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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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Monday, 17 April 17
THE PANAMAX INDEX (BPI) ROSE (12.89%) WEEK OVER WEEK
COALspot.com: The Freight market was firm, week over a week as all segments show a positive upward trend this past week.
The Baltic Exchange, ...
Monday, 17 April 17
U.S. WEEKLY COAL OUTPUT FELL 5% WEEK OVER WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 13.8 million short tons ...
Thursday, 13 April 17
OPEC OVER-DELIVERS ON OIL CUTS, BUT SEES RIVALS' OUTPUT RISING
Crude Oil Price Movements
The OPEC Reference Basket averaged $50.32/b in March, representing a decline of 5.7% from the previous month. Crude fut ...
Wednesday, 12 April 17
THE PORT OF NEWCASTLE SHIPPED 13.791 MILLION TONS OF COAL IN MARCH 2017
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export ports has shipped $AU 1,688.5 ...
Wednesday, 12 April 17
SHIPPING MARKET INSIGHT - VASSILIS VASSILIOU
The first quarter of 2017 started relatively busy for the ship repair sector, with most of the repair facilities being nearly fully occupied till t ...
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- Simpson Spence & Young - Indonesia
- Billiton Holdings Pty Ltd - Australia
- International Coal Ventures Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Coal and Oil Company - UAE
- Petron Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Alfred C Toepfer International GmbH - Germany
- Latin American Coal - Colombia
- Sindya Power Generating Company Private Ltd
- Grasim Industreis Ltd - India
- Jindal Steel & Power Ltd - India
- Planning Commission, India
- Ceylon Electricity Board - Sri Lanka
- Port Waratah Coal Services - Australia
- Sical Logistics Limited - India
- Leighton Contractors Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Merrill Lynch Commodities Europe
- Borneo Indobara - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- New Zealand Coal & Carbon
- South Luzon Thermal Energy Corporation
- Minerals Council of Australia
- Altura Mining Limited, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PTC India Limited - India
- Toyota Tsusho Corporation, Japan
- Bulk Trading Sa - Switzerland
- India Bulls Power Limited - India
- Salva Resources Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- CNBM International Corporation - China
- Singapore Mercantile Exchange
- Ministry of Finance - Indonesia
- Sakthi Sugars Limited - India
- Indo Tambangraya Megah - Indonesia
- Heidelberg Cement - Germany
- VISA Power Limited - India
- Bhatia International Limited - India
- Formosa Plastics Group - Taiwan
- OPG Power Generation Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Mercator Lines Limited - India
- Coalindo Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Central Java Power - Indonesia
- Standard Chartered Bank - UAE
- Ind-Barath Power Infra Limited - India
- Georgia Ports Authority, United States
- Pendopo Energi Batubara - Indonesia
- Orica Australia Pty. Ltd.
- Meenaskhi Energy Private Limited - India
- Price Waterhouse Coopers - Russia
- Bukit Baiduri Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Australian Commodity Traders Exchange
- Kideco Jaya Agung - Indonesia
- Chettinad Cement Corporation Ltd - India
- Vizag Seaport Private Limited - India
- San Jose City I Power Corp, Philippines
- Global Business Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Directorate Of Revenue Intelligence - India
- ASAPP Information Group - India
- Bayan Resources Tbk. - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Deloitte Consulting - India
- Krishnapatnam Port Company Ltd. - India
- The Treasury - Australian Government
- Australian Coal Association
- Wilmar Investment Holdings
- Parry Sugars Refinery, India
- Ministry of Transport, Egypt
- Electricity Generating Authority of Thailand
- Kepco SPC Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Mercuria Energy - Indonesia
- Thai Mozambique Logistica
- Gujarat Mineral Development Corp Ltd - India
- Antam Resourcindo - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- IEA Clean Coal Centre - UK
- Mjunction Services Limited - India
- PNOC Exploration Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Chamber of Mines of South Africa
- Marubeni Corporation - India
- Rio Tinto Coal - Australia
