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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, 03 November 16
CAPESIZE: BRAZIL/CHINA RATES MOVED TO THE $11 PMT LEVEL; WEST AUSTRALIA/CHINA ROUTE MOVED UP CLOSE TO MID $5 PMT LEVEL - FEARNLEYS
Supramax
In the Atlantic we see a bit more activity than in the eastern hemisphere, says Fearnleys in its latest weekly report. Fhauls via Black ...
Wednesday, 02 November 16
SHIPPING MARKET INSIGHT
A week before the U.S. presidential election, everyone is eager to see the socio-political effects that the result of these elections will have. As ...
Wednesday, 02 November 16
SHIP OPERATING COSTS ARE EXPECTED TO RISE IN BOTH 2016 AND 2017 - MOORE STEPHENS
Vessel operating costs are expected to rise in both 2016 and 2017. Repairs and maintenance and spares are the cost categories which are likely to i ...
Tuesday, 01 November 16
PANAMAX : A FAIR AMOUNT OF SIDEWAYS SHIPPING IN RATES - ALLIED SHIPPING
Capesize
A very sluggish start to the week, with rates dropping considerably as all optimism seems to have evaporated over the weekend. According ...
Tuesday, 01 November 16
IMPROVEMENT ON THE DEMAND SIDE ONLY BUT THE SUPPLY SIDE IS WORSE OFF - BIMCO
Back in May, BIMCO disclosed a projected “road to recovery” for the dry bulk shipping industry. The main message back then on what the ...
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- Wilmar Investment Holdings
- India Bulls Power Limited - India
- Kaltim Prima Coal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Eastern Energy - Thailand
- Ministry of Transport, Egypt
- Goldman Sachs - Singapore
- Commonwealth Bank - Australia
- White Energy Company Limited
- Marubeni Corporation - India
- Mercator Lines Limited - India
- MS Steel International - UAE
- Antam Resourcindo - Indonesia
- Therma Luzon, Inc, Philippines
- Anglo American - United Kingdom
- Barasentosa Lestari - Indonesia
- Eastern Coal Council - USA
- McConnell Dowell - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Africa Commodities Group - South Africa
- Petron Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Thiess Contractors Indonesia
- Posco Energy - South Korea
- International Coal Ventures Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Bukit Baiduri Energy - Indonesia
- Larsen & Toubro Limited - India
- Sojitz Corporation - Japan
- Malabar Cements Ltd - India
- Indian Energy Exchange, India
- Latin American Coal - Colombia
- Coalindo Energy - Indonesia
- Indika Energy - Indonesia
- The University of Queensland
- Port Waratah Coal Services - Australia
- Sinarmas Energy and Mining - Indonesia
- ICICI Bank Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Electricity Generating Authority of Thailand
- Krishnapatnam Port Company Ltd. - India
- Semirara Mining and Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Straits Asia Resources Limited - Singapore
- PowerSource Philippines DevCo
- Thai Mozambique Logistica
- Metalloyd Limited - United Kingdom
- Global Coal Blending Company Limited - Australia
- Iligan Light & Power Inc, Philippines
- Power Finance Corporation Ltd., India
- Carbofer General Trading SA - India
- Price Waterhouse Coopers - Russia
- Parliament of New Zealand
- Global Green Power PLC Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mintek Dendrill Indonesia
- GMR Energy Limited - India
- Gujarat Sidhee Cement - India
- SMC Global Power, Philippines
- Banpu Public Company Limited - Thailand
- Bhushan Steel Limited - India
- CIMB Investment Bank - Malaysia
- IEA Clean Coal Centre - UK
- Bhoruka Overseas - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Star Paper Mills Limited - India
- Altura Mining Limited, Indonesia
- Medco Energi Mining Internasional
- TNB Fuel Sdn Bhd - Malaysia
- Makarim & Taira - Indonesia
- Savvy Resources Ltd - HongKong
- Australian Commodity Traders Exchange
- Tamil Nadu electricity Board
- The Treasury - Australian Government
- Petrochimia International Co. Ltd.- Taiwan
- Bulk Trading Sa - Switzerland
- Kumho Petrochemical, South Korea
- Intertek Mineral Services - Indonesia
- Sarangani Energy Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Borneo Indobara - Indonesia
- Indogreen Group - Indonesia
- GAC Shipping (India) Pvt Ltd
- Bukit Makmur.PT - Indonesia
- Independent Power Producers Association of India
- GVK Power & Infra Limited - India
- Lanco Infratech Ltd - India
- Agrawal Coal Company - India
