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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, 10 April 17
THE CAPE INDEX WAS DOWN BY 16.32% WEEK OVER WEEK
COALspot.com: The Freight market was steady week over a week except for Cape. The cape index was down 16.32 percent week over week.
The Baltic ...
Friday, 07 April 17
INDONESIAN GOVERNMENT DECLARED SPOT COAL PRICES STAGE FIRST INCREASE OF THE YEAR
COALspot.com: Indonesian government declared coal benchmark price rose slightly in April, government data showed.
The benchmark price of Indon ...
Friday, 07 April 17
U.S WEEKLY COAL OUTPUT ALMOST FLAT WEEK OVER WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 14.5 million short tons ...
Thursday, 06 April 17
PANAMAX: THE MARKET HAS CONTINUED THE FIRM SENTIMENT FROM LAST WEEK IN BOTH HEMISPHERES - FEARNLEYS
Supramax
With holidays in Asia, the week has started very slow in Pacific. Some fixtures have still been done and levels have remained quite stab ...
Wednesday, 05 April 17
THE AVERAGE SECOND HAND PANAMAXES AND CAPES PRICES FOR A 5-YR OLD VESSEL HAS INCREASED MORE THAN 19% AND 20% RESPECTIVELY M/M - INTERMODAL
With the help of what so far appears to be a very strong grain season together with the fact that imports from China have remained so far robust in ...
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- Siam City Cement PLC, Thailand
- Thai Mozambique Logistica
- Mintek Dendrill Indonesia
- Banpu Public Company Limited - Thailand
- Sojitz Corporation - Japan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Coal Blending Company Limited - Australia
- Bangladesh Power Developement Board
- Australian Coal Association
- Meenaskhi Energy Private Limited - India
- Standard Chartered Bank - UAE
- Directorate General of MIneral and Coal - Indonesia
- Eastern Energy - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Anglo American - United Kingdom
- Barasentosa Lestari - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Marubeni Corporation - India
- Kapuas Tunggal Persada - Indonesia
- India Bulls Power Limited - India
- Antam Resourcindo - Indonesia
- Electricity Generating Authority of Thailand
- Formosa Plastics Group - Taiwan
- Kartika Selabumi Mining - Indonesia
- Interocean Group of Companies - India
- Ambuja Cements Ltd - India
- Tamil Nadu electricity Board
- Directorate Of Revenue Intelligence - India
- Kumho Petrochemical, South Korea
- Billiton Holdings Pty Ltd - Australia
- Holcim Trading Pte Ltd - Singapore
- VISA Power Limited - India
- ICICI Bank Limited - India
- Indika Energy - Indonesia
- Mercuria Energy - Indonesia
- Tata Chemicals Ltd - India
- Globalindo Alam Lestari - Indonesia
- Jaiprakash Power Ventures ltd
- Kideco Jaya Agung - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Sree Jayajothi Cements Limited - India
- Krishnapatnam Port Company Ltd. - India
- Coastal Gujarat Power Limited - India
- Indonesian Coal Mining Association
- Parry Sugars Refinery, India
- SMC Global Power, Philippines
- Star Paper Mills Limited - India
- Altura Mining Limited, Indonesia
- Commonwealth Bank - Australia
- Indogreen Group - Indonesia
- Bharathi Cement Corporation - India
- Africa Commodities Group - South Africa
- Oldendorff Carriers - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Kalimantan Lumbung Energi - Indonesia
- Orica Australia Pty. Ltd.
