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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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Thursday, 10 November 16
PANAMAX: NO TRUMP INFLUENCE YET, AND THE MARKET IS HEADING NORTH - FEARNLEYS
Supramax
Pacific Supra market still soft and falling this week, although seems to be in a somewhat slower pace compared to last week. According t ...
Wednesday, 09 November 16
SINGAPORE'S SGX COMPLETES ACQUISITION OF LONDON'S BALTIC EXCHANGE
COALspot.com: Singapore Exchange Limited and The Baltic Exchange Limited together announced that the acquisition of the Baltic Exchange by SGX has ...
Wednesday, 09 November 16
SUPRAMAX: 50% INCREASE ON AVERAGE SINCE THE FIRST QUARTER OF THE YEAR - GIANNIS ANDRITSOPOULOS
Last week was an interesting one for the tanker market, which following the explosion of the gas pipeline in Alabama witnessed a spike in Atlantic ...
Tuesday, 08 November 16
S.KOREA'S KOMIPO ISSUES TENDER TO BUY 390K TONS OF BITUMINOUS COAL FOR JAN-FEB 2017
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 390,000 Metric Tons of Bituminous Coal for its B ...
Monday, 07 November 16
INDONESIAN COAL PRICE REFERENCE ROSE 59.57 PER CENT YEAR TO MONTH
COALspot.com: The Indonesia coal benchmark price hits to its highest level since May 2013. The government declared benchmark prices for Indo ...
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- Wood Mackenzie - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Straits Asia Resources Limited - Singapore
- Central Electricity Authority - India
- Indo Tambangraya Megah - Indonesia
- Bhushan Steel Limited - India
- Grasim Industreis Ltd - India
- Sakthi Sugars Limited - India
- Billiton Holdings Pty Ltd - Australia
- International Coal Ventures Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Alfred C Toepfer International GmbH - Germany
- Karaikal Port Pvt Ltd - India
- Eastern Energy - Thailand
- ICICI Bank Limited - India
- Chamber of Mines of South Africa
- VISA Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Rio Tinto Coal - Australia
- Ambuja Cements Ltd - India
- Agrawal Coal Company - India
- Bahari Cakrawala Sebuku - Indonesia
- Merrill Lynch Commodities Europe
- Interocean Group of Companies - India
- LBH Netherlands Bv - Netherlands
- Indogreen Group - Indonesia
- India Bulls Power Limited - India
- Baramulti Group, Indonesia
- Petron Corporation, Philippines
- Africa Commodities Group - South Africa
- Malabar Cements Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- The Treasury - Australian Government
- Kartika Selabumi Mining - Indonesia
- Iligan Light & Power Inc, Philippines
- McConnell Dowell - Australia
- Electricity Authority, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Medco Energi Mining Internasional
- GN Power Mariveles Coal Plant, Philippines
- Borneo Indobara - Indonesia
- PTC India Limited - India
- Wilmar Investment Holdings
- Renaissance Capital - South Africa
- Kobexindo Tractors - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Therma Luzon, Inc, Philippines
- Bangladesh Power Developement Board
- Maheswari Brothers Coal Limited - India
- White Energy Company Limited
- Simpson Spence & Young - Indonesia
- Port Waratah Coal Services - Australia
- Indonesian Coal Mining Association
- Lanco Infratech Ltd - India
- Bharathi Cement Corporation - India
- Latin American Coal - Colombia
- Global Green Power PLC Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Tamil Nadu electricity Board
- Cement Manufacturers Association - India
- CIMB Investment Bank - Malaysia
- AsiaOL BioFuels Corp., Philippines
- Global Business Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Singapore Mercantile Exchange
- Oldendorff Carriers - Singapore
- Planning Commission, India
- Trasteel International SA, Italy
- Bulk Trading Sa - Switzerland
- Siam City Cement - Thailand
- London Commodity Brokers - England
- Kalimantan Lumbung Energi - Indonesia
- GAC Shipping (India) Pvt Ltd
- Kepco SPC Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Samtan Co., Ltd - South Korea
- Maharashtra Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- Independent Power Producers Association of India
- Carbofer General Trading SA - India
- Essar Steel Hazira Ltd - India
- Tata Chemicals Ltd - India
- Pendopo Energi Batubara - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Anglo American - United Kingdom
