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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 February 17
SHIPPING MARKET INSIGHT - INTERMODAL
Looking at the state of the Dry Bulk market exactly a year ago, there is no doubt that there is a significant improvement and despite the fact that ...
Tuesday, 14 February 17
OPTIMISM HAS STARTED TO SLOWLY FLOW BACK INTO THE DRY BULK MARKET - GEORGE LAZARIDIS
Optimism has started to slowly flow back into the dry bulk market, with many in the market showing renewed optimism as the Pacific basin starts to ...
Monday, 13 February 17
COMBINED COAL SALES OF BUMI RESOURCES ROSE TO 87.7 MILLION TONS IN FY'16; UP 10.6 PERCENT Y/Y
COALspot.com: Combined Coal Sales of Bumi Resources rose to 87.7 million tons in FY’16 compared with 79.3 million tons in FY’15. ...
Monday, 13 February 17
THE FREIGHT MARKET CONTINUED TO TUMBLE IN FEBRUARY
COALspot.com: The Freight market was continued its downfall in all segments except Panamax for the week ending 10 February 2017.
The Balt ...
Friday, 10 February 17
U.S. COAL OUTPUT IS ESTIMATED TO HAVE DECLINED BY 158 MMST IN 2016 TO 739 MMST, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 17 million short tons ...
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- GVK Power & Infra Limited - India
- Latin American Coal - Colombia
- Semirara Mining and Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Semirara Mining Corp, Philippines
- Xindia Steels Limited - India
- Bhatia International Limited - India
- Jaiprakash Power Ventures ltd
- ICICI Bank Limited - India
- Tamil Nadu electricity Board
- Siam City Cement PLC, Thailand
- Deloitte Consulting - India
- Globalindo Alam Lestari - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Marubeni Corporation - India
- Timah Investasi Mineral - Indoneisa
- Kideco Jaya Agung - Indonesia
- Larsen & Toubro Limited - India
- Indogreen Group - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Petron Corporation, Philippines
- Cement Manufacturers Association - India
- White Energy Company Limited
- Edison Trading Spa - Italy
- Kalimantan Lumbung Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- Baramulti Group, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Central Java Power - Indonesia
- Banpu Public Company Limited - Thailand
- Kepco SPC Power Corporation, Philippines
- Ministry of Finance - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Videocon Industries ltd - India
- Mjunction Services Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Makarim & Taira - Indonesia
- Directorate Of Revenue Intelligence - India
- PTC India Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ind-Barath Power Infra Limited - India
- VISA Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Transport, Egypt
- Meenaskhi Energy Private Limited - India
- Interocean Group of Companies - India
- Rio Tinto Coal - Australia
- Anglo American - United Kingdom
- IEA Clean Coal Centre - UK
- Krishnapatnam Port Company Ltd. - India
- Indo Tambangraya Megah - Indonesia
- Simpson Spence & Young - Indonesia
- Medco Energi Mining Internasional
- Sical Logistics Limited - India
- Kobexindo Tractors - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Coastal Gujarat Power Limited - India
- Borneo Indobara - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- San Jose City I Power Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Coalindo Energy - Indonesia
- Parry Sugars Refinery, India
- The Treasury - Australian Government
- Mercuria Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- PowerSource Philippines DevCo
- New Zealand Coal & Carbon
- Altura Mining Limited, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Metalloyd Limited - United Kingdom
- LBH Netherlands Bv - Netherlands
- Ministry of Mines - Canada
- ASAPP Information Group - India
- Eastern Energy - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Leighton Contractors Pty Ltd - Australia
- Parliament of New Zealand
- Bukit Makmur.PT - Indonesia
- Price Waterhouse Coopers - Russia
- Jorong Barutama Greston.PT - Indonesia
- Bhushan Steel Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Maheswari Brothers Coal Limited - India
- Merrill Lynch Commodities Europe
- SMG Consultants - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- European Bulk Services B.V. - Netherlands
- Uttam Galva Steels Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Riau Bara Harum - Indonesia
