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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, 30 December 16
US WEEKLY COAL PRODUCTION TOTALS 15.2 MMST, DOWN 3.1% - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.2 million sho ...
Thursday, 29 December 16
CHINA AIMS TO CAP COAL-FIRED POWER CAPACITY AT 1,100 GIGAWATTS BY THE END OF 2020 - REUTERS
China aims to cap total primary energy consumption at around 4.4 billion tonnes of coal equivalent in 2017, the director of the National Energy Adm ...
Wednesday, 28 December 16
FINANCIAL MARKETS AND COMMODITY MARKETS HAVE ALREADY SHOWED CONSIDERABLE IMPROVEMENT AND RENEWED OPTIMISM - GEORGE LAZARIDIS
As 2016 nears to a close many will be breathing a heavy sigh of relief, having made it through one of the toughest years in this century and lookin ...
Wednesday, 28 December 16
BUMA SIGNED APPROXIMATELY US$ 493 MILLION WORTH OF MINING SERVICES CONTRACTS WITH PT ADARO INDONESIA AND PT ANGSANA JAYA ENERGY
COALspot.com: PT Delta Dunia Makmur Tbk. Has announced that its primary operating subsidiary, PT Bukit Makmur Mandiri Utama ("BUMA") has ...
Monday, 26 December 16
DO THE DERIVATIVES MARKETS MAKE COAL PRICES MORE VOLATILE? 59.21% SAY YES, POLL
COALspot.com: The substantial increase or decrease in coal prices within a short period of time has been supported by a number of fundamental drive ...
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- Cement Manufacturers Association - India
- Chamber of Mines of South Africa
- Interocean Group of Companies - India
- Standard Chartered Bank - UAE
- OPG Power Generation Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Romanian Commodities Exchange
- Krishnapatnam Port Company Ltd. - India
- Sical Logistics Limited - India
- Electricity Authority, New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Wilmar Investment Holdings
- Altura Mining Limited, Indonesia
- Xindia Steels Limited - India
- Carbofer General Trading SA - India
- The Treasury - Australian Government
- Rashtriya Ispat Nigam Limited - India
- Parry Sugars Refinery, India
- Economic Council, Georgia
- Power Finance Corporation Ltd., India
- Coal and Oil Company - UAE
- Oldendorff Carriers - Singapore
- Samtan Co., Ltd - South Korea
- Kaltim Prima Coal - Indonesia
- Bharathi Cement Corporation - India
- Semirara Mining and Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- TNB Fuel Sdn Bhd - Malaysia
- Renaissance Capital - South Africa
- Ind-Barath Power Infra Limited - India
- Petron Corporation, Philippines
- Commonwealth Bank - Australia
- Georgia Ports Authority, United States
- Goldman Sachs - Singapore
- Heidelberg Cement - Germany
- Borneo Indobara - Indonesia
- Tamil Nadu electricity Board
- Meenaskhi Energy Private Limited - India
- Therma Luzon, Inc, Philippines
- Mercator Lines Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Alfred C Toepfer International GmbH - Germany
- London Commodity Brokers - England
- Edison Trading Spa - Italy
- GMR Energy Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
- Eastern Energy - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Kumho Petrochemical, South Korea
- CNBM International Corporation - China
- Mintek Dendrill Indonesia
- Directorate Of Revenue Intelligence - India
- Orica Mining Services - Indonesia
- Coalindo Energy - Indonesia
- Posco Energy - South Korea
- Sree Jayajothi Cements Limited - India
- Central Java Power - Indonesia
- Marubeni Corporation - India
- Indonesian Coal Mining Association
- ASAPP Information Group - India
- VISA Power Limited - India
- Bukit Makmur.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- IHS Mccloskey Coal Group - USA
- Rio Tinto Coal - Australia
- Iligan Light & Power Inc, Philippines
- Eastern Coal Council - USA
- Lanco Infratech Ltd - India
- Gujarat Electricity Regulatory Commission - India
- PNOC Exploration Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Formosa Plastics Group - Taiwan
- Semirara Mining Corp, Philippines
- Intertek Mineral Services - Indonesia
- Medco Energi Mining Internasional
- Neyveli Lignite Corporation Ltd, - India
- White Energy Company Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Coal Blending Company Limited - Australia
- Bhatia International Limited - India
- IEA Clean Coal Centre - UK
- Bukit Asam (Persero) Tbk - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhushan Steel Limited - India
- Merrill Lynch Commodities Europe
