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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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Wednesday, 15 March 17
SHIPPING MARKET INSIGHT - GEORGE PANAGOPOULOS
Over the past two weeks, the Dry Baltic Index has been on an upward trend, breaking the 1000 point mark and creating a positive sentiment for the u ...
Tuesday, 14 March 17
ORDERBOOK-TO-FEET RATIO DECREASING; THE FREIGHT MARKET IMPROVING
It seems as though the renewed optimism that has arisen from the recent upward trends being noted in the freight market, the dry bulk market has be ...
Monday, 13 March 17
PORT OF NEWCASTLE HAS SHIPPED 11.563 MILLION TONS COAL IN FEBRUARY 2017; DECLINED 12.19 PERCENT M/M
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export ports has shipped $AU 1,4 ...
Monday, 13 March 17
INDO - INDIA COAL FREIGHT RATES STAY FIRM
COALspot.com: The Freight market was continuing to firming up.
The Baltic Exchange, tracking rates for ships carrying dry bulk commodities ros ...
Friday, 10 March 17
ESTIMATED U.S. COAL PRODUCTION ALMOST FLAT WEEK ENDED MARCH 4, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.7 million short ton ...
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- Sical Logistics Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- IEA Clean Coal Centre - UK
- Sindya Power Generating Company Private Ltd
- OPG Power Generation Pvt Ltd - India
- India Bulls Power Limited - India
- Gujarat Sidhee Cement - India
- Renaissance Capital - South Africa
- Maharashtra Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- Wood Mackenzie - Singapore
- Straits Asia Resources Limited - Singapore
- European Bulk Services B.V. - Netherlands
- PetroVietnam Power Coal Import and Supply Company
- Alfred C Toepfer International GmbH - Germany
- PTC India Limited - India
- Independent Power Producers Association of India
- Pendopo Energi Batubara - Indonesia
- SMC Global Power, Philippines
- Mercator Lines Limited - India
- Billiton Holdings Pty Ltd - Australia
- Indian Energy Exchange, India
- Baramulti Group, Indonesia
- Essar Steel Hazira Ltd - India
- MS Steel International - UAE
- Karaikal Port Pvt Ltd - India
- Indika Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Holcim Trading Pte Ltd - Singapore
- The Treasury - Australian Government
- Semirara Mining and Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Miang Besar Coal Terminal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Borneo Indobara - Indonesia
- McConnell Dowell - Australia
- Medco Energi Mining Internasional
- TNB Fuel Sdn Bhd - Malaysia
- Samtan Co., Ltd - South Korea
- Bulk Trading Sa - Switzerland
- Orica Australia Pty. Ltd.
- Australian Coal Association
- Madhucon Powers Ltd - India
- Mintek Dendrill Indonesia
- Bangladesh Power Developement Board
- Bukit Baiduri Energy - Indonesia
- The State Trading Corporation of India Ltd
- Indonesian Coal Mining Association
- Grasim Industreis Ltd - India
- Kaltim Prima Coal - Indonesia
- Electricity Authority, New Zealand
- Siam City Cement - Thailand
- Petron Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Meenaskhi Energy Private Limited - India
- Bharathi Cement Corporation - India
- Singapore Mercantile Exchange
- Therma Luzon, Inc, Philippines
- Eastern Coal Council - USA
- Bukit Makmur.PT - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Carbofer General Trading SA - India
- New Zealand Coal & Carbon
- Simpson Spence & Young - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Transport, Egypt
- White Energy Company Limited
- Central Java Power - Indonesia
- Bhatia International Limited - India
- Goldman Sachs - Singapore
- Romanian Commodities Exchange
- Deloitte Consulting - India
- Indian Oil Corporation Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- London Commodity Brokers - England
- Dalmia Cement Bharat India
- Ministry of Mines - Canada
- Agrawal Coal Company - India
- Aboitiz Power Corporation - Philippines
- Commonwealth Bank - Australia
- AsiaOL BioFuels Corp., Philippines
- Riau Bara Harum - Indonesia
- Maheswari Brothers Coal Limited - India
- Malabar Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- Kumho Petrochemical, South Korea
- South Luzon Thermal Energy Corporation
- Directorate General of MIneral and Coal - Indonesia
- Standard Chartered Bank - UAE
