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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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Wednesday, 14 June 17
WORLD COAL PRODUCTION FELL BY 6.2%, THE LARGEST ANNUAL DECLINE ON RECORD - BP
COALspot.com: The 2017 edition of the BP Statistical Review of World Energy, shows global energy markets continuing to undergo long-term changes as ...
Wednesday, 14 June 17
HANDYSIZES AND PANAMAXES ENJOY THE TIGHTEST SUPPLY - PANOS TSILINGIRIS
The dry and the tanker shipping segments have dissimilar exposure to supply-driven opportunity (or risk). While the vintage (i.e., over 15 years ol ...
Tuesday, 13 June 17
THE TANKER FREIGHT MARKET IS STILL UNDER PRESSURE - GEORGE LAZARIDIS
News of U.S. inventory decline has hit the market by surprise with prices of the commodity showing some quick revival as OPEC continues to push wit ...
Monday, 12 June 17
THE BALTIC DRY INDEX TOOK A POSITIVE STEP
COALspot.com: The Freight market incline this past week compared to the previous week, as BDI, Cape and Panamax indexes show a positive trend week ...
Friday, 09 June 17
U.S WEEKLY COAL OUTPUT WAS FLAT WEEK OVER WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 15 million short tonnes ...
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- Electricity Generating Authority of Thailand
- Ind-Barath Power Infra Limited - India
- The State Trading Corporation of India Ltd
- Rio Tinto Coal - Australia
- Ministry of Transport, Egypt
- Karaikal Port Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Malabar Cements Ltd - India
- SMC Global Power, Philippines
- Intertek Mineral Services - Indonesia
- GMR Energy Limited - India
- Simpson Spence & Young - Indonesia
- Energy Link Ltd, New Zealand
- Essar Steel Hazira Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Sakthi Sugars Limited - India
- Planning Commission, India
- Toyota Tsusho Corporation, Japan
- Vedanta Resources Plc - India
- GVK Power & Infra Limited - India
- Coalindo Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bangladesh Power Developement Board
- Therma Luzon, Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Salva Resources Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- IHS Mccloskey Coal Group - USA
- Larsen & Toubro Limited - India
- Meenaskhi Energy Private Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Mercuria Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- New Zealand Coal & Carbon
- Indonesian Coal Mining Association
- SMG Consultants - Indonesia
- Makarim & Taira - Indonesia
- Ministry of Finance - Indonesia
- Edison Trading Spa - Italy
- Power Finance Corporation Ltd., India
- Economic Council, Georgia
- Siam City Cement PLC, Thailand
- European Bulk Services B.V. - Netherlands
- Parliament of New Zealand
- Australian Coal Association
- TeaM Sual Corporation - Philippines
- Bharathi Cement Corporation - India
- Kartika Selabumi Mining - Indonesia
- The Treasury - Australian Government
- Meralco Power Generation, Philippines
- Central Electricity Authority - India
- Bahari Cakrawala Sebuku - Indonesia
- Energy Development Corp, Philippines
- Indogreen Group - Indonesia
- Riau Bara Harum - Indonesia
- Lanco Infratech Ltd - India
- Maheswari Brothers Coal Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Formosa Plastics Group - Taiwan
- Bayan Resources Tbk. - Indonesia
- Iligan Light & Power Inc, Philippines
- Singapore Mercantile Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Alfred C Toepfer International GmbH - Germany
- Marubeni Corporation - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Grasim Industreis Ltd - India
- Billiton Holdings Pty Ltd - Australia
- ICICI Bank Limited - India
- San Jose City I Power Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Commonwealth Bank - Australia
- Rashtriya Ispat Nigam Limited - India
- Semirara Mining and Power Corporation, Philippines
- Trasteel International SA, Italy
- Kohat Cement Company Ltd. - Pakistan
- PowerSource Philippines DevCo
- Sinarmas Energy and Mining - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Merrill Lynch Commodities Europe
- Bulk Trading Sa - Switzerland
- Samtan Co., Ltd - South Korea
- Bukit Baiduri Energy - Indonesia
- Kumho Petrochemical, South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Eastern Energy - Thailand
- Kideco Jaya Agung - Indonesia
- International Coal Ventures Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Indian Oil Corporation Limited
- Global Coal Blending Company Limited - Australia
- Interocean Group of Companies - India
- Thiess Contractors Indonesia
- Chamber of Mines of South Africa
- Jaiprakash Power Ventures ltd
- South Luzon Thermal Energy Corporation
- McConnell Dowell - Australia
- Mintek Dendrill Indonesia
- Orica Australia Pty. Ltd.