- Planning Commission, India
- Renaissance Capital - South Africa
- Toyota Tsusho Corporation, Japan
- TNB Fuel Sdn Bhd - Malaysia
- Merrill Lynch Commodities Europe
- Baramulti Group, Indonesia
- Karaikal Port Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Indian Oil Corporation Limited
- Bayan Resources Tbk. - Indonesia
- Dalmia Cement Bharat India
- Bukit Baiduri Energy - Indonesia
- PTC India Limited - India
- Power Finance Corporation Ltd., India
- Bulk Trading Sa - Switzerland
- Petrochimia International Co. Ltd.- Taiwan
- London Commodity Brokers - England
- Pipit Mutiara Jaya. PT, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- MS Steel International - UAE
- Lanco Infratech Ltd - India
- Central Java Power - Indonesia
- Kaltim Prima Coal - Indonesia
- Indian Energy Exchange, India
- Attock Cement Pakistan Limited
- IEA Clean Coal Centre - UK
- Maharashtra Electricity Regulatory Commission - India
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Trasteel International SA, Italy
- Grasim Industreis Ltd - India
- Heidelberg Cement - Germany
- Chamber of Mines of South Africa
- Xindia Steels Limited - India
- Economic Council, Georgia
- Essar Steel Hazira Ltd - India
- GMR Energy Limited - India
- Singapore Mercantile Exchange
- Malabar Cements Ltd - India
- Energy Development Corp, Philippines
- Makarim & Taira - Indonesia
- McConnell Dowell - Australia
- Deloitte Consulting - India
- Bhatia International Limited - India
- Sinarmas Energy and Mining - Indonesia
- Sarangani Energy Corporation, Philippines
- Port Waratah Coal Services - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Transport, Egypt
- GAC Shipping (India) Pvt Ltd
- Energy Link Ltd, New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Timah Investasi Mineral - Indoneisa
- Sakthi Sugars Limited - India
- CIMB Investment Bank - Malaysia
- Wilmar Investment Holdings
- Price Waterhouse Coopers - Russia
- Vedanta Resources Plc - India
- Therma Luzon, Inc, Philippines
- South Luzon Thermal Energy Corporation
- Minerals Council of Australia
- Cement Manufacturers Association - India
- Ind-Barath Power Infra Limited - India
- Bhoruka Overseas - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- Bukit Makmur.PT - Indonesia
- Posco Energy - South Korea
- Bhushan Steel Limited - India
- Jorong Barutama Greston.PT - Indonesia
- GVK Power & Infra Limited - India
- Intertek Mineral Services - Indonesia
- Medco Energi Mining Internasional
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement - Thailand
- Madhucon Powers Ltd - India
- Iligan Light & Power Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- SMG Consultants - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Sidhee Cement - India
- Neyveli Lignite Corporation Ltd, - India
- Metalloyd Limited - United Kingdom
- CNBM International Corporation - China
- Parliament of New Zealand
- Coalindo Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Central Electricity Authority - India
- Aditya Birla Group - India
- ASAPP Information Group - India
- Riau Bara Harum - Indonesia
- Carbofer General Trading SA - India
- Sical Logistics Limited - India
- Romanian Commodities Exchange
- Leighton Contractors Pty Ltd - Australia
- Electricity Authority, New Zealand
- Independent Power Producers Association of India
- Larsen & Toubro Limited - India
- Vizag Seaport Private Limited - India
- Alfred C Toepfer International GmbH - Germany
- Thiess Contractors Indonesia
- The State Trading Corporation of India Ltd
- Simpson Spence & Young - Indonesia
- European Bulk Services B.V. - Netherlands
- Edison Trading Spa - Italy
- Ministry of Finance - Indonesia
- The University of Queensland
- Global Green Power PLC Corporation, Philippines
- Mercator Lines Limited - India
- Samtan Co., Ltd - South Korea
- LBH Netherlands Bv - Netherlands
- Aboitiz Power Corporation - Philippines
- Latin American Coal - Colombia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Semirara Mining Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Chettinad Cement Corporation Ltd - India
- Eastern Coal Council - USA
- Semirara Mining and Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Goldman Sachs - Singapore
- Manunggal Multi Energi - Indonesia
- Kobexindo Tractors - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- New Zealand Coal & Carbon
- Australian Commodity Traders Exchange
- Straits Asia Resources Limited - Singapore
- Wood Mackenzie - Singapore
- Binh Thuan Hamico - Vietnam
- Petron Corporation, Philippines
- Georgia Ports Authority, United States
- Global Business Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- White Energy Company Limited
- Maheswari Brothers Coal Limited - India
- Coal and Oil Company - UAE
- The Treasury - Australian Government
- PowerSource Philippines DevCo
- Uttam Galva Steels Limited - India
- Rio Tinto Coal - Australia
- Ministry of Mines - Canada
- Jindal Steel & Power Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Mjunction Services Limited - India
- Agrawal Coal Company - India
- Videocon Industries ltd - India
- IHS Mccloskey Coal Group - USA
- Meralco Power Generation, Philippines
- Gujarat Electricity Regulatory Commission - India
- SN Aboitiz Power Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- OPG Power Generation Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Orica Mining Services - Indonesia
- Kepco SPC Power Corporation, Philippines
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