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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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Friday, 24 February 17
US WEEKLY COAL OUTPUT ESTIMATED AT 16.8 MMST - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.8 million short ton ...
Thursday, 23 February 17
ULTRA SUPRAMAX: INDONESIA TO INDIA IS GETTING AROUND $10-11K BASIS SINGAPORE DELIVERY
Supramax
The week started off quietly in the Atlantic with more activity in the Pacific basin.
According to Fearnleys weekly report, frontha ...
Wednesday, 22 February 17
TANKER MARKET INSIGHT - KATERINA RESTIS
In 2016 a session of the IMO committee in London, set the new prerequisites effective from January 2020, which will necessitate global Sulphur cont ...
Tuesday, 21 February 17
INDIA'S JANUARY COAL IMPORTS DECLINE 21.7 PERCENT YEAR -ON-YEAR TO 14.31 MT - PTI
Coal imports declined by 21.7 per cent to 14.31 million tonnes in January as the power utilities did not lift much fuel due to abundant stock avail ...
Tuesday, 21 February 17
CHINESE EXPORTS SHOWED A YEAR-ON-YEAR RISE FOR THE FIRST TIME IN TEN MONTHS; S. KOREA'S EXPORTS UP FOR PAST THREE MONTHS IN A ROW - GEORGE LAZARIDIS
We have started to some sparks of life in the commodities markets these past weeks, with prices having shown a strong push during the past couple o ...
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- Price Waterhouse Coopers - Russia
- Orica Australia Pty. Ltd.
- Directorate General of MIneral and Coal - Indonesia
- Parry Sugars Refinery, India
- Iligan Light & Power Inc, Philippines
- Agrawal Coal Company - India
- Timah Investasi Mineral - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Kideco Jaya Agung - Indonesia
- Vedanta Resources Plc - India
- Semirara Mining Corp, Philippines
- Kumho Petrochemical, South Korea
- Mercuria Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Aboitiz Power Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Coal and Oil Company - UAE
- Larsen & Toubro Limited - India
- Sical Logistics Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Minerals Council of Australia
- Electricity Authority, New Zealand
- Indian Energy Exchange, India
- Madhucon Powers Ltd - India
- Australian Commodity Traders Exchange
- Intertek Mineral Services - Indonesia
- Merrill Lynch Commodities Europe
- Vizag Seaport Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement - Thailand
- Globalindo Alam Lestari - Indonesia
- Parliament of New Zealand
- IHS Mccloskey Coal Group - USA
- Samtan Co., Ltd - South Korea
- TeaM Sual Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Bukit Baiduri Energy - Indonesia
- Wilmar Investment Holdings
- Commonwealth Bank - Australia
- Salva Resources Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Edison Trading Spa - Italy
- Karbindo Abesyapradhi - Indoneisa
- Australian Coal Association
- International Coal Ventures Pvt Ltd - India
- Singapore Mercantile Exchange
- Bulk Trading Sa - Switzerland
- Jaiprakash Power Ventures ltd
- Central Electricity Authority - India
- San Jose City I Power Corp, Philippines
- GVK Power & Infra Limited - India
- Antam Resourcindo - Indonesia
- Star Paper Mills Limited - India
- Semirara Mining and Power Corporation, Philippines
- Indika Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Cigading International Bulk Terminal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Tamil Nadu electricity Board
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- European Bulk Services B.V. - Netherlands
- Georgia Ports Authority, United States
- Borneo Indobara - Indonesia
- Savvy Resources Ltd - HongKong
- Sindya Power Generating Company Private Ltd
- Mjunction Services Limited - India
- Coastal Gujarat Power Limited - India
- Rio Tinto Coal - Australia
- South Luzon Thermal Energy Corporation
- Interocean Group of Companies - India
- CNBM International Corporation - China
- Coalindo Energy - Indonesia
- Indian Oil Corporation Limited
- White Energy Company Limited
- Manunggal Multi Energi - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Standard Chartered Bank - UAE
- Thiess Contractors Indonesia
- Mercator Lines Limited - India
- Posco Energy - South Korea
- Ambuja Cements Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Grasim Industreis Ltd - India
- Orica Mining Services - Indonesia
- Mintek Dendrill Indonesia
- Malabar Cements Ltd - India
- Renaissance Capital - South Africa
