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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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Thursday, 02 March 17
ULTRAMAX: INDONESIA TO INDIA COAL ROUNDS IS BEING FIXED AT AROUND MID 11K BSS SINGAPORE DELIVERY - FEARNLEYS
Supramax
Holiday mode within Atlantic i.e. very few movements but rates remained still positive, mostly in the USG region where tight tonnage sup ...
Wednesday, 01 March 17
2017 IS LOOKING LIKE IT WILL BE A GOOD YEAR FOR A NUMBER OF COMMODITIES - LINOS KOGEVINAS
2017 is looking like it will be a good year for a number of commodities. Following the price recovery witnessed in 2016 across a number of commodit ...
Tuesday, 28 February 17
PORT OF NEWCASTLE SHIPPED 17.39% LESS COAL IN JANUARY; TRADE VALUE UP 11.87% M/M
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $AU 1,625.6 M ...
Monday, 27 February 17
THE FREIGHT MARKET WAS FIRMED UP THIS PAST WEEK; BCI ROSE 57.64% W/W
COALspot.com: The Freight market was firmed up this past week.
The Baltic Exchange, tracking rates for ships carrying dry bulk commod ...
Friday, 24 February 17
RUSSIAN OIL AND GAS WITHSTANDS OIL PRICE SHOCK - FITCH RATINGS
Fitch Ratings says in a new report that the Russian oil and gas sector has withstood the oil price stock of 1H16. Key events of 2016 include record ...
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- Bayan Resources Tbk. - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Africa Commodities Group - South Africa
- Billiton Holdings Pty Ltd - Australia
- GMR Energy Limited - India
- Bhatia International Limited - India
- GVK Power & Infra Limited - India
- Central Java Power - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kepco SPC Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Global Coal Blending Company Limited - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Attock Cement Pakistan Limited
- Merrill Lynch Commodities Europe
- Singapore Mercantile Exchange
- Indonesian Coal Mining Association
- Ministry of Finance - Indonesia
- Kaltim Prima Coal - Indonesia
- Planning Commission, India
- Alfred C Toepfer International GmbH - Germany
- Sojitz Corporation - Japan
- Global Business Power Corporation, Philippines
- Indian Energy Exchange, India
- San Jose City I Power Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Goldman Sachs - Singapore
- Heidelberg Cement - Germany
- Semirara Mining Corp, Philippines
- Energy Development Corp, Philippines
- Bulk Trading Sa - Switzerland
- Ministry of Mines - Canada
- Standard Chartered Bank - UAE
- Georgia Ports Authority, United States
- Oldendorff Carriers - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- ASAPP Information Group - India
- Thiess Contractors Indonesia
- Madhucon Powers Ltd - India
- Straits Asia Resources Limited - Singapore
- Latin American Coal - Colombia
- Wilmar Investment Holdings
- Directorate General of MIneral and Coal - Indonesia
- Medco Energi Mining Internasional
- Independent Power Producers Association of India
- Krishnapatnam Port Company Ltd. - India
- Mintek Dendrill Indonesia
- Pendopo Energi Batubara - Indonesia
- Binh Thuan Hamico - Vietnam
- Kohat Cement Company Ltd. - Pakistan
- Simpson Spence & Young - Indonesia
- Economic Council, Georgia
- Samtan Co., Ltd - South Korea
- Chettinad Cement Corporation Ltd - India
- Petron Corporation, Philippines
- Gujarat Sidhee Cement - India
- Asmin Koalindo Tuhup - Indonesia
- Siam City Cement PLC, Thailand
- Mercuria Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Jorong Barutama Greston.PT - Indonesia
- Parliament of New Zealand
- Central Electricity Authority - India
- Deloitte Consulting - India
- Indika Energy - Indonesia
- Jindal Steel & Power Ltd - India
- New Zealand Coal & Carbon
- Bukit Baiduri Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Eastern Energy - Thailand
- Vedanta Resources Plc - India
- India Bulls Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Electricity Authority, New Zealand
- Energy Link Ltd, New Zealand
- Globalindo Alam Lestari - Indonesia
- Australian Coal Association
- Vijayanagar Sugar Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Essar Steel Hazira Ltd - India
- PowerSource Philippines DevCo
- Rashtriya Ispat Nigam Limited - India
- Sarangani Energy Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Orica Australia Pty. Ltd.
