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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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Thursday, 08 December 16
STABLE OUTLOOK FOR GLOBAL MINING IN 2017 : FITCH
Fitch Ratings' sector and rating outlooks for the global mining industry in 2017 are both stable, reflecting Fitch's view that prices have ...
Thursday, 08 December 16
CHINESE COAL DEMAND WOULD BE THE KEY FACTOR THAT INFLUENCE WORLD COAL PRICES IN 2017, POLL
“WHAT ARE THE KEY FACTORS THAT MAY INFLUENCE WORLD'S COAL PRICES IN 2017?”
The on-line opinion poll conducted by COALspot.com ...
Thursday, 08 December 16
PANAMAX: THE FIRM TENDENCY CONTINUES IN BOTH HEMISPHERES - FEARNLEY
Supramax
Market remained firm - true mostly within Atlantic.
Star performer USG remained its title, where Supras reached around USD 21k ...
Wednesday, 07 December 16
SHIPPING MARKET INSIGHT - THEODOROS NTALAKOS
Looking back at my previous end-of-year insights, for the last seven years, in each and every one of them, I begin with something like “there ...
Wednesday, 07 December 16
U.S. COAL PRODUCTION IS FORECAST TO INCREASE BY 2% IN 2017 - EIA
U.S. Coal production in November 2016 was 70.7 million short tons (MMst), the third time this year monthly production exceeded 70 MMst, says EIA.
...
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- Mercator Lines Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Makarim & Taira - Indonesia
- London Commodity Brokers - England
- Straits Asia Resources Limited - Singapore
- Renaissance Capital - South Africa
- LBH Netherlands Bv - Netherlands
- Thiess Contractors Indonesia
- Samtan Co., Ltd - South Korea
- Kaltim Prima Coal - Indonesia
- Semirara Mining Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Essar Steel Hazira Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Orica Mining Services - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Petron Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Jaiprakash Power Ventures ltd
- Karaikal Port Pvt Ltd - India
- The University of Queensland
- Bulk Trading Sa - Switzerland
- Offshore Bulk Terminal Pte Ltd, Singapore
- Aditya Birla Group - India
- Commonwealth Bank - Australia
- Manunggal Multi Energi - Indonesia
- Goldman Sachs - Singapore
- Electricity Authority, New Zealand
- Intertek Mineral Services - Indonesia
- Posco Energy - South Korea
- Krishnapatnam Port Company Ltd. - India
- The State Trading Corporation of India Ltd
- The Treasury - Australian Government
- Coastal Gujarat Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Formosa Plastics Group - Taiwan
- Australian Commodity Traders Exchange
- PTC India Limited - India
- Bhushan Steel Limited - India
- IHS Mccloskey Coal Group - USA
- Siam City Cement PLC, Thailand
- Ministry of Finance - Indonesia
- Jindal Steel & Power Ltd - India
- Merrill Lynch Commodities Europe
- Anglo American - United Kingdom
- Africa Commodities Group - South Africa
- Ministry of Mines - Canada
- Bukit Asam (Persero) Tbk - Indonesia
- Tata Chemicals Ltd - India
- IEA Clean Coal Centre - UK
- ICICI Bank Limited - India
- Simpson Spence & Young - Indonesia
- Wood Mackenzie - Singapore
- TeaM Sual Corporation - Philippines
- Eastern Energy - Thailand
- Indonesian Coal Mining Association
- Globalindo Alam Lestari - Indonesia
- Thai Mozambique Logistica
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Deloitte Consulting - India
- Energy Link Ltd, New Zealand
- Riau Bara Harum - Indonesia
- Malabar Cements Ltd - India
- Cigading International Bulk Terminal - Indonesia
- SMG Consultants - Indonesia
- Sree Jayajothi Cements Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
- Rio Tinto Coal - Australia
- Standard Chartered Bank - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Port Waratah Coal Services - Australia
- Iligan Light & Power Inc, Philippines
- Parry Sugars Refinery, India
- PowerSource Philippines DevCo
- GVK Power & Infra Limited - India
- Vedanta Resources Plc - India
- Chettinad Cement Corporation Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Global Business Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Sakthi Sugars Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Indian Oil Corporation Limited
- Edison Trading Spa - Italy
- Grasim Industreis Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- SMC Global Power, Philippines