- Planning Commission, India
- Kapuas Tunggal Persada - Indonesia
- Barasentosa Lestari - Indonesia
- Oldendorff Carriers - Singapore
- Indonesian Coal Mining Association
- Sakthi Sugars Limited - India
- Kepco SPC Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Bhushan Steel Limited - India
- Bhoruka Overseas - Indonesia
- Jindal Steel & Power Ltd - India
- SMG Consultants - Indonesia
- Port Waratah Coal Services - Australia
- ASAPP Information Group - India
- Pendopo Energi Batubara - Indonesia
- Meralco Power Generation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Goldman Sachs - Singapore
- Trasteel International SA, Italy
- Bangladesh Power Developement Board
- Kaltim Prima Coal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Alfred C Toepfer International GmbH - Germany
- PTC India Limited - India
- Sojitz Corporation - Japan
- Energy Development Corp, Philippines
- PowerSource Philippines DevCo
- Petron Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- New Zealand Coal & Carbon
- Xindia Steels Limited - India
- McConnell Dowell - Australia
- LBH Netherlands Bv - Netherlands
- Indo Tambangraya Megah - Indonesia
- Chettinad Cement Corporation Ltd - India
- Ministry of Finance - Indonesia
- Global Business Power Corporation, Philippines
- Heidelberg Cement - Germany
- Formosa Plastics Group - Taiwan
- Gujarat Mineral Development Corp Ltd - India
- Binh Thuan Hamico - Vietnam
- CIMB Investment Bank - Malaysia
- Bukit Makmur.PT - Indonesia
- Metalloyd Limited - United Kingdom
- Central Java Power - Indonesia
- Medco Energi Mining Internasional
- Therma Luzon, Inc, Philippines
- Dalmia Cement Bharat India
- Meenaskhi Energy Private Limited - India
- Directorate Of Revenue Intelligence - India
- Carbofer General Trading SA - India
- Makarim & Taira - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Eastern Coal Council - USA
- Leighton Contractors Pty Ltd - Australia
- London Commodity Brokers - England
- Wood Mackenzie - Singapore
- Siam City Cement PLC, Thailand
- Karaikal Port Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Attock Cement Pakistan Limited
- Sree Jayajothi Cements Limited - India
- Chamber of Mines of South Africa
- Riau Bara Harum - Indonesia
- Romanian Commodities Exchange
- Energy Link Ltd, New Zealand
- GAC Shipping (India) Pvt Ltd
- Banpu Public Company Limited - Thailand
- AsiaOL BioFuels Corp., Philippines
- Essar Steel Hazira Ltd - India
- Uttam Galva Steels Limited - India
- SMC Global Power, Philippines
- Cement Manufacturers Association - India
- GMR Energy Limited - India
- Toyota Tsusho Corporation, Japan
- Indogreen Group - Indonesia
- Gujarat Sidhee Cement - India
- Ministry of Mines - Canada
- Bharathi Cement Corporation - India
- PNOC Exploration Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Pipit Mutiara Jaya. PT, Indonesia
- Independent Power Producers Association of India
- Baramulti Group, Indonesia
- Ministry of Transport, Egypt
- ICICI Bank Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Latin American Coal - Colombia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- VISA Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Eastern Energy - Thailand
- Jorong Barutama Greston.PT - Indonesia
- The Treasury - Australian Government
- SN Aboitiz Power Inc, Philippines
- Marubeni Corporation - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- OPG Power Generation Pvt Ltd - India
- Aditya Birla Group - India
- IEA Clean Coal Centre - UK
- Anglo American - United Kingdom
- Tata Chemicals Ltd - India
- India Bulls Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Electricity Generating Authority of Thailand
- MS Steel International - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kartika Selabumi Mining - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Thai Mozambique Logistica
- Africa Commodities Group - South Africa
- Lanco Infratech Ltd - India
- Simpson Spence & Young - Indonesia
- Power Finance Corporation Ltd., India
- Maharashtra Electricity Regulatory Commission - India
- Altura Mining Limited, Indonesia
- Global Coal Blending Company Limited - Australia
- Kobexindo Tractors - Indoneisa
- Bhatia International Limited - India
- Economic Council, Georgia
- Maheswari Brothers Coal Limited - India
- Deloitte Consulting - India
- The State Trading Corporation of India Ltd
- The University of Queensland
- Videocon Industries ltd - India
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