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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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Tuesday, 20 December 16
TURNAROUND IN CHINESE ECONOMY HAS INTENSIFIED RECENTLY, SAYS COMMODORE RESEARCH
According to the most recent Weekly China Report published by Commodore Research, it has remained encouraging that the turnaround in China’s ...
Monday, 19 December 16
U.S. WEEKLY COAL PRODUCTION DOWN 3.1% PERCENT WEEK ON WEEK
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.8 million short ton ...
Monday, 19 December 16
THE FREIGHT MARKET WAS CONTINUING TO SOFTEN
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities continually decline this past week and ending on a negati ...
Thursday, 15 December 16
SUPRAMAXES ARE ACHIEVING AROUND HIGH USD 7K FOR INDO/CHINA COAL ROUNDS - FEARNLEY
Supramax
Pacific has been relatively quiet this week, with some softening signs.
Supramaxes are achieving around high USD 7k for Indo/China ...
Wednesday, 14 December 16
INTERNATIONAL TRIBUNAL DISMISSED CHURCHILL MINING'S DAMAGES CLAIM AGAINST REPUBLIC OF INDONESIA
The Directors of Churchill Mining plc advise that, the ICSID Tribunal (“Tribunal”) granted Indonesia’s application to dismiss the ...
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- SN Aboitiz Power Inc, Philippines
- Mercuria Energy - Indonesia
- Chamber of Mines of South Africa
- Bhushan Steel Limited - India
- Ministry of Finance - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- The State Trading Corporation of India Ltd
- Sinarmas Energy and Mining - Indonesia
- Rio Tinto Coal - Australia
- Thai Mozambique Logistica
- Sindya Power Generating Company Private Ltd
- New Zealand Coal & Carbon
- Petrochimia International Co. Ltd.- Taiwan
- Kapuas Tunggal Persada - Indonesia
- Planning Commission, India
- Leighton Contractors Pty Ltd - Australia
- Directorate Of Revenue Intelligence - India
- Asmin Koalindo Tuhup - Indonesia
- Formosa Plastics Group - Taiwan
- Tata Chemicals Ltd - India
- PNOC Exploration Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Semirara Mining and Power Corporation, Philippines
- Electricity Authority, New Zealand
- McConnell Dowell - Australia
- Kideco Jaya Agung - Indonesia
- Sakthi Sugars Limited - India
- Bayan Resources Tbk. - Indonesia
- Global Business Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Central Java Power - Indonesia
- Pendopo Energi Batubara - Indonesia
- Aboitiz Power Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Energy Development Corp, Philippines
- Latin American Coal - Colombia
- Kaltim Prima Coal - Indonesia
- CNBM International Corporation - China
- LBH Netherlands Bv - Netherlands
- Kohat Cement Company Ltd. - Pakistan
- Vizag Seaport Private Limited - India
- GMR Energy Limited - India
- Marubeni Corporation - India
- Alfred C Toepfer International GmbH - Germany
- Coal and Oil Company - UAE
- Maharashtra Electricity Regulatory Commission - India
- Holcim Trading Pte Ltd - Singapore
- Kobexindo Tractors - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- Wood Mackenzie - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Eastern Energy - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Rashtriya Ispat Nigam Limited - India
- Vedanta Resources Plc - India
- Bharathi Cement Corporation - India
- Cement Manufacturers Association - India
- Kalimantan Lumbung Energi - Indonesia
- Lanco Infratech Ltd - India
- Straits Asia Resources Limited - Singapore
- Baramulti Group, Indonesia
- SMG Consultants - Indonesia
- Xindia Steels Limited - India
- Indian Energy Exchange, India
- Anglo American - United Kingdom
- Australian Commodity Traders Exchange
- Edison Trading Spa - Italy
- Meralco Power Generation, Philippines
- Oldendorff Carriers - Singapore
- Ministry of Mines - Canada
- Eastern Coal Council - USA
- Chettinad Cement Corporation Ltd - India
- Attock Cement Pakistan Limited
- Cigading International Bulk Terminal - Indonesia
- Merrill Lynch Commodities Europe
- Bukit Asam (Persero) Tbk - Indonesia
- International Coal Ventures Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Thiess Contractors Indonesia
- Bukit Makmur.PT - Indonesia
- Ind-Barath Power Infra Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Port Waratah Coal Services - Australia
- Samtan Co., Ltd - South Korea
- Borneo Indobara - Indonesia
- Mintek Dendrill Indonesia
- Barasentosa Lestari - Indonesia
- Jindal Steel & Power Ltd - India
