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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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Friday, 02 June 17
U.S THE PAST WEEK'S COAL PRODUCTION ESTIMATE UP 4.4% - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 15 million short tonnes ...
Wednesday, 31 May 17
MARKET INSIGHT - KONSTANTINOS KAKAVITSAS
In the next episode of the oil market; The market reacts to OPEC’s production cut extension, the US shale oil producers are ruining the carte ...
Tuesday, 30 May 17
MARKET ANALYSIS - GEORGE LAZARIDIS
Despite the fair performance that has been noted in the Chinese economy over the past 5 months, we have started to see an increase in the skepticis ...
Friday, 26 May 17
MOST COAL PLANTS IN THE UNITED STATES WERE BUILT BEFORE 1990 - EIA
Coal-fired electricity generators accounted for 25% of operating electricity generating capacity in the United States and generated about 30% of U. ...
Friday, 26 May 17
U.S WEEKLY COAL OUTPUT ESTIMATE UP 6.3% W/W
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 14.3 million short ton ...
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- Petrochimia International Co. Ltd.- Taiwan
- Heidelberg Cement - Germany
- PNOC Exploration Corporation - Philippines
- Samtan Co., Ltd - South Korea
- VISA Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Bhoruka Overseas - Indonesia
- Siam City Cement - Thailand
- Altura Mining Limited, Indonesia
- The State Trading Corporation of India Ltd
- The University of Queensland
- Trasteel International SA, Italy
- Georgia Ports Authority, United States
- Attock Cement Pakistan Limited
- Malabar Cements Ltd - India
- Bhatia International Limited - India
- Globalindo Alam Lestari - Indonesia
- Metalloyd Limited - United Kingdom
- Posco Energy - South Korea
- Anglo American - United Kingdom
- Lanco Infratech Ltd - India
- Maheswari Brothers Coal Limited - India
- Essar Steel Hazira Ltd - India
- Central Electricity Authority - India
- Kumho Petrochemical, South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Africa Commodities Group - South Africa
- Renaissance Capital - South Africa
- The Treasury - Australian Government
- OPG Power Generation Pvt Ltd - India
- Marubeni Corporation - India
- Vedanta Resources Plc - India
- Sarangani Energy Corporation, Philippines
- Rio Tinto Coal - Australia
- Bulk Trading Sa - Switzerland
- Gujarat Mineral Development Corp Ltd - India
- PowerSource Philippines DevCo
- Jindal Steel & Power Ltd - India
- Salva Resources Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- ICICI Bank Limited - India
- CIMB Investment Bank - Malaysia
- Rashtriya Ispat Nigam Limited - India
- Wood Mackenzie - Singapore
- Parry Sugars Refinery, India
- Ministry of Mines - Canada
- Pendopo Energi Batubara - Indonesia
- Xindia Steels Limited - India
- South Luzon Thermal Energy Corporation
- Independent Power Producers Association of India
- Energy Link Ltd, New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Cement Manufacturers Association - India
- Kohat Cement Company Ltd. - Pakistan
- Miang Besar Coal Terminal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Commonwealth Bank - Australia
- Therma Luzon, Inc, Philippines
- Chamber of Mines of South Africa
- GMR Energy Limited - India
- MS Steel International - UAE
- Oldendorff Carriers - Singapore
- IHS Mccloskey Coal Group - USA
- Star Paper Mills Limited - India
- Mintek Dendrill Indonesia
- McConnell Dowell - Australia
- Bayan Resources Tbk. - Indonesia
- CNBM International Corporation - China
- Binh Thuan Hamico - Vietnam
- San Jose City I Power Corp, Philippines
- Ministry of Finance - Indonesia
- Madhucon Powers Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Thai Mozambique Logistica
- Semirara Mining Corp, Philippines
- Indika Energy - Indonesia
- Minerals Council of Australia
- European Bulk Services B.V. - Netherlands
- Deloitte Consulting - India
- Larsen & Toubro Limited - India
- Electricity Authority, New Zealand
- Wilmar Investment Holdings
- SMG Consultants - Indonesia
- Kideco Jaya Agung - Indonesia
- Indian Energy Exchange, India
- TeaM Sual Corporation - Philippines
- Romanian Commodities Exchange
- Central Java Power - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Indian Oil Corporation Limited
