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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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Wednesday, 07 June 17
INDO HBA INDEX SEE LARGEST DROP SINCE FEBRUARY 2017
COALspot.com: Indonesian coal benchmark price decline 9.96% in June, government data showed.
The benchmark price of Indonesian thermal coal de ...
Wednesday, 07 June 17
MARKET INSIGHT - PANOS MAKRINOS
2017 undoubtedly began with very optimistic signs for the future of the Oil & Gas industry on the back of the Vienna Agreement. OPEC and non-OP ...
Tuesday, 06 June 17
THE FREIGHT MARKET WAS CONTINUE TO TUMBLE THIS PAST WEEK
COALspot.com: The Freight market continued to tumble this past week, as BDI and cape index showed a negative trend week over week.
The Baltic ...
Friday, 02 June 17
THE WORLD COAL ASSOCIATION HAS RESPONDED TO THE WITHDRAWAL OF THE UNITED STATES FROM THE PARIS AGREEMENT
“This decision is the result of a failure to build a genuine coalition on climate action that recognises the role of all technologies, includ ...
Friday, 02 June 17
MOL SIGNS COAL TRANSPORT DEAL WITH THERMAL POWERTECH CORPORATION INDIA LIMITED
MOL Signs Coal Transport Deal with Thermal Powertech Corporation India Limited - Contributing to a Stable Power Supply in India -
Jun ...
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- Timah Investasi Mineral - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sical Logistics Limited - India
- Directorate Of Revenue Intelligence - India
- Bhatia International Limited - India
- Port Waratah Coal Services - Australia
- Indogreen Group - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Ambuja Cements Ltd - India
- Videocon Industries ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Indika Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Kapuas Tunggal Persada - Indonesia
- TeaM Sual Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Ministry of Mines - Canada
- Star Paper Mills Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Sree Jayajothi Cements Limited - India
- Bulk Trading Sa - Switzerland
- Kideco Jaya Agung - Indonesia
- Merrill Lynch Commodities Europe
- San Jose City I Power Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- The Treasury - Australian Government
- Central Electricity Authority - India
- Heidelberg Cement - Germany
- Carbofer General Trading SA - India
- Ind-Barath Power Infra Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Thiess Contractors Indonesia
- Karaikal Port Pvt Ltd - India
- Dalmia Cement Bharat India
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Sidhee Cement - India
- Agrawal Coal Company - India
- Bhoruka Overseas - Indonesia
- Baramulti Group, Indonesia
- Vedanta Resources Plc - India
- Planning Commission, India
- Wood Mackenzie - Singapore
- Aditya Birla Group - India
- International Coal Ventures Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- India Bulls Power Limited - India
- Petron Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Coal Blending Company Limited - Australia
- Barasentosa Lestari - Indonesia
- Anglo American - United Kingdom
- GAC Shipping (India) Pvt Ltd
- The State Trading Corporation of India Ltd
- Savvy Resources Ltd - HongKong
- Banpu Public Company Limited - Thailand
- Meenaskhi Energy Private Limited - India
- Neyveli Lignite Corporation Ltd, - India
- New Zealand Coal & Carbon
- Georgia Ports Authority, United States
- Metalloyd Limited - United Kingdom
- PowerSource Philippines DevCo
- Ceylon Electricity Board - Sri Lanka
- Ministry of Transport, Egypt
- Indian Oil Corporation Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- MS Steel International - UAE
- Kepco SPC Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Meralco Power Generation, Philippines
- Price Waterhouse Coopers - Russia
- Goldman Sachs - Singapore
- Coal and Oil Company - UAE
- Bangladesh Power Developement Board
- Lanco Infratech Ltd - India
- Bukit Makmur.PT - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Attock Cement Pakistan Limited
- Maheswari Brothers Coal Limited - India
- Semirara Mining and Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- McConnell Dowell - Australia
- Formosa Plastics Group - Taiwan
- Marubeni Corporation - India
- Global Business Power Corporation, Philippines
- CNBM International Corporation - China
- Bayan Resources Tbk. - Indonesia
- Grasim Industreis Ltd - India
