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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, 12 May 17
SLOW AND UNEVENTFUL WEEK FOR THE PANAMAX MARKET
Supramax
In the Atlantic, only USG were showing some improvement, where pet-coke cargoes to India was fixed in the range of 19-23k daily and to C ...
Tuesday, 09 May 17
DRY BULK TRADE IS STILL HEAVILY RELIANT ON CHINA - GEORGE LAZARIDIS
We have seen an overall cool down in the dry bulk and tanker markets over the final two weeks of April, sparking worries amongst ship-owners that t ...
Monday, 08 May 17
INDONESIAN COAL PRICE REFERENCE RISES FOR SECOND STRAIGHT MONTH IN MAY
COALspot.com: Indonesian government declared coal benchmark price rose in May, government data showed.
The benchmark price of Indonesian therm ...
Monday, 08 May 17
OCEAN BULK CARGO RATES FALL FURTHER THIS PAST WEEK
COALspot.com: The Freight market continues to slump this past week, with all segments show a negative downward trend week over week.
The Balti ...
Monday, 08 May 17
US WEEKLY COAL OUTPUT ON THE DOWN - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 13.8 million short tons ...
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Showing 2051 to 2055 news of total 6871 |
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- Cigading International Bulk Terminal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Xindia Steels Limited - India
- Deloitte Consulting - India
- SN Aboitiz Power Inc, Philippines
- Indonesian Coal Mining Association
- Orica Australia Pty. Ltd.
- Siam City Cement PLC, Thailand
- IHS Mccloskey Coal Group - USA
- Edison Trading Spa - Italy
- Energy Development Corp, Philippines
- Mintek Dendrill Indonesia
- McConnell Dowell - Australia
- Central Java Power - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Interocean Group of Companies - India
- Maharashtra Electricity Regulatory Commission - India
- OPG Power Generation Pvt Ltd - India
- Mjunction Services Limited - India
- Sojitz Corporation - Japan
- Australian Commodity Traders Exchange
- Sindya Power Generating Company Private Ltd
- Bhushan Steel Limited - India
- Coal and Oil Company - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dalmia Cement Bharat India
- Mercator Lines Limited - India
- Siam City Cement - Thailand
- Rashtriya Ispat Nigam Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Commonwealth Bank - Australia
- Antam Resourcindo - Indonesia
- Pendopo Energi Batubara - Indonesia
- Parry Sugars Refinery, India
- Romanian Commodities Exchange
- Heidelberg Cement - Germany
- Georgia Ports Authority, United States
- Alfred C Toepfer International GmbH - Germany
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- New Zealand Coal & Carbon
- Sarangani Energy Corporation, Philippines
- Parliament of New Zealand
- Indian Oil Corporation Limited
- South Luzon Thermal Energy Corporation
- Globalindo Alam Lestari - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- San Jose City I Power Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Central Electricity Authority - India
- Miang Besar Coal Terminal - Indonesia
- Thiess Contractors Indonesia
- Riau Bara Harum - Indonesia
- Latin American Coal - Colombia
- Petron Corporation, Philippines
- Indian Energy Exchange, India
- Gujarat Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- Aditya Birla Group - India
- SMG Consultants - Indonesia
- Electricity Generating Authority of Thailand
- Bhoruka Overseas - Indonesia
- Vedanta Resources Plc - India
- Bukit Asam (Persero) Tbk - Indonesia
- Essar Steel Hazira Ltd - India
- Meenaskhi Energy Private Limited - India
- Global Green Power PLC Corporation, Philippines
- Global Business Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Metalloyd Limited - United Kingdom
- Indo Tambangraya Megah - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- VISA Power Limited - India
- Larsen & Toubro Limited - India
- PNOC Exploration Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Mines - Canada
- Krishnapatnam Port Company Ltd. - India
- London Commodity Brokers - England
- Formosa Plastics Group - Taiwan
- Kaltim Prima Coal - Indonesia
- Altura Mining Limited, Indonesia
- Tamil Nadu electricity Board
- Kalimantan Lumbung Energi - Indonesia
- Kepco SPC Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Intertek Mineral Services - Indonesia
- Manunggal Multi Energi - Indonesia
