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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, 20 January 17
U.S. WEEKLY COAL OUTPUT ESTIMATED 15.7 MMST; UP 14.1% W/W
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.7 million short ton ...
Thursday, 19 January 17
KOREAN POWER UTILITY BORYEONG POWER TO IMPORT 660K TONS OF BITUMINOUS COAL FOR MARCH 2017
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 590,000 Metric Tons of Bituminous coal and 7000 ...
Thursday, 19 January 17
PANAMAX RATES ARE UNDER PRESSURE IN BOTH HEMISPHERES - FEARNLEYS
Supramax
The market remained flat and the week continued at the same pace as last.
According to Fearnleys weekly dry bulk report, still more ...
Wednesday, 18 January 17
TANKER: THE CLEAN PRODUCT MARKET IS STILL NOT GIVING US ANY CLEAR SIGNS OF RECOVERY - GEORGE VASTARDIS
While we are approaching the Chinese New Year, the Clean Product market is still not giving us any clear signs of recovery, especially on The East ...
Monday, 16 January 17
WHY THE SOLUTION TO INDIA'S ENERGY CHALLENGE LIES IN COAL POWER PLANTS - BENJAMIN SPORTON
India’s huge development and energy challenges mean there are economic and development arguments for investing in new coal power plants for t ...
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- OPG Power Generation Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Manunggal Multi Energi - Indonesia
- Orica Australia Pty. Ltd.
- IHS Mccloskey Coal Group - USA
- Cement Manufacturers Association - India
- Essar Steel Hazira Ltd - India
- Savvy Resources Ltd - HongKong
- PTC India Limited - India
- Bhatia International Limited - India
- Pendopo Energi Batubara - Indonesia
- Petron Corporation, Philippines
- Aditya Birla Group - India
- Meenaskhi Energy Private Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Mines - Canada
- Georgia Ports Authority, United States
- Toyota Tsusho Corporation, Japan
- Sarangani Energy Corporation, Philippines
- Therma Luzon, Inc, Philippines
- GMR Energy Limited - India
- Mercator Lines Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- South Luzon Thermal Energy Corporation
- Independent Power Producers Association of India
- Indika Energy - Indonesia
- The State Trading Corporation of India Ltd
- Merrill Lynch Commodities Europe
- Meralco Power Generation, Philippines
- Larsen & Toubro Limited - India
- Bhoruka Overseas - Indonesia
- Kobexindo Tractors - Indoneisa
- Sojitz Corporation - Japan
- London Commodity Brokers - England
- Pipit Mutiara Jaya. PT, Indonesia
- Vizag Seaport Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Coalindo Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Wilmar Investment Holdings
- Ind-Barath Power Infra Limited - India
- Global Coal Blending Company Limited - Australia
- Tamil Nadu electricity Board
- Thiess Contractors Indonesia
- The Treasury - Australian Government
- Sindya Power Generating Company Private Ltd
- Standard Chartered Bank - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Attock Cement Pakistan Limited
- SMC Global Power, Philippines
- Parry Sugars Refinery, India
- Kapuas Tunggal Persada - Indonesia
- Semirara Mining Corp, Philippines
- Deloitte Consulting - India
- Interocean Group of Companies - India
- Antam Resourcindo - Indonesia
- Globalindo Alam Lestari - Indonesia
- Global Green Power PLC Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Central Electricity Authority - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mercuria Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Indo Tambangraya Megah - Indonesia
- Agrawal Coal Company - India
- Kartika Selabumi Mining - Indonesia
- Goldman Sachs - Singapore
- Dalmia Cement Bharat India
- Bukit Asam (Persero) Tbk - Indonesia
- Oldendorff Carriers - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Vedanta Resources Plc - India
- Salva Resources Pvt Ltd - India
- Carbofer General Trading SA - India
- Singapore Mercantile Exchange
- Banpu Public Company Limited - Thailand
- Straits Asia Resources Limited - Singapore
- Bharathi Cement Corporation - India
- Ministry of Finance - Indonesia
- VISA Power Limited - India
- Aboitiz Power Corporation - Philippines
- Australian Coal Association
- Intertek Mineral Services - Indonesia
- Semirara Mining and Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Trasteel International SA, Italy
- Metalloyd Limited - United Kingdom
- Energy Development Corp, Philippines
- Grasim Industreis Ltd - India
