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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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Monday, 28 November 16
BALTIC DRY INDEX FALLS TO 1181 POINT, DOWN 76 POINTS W/W
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities down slightly and ending in a negative note this past wee ...
Thursday, 24 November 16
SUPRAMAX: SOUTH AFRICA STILL STRONG WITH OWNERS ACHIEVING AROUND USD 14-15K FOR TRIPS EAST - FEARNLEYS
Supramax
A positive kick-off in both the Atlantic and the Pacific. Very healthy rates within USG, some supras receiving well over 20k for trips t ...
Wednesday, 23 November 16
MARKET INSIGHT - CHRISTOPHER THOMAS WHITTY
The Organization of the Petroleum Exporting Countries (OPEC) is due to finalize a reduction in total production at its next scheduled meeting in Vi ...
Tuesday, 22 November 16
ITALY'S STEAM COAL IMPORTS EXPECTED TO DECLINE 7% Y/Y TO 15 MILLION TONS IN 2017 - ITALIAN COAL ASSOCIATION
Italy’s steam coal imports expected to decline to 15 million tons in 2017, or 7% less imports compared to 2016. The coking coal imports are e ...
Tuesday, 22 November 16
THE COMMODITIES MARKETS HAD SHOWED GREATER PROMISE SINCE THE SUMMER PERIOD - GEORGE LAZARIDIS
We have all borne witness to the sluggish pace of trade growth witnessed during the course of the past 4 years as well as the even slower pace note ...
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- Karbindo Abesyapradhi - Indoneisa
- Vizag Seaport Private Limited - India
- Toyota Tsusho Corporation, Japan
- Maheswari Brothers Coal Limited - India
- Bulk Trading Sa - Switzerland
- Therma Luzon, Inc, Philippines
- Agrawal Coal Company - India
- Rashtriya Ispat Nigam Limited - India
- The Treasury - Australian Government
- Antam Resourcindo - Indonesia
- Australian Commodity Traders Exchange
- GN Power Mariveles Coal Plant, Philippines
- Mercuria Energy - Indonesia
- Wilmar Investment Holdings
- Petrochimia International Co. Ltd.- Taiwan
- Directorate Of Revenue Intelligence - India
- Bukit Makmur.PT - Indonesia
- IEA Clean Coal Centre - UK
- Sarangani Energy Corporation, Philippines
- The University of Queensland
- Parliament of New Zealand
- Manunggal Multi Energi - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Thiess Contractors Indonesia
- Siam City Cement PLC, Thailand
- Banpu Public Company Limited - Thailand
- Oldendorff Carriers - Singapore
- Eastern Coal Council - USA
- Iligan Light & Power Inc, Philippines
- Minerals Council of Australia
- ICICI Bank Limited - India
- Central Electricity Authority - India
- Samtan Co., Ltd - South Korea
- Coal and Oil Company - UAE
- Bangladesh Power Developement Board
- Kideco Jaya Agung - Indonesia
- Jindal Steel & Power Ltd - India
- Parry Sugars Refinery, India
- Orica Australia Pty. Ltd.
- Salva Resources Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Meralco Power Generation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Sinarmas Energy and Mining - Indonesia
- New Zealand Coal & Carbon
- Sree Jayajothi Cements Limited - India
- PTC India Limited - India
- MS Steel International - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Global Green Power PLC Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Business Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Riau Bara Harum - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Videocon Industries ltd - India
- Tata Chemicals Ltd - India
- Aditya Birla Group - India
- SMG Consultants - Indonesia
- Madhucon Powers Ltd - India
- Sindya Power Generating Company Private Ltd
- Gujarat Electricity Regulatory Commission - India
- Chamber of Mines of South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Larsen & Toubro Limited - India
- Grasim Industreis Ltd - India
- Formosa Plastics Group - Taiwan
- Attock Cement Pakistan Limited
- Indonesian Coal Mining Association
- AsiaOL BioFuels Corp., Philippines
- Maharashtra Electricity Regulatory Commission - India
- Planning Commission, India
- Economic Council, Georgia
- Global Coal Blending Company Limited - Australia
- Intertek Mineral Services - Indonesia
- India Bulls Power Limited - India
- GVK Power & Infra Limited - India
- McConnell Dowell - Australia
- Malabar Cements Ltd - India
- Merrill Lynch Commodities Europe
- Medco Energi Mining Internasional
- Bukit Baiduri Energy - Indonesia
- Electricity Generating Authority of Thailand
- Bhushan Steel Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sakthi Sugars Limited - India
- Chettinad Cement Corporation Ltd - India
- Altura Mining Limited, Indonesia
