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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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Tuesday, 21 March 17
JAPAN'S RENEWED COMMITMENT TO COAL - BENJAMIN SPORTON
Japan is one of the largest economies in the world, and has long been a major consumer and importer of energy and a leader in energy technology dev ...
Monday, 20 March 17
IS THE DRY BULK INDUSTRY STILL ON TRACK FOR PROFITABILITY IN 2019? - PETER SAND
The industry remains well on target for profitable freight rates in 2019! This relies however, on the projected fleet supply growth rate of 0% in 2 ...
Friday, 17 March 17
U.S WEEKLY COAL OUTPUT VOLUME SLIDES 6.5 PERCENT WEEK OVER WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 14.7 million short ton ...
Thursday, 16 March 17
CHINA IMPOSING TOUGHER CONTROLS ON LOW-QUALITY COAL IMPORTS
China is ramping up controls on imports of low-quality coal due to concerns about smog and overcapacity in the world’s top coal consumer, a g ...
Thursday, 16 March 17
CAPESIZE: SHOWING STRENGTH; PANAMAX: VERY QUIET - FEARNLEYS
Supramax
The Atlantic market faced less activity from the USG whereas at the Cont tonnage seemed to tighten up with more cargoes emerging. Despit ...
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- Central Electricity Authority - India
- Heidelberg Cement - Germany
- Iligan Light & Power Inc, Philippines
- Aditya Birla Group - India
- Malabar Cements Ltd - India
- European Bulk Services B.V. - Netherlands
- Price Waterhouse Coopers - Russia
- Romanian Commodities Exchange
- Karbindo Abesyapradhi - Indoneisa
- Chamber of Mines of South Africa
- Kaltim Prima Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- London Commodity Brokers - England
- Ambuja Cements Ltd - India
- Indian Energy Exchange, India
- Star Paper Mills Limited - India
- Interocean Group of Companies - India
- Indonesian Coal Mining Association
- PetroVietnam Power Coal Import and Supply Company
- Timah Investasi Mineral - Indoneisa
- Siam City Cement - Thailand
- Tata Chemicals Ltd - India
- Sree Jayajothi Cements Limited - India
- Xindia Steels Limited - India
- Coalindo Energy - Indonesia
- Indian Oil Corporation Limited
- Binh Thuan Hamico - Vietnam
- Krishnapatnam Port Company Ltd. - India
- Chettinad Cement Corporation Ltd - India
- Salva Resources Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Bhoruka Overseas - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Sical Logistics Limited - India
- SMC Global Power, Philippines
- Anglo American - United Kingdom
- Bayan Resources Tbk. - Indonesia
- McConnell Dowell - Australia
- White Energy Company Limited
- Agrawal Coal Company - India
- Eastern Energy - Thailand
- Directorate Of Revenue Intelligence - India
- Petron Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Kartika Selabumi Mining - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Transport, Egypt
- VISA Power Limited - India
- New Zealand Coal & Carbon
- Port Waratah Coal Services - Australia
- Alfred C Toepfer International GmbH - Germany
- Samtan Co., Ltd - South Korea
- Bulk Trading Sa - Switzerland
- Maheswari Brothers Coal Limited - India
- Africa Commodities Group - South Africa
- Independent Power Producers Association of India
- Essar Steel Hazira Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Goldman Sachs - Singapore
- Mjunction Services Limited - India
- Holcim Trading Pte Ltd - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Straits Asia Resources Limited - Singapore
- Attock Cement Pakistan Limited
- Sojitz Corporation - Japan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kohat Cement Company Ltd. - Pakistan
- Indika Energy - Indonesia
- PowerSource Philippines DevCo
- Dalmia Cement Bharat India
- Orica Mining Services - Indonesia
- Sindya Power Generating Company Private Ltd
- Renaissance Capital - South Africa
- Manunggal Multi Energi - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Banpu Public Company Limited - Thailand
- Makarim & Taira - Indonesia
- Power Finance Corporation Ltd., India
- Singapore Mercantile Exchange
- Central Java Power - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Petrochimia International Co. Ltd.- Taiwan
- Simpson Spence & Young - Indonesia
- Indo Tambangraya Megah - Indonesia
- Georgia Ports Authority, United States
- GVK Power & Infra Limited - India
- Grasim Industreis Ltd - India