- Jaiprakash Power Ventures ltd
- India Bulls Power Limited - India
- Mercuria Energy - Indonesia
- Rio Tinto Coal - Australia
- Baramulti Group, Indonesia
- Kideco Jaya Agung - Indonesia
- Karaikal Port Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Eastern Coal Council - USA
- Ceylon Electricity Board - Sri Lanka
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coalindo Energy - Indonesia
- Australian Coal Association
- Oldendorff Carriers - Singapore
- Makarim & Taira - Indonesia
- Economic Council, Georgia
- Africa Commodities Group - South Africa
- International Coal Ventures Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bharathi Cement Corporation - India
- GAC Shipping (India) Pvt Ltd
- Sree Jayajothi Cements Limited - India
- Timah Investasi Mineral - Indoneisa
- Singapore Mercantile Exchange
- GMR Energy Limited - India
- Bulk Trading Sa - Switzerland
- Directorate General of MIneral and Coal - Indonesia
- Thai Mozambique Logistica
- Asmin Koalindo Tuhup - Indonesia
- The University of Queensland
- LBH Netherlands Bv - Netherlands
- Savvy Resources Ltd - HongKong
- Minerals Council of Australia
- The Treasury - Australian Government
- CIMB Investment Bank - Malaysia
- Bukit Makmur.PT - Indonesia
- White Energy Company Limited
- Bahari Cakrawala Sebuku - Indonesia
- Aboitiz Power Corporation - Philippines
- Renaissance Capital - South Africa
- ICICI Bank Limited - India
- Malabar Cements Ltd - India
- Electricity Authority, New Zealand
- Videocon Industries ltd - India
- Kobexindo Tractors - Indoneisa
- Agrawal Coal Company - India
- Standard Chartered Bank - UAE
- Bayan Resources Tbk. - Indonesia
- Meralco Power Generation, Philippines
- SMC Global Power, Philippines
- Posco Energy - South Korea
- Ministry of Finance - Indonesia
- Anglo American - United Kingdom
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Bukit Baiduri Energy - Indonesia
- Independent Power Producers Association of India
- Sakthi Sugars Limited - India
- Merrill Lynch Commodities Europe
- Carbofer General Trading SA - India
- Samtan Co., Ltd - South Korea
- Tata Chemicals Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Gujarat Sidhee Cement - India
- Kartika Selabumi Mining - Indonesia
- Lanco Infratech Ltd - India
- Binh Thuan Hamico - Vietnam
- Medco Energi Mining Internasional
- Sinarmas Energy and Mining - Indonesia
- PowerSource Philippines DevCo
- Wood Mackenzie - Singapore
- Ambuja Cements Ltd - India
- TeaM Sual Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Indogreen Group - Indonesia
- Salva Resources Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Bhatia International Limited - India
- Port Waratah Coal Services - Australia
- Global Coal Blending Company Limited - Australia
- Chettinad Cement Corporation Ltd - India
- Vizag Seaport Private Limited - India
- Semirara Mining and Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Marubeni Corporation - India
- PTC India Limited - India
- Price Waterhouse Coopers - Russia
- Wilmar Investment Holdings
- Power Finance Corporation Ltd., India
- Holcim Trading Pte Ltd - Singapore
- Madhucon Powers Ltd - India
- Goldman Sachs - Singapore
- Jindal Steel & Power Ltd - India
- Chamber of Mines of South Africa
- Orica Mining Services - Indonesia
- Eastern Energy - Thailand
- Straits Asia Resources Limited - Singapore
- Ministry of Transport, Egypt
- IEA Clean Coal Centre - UK
- MS Steel International - UAE
- Bangladesh Power Developement Board
- Indika Energy - Indonesia
- Borneo Indobara - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- The State Trading Corporation of India Ltd
- Trasteel International SA, Italy
- Ind-Barath Power Infra Limited - India
- Iligan Light & Power Inc, Philippines
- Therma Luzon, Inc, Philippines
- Kumho Petrochemical, South Korea
- GVK Power & Infra Limited - India
- Maheswari Brothers Coal Limited - India
- Attock Cement Pakistan Limited
- Sical Logistics Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Planning Commission, India
- Coastal Gujarat Power Limited - India
- Star Paper Mills Limited - India
- ASAPP Information Group - India
- Energy Link Ltd, New Zealand
- Cement Manufacturers Association - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Grasim Industreis Ltd - India
- Barasentosa Lestari - Indonesia
- CNBM International Corporation - China
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