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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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Monday, 24 April 17
THE FREIGHT MARKET WAS DOWN WEEK OVER WEEK EXCEPT FOR HANDYSIZE SEGMENT
COALspot.com: The Freight market was fell, week over a week as all segments show a negative downward trend except Handy Size segment this past week ...
Friday, 21 April 17
US WEEKLY COAL OUTPUT ON THE UP, EIA DATA SHOWS
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 14.9 million short ton ...
Thursday, 20 April 17
SHIPPING POOLS: DON'T JUST DIVE IN - MOORE STEPHENS
Shipping pools can be an attractive option for ship owners and operators, particularly in difficult markets and during periods of economic uncertai ...
Thursday, 20 April 17
THE DRY BULK MARKET IS STILL ON ITS UPWARD MOMENTUM - ALLIED SHIPPING
Having gone through the first quarter of the year and with the Easter break having no come and gone, it seems as though the dry bulk market is stil ...
Thursday, 20 April 17
CHINA'S IMPORT OF IRON ORE TO PROPEL DRY BULK SHIPPING DEMAND IN 2017 - PETER SAND
China's import of iron ore will continue to be a key driver for the demand growth in 2017 for the dry bulk shipping industry, alongside shippin ...
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- Kapuas Tunggal Persada - Indonesia
- SMC Global Power, Philippines
- Energy Development Corp, Philippines
- Marubeni Corporation - India
- Standard Chartered Bank - UAE
- Neyveli Lignite Corporation Ltd, - India
- Ceylon Electricity Board - Sri Lanka
- Ministry of Mines - Canada
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kartika Selabumi Mining - Indonesia
- Romanian Commodities Exchange
- Jaiprakash Power Ventures ltd
- Grasim Industreis Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Interocean Group of Companies - India
- Anglo American - United Kingdom
- Port Waratah Coal Services - Australia
- Directorate General of MIneral and Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- Tata Chemicals Ltd - India
- Mercator Lines Limited - India
- Wilmar Investment Holdings
- Power Finance Corporation Ltd., India
- Coastal Gujarat Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Trasteel International SA, Italy
- Antam Resourcindo - Indonesia
- Eastern Coal Council - USA
- Kepco SPC Power Corporation, Philippines
- Parry Sugars Refinery, India
- Global Business Power Corporation, Philippines
- Tamil Nadu electricity Board
- Electricity Generating Authority of Thailand
- Alfred C Toepfer International GmbH - Germany
- Rio Tinto Coal - Australia
- Kaltim Prima Coal - Indonesia
- Goldman Sachs - Singapore
- Intertek Mineral Services - Indonesia
- Australian Commodity Traders Exchange
- Deloitte Consulting - India
- Kumho Petrochemical, South Korea
- GN Power Mariveles Coal Plant, Philippines
- OPG Power Generation Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Chamber of Mines of South Africa
- Aditya Birla Group - India
- Formosa Plastics Group - Taiwan
- Karbindo Abesyapradhi - Indoneisa
- Minerals Council of Australia
- Malabar Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- Bhushan Steel Limited - India
- PowerSource Philippines DevCo
- Offshore Bulk Terminal Pte Ltd, Singapore
- Aboitiz Power Corporation - Philippines
- Sical Logistics Limited - India
- Petron Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Indika Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- VISA Power Limited - India
- Oldendorff Carriers - Singapore
- Bangladesh Power Developement Board
- Africa Commodities Group - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Globalindo Alam Lestari - Indonesia
- ICICI Bank Limited - India
- International Coal Ventures Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Bukit Baiduri Energy - Indonesia
- Siam City Cement PLC, Thailand
- Parliament of New Zealand
- Madhucon Powers Ltd - India
- Baramulti Group, Indonesia
- Indo Tambangraya Megah - Indonesia
- Directorate Of Revenue Intelligence - India
- SMG Consultants - Indonesia
- Indian Oil Corporation Limited
- Edison Trading Spa - Italy
- Uttam Galva Steels Limited - India
- Mercuria Energy - Indonesia
- Essar Steel Hazira Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- PTC India Limited - India
- Sojitz Corporation - Japan
