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Wednesday, 04 November 15
MARKET INSIGHT - CHRISTOPHER THOMAS WHITTY
 Four companies dominate global iron ore production, namely; BHP Billiton, Vale, Rio Tinto, and Fortescue Metals Group. Together these companies control more than 70 percent of the seaborne iron ore market.
The price of iron ore edged to $US49.95/ ton on Wednesday, nearing a four-month low but still the two major producers in Australia and Brazil have been following through with their longstanding plans to increase production. The low iron ore price also comes as China’s official forecaster warned of a 20% fall in Chinese steel consumption over the next 15 years, as Beijing accelerates the shutdown of outdated and loss-making factories.
Rio Tinto in Australia and Vale in Brazil, are still ramping up production. For the first nine-months of 2015, Vale’s production overall is around 8 million metric tons higher than Rio Tinto’s at 248 million metric tons, while Vale’s shipments are just over 3 million metric tons higher.
Of course Australian miners still have an advantage in delivered costs to China, the main importer for iron ore. For example, Capesizes hauling the commodity from Brazil to China last week saw rates around $12/ton for the Tubarao/Qingdao route, while from Rio Tinto’s Dampier terminal in Western Australian, freight rates were slightly in excess of $5.10/ton.
It is quite interesting to see that current iron ore prices aren’t worrying Rio Tinto. Their CEO, Andrew Harding, said he’s not losing sleep, because the business line, like the miner itself, is in for the long haul. He reasons that populations will continue to grow and develop, especially in Asia and iron ore will be needed to serve their needs. In September, Rio Tinto said its modelling showed that the world would need three billion tons of iron ore by 2030.
On the other side of the world, Vale is also quite confident in their iron ore division after releasing their third quarter results for 2015. Their highlight is the significant cost cutting during this period, which made Vale, the company with the lowest production cost/ton in the entire sector, reach an unprecedented cost level of $ 12.7/ton of iron ore. They are trailing faster growth compared to Australian majors, who this year posted stronger increases to volumes from new capacity ramp-ups.
This is an oversupplied market that is obviously affected by the shrinking Chinese steel demand. On the other hand, oversupplied ore trade also creates opportunities for the large players, since it means that certain high-cost producers will struggle to survive. Some iron ore mines, such as those in Canada, China and Africa, have already buckled under the pressure.
Nevertheless, producers with operating costs that are far below current iron ore prices are very well-positioned to take market share in the long term. Now if several high-cost producers exit the industry, it would be quite difficult for them to re-commence operations.
Over the long term, the low-cost iron mines could potentially fill the gap that remains after smaller companies exit the market. The gain in market share will likely increase margins, operating cash flow and profits. Hopefully this could also change the dynamics in the market and positively affect the demand for seaborne trade.
By Christopher Thomas Whitty
Marketing Manager, Towage & Port Agency
Cotzias Intermodal Shