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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, 23 December 16
U.S. YEAR-TO-DATE COAL PRODUCTION TOTALED 711.1 MMST; DOWN 18.5% Y/Y - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.7 million short ton ...
Thursday, 22 December 16
INDONESIA LACK OF EXPORT TO INDIA THIS WEEK - FERNLEYS
Supramax
While the Atlantic is keeping up with rates, the Pacific has been weaker says Astrup Fernley.
According to Astrup Fernley, backhaul ...
Wednesday, 21 December 16
THE SUPREME COURT DECISION IN OW BUNKERS - WHEN A SALE OF GOODS IS NOT A SALE OF GOODS - LEON ALEXANDER, CLYDE&CO
KNOWLEDGE TO ELEVATE
In May 2016 the Supreme Court of England & Wales gave judgment in an OW Bunkers test case entitled "Res Cogitans ...
Wednesday, 21 December 16
CLEANING THE OCEANS FROM PLASTIC - SOPHIE COTZIAS
2016 is coming to a close and it finds us in preparation for the 2017 enforcement of the Ballast Water Treatment Systems. We naturally are in thoug ...
Tuesday, 20 December 16
TRADE HAS FELT ITS BUMPS AND SHAKES THIS YEAR - GEORGE LAZARIDIS
Trade has felt its bumps and shakes this year, as growing populist protectionist and nationalist movements in the Western world start to take hold. ...
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- Attock Cement Pakistan Limited
- Interocean Group of Companies - India
- Karbindo Abesyapradhi - Indoneisa
- Coastal Gujarat Power Limited - India
- Vizag Seaport Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- India Bulls Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Barasentosa Lestari - Indonesia
- Meralco Power Generation, Philippines
- Star Paper Mills Limited - India
- Uttam Galva Steels Limited - India
- ICICI Bank Limited - India
- Energy Development Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Maheswari Brothers Coal Limited - India
- European Bulk Services B.V. - Netherlands
- Siam City Cement - Thailand
- Port Waratah Coal Services - Australia
- Wilmar Investment Holdings
- Electricity Generating Authority of Thailand
- Eastern Coal Council - USA
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mintek Dendrill Indonesia
- Australian Commodity Traders Exchange
- VISA Power Limited - India
- Madhucon Powers Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Carbofer General Trading SA - India
- Minerals Council of Australia
- Aboitiz Power Corporation - Philippines
- Indogreen Group - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Marubeni Corporation - India
- Coal and Oil Company - UAE
- Parliament of New Zealand
- Therma Luzon, Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Central Electricity Authority - India
- Essar Steel Hazira Ltd - India
- Kideco Jaya Agung - Indonesia
- Altura Mining Limited, Indonesia
- Straits Asia Resources Limited - Singapore
- Siam City Cement PLC, Thailand
- SN Aboitiz Power Inc, Philippines
- Lanco Infratech Ltd - India
- Thai Mozambique Logistica
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Africa Commodities Group - South Africa
- Petrochimia International Co. Ltd.- Taiwan
- ASAPP Information Group - India
- Commonwealth Bank - Australia
- The State Trading Corporation of India Ltd
- Aditya Birla Group - India
- Salva Resources Pvt Ltd - India
- Medco Energi Mining Internasional
- Asmin Koalindo Tuhup - Indonesia
- TeaM Sual Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Standard Chartered Bank - UAE
- Antam Resourcindo - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Dalmia Cement Bharat India
- Bharathi Cement Corporation - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Mines - Canada
- Rio Tinto Coal - Australia
- Heidelberg Cement - Germany
- MS Steel International - UAE
- Australian Coal Association
- Edison Trading Spa - Italy
- White Energy Company Limited
- Rashtriya Ispat Nigam Limited - India
- SMC Global Power, Philippines
- Vedanta Resources Plc - India
- Oldendorff Carriers - Singapore
- Tata Chemicals Ltd - India
- San Jose City I Power Corp, Philippines
- Gujarat Sidhee Cement - India
- CIMB Investment Bank - Malaysia
- Iligan Light & Power Inc, Philippines
- Jaiprakash Power Ventures ltd
- Energy Link Ltd, New Zealand
- Gujarat Electricity Regulatory Commission - India
- GMR Energy Limited - India
- Simpson Spence & Young - Indonesia
- Mercuria Energy - Indonesia
