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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, 01 December 16
OIL PRICES MAY SEE LITTLE GROWTH BEFORE 2018, FITCH RATINGS SAYS
High inventories and the potential for US shale production to respond quickly to any market tightening mean oil prices may flat line in 2017 before ...
Thursday, 01 December 16
CHINA 2017 OIL, GAS OUTPUT DROP MAY WORSEN ON CAPEX CUT: FITCH
China's oil and gas production may shrink even more in 2017 than in 2016 after the country's leading oil companies cut exploration and prod ...
Thursday, 01 December 16
ANOTHER WONDERFUL WEEK FOR PANAMAX - FEARNLEY
Supramax
A slower start to the week in the Pacific compared to last Trips from N. China to S. China is paying in the range of low USD 5k, while I ...
Tuesday, 29 November 16
AUSTRALIA'S PORT OF NEWCASTLE SHIPPED 13.08 MT OF COAL IN OCTOBER; DOWN 10.39% M/M
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $AU1,124.7 Mi ...
Tuesday, 29 November 16
US WEEKLY COAL OUTPUT TOTALS 17.2 MMST, UP 2.8% : EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 17.2 million short ton ...
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- Marubeni Corporation - India
- Sarangani Energy Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The State Trading Corporation of India Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SMC Global Power, Philippines
- Sical Logistics Limited - India
- Wilmar Investment Holdings
- Uttam Galva Steels Limited - India
- Bayan Resources Tbk. - Indonesia
- Directorate Of Revenue Intelligence - India
- Maheswari Brothers Coal Limited - India
- McConnell Dowell - Australia
- Tamil Nadu electricity Board
- Ceylon Electricity Board - Sri Lanka
- Billiton Holdings Pty Ltd - Australia
- Deloitte Consulting - India
- Ministry of Transport, Egypt
- Rashtriya Ispat Nigam Limited - India
- GMR Energy Limited - India
- Gujarat Electricity Regulatory Commission - India
- Gujarat Mineral Development Corp Ltd - India
- Orica Mining Services - Indonesia
- Chamber of Mines of South Africa
- Coalindo Energy - Indonesia
- Larsen & Toubro Limited - India
- VISA Power Limited - India
- Toyota Tsusho Corporation, Japan
- Kaltim Prima Coal - Indonesia
- Central Electricity Authority - India
- Georgia Ports Authority, United States
- Alfred C Toepfer International GmbH - Germany
- Offshore Bulk Terminal Pte Ltd, Singapore
- South Luzon Thermal Energy Corporation
- Independent Power Producers Association of India
- PetroVietnam Power Coal Import and Supply Company
- Sindya Power Generating Company Private Ltd
- Attock Cement Pakistan Limited
- Banpu Public Company Limited - Thailand
- Intertek Mineral Services - Indonesia
- Renaissance Capital - South Africa
- Savvy Resources Ltd - HongKong
- Commonwealth Bank - Australia
- Medco Energi Mining Internasional
- GN Power Mariveles Coal Plant, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Romanian Commodities Exchange
- Borneo Indobara - Indonesia
- Aboitiz Power Corporation - Philippines
- Videocon Industries ltd - India
- PowerSource Philippines DevCo
- Mjunction Services Limited - India
- Ministry of Mines - Canada
- Kumho Petrochemical, South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Goldman Sachs - Singapore
- OPG Power Generation Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- IEA Clean Coal Centre - UK
- Indian Energy Exchange, India
- CNBM International Corporation - China
- Lanco Infratech Ltd - India
- Electricity Generating Authority of Thailand
- Kapuas Tunggal Persada - Indonesia
- Standard Chartered Bank - UAE
- Vedanta Resources Plc - India
- Chettinad Cement Corporation Ltd - India
- Metalloyd Limited - United Kingdom
- Ambuja Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- Merrill Lynch Commodities Europe
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Petron Corporation, Philippines
- Malabar Cements Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Timah Investasi Mineral - Indoneisa
- Rio Tinto Coal - Australia
- Coal and Oil Company - UAE
- ASAPP Information Group - India
- Bhoruka Overseas - Indonesia
- Parliament of New Zealand
- Anglo American - United Kingdom
- Baramulti Group, Indonesia
- Jaiprakash Power Ventures ltd
- Neyveli Lignite Corporation Ltd, - India
- Leighton Contractors Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Xindia Steels Limited - India
