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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 February 17
US WEEKLY COAL OUTPUT ESTIMATED AT 16.8 MMST - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.8 million short ton ...
Thursday, 23 February 17
ULTRA SUPRAMAX: INDONESIA TO INDIA IS GETTING AROUND $10-11K BASIS SINGAPORE DELIVERY
Supramax
The week started off quietly in the Atlantic with more activity in the Pacific basin.
According to Fearnleys weekly report, frontha ...
Wednesday, 22 February 17
TANKER MARKET INSIGHT - KATERINA RESTIS
In 2016 a session of the IMO committee in London, set the new prerequisites effective from January 2020, which will necessitate global Sulphur cont ...
Tuesday, 21 February 17
INDIA'S JANUARY COAL IMPORTS DECLINE 21.7 PERCENT YEAR -ON-YEAR TO 14.31 MT - PTI
Coal imports declined by 21.7 per cent to 14.31 million tonnes in January as the power utilities did not lift much fuel due to abundant stock avail ...
Tuesday, 21 February 17
CHINESE EXPORTS SHOWED A YEAR-ON-YEAR RISE FOR THE FIRST TIME IN TEN MONTHS; S. KOREA'S EXPORTS UP FOR PAST THREE MONTHS IN A ROW - GEORGE LAZARIDIS
We have started to some sparks of life in the commodities markets these past weeks, with prices having shown a strong push during the past couple o ...
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- Kobexindo Tractors - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Commonwealth Bank - Australia
- Renaissance Capital - South Africa
- Bhoruka Overseas - Indonesia
- White Energy Company Limited
- Karbindo Abesyapradhi - Indoneisa
- Economic Council, Georgia
- The Treasury - Australian Government
- India Bulls Power Limited - India
- Parry Sugars Refinery, India
- Star Paper Mills Limited - India
- Romanian Commodities Exchange
- GN Power Mariveles Coal Plant, Philippines
- Posco Energy - South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indian Energy Exchange, India
- South Luzon Thermal Energy Corporation
- Ministry of Transport, Egypt
- Mercuria Energy - Indonesia
- Attock Cement Pakistan Limited
- Mintek Dendrill Indonesia
- Edison Trading Spa - Italy
- CIMB Investment Bank - Malaysia
- GAC Shipping (India) Pvt Ltd
- Independent Power Producers Association of India
- Metalloyd Limited - United Kingdom
- Globalindo Alam Lestari - Indonesia
- Sindya Power Generating Company Private Ltd
- SMG Consultants - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Sical Logistics Limited - India
- Port Waratah Coal Services - Australia
- Australian Coal Association
- Billiton Holdings Pty Ltd - Australia
- Bhatia International Limited - India
- LBH Netherlands Bv - Netherlands
- Therma Luzon, Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- ICICI Bank Limited - India
- Borneo Indobara - Indonesia
- Grasim Industreis Ltd - India
- Price Waterhouse Coopers - Russia
- Leighton Contractors Pty Ltd - Australia
- Africa Commodities Group - South Africa
- Meralco Power Generation, Philippines
- Meenaskhi Energy Private Limited - India
- Merrill Lynch Commodities Europe
- Salva Resources Pvt Ltd - India
- Energy Link Ltd, New Zealand
- The State Trading Corporation of India Ltd
- Oldendorff Carriers - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Parliament of New Zealand
- VISA Power Limited - India
- PowerSource Philippines DevCo
- Bangladesh Power Developement Board
- Larsen & Toubro Limited - India
- Aditya Birla Group - India
- Vedanta Resources Plc - India
- Sree Jayajothi Cements Limited - India
- Wood Mackenzie - Singapore
- San Jose City I Power Corp, Philippines
- Banpu Public Company Limited - Thailand
- Jaiprakash Power Ventures ltd
- Kumho Petrochemical, South Korea
- Medco Energi Mining Internasional
- Bukit Asam (Persero) Tbk - Indonesia
- Kepco SPC Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Chamber of Mines of South Africa
- Kalimantan Lumbung Energi - Indonesia
- Agrawal Coal Company - India
- Bukit Baiduri Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Indian Oil Corporation Limited
- New Zealand Coal & Carbon
- Vijayanagar Sugar Pvt Ltd - India
- Eastern Energy - Thailand
- Makarim & Taira - Indonesia
- IEA Clean Coal Centre - UK
- Baramulti Group, Indonesia
- Sakthi Sugars Limited - India
- IHS Mccloskey Coal Group - USA
- Semirara Mining and Power Corporation, Philippines
- GMR Energy Limited - India
- Dalmia Cement Bharat India
- Lanco Infratech Ltd - India
- Heidelberg Cement - Germany