- Bulk Trading Sa - Switzerland
- Iligan Light & Power Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Sojitz Corporation - Japan
- Vizag Seaport Private Limited - India
- Global Business Power Corporation, Philippines
- Bangladesh Power Developement Board
- Independent Power Producers Association of India
- Malabar Cements Ltd - India
- The University of Queensland
- Electricity Authority, New Zealand
- Aditya Birla Group - India
- Singapore Mercantile Exchange
- Antam Resourcindo - Indonesia
- Vedanta Resources Plc - India
- Holcim Trading Pte Ltd - Singapore
- Bhoruka Overseas - Indonesia
- Global Coal Blending Company Limited - Australia
- Ambuja Cements Ltd - India
- Heidelberg Cement - Germany
- CIMB Investment Bank - Malaysia
- Billiton Holdings Pty Ltd - Australia
- International Coal Ventures Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Gujarat Sidhee Cement - India
- Posco Energy - South Korea
- Indika Energy - Indonesia
- Wood Mackenzie - Singapore
- Star Paper Mills Limited - India
- Sakthi Sugars Limited - India
- Madhucon Powers Ltd - India
- Attock Cement Pakistan Limited
- Sarangani Energy Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Indian Oil Corporation Limited
- Therma Luzon, Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Toyota Tsusho Corporation, Japan
- Bahari Cakrawala Sebuku - Indonesia
- Cigading International Bulk Terminal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Chamber of Mines of South Africa
- Coal and Oil Company - UAE
- Indonesian Coal Mining Association
- Jindal Steel & Power Ltd - India
- Planning Commission, India
- Global Green Power PLC Corporation, Philippines
- Thai Mozambique Logistica
- Renaissance Capital - South Africa
- Energy Link Ltd, New Zealand
- Australian Commodity Traders Exchange
- Africa Commodities Group - South Africa
- Economic Council, Georgia
- Wilmar Investment Holdings
- Barasentosa Lestari - Indonesia
- Thiess Contractors Indonesia
- Energy Development Corp, Philippines
- PNOC Exploration Corporation - Philippines
- GMR Energy Limited - India
- CNBM International Corporation - China
- Asmin Koalindo Tuhup - Indonesia
- Samtan Co., Ltd - South Korea
- GN Power Mariveles Coal Plant, Philippines
- Binh Thuan Hamico - Vietnam
- Australian Coal Association
- Karbindo Abesyapradhi - Indoneisa
- MS Steel International - UAE
- Tata Chemicals Ltd - India
- McConnell Dowell - Australia
- Orica Australia Pty. Ltd.
- TeaM Sual Corporation - Philippines
- Oldendorff Carriers - Singapore
- Meralco Power Generation, Philippines
- Central Electricity Authority - India
- Minerals Council of Australia
- Mintek Dendrill Indonesia
- The State Trading Corporation of India Ltd
- London Commodity Brokers - England
- Power Finance Corporation Ltd., India
- Goldman Sachs - Singapore
- Ceylon Electricity Board - Sri Lanka
- Bank of Tokyo Mitsubishi UFJ Ltd
- GAC Shipping (India) Pvt Ltd
- Straits Asia Resources Limited - Singapore
- Aboitiz Power Corporation - Philippines
- Indian Energy Exchange, India
- Salva Resources Pvt Ltd - India
- Bharathi Cement Corporation - India
- Carbofer General Trading SA - India
- Chettinad Cement Corporation Ltd - India
- Eastern Coal Council - USA
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Trasteel International SA, Italy
- Orica Mining Services - Indonesia
- Pendopo Energi Batubara - Indonesia
- Kartika Selabumi Mining - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Port Waratah Coal Services - Australia
- Georgia Ports Authority, United States
- Romanian Commodities Exchange
- Grasim Industreis Ltd - India
- South Luzon Thermal Energy Corporation
- Agrawal Coal Company - India
- SN Aboitiz Power Inc, Philippines
- Kumho Petrochemical, South Korea
- Karaikal Port Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Formosa Plastics Group - Taiwan
- Maharashtra Electricity Regulatory Commission - India
- Savvy Resources Ltd - HongKong
- India Bulls Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Siam City Cement - Thailand
- Commonwealth Bank - Australia
- Essar Steel Hazira Ltd - India
- IHS Mccloskey Coal Group - USA
- Electricity Generating Authority of Thailand
- Standard Chartered Bank - UAE
- Dalmia Cement Bharat India
- Mercator Lines Limited - India
- SMC Global Power, Philippines
- Manunggal Multi Energi - Indonesia
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