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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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Thursday, 08 December 16
STABLE OUTLOOK FOR GLOBAL MINING IN 2017 : FITCH
Fitch Ratings' sector and rating outlooks for the global mining industry in 2017 are both stable, reflecting Fitch's view that prices have ...
Thursday, 08 December 16
CHINESE COAL DEMAND WOULD BE THE KEY FACTOR THAT INFLUENCE WORLD COAL PRICES IN 2017, POLL
“WHAT ARE THE KEY FACTORS THAT MAY INFLUENCE WORLD'S COAL PRICES IN 2017?”
The on-line opinion poll conducted by COALspot.com ...
Thursday, 08 December 16
PANAMAX: THE FIRM TENDENCY CONTINUES IN BOTH HEMISPHERES - FEARNLEY
Supramax
Market remained firm - true mostly within Atlantic.
Star performer USG remained its title, where Supras reached around USD 21k ...
Wednesday, 07 December 16
SHIPPING MARKET INSIGHT - THEODOROS NTALAKOS
Looking back at my previous end-of-year insights, for the last seven years, in each and every one of them, I begin with something like “there ...
Wednesday, 07 December 16
U.S. COAL PRODUCTION IS FORECAST TO INCREASE BY 2% IN 2017 - EIA
U.S. Coal production in November 2016 was 70.7 million short tons (MMst), the third time this year monthly production exceeded 70 MMst, says EIA.
...
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- Essar Steel Hazira Ltd - India
- Kartika Selabumi Mining - Indonesia
- Antam Resourcindo - Indonesia
- Metalloyd Limited - United Kingdom
- Wilmar Investment Holdings
- Posco Energy - South Korea
- Georgia Ports Authority, United States
- Malabar Cements Ltd - India
- Bayan Resources Tbk. - Indonesia
- PowerSource Philippines DevCo
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Billiton Holdings Pty Ltd - Australia
- Africa Commodities Group - South Africa
- Rio Tinto Coal - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mercuria Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- TeaM Sual Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Videocon Industries ltd - India
- Siam City Cement PLC, Thailand
- Meralco Power Generation, Philippines
- SMC Global Power, Philippines
- London Commodity Brokers - England
- Bangladesh Power Developement Board
- Coastal Gujarat Power Limited - India
- Oldendorff Carriers - Singapore
- Australian Commodity Traders Exchange
- Straits Asia Resources Limited - Singapore
- Star Paper Mills Limited - India
- Ambuja Cements Ltd - India
- Bulk Trading Sa - Switzerland
- Mjunction Services Limited - India
- Karaikal Port Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Central Electricity Authority - India
- Kobexindo Tractors - Indoneisa
- Central Java Power - Indonesia
- Deloitte Consulting - India
- Global Business Power Corporation, Philippines
- Trasteel International SA, Italy
- Parliament of New Zealand
- Anglo American - United Kingdom
- Timah Investasi Mineral - Indoneisa
- Vedanta Resources Plc - India
- Bukit Asam (Persero) Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- Renaissance Capital - South Africa
- European Bulk Services B.V. - Netherlands
- ASAPP Information Group - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Banpu Public Company Limited - Thailand
- Vizag Seaport Private Limited - India
- Directorate Of Revenue Intelligence - India
- Edison Trading Spa - Italy
- Global Coal Blending Company Limited - Australia
- Planning Commission, India
- Bukit Makmur.PT - Indonesia
- GAC Shipping (India) Pvt Ltd
- Eastern Coal Council - USA
- Kideco Jaya Agung - Indonesia
- Larsen & Toubro Limited - India
- Bhatia International Limited - India
- McConnell Dowell - Australia
- Sical Logistics Limited - India
- Manunggal Multi Energi - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Petron Corporation, Philippines
- Heidelberg Cement - Germany
- Chamber of Mines of South Africa
- Riau Bara Harum - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Madhucon Powers Ltd - India
- International Coal Ventures Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Parry Sugars Refinery, India
- Mintek Dendrill Indonesia
- Kumho Petrochemical, South Korea
- Energy Development Corp, Philippines
- Wood Mackenzie - Singapore
- Romanian Commodities Exchange
- Electricity Generating Authority of Thailand
- Eastern Energy - Thailand
- Bhushan Steel Limited - India
- Borneo Indobara - Indonesia
- IHS Mccloskey Coal Group - USA
- Sinarmas Energy and Mining - Indonesia
- Xindia Steels Limited - India
