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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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Monday, 09 January 17
FFA SUPRAMAX: Q1 AND Q2 TRADING UP TO $7100 WHILE CAL17 PRINTED $7250 - FIS
Capesize
Sentiment has swung quickly on capes and although there appears to be a very short list for open tonnage in the Atlantic Feb dates appea ...
Monday, 09 January 17
COAL MARKETS WERE UNEXPECTEDLY ONE OF THE STRONGEST PERFORMERS OF 2016 - SGX
COALspot.com: Coal markets were unexpectedly one of the strongest performers of 2016, with domestic production restrictions in China as well as sup ...
Monday, 09 January 17
THE INDONESIA COAL BENCHMARK PRICE SLIDES AFTER THE RECENT RALLY
COALspot.com: The Indonesia coal benchmark price slides in January 2017 after the recent rally. The government declared benchmark prices for Indone ...
Friday, 06 January 17
U.S. WEEKLY ESTIMATED COAL PRODUCTION TOTALED APPROXIMATELY 12.4 MMST; DOWN 18.4% W/W - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 12.4 million short ton ...
Thursday, 05 January 17
UNCHANGED COAL-FIRED TARIFFS PRESSURE CHINA'S GENERATORS - FITCH
COALspot.com: China's decision to keep on-grid electricity prices from coal-fired power unchanged amid higher coal prices will further squeeze ...
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- Agrawal Coal Company - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- ICICI Bank Limited - India
- Ind-Barath Power Infra Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Neyveli Lignite Corporation Ltd, - India
- Bhatia International Limited - India
- The State Trading Corporation of India Ltd
- Directorate General of MIneral and Coal - Indonesia
- Africa Commodities Group - South Africa
- GVK Power & Infra Limited - India
- Deloitte Consulting - India
- Meenaskhi Energy Private Limited - India
- Kepco SPC Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Bukit Makmur.PT - Indonesia
- Aditya Birla Group - India
- Essar Steel Hazira Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Port Waratah Coal Services - Australia
- CNBM International Corporation - China
- Parliament of New Zealand
- PowerSource Philippines DevCo
- Bhoruka Overseas - Indonesia
- Electricity Generating Authority of Thailand
- IHS Mccloskey Coal Group - USA
- Eastern Energy - Thailand
- South Luzon Thermal Energy Corporation
- Kartika Selabumi Mining - Indonesia
- Mjunction Services Limited - India
- Vedanta Resources Plc - India
- Jindal Steel & Power Ltd - India
- International Coal Ventures Pvt Ltd - India
- Rio Tinto Coal - Australia
- Cigading International Bulk Terminal - Indonesia
- Independent Power Producers Association of India
- Lanco Infratech Ltd - India
- Edison Trading Spa - Italy
- Merrill Lynch Commodities Europe
- Ministry of Transport, Egypt
- TeaM Sual Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Central Java Power - Indonesia
- Pendopo Energi Batubara - Indonesia
- PNOC Exploration Corporation - Philippines
- Anglo American - United Kingdom
- VISA Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Bayan Resources Tbk. - Indonesia
- Wilmar Investment Holdings
- Global Green Power PLC Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Bulk Trading Sa - Switzerland
- Xindia Steels Limited - India
- Larsen & Toubro Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Goldman Sachs - Singapore
- The University of Queensland
- Energy Link Ltd, New Zealand
- Therma Luzon, Inc, Philippines
- Economic Council, Georgia
- Kohat Cement Company Ltd. - Pakistan
- Posco Energy - South Korea
- Coal and Oil Company - UAE
- Kaltim Prima Coal - Indonesia
- Karaikal Port Pvt Ltd - India
- Medco Energi Mining Internasional
- Indonesian Coal Mining Association
- Sarangani Energy Corporation, Philippines
- Malabar Cements Ltd - India
- Straits Asia Resources Limited - Singapore
- Iligan Light & Power Inc, Philippines
- Siam City Cement - Thailand
- Standard Chartered Bank - UAE
- Cement Manufacturers Association - India
- Borneo Indobara - Indonesia
- Riau Bara Harum - Indonesia
- Kobexindo Tractors - Indoneisa
- San Jose City I Power Corp, Philippines
- Vizag Seaport Private Limited - India
- Intertek Mineral Services - Indonesia
- Formosa Plastics Group - Taiwan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Singapore Mercantile Exchange
- Interocean Group of Companies - India
- Chettinad Cement Corporation Ltd - India
