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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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Tuesday, 21 March 17
JAPAN'S RENEWED COMMITMENT TO COAL - BENJAMIN SPORTON
Japan is one of the largest economies in the world, and has long been a major consumer and importer of energy and a leader in energy technology dev ...
Monday, 20 March 17
IS THE DRY BULK INDUSTRY STILL ON TRACK FOR PROFITABILITY IN 2019? - PETER SAND
The industry remains well on target for profitable freight rates in 2019! This relies however, on the projected fleet supply growth rate of 0% in 2 ...
Friday, 17 March 17
U.S WEEKLY COAL OUTPUT VOLUME SLIDES 6.5 PERCENT WEEK OVER WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 14.7 million short ton ...
Thursday, 16 March 17
CHINA IMPOSING TOUGHER CONTROLS ON LOW-QUALITY COAL IMPORTS
China is ramping up controls on imports of low-quality coal due to concerns about smog and overcapacity in the world’s top coal consumer, a g ...
Thursday, 16 March 17
CAPESIZE: SHOWING STRENGTH; PANAMAX: VERY QUIET - FEARNLEYS
Supramax
The Atlantic market faced less activity from the USG whereas at the Cont tonnage seemed to tighten up with more cargoes emerging. Despit ...
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- Mercator Lines Limited - India
- Baramulti Group, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Chamber of Mines of South Africa
- Bukit Makmur.PT - Indonesia
- European Bulk Services B.V. - Netherlands
- Posco Energy - South Korea
- GN Power Mariveles Coal Plant, Philippines
- Thiess Contractors Indonesia
- New Zealand Coal & Carbon
- Makarim & Taira - Indonesia
- Interocean Group of Companies - India
- Savvy Resources Ltd - HongKong
- Krishnapatnam Port Company Ltd. - India
- South Luzon Thermal Energy Corporation
- Australian Commodity Traders Exchange
- Attock Cement Pakistan Limited
- Renaissance Capital - South Africa
- Asmin Koalindo Tuhup - Indonesia
- Xindia Steels Limited - India
- Toyota Tsusho Corporation, Japan
- Ministry of Finance - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Straits Asia Resources Limited - Singapore
- Maharashtra Electricity Regulatory Commission - India
- GMR Energy Limited - India
- Minerals Council of Australia
- Bahari Cakrawala Sebuku - Indonesia
- ICICI Bank Limited - India
- IHS Mccloskey Coal Group - USA
- Videocon Industries ltd - India
- Semirara Mining Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Siam City Cement - Thailand
- Planning Commission, India
- Price Waterhouse Coopers - Russia
- Kideco Jaya Agung - Indonesia
- Economic Council, Georgia
- Parry Sugars Refinery, India
- Mercuria Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Kumho Petrochemical, South Korea
- Kapuas Tunggal Persada - Indonesia
- San Jose City I Power Corp, Philippines
- Coal and Oil Company - UAE
- Lanco Infratech Ltd - India
- Coalindo Energy - Indonesia
- Central Electricity Authority - India
- Dalmia Cement Bharat India
- Miang Besar Coal Terminal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Latin American Coal - Colombia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vijayanagar Sugar Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- The State Trading Corporation of India Ltd
- Sakthi Sugars Limited - India
- International Coal Ventures Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- CNBM International Corporation - China
- ASAPP Information Group - India
- Romanian Commodities Exchange
- Manunggal Multi Energi - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Global Green Power PLC Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Bharathi Cement Corporation - India
- Altura Mining Limited, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Coastal Gujarat Power Limited - India
- The University of Queensland
- SMG Consultants - Indonesia
- Trasteel International SA, Italy
- Meenaskhi Energy Private Limited - India
- SN Aboitiz Power Inc, Philippines
- India Bulls Power Limited - India
- Vedanta Resources Plc - India
- London Commodity Brokers - England
- Formosa Plastics Group - Taiwan
- MS Steel International - UAE
- Orica Australia Pty. Ltd.
