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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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Wednesday, 15 March 17
SHIPPING MARKET INSIGHT - GEORGE PANAGOPOULOS
Over the past two weeks, the Dry Baltic Index has been on an upward trend, breaking the 1000 point mark and creating a positive sentiment for the u ...
Tuesday, 14 March 17
ORDERBOOK-TO-FEET RATIO DECREASING; THE FREIGHT MARKET IMPROVING
It seems as though the renewed optimism that has arisen from the recent upward trends being noted in the freight market, the dry bulk market has be ...
Monday, 13 March 17
PORT OF NEWCASTLE HAS SHIPPED 11.563 MILLION TONS COAL IN FEBRUARY 2017; DECLINED 12.19 PERCENT M/M
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export ports has shipped $AU 1,4 ...
Monday, 13 March 17
INDO - INDIA COAL FREIGHT RATES STAY FIRM
COALspot.com: The Freight market was continuing to firming up.
The Baltic Exchange, tracking rates for ships carrying dry bulk commodities ros ...
Friday, 10 March 17
ESTIMATED U.S. COAL PRODUCTION ALMOST FLAT WEEK ENDED MARCH 4, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.7 million short ton ...
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- Edison Trading Spa - Italy
- Kohat Cement Company Ltd. - Pakistan
- Videocon Industries ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Star Paper Mills Limited - India
- Economic Council, Georgia
- Bhatia International Limited - India
- MS Steel International - UAE
- Alfred C Toepfer International GmbH - Germany
- Independent Power Producers Association of India
- Rashtriya Ispat Nigam Limited - India
- Sree Jayajothi Cements Limited - India
- Oldendorff Carriers - Singapore
- Coal and Oil Company - UAE
- Dalmia Cement Bharat India
- Asmin Koalindo Tuhup - Indonesia
- Mjunction Services Limited - India
- Global Coal Blending Company Limited - Australia
- Central Electricity Authority - India
- Mercator Lines Limited - India
- OPG Power Generation Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Sical Logistics Limited - India
- Aditya Birla Group - India
- Singapore Mercantile Exchange
- Grasim Industreis Ltd - India
- Formosa Plastics Group - Taiwan
- Pipit Mutiara Jaya. PT, Indonesia
- PNOC Exploration Corporation - Philippines
- Port Waratah Coal Services - Australia
- SN Aboitiz Power Inc, Philippines
- Ministry of Finance - Indonesia
- Petron Corporation, Philippines
- The Treasury - Australian Government
- European Bulk Services B.V. - Netherlands
- Thai Mozambique Logistica
- Kapuas Tunggal Persada - Indonesia
- Sakthi Sugars Limited - India
- Jaiprakash Power Ventures ltd
- Simpson Spence & Young - Indonesia
- Trasteel International SA, Italy
- Samtan Co., Ltd - South Korea
- San Jose City I Power Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Indian Energy Exchange, India
- Altura Mining Limited, Indonesia
- ICICI Bank Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ambuja Cements Ltd - India
- Indogreen Group - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Power Finance Corporation Ltd., India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Billiton Holdings Pty Ltd - Australia
- Kalimantan Lumbung Energi - Indonesia
- Intertek Mineral Services - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Posco Energy - South Korea
- Bukit Baiduri Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Asam (Persero) Tbk - Indonesia
- Metalloyd Limited - United Kingdom
- Maheswari Brothers Coal Limited - India
- Ministry of Transport, Egypt
- Kideco Jaya Agung - Indonesia
- Medco Energi Mining Internasional
- Kumho Petrochemical, South Korea
- Iligan Light & Power Inc, Philippines
- Energy Development Corp, Philippines
- Anglo American - United Kingdom
- PowerSource Philippines DevCo
- Lanco Infratech Ltd - India
- Orica Australia Pty. Ltd.
