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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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Friday, 03 February 17
U.S. WEEKLY COAL PRODUCTION DECLINED 3.9% W/W; ROSE 17.7% Y/Y
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.1 million short ton ...
Friday, 03 February 17
US - EXECUTIVE ORDER ON IMMIGRATION AFFECTS VESSEL CREWS - GARD
From 27 January 2017, crew members carrying Iraqi, Syrian, Sudanese, Iranian, Somalian, Libyan or Yemeni passports are temporarily barred from ente ...
Wednesday, 01 February 17
MARKET INSIGHT - PANOS TSILINGIRIS
The recent placement of LOIs for 208kdwt Newcastlemax Newbuildings at $38.5m at Private Chinese Yard identifies with the modern history low for dry ...
Tuesday, 31 January 17
A CASE OF NEW YEAR BLUES FOR THE FAR EAST? - GEORGE LAZARIDIS
Unlike the typical lull in the market that we note during the period just prior to the Chinese New Year, 2017 has proved to be fairly m ...
Monday, 30 January 17
DUE TO LUNAR YEAR HOLIDAYS, THE FREIGHT MARKET STAYED WEAK
COALspot.com: Due to Lunar year holidays and celebration, the Freight market was down in all segments this past week.
The Baltic Exchange, tra ...
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- Port Waratah Coal Services - Australia
- TeaM Sual Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Orica Australia Pty. Ltd.
- Carbofer General Trading SA - India
- Jorong Barutama Greston.PT - Indonesia
- San Jose City I Power Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Heidelberg Cement - Germany
- SN Aboitiz Power Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Holcim Trading Pte Ltd - Singapore
- Krishnapatnam Port Company Ltd. - India
- Bhoruka Overseas - Indonesia
- Chamber of Mines of South Africa
- Sinarmas Energy and Mining - Indonesia
- White Energy Company Limited
- Kideco Jaya Agung - Indonesia
- Binh Thuan Hamico - Vietnam
- Barasentosa Lestari - Indonesia
- Economic Council, Georgia
- Petron Corporation, Philippines
- Lanco Infratech Ltd - India
- Wood Mackenzie - Singapore
- PowerSource Philippines DevCo
- Price Waterhouse Coopers - Russia
- Global Business Power Corporation, Philippines
- Indogreen Group - Indonesia
- Coal and Oil Company - UAE
- Dalmia Cement Bharat India
- Mercator Lines Limited - India
- Renaissance Capital - South Africa
- Ambuja Cements Ltd - India
- Romanian Commodities Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Eastern Energy - Thailand
- Posco Energy - South Korea
- Vizag Seaport Private Limited - India
- International Coal Ventures Pvt Ltd - India
- Ministry of Mines - Canada
- Ministry of Finance - Indonesia
- Videocon Industries ltd - India
- Meralco Power Generation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Xindia Steels Limited - India
- Indonesian Coal Mining Association
- Sical Logistics Limited - India
- Therma Luzon, Inc, Philippines
- Vedanta Resources Plc - India
- Antam Resourcindo - Indonesia
- Manunggal Multi Energi - Indonesia
- Meenaskhi Energy Private Limited - India
- Planning Commission, India
- Petrochimia International Co. Ltd.- Taiwan
- CIMB Investment Bank - Malaysia
- Indian Oil Corporation Limited
- The University of Queensland
- Independent Power Producers Association of India
- India Bulls Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Standard Chartered Bank - UAE
- Energy Development Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Kartika Selabumi Mining - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Deloitte Consulting - India
- Energy Link Ltd, New Zealand
- Metalloyd Limited - United Kingdom
- Tamil Nadu electricity Board
- Altura Mining Limited, Indonesia
- CNBM International Corporation - China
- Trasteel International SA, Italy
- Coalindo Energy - Indonesia
- Edison Trading Spa - Italy
- Orica Mining Services - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Cement Manufacturers Association - India
- Leighton Contractors Pty Ltd - Australia
- Madhucon Powers Ltd - India
- Australian Commodity Traders Exchange
- Globalindo Alam Lestari - Indonesia
- Malabar Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- VISA Power Limited - India
- Intertek Mineral Services - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Agrawal Coal Company - India
