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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, 08 February 17
MARKET INSIGHT - PANOS MAKRINOS
The challenges the oil market has witnessed since the end of 2014 has resulted in a crisis for the global offshore oil and gas exploration industry ...
Tuesday, 07 February 17
WE ARE STILL RIDING ON A WAVE OF MARKET IMPROVEMENT, WITH THE GLOBAL TRADE OF MOST COMMODITIES STILL SHOWING SIGNS OF IMPROVING GROWTH - GEORGE LAZARIDIS
The end of 2016 came with a rejuvenated sentiment amongst most traders and investors, in part through the sigh of relief that 2016 was finally comi ...
Monday, 06 February 17
AFTER MONTHS OF GAINS, THE INDONESIAN GOVERNMENT DECLARED MONTHLY COAL BENCHMARK PRICE IS STEADILY DROPPING
COALspot.com: Over the past two months, the HBA of Indonesian thermal coal has dropped around 18.06 percent. It sank to $ 83.32 per ton for Februar ...
Monday, 06 February 17
THE FREIGHT MARKET CONTINUED ITS DOWNFALL IN ALL SEGMENTS
COALspot.com: Due to Lunar year holidays and celebration, the Freight market was declined in all segments week ending 27 January. The fall was cont ...
Friday, 03 February 17
KOMIPO INVITES BIDS FOR 1.13 MILLION TONS OF BITUMINOUS COAL FOR Q2' 17
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 1,130,000 Metric Tons of Bituminous coal f ...
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- Ceylon Electricity Board - Sri Lanka
- Coal and Oil Company - UAE
- Straits Asia Resources Limited - Singapore
- Anglo American - United Kingdom
- Malabar Cements Ltd - India
- Bhatia International Limited - India
- Edison Trading Spa - Italy
- Meralco Power Generation, Philippines
- Timah Investasi Mineral - Indoneisa
- Samtan Co., Ltd - South Korea
- Parry Sugars Refinery, India
- Metalloyd Limited - United Kingdom
- The Treasury - Australian Government
- Gujarat Sidhee Cement - India
- Chettinad Cement Corporation Ltd - India
- Dalmia Cement Bharat India
- Port Waratah Coal Services - Australia
- Kapuas Tunggal Persada - Indonesia
- Indian Oil Corporation Limited
- Makarim & Taira - Indonesia
- South Luzon Thermal Energy Corporation
- Renaissance Capital - South Africa
- Jorong Barutama Greston.PT - Indonesia
- Manunggal Multi Energi - Indonesia
- Sakthi Sugars Limited - India
- Aboitiz Power Corporation - Philippines
- Sical Logistics Limited - India
- Bukit Makmur.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Directorate Of Revenue Intelligence - India
- Thiess Contractors Indonesia
- Jaiprakash Power Ventures ltd
- Jindal Steel & Power Ltd - India
- Ministry of Transport, Egypt
- Coalindo Energy - Indonesia
- Vedanta Resources Plc - India
- Savvy Resources Ltd - HongKong
- Georgia Ports Authority, United States
- Oldendorff Carriers - Singapore
- Siam City Cement PLC, Thailand
- Posco Energy - South Korea
- Kohat Cement Company Ltd. - Pakistan
- Petron Corporation, Philippines
- Minerals Council of Australia
- Mjunction Services Limited - India
- Ministry of Mines - Canada
- Carbofer General Trading SA - India
- Energy Link Ltd, New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- International Coal Ventures Pvt Ltd - India
- Australian Commodity Traders Exchange
- Karbindo Abesyapradhi - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- CNBM International Corporation - China
- GN Power Mariveles Coal Plant, Philippines
- Semirara Mining Corp, Philippines
- Bangladesh Power Developement Board
- San Jose City I Power Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Karaikal Port Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Ind-Barath Power Infra Limited - India
- Maharashtra Electricity Regulatory Commission - India
- CIMB Investment Bank - Malaysia
- Indogreen Group - Indonesia
- Meenaskhi Energy Private Limited - India
- Toyota Tsusho Corporation, Japan
- Orica Mining Services - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Planning Commission, India
- Kaltim Prima Coal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Commonwealth Bank - Australia
- Bhushan Steel Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Baramulti Group, Indonesia
- Goldman Sachs - Singapore
- Standard Chartered Bank - UAE
- Eastern Energy - Thailand
- GMR Energy Limited - India
- Africa Commodities Group - South Africa
- Tamil Nadu electricity Board
- Altura Mining Limited, Indonesia
- LBH Netherlands Bv - Netherlands
- Heidelberg Cement - Germany
- Energy Development Corp, Philippines
- Sojitz Corporation - Japan
- Krishnapatnam Port Company Ltd. - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Singapore Mercantile Exchange
- ICICI Bank Limited - India
- Electricity Generating Authority of Thailand
- Kumho Petrochemical, South Korea
- Kartika Selabumi Mining - Indonesia
- Central Electricity Authority - India
- Bayan Resources Tbk. - Indonesia
- MS Steel International - UAE
- Bulk Trading Sa - Switzerland
- ASAPP Information Group - India
- Rashtriya Ispat Nigam Limited - India
- Miang Besar Coal Terminal - Indonesia
- Xindia Steels Limited - India
- Larsen & Toubro Limited - India
- Indian Energy Exchange, India
- Sinarmas Energy and Mining - Indonesia
- McConnell Dowell - Australia
- Orica Australia Pty. Ltd.