- Neyveli Lignite Corporation Ltd, - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GAC Shipping (India) Pvt Ltd
- Riau Bara Harum - Indonesia
- Miang Besar Coal Terminal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Jaiprakash Power Ventures ltd
- Cigading International Bulk Terminal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Eastern Coal Council - USA
- Star Paper Mills Limited - India
- Sarangani Energy Corporation, Philippines
- White Energy Company Limited
- Indian Oil Corporation Limited
- Madhucon Powers Ltd - India
- Iligan Light & Power Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Anglo American - United Kingdom
- Posco Energy - South Korea
- Vedanta Resources Plc - India
- Attock Cement Pakistan Limited
- Bangladesh Power Developement Board
- Dalmia Cement Bharat India
- Samtan Co., Ltd - South Korea
- Africa Commodities Group - South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Mining Services - Indonesia
- Thiess Contractors Indonesia
- Videocon Industries ltd - India
- Kapuas Tunggal Persada - Indonesia
- Tata Chemicals Ltd - India
- Gujarat Sidhee Cement - India
- Directorate General of MIneral and Coal - Indonesia
- Renaissance Capital - South Africa
- Straits Asia Resources Limited - Singapore
- Indian Energy Exchange, India
- Tamil Nadu electricity Board
- Kohat Cement Company Ltd. - Pakistan
- Kartika Selabumi Mining - Indonesia
- The State Trading Corporation of India Ltd
- PowerSource Philippines DevCo
- Gujarat Electricity Regulatory Commission - India
- Medco Energi Mining Internasional
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- LBH Netherlands Bv - Netherlands
- Parliament of New Zealand
- Electricity Authority, New Zealand
- Globalindo Alam Lestari - Indonesia
- Eastern Energy - Thailand
- London Commodity Brokers - England
- Malabar Cements Ltd - India
- Semirara Mining Corp, Philippines
- Meralco Power Generation, Philippines
- Aditya Birla Group - India
- McConnell Dowell - Australia
- MS Steel International - UAE
- Uttam Galva Steels Limited - India
- Kobexindo Tractors - Indoneisa
- SMC Global Power, Philippines
- Agrawal Coal Company - India
- Binh Thuan Hamico - Vietnam
- Interocean Group of Companies - India
- Rashtriya Ispat Nigam Limited - India
- Goldman Sachs - Singapore
- Global Coal Blending Company Limited - Australia
- Energy Development Corp, Philippines
- Mintek Dendrill Indonesia
- Kumho Petrochemical, South Korea
- Independent Power Producers Association of India
- IHS Mccloskey Coal Group - USA
- Maheswari Brothers Coal Limited - India
- Commonwealth Bank - Australia
- Baramulti Group, Indonesia
- Metalloyd Limited - United Kingdom
- Vijayanagar Sugar Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- GMR Energy Limited - India
- Sinarmas Energy and Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- The University of Queensland
- Makarim & Taira - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Lanco Infratech Ltd - India
- GVK Power & Infra Limited - India
- Trasteel International SA, Italy
- Power Finance Corporation Ltd., India
- Holcim Trading Pte Ltd - Singapore
- Energy Link Ltd, New Zealand
- Coastal Gujarat Power Limited - India
- Xindia Steels Limited - India
- Romanian Commodities Exchange
- Edison Trading Spa - Italy
- TeaM Sual Corporation - Philippines
- Ambuja Cements Ltd - India
- Indika Energy - Indonesia
- SMG Consultants - Indonesia
- ICICI Bank Limited - India
- Karaikal Port Pvt Ltd - India
- Cement Manufacturers Association - India
- Siam City Cement - Thailand
- Indonesian Coal Mining Association
- Jorong Barutama Greston.PT - Indonesia
- Carbofer General Trading SA - India
- Bhushan Steel Limited - India
- Savvy Resources Ltd - HongKong
- Indogreen Group - Indonesia
- Essar Steel Hazira Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Intertek Mineral Services - Indonesia
- Barasentosa Lestari - Indonesia
- Sree Jayajothi Cements Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Oldendorff Carriers - Singapore
- Sojitz Corporation - Japan
- Timah Investasi Mineral - Indoneisa
- Central Electricity Authority - India
- Ministry of Mines - Canada
- Wood Mackenzie - Singapore
- Kaltim Prima Coal - Indonesia
- Larsen & Toubro Limited - India
- Aboitiz Power Corporation - Philippines
- Economic Council, Georgia
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