- Interocean Group of Companies - India
- GAC Shipping (India) Pvt Ltd
- Essar Steel Hazira Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bhatia International Limited - India
- Ministry of Mines - Canada
- European Bulk Services B.V. - Netherlands
- CIMB Investment Bank - Malaysia
- Eastern Energy - Thailand
- Uttam Galva Steels Limited - India
- Orica Mining Services - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Holcim Trading Pte Ltd - Singapore
- Kapuas Tunggal Persada - Indonesia
- Petron Corporation, Philippines
- Rio Tinto Coal - Australia
- Binh Thuan Hamico - Vietnam
- Deloitte Consulting - India
- Ministry of Finance - Indonesia
- Wood Mackenzie - Singapore
- Indika Energy - Indonesia
- Central Java Power - Indonesia
- Ind-Barath Power Infra Limited - India
- Sojitz Corporation - Japan
- Mintek Dendrill Indonesia
- Meenaskhi Energy Private Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Vedanta Resources Plc - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Australian Coal Association
- ASAPP Information Group - India
- Energy Development Corp, Philippines
- Bhoruka Overseas - Indonesia
- Romanian Commodities Exchange
- Globalindo Alam Lestari - Indonesia
- Bharathi Cement Corporation - India
- Bayan Resources Tbk. - Indonesia
- London Commodity Brokers - England
- Savvy Resources Ltd - HongKong
- South Luzon Thermal Energy Corporation
- Goldman Sachs - Singapore
- Kumho Petrochemical, South Korea
- Dalmia Cement Bharat India
- San Jose City I Power Corp, Philippines
- Coalindo Energy - Indonesia
- Cement Manufacturers Association - India
- Energy Link Ltd, New Zealand
- Renaissance Capital - South Africa
- Alfred C Toepfer International GmbH - Germany
- White Energy Company Limited
- Price Waterhouse Coopers - Russia
- Simpson Spence & Young - Indonesia
- Gujarat Sidhee Cement - India
- Indo Tambangraya Megah - Indonesia
- Mercator Lines Limited - India
- Standard Chartered Bank - UAE
- Independent Power Producers Association of India
- Thai Mozambique Logistica
- Kalimantan Lumbung Energi - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Karaikal Port Pvt Ltd - India
- Makarim & Taira - Indonesia
- OPG Power Generation Pvt Ltd - India
- SMC Global Power, Philippines
- IHS Mccloskey Coal Group - USA
- Singapore Mercantile Exchange
- Commonwealth Bank - Australia
- Trasteel International SA, Italy
- Metalloyd Limited - United Kingdom
- Baramulti Group, Indonesia
- Semirara Mining Corp, Philippines
- Electricity Authority, New Zealand
- Miang Besar Coal Terminal - Indonesia
- Siam City Cement - Thailand
- Ministry of Transport, Egypt
- Power Finance Corporation Ltd., India
- Indian Oil Corporation Limited
- Star Paper Mills Limited - India
- PNOC Exploration Corporation - Philippines
- GMR Energy Limited - India
- Timah Investasi Mineral - Indoneisa
- VISA Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Africa Commodities Group - South Africa
- Barasentosa Lestari - Indonesia
- Borneo Indobara - Indonesia
- Pendopo Energi Batubara - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Posco Energy - South Korea
- TeaM Sual Corporation - Philippines
- Ambuja Cements Ltd - India
- Heidelberg Cement - Germany
- Aboitiz Power Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- LBH Netherlands Bv - Netherlands
- Semirara Mining and Power Corporation, Philippines
- PowerSource Philippines DevCo
- Jorong Barutama Greston.PT - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Coastal Gujarat Power Limited - India
- Kobexindo Tractors - Indoneisa
- Kaltim Prima Coal - Indonesia
- Indogreen Group - Indonesia
- CNBM International Corporation - China
- Directorate General of MIneral and Coal - Indonesia
- The State Trading Corporation of India Ltd
- Marubeni Corporation - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Edison Trading Spa - Italy
- Gujarat Mineral Development Corp Ltd - India
- Carbofer General Trading SA - India
- Xindia Steels Limited - India
- Anglo American - United Kingdom
- Latin American Coal - Colombia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SN Aboitiz Power Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Cigading International Bulk Terminal - Indonesia
- Tamil Nadu electricity Board
- Georgia Ports Authority, United States
- Indian Energy Exchange, India
- Sical Logistics Limited - India
- Port Waratah Coal Services - Australia
- Kartika Selabumi Mining - Indonesia
- International Coal Ventures Pvt Ltd - India
- Mjunction Services Limited - India
- Kepco SPC Power Corporation, Philippines
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