- Deloitte Consulting - India
- Global Green Power PLC Corporation, Philippines
- MS Steel International - UAE
- Jindal Steel & Power Ltd - India
- Anglo American - United Kingdom
- Thai Mozambique Logistica
- Price Waterhouse Coopers - Russia
- Coastal Gujarat Power Limited - India
- GVK Power & Infra Limited - India
- Uttam Galva Steels Limited - India
- Energy Link Ltd, New Zealand
- Kobexindo Tractors - Indoneisa
- Toyota Tsusho Corporation, Japan
- Kalimantan Lumbung Energi - Indonesia
- Port Waratah Coal Services - Australia
- Attock Cement Pakistan Limited
- Ministry of Mines - Canada
- Kohat Cement Company Ltd. - Pakistan
- Baramulti Group, Indonesia
- SMG Consultants - Indonesia
- Tata Chemicals Ltd - India
- Sojitz Corporation - Japan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mjunction Services Limited - India
- ICICI Bank Limited - India
- Bhoruka Overseas - Indonesia
- Videocon Industries ltd - India
- Savvy Resources Ltd - HongKong
- Wood Mackenzie - Singapore
- The University of Queensland
- Siam City Cement PLC, Thailand
- San Jose City I Power Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- New Zealand Coal & Carbon
- Ambuja Cements Ltd - India
- TeaM Sual Corporation - Philippines
- Ministry of Finance - Indonesia
- Aditya Birla Group - India
- Planning Commission, India
- Electricity Generating Authority of Thailand
- Star Paper Mills Limited - India
- Chettinad Cement Corporation Ltd - India
- Thiess Contractors Indonesia
- Madhucon Powers Ltd - India
- Latin American Coal - Colombia
- SMC Global Power, Philippines
- European Bulk Services B.V. - Netherlands
- Bangladesh Power Developement Board
- AsiaOL BioFuels Corp., Philippines
- Banpu Public Company Limited - Thailand
- Siam City Cement - Thailand
- Ministry of Transport, Egypt
- South Luzon Thermal Energy Corporation
- Miang Besar Coal Terminal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Indika Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- The State Trading Corporation of India Ltd
- Karaikal Port Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Aboitiz Power Corporation - Philippines
- PowerSource Philippines DevCo
- Singapore Mercantile Exchange
- Kepco SPC Power Corporation, Philippines
- Indian Energy Exchange, India
- Australian Coal Association
- PTC India Limited - India
- Ceylon Electricity Board - Sri Lanka
- Parliament of New Zealand
- Malabar Cements Ltd - India
- Indogreen Group - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Grasim Industreis Ltd - India
- Trasteel International SA, Italy
- LBH Netherlands Bv - Netherlands
- Independent Power Producers Association of India
- Pendopo Energi Batubara - Indonesia
- Maheswari Brothers Coal Limited - India
- Orica Australia Pty. Ltd.
- Bayan Resources Tbk. - Indonesia
- Vedanta Resources Plc - India
- Indian Oil Corporation Limited
- Mercuria Energy - Indonesia
- McConnell Dowell - Australia
- GN Power Mariveles Coal Plant, Philippines
- Vizag Seaport Private Limited - India
- CIMB Investment Bank - Malaysia
- Central Electricity Authority - India
- Minerals Council of Australia
- Dalmia Cement Bharat India
- Pipit Mutiara Jaya. PT, Indonesia
- Indo Tambangraya Megah - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Vijayanagar Sugar Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Binh Thuan Hamico - Vietnam
- Manunggal Multi Energi - Indonesia
- Sakthi Sugars Limited - India
- Sindya Power Generating Company Private Ltd
- Agrawal Coal Company - India
- Straits Asia Resources Limited - Singapore
- India Bulls Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Billiton Holdings Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Australian Commodity Traders Exchange
- Jaiprakash Power Ventures ltd
- Cigading International Bulk Terminal - Indonesia
- Global Business Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Africa Commodities Group - South Africa
- Sinarmas Energy and Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Barasentosa Lestari - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Larsen & Toubro Limited - India
- Metalloyd Limited - United Kingdom
- Energy Development Corp, Philippines
- Riau Bara Harum - Indonesia
- Antam Resourcindo - Indonesia
- Sarangani Energy Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Meralco Power Generation, Philippines
- Timah Investasi Mineral - Indoneisa
- Makarim & Taira - Indonesia
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