- Anglo American - United Kingdom
- Thiess Contractors Indonesia
- Tata Chemicals Ltd - India
- Banpu Public Company Limited - Thailand
- Merrill Lynch Commodities Europe
- Salva Resources Pvt Ltd - India
- ICICI Bank Limited - India
- Jindal Steel & Power Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- The Treasury - Australian Government
- Siam City Cement - Thailand
- AsiaOL BioFuels Corp., Philippines
- New Zealand Coal & Carbon
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sarangani Energy Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Indika Energy - Indonesia
- Indian Energy Exchange, India
- The State Trading Corporation of India Ltd
- Straits Asia Resources Limited - Singapore
- Billiton Holdings Pty Ltd - Australia
- Attock Cement Pakistan Limited
- Timah Investasi Mineral - Indoneisa
- SMC Global Power, Philippines
- Bhushan Steel Limited - India
- Commonwealth Bank - Australia
- PetroVietnam Power Coal Import and Supply Company
- Mjunction Services Limited - India
- Eastern Coal Council - USA
- Samtan Co., Ltd - South Korea
- IEA Clean Coal Centre - UK
- South Luzon Thermal Energy Corporation
- Central Electricity Authority - India
- Power Finance Corporation Ltd., India
- Central Java Power - Indonesia
- Marubeni Corporation - India
- Ceylon Electricity Board - Sri Lanka
- Sojitz Corporation - Japan
- Africa Commodities Group - South Africa
- Directorate Of Revenue Intelligence - India
- Bukit Baiduri Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Georgia Ports Authority, United States
- PNOC Exploration Corporation - Philippines
- Riau Bara Harum - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining Corp, Philippines
- Bukit Makmur.PT - Indonesia
- McConnell Dowell - Australia
- GMR Energy Limited - India
- Essar Steel Hazira Ltd - India
- Parliament of New Zealand
- Maheswari Brothers Coal Limited - India
- Medco Energi Mining Internasional
- Bukit Asam (Persero) Tbk - Indonesia
- Formosa Plastics Group - Taiwan
- Star Paper Mills Limited - India
- Goldman Sachs - Singapore
- Miang Besar Coal Terminal - Indonesia
- Kaltim Prima Coal - Indonesia
- Rio Tinto Coal - Australia
- Electricity Authority, New Zealand
- Sindya Power Generating Company Private Ltd
- Uttam Galva Steels Limited - India
- Sree Jayajothi Cements Limited - India
- PTC India Limited - India
- Wilmar Investment Holdings
- Ind-Barath Power Infra Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Singapore Mercantile Exchange
- Parry Sugars Refinery, India
- Gujarat Sidhee Cement - India
- IHS Mccloskey Coal Group - USA
- Australian Coal Association
- Global Coal Blending Company Limited - Australia
- Savvy Resources Ltd - HongKong
- Mercuria Energy - Indonesia
- London Commodity Brokers - England
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Oldendorff Carriers - Singapore
- Latin American Coal - Colombia
- MS Steel International - UAE
- Minerals Council of Australia
- Alfred C Toepfer International GmbH - Germany
- Mintek Dendrill Indonesia
- Pendopo Energi Batubara - Indonesia
- European Bulk Services B.V. - Netherlands
- Aditya Birla Group - India
- Karbindo Abesyapradhi - Indoneisa
- Thai Mozambique Logistica
- Interocean Group of Companies - India
- Bangladesh Power Developement Board
- Makarim & Taira - Indonesia
- Chettinad Cement Corporation Ltd - India
- Toyota Tsusho Corporation, Japan
- SMG Consultants - Indonesia
- Bharathi Cement Corporation - India
- Larsen & Toubro Limited - India
- Jaiprakash Power Ventures ltd
- Kohat Cement Company Ltd. - Pakistan
- GVK Power & Infra Limited - India
- Coastal Gujarat Power Limited - India
- Simpson Spence & Young - Indonesia
- ASAPP Information Group - India
- Kumho Petrochemical, South Korea
- Global Green Power PLC Corporation, Philippines
- Bhatia International Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Electricity Generating Authority of Thailand
- Siam City Cement PLC, Thailand
- Baramulti Group, Indonesia
- Borneo Indobara - Indonesia
- Kobexindo Tractors - Indoneisa
- Bulk Trading Sa - Switzerland
- Sakthi Sugars Limited - India
- Ministry of Transport, Egypt
- Karaikal Port Pvt Ltd - India
- Grasim Industreis Ltd - India
- Kapuas Tunggal Persada - Indonesia
- LBH Netherlands Bv - Netherlands
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