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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, 27 January 17
U.S WEEKLY COAL OUTPUT RISES FOR THIRD STRAIGHT WEEK
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.8 million short ton ...
Wednesday, 25 January 17
MARKET INSIGHT - KONSTANTINOS KAKAVITSAS
Remember that old but classic song called “Destination Unknown”? Well that is where the oil market is heading right now. The song made ...
Tuesday, 24 January 17
MARKET UPDATE - ALLIED
This week at the World Economic Forum in the Swiss resort of Davos we had a historic first via the attendance and speech given by China’s pre ...
Monday, 23 January 17
THE PORT OF NEWCASTLE SHIPPED $AU 15.279 BILLION WORTH OF 161.399 MILLION TONS OF COAL IN 2016
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $AU 1,453.1 M ...
Monday, 23 January 17
THE FREIGHT MARKET DID NOT CHANGE MUCH AND WAS ALMOST AT SAME LEVELS AS LAST WEEK
COALspot.com: The Freight market did not change much and was almost at same levels as last week.
The Baltic Exchange, tracking rates for ships ...
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- Bangladesh Power Developement Board
- Iligan Light & Power Inc, Philippines
- Ambuja Cements Ltd - India
- Tamil Nadu electricity Board
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Electricity Generating Authority of Thailand
- Ceylon Electricity Board - Sri Lanka
- Vizag Seaport Private Limited - India
- Billiton Holdings Pty Ltd - Australia
- Barasentosa Lestari - Indonesia
- Thai Mozambique Logistica
- Interocean Group of Companies - India
- PetroVietnam Power Coal Import and Supply Company
- International Coal Ventures Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- PTC India Limited - India
- Intertek Mineral Services - Indonesia
- Kideco Jaya Agung - Indonesia
- Altura Mining Limited, Indonesia
- Mintek Dendrill Indonesia
- TeaM Sual Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Bhushan Steel Limited - India
- Wood Mackenzie - Singapore
- Baramulti Group, Indonesia
- Indian Energy Exchange, India
- Central Electricity Authority - India
- Agrawal Coal Company - India
- Star Paper Mills Limited - India
- Ministry of Mines - Canada
- Bahari Cakrawala Sebuku - Indonesia
- Directorate Of Revenue Intelligence - India
- McConnell Dowell - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- PNOC Exploration Corporation - Philippines
- Carbofer General Trading SA - India
- Mercator Lines Limited - India
- Independent Power Producers Association of India
- Siam City Cement - Thailand
- Power Finance Corporation Ltd., India
- Kartika Selabumi Mining - Indonesia
- Sree Jayajothi Cements Limited - India
- Madhucon Powers Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Globalindo Alam Lestari - Indonesia
- Bayan Resources Tbk. - Indonesia
- Anglo American - United Kingdom
- Jaiprakash Power Ventures ltd
- ASAPP Information Group - India
- Bukit Baiduri Energy - Indonesia
- VISA Power Limited - India
- Coal and Oil Company - UAE
- Electricity Authority, New Zealand
- Merrill Lynch Commodities Europe
- India Bulls Power Limited - India
- Petron Corporation, Philippines
- ICICI Bank Limited - India
- Orica Australia Pty. Ltd.