- Chettinad Cement Corporation Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Dalmia Cement Bharat India
- Maheswari Brothers Coal Limited - India
- Bangladesh Power Developement Board
- Binh Thuan Hamico - Vietnam
- Renaissance Capital - South Africa
- Mercuria Energy - Indonesia
- Riau Bara Harum - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- LBH Netherlands Bv - Netherlands
- Uttam Galva Steels Limited - India
- Ceylon Electricity Board - Sri Lanka
- Parry Sugars Refinery, India
- TeaM Sual Corporation - Philippines
- VISA Power Limited - India
- Deloitte Consulting - India
- Attock Cement Pakistan Limited
- Ministry of Mines - Canada
- Indo Tambangraya Megah - Indonesia
- The State Trading Corporation of India Ltd
- PNOC Exploration Corporation - Philippines
- Coal and Oil Company - UAE
- Xindia Steels Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Finance - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Central Java Power - Indonesia
- Grasim Industreis Ltd - India
- Semirara Mining Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- OPG Power Generation Pvt Ltd - India
- Madhucon Powers Ltd - India
- Videocon Industries ltd - India
- PTC India Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Karaikal Port Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Indian Oil Corporation Limited
- Miang Besar Coal Terminal - Indonesia
- Oldendorff Carriers - Singapore
- Heidelberg Cement - Germany
- Ambuja Cements Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SMG Consultants - Indonesia
- Australian Coal Association
- Vizag Seaport Private Limited - India
- Bayan Resources Tbk. - Indonesia
- New Zealand Coal & Carbon
- Interocean Group of Companies - India
- Simpson Spence & Young - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Electricity Authority, New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Bhatia International Limited - India
- Cement Manufacturers Association - India
- Tata Chemicals Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Global Business Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Aboitiz Power Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Asmin Koalindo Tuhup - Indonesia
- Salva Resources Pvt Ltd - India
- Orica Mining Services - Indonesia
- Kepco SPC Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Gujarat Electricity Regulatory Commission - India
- Energy Development Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- ASAPP Information Group - India
- Jindal Steel & Power Ltd - India
- Toyota Tsusho Corporation, Japan
- Billiton Holdings Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
- European Bulk Services B.V. - Netherlands
- Samtan Co., Ltd - South Korea
- Trasteel International SA, Italy
- Vedanta Resources Plc - India
- GN Power Mariveles Coal Plant, Philippines
- Alfred C Toepfer International GmbH - Germany
- Planning Commission, India
- Sakthi Sugars Limited - India
- Singapore Mercantile Exchange
- Sree Jayajothi Cements Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Baramulti Group, Indonesia
- Siam City Cement PLC, Thailand
- Kalimantan Lumbung Energi - Indonesia
- Globalindo Alam Lestari - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Rio Tinto Coal - Australia
- Sical Logistics Limited - India
- Essar Steel Hazira Ltd - India
- Minerals Council of Australia
- Mjunction Services Limited - India
- SN Aboitiz Power Inc, Philippines
- Chamber of Mines of South Africa
- Siam City Cement - Thailand
- Timah Investasi Mineral - Indoneisa
- Kideco Jaya Agung - Indonesia
- Coastal Gujarat Power Limited - India
- Edison Trading Spa - Italy
- Sindya Power Generating Company Private Ltd
- Neyveli Lignite Corporation Ltd, - India
- South Luzon Thermal Energy Corporation
- Orica Australia Pty. Ltd.
- IHS Mccloskey Coal Group - USA
- Offshore Bulk Terminal Pte Ltd, Singapore
- London Commodity Brokers - England
- Meralco Power Generation, Philippines
- Merrill Lynch Commodities Europe
- Directorate Of Revenue Intelligence - India
- Economic Council, Georgia
- CNBM International Corporation - China
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Aditya Birla Group - India
- Georgia Ports Authority, United States
- Romanian Commodities Exchange
- Central Electricity Authority - India
- Energy Link Ltd, New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Indonesian Coal Mining Association
- Meenaskhi Energy Private Limited - India
- San Jose City I Power Corp, Philippines
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