- Gujarat Mineral Development Corp Ltd - India
- Bhoruka Overseas - Indonesia
- SMC Global Power, Philippines
- Riau Bara Harum - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Miang Besar Coal Terminal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Australian Commodity Traders Exchange
- Orica Mining Services - Indonesia
- Coastal Gujarat Power Limited - India
- Savvy Resources Ltd - HongKong
- The University of Queensland
- Indo Tambangraya Megah - Indonesia
- Sindya Power Generating Company Private Ltd
- Renaissance Capital - South Africa
- South Luzon Thermal Energy Corporation
- Ind-Barath Power Infra Limited - India
- Marubeni Corporation - India
- Intertek Mineral Services - Indonesia
- Coalindo Energy - Indonesia
- Tamil Nadu electricity Board
- Altura Mining Limited, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Ambuja Cements Ltd - India
- Indogreen Group - Indonesia
- VISA Power Limited - India
- Parry Sugars Refinery, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Wood Mackenzie - Singapore
- CIMB Investment Bank - Malaysia
- Sree Jayajothi Cements Limited - India
- Star Paper Mills Limited - India
- Price Waterhouse Coopers - Russia
- Borneo Indobara - Indonesia
- MS Steel International - UAE
- Grasim Industreis Ltd - India
- Xindia Steels Limited - India
- Electricity Generating Authority of Thailand
- Malabar Cements Ltd - India
- Maheswari Brothers Coal Limited - India
- Directorate Of Revenue Intelligence - India
- Global Green Power PLC Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Uttam Galva Steels Limited - India
- Manunggal Multi Energi - Indonesia
- Aboitiz Power Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Eastern Coal Council - USA
- Maharashtra Electricity Regulatory Commission - India
- Siam City Cement - Thailand
- Larsen & Toubro Limited - India
- Kideco Jaya Agung - Indonesia
- IHS Mccloskey Coal Group - USA
- Salva Resources Pvt Ltd - India
- ICICI Bank Limited - India
- Meralco Power Generation, Philippines
- Kobexindo Tractors - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- PNOC Exploration Corporation - Philippines
- Bangladesh Power Developement Board
- Rio Tinto Coal - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Thai Mozambique Logistica
- Interocean Group of Companies - India
- Semirara Mining and Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Coal and Oil Company - UAE
- Iligan Light & Power Inc, Philippines
- Aditya Birla Group - India
- Trasteel International SA, Italy
- Therma Luzon, Inc, Philippines
- Cement Manufacturers Association - India
- Sinarmas Energy and Mining - Indonesia
- Kumho Petrochemical, South Korea
- Timah Investasi Mineral - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The State Trading Corporation of India Ltd
- Toyota Tsusho Corporation, Japan
- Karaikal Port Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- SMG Consultants - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Edison Trading Spa - Italy
- Antam Resourcindo - Indonesia
- Mercator Lines Limited - India
- CNBM International Corporation - China
- London Commodity Brokers - England
- Vizag Seaport Private Limited - India
- Dalmia Cement Bharat India
- Carbofer General Trading SA - India
- Mjunction Services Limited - India
- Sical Logistics Limited - India
- Power Finance Corporation Ltd., India
- Bukit Makmur.PT - Indonesia
- Formosa Plastics Group - Taiwan
- TeaM Sual Corporation - Philippines
- Makarim & Taira - Indonesia
- Baramulti Group, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Tata Chemicals Ltd - India
- Ministry of Transport, Egypt
- Bhushan Steel Limited - India
- IEA Clean Coal Centre - UK
- Romanian Commodities Exchange
- Videocon Industries ltd - India
- Sakthi Sugars Limited - India
- Agrawal Coal Company - India
- Port Waratah Coal Services - Australia
- Posco Energy - South Korea
- AsiaOL BioFuels Corp., Philippines
- Bharathi Cement Corporation - India
- Lanco Infratech Ltd - India
- Meenaskhi Energy Private Limited - India
- White Energy Company Limited
- Minerals Council of Australia
- Barasentosa Lestari - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Metalloyd Limited - United Kingdom
- Indian Oil Corporation Limited
- Anglo American - United Kingdom
- European Bulk Services B.V. - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- McConnell Dowell - Australia
- PTC India Limited - India
- Leighton Contractors Pty Ltd - Australia
- Commonwealth Bank - Australia
- Chamber of Mines of South Africa
- OPG Power Generation Pvt Ltd - India
- The Treasury - Australian Government
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