- Gujarat Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
- Banpu Public Company Limited - Thailand
- Aditya Birla Group - India
- New Zealand Coal & Carbon
- Ambuja Cements Ltd - India
- Chamber of Mines of South Africa
- Bhoruka Overseas - Indonesia
- Indonesian Coal Mining Association
- Antam Resourcindo - Indonesia
- Mercuria Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Electricity Authority, New Zealand
- PTC India Limited - India
- Agrawal Coal Company - India
- Borneo Indobara - Indonesia
- Global Coal Blending Company Limited - Australia
- Global Business Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- The State Trading Corporation of India Ltd
- SMG Consultants - Indonesia
- Sarangani Energy Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kalimantan Lumbung Energi - Indonesia
- Barasentosa Lestari - Indonesia
- Mercator Lines Limited - India
- Cement Manufacturers Association - India
- Ministry of Finance - Indonesia
- GAC Shipping (India) Pvt Ltd
- IHS Mccloskey Coal Group - USA
- Indo Tambangraya Megah - Indonesia
- Leighton Contractors Pty Ltd - Australia
- PowerSource Philippines DevCo
- Riau Bara Harum - Indonesia
- Coastal Gujarat Power Limited - India
- Madhucon Powers Ltd - India
- Star Paper Mills Limited - India
- Parliament of New Zealand
- Central Java Power - Indonesia
- White Energy Company Limited
- Salva Resources Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Uttam Galva Steels Limited - India
- Australian Coal Association
- Asia Pacific Energy Resources Ventures Inc, Philippines
- India Bulls Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- Wood Mackenzie - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Therma Luzon, Inc, Philippines
- Vizag Seaport Private Limited - India
- Interocean Group of Companies - India
- Simpson Spence & Young - Indonesia
- Essar Steel Hazira Ltd - India
- Medco Energi Mining Internasional
- Directorate General of MIneral and Coal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Merrill Lynch Commodities Europe
- OPG Power Generation Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Wilmar Investment Holdings
- Thai Mozambique Logistica
- Independent Power Producers Association of India
- Rio Tinto Coal - Australia
- Holcim Trading Pte Ltd - Singapore
- London Commodity Brokers - England
- TeaM Sual Corporation - Philippines
- SMC Global Power, Philippines
- Pendopo Energi Batubara - Indonesia
- Tata Chemicals Ltd - India
- Power Finance Corporation Ltd., India
- Latin American Coal - Colombia
- Bharathi Cement Corporation - India
- Romanian Commodities Exchange
- Deloitte Consulting - India
- Global Green Power PLC Corporation, Philippines
- The University of Queensland
- Sree Jayajothi Cements Limited - India
- VISA Power Limited - India
- Videocon Industries ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Grasim Industreis Ltd - India
- GVK Power & Infra Limited - India
- Siam City Cement - Thailand
- Asmin Koalindo Tuhup - Indonesia
- Trasteel International SA, Italy
- IEA Clean Coal Centre - UK
- PNOC Exploration Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Marubeni Corporation - India
- Neyveli Lignite Corporation Ltd, - India
- Eastern Coal Council - USA
- Formosa Plastics Group - Taiwan
- Lanco Infratech Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Mintek Dendrill Indonesia
- Iligan Light & Power Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Indika Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Attock Cement Pakistan Limited
- Economic Council, Georgia
- Semirara Mining and Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- AsiaOL BioFuels Corp., Philippines
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