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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, 05 January 17
CAPE MARKET HAVE KEPT SURPRISINGLY FIRM AND ACTIVE DURING THE CHRISTMAS AND NEW YEAR HOLIDAYS - FEARNLEYS
Supramax
The first week after a slow Christmas break has started off with little activity and softening rates. Not surprisingly, the market is fi ...
Thursday, 05 January 17
COMPARISON OF HONG KONG AND LONDON ARBITRATION - SKULD
KNOWLEDGE TO ELEVATE
Whilst London arbitration is the most popular platform for resolution of charterparty disputes, where the parties involved a ...
Wednesday, 04 January 17
INDONESIA'S COAL PRODUCTION IS ESTIMATED TO REACH 434 MILLION TONS IN 2016 EXCEEDED THE GOVERNMENT'S INITIAL TARGET
Indonesia's coal production is estimated to reach 434 million tons in 2016 exceeded the government's initial target. The Ministry of Energy ...
Tuesday, 03 January 17
BENGKULU TO IMPOSE TOUGHER REGULATION FOR UNPROCESSED COAL AND MINERALS EXPORTS IN 2017 - MEDIA
Bengkulu provincial government is planning to impose tougher regulation for export of coal and mineral in 2017. According to liputan6 online portal ...
Monday, 02 January 17
PORT OF NEWCASTLE SHIPPED 13.62 MMT OF COAL IN NOVEMBER; UP 4.18% M/M
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $AU 1,201 Mil ...
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- CIMB Investment Bank - Malaysia
- Trasteel International SA, Italy
- Kohat Cement Company Ltd. - Pakistan
- PowerSource Philippines DevCo
- Pendopo Energi Batubara - Indonesia
- Meralco Power Generation, Philippines
- Kobexindo Tractors - Indoneisa
- SMG Consultants - Indonesia
- Orica Mining Services - Indonesia
- Economic Council, Georgia
- PTC India Limited - India
- GAC Shipping (India) Pvt Ltd
- Kalimantan Lumbung Energi - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bulk Trading Sa - Switzerland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kumho Petrochemical, South Korea
- Bhushan Steel Limited - India
- Minerals Council of Australia
- Baramulti Group, Indonesia
- The Treasury - Australian Government
- Aboitiz Power Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- ICICI Bank Limited - India
- Alfred C Toepfer International GmbH - Germany
- Oldendorff Carriers - Singapore
- Standard Chartered Bank - UAE
- Renaissance Capital - South Africa
- Kapuas Tunggal Persada - Indonesia
- OPG Power Generation Pvt Ltd - India
- Chamber of Mines of South Africa
- Electricity Authority, New Zealand
- Edison Trading Spa - Italy
- Parry Sugars Refinery, India
- Indogreen Group - Indonesia
- Posco Energy - South Korea
- MS Steel International - UAE
- Directorate Of Revenue Intelligence - India
- Vijayanagar Sugar Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Indian Energy Exchange, India
- Larsen & Toubro Limited - India
- Central Java Power - Indonesia
- Energy Development Corp, Philippines
- Videocon Industries ltd - India
- Kepco SPC Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Metalloyd Limited - United Kingdom
- GVK Power & Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- Ind-Barath Power Infra Limited - India
- Bukit Baiduri Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- VISA Power Limited - India
- Bhoruka Overseas - Indonesia
- Deloitte Consulting - India
- Mercator Lines Limited - India
- San Jose City I Power Corp, Philippines
- Jaiprakash Power Ventures ltd
- Cement Manufacturers Association - India
- Orica Australia Pty. Ltd.