- Riau Bara Harum - Indonesia
- Siam City Cement - Thailand
- Coal and Oil Company - UAE
- Iligan Light & Power Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Maharashtra Electricity Regulatory Commission - India
- Madhucon Powers Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Orica Mining Services - Indonesia
- Wilmar Investment Holdings
- Jorong Barutama Greston.PT - Indonesia
- Coastal Gujarat Power Limited - India
- Anglo American - United Kingdom
- Trasteel International SA, Italy
- Karaikal Port Pvt Ltd - India
- Gujarat Sidhee Cement - India
- London Commodity Brokers - England
- TeaM Sual Corporation - Philippines
- Central Electricity Authority - India
- SN Aboitiz Power Inc, Philippines
- Carbofer General Trading SA - India
- OPG Power Generation Pvt Ltd - India
- PTC India Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- European Bulk Services B.V. - Netherlands
- MS Steel International - UAE
- Bhushan Steel Limited - India
- ASAPP Information Group - India
- Semirara Mining Corp, Philippines
- Samtan Co., Ltd - South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Cement Manufacturers Association - India
- Indika Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Coalindo Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Mines - Canada
- Standard Chartered Bank - UAE
- Xindia Steels Limited - India
- Tata Chemicals Ltd - India
- Jindal Steel & Power Ltd - India
- Tamil Nadu electricity Board
- CNBM International Corporation - China
- Global Coal Blending Company Limited - Australia
- Straits Asia Resources Limited - Singapore
- Sojitz Corporation - Japan
- Pendopo Energi Batubara - Indonesia
- Ind-Barath Power Infra Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Business Power Corporation, Philippines
- Georgia Ports Authority, United States
- Bulk Trading Sa - Switzerland
- Minerals Council of Australia
- SMC Global Power, Philippines
- Savvy Resources Ltd - HongKong
- Antam Resourcindo - Indonesia
- Global Green Power PLC Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Kaltim Prima Coal - Indonesia
- Indogreen Group - Indonesia
- International Coal Ventures Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Thiess Contractors Indonesia
- Latin American Coal - Colombia
- Miang Besar Coal Terminal - Indonesia
- Orica Australia Pty. Ltd.
- Directorate General of MIneral and Coal - Indonesia
- Directorate Of Revenue Intelligence - India
- Bukit Makmur.PT - Indonesia
- Barasentosa Lestari - Indonesia
- Siam City Cement PLC, Thailand
- Mjunction Services Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thai Mozambique Logistica
- Central Java Power - Indonesia
- Malabar Cements Ltd - India
- GVK Power & Infra Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Toyota Tsusho Corporation, Japan
- Rio Tinto Coal - Australia
- Sarangani Energy Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Mercator Lines Limited - India
- Electricity Generating Authority of Thailand
- Videocon Industries ltd - India
- The University of Queensland
- Vizag Seaport Private Limited - India
- Kartika Selabumi Mining - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Ceylon Electricity Board - Sri Lanka
- Rashtriya Ispat Nigam Limited - India
- Cigading International Bulk Terminal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Marubeni Corporation - India
- Eastern Coal Council - USA
- Indonesian Coal Mining Association
- Planning Commission, India
- AsiaOL BioFuels Corp., Philippines
- Interocean Group of Companies - India
- Ambuja Cements Ltd - India
- Kideco Jaya Agung - Indonesia
- Goldman Sachs - Singapore
- Electricity Authority, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Energy Development Corp, Philippines
- Essar Steel Hazira Ltd - India
- Deloitte Consulting - India
- PNOC Exploration Corporation - Philippines
- Singapore Mercantile Exchange
- Indo Tambangraya Megah - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Australian Commodity Traders Exchange
- McConnell Dowell - Australia
- Manunggal Multi Energi - Indonesia
- Petron Corporation, Philippines
- Ministry of Finance - Indonesia
- Bayan Resources Tbk. - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Sinarmas Energy and Mining - Indonesia
- Bharathi Cement Corporation - India
- Timah Investasi Mineral - Indoneisa
- Altura Mining Limited, Indonesia
- Formosa Plastics Group - Taiwan
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