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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, 23 December 16
U.S. YEAR-TO-DATE COAL PRODUCTION TOTALED 711.1 MMST; DOWN 18.5% Y/Y - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.7 million short ton ...
Thursday, 22 December 16
INDONESIA LACK OF EXPORT TO INDIA THIS WEEK - FERNLEYS
Supramax
While the Atlantic is keeping up with rates, the Pacific has been weaker says Astrup Fernley.
According to Astrup Fernley, backhaul ...
Wednesday, 21 December 16
THE SUPREME COURT DECISION IN OW BUNKERS - WHEN A SALE OF GOODS IS NOT A SALE OF GOODS - LEON ALEXANDER, CLYDE&CO
KNOWLEDGE TO ELEVATE
In May 2016 the Supreme Court of England & Wales gave judgment in an OW Bunkers test case entitled "Res Cogitans ...
Wednesday, 21 December 16
CLEANING THE OCEANS FROM PLASTIC - SOPHIE COTZIAS
2016 is coming to a close and it finds us in preparation for the 2017 enforcement of the Ballast Water Treatment Systems. We naturally are in thoug ...
Tuesday, 20 December 16
TRADE HAS FELT ITS BUMPS AND SHAKES THIS YEAR - GEORGE LAZARIDIS
Trade has felt its bumps and shakes this year, as growing populist protectionist and nationalist movements in the Western world start to take hold. ...
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- Kalimantan Lumbung Energi - Indonesia
- Kobexindo Tractors - Indoneisa
- Central Java Power - Indonesia
- Jindal Steel & Power Ltd - India
- Economic Council, Georgia
- Electricity Generating Authority of Thailand
- Latin American Coal - Colombia
- SMC Global Power, Philippines
- Makarim & Taira - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Merrill Lynch Commodities Europe
- Krishnapatnam Port Company Ltd. - India
- Star Paper Mills Limited - India
- Australian Commodity Traders Exchange
- MS Steel International - UAE
- Simpson Spence & Young - Indonesia
- International Coal Ventures Pvt Ltd - India
- Grasim Industreis Ltd - India
- Bhushan Steel Limited - India
- Savvy Resources Ltd - HongKong
- Meenaskhi Energy Private Limited - India
- Bayan Resources Tbk. - Indonesia
- Bhoruka Overseas - Indonesia
- Port Waratah Coal Services - Australia
- Independent Power Producers Association of India
- Meralco Power Generation, Philippines
- VISA Power Limited - India
- India Bulls Power Limited - India
- IHS Mccloskey Coal Group - USA
- Standard Chartered Bank - UAE
- Coalindo Energy - Indonesia
- Bhatia International Limited - India
- Sinarmas Energy and Mining - Indonesia
- Attock Cement Pakistan Limited
- Eastern Energy - Thailand
- Lanco Infratech Ltd - India
- Coastal Gujarat Power Limited - India
- Banpu Public Company Limited - Thailand
- Thai Mozambique Logistica
- Siam City Cement PLC, Thailand
- Gujarat Electricity Regulatory Commission - India
- Formosa Plastics Group - Taiwan
- Africa Commodities Group - South Africa
- Dalmia Cement Bharat India
- LBH Netherlands Bv - Netherlands
- Leighton Contractors Pty Ltd - Australia
- Orica Mining Services - Indonesia
- PNOC Exploration Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Indonesian Coal Mining Association
- Gujarat Mineral Development Corp Ltd - India
- Electricity Authority, New Zealand
- Bukit Baiduri Energy - Indonesia
- Sojitz Corporation - Japan
- Commonwealth Bank - Australia
- ASAPP Information Group - India
- Parliament of New Zealand
- Renaissance Capital - South Africa
- Ceylon Electricity Board - Sri Lanka
- Asmin Koalindo Tuhup - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Karbindo Abesyapradhi - Indoneisa
- Baramulti Group, Indonesia
- Indika Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Marubeni Corporation - India
- Sarangani Energy Corporation, Philippines
- Global Business Power Corporation, Philippines
- Parry Sugars Refinery, India
- Miang Besar Coal Terminal - Indonesia
- Barasentosa Lestari - Indonesia
- Eastern Coal Council - USA
- Antam Resourcindo - Indonesia
- Intertek Mineral Services - Indonesia
- Karaikal Port Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- Wood Mackenzie - Singapore
- Central Electricity Authority - India
- Directorate General of MIneral and Coal - Indonesia
- Indian Energy Exchange, India
- Aditya Birla Group - India
- White Energy Company Limited
- The State Trading Corporation of India Ltd
- Mercator Lines Limited - India
- Cement Manufacturers Association - India
- Billiton Holdings Pty Ltd - Australia