- Iligan Light & Power Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indonesian Coal Mining Association
- Manunggal Multi Energi - Indonesia
- Carbofer General Trading SA - India
- Cement Manufacturers Association - India
- Billiton Holdings Pty Ltd - Australia
- Renaissance Capital - South Africa
- Attock Cement Pakistan Limited
- Economic Council, Georgia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Bulk Trading Sa - Switzerland
- Barasentosa Lestari - Indonesia
- Chettinad Cement Corporation Ltd - India
- Sakthi Sugars Limited - India
- Global Green Power PLC Corporation, Philippines
- Riau Bara Harum - Indonesia
- India Bulls Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Meralco Power Generation, Philippines
- Leighton Contractors Pty Ltd - Australia
- PNOC Exploration Corporation - Philippines
- Jindal Steel & Power Ltd - India
- South Luzon Thermal Energy Corporation
- Semirara Mining Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Toyota Tsusho Corporation, Japan
- Bhoruka Overseas - Indonesia
- Kobexindo Tractors - Indoneisa
- MS Steel International - UAE
- Altura Mining Limited, Indonesia
- Ind-Barath Power Infra Limited - India
- Vedanta Resources Plc - India
- Samtan Co., Ltd - South Korea
- Planning Commission, India
- Indogreen Group - Indonesia
- LBH Netherlands Bv - Netherlands
- White Energy Company Limited
- The State Trading Corporation of India Ltd
- Bharathi Cement Corporation - India
- GMR Energy Limited - India
- Thiess Contractors Indonesia
- Pendopo Energi Batubara - Indonesia
- Wood Mackenzie - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Medco Energi Mining Internasional
- Sinarmas Energy and Mining - Indonesia
- McConnell Dowell - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Makmur.PT - Indonesia
- Electricity Authority, New Zealand
- Georgia Ports Authority, United States
- Independent Power Producers Association of India
- Salva Resources Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Price Waterhouse Coopers - Russia
- Ministry of Finance - Indonesia
- Merrill Lynch Commodities Europe
- IEA Clean Coal Centre - UK
- Coalindo Energy - Indonesia
- London Commodity Brokers - England
- Heidelberg Cement - Germany
- Orica Mining Services - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Thai Mozambique Logistica
- Siam City Cement - Thailand
- Energy Link Ltd, New Zealand
- GAC Shipping (India) Pvt Ltd
- Dalmia Cement Bharat India
- Gujarat Mineral Development Corp Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- CNBM International Corporation - China
- Meenaskhi Energy Private Limited - India
- Star Paper Mills Limited - India
- Simpson Spence & Young - Indonesia
- The University of Queensland
- Latin American Coal - Colombia
- IHS Mccloskey Coal Group - USA
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Australian Coal Association
- ASAPP Information Group - India
- Videocon Industries ltd - India
- Ambuja Cements Ltd - India
- Kideco Jaya Agung - Indonesia
- TeaM Sual Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Borneo Indobara - Indonesia
- Mintek Dendrill Indonesia
- Larsen & Toubro Limited - India
- Singapore Mercantile Exchange
- Banpu Public Company Limited - Thailand
- Coal and Oil Company - UAE
- Posco Energy - South Korea
- Gujarat Sidhee Cement - India
- Semirara Mining and Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Therma Luzon, Inc, Philippines
- Bhatia International Limited - India
- Ministry of Transport, Egypt
- PetroVietnam Power Coal Import and Supply Company
- Xindia Steels Limited - India
- Bayan Resources Tbk. - Indonesia
- The Treasury - Australian Government
- Holcim Trading Pte Ltd - Singapore
- Commonwealth Bank - Australia
- GVK Power & Infra Limited - India
- Indian Energy Exchange, India
- Metalloyd Limited - United Kingdom
- Binh Thuan Hamico - Vietnam
- AsiaOL BioFuels Corp., Philippines
- Eastern Energy - Thailand
- Agrawal Coal Company - India
- Orica Australia Pty. Ltd.
- Global Coal Blending Company Limited - Australia
- Central Electricity Authority - India
- Straits Asia Resources Limited - Singapore
- Central Java Power - Indonesia
- Mjunction Services Limited - India
- New Zealand Coal & Carbon
- Vizag Seaport Private Limited - India
- Makarim & Taira - Indonesia
- Sindya Power Generating Company Private Ltd
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