- Gujarat Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- Baramulti Group, Indonesia
- Attock Cement Pakistan Limited
- Mercator Lines Limited - India
- Parry Sugars Refinery, India
- Thai Mozambique Logistica
- MS Steel International - UAE
- Sarangani Energy Corporation, Philippines
- VISA Power Limited - India
- Siam City Cement - Thailand
- Kalimantan Lumbung Energi - Indonesia
- Aditya Birla Group - India
- Orica Mining Services - Indonesia
- Ceylon Electricity Board - Sri Lanka
- IEA Clean Coal Centre - UK
- Star Paper Mills Limited - India
- Australian Commodity Traders Exchange
- Tamil Nadu electricity Board
- Sree Jayajothi Cements Limited - India
- Agrawal Coal Company - India
- Wilmar Investment Holdings
- Vizag Seaport Private Limited - India
- Kapuas Tunggal Persada - Indonesia
- Petron Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Madhucon Powers Ltd - India
- Africa Commodities Group - South Africa
- Kaltim Prima Coal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Minerals Council of Australia
- Bukit Makmur.PT - Indonesia
- Kepco SPC Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Goldman Sachs - Singapore
- Binh Thuan Hamico - Vietnam
- Deloitte Consulting - India
- ASAPP Information Group - India
- Cement Manufacturers Association - India
- CNBM International Corporation - China
- Barasentosa Lestari - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Sojitz Corporation - Japan
- Banpu Public Company Limited - Thailand
- Savvy Resources Ltd - HongKong
- India Bulls Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- White Energy Company Limited
- Sical Logistics Limited - India
- Ministry of Mines - Canada
- Cigading International Bulk Terminal - Indonesia
- Indian Energy Exchange, India
- Electricity Authority, New Zealand
- Tata Chemicals Ltd - India
- Independent Power Producers Association of India
- Gujarat Sidhee Cement - India
- Medco Energi Mining Internasional
- Mjunction Services Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Coastal Gujarat Power Limited - India
- Oldendorff Carriers - Singapore
- Wood Mackenzie - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Carbofer General Trading SA - India
- PTC India Limited - India
- Bhushan Steel Limited - India
- Altura Mining Limited, Indonesia
- Globalindo Alam Lestari - Indonesia
- Borneo Indobara - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Renaissance Capital - South Africa
- Semirara Mining Corp, Philippines
- Antam Resourcindo - Indonesia
- CIMB Investment Bank - Malaysia
- SN Aboitiz Power Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Indika Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Anglo American - United Kingdom
- PNOC Exploration Corporation - Philippines
- London Commodity Brokers - England
- Georgia Ports Authority, United States
- Kobexindo Tractors - Indoneisa
- Global Business Power Corporation, Philippines
- Dalmia Cement Bharat India
- Uttam Galva Steels Limited - India
- Xindia Steels Limited - India
- Heidelberg Cement - Germany
- Bukit Asam (Persero) Tbk - Indonesia
- Port Waratah Coal Services - Australia
- Price Waterhouse Coopers - Russia
- AsiaOL BioFuels Corp., Philippines
- Straits Asia Resources Limited - Singapore
- Latin American Coal - Colombia
- Directorate Of Revenue Intelligence - India
- Ambuja Cements Ltd - India
- The University of Queensland
- LBH Netherlands Bv - Netherlands
- Coal and Oil Company - UAE
- Global Green Power PLC Corporation, Philippines
- Standard Chartered Bank - UAE
- Chettinad Cement Corporation Ltd - India
- Romanian Commodities Exchange
- Eastern Coal Council - USA
- Videocon Industries ltd - India
- Jindal Steel & Power Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Bhatia International Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Indo Tambangraya Megah - Indonesia
- Metalloyd Limited - United Kingdom
- Offshore Bulk Terminal Pte Ltd, Singapore
- Central Java Power - Indonesia
- Posco Energy - South Korea
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