- Georgia Ports Authority, United States
- Semirara Mining and Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Xindia Steels Limited - India
- Kepco SPC Power Corporation, Philippines
- Vedanta Resources Plc - India
- Kumho Petrochemical, South Korea
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- Energy Link Ltd, New Zealand
- Planning Commission, India
- IEA Clean Coal Centre - UK
- Edison Trading Spa - Italy
- Jindal Steel & Power Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Uttam Galva Steels Limited - India
- The State Trading Corporation of India Ltd
- Heidelberg Cement - Germany
- Bharathi Cement Corporation - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Standard Chartered Bank - UAE
- Indika Energy - Indonesia
- Singapore Mercantile Exchange
- Ind-Barath Power Infra Limited - India
- Latin American Coal - Colombia
- Tata Chemicals Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- GMR Energy Limited - India
- Trasteel International SA, Italy
- PowerSource Philippines DevCo
- Videocon Industries ltd - India
- Cement Manufacturers Association - India
- Timah Investasi Mineral - Indoneisa
- GVK Power & Infra Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Orica Mining Services - Indonesia
- South Luzon Thermal Energy Corporation
- Samtan Co., Ltd - South Korea
- AsiaOL BioFuels Corp., Philippines
- Sarangani Energy Corporation, Philippines
- MS Steel International - UAE
- Wilmar Investment Holdings
- Deloitte Consulting - India
- Indogreen Group - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- San Jose City I Power Corp, Philippines
- Thiess Contractors Indonesia
- Miang Besar Coal Terminal - Indonesia
- Kaltim Prima Coal - Indonesia
- Mjunction Services Limited - India
- Oldendorff Carriers - Singapore
- Coalindo Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- European Bulk Services B.V. - Netherlands
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Aditya Birla Group - India
- Straits Asia Resources Limited - Singapore
- Africa Commodities Group - South Africa
- Goldman Sachs - Singapore
- IHS Mccloskey Coal Group - USA
- Larsen & Toubro Limited - India
- OPG Power Generation Pvt Ltd - India
- Energy Development Corp, Philippines
- Economic Council, Georgia
- Lanco Infratech Ltd - India
- Chamber of Mines of South Africa
- Sojitz Corporation - Japan
- Rashtriya Ispat Nigam Limited - India
- SN Aboitiz Power Inc, Philippines
- Dalmia Cement Bharat India
- Global Business Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- CNBM International Corporation - China
- Makarim & Taira - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Aboitiz Power Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Meenaskhi Energy Private Limited - India
- White Energy Company Limited
- Petrochimia International Co. Ltd.- Taiwan
- Medco Energi Mining Internasional
- Sindya Power Generating Company Private Ltd
- Coastal Gujarat Power Limited - India
- Semirara Mining Corp, Philippines
- Port Waratah Coal Services - Australia
- Karaikal Port Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Finance - Indonesia
- Posco Energy - South Korea
- Sinarmas Energy and Mining - Indonesia
- Indonesian Coal Mining Association
- The Treasury - Australian Government
- Australian Commodity Traders Exchange
- Global Coal Blending Company Limited - Australia
- Banpu Public Company Limited - Thailand
- Alfred C Toepfer International GmbH - Germany
- Romanian Commodities Exchange
- CIMB Investment Bank - Malaysia
- Eastern Energy - Thailand
- Antam Resourcindo - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Manunggal Multi Energi - Indonesia
- Grasim Industreis Ltd - India
- GAC Shipping (India) Pvt Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Formosa Plastics Group - Taiwan
- Eastern Coal Council - USA
- Attock Cement Pakistan Limited
- Krishnapatnam Port Company Ltd. - India
- Minerals Council of Australia
- Kohat Cement Company Ltd. - Pakistan
- Riau Bara Harum - Indonesia
- Savvy Resources Ltd - HongKong
- Therma Luzon, Inc, Philippines
- Bulk Trading Sa - Switzerland
- Bhatia International Limited - India
- The University of Queensland
- Indian Oil Corporation Limited
- Parry Sugars Refinery, India
- Price Waterhouse Coopers - Russia
- Parliament of New Zealand
- Global Green Power PLC Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Marubeni Corporation - India
- New Zealand Coal & Carbon
- SMG Consultants - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Malabar Cements Ltd - India
- Pendopo Energi Batubara - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- London Commodity Brokers - England
- Cigading International Bulk Terminal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sical Logistics Limited - India
- Salva Resources Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Ministry of Transport, Egypt
- Simpson Spence & Young - Indonesia
- Chettinad Cement Corporation Ltd - India
- Commonwealth Bank - Australia
- SMC Global Power, Philippines
- Rio Tinto Coal - Australia
- Gujarat Sidhee Cement - India
- Siam City Cement PLC, Thailand
- Meralco Power Generation, Philippines
- Borneo Indobara - Indonesia
- Australian Coal Association
- Mercuria Energy - Indonesia
- Central Java Power - Indonesia
- Renaissance Capital - South Africa
- Metalloyd Limited - United Kingdom
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