- Tamil Nadu electricity Board
- Africa Commodities Group - South Africa
- Aditya Birla Group - India
- Price Waterhouse Coopers - Russia
- ICICI Bank Limited - India
- Sarangani Energy Corporation, Philippines
- Indika Energy - Indonesia
- Bangladesh Power Developement Board
- Interocean Group of Companies - India
- White Energy Company Limited
- Uttam Galva Steels Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Deloitte Consulting - India
- Goldman Sachs - Singapore
- Power Finance Corporation Ltd., India
- Riau Bara Harum - Indonesia
- Independent Power Producers Association of India
- Coastal Gujarat Power Limited - India
- Kumho Petrochemical, South Korea
- Metalloyd Limited - United Kingdom
- The University of Queensland
- AsiaOL BioFuels Corp., Philippines
- Timah Investasi Mineral - Indoneisa
- Parry Sugars Refinery, India
- Miang Besar Coal Terminal - Indonesia
- VISA Power Limited - India
- Siam City Cement - Thailand
- Maheswari Brothers Coal Limited - India
- Globalindo Alam Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- Simpson Spence & Young - Indonesia
- Standard Chartered Bank - UAE
- Mercator Lines Limited - India
- Heidelberg Cement - Germany
- Global Green Power PLC Corporation, Philippines
- Australian Coal Association
- Pipit Mutiara Jaya. PT, Indonesia
- GAC Shipping (India) Pvt Ltd
- Neyveli Lignite Corporation Ltd, - India
- Larsen & Toubro Limited - India
- Economic Council, Georgia
- South Luzon Thermal Energy Corporation
- IEA Clean Coal Centre - UK
- Bhoruka Overseas - Indonesia
- Orica Australia Pty. Ltd.
- TeaM Sual Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Central Electricity Authority - India
- Georgia Ports Authority, United States
- Sree Jayajothi Cements Limited - India
- Essar Steel Hazira Ltd - India
- Therma Luzon, Inc, Philippines
- MS Steel International - UAE
- Altura Mining Limited, Indonesia
- Semirara Mining Corp, Philippines
- Bhatia International Limited - India
- Indo Tambangraya Megah - Indonesia
- Sojitz Corporation - Japan
- Gujarat Mineral Development Corp Ltd - India
- SMC Global Power, Philippines
- Indogreen Group - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ambuja Cements Ltd - India
- ASAPP Information Group - India
- TNB Fuel Sdn Bhd - Malaysia
- Indian Oil Corporation Limited
- Billiton Holdings Pty Ltd - Australia
- Makarim & Taira - Indonesia
- GVK Power & Infra Limited - India
- Krishnapatnam Port Company Ltd. - India
- Mjunction Services Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Agrawal Coal Company - India
- Star Paper Mills Limited - India
- Romanian Commodities Exchange
- Intertek Mineral Services - Indonesia
- PowerSource Philippines DevCo
- Commonwealth Bank - Australia
- Karaikal Port Pvt Ltd - India
- Renaissance Capital - South Africa
- Minerals Council of Australia
- PetroVietnam Power Coal Import and Supply Company
- Grasim Industreis Ltd - India
- Petron Corporation, Philippines
- Singapore Mercantile Exchange
- Jaiprakash Power Ventures ltd
- Parliament of New Zealand
- London Commodity Brokers - England
- Sical Logistics Limited - India
- Indonesian Coal Mining Association
- Videocon Industries ltd - India
- Savvy Resources Ltd - HongKong
- Antam Resourcindo - Indonesia
- Dalmia Cement Bharat India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Karbindo Abesyapradhi - Indoneisa
- Trasteel International SA, Italy
- OPG Power Generation Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Manunggal Multi Energi - Indonesia
- Gujarat Sidhee Cement - India
- Meenaskhi Energy Private Limited - India
- Siam City Cement PLC, Thailand
- Kepco SPC Power Corporation, Philippines
- Carbofer General Trading SA - India
- Global Coal Blending Company Limited - Australia
- Posco Energy - South Korea
- India Bulls Power Limited - India
- PTC India Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Medco Energi Mining Internasional
- Gujarat Electricity Regulatory Commission - India
- Directorate General of MIneral and Coal - Indonesia
- Orica Mining Services - Indonesia
- Coalindo Energy - Indonesia
- Madhucon Powers Ltd - India
- Wilmar Investment Holdings
- Electricity Generating Authority of Thailand
- Kartika Selabumi Mining - Indonesia
- Bulk Trading Sa - Switzerland
- Salva Resources Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Ministry of Transport, Egypt
- Malabar Cements Ltd - India
- The Treasury - Australian Government
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