- London Commodity Brokers - England
- Bangladesh Power Developement Board
- Straits Asia Resources Limited - Singapore
- Mintek Dendrill Indonesia
- Orica Mining Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Eastern Coal Council - USA
- Gujarat Mineral Development Corp Ltd - India
- Planning Commission, India
- Bayan Resources Tbk. - Indonesia
- Goldman Sachs - Singapore
- Kaltim Prima Coal - Indonesia
- Energy Link Ltd, New Zealand
- Heidelberg Cement - Germany
- Baramulti Group, Indonesia
- Siam City Cement - Thailand
- Tamil Nadu electricity Board
- AsiaOL BioFuels Corp., Philippines
- Borneo Indobara - Indonesia
- Africa Commodities Group - South Africa
- Mercuria Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Malabar Cements Ltd - India
- Parry Sugars Refinery, India
- Binh Thuan Hamico - Vietnam
- Riau Bara Harum - Indonesia
- IHS Mccloskey Coal Group - USA
- Ind-Barath Power Infra Limited - India
- Siam City Cement PLC, Thailand
- ASAPP Information Group - India
- Pendopo Energi Batubara - Indonesia
- Semirara Mining Corp, Philippines
- Georgia Ports Authority, United States
- Bulk Trading Sa - Switzerland
- Cigading International Bulk Terminal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indika Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Indian Oil Corporation Limited
- Miang Besar Coal Terminal - Indonesia
- Kobexindo Tractors - Indoneisa
- TeaM Sual Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Gujarat Sidhee Cement - India
- Renaissance Capital - South Africa
- Standard Chartered Bank - UAE
- Bhoruka Overseas - Indonesia
- Commonwealth Bank - Australia
- Aboitiz Power Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Uttam Galva Steels Limited - India
- Cement Manufacturers Association - India
- Tata Chemicals Ltd - India
- Marubeni Corporation - India
- Meralco Power Generation, Philippines
- GVK Power & Infra Limited - India
- Krishnapatnam Port Company Ltd. - India
- Sinarmas Energy and Mining - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Electricity Authority, New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Kepco SPC Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Rio Tinto Coal - Australia
- Deloitte Consulting - India
- Chettinad Cement Corporation Ltd - India
- IEA Clean Coal Centre - UK
- SMC Global Power, Philippines
- Salva Resources Pvt Ltd - India
- SMG Consultants - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Australian Commodity Traders Exchange
- Karaikal Port Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Global Business Power Corporation, Philippines
- McConnell Dowell - Australia
- The State Trading Corporation of India Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Directorate Of Revenue Intelligence - India
- Coastal Gujarat Power Limited - India
- Vedanta Resources Plc - India
- Electricity Generating Authority of Thailand
- Jorong Barutama Greston.PT - Indonesia
- Australian Coal Association
- Sarangani Energy Corporation, Philippines
- Ministry of Mines - Canada
- Antam Resourcindo - Indonesia
- Essar Steel Hazira Ltd - India
- Bhushan Steel Limited - India
- Carbofer General Trading SA - India
- CNBM International Corporation - China
- White Energy Company Limited
- Savvy Resources Ltd - HongKong
- Latin American Coal - Colombia
- Wilmar Investment Holdings
- Xindia Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- VISA Power Limited - India
- Romanian Commodities Exchange
- Directorate General of MIneral and Coal - Indonesia
- Chamber of Mines of South Africa
- Central Java Power - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Eastern Energy - Thailand
- Madhucon Powers Ltd - India
- Barasentosa Lestari - Indonesia
- Bharathi Cement Corporation - India
- Neyveli Lignite Corporation Ltd, - India
- Indonesian Coal Mining Association
- GN Power Mariveles Coal Plant, Philippines
- Makarim & Taira - Indonesia
- The University of Queensland
- Globalindo Alam Lestari - Indonesia
- New Zealand Coal & Carbon
- Agrawal Coal Company - India
- LBH Netherlands Bv - Netherlands
- Parliament of New Zealand
- Kartika Selabumi Mining - Indonesia
- Wood Mackenzie - Singapore
- South Luzon Thermal Energy Corporation
- Interocean Group of Companies - India
- Minerals Council of Australia
- Banpu Public Company Limited - Thailand
- Manunggal Multi Energi - Indonesia
- Sojitz Corporation - Japan
- Indo Tambangraya Megah - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Sindya Power Generating Company Private Ltd
- Coalindo Energy - Indonesia
- India Bulls Power Limited - India
- Vizag Seaport Private Limited - India
- Merrill Lynch Commodities Europe
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Attock Cement Pakistan Limited
- Larsen & Toubro Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- PTC India Limited - India
- GMR Energy Limited - India
- Thiess Contractors Indonesia
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