- Parry Sugars Refinery, India
- Latin American Coal - Colombia
- TeaM Sual Corporation - Philippines
- Cement Manufacturers Association - India
- LBH Netherlands Bv - Netherlands
- Minerals Council of Australia
- ICICI Bank Limited - India
- Baramulti Group, Indonesia
- Tamil Nadu electricity Board
- Savvy Resources Ltd - HongKong
- Coastal Gujarat Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kumho Petrochemical, South Korea
- Toyota Tsusho Corporation, Japan
- Bukit Makmur.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Kideco Jaya Agung - Indonesia
- Wood Mackenzie - Singapore
- SMG Consultants - Indonesia
- Vizag Seaport Private Limited - India
- Videocon Industries ltd - India
- Lanco Infratech Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Wilmar Investment Holdings
- IEA Clean Coal Centre - UK
- Maharashtra Electricity Regulatory Commission - India
- AsiaOL BioFuels Corp., Philippines
- Global Coal Blending Company Limited - Australia
- Rio Tinto Coal - Australia
- GMR Energy Limited - India
- Semirara Mining Corp, Philippines
- Siam City Cement PLC, Thailand
- Mintek Dendrill Indonesia
- PTC India Limited - India
- Rashtriya Ispat Nigam Limited - India
- Posco Energy - South Korea
- Borneo Indobara - Indonesia
- Ministry of Mines - Canada
- Bhatia International Limited - India
- Cigading International Bulk Terminal - Indonesia
- India Bulls Power Limited - India
- The Treasury - Australian Government
- ASAPP Information Group - India
- MS Steel International - UAE
- Deloitte Consulting - India
- Bharathi Cement Corporation - India
- Semirara Mining and Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- CIMB Investment Bank - Malaysia
- Jaiprakash Power Ventures ltd
- Metalloyd Limited - United Kingdom
- Barasentosa Lestari - Indonesia
- IHS Mccloskey Coal Group - USA
- Leighton Contractors Pty Ltd - Australia
- Meralco Power Generation, Philippines
- Sakthi Sugars Limited - India
- Karaikal Port Pvt Ltd - India
- Mercuria Energy - Indonesia
- Australian Coal Association
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Sidhee Cement - India
- Indogreen Group - Indonesia
- Eastern Coal Council - USA
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Energy Link Ltd, New Zealand
- Economic Council, Georgia
- Billiton Holdings Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- Oldendorff Carriers - Singapore
- Australian Commodity Traders Exchange
- Edison Trading Spa - Italy
- The University of Queensland
- Bukit Baiduri Energy - Indonesia
- Orica Australia Pty. Ltd.
- Formosa Plastics Group - Taiwan
- Vedanta Resources Plc - India
- Bangladesh Power Developement Board
- Uttam Galva Steels Limited - India
- Kapuas Tunggal Persada - Indonesia
- Antam Resourcindo - Indonesia
- Kobexindo Tractors - Indoneisa
- Sarangani Energy Corporation, Philippines
- Marubeni Corporation - India
- Energy Development Corp, Philippines
- Merrill Lynch Commodities Europe
- OPG Power Generation Pvt Ltd - India
- Larsen & Toubro Limited - India
- Planning Commission, India
- Intertek Mineral Services - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bhushan Steel Limited - India
- International Coal Ventures Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Thiess Contractors Indonesia
- Altura Mining Limited, Indonesia
- Coal and Oil Company - UAE
- Global Green Power PLC Corporation, Philippines
- Parliament of New Zealand
- South Luzon Thermal Energy Corporation
- GAC Shipping (India) Pvt Ltd
- Mercator Lines Limited - India
- San Jose City I Power Corp, Philippines
- Medco Energi Mining Internasional
- SN Aboitiz Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Miang Besar Coal Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Ministry of Finance - Indonesia
- Trasteel International SA, Italy
- Asmin Koalindo Tuhup - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Riau Bara Harum - Indonesia
- Aboitiz Power Corporation - Philippines
- Electricity Generating Authority of Thailand
- Carbofer General Trading SA - India
- Electricity Authority, New Zealand
- Madhucon Powers Ltd - India
- Thai Mozambique Logistica
- Standard Chartered Bank - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- CNBM International Corporation - China
- The State Trading Corporation of India Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Commonwealth Bank - Australia
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