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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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Wednesday, 15 February 17
SHIPPING MARKET INSIGHT - INTERMODAL
Looking at the state of the Dry Bulk market exactly a year ago, there is no doubt that there is a significant improvement and despite the fact that ...
Tuesday, 14 February 17
OPTIMISM HAS STARTED TO SLOWLY FLOW BACK INTO THE DRY BULK MARKET - GEORGE LAZARIDIS
Optimism has started to slowly flow back into the dry bulk market, with many in the market showing renewed optimism as the Pacific basin starts to ...
Monday, 13 February 17
COMBINED COAL SALES OF BUMI RESOURCES ROSE TO 87.7 MILLION TONS IN FY'16; UP 10.6 PERCENT Y/Y
COALspot.com: Combined Coal Sales of Bumi Resources rose to 87.7 million tons in FY’16 compared with 79.3 million tons in FY’15. ...
Monday, 13 February 17
THE FREIGHT MARKET CONTINUED TO TUMBLE IN FEBRUARY
COALspot.com: The Freight market was continued its downfall in all segments except Panamax for the week ending 10 February 2017.
The Balt ...
Friday, 10 February 17
U.S. COAL OUTPUT IS ESTIMATED TO HAVE DECLINED BY 158 MMST IN 2016 TO 739 MMST, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 17 million short tons ...
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- Bhoruka Overseas - Indonesia
- Meenaskhi Energy Private Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Pendopo Energi Batubara - Indonesia
- Orica Mining Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- Jindal Steel & Power Ltd - India
- Agrawal Coal Company - India
- Merrill Lynch Commodities Europe
- Indian Energy Exchange, India
- European Bulk Services B.V. - Netherlands
- Semirara Mining and Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Lanco Infratech Ltd - India
- Trasteel International SA, Italy
- Kalimantan Lumbung Energi - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Indonesian Coal Mining Association
- Salva Resources Pvt Ltd - India
- Planning Commission, India
- Savvy Resources Ltd - HongKong
- London Commodity Brokers - England
- Eastern Energy - Thailand
- Marubeni Corporation - India
- Indika Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Thai Mozambique Logistica
- Sinarmas Energy and Mining - Indonesia
- Xindia Steels Limited - India
- The University of Queensland
- PetroVietnam Power Coal Import and Supply Company
- Tamil Nadu electricity Board
- IEA Clean Coal Centre - UK
- San Jose City I Power Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Indogreen Group - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Leighton Contractors Pty Ltd - Australia
- Borneo Indobara - Indonesia
- Metalloyd Limited - United Kingdom
- Coalindo Energy - Indonesia
- Romanian Commodities Exchange
- Petron Corporation, Philippines
- Independent Power Producers Association of India
- Gujarat Sidhee Cement - India
- Edison Trading Spa - Italy
- Star Paper Mills Limited - India
- VISA Power Limited - India
- Australian Commodity Traders Exchange
- New Zealand Coal & Carbon
- Electricity Generating Authority of Thailand
- ICICI Bank Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Africa Commodities Group - South Africa
- McConnell Dowell - Australia
- Sical Logistics Limited - India
- Goldman Sachs - Singapore
- Sakthi Sugars Limited - India
- Essar Steel Hazira Ltd - India
- Posco Energy - South Korea
- Bharathi Cement Corporation - India
- OPG Power Generation Pvt Ltd - India
- Deloitte Consulting - India
- Malabar Cements Ltd - India
- White Energy Company Limited
- Sojitz Corporation - Japan
- Ambuja Cements Ltd - India
- Indian Oil Corporation Limited
- Kepco SPC Power Corporation, Philippines
- The Treasury - Australian Government
- Bahari Cakrawala Sebuku - Indonesia
- Tata Chemicals Ltd - India
- Grasim Industreis Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- CIMB Investment Bank - Malaysia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jaiprakash Power Ventures ltd
- Bhatia International Limited - India
- IHS Mccloskey Coal Group - USA
- Rio Tinto Coal - Australia
- Heidelberg Cement - Germany
- GN Power Mariveles Coal Plant, Philippines
- PowerSource Philippines DevCo
- Antam Resourcindo - Indonesia
- GVK Power & Infra Limited - India
- Riau Bara Harum - Indonesia
- Port Waratah Coal Services - Australia
- Anglo American - United Kingdom
- Coastal Gujarat Power Limited - India
- Coal and Oil Company - UAE
- Vedanta Resources Plc - India
- Intertek Mineral Services - Indonesia
- GAC Shipping (India) Pvt Ltd
- Mjunction Services Limited - India
- Thiess Contractors Indonesia
- Toyota Tsusho Corporation, Japan
- Energy Link Ltd, New Zealand
- Miang Besar Coal Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Eastern Coal Council - USA
- Cement Manufacturers Association - India
- Semirara Mining Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Minerals Council of Australia
- The State Trading Corporation of India Ltd
- Mercator Lines Limited - India
- PTC India Limited - India
- Videocon Industries ltd - India
- MS Steel International - UAE
- SMC Global Power, Philippines
- Madhucon Powers Ltd - India
- Global Coal Blending Company Limited - Australia
- Global Business Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Economic Council, Georgia
- Manunggal Multi Energi - Indonesia
- Orica Australia Pty. Ltd.