- Marubeni Corporation - India
- GVK Power & Infra Limited - India
- Kepco SPC Power Corporation, Philippines
- Agrawal Coal Company - India
- Dalmia Cement Bharat India
- Indian Energy Exchange, India
- Binh Thuan Hamico - Vietnam
- Goldman Sachs - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Ceylon Electricity Board - Sri Lanka
- Sojitz Corporation - Japan
- Grasim Industreis Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kapuas Tunggal Persada - Indonesia
- San Jose City I Power Corp, Philippines
- Mercator Lines Limited - India
- IEA Clean Coal Centre - UK
- Standard Chartered Bank - UAE
- Miang Besar Coal Terminal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bahari Cakrawala Sebuku - Indonesia
- Jaiprakash Power Ventures ltd
- GMR Energy Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Formosa Plastics Group - Taiwan
- Barasentosa Lestari - Indonesia
- Semirara Mining Corp, Philippines
- Siam City Cement - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Sidhee Cement - India
- The University of Queensland
- Salva Resources Pvt Ltd - India
- Bharathi Cement Corporation - India
- Maheswari Brothers Coal Limited - India
- Baramulti Group, Indonesia
- PNOC Exploration Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Sindya Power Generating Company Private Ltd
- Savvy Resources Ltd - HongKong
- Sakthi Sugars Limited - India
- The State Trading Corporation of India Ltd
- OPG Power Generation Pvt Ltd - India
- Tata Chemicals Ltd - India
- Power Finance Corporation Ltd., India
- Australian Coal Association
- New Zealand Coal & Carbon
- Pendopo Energi Batubara - Indonesia
- Sarangani Energy Corporation, Philippines
- Economic Council, Georgia
- Bhoruka Overseas - Indonesia
- Intertek Mineral Services - Indonesia
- Globalindo Alam Lestari - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Tamil Nadu electricity Board
- Indogreen Group - Indonesia
- Singapore Mercantile Exchange
- India Bulls Power Limited - India
- Attock Cement Pakistan Limited
- Holcim Trading Pte Ltd - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Minerals Council of Australia
- Orica Australia Pty. Ltd.
- Thai Mozambique Logistica
- LBH Netherlands Bv - Netherlands
- Merrill Lynch Commodities Europe
- White Energy Company Limited
- Interocean Group of Companies - India
- Simpson Spence & Young - Indonesia
- Ministry of Finance - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Transport, Egypt
- South Luzon Thermal Energy Corporation
- Meenaskhi Energy Private Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Global Green Power PLC Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Maharashtra Electricity Regulatory Commission - India
- Thiess Contractors Indonesia
- Orica Mining Services - Indonesia
- Latin American Coal - Colombia
- MS Steel International - UAE
- Commonwealth Bank - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Medco Energi Mining Internasional
- Ministry of Mines - Canada
- Energy Link Ltd, New Zealand
- CIMB Investment Bank - Malaysia
- Indika Energy - Indonesia
- Electricity Authority, New Zealand
- Jindal Steel & Power Ltd - India
- Indian Oil Corporation Limited
- Leighton Contractors Pty Ltd - Australia
- Lanco Infratech Ltd - India
- Sree Jayajothi Cements Limited - India
- Carbofer General Trading SA - India
- The Treasury - Australian Government
- PTC India Limited - India
- Rashtriya Ispat Nigam Limited - India
- PetroVietnam Power Coal Import and Supply Company
- CNBM International Corporation - China
- Indonesian Coal Mining Association
- VISA Power Limited - India
- Aditya Birla Group - India
- Iligan Light & Power Inc, Philippines
- Altura Mining Limited, Indonesia
- Chettinad Cement Corporation Ltd - India
- Cigading International Bulk Terminal - Indonesia
- ICICI Bank Limited - India
- Coalindo Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Port Waratah Coal Services - Australia
- Independent Power Producers Association of India
- Petrochimia International Co. Ltd.- Taiwan
- Cement Manufacturers Association - India
- Aboitiz Power Corporation - Philippines
- SMG Consultants - Indonesia
- Bukit Baiduri Energy - Indonesia
- Makarim & Taira - Indonesia
- Toyota Tsusho Corporation, Japan
- Gujarat Electricity Regulatory Commission - India
- Coal and Oil Company - UAE
- Uttam Galva Steels Limited - India
- Semirara Mining and Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Mineral Development Corp Ltd - India
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