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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, 18 May 17
SOUTHEAST ASIA CAN ACCELERATE ACHIEVEMENT OF PARIS AGREEMENT GOALS - WCA
Low emissions coal in Asia reduces more CO2 emissions than renewable investment in Western Europe.
Investing in low emissions coal plants in S ...
Wednesday, 17 May 17
THE CHINESE IMPORTS ARE A BAROMETER FOR VESSEL UTILIZATION - INTERMODAL
According to economic data, China imports increased year-on-year 38% in February, 20% in March – which is approximately US$160-170b - w ...
Monday, 15 May 17
THE PORT OF NEWCASTLE HAS SHIPPED 0.99 PERCENT LESS COAL IN APRIL 2017
COALspot.com: The Port of Newcastle, Australia’s major trading ports, and the world’s largest coal export ports has shipped $AU 1,636.2 ...
Monday, 15 May 17
THE CAPESIZE INDEX ROSE SIGNIFICANTLY THIS PAST WEEK COMPARED TO PREVIOUS WEEK
COALspot.com: The Freight market slightly up this past week, as BDI and Cape shows a positive trend week over week.
The Baltic Exchange, track ...
Friday, 12 May 17
U.S. COAL PRODUCTION DOWN AGAIN WEEK OVER WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 13.3 million short tons ...
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- Pendopo Energi Batubara - Indonesia
- Malabar Cements Ltd - India
- Kideco Jaya Agung - Indonesia
- London Commodity Brokers - England
- ASAPP Information Group - India
- Kaltim Prima Coal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indian Oil Corporation Limited
- Holcim Trading Pte Ltd - Singapore
- Leighton Contractors Pty Ltd - Australia
- Electricity Authority, New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Riau Bara Harum - Indonesia
- Economic Council, Georgia
- Kobexindo Tractors - Indoneisa
- Metalloyd Limited - United Kingdom
- Xindia Steels Limited - India
- Sree Jayajothi Cements Limited - India
- Independent Power Producers Association of India
- Goldman Sachs - Singapore
- Eastern Energy - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Lanco Infratech Ltd - India
- Global Green Power PLC Corporation, Philippines
- Mintek Dendrill Indonesia
- South Luzon Thermal Energy Corporation
- TeaM Sual Corporation - Philippines
- Latin American Coal - Colombia
- Siam City Cement - Thailand
- Meralco Power Generation, Philippines
- OPG Power Generation Pvt Ltd - India
- Makarim & Taira - Indonesia
- Semirara Mining Corp, Philippines
- Sojitz Corporation - Japan
- Bulk Trading Sa - Switzerland
- Tamil Nadu electricity Board
- Offshore Bulk Terminal Pte Ltd, Singapore
- Antam Resourcindo - Indonesia
- Therma Luzon, Inc, Philippines
- Sindya Power Generating Company Private Ltd
- GVK Power & Infra Limited - India
- Bukit Baiduri Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Thai Mozambique Logistica
- Merrill Lynch Commodities Europe
- Indian Energy Exchange, India
- Videocon Industries ltd - India
- Carbofer General Trading SA - India
- Energy Link Ltd, New Zealand
- Africa Commodities Group - South Africa
- Altura Mining Limited, Indonesia
- Bangladesh Power Developement Board
- Coastal Gujarat Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Grasim Industreis Ltd - India
- Uttam Galva Steels Limited - India
- Cement Manufacturers Association - India
- Energy Development Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- PowerSource Philippines DevCo
- Borneo Indobara - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Attock Cement Pakistan Limited
- Kapuas Tunggal Persada - Indonesia
- MS Steel International - UAE
- Formosa Plastics Group - Taiwan
- Medco Energi Mining Internasional
- Interocean Group of Companies - India
- Jaiprakash Power Ventures ltd
- Tata Chemicals Ltd - India
- Bhatia International Limited - India
- Indonesian Coal Mining Association
- Coal and Oil Company - UAE
- Jindal Steel & Power Ltd - India
- Essar Steel Hazira Ltd - India
- McConnell Dowell - Australia
- Larsen & Toubro Limited - India
- Petron Corporation, Philippines
- Price Waterhouse Coopers - Russia
- SMG Consultants - Indonesia
- Central Electricity Authority - India
- Savvy Resources Ltd - HongKong
- The University of Queensland
- India Bulls Power Limited - India
- Star Paper Mills Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Orica Australia Pty. Ltd.