- Deloitte Consulting - India
- Mjunction Services Limited - India
- Economic Council, Georgia
- Altura Mining Limited, Indonesia
- Indian Energy Exchange, India
- Salva Resources Pvt Ltd - India
- Mintek Dendrill Indonesia
- Sinarmas Energy and Mining - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Madhucon Powers Ltd - India
- Sojitz Corporation - Japan
- Thai Mozambique Logistica
- IEA Clean Coal Centre - UK
- CIMB Investment Bank - Malaysia
- Iligan Light & Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Xindia Steels Limited - India
- Gujarat Electricity Regulatory Commission - India
- Kumho Petrochemical, South Korea
- Sindya Power Generating Company Private Ltd
- Globalindo Alam Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- Manunggal Multi Energi - Indonesia
- Parliament of New Zealand
- OPG Power Generation Pvt Ltd - India
- VISA Power Limited - India
- Larsen & Toubro Limited - India
- Power Finance Corporation Ltd., India
- Coalindo Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Malabar Cements Ltd - India
- Edison Trading Spa - Italy
- AsiaOL BioFuels Corp., Philippines
- PNOC Exploration Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Rio Tinto Coal - Australia
- SMC Global Power, Philippines
- Essar Steel Hazira Ltd - India
- Singapore Mercantile Exchange
- European Bulk Services B.V. - Netherlands
- Independent Power Producers Association of India
- Pipit Mutiara Jaya. PT, Indonesia
- Coastal Gujarat Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- SN Aboitiz Power Inc, Philippines
- Bharathi Cement Corporation - India
- The University of Queensland
- Jaiprakash Power Ventures ltd
- Intertek Mineral Services - Indonesia
- Electricity Generating Authority of Thailand
- Aboitiz Power Corporation - Philippines
- Uttam Galva Steels Limited - India
- Latin American Coal - Colombia
- Rashtriya Ispat Nigam Limited - India
- GVK Power & Infra Limited - India
- Australian Coal Association
- Commonwealth Bank - Australia
- Karbindo Abesyapradhi - Indoneisa
- Electricity Authority, New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Medco Energi Mining Internasional
- Bahari Cakrawala Sebuku - Indonesia
- Kaltim Prima Coal - Indonesia
- Orica Mining Services - Indonesia
- London Commodity Brokers - England
- LBH Netherlands Bv - Netherlands
- Straits Asia Resources Limited - Singapore
- PTC India Limited - India
- Makarim & Taira - Indonesia
- Energy Development Corp, Philippines
- Vizag Seaport Private Limited - India
- Global Green Power PLC Corporation, Philippines
- GMR Energy Limited - India
- Central Java Power - Indonesia
- Therma Luzon, Inc, Philippines
- White Energy Company Limited
- Australian Commodity Traders Exchange
- Romanian Commodities Exchange
- Minerals Council of Australia
- Eastern Energy - Thailand
- Chettinad Cement Corporation Ltd - India
- Mercator Lines Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Krishnapatnam Port Company Ltd. - India
- Chamber of Mines of South Africa
- Eastern Coal Council - USA
- Miang Besar Coal Terminal - Indonesia
- Siam City Cement - Thailand
- Interocean Group of Companies - India
- IHS Mccloskey Coal Group - USA
- SMG Consultants - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- ICICI Bank Limited - India
- Indo Tambangraya Megah - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Sakthi Sugars Limited - India
- Wilmar Investment Holdings
- Binh Thuan Hamico - Vietnam
- Borneo Indobara - Indonesia
- Posco Energy - South Korea
- Riau Bara Harum - Indonesia
- Bhushan Steel Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Tamil Nadu electricity Board
- Mercuria Energy - Indonesia
- Standard Chartered Bank - UAE
- Pendopo Energi Batubara - Indonesia
- Ministry of Finance - Indonesia
- Kartika Selabumi Mining - Indonesia
- ASAPP Information Group - India
- Parry Sugars Refinery, India
- Semirara Mining Corp, Philippines
- Oldendorff Carriers - Singapore
- Siam City Cement PLC, Thailand
- Indonesian Coal Mining Association
- Energy Link Ltd, New Zealand
- Renaissance Capital - South Africa
- South Luzon Thermal Energy Corporation
- Africa Commodities Group - South Africa
- Trasteel International SA, Italy
- Cigading International Bulk Terminal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Cement Manufacturers Association - India
- Orica Australia Pty. Ltd.
- Leighton Contractors Pty Ltd - Australia
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