- Price Waterhouse Coopers - Russia
- Ministry of Finance - Indonesia
- Bukit Makmur.PT - Indonesia
- Posco Energy - South Korea
- The Treasury - Australian Government
- Siam City Cement PLC, Thailand
- Bhushan Steel Limited - India
- Bhatia International Limited - India
- Bangladesh Power Developement Board
- SMG Consultants - Indonesia
- Minerals Council of Australia
- Australian Coal Association
- Wood Mackenzie - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Sree Jayajothi Cements Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- New Zealand Coal & Carbon
- Electricity Authority, New Zealand
- Dalmia Cement Bharat India
- Maharashtra Electricity Regulatory Commission - India
- Indonesian Coal Mining Association
- Meralco Power Generation, Philippines
- Sojitz Corporation - Japan
- Jindal Steel & Power Ltd - India
- Global Business Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Gujarat Sidhee Cement - India
- Global Green Power PLC Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Riau Bara Harum - Indonesia
- Globalindo Alam Lestari - Indonesia
- GAC Shipping (India) Pvt Ltd
- Kideco Jaya Agung - Indonesia
- Coastal Gujarat Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Australian Commodity Traders Exchange
- AsiaOL BioFuels Corp., Philippines
- Eastern Coal Council - USA
- MS Steel International - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bharathi Cement Corporation - India
- Miang Besar Coal Terminal - Indonesia
- Parry Sugars Refinery, India
- IHS Mccloskey Coal Group - USA
- Mercator Lines Limited - India
- Manunggal Multi Energi - Indonesia
- Trasteel International SA, Italy
- White Energy Company Limited
- Mercuria Energy - Indonesia
- Therma Luzon, Inc, Philippines
- India Bulls Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Economic Council, Georgia
- Antam Resourcindo - Indonesia
- CIMB Investment Bank - Malaysia
- Semirara Mining and Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Aditya Birla Group - India
- Binh Thuan Hamico - Vietnam
- Star Paper Mills Limited - India
- Cigading International Bulk Terminal - Indonesia
- London Commodity Brokers - England
- GVK Power & Infra Limited - India
- TeaM Sual Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Siam City Cement - Thailand
- Kalimantan Lumbung Energi - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Port Waratah Coal Services - Australia
- Interocean Group of Companies - India
- Straits Asia Resources Limited - Singapore
- SN Aboitiz Power Inc, Philippines
- Latin American Coal - Colombia
- Sinarmas Energy and Mining - Indonesia
- PNOC Exploration Corporation - Philippines
- PTC India Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Cement Manufacturers Association - India
- ICICI Bank Limited - India
- Tata Chemicals Ltd - India
- Africa Commodities Group - South Africa
- Sakthi Sugars Limited - India
- Essar Steel Hazira Ltd - India
- Planning Commission, India
- Salva Resources Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Meenaskhi Energy Private Limited - India
- Thai Mozambique Logistica
- Global Coal Blending Company Limited - Australia
- Krishnapatnam Port Company Ltd. - India
- Edison Trading Spa - Italy
- Thiess Contractors Indonesia
- Energy Development Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Kobexindo Tractors - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Energy Link Ltd, New Zealand
- Makarim & Taira - Indonesia
- Bukit Baiduri Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Indogreen Group - Indonesia
- Ind-Barath Power Infra Limited - India
- International Coal Ventures Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Vizag Seaport Private Limited - India
- Indian Oil Corporation Limited
- Samtan Co., Ltd - South Korea
- Grasim Industreis Ltd - India
- Eastern Energy - Thailand
- Indika Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Semirara Mining Corp, Philippines
- Agrawal Coal Company - India
- Carbofer General Trading SA - India
- Madhucon Powers Ltd - India
- Singapore Mercantile Exchange
- Heidelberg Cement - Germany
- The University of Queensland
- Central Java Power - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Karaikal Port Pvt Ltd - India
- Mintek Dendrill Indonesia
- Orica Australia Pty. Ltd.
- Oldendorff Carriers - Singapore
- Altura Mining Limited, Indonesia
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