- Aboitiz Power Corporation - Philippines
- South Luzon Thermal Energy Corporation
- CNBM International Corporation - China
- Sree Jayajothi Cements Limited - India
- Coalindo Energy - Indonesia
- Sojitz Corporation - Japan
- Australian Coal Association
- Eastern Coal Council - USA
- Commonwealth Bank - Australia
- Globalindo Alam Lestari - Indonesia
- Sical Logistics Limited - India
- Cigading International Bulk Terminal - Indonesia
- Indika Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Metalloyd Limited - United Kingdom
- Energy Development Corp, Philippines
- Goldman Sachs - Singapore
- Central Java Power - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- IHS Mccloskey Coal Group - USA
- MS Steel International - UAE
- Economic Council, Georgia
- Marubeni Corporation - India
- Aditya Birla Group - India
- Riau Bara Harum - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Mines - Canada
- The University of Queensland
- Gujarat Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- Australian Commodity Traders Exchange
- Jindal Steel & Power Ltd - India
- Romanian Commodities Exchange
- Toyota Tsusho Corporation, Japan
- Orica Mining Services - Indonesia
- Standard Chartered Bank - UAE
- Bukit Makmur.PT - Indonesia
- Rashtriya Ispat Nigam Limited - India
- European Bulk Services B.V. - Netherlands
- Gujarat Mineral Development Corp Ltd - India
- Global Coal Blending Company Limited - Australia
- Vedanta Resources Plc - India
- Meralco Power Generation, Philippines
- Dalmia Cement Bharat India
- Neyveli Lignite Corporation Ltd, - India
- Thiess Contractors Indonesia
- Jaiprakash Power Ventures ltd
- Ceylon Electricity Board - Sri Lanka
- GVK Power & Infra Limited - India
- Directorate Of Revenue Intelligence - India
- Sindya Power Generating Company Private Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Directorate General of MIneral and Coal - Indonesia
- Mercuria Energy - Indonesia
- ASAPP Information Group - India
- Bhoruka Overseas - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coastal Gujarat Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Minerals Council of Australia
- Thai Mozambique Logistica
- Bukit Baiduri Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Mintek Dendrill Indonesia
- Makarim & Taira - Indonesia
- Manunggal Multi Energi - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Star Paper Mills Limited - India
- Ministry of Finance - Indonesia
- Meenaskhi Energy Private Limited - India
- Madhucon Powers Ltd - India
- OPG Power Generation Pvt Ltd - India
- New Zealand Coal & Carbon
- Kapuas Tunggal Persada - Indonesia
- Parliament of New Zealand
- Antam Resourcindo - Indonesia
- PowerSource Philippines DevCo
- SMC Global Power, Philippines
- Ministry of Transport, Egypt
- Videocon Industries ltd - India
- Deloitte Consulting - India
- Kideco Jaya Agung - Indonesia
- SMG Consultants - Indonesia
- Heidelberg Cement - Germany
- Savvy Resources Ltd - HongKong
- TeaM Sual Corporation - Philippines
- Uttam Galva Steels Limited - India
- Semirara Mining Corp, Philippines
- The State Trading Corporation of India Ltd
- Banpu Public Company Limited - Thailand
- Mercator Lines Limited - India
- Karbindo Abesyapradhi - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Siam City Cement PLC, Thailand
- PNOC Exploration Corporation - Philippines
- Posco Energy - South Korea
- Indian Oil Corporation Limited
- Barasentosa Lestari - Indonesia
- Coal and Oil Company - UAE
- Bayan Resources Tbk. - Indonesia
- Kumho Petrochemical, South Korea
- Bhatia International Limited - India
- Edison Trading Spa - Italy
- Indian Energy Exchange, India
- Power Finance Corporation Ltd., India
- Attock Cement Pakistan Limited
- Mjunction Services Limited - India
- Intertek Mineral Services - Indonesia
- Ind-Barath Power Infra Limited - India
- Vizag Seaport Private Limited - India
- Formosa Plastics Group - Taiwan
- Xindia Steels Limited - India
- GMR Energy Limited - India
- Orica Australia Pty. Ltd.
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kaltim Prima Coal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Larsen & Toubro Limited - India
- IEA Clean Coal Centre - UK
- Chettinad Cement Corporation Ltd - India
- Altura Mining Limited, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Georgia Ports Authority, United States
- Energy Link Ltd, New Zealand
- Parry Sugars Refinery, India
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