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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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Friday, 03 February 17
U.S. WEEKLY COAL PRODUCTION DECLINED 3.9% W/W; ROSE 17.7% Y/Y
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.1 million short ton ...
Friday, 03 February 17
US - EXECUTIVE ORDER ON IMMIGRATION AFFECTS VESSEL CREWS - GARD
From 27 January 2017, crew members carrying Iraqi, Syrian, Sudanese, Iranian, Somalian, Libyan or Yemeni passports are temporarily barred from ente ...
Wednesday, 01 February 17
MARKET INSIGHT - PANOS TSILINGIRIS
The recent placement of LOIs for 208kdwt Newcastlemax Newbuildings at $38.5m at Private Chinese Yard identifies with the modern history low for dry ...
Tuesday, 31 January 17
A CASE OF NEW YEAR BLUES FOR THE FAR EAST? - GEORGE LAZARIDIS
Unlike the typical lull in the market that we note during the period just prior to the Chinese New Year, 2017 has proved to be fairly m ...
Monday, 30 January 17
DUE TO LUNAR YEAR HOLIDAYS, THE FREIGHT MARKET STAYED WEAK
COALspot.com: Due to Lunar year holidays and celebration, the Freight market was down in all segments this past week.
The Baltic Exchange, tra ...
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- Power Finance Corporation Ltd., India
- OPG Power Generation Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Vedanta Resources Plc - India
- Aboitiz Power Corporation - Philippines
- PTC India Limited - India
- Global Green Power PLC Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Singapore Mercantile Exchange
- Sojitz Corporation - Japan
- Barasentosa Lestari - Indonesia
- Independent Power Producers Association of India
- TNB Fuel Sdn Bhd - Malaysia
- Leighton Contractors Pty Ltd - Australia
- Price Waterhouse Coopers - Russia
- Grasim Industreis Ltd - India
- Uttam Galva Steels Limited - India
- Bayan Resources Tbk. - Indonesia
- Xindia Steels Limited - India
- Siam City Cement PLC, Thailand
- Minerals Council of Australia
- Lanco Infratech Ltd - India
- Sindya Power Generating Company Private Ltd
- Coastal Gujarat Power Limited - India
- Africa Commodities Group - South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mintek Dendrill Indonesia
- Salva Resources Pvt Ltd - India
- White Energy Company Limited
- Meenaskhi Energy Private Limited - India
- Central Electricity Authority - India
- Holcim Trading Pte Ltd - Singapore
- Bhatia International Limited - India
- Energy Development Corp, Philippines
- Borneo Indobara - Indonesia
- CNBM International Corporation - China
- Malabar Cements Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Pendopo Energi Batubara - Indonesia
- IHS Mccloskey Coal Group - USA
- Binh Thuan Hamico - Vietnam
- International Coal Ventures Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Kideco Jaya Agung - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- MS Steel International - UAE
- Intertek Mineral Services - Indonesia
- Indian Oil Corporation Limited
- Madhucon Powers Ltd - India
- Kaltim Prima Coal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Posco Energy - South Korea
- Kumho Petrochemical, South Korea
- Metalloyd Limited - United Kingdom
- Ambuja Cements Ltd - India
- South Luzon Thermal Energy Corporation
- Straits Asia Resources Limited - Singapore
- TeaM Sual Corporation - Philippines
- Tata Chemicals Ltd - India
- Indika Energy - Indonesia
- Mercator Lines Limited - India
- Semirara Mining and Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- GAC Shipping (India) Pvt Ltd
- Simpson Spence & Young - Indonesia
- Jindal Steel & Power Ltd - India
- Altura Mining Limited, Indonesia
- Gujarat Sidhee Cement - India
- Georgia Ports Authority, United States
- Ministry of Transport, Egypt
- PowerSource Philippines DevCo
- The State Trading Corporation of India Ltd
- Electricity Authority, New Zealand
- Directorate Of Revenue Intelligence - India
- Maharashtra Electricity Regulatory Commission - India
- Essar Steel Hazira Ltd - India
- Bukit Makmur.PT - Indonesia
- Commonwealth Bank - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Standard Chartered Bank - UAE
- Chettinad Cement Corporation Ltd - India
- Port Waratah Coal Services - Australia
- Cigading International Bulk Terminal - Indonesia
- Central Java Power - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Orica Mining Services - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Latin American Coal - Colombia
