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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, 17 November 16
FROTHY THERMAL COAL PRICES POINT TO DOWNSIDE PRESSURES IN 2017 - FITCH
Fitch Ratings says in an Outlook Report that the Asian thermal coal industry will remain under pressure in 2017 due to more-than-adequate capacity ...
Thursday, 17 November 16
CHINA STEEL EXPORTS TO REMAIN HIGH IN 2017, FITCH SAYS
Fitch Ratings expects Chinese steel exports to remain at around 100 million metric tons (Mt) in 2017, due to flat 'apparent' consumption an ...
Wednesday, 16 November 16
SHIPPING MARKET INSIGHT
Going through a relatively interesting second half of the year so far in the ship repair sector, we are experiencing a volatile climate of differen ...
Tuesday, 15 November 16
CHINA, FOR MANY YEARS NOW HAS SERVED AS A MAJOR GROWTH ENGINE FOR ASIA - ALLIED SHIPPING RESEARCH
It’s been a turbulent couple of days after the announcement of the U.S. Presidential results in the early hours of Wednesday.
After week ...
Monday, 14 November 16
KOMIPO'S SEOCHEON POWER PLANT TO IMPORT 240,000 MT OF SEMI / ANTHRACITE COAL FOR Q1'17
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 240K mt of Semi-Anthracite and Anthracite Coal f ...
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- Metalloyd Limited - United Kingdom
- Wood Mackenzie - Singapore
- Tata Chemicals Ltd - India
- Pendopo Energi Batubara - Indonesia
- Planning Commission, India
- Port Waratah Coal Services - Australia
- Independent Power Producers Association of India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Siam City Cement PLC, Thailand
- Attock Cement Pakistan Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Transport, Egypt
- Romanian Commodities Exchange
- Grasim Industreis Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Dalmia Cement Bharat India
- Eastern Energy - Thailand
- Edison Trading Spa - Italy
- Global Business Power Corporation, Philippines
- Thiess Contractors Indonesia
- CNBM International Corporation - China
- Globalindo Alam Lestari - Indonesia
- Sindya Power Generating Company Private Ltd
- Wilmar Investment Holdings
- McConnell Dowell - Australia
- Ambuja Cements Ltd - India
- Kobexindo Tractors - Indoneisa
- Economic Council, Georgia
- Semirara Mining and Power Corporation, Philippines
- Electricity Authority, New Zealand
- Indian Oil Corporation Limited
- Borneo Indobara - Indonesia
- Meenaskhi Energy Private Limited - India
- Miang Besar Coal Terminal - Indonesia
- The Treasury - Australian Government
- Meralco Power Generation, Philippines
- Central Electricity Authority - India
- Siam City Cement - Thailand
- Interocean Group of Companies - India
- Gujarat Sidhee Cement - India
- Cement Manufacturers Association - India
- Sical Logistics Limited - India
- Anglo American - United Kingdom
- Maharashtra Electricity Regulatory Commission - India
- Bangladesh Power Developement Board
- Carbofer General Trading SA - India
- Chamber of Mines of South Africa
- Merrill Lynch Commodities Europe
- Altura Mining Limited, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- PNOC Exploration Corporation - Philippines
- Renaissance Capital - South Africa
- Global Green Power PLC Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- International Coal Ventures Pvt Ltd - India
- Posco Energy - South Korea
- SMC Global Power, Philippines
- Kapuas Tunggal Persada - Indonesia
- Indika Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Bharathi Cement Corporation - India
- GMR Energy Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Power Finance Corporation Ltd., India
- Price Waterhouse Coopers - Russia
- Intertek Mineral Services - Indonesia
- Australian Commodity Traders Exchange
- Riau Bara Harum - Indonesia
- Marubeni Corporation - India
- Coastal Gujarat Power Limited - India
- Georgia Ports Authority, United States
- PetroVietnam Power Coal Import and Supply Company
- Sojitz Corporation - Japan
- Goldman Sachs - Singapore
- Tamil Nadu electricity Board
- Heidelberg Cement - Germany
- Maheswari Brothers Coal Limited - India
- Energy Development Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Barasentosa Lestari - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Aboitiz Power Corporation - Philippines
- South Luzon Thermal Energy Corporation
- Ministry of Finance - Indonesia
- Mercator Lines Limited - India
- Aditya Birla Group - India
