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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, 30 December 16
US WEEKLY COAL PRODUCTION TOTALS 15.2 MMST, DOWN 3.1% - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.2 million sho ...
Thursday, 29 December 16
CHINA AIMS TO CAP COAL-FIRED POWER CAPACITY AT 1,100 GIGAWATTS BY THE END OF 2020 - REUTERS
China aims to cap total primary energy consumption at around 4.4 billion tonnes of coal equivalent in 2017, the director of the National Energy Adm ...
Wednesday, 28 December 16
FINANCIAL MARKETS AND COMMODITY MARKETS HAVE ALREADY SHOWED CONSIDERABLE IMPROVEMENT AND RENEWED OPTIMISM - GEORGE LAZARIDIS
As 2016 nears to a close many will be breathing a heavy sigh of relief, having made it through one of the toughest years in this century and lookin ...
Wednesday, 28 December 16
BUMA SIGNED APPROXIMATELY US$ 493 MILLION WORTH OF MINING SERVICES CONTRACTS WITH PT ADARO INDONESIA AND PT ANGSANA JAYA ENERGY
COALspot.com: PT Delta Dunia Makmur Tbk. Has announced that its primary operating subsidiary, PT Bukit Makmur Mandiri Utama ("BUMA") has ...
Monday, 26 December 16
DO THE DERIVATIVES MARKETS MAKE COAL PRICES MORE VOLATILE? 59.21% SAY YES, POLL
COALspot.com: The substantial increase or decrease in coal prices within a short period of time has been supported by a number of fundamental drive ...
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- Alfred C Toepfer International GmbH - Germany
- Indonesian Coal Mining Association
- Africa Commodities Group - South Africa
- Videocon Industries ltd - India
- Straits Asia Resources Limited - Singapore
- Interocean Group of Companies - India
- Kepco SPC Power Corporation, Philippines
- Eastern Energy - Thailand
- The State Trading Corporation of India Ltd
- Meralco Power Generation, Philippines
- Jindal Steel & Power Ltd - India
- Romanian Commodities Exchange
- Parry Sugars Refinery, India
- Bukit Makmur.PT - Indonesia
- Renaissance Capital - South Africa
- Bangladesh Power Developement Board
- Uttam Galva Steels Limited - India
- IHS Mccloskey Coal Group - USA
- Neyveli Lignite Corporation Ltd, - India
- Intertek Mineral Services - Indonesia
- Global Coal Blending Company Limited - Australia
- Indo Tambangraya Megah - Indonesia
- Indian Energy Exchange, India
- Star Paper Mills Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Marubeni Corporation - India
- Therma Luzon, Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Kumho Petrochemical, South Korea
- Kartika Selabumi Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Formosa Plastics Group - Taiwan
- Merrill Lynch Commodities Europe
- Simpson Spence & Young - Indonesia
- Minerals Council of Australia
- New Zealand Coal & Carbon
- Krishnapatnam Port Company Ltd. - India
- Standard Chartered Bank - UAE
- Coastal Gujarat Power Limited - India
- Eastern Coal Council - USA
- Deloitte Consulting - India
- Energy Link Ltd, New Zealand
- TeaM Sual Corporation - Philippines
- Parliament of New Zealand
- Gujarat Sidhee Cement - India
- Carbofer General Trading SA - India
- Thai Mozambique Logistica
- Coalindo Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- GMR Energy Limited - India
- Salva Resources Pvt Ltd - India
- Wilmar Investment Holdings
- Karbindo Abesyapradhi - Indoneisa
- Toyota Tsusho Corporation, Japan
- Kapuas Tunggal Persada - Indonesia
- Pendopo Energi Batubara - Indonesia
- Planning Commission, India
- Sojitz Corporation - Japan
- Ministry of Finance - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Medco Energi Mining Internasional
- Indika Energy - Indonesia
- Oldendorff Carriers - Singapore
- Mjunction Services Limited - India
- Mercator Lines Limited - India
- Tata Chemicals Ltd - India
- Manunggal Multi Energi - Indonesia
- Indogreen Group - Indonesia
- Kideco Jaya Agung - Indonesia
- Barasentosa Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- SMG Consultants - Indonesia
- OPG Power Generation Pvt Ltd - India
- Central Java Power - Indonesia
- Essar Steel Hazira Ltd - India
- Wood Mackenzie - Singapore
- Anglo American - United Kingdom
- Ambuja Cements Ltd - India
- Siam City Cement - Thailand
- Independent Power Producers Association of India
- IEA Clean Coal Centre - UK
- Latin American Coal - Colombia
- Rashtriya Ispat Nigam Limited - India
- GAC Shipping (India) Pvt Ltd
- Bhatia International Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Attock Cement Pakistan Limited