- Sical Logistics Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Simpson Spence & Young - Indonesia
- ICICI Bank Limited - India
- Latin American Coal - Colombia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Alfred C Toepfer International GmbH - Germany
- Price Waterhouse Coopers - Russia
- Renaissance Capital - South Africa
- Sinarmas Energy and Mining - Indonesia
- Riau Bara Harum - Indonesia
- Samtan Co., Ltd - South Korea
- Eastern Energy - Thailand
- Ambuja Cements Ltd - India
- Bayan Resources Tbk. - Indonesia
- TeaM Sual Corporation - Philippines
- Lanco Infratech Ltd - India
- Global Business Power Corporation, Philippines
- Xindia Steels Limited - India
- Malabar Cements Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Siam City Cement - Thailand
- Planning Commission, India
- White Energy Company Limited
- Coal and Oil Company - UAE
- Bukit Baiduri Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Billiton Holdings Pty Ltd - Australia
- Electricity Generating Authority of Thailand
- Uttam Galva Steels Limited - India
- Thai Mozambique Logistica
- Star Paper Mills Limited - India
- Gujarat Electricity Regulatory Commission - India
- Petrochimia International Co. Ltd.- Taiwan
- Chettinad Cement Corporation Ltd - India
- Maheswari Brothers Coal Limited - India
- Indogreen Group - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Indian Oil Corporation Limited
- Central Java Power - Indonesia
- CNBM International Corporation - China
- Anglo American - United Kingdom
- Timah Investasi Mineral - Indoneisa
- Romanian Commodities Exchange
- Ceylon Electricity Board - Sri Lanka
- Mjunction Services Limited - India
- Makarim & Taira - Indonesia
- Heidelberg Cement - Germany
- Bhushan Steel Limited - India
- PNOC Exploration Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Africa Commodities Group - South Africa
- Port Waratah Coal Services - Australia
- Economic Council, Georgia
- Posco Energy - South Korea
- Madhucon Powers Ltd - India
- Borneo Indobara - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Coastal Gujarat Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Kumho Petrochemical, South Korea
- Gujarat Sidhee Cement - India
- Vijayanagar Sugar Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Kaltim Prima Coal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- IEA Clean Coal Centre - UK
- Medco Energi Mining Internasional
- Energy Link Ltd, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bulk Trading Sa - Switzerland
- Iligan Light & Power Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Karbindo Abesyapradhi - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Electricity Authority, New Zealand
- Kideco Jaya Agung - Indonesia
- Sakthi Sugars Limited - India
- Miang Besar Coal Terminal - Indonesia
- GVK Power & Infra Limited - India
- Eastern Coal Council - USA
- Altura Mining Limited, Indonesia
- Tata Chemicals Ltd - India
- Formosa Plastics Group - Taiwan
- Kepco SPC Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Videocon Industries ltd - India
- Edison Trading Spa - Italy
- SMG Consultants - Indonesia
- GAC Shipping (India) Pvt Ltd
- Minerals Council of Australia
- New Zealand Coal & Carbon
- Marubeni Corporation - India
- Kohat Cement Company Ltd. - Pakistan
- Neyveli Lignite Corporation Ltd, - India
- Baramulti Group, Indonesia
- Mintek Dendrill Indonesia
- Australian Commodity Traders Exchange
- San Jose City I Power Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- The University of Queensland
- Indonesian Coal Mining Association
- SN Aboitiz Power Inc, Philippines
- PowerSource Philippines DevCo
- Power Finance Corporation Ltd., India
- Siam City Cement PLC, Thailand
- India Bulls Power Limited - India
- Bangladesh Power Developement Board
- Bukit Makmur.PT - Indonesia
- Wood Mackenzie - Singapore
- Ministry of Transport, Egypt
- McConnell Dowell - Australia
- Jaiprakash Power Ventures ltd
- Orica Mining Services - Indonesia
- CIMB Investment Bank - Malaysia
- Chamber of Mines of South Africa
- Rio Tinto Coal - Australia
- Cigading International Bulk Terminal - Indonesia
- Directorate Of Revenue Intelligence - India
- Indian Energy Exchange, India
- ASAPP Information Group - India
- Gujarat Mineral Development Corp Ltd - India
- MS Steel International - UAE
- Commonwealth Bank - Australia
- Binh Thuan Hamico - Vietnam
- Parliament of New Zealand
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