rebounded since the same period last year and currently enjoys healthier freight rates. The positive reversal i ...
Tuesday, 21 March 17
DESPITE THE CHALLENGING MARKET SITUATION IN 2016 THE DELTA DUNIA MAKMUR HAS ACHIEVED A NET PROFIT OF US$37 MILLION
COALspot.com: PT Delta Dunia Makmur Tbk. has announced its financial results for the period ended December 31, 2016.
Despite challenging marke ...
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- Mercuria Energy - Indonesia
- Romanian Commodities Exchange
- Energy Link Ltd, New Zealand
- Samtan Co., Ltd - South Korea
- Mercator Lines Limited - India
- Medco Energi Mining Internasional
- Parry Sugars Refinery, India
- Kideco Jaya Agung - Indonesia
- Latin American Coal - Colombia
- TeaM Sual Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- McConnell Dowell - Australia
- Indika Energy - Indonesia
- Indogreen Group - Indonesia
- Indian Energy Exchange, India
- Posco Energy - South Korea
- Siam City Cement - Thailand
- Coal and Oil Company - UAE
- CIMB Investment Bank - Malaysia
- IHS Mccloskey Coal Group - USA
- Bhushan Steel Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Simpson Spence & Young - Indonesia
- Parliament of New Zealand
- Central Electricity Authority - India
- ICICI Bank Limited - India
- The State Trading Corporation of India Ltd
- Pendopo Energi Batubara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- The Treasury - Australian Government
- Leighton Contractors Pty Ltd - Australia
- Ministry of Finance - Indonesia
- Bhoruka Overseas - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Edison Trading Spa - Italy
- Madhucon Powers Ltd - India
- Economic Council, Georgia
- Kumho Petrochemical, South Korea
- Sindya Power Generating Company Private Ltd
- OPG Power Generation Pvt Ltd - India
- Altura Mining Limited, Indonesia
- South Luzon Thermal Energy Corporation
- Kohat Cement Company Ltd. - Pakistan
- Orica Australia Pty. Ltd.
- Alfred C Toepfer International GmbH - Germany
- European Bulk Services B.V. - Netherlands
- Manunggal Multi Energi - Indonesia
- PTC India Limited - India
- Mjunction Services Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Meenaskhi Energy Private Limited - India
- Videocon Industries ltd - India
- Sical Logistics Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- GMR Energy Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Commonwealth Bank - Australia
- Timah Investasi Mineral - Indoneisa
- Renaissance Capital - South Africa
- Antam Resourcindo - Indonesia
- International Coal Ventures Pvt Ltd - India
- Tamil Nadu electricity Board
- Semirara Mining Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Vizag Seaport Private Limited - India
- Bukit Baiduri Energy - Indonesia
- Gujarat Sidhee Cement - India
- Kalimantan Lumbung Energi - Indonesia
- Indonesian Coal Mining Association
- Ministry of Transport, Egypt
- Savvy Resources Ltd - HongKong
- Karbindo Abesyapradhi - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Kaltim Prima Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Eastern Coal Council - USA
- Sojitz Corporation - Japan
- Indian Oil Corporation Limited
- Directorate Of Revenue Intelligence - India
- Star Paper Mills Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Semirara Mining and Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Larsen & Toubro Limited - India
- Price Waterhouse Coopers - Russia
- Electricity Generating Authority of Thailand
- Bayan Resources Tbk. - Indonesia
- Trasteel International SA, Italy
- Uttam Galva Steels Limited - India
- Sree Jayajothi Cements Limited - India
- Anglo American - United Kingdom
- Marubeni Corporation - India
- Aditya Birla Group - India
- Cigading International Bulk Terminal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coalindo Energy - Indonesia
- Minerals Council of Australia
- Bharathi Cement Corporation - India
- Electricity Authority, New Zealand
- White Energy Company Limited
- Cement Manufacturers Association - India
- Global Business Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Ministry of Mines - Canada
- Goldman Sachs - Singapore
- Makarim & Taira - Indonesia
- Meralco Power Generation, Philippines
- Global Green Power PLC Corporation, Philippines
- Riau Bara Harum - Indonesia
- Intertek Mineral Services - Indonesia
- SN Aboitiz Power Inc, Philippines
- CNBM International Corporation - China
- Vedanta Resources Plc - India
- Petrochimia International Co. Ltd.- Taiwan
- Bangladesh Power Developement Board
- Metalloyd Limited - United Kingdom
- Malabar Cements Ltd - India
- Tata Chemicals Ltd - India
- Sakthi Sugars Limited - India
- Bulk Trading Sa - Switzerland
- Thiess Contractors Indonesia
- Gujarat Mineral Development Corp Ltd - India
- PNOC Exploration Corporation - Philippines
- Independent Power Producers Association of India
- Sarangani Energy Corporation, Philippines
- Interocean Group of Companies - India
- Attock Cement Pakistan Limited
- Formosa Plastics Group - Taiwan
- Oldendorff Carriers - Singapore
- Baramulti Group, Indonesia
- Energy Development Corp, Philippines
- Jaiprakash Power Ventures ltd
- Rio Tinto Coal - Australia
- Port Waratah Coal Services - Australia
- PowerSource Philippines DevCo
- Singapore Mercantile Exchange
- Siam City Cement PLC, Thailand
- ASAPP Information Group - India
- Xindia Steels Limited - India
- Rashtriya Ispat Nigam Limited - India
- GVK Power & Infra Limited - India
- Thai Mozambique Logistica
- Petron Corporation, Philippines
- Eastern Energy - Thailand
- Barasentosa Lestari - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- LBH Netherlands Bv - Netherlands
- Deloitte Consulting - India
- Planning Commission, India
- Georgia Ports Authority, United States
- Mintek Dendrill Indonesia
- AsiaOL BioFuels Corp., Philippines
- San Jose City I Power Corp, Philippines
- Carbofer General Trading SA - India
- Standard Chartered Bank - UAE
- Billiton Holdings Pty Ltd - Australia
- New Zealand Coal & Carbon
- Indo Tambangraya Megah - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Borneo Indobara - Indonesia
- SMG Consultants - Indonesia
- Iligan Light & Power Inc, Philippines
- Australian Coal Association
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Heidelberg Cement - Germany
- London Commodity Brokers - England
- Lanco Infratech Ltd - India
- Grasim Industreis Ltd - India
- Central Java Power - Indonesia
- GAC Shipping (India) Pvt Ltd
- The University of Queensland
- Gujarat Electricity Regulatory Commission - India
- India Bulls Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Ind-Barath Power Infra Limited - India
- VISA Power Limited - India
- Salva Resources Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Therma Luzon, Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Africa Commodities Group - South Africa
- Wilmar Investment Holdings
- Holcim Trading Pte Ltd - Singapore
- Global Coal Blending Company Limited - Australia
- Wood Mackenzie - Singapore
- Coastal Gujarat Power Limited - India
- Aboitiz Power Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Chamber of Mines of South Africa
- Australian Commodity Traders Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- MS Steel International - UAE
- Agrawal Coal Company - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- TNB Fuel Sdn Bhd - Malaysia
- Power Finance Corporation Ltd., India
- Bhatia International Limited - India
- Orica Mining Services - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- SMC Global Power, Philippines
- IEA Clean Coal Centre - UK
- Merrill Lynch Commodities Europe
- Ambuja Cements Ltd - India
- Dalmia Cement Bharat India
- Karaikal Port Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
- Kepco SPC Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Toyota Tsusho Corporation, Japan
- Kartika Selabumi Mining - Indonesia
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