- Kaltim Prima Coal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Agrawal Coal Company - India
- Indian Oil Corporation Limited
- AsiaOL BioFuels Corp., Philippines
- Ministry of Mines - Canada
- Toyota Tsusho Corporation, Japan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coal and Oil Company - UAE
- Independent Power Producers Association of India
- Tamil Nadu electricity Board
- CNBM International Corporation - China
- Heidelberg Cement - Germany
- Wilmar Investment Holdings
- Altura Mining Limited, Indonesia
- Timah Investasi Mineral - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- Salva Resources Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Goldman Sachs - Singapore
- Attock Cement Pakistan Limited
- Semirara Mining Corp, Philippines
- Samtan Co., Ltd - South Korea
- Petron Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Aditya Birla Group - India
- Planning Commission, India
- Billiton Holdings Pty Ltd - Australia
- Meenaskhi Energy Private Limited - India
- Latin American Coal - Colombia
- Power Finance Corporation Ltd., India
- Uttam Galva Steels Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Kartika Selabumi Mining - Indonesia
- Kideco Jaya Agung - Indonesia
- The State Trading Corporation of India Ltd
- Straits Asia Resources Limited - Singapore
- Formosa Plastics Group - Taiwan
- Global Business Power Corporation, Philippines
- The University of Queensland
- Tata Chemicals Ltd - India
- Lanco Infratech Ltd - India
- Electricity Generating Authority of Thailand
- Rio Tinto Coal - Australia
- SMC Global Power, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Binh Thuan Hamico - Vietnam
- LBH Netherlands Bv - Netherlands
- New Zealand Coal & Carbon
- Barasentosa Lestari - Indonesia
- Georgia Ports Authority, United States
- Australian Coal Association
- Mintek Dendrill Indonesia
- Wood Mackenzie - Singapore
- Parliament of New Zealand
- Krishnapatnam Port Company Ltd. - India
- Sinarmas Energy and Mining - Indonesia
- Commonwealth Bank - Australia
- Mercuria Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- IEA Clean Coal Centre - UK
- Romanian Commodities Exchange
- Star Paper Mills Limited - India
- Malabar Cements Ltd - India
- Australian Commodity Traders Exchange
- Global Coal Blending Company Limited - Australia
- Coastal Gujarat Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Eastern Coal Council - USA
- Vizag Seaport Private Limited - India
- South Luzon Thermal Energy Corporation
- Indika Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- India Bulls Power Limited - India
- Borneo Indobara - Indonesia
- Ministry of Transport, Egypt
- Central Electricity Authority - India
- Holcim Trading Pte Ltd - Singapore
- Sical Logistics Limited - India
- Siam City Cement PLC, Thailand
- Sojitz Corporation - Japan
- Chettinad Cement Corporation Ltd - India
- Therma Luzon, Inc, Philippines
- Port Waratah Coal Services - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Global Green Power PLC Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Directorate General of MIneral and Coal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- McConnell Dowell - Australia
- Neyveli Lignite Corporation Ltd, - India
- GMR Energy Limited - India
- TeaM Sual Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- SN Aboitiz Power Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Xindia Steels Limited - India
- Mjunction Services Limited - India
- Carbofer General Trading SA - India
- Ceylon Electricity Board - Sri Lanka
- Thai Mozambique Logistica
- Bangladesh Power Developement Board
- Antam Resourcindo - Indonesia
- Ambuja Cements Ltd - India
- Eastern Energy - Thailand
- Gujarat Electricity Regulatory Commission - India
- London Commodity Brokers - England
- Gujarat Sidhee Cement - India
- Sree Jayajothi Cements Limited - India
- Makarim & Taira - Indonesia
- Price Waterhouse Coopers - Russia
- IHS Mccloskey Coal Group - USA
- White Energy Company Limited
- Maheswari Brothers Coal Limited - India
- PNOC Exploration Corporation - Philippines
- Madhucon Powers Ltd - India
- Interocean Group of Companies - India
- Leighton Contractors Pty Ltd - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Finance - Indonesia
- Anglo American - United Kingdom
- ASAPP Information Group - India
- Vedanta Resources Plc - India
- Africa Commodities Group - South Africa
- Intertek Mineral Services - Indonesia
- Energy Link Ltd, New Zealand
- Sarangani Energy Corporation, Philippines
- Medco Energi Mining Internasional
- Coalindo Energy - Indonesia
- Indonesian Coal Mining Association
- Thiess Contractors Indonesia
- Sakthi Sugars Limited - India
- Bukit Makmur.PT - Indonesia
- Banpu Public Company Limited - Thailand
- Bharathi Cement Corporation - India
- Manunggal Multi Energi - Indonesia
- Merrill Lynch Commodities Europe
- Indo Tambangraya Megah - Indonesia
- Dalmia Cement Bharat India
- Riau Bara Harum - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Essar Steel Hazira Ltd - India
- European Bulk Services B.V. - Netherlands
- Grasim Industreis Ltd - India
- Singapore Mercantile Exchange
- Cigading International Bulk Terminal - Indonesia
- Marubeni Corporation - India
- Siam City Cement - Thailand
- Bhatia International Limited - India
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