- Coalindo Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Central Electricity Authority - India
- Alfred C Toepfer International GmbH - Germany
- Pipit Mutiara Jaya. PT, Indonesia
- Banpu Public Company Limited - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Petron Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Globalindo Alam Lestari - Indonesia
- Madhucon Powers Ltd - India
- Dalmia Cement Bharat India
- White Energy Company Limited
- Maheswari Brothers Coal Limited - India
- SMC Global Power, Philippines
- Electricity Authority, New Zealand
- Thiess Contractors Indonesia
- Altura Mining Limited, Indonesia
- Eastern Coal Council - USA
- Indogreen Group - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Tamil Nadu electricity Board
- Krishnapatnam Port Company Ltd. - India
- Mercator Lines Limited - India
- New Zealand Coal & Carbon
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Simpson Spence & Young - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Mines - Canada
- Kideco Jaya Agung - Indonesia
- Indian Energy Exchange, India
- Latin American Coal - Colombia
- Carbofer General Trading SA - India
- Meralco Power Generation, Philippines
- SN Aboitiz Power Inc, Philippines
- Planning Commission, India
- Sinarmas Energy and Mining - Indonesia
- Bhushan Steel Limited - India
- India Bulls Power Limited - India
- MS Steel International - UAE
- Salva Resources Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Trasteel International SA, Italy
- Maharashtra Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- Semirara Mining Corp, Philippines
- Bangladesh Power Developement Board
- Parry Sugars Refinery, India
- Bharathi Cement Corporation - India
- Semirara Mining and Power Corporation, Philippines
- Chamber of Mines of South Africa
- Binh Thuan Hamico - Vietnam
- Star Paper Mills Limited - India
- PTC India Limited - India
- Wood Mackenzie - Singapore
- AsiaOL BioFuels Corp., Philippines
- Sojitz Corporation - Japan
- Billiton Holdings Pty Ltd - Australia
- SMG Consultants - Indonesia
- Manunggal Multi Energi - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Gujarat Sidhee Cement - India
- Australian Commodity Traders Exchange
- Sical Logistics Limited - India
- Global Coal Blending Company Limited - Australia
- Indika Energy - Indonesia
- Barasentosa Lestari - Indonesia
- LBH Netherlands Bv - Netherlands
- CIMB Investment Bank - Malaysia
- Kumho Petrochemical, South Korea
- Rashtriya Ispat Nigam Limited - India
- Sindya Power Generating Company Private Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sree Jayajothi Cements Limited - India
- Thai Mozambique Logistica
- Grasim Industreis Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Mercuria Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Orica Australia Pty. Ltd.
- Heidelberg Cement - Germany
- Price Waterhouse Coopers - Russia
- GMR Energy Limited - India
- European Bulk Services B.V. - Netherlands
- Romanian Commodities Exchange
- Commonwealth Bank - Australia
- Global Business Power Corporation, Philippines
- Indian Oil Corporation Limited
- The Treasury - Australian Government
- Directorate Of Revenue Intelligence - India
- Karbindo Abesyapradhi - Indoneisa
- Metalloyd Limited - United Kingdom
- Leighton Contractors Pty Ltd - Australia
- Samtan Co., Ltd - South Korea
- Renaissance Capital - South Africa
- Oldendorff Carriers - Singapore
- IEA Clean Coal Centre - UK
- Energy Development Corp, Philippines
- Ministry of Finance - Indonesia
- Ambuja Cements Ltd - India
- Tata Chemicals Ltd - India
- Australian Coal Association
- Bukit Baiduri Energy - Indonesia
- Power Finance Corporation Ltd., India
- McConnell Dowell - Australia
- Antam Resourcindo - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- Marubeni Corporation - India
- Siam City Cement PLC, Thailand
- Orica Mining Services - Indonesia
- Videocon Industries ltd - India
- GAC Shipping (India) Pvt Ltd
- Minerals Council of Australia
- Baramulti Group, Indonesia
- Makarim & Taira - Indonesia
- Mintek Dendrill Indonesia
- Ceylon Electricity Board - Sri Lanka
- PetroVietnam Power Coal Import and Supply Company
- Uttam Galva Steels Limited - India
- Coastal Gujarat Power Limited - India
- ASAPP Information Group - India
- Holcim Trading Pte Ltd - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Attock Cement Pakistan Limited
- London Commodity Brokers - England
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