- Karaikal Port Pvt Ltd - India
- Dalmia Cement Bharat India
- Heidelberg Cement - Germany
- Vedanta Resources Plc - India
- Commonwealth Bank - Australia
- Electricity Generating Authority of Thailand
- PTC India Limited - India
- LBH Netherlands Bv - Netherlands
- Billiton Holdings Pty Ltd - Australia
- Minerals Council of Australia
- Indika Energy - Indonesia
- Oldendorff Carriers - Singapore
- Kumho Petrochemical, South Korea
- Chamber of Mines of South Africa
- Trasteel International SA, Italy
- Bukit Makmur.PT - Indonesia
- Marubeni Corporation - India
- Sarangani Energy Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Thiess Contractors Indonesia
- Mercator Lines Limited - India
- Timah Investasi Mineral - Indoneisa
- Coalindo Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- ICICI Bank Limited - India
- Agrawal Coal Company - India
- Planning Commission, India
- Gujarat Sidhee Cement - India
- Rashtriya Ispat Nigam Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Wilmar Investment Holdings
- European Bulk Services B.V. - Netherlands
- Miang Besar Coal Terminal - Indonesia
- Mjunction Services Limited - India
- White Energy Company Limited
- Iligan Light & Power Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Bahari Cakrawala Sebuku - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Mercuria Energy - Indonesia
- Sakthi Sugars Limited - India
- Simpson Spence & Young - Indonesia
- Barasentosa Lestari - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Ceylon Electricity Board - Sri Lanka
- Vijayanagar Sugar Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Chettinad Cement Corporation Ltd - India
- International Coal Ventures Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Maheswari Brothers Coal Limited - India
- Eastern Coal Council - USA
- Petrochimia International Co. Ltd.- Taiwan
- PetroVietnam Power Coal Import and Supply Company
- Kalimantan Lumbung Energi - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Binh Thuan Hamico - Vietnam
- Wood Mackenzie - Singapore
- Banpu Public Company Limited - Thailand
- Power Finance Corporation Ltd., India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- AsiaOL BioFuels Corp., Philippines
- San Jose City I Power Corp, Philippines
- SMC Global Power, Philippines
- Edison Trading Spa - Italy
- The Treasury - Australian Government
- Australian Commodity Traders Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Meenaskhi Energy Private Limited - India
- Directorate General of MIneral and Coal - Indonesia
- CNBM International Corporation - China
- Singapore Mercantile Exchange
- SN Aboitiz Power Inc, Philippines
- Parry Sugars Refinery, India
- Neyveli Lignite Corporation Ltd, - India
- Standard Chartered Bank - UAE
- Sical Logistics Limited - India
- Port Waratah Coal Services - Australia
- Ambuja Cements Ltd - India
- Global Business Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Indogreen Group - Indonesia
- Parliament of New Zealand
- Manunggal Multi Energi - Indonesia
- Ministry of Mines - Canada
- Orica Mining Services - Indonesia
- Globalindo Alam Lestari - Indonesia
- Renaissance Capital - South Africa
- Samtan Co., Ltd - South Korea
- GMR Energy Limited - India
- Rio Tinto Coal - Australia
- Ind-Barath Power Infra Limited - India
- Indo Tambangraya Megah - Indonesia
- Kepco SPC Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Global Coal Blending Company Limited - Australia
- PNOC Exploration Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Australian Coal Association
- Georgia Ports Authority, United States
- Maharashtra Electricity Regulatory Commission - India
- Sinarmas Energy and Mining - Indonesia
- Ministry of Transport, Egypt
- Bharathi Cement Corporation - India
- Aditya Birla Group - India
- Central Java Power - Indonesia
- New Zealand Coal & Carbon
- Bhushan Steel Limited - India
- GAC Shipping (India) Pvt Ltd
- VISA Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Romanian Commodities Exchange
- IHS Mccloskey Coal Group - USA
- CIMB Investment Bank - Malaysia
- Posco Energy - South Korea
- Anglo American - United Kingdom
- Madhucon Powers Ltd - India
- Vizag Seaport Private Limited - India
- Baramulti Group, Indonesia
- Ministry of Finance - Indonesia
- Deloitte Consulting - India
- IEA Clean Coal Centre - UK
- Siam City Cement PLC, Thailand
- The State Trading Corporation of India Ltd
- Bhoruka Overseas - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
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