- Siam City Cement PLC, Thailand
- Parliament of New Zealand
- Billiton Holdings Pty Ltd - Australia
- Kalimantan Lumbung Energi - Indonesia
- Orica Mining Services - Indonesia
- Sakthi Sugars Limited - India
- Krishnapatnam Port Company Ltd. - India
- Price Waterhouse Coopers - Russia
- Antam Resourcindo - Indonesia
- Videocon Industries ltd - India
- Savvy Resources Ltd - HongKong
- Eastern Coal Council - USA
- Global Coal Blending Company Limited - Australia
- Jorong Barutama Greston.PT - Indonesia
- Riau Bara Harum - Indonesia
- Goldman Sachs - Singapore
- Banpu Public Company Limited - Thailand
- Manunggal Multi Energi - Indonesia
- Coalindo Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meralco Power Generation, Philippines
- White Energy Company Limited
- Borneo Indobara - Indonesia
- Electricity Generating Authority of Thailand
- Gujarat Sidhee Cement - India
- Mercuria Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Coal and Oil Company - UAE
- Kartika Selabumi Mining - Indonesia
- Barasentosa Lestari - Indonesia
- Timah Investasi Mineral - Indoneisa
- Australian Coal Association
- Vizag Seaport Private Limited - India
- SMC Global Power, Philippines
- Ambuja Cements Ltd - India
- Bukit Makmur.PT - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vijayanagar Sugar Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Baramulti Group, Indonesia
- London Commodity Brokers - England
- Planning Commission, India
- Orica Australia Pty. Ltd.
- India Bulls Power Limited - India
- Chettinad Cement Corporation Ltd - India
- PTC India Limited - India
- Interocean Group of Companies - India
- Karbindo Abesyapradhi - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Economic Council, Georgia
- AsiaOL BioFuels Corp., Philippines
- Edison Trading Spa - Italy
- LBH Netherlands Bv - Netherlands
- Medco Energi Mining Internasional
- ASAPP Information Group - India
- Uttam Galva Steels Limited - India
- Ind-Barath Power Infra Limited - India
- Sree Jayajothi Cements Limited - India
- Grasim Industreis Ltd - India
- Simpson Spence & Young - Indonesia
- Straits Asia Resources Limited - Singapore
- SN Aboitiz Power Inc, Philippines
- IEA Clean Coal Centre - UK
- Toyota Tsusho Corporation, Japan
- Sindya Power Generating Company Private Ltd
- Sical Logistics Limited - India
- Singapore Mercantile Exchange
- International Coal Ventures Pvt Ltd - India
- Bharathi Cement Corporation - India
- Latin American Coal - Colombia
- Dalmia Cement Bharat India
- Energy Development Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Power Finance Corporation Ltd., India
- Bangladesh Power Developement Board
- Kapuas Tunggal Persada - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Eastern Energy - Thailand
- Jaiprakash Power Ventures ltd
- Indonesian Coal Mining Association
- Sojitz Corporation - Japan
- Kaltim Prima Coal - Indonesia
- Australian Commodity Traders Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bhushan Steel Limited - India
- Alfred C Toepfer International GmbH - Germany
- Aditya Birla Group - India
- GVK Power & Infra Limited - India
- Makarim & Taira - Indonesia
- Iligan Light & Power Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Intertek Mineral Services - Indonesia
- Indogreen Group - Indonesia
- GAC Shipping (India) Pvt Ltd
- Mjunction Services Limited - India
- Port Waratah Coal Services - Australia
- Coastal Gujarat Power Limited - India
- Tamil Nadu electricity Board
- Global Business Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- New Zealand Coal & Carbon
- Bukit Baiduri Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Mercator Lines Limited - India
- Global Green Power PLC Corporation, Philippines
- Thiess Contractors Indonesia
- Petron Corporation, Philippines
- Carbofer General Trading SA - India
- Directorate General of MIneral and Coal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- PetroVietnam Power Coal Import and Supply Company
- Formosa Plastics Group - Taiwan
- Tata Chemicals Ltd - India
- Ministry of Transport, Egypt
- Standard Chartered Bank - UAE
- Merrill Lynch Commodities Europe
- Indo Tambangraya Megah - Indonesia
- Agrawal Coal Company - India
- Kepco SPC Power Corporation, Philippines
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