- Sarangani Energy Corporation, Philippines
- Energy Development Corp, Philippines
- SMG Consultants - Indonesia
- Ministry of Mines - Canada
- Binh Thuan Hamico - Vietnam
- Altura Mining Limited, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Kumho Petrochemical, South Korea
- Bayan Resources Tbk. - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Carbofer General Trading SA - India
- LBH Netherlands Bv - Netherlands
- Baramulti Group, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Formosa Plastics Group - Taiwan
- Ind-Barath Power Infra Limited - India
- Attock Cement Pakistan Limited
- Wilmar Investment Holdings
- Directorate General of MIneral and Coal - Indonesia
- Samtan Co., Ltd - South Korea
- Asmin Koalindo Tuhup - Indonesia
- Sindya Power Generating Company Private Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meralco Power Generation, Philippines
- Globalindo Alam Lestari - Indonesia
- Straits Asia Resources Limited - Singapore
- Bangladesh Power Developement Board
- Vizag Seaport Private Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Central Java Power - Indonesia
- Dalmia Cement Bharat India
- Barasentosa Lestari - Indonesia
- Bukit Baiduri Energy - Indonesia
- Latin American Coal - Colombia
- PNOC Exploration Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Mintek Dendrill Indonesia
- Georgia Ports Authority, United States
- TNB Fuel Sdn Bhd - Malaysia
- Central Electricity Authority - India
- GMR Energy Limited - India
- CNBM International Corporation - China
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Green Power PLC Corporation, Philippines
- Australian Coal Association
- Siam City Cement PLC, Thailand
- Power Finance Corporation Ltd., India
- ASAPP Information Group - India
- Aditya Birla Group - India
- Ministry of Transport, Egypt
- Parliament of New Zealand
- Directorate Of Revenue Intelligence - India
- Kartika Selabumi Mining - Indonesia
- Maheswari Brothers Coal Limited - India
- Wood Mackenzie - Singapore
- Iligan Light & Power Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Timah Investasi Mineral - Indoneisa
- Siam City Cement - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Maharashtra Electricity Regulatory Commission - India
- Kideco Jaya Agung - Indonesia
- Sree Jayajothi Cements Limited - India
- Standard Chartered Bank - UAE
- Karaikal Port Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Medco Energi Mining Internasional
- Vijayanagar Sugar Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Bhushan Steel Limited - India
- Simpson Spence & Young - Indonesia
- Interocean Group of Companies - India
- Chamber of Mines of South Africa
- Uttam Galva Steels Limited - India
- Renaissance Capital - South Africa
- Ceylon Electricity Board - Sri Lanka
- Parry Sugars Refinery, India
- Alfred C Toepfer International GmbH - Germany
- Mercuria Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- SN Aboitiz Power Inc, Philippines
- Therma Luzon, Inc, Philippines
- Banpu Public Company Limited - Thailand
- Singapore Mercantile Exchange
- Makarim & Taira - Indonesia
- Price Waterhouse Coopers - Russia
- Ministry of Finance - Indonesia
- Aboitiz Power Corporation - Philippines
- Larsen & Toubro Limited - India
- Oldendorff Carriers - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Commonwealth Bank - Australia
- India Bulls Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- Electricity Authority, New Zealand
- TeaM Sual Corporation - Philippines
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