- Sakthi Sugars Limited - India
- Thai Mozambique Logistica
- LBH Netherlands Bv - Netherlands
- Antam Resourcindo - Indonesia
- European Bulk Services B.V. - Netherlands
- SN Aboitiz Power Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Manunggal Multi Energi - Indonesia
- Energy Link Ltd, New Zealand
- Medco Energi Mining Internasional
- Petrochimia International Co. Ltd.- Taiwan
- Eastern Coal Council - USA
- New Zealand Coal & Carbon
- Karbindo Abesyapradhi - Indoneisa
- Kepco SPC Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Minerals Council of Australia
- Karaikal Port Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mjunction Services Limited - India
- Chettinad Cement Corporation Ltd - India
- CIMB Investment Bank - Malaysia
- Bayan Resources Tbk. - Indonesia
- Bhatia International Limited - India
- Iligan Light & Power Inc, Philippines
- Samtan Co., Ltd - South Korea
- Directorate General of MIneral and Coal - Indonesia
- Indian Energy Exchange, India
- Formosa Plastics Group - Taiwan
- Vedanta Resources Plc - India
- Bulk Trading Sa - Switzerland
- Sarangani Energy Corporation, Philippines
- Makarim & Taira - Indonesia
- Bhushan Steel Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Standard Chartered Bank - UAE
- Orica Mining Services - Indonesia
- Madhucon Powers Ltd - India
- Directorate Of Revenue Intelligence - India
- PTC India Limited - India
- Agrawal Coal Company - India
- Indogreen Group - Indonesia
- Electricity Generating Authority of Thailand
- Ministry of Mines - Canada
- Holcim Trading Pte Ltd - Singapore
- Coal and Oil Company - UAE
- Bhoruka Overseas - Indonesia
- Malabar Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- White Energy Company Limited
- Australian Coal Association
- Deloitte Consulting - India
- Trasteel International SA, Italy
- Indonesian Coal Mining Association
- Ind-Barath Power Infra Limited - India
- India Bulls Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- ICICI Bank Limited - India
- Commonwealth Bank - Australia
- Kaltim Prima Coal - Indonesia
- Mercuria Energy - Indonesia
- Orica Australia Pty. Ltd.
- Latin American Coal - Colombia
- Toyota Tsusho Corporation, Japan
- Binh Thuan Hamico - Vietnam
- Kumho Petrochemical, South Korea
- Sree Jayajothi Cements Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Therma Luzon, Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Jaiprakash Power Ventures ltd
- SMG Consultants - Indonesia
- IEA Clean Coal Centre - UK
- Sinarmas Energy and Mining - Indonesia
- San Jose City I Power Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The University of Queensland
- MS Steel International - UAE
- Central Java Power - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Larsen & Toubro Limited - India
- Salva Resources Pvt Ltd - India
- Petron Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Banpu Public Company Limited - Thailand
- Essar Steel Hazira Ltd - India
- Baramulti Group, Indonesia
- Parliament of New Zealand
- Parry Sugars Refinery, India
- Star Paper Mills Limited - India
- Timah Investasi Mineral - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- TeaM Sual Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- Bukit Baiduri Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Lanco Infratech Ltd - India
- Xindia Steels Limited - India
- London Commodity Brokers - England
- Vizag Seaport Private Limited - India
- Semirara Mining Corp, Philippines
- Bukit Makmur.PT - Indonesia
- IHS Mccloskey Coal Group - USA
- Rio Tinto Coal - Australia
- Coalindo Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Mintek Dendrill Indonesia
- Global Coal Blending Company Limited - Australia
- ASAPP Information Group - India
- Videocon Industries ltd - India
- Kartika Selabumi Mining - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Vijayanagar Sugar Pvt Ltd - India
- VISA Power Limited - India
- The State Trading Corporation of India Ltd
- Singapore Mercantile Exchange
- Alfred C Toepfer International GmbH - Germany
- Uttam Galva Steels Limited - India
- Billiton Holdings Pty Ltd - Australia
- PowerSource Philippines DevCo
- Krishnapatnam Port Company Ltd. - India
- Asmin Koalindo Tuhup - Indonesia
- Africa Commodities Group - South Africa
- Jindal Steel & Power Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- GVK Power & Infra Limited - India
- Savvy Resources Ltd - HongKong
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