- Maheswari Brothers Coal Limited - India
- Miang Besar Coal Terminal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Bhoruka Overseas - Indonesia
- VISA Power Limited - India
- Medco Energi Mining Internasional
- Toyota Tsusho Corporation, Japan
- Alfred C Toepfer International GmbH - Germany
- Vijayanagar Sugar Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- GN Power Mariveles Coal Plant, Philippines
- Dalmia Cement Bharat India
- Tamil Nadu electricity Board
- Karaikal Port Pvt Ltd - India
- India Bulls Power Limited - India
- The Treasury - Australian Government
- Asmin Koalindo Tuhup - Indonesia
- Deloitte Consulting - India
- Riau Bara Harum - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Link Ltd, New Zealand
- European Bulk Services B.V. - Netherlands
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Aditya Birla Group - India
- The University of Queensland
- SMG Consultants - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Larsen & Toubro Limited - India
- Vizag Seaport Private Limited - India
- Ind-Barath Power Infra Limited - India
- Interocean Group of Companies - India
- Gujarat Electricity Regulatory Commission - India
- Semirara Mining Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Thai Mozambique Logistica
- Sical Logistics Limited - India
- Economic Council, Georgia
- Baramulti Group, Indonesia
- SN Aboitiz Power Inc, Philippines
- Jaiprakash Power Ventures ltd
- Mjunction Services Limited - India
- Indonesian Coal Mining Association
- Edison Trading Spa - Italy
- Kepco SPC Power Corporation, Philippines
- Renaissance Capital - South Africa
- Romanian Commodities Exchange
- Bangladesh Power Developement Board
- Wood Mackenzie - Singapore
- Anglo American - United Kingdom
- Agrawal Coal Company - India
- Banpu Public Company Limited - Thailand
- Sakthi Sugars Limited - India
- Sarangani Energy Corporation, Philippines
- Oldendorff Carriers - Singapore
- Attock Cement Pakistan Limited
- Eastern Coal Council - USA
- ASAPP Information Group - India
- Rio Tinto Coal - Australia
- Chamber of Mines of South Africa
- Bharathi Cement Corporation - India
- AsiaOL BioFuels Corp., Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Business Power Corporation, Philippines
- Trasteel International SA, Italy
- Sree Jayajothi Cements Limited - India
- Eastern Energy - Thailand
- McConnell Dowell - Australia
- LBH Netherlands Bv - Netherlands
- Marubeni Corporation - India
- Globalindo Alam Lestari - Indonesia
- Ministry of Finance - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- GMR Energy Limited - India
- Goldman Sachs - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Manunggal Multi Energi - Indonesia
- Coalindo Energy - Indonesia
- GVK Power & Infra Limited - India
- Indogreen Group - Indonesia
- Planning Commission, India
- SMC Global Power, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Heidelberg Cement - Germany
- Iligan Light & Power Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- CIMB Investment Bank - Malaysia
- ICICI Bank Limited - India
- Ministry of Mines - Canada
- Cement Manufacturers Association - India
- Petron Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Indo Tambangraya Megah - Indonesia
- Merrill Lynch Commodities Europe
- IEA Clean Coal Centre - UK
- Bulk Trading Sa - Switzerland
- Meralco Power Generation, Philippines
- Bhushan Steel Limited - India
- Ceylon Electricity Board - Sri Lanka
- Parry Sugars Refinery, India
- Wilmar Investment Holdings
- Orica Australia Pty. Ltd.
- Star Paper Mills Limited - India
- Makarim & Taira - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Videocon Industries ltd - India
- Coal and Oil Company - UAE
- Petrochimia International Co. Ltd.- Taiwan
- London Commodity Brokers - England
- Savvy Resources Ltd - HongKong
- Carbofer General Trading SA - India
- Electricity Generating Authority of Thailand
- Mercuria Energy - Indonesia
- Australian Commodity Traders Exchange
- Australian Coal Association
- San Jose City I Power Corp, Philippines
- New Zealand Coal & Carbon
- Parliament of New Zealand
- Therma Luzon, Inc, Philippines
- Thiess Contractors Indonesia
- Siam City Cement - Thailand
- Neyveli Lignite Corporation Ltd, - India
- PNOC Exploration Corporation - Philippines
- Indian Energy Exchange, India
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