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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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Tuesday, 20 December 16
TURNAROUND IN CHINESE ECONOMY HAS INTENSIFIED RECENTLY, SAYS COMMODORE RESEARCH
According to the most recent Weekly China Report published by Commodore Research, it has remained encouraging that the turnaround in China’s ...
Monday, 19 December 16
U.S. WEEKLY COAL PRODUCTION DOWN 3.1% PERCENT WEEK ON WEEK
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.8 million short ton ...
Monday, 19 December 16
THE FREIGHT MARKET WAS CONTINUING TO SOFTEN
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities continually decline this past week and ending on a negati ...
Thursday, 15 December 16
SUPRAMAXES ARE ACHIEVING AROUND HIGH USD 7K FOR INDO/CHINA COAL ROUNDS - FEARNLEY
Supramax
Pacific has been relatively quiet this week, with some softening signs.
Supramaxes are achieving around high USD 7k for Indo/China ...
Wednesday, 14 December 16
INTERNATIONAL TRIBUNAL DISMISSED CHURCHILL MINING'S DAMAGES CLAIM AGAINST REPUBLIC OF INDONESIA
The Directors of Churchill Mining plc advise that, the ICSID Tribunal (“Tribunal”) granted Indonesia’s application to dismiss the ...
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- Simpson Spence & Young - Indonesia
- PowerSource Philippines DevCo
- OPG Power Generation Pvt Ltd - India
- Meralco Power Generation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Directorate Of Revenue Intelligence - India
- Ministry of Mines - Canada
- Electricity Authority, New Zealand
- Medco Energi Mining Internasional
- Gujarat Sidhee Cement - India
- Globalindo Alam Lestari - Indonesia
- Anglo American - United Kingdom
- Vedanta Resources Plc - India
- Orica Mining Services - Indonesia
- Bukit Makmur.PT - Indonesia
- Baramulti Group, Indonesia
- Chamber of Mines of South Africa
- Bangladesh Power Developement Board
- Thai Mozambique Logistica
- Ceylon Electricity Board - Sri Lanka
- Semirara Mining and Power Corporation, Philippines
- Eastern Coal Council - USA
- San Jose City I Power Corp, Philippines
- Malabar Cements Ltd - India
- Jaiprakash Power Ventures ltd
- Heidelberg Cement - Germany
- Formosa Plastics Group - Taiwan
- Trasteel International SA, Italy
- Commonwealth Bank - Australia
- SMC Global Power, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Standard Chartered Bank - UAE
- PTC India Limited - India
- Mintek Dendrill Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Krishnapatnam Port Company Ltd. - India
- Manunggal Multi Energi - Indonesia
- Mercator Lines Limited - India
- Tamil Nadu electricity Board
- Sindya Power Generating Company Private Ltd
- Xindia Steels Limited - India
- Jindal Steel & Power Ltd - India
- Essar Steel Hazira Ltd - India
- Attock Cement Pakistan Limited
- Therma Luzon, Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Carbofer General Trading SA - India
- Maheswari Brothers Coal Limited - India
- The State Trading Corporation of India Ltd
- SN Aboitiz Power Inc, Philippines
- Bhatia International Limited - India
- Thiess Contractors Indonesia
- Bhoruka Overseas - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Indo Tambangraya Megah - Indonesia
- Binh Thuan Hamico - Vietnam
- Romanian Commodities Exchange
- Holcim Trading Pte Ltd - Singapore
- Bulk Trading Sa - Switzerland
- Singapore Mercantile Exchange
- Star Paper Mills Limited - India
- IEA Clean Coal Centre - UK
- Vizag Seaport Private Limited - India
- Bharathi Cement Corporation - India
- Directorate General of MIneral and Coal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Riau Bara Harum - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Indonesian Coal Mining Association
- India Bulls Power Limited - India
- Sakthi Sugars Limited - India
- Africa Commodities Group - South Africa
- Parliament of New Zealand
- Bukit Baiduri Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- AsiaOL BioFuels Corp., Philippines
- ASAPP Information Group - India
- Aditya Birla Group - India
- Billiton Holdings Pty Ltd - Australia
- IHS Mccloskey Coal Group - USA
- Wood Mackenzie - Singapore
- Coal and Oil Company - UAE
- GAC Shipping (India) Pvt Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Borneo Indobara - Indonesia
- Parry Sugars Refinery, India
- New Zealand Coal & Carbon
- Economic Council, Georgia
- Coastal Gujarat Power Limited - India
- Global Coal Blending Company Limited - Australia
- Kumho Petrochemical, South Korea
- Maharashtra Electricity Regulatory Commission - India
- Sinarmas Energy and Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bhushan Steel Limited - India
- Timah Investasi Mineral - Indoneisa
- Larsen & Toubro Limited - India
- Cement Manufacturers Association - India
- International Coal Ventures Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- South Luzon Thermal Energy Corporation
- Orica Australia Pty. Ltd.
- Bukit Asam (Persero) Tbk - Indonesia
- Electricity Generating Authority of Thailand
- LBH Netherlands Bv - Netherlands
- Kohat Cement Company Ltd. - Pakistan
- GMR Energy Limited - India
- Madhucon Powers Ltd - India
- Metalloyd Limited - United Kingdom
- Siam City Cement - Thailand
- CNBM International Corporation - China
- Rashtriya Ispat Nigam Limited - India
- MS Steel International - UAE
- Savvy Resources Ltd - HongKong
- European Bulk Services B.V. - Netherlands
- Power Finance Corporation Ltd., India
- Makarim & Taira - Indonesia
- Kaltim Prima Coal - Indonesia
- Agrawal Coal Company - India
- Kartika Selabumi Mining - Indonesia
- Merrill Lynch Commodities Europe
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Finance - Indonesia
- The University of Queensland
- Lanco Infratech Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Chettinad Cement Corporation Ltd - India
- Grasim Industreis Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Mercuria Energy - Indonesia
- Posco Energy - South Korea
- Kalimantan Lumbung Energi - Indonesia
- Coalindo Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Petron Corporation, Philippines
- Dalmia Cement Bharat India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Altura Mining Limited, Indonesia
- Goldman Sachs - Singapore
- Rio Tinto Coal - Australia
- Karaikal Port Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- GVK Power & Infra Limited - India
- Ind-Barath Power Infra Limited - India
- Samtan Co., Ltd - South Korea
- Iligan Light & Power Inc, Philippines
- Sical Logistics Limited - India
- Toyota Tsusho Corporation, Japan
- Karbindo Abesyapradhi - Indoneisa
- London Commodity Brokers - England
- Pipit Mutiara Jaya. PT, Indonesia
- Mjunction Services Limited - India
- VISA Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Aboitiz Power Corporation - Philippines
- Planning Commission, India
- Bayan Resources Tbk. - Indonesia
- Port Waratah Coal Services - Australia
- Cigading International Bulk Terminal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Central Electricity Authority - India
- Intertek Mineral Services - Indonesia
- Tata Chemicals Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Central Java Power - Indonesia
- Indian Energy Exchange, India
- Indika Energy - Indonesia
- Videocon Industries ltd - India
- Indogreen Group - Indonesia
- Straits Asia Resources Limited - Singapore
- Global Business Power Corporation, Philippines
- Ambuja Cements Ltd - India
- ICICI Bank Limited - India
- Sojitz Corporation - Japan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Link Ltd, New Zealand
- Uttam Galva Steels Limited - India
- Eastern Energy - Thailand
- Australian Commodity Traders Exchange
- Kapuas Tunggal Persada - Indonesia
- Indian Oil Corporation Limited
- Independent Power Producers Association of India
- Georgia Ports Authority, United States
- Price Waterhouse Coopers - Russia
- Antam Resourcindo - Indonesia
- Oldendorff Carriers - Singapore
- Wilmar Investment Holdings
- Kideco Jaya Agung - Indonesia
- White Energy Company Limited
- Marubeni Corporation - India
- Sarangani Energy Corporation, Philippines
- Renaissance Capital - South Africa
- Australian Coal Association
- Latin American Coal - Colombia
- TeaM Sual Corporation - Philippines
- McConnell Dowell - Australia
- Salva Resources Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Deloitte Consulting - India
- The Treasury - Australian Government
- Ministry of Transport, Egypt
- Meenaskhi Energy Private Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Semirara Mining Corp, Philippines
- SMG Consultants - Indonesia
- Siam City Cement PLC, Thailand
- Minerals Council of Australia
- Miang Besar Coal Terminal - Indonesia
- Energy Development Corp, Philippines
- CIMB Investment Bank - Malaysia
- Neyveli Lignite Corporation Ltd, - India
- Pendopo Energi Batubara - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Edison Trading Spa - Italy
- Interocean Group of Companies - India
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