- Krishnapatnam Port Company Ltd. - India
- Wilmar Investment Holdings
- Mjunction Services Limited - India
- Banpu Public Company Limited - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Lanco Infratech Ltd - India
- GVK Power & Infra Limited - India
- San Jose City I Power Corp, Philippines
- Africa Commodities Group - South Africa
- Port Waratah Coal Services - Australia
- Kohat Cement Company Ltd. - Pakistan
- GAC Shipping (India) Pvt Ltd
- Trasteel International SA, Italy
- SN Aboitiz Power Inc, Philippines
- Attock Cement Pakistan Limited
- Ambuja Cements Ltd - India
- ASAPP Information Group - India
- CNBM International Corporation - China
- Bayan Resources Tbk. - Indonesia
- Directorate Of Revenue Intelligence - India
- Latin American Coal - Colombia
- Jaiprakash Power Ventures ltd
- Orica Mining Services - Indonesia
- SMG Consultants - Indonesia
- Coastal Gujarat Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Metalloyd Limited - United Kingdom
- Ceylon Electricity Board - Sri Lanka
- Asmin Koalindo Tuhup - Indonesia
- PNOC Exploration Corporation - Philippines
- Parry Sugars Refinery, India
- Edison Trading Spa - Italy
- Thiess Contractors Indonesia
- Rashtriya Ispat Nigam Limited - India
- Formosa Plastics Group - Taiwan
- Coalindo Energy - Indonesia
- Vedanta Resources Plc - India
- PowerSource Philippines DevCo
- Posco Energy - South Korea
- Indo Tambangraya Megah - Indonesia
- Toyota Tsusho Corporation, Japan
- Marubeni Corporation - India
- Kepco SPC Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Semirara Mining Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- The University of Queensland
- Parliament of New Zealand
- Gujarat Electricity Regulatory Commission - India
- Aditya Birla Group - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Anglo American - United Kingdom
- Star Paper Mills Limited - India
- Chamber of Mines of South Africa
- Power Finance Corporation Ltd., India
- GMR Energy Limited - India
- Vizag Seaport Private Limited - India
- Global Green Power PLC Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Price Waterhouse Coopers - Russia
- Global Coal Blending Company Limited - Australia
- Indogreen Group - Indonesia
- Georgia Ports Authority, United States
- Makarim & Taira - Indonesia
- Uttam Galva Steels Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Heidelberg Cement - Germany
- Sarangani Energy Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Kobexindo Tractors - Indoneisa
- Electricity Generating Authority of Thailand
- Videocon Industries ltd - India
- Cigading International Bulk Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- IHS Mccloskey Coal Group - USA
- Barasentosa Lestari - Indonesia
- Interocean Group of Companies - India
- Minerals Council of Australia
- Bhushan Steel Limited - India
- Jindal Steel & Power Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- LBH Netherlands Bv - Netherlands
- Antam Resourcindo - Indonesia
- Sojitz Corporation - Japan
- Larsen & Toubro Limited - India
- Sree Jayajothi Cements Limited - India
- Iligan Light & Power Inc, Philippines
- Siam City Cement PLC, Thailand
- Central Electricity Authority - India
- Altura Mining Limited, Indonesia
- TeaM Sual Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Jorong Barutama Greston.PT - Indonesia
- Xindia Steels Limited - India
- Energy Development Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Australian Commodity Traders Exchange
- Tata Chemicals Ltd - India
- Thai Mozambique Logistica
- Planning Commission, India
- Mercuria Energy - Indonesia
- Eastern Energy - Thailand
- Economic Council, Georgia
- Rio Tinto Coal - Australia
- CIMB Investment Bank - Malaysia
- Sakthi Sugars Limited - India
- Ministry of Finance - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Intertek Mineral Services - Indonesia
- Cement Manufacturers Association - India
- Coal and Oil Company - UAE
- Tamil Nadu electricity Board
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Binh Thuan Hamico - Vietnam
- International Coal Ventures Pvt Ltd - India
- ICICI Bank Limited - India
- Kapuas Tunggal Persada - Indonesia
- Oldendorff Carriers - Singapore
- Global Business Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- VISA Power Limited - India
- Globalindo Alam Lestari - Indonesia
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