- Banpu Public Company Limited - Thailand
- Bayan Resources Tbk. - Indonesia
- Thai Mozambique Logistica
- Central Java Power - Indonesia
- Global Coal Blending Company Limited - Australia
- Samtan Co., Ltd - South Korea
- VISA Power Limited - India
- Aboitiz Power Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Indian Oil Corporation Limited
- Bhoruka Overseas - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Singapore Mercantile Exchange
- Simpson Spence & Young - Indonesia
- Siam City Cement PLC, Thailand
- Indogreen Group - Indonesia
- IEA Clean Coal Centre - UK
- LBH Netherlands Bv - Netherlands
- Maheswari Brothers Coal Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Globalindo Alam Lestari - Indonesia
- Jindal Steel & Power Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Therma Luzon, Inc, Philippines
- Independent Power Producers Association of India
- Sindya Power Generating Company Private Ltd
- Marubeni Corporation - India
- Indika Energy - Indonesia
- Borneo Indobara - Indonesia
- Georgia Ports Authority, United States
- Eastern Energy - Thailand
- Rio Tinto Coal - Australia
- Riau Bara Harum - Indonesia
- Binh Thuan Hamico - Vietnam
- Power Finance Corporation Ltd., India
- The Treasury - Australian Government
- OPG Power Generation Pvt Ltd - India
- Electricity Authority, New Zealand
- Pendopo Energi Batubara - Indonesia
- Sojitz Corporation - Japan
- Jaiprakash Power Ventures ltd
- Tata Chemicals Ltd - India
- PNOC Exploration Corporation - Philippines
- White Energy Company Limited
- Medco Energi Mining Internasional
- Bhushan Steel Limited - India
- Anglo American - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- Energy Link Ltd, New Zealand
- Global Business Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Alfred C Toepfer International GmbH - Germany
- Neyveli Lignite Corporation Ltd, - India
- Cigading International Bulk Terminal - Indonesia
- Directorate Of Revenue Intelligence - India
- Chettinad Cement Corporation Ltd - India
- Australian Coal Association
- Eastern Coal Council - USA
- Wood Mackenzie - Singapore
- Metalloyd Limited - United Kingdom
- Malabar Cements Ltd - India
- Karaikal Port Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Orica Mining Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- Mjunction Services Limited - India
- Ministry of Mines - Canada
- McConnell Dowell - Australia
- Petron Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- PowerSource Philippines DevCo
- Iligan Light & Power Inc, Philippines
- Standard Chartered Bank - UAE
- Essar Steel Hazira Ltd - India
- Deloitte Consulting - India
- Ceylon Electricity Board - Sri Lanka
- Carbofer General Trading SA - India
- Barasentosa Lestari - Indonesia
- Africa Commodities Group - South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Edison Trading Spa - Italy
- Vizag Seaport Private Limited - India
- Karbindo Abesyapradhi - Indoneisa
- TeaM Sual Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Mintek Dendrill Indonesia
- Antam Resourcindo - Indonesia
- Madhucon Powers Ltd - India
- Indonesian Coal Mining Association
- GAC Shipping (India) Pvt Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Goldman Sachs - Singapore
- Cement Manufacturers Association - India
- Tamil Nadu electricity Board
- Electricity Generating Authority of Thailand
- Larsen & Toubro Limited - India
- Intertek Mineral Services - Indonesia
- Oldendorff Carriers - Singapore
- Gujarat Sidhee Cement - India
- Agrawal Coal Company - India
- Kartika Selabumi Mining - Indonesia
- Ministry of Transport, Egypt
- Holcim Trading Pte Ltd - Singapore
- Star Paper Mills Limited - India
- Kepco SPC Power Corporation, Philippines
- Bhatia International Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PTC India Limited - India
- Grasim Industreis Ltd - India
- GVK Power & Infra Limited - India
- Kobexindo Tractors - Indoneisa
- Meralco Power Generation, Philippines
- Energy Development Corp, Philippines
- Wilmar Investment Holdings
- Semirara Mining and Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Bangladesh Power Developement Board
- Indian Energy Exchange, India
- Ind-Barath Power Infra Limited - India
- Merrill Lynch Commodities Europe
- SMC Global Power, Philippines
- Parliament of New Zealand
- Commonwealth Bank - Australia
- Aditya Birla Group - India
- Leighton Contractors Pty Ltd - Australia
- Kohat Cement Company Ltd. - Pakistan
- Heidelberg Cement - Germany
- Uttam Galva Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sical Logistics Limited - India
- Port Waratah Coal Services - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
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