- Australian Commodity Traders Exchange
- Heidelberg Cement - Germany
- Price Waterhouse Coopers - Russia
- Vedanta Resources Plc - India
- Dalmia Cement Bharat India
- Globalindo Alam Lestari - Indonesia
- Sical Logistics Limited - India
- PNOC Exploration Corporation - Philippines
- Makarim & Taira - Indonesia
- Meenaskhi Energy Private Limited - India
- Samtan Co., Ltd - South Korea
- PowerSource Philippines DevCo
- Commonwealth Bank - Australia
- Coal and Oil Company - UAE
- PTC India Limited - India
- Antam Resourcindo - Indonesia
- LBH Netherlands Bv - Netherlands
- Jaiprakash Power Ventures ltd
- Bulk Trading Sa - Switzerland
- Sree Jayajothi Cements Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Trasteel International SA, Italy
- Iligan Light & Power Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Mintek Dendrill Indonesia
- Maheswari Brothers Coal Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Ceylon Electricity Board - Sri Lanka
- Australian Coal Association
- Asmin Koalindo Tuhup - Indonesia
- European Bulk Services B.V. - Netherlands
- Port Waratah Coal Services - Australia
- Georgia Ports Authority, United States
- Petron Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Goldman Sachs - Singapore
- San Jose City I Power Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- PetroVietnam Power Coal Import and Supply Company
- ICICI Bank Limited - India
- Mercuria Energy - Indonesia
- MS Steel International - UAE
- AsiaOL BioFuels Corp., Philippines
- Economic Council, Georgia
- Larsen & Toubro Limited - India
- Bhushan Steel Limited - India
- Bayan Resources Tbk. - Indonesia
- South Luzon Thermal Energy Corporation
- Thiess Contractors Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The University of Queensland
- Chettinad Cement Corporation Ltd - India
- Edison Trading Spa - Italy
- Metalloyd Limited - United Kingdom
- Singapore Mercantile Exchange
- Leighton Contractors Pty Ltd - Australia
- Malabar Cements Ltd - India
- Baramulti Group, Indonesia
- Rio Tinto Coal - Australia
- Holcim Trading Pte Ltd - Singapore
- Xindia Steels Limited - India
- Cement Manufacturers Association - India
- Jorong Barutama Greston.PT - Indonesia
- SMC Global Power, Philippines
- ASAPP Information Group - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- McConnell Dowell - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Agrawal Coal Company - India
- Electricity Generating Authority of Thailand
- Sakthi Sugars Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kaltim Prima Coal - Indonesia
- White Energy Company Limited
- CIMB Investment Bank - Malaysia
- Cigading International Bulk Terminal - Indonesia
- Vizag Seaport Private Limited - India
- Central Electricity Authority - India
- Posco Energy - South Korea
- London Commodity Brokers - England
- Orica Mining Services - Indonesia
- Bharathi Cement Corporation - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- VISA Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kalimantan Lumbung Energi - Indonesia
- Bhoruka Overseas - Indonesia
- India Bulls Power Limited - India
- Indian Oil Corporation Limited
- International Coal Ventures Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Madhucon Powers Ltd - India
- The Treasury - Australian Government
- SN Aboitiz Power Inc, Philippines
- Aditya Birla Group - India
- Chamber of Mines of South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Mines - Canada
- Altura Mining Limited, Indonesia
- Borneo Indobara - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Electricity Authority, New Zealand
- Lanco Infratech Ltd - India
- Orica Australia Pty. Ltd.
- Bahari Cakrawala Sebuku - Indonesia
- Energy Development Corp, Philippines
- Savvy Resources Ltd - HongKong
- GVK Power & Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- Sarangani Energy Corporation, Philippines
- Semirara Mining Corp, Philippines
- Grasim Industreis Ltd - India
- CNBM International Corporation - China
- Billiton Holdings Pty Ltd - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Timah Investasi Mineral - Indoneisa
- Power Finance Corporation Ltd., India
- Binh Thuan Hamico - Vietnam
- Riau Bara Harum - Indonesia
- Banpu Public Company Limited - Thailand
- Karaikal Port Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Tamil Nadu electricity Board
- Siam City Cement PLC, Thailand
- Gujarat Mineral Development Corp Ltd - India
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