- Wilmar Investment Holdings
- London Commodity Brokers - England
- AsiaOL BioFuels Corp., Philippines
- Aboitiz Power Corporation - Philippines
- Borneo Indobara - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The Treasury - Australian Government
- Medco Energi Mining Internasional
- Holcim Trading Pte Ltd - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PTC India Limited - India
- Indo Tambangraya Megah - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Romanian Commodities Exchange
- Carbofer General Trading SA - India
- Energy Link Ltd, New Zealand
- Xindia Steels Limited - India
- ICICI Bank Limited - India
- IEA Clean Coal Centre - UK
- Maheswari Brothers Coal Limited - India
- Mintek Dendrill Indonesia
- Tamil Nadu electricity Board
- Globalindo Alam Lestari - Indonesia
- Mjunction Services Limited - India
- Tata Chemicals Ltd - India
- Kumho Petrochemical, South Korea
- Vedanta Resources Plc - India
- Bharathi Cement Corporation - India
- Manunggal Multi Energi - Indonesia
- Sical Logistics Limited - India
- Directorate Of Revenue Intelligence - India
- Jorong Barutama Greston.PT - Indonesia
- Semirara Mining Corp, Philippines
- Malabar Cements Ltd - India
- GVK Power & Infra Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Rio Tinto Coal - Australia
- GN Power Mariveles Coal Plant, Philippines
- Siam City Cement - Thailand
- Ambuja Cements Ltd - India
- Global Coal Blending Company Limited - Australia
- Thiess Contractors Indonesia
- Samtan Co., Ltd - South Korea
- Kideco Jaya Agung - Indonesia
- Salva Resources Pvt Ltd - India
- Mercuria Energy - Indonesia
- PowerSource Philippines DevCo
- Orica Australia Pty. Ltd.
- Sree Jayajothi Cements Limited - India
- South Luzon Thermal Energy Corporation
- The University of Queensland
- Metalloyd Limited - United Kingdom
- Riau Bara Harum - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Kepco SPC Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Georgia Ports Authority, United States
- Ministry of Transport, Egypt
- SMG Consultants - Indonesia
- Madhucon Powers Ltd - India
- Altura Mining Limited, Indonesia
- Ind-Barath Power Infra Limited - India
- Therma Luzon, Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Sakthi Sugars Limited - India
- Global Green Power PLC Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Goldman Sachs - Singapore
- Heidelberg Cement - Germany
- GAC Shipping (India) Pvt Ltd
- Bangladesh Power Developement Board
- Posco Energy - South Korea
- Vizag Seaport Private Limited - India
- Chettinad Cement Corporation Ltd - India
- Alfred C Toepfer International GmbH - Germany
- New Zealand Coal & Carbon
- Sindya Power Generating Company Private Ltd
- San Jose City I Power Corp, Philippines
- TeaM Sual Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Energy Development Corp, Philippines
- Power Finance Corporation Ltd., India
- Agrawal Coal Company - India
- Planning Commission, India
- Kapuas Tunggal Persada - Indonesia
- Australian Coal Association
- Deloitte Consulting - India
- Ministry of Finance - Indonesia
- Cigading International Bulk Terminal - Indonesia
- CNBM International Corporation - China
- Petrochimia International Co. Ltd.- Taiwan
- Indian Oil Corporation Limited
- Oldendorff Carriers - Singapore
- Straits Asia Resources Limited - Singapore
- Ministry of Mines - Canada
- Petron Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Bahari Cakrawala Sebuku - Indonesia
- Interocean Group of Companies - India
- Singapore Mercantile Exchange
- Indogreen Group - Indonesia
- GMR Energy Limited - India
- Coal and Oil Company - UAE
- Pendopo Energi Batubara - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Sidhee Cement - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- McConnell Dowell - Australia
- Minerals Council of Australia
- SN Aboitiz Power Inc, Philippines
- Edison Trading Spa - Italy
- Chamber of Mines of South Africa
- CIMB Investment Bank - Malaysia
- Anglo American - United Kingdom
- Vijayanagar Sugar Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Trasteel International SA, Italy
- Kaltim Prima Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- Price Waterhouse Coopers - Russia
- Videocon Industries ltd - India
- Timah Investasi Mineral - Indoneisa
- Uttam Galva Steels Limited - India
- TNB Fuel Sdn Bhd - Malaysia
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