- Mercator Lines Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Riau Bara Harum - Indonesia
- Bayan Resources Tbk. - Indonesia
- Chamber of Mines of South Africa
- Kapuas Tunggal Persada - Indonesia
- Agrawal Coal Company - India
- Georgia Ports Authority, United States
- Maharashtra Electricity Regulatory Commission - India
- LBH Netherlands Bv - Netherlands
- Electricity Authority, New Zealand
- Central Java Power - Indonesia
- Latin American Coal - Colombia
- Manunggal Multi Energi - Indonesia
- Indonesian Coal Mining Association
- Intertek Mineral Services - Indonesia
- Sical Logistics Limited - India
- Kumho Petrochemical, South Korea
- PowerSource Philippines DevCo
- Global Business Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Thiess Contractors Indonesia
- London Commodity Brokers - England
- Indo Tambangraya Megah - Indonesia
- Bukit Baiduri Energy - Indonesia
- Makarim & Taira - Indonesia
- Bhatia International Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- International Coal Ventures Pvt Ltd - India
- Sakthi Sugars Limited - India
- Malabar Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Price Waterhouse Coopers - Russia
- Economic Council, Georgia
- IEA Clean Coal Centre - UK
- Leighton Contractors Pty Ltd - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Singapore Mercantile Exchange
- Cement Manufacturers Association - India
- Bangladesh Power Developement Board
- Mjunction Services Limited - India
- Pendopo Energi Batubara - Indonesia
- Planning Commission, India
- SMG Consultants - Indonesia
- Grasim Industreis Ltd - India
- Larsen & Toubro Limited - India
- Ind-Barath Power Infra Limited - India
- Romanian Commodities Exchange
- CNBM International Corporation - China
- Posco Energy - South Korea
- Ambuja Cements Ltd - India
- Ministry of Finance - Indonesia
- Indian Energy Exchange, India
- Semirara Mining Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Bhushan Steel Limited - India
- Karaikal Port Pvt Ltd - India
- Renaissance Capital - South Africa
- Krishnapatnam Port Company Ltd. - India
- Kalimantan Lumbung Energi - Indonesia
- Formosa Plastics Group - Taiwan
- Binh Thuan Hamico - Vietnam
- Anglo American - United Kingdom
- GAC Shipping (India) Pvt Ltd
- Neyveli Lignite Corporation Ltd, - India
- Savvy Resources Ltd - HongKong
- Bukit Makmur.PT - Indonesia
- Ministry of Transport, Egypt
- Eastern Energy - Thailand
- Deloitte Consulting - India
- South Luzon Thermal Energy Corporation
- IHS Mccloskey Coal Group - USA
- PTC India Limited - India
- Tamil Nadu electricity Board
- Meenaskhi Energy Private Limited - India
- McConnell Dowell - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Parry Sugars Refinery, India
- Indika Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- OPG Power Generation Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Mining Services - Indonesia
- Metalloyd Limited - United Kingdom
- The Treasury - Australian Government
- Toyota Tsusho Corporation, Japan
- Power Finance Corporation Ltd., India
- Sojitz Corporation - Japan
- Independent Power Producers Association of India
- The University of Queensland
- Orica Australia Pty. Ltd.
- Videocon Industries ltd - India
- Alfred C Toepfer International GmbH - Germany
- Trasteel International SA, Italy
- Coalindo Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Wood Mackenzie - Singapore
- Bhoruka Overseas - Indonesia
- Baramulti Group, Indonesia
- Merrill Lynch Commodities Europe
- Indian Oil Corporation Limited
- Cigading International Bulk Terminal - Indonesia
- Samtan Co., Ltd - South Korea
- Xindia Steels Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Kartika Selabumi Mining - Indonesia
- Goldman Sachs - Singapore
- Kaltim Prima Coal - Indonesia
- Sindya Power Generating Company Private Ltd
- Kepco SPC Power Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Petron Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Sree Jayajothi Cements Limited - India
- Sinarmas Energy and Mining - Indonesia
- New Zealand Coal & Carbon
- PNOC Exploration Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Holcim Trading Pte Ltd - Singapore
- GVK Power & Infra Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Borneo Indobara - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Global Green Power PLC Corporation, Philippines
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