- Banpu Public Company Limited - Thailand
- Baramulti Group, Indonesia
- Central Java Power - Indonesia
- Central Electricity Authority - India
- Ministry of Transport, Egypt
- Wilmar Investment Holdings
- San Jose City I Power Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Tamil Nadu electricity Board
- Planning Commission, India
- Pendopo Energi Batubara - Indonesia
- Mercuria Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Cement Manufacturers Association - India
- Indika Energy - Indonesia
- Attock Cement Pakistan Limited
- Gujarat Sidhee Cement - India
- Binh Thuan Hamico - Vietnam
- Electricity Generating Authority of Thailand
- Antam Resourcindo - Indonesia
- India Bulls Power Limited - India
- CIMB Investment Bank - Malaysia
- MS Steel International - UAE
- Carbofer General Trading SA - India
- Borneo Indobara - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Kartika Selabumi Mining - Indonesia
- Larsen & Toubro Limited - India
- Medco Energi Mining Internasional
- Aboitiz Power Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- PetroVietnam Power Coal Import and Supply Company
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Romanian Commodities Exchange
- Eastern Coal Council - USA
- CNBM International Corporation - China
- Global Coal Blending Company Limited - Australia
- PNOC Exploration Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Parliament of New Zealand
- South Luzon Thermal Energy Corporation
- Heidelberg Cement - Germany
- Ind-Barath Power Infra Limited - India
- Meralco Power Generation, Philippines
- Power Finance Corporation Ltd., India
- McConnell Dowell - Australia
- Uttam Galva Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ambuja Cements Ltd - India
- Mjunction Services Limited - India
- Miang Besar Coal Terminal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Georgia Ports Authority, United States
- Agrawal Coal Company - India
- Vizag Seaport Private Limited - India
- New Zealand Coal & Carbon
- Altura Mining Limited, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Pipit Mutiara Jaya. PT, Indonesia
- Australian Coal Association
- Salva Resources Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- OPG Power Generation Pvt Ltd - India
- Independent Power Producers Association of India
- Directorate Of Revenue Intelligence - India
- Indian Energy Exchange, India
- Minerals Council of Australia
- Videocon Industries ltd - India
- Bangladesh Power Developement Board
- GMR Energy Limited - India
- Orica Australia Pty. Ltd.
- Karbindo Abesyapradhi - Indoneisa
- Therma Luzon, Inc, Philippines
- Bharathi Cement Corporation - India
- VISA Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- White Energy Company Limited
- Siam City Cement - Thailand
- Timah Investasi Mineral - Indoneisa
- Marubeni Corporation - India
- Indo Tambangraya Megah - Indonesia
- Madhucon Powers Ltd - India
- Price Waterhouse Coopers - Russia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Sojitz Corporation - Japan
- TNB Fuel Sdn Bhd - Malaysia
- Economic Council, Georgia
- Bhatia International Limited - India
- Billiton Holdings Pty Ltd - Australia
- Lanco Infratech Ltd - India
- Sindya Power Generating Company Private Ltd
- Metalloyd Limited - United Kingdom
- Bukit Makmur.PT - Indonesia
- Latin American Coal - Colombia
- Kepco SPC Power Corporation, Philippines
- Indogreen Group - Indonesia
- Trasteel International SA, Italy
- Singapore Mercantile Exchange
- Energy Development Corp, Philippines
- Interocean Group of Companies - India
- GAC Shipping (India) Pvt Ltd
- Sarangani Energy Corporation, Philippines
- Mintek Dendrill Indonesia
- Dalmia Cement Bharat India
- Kideco Jaya Agung - Indonesia
- Oldendorff Carriers - Singapore
- Sical Logistics Limited - India
- Maheswari Brothers Coal Limited - India
- AsiaOL BioFuels Corp., Philippines
- Coalindo Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Toyota Tsusho Corporation, Japan
- Chamber of Mines of South Africa
- Kohat Cement Company Ltd. - Pakistan
- Bayan Resources Tbk. - Indonesia
- Xindia Steels Limited - India
- Coal and Oil Company - UAE
- Star Paper Mills Limited - India
- Sinarmas Energy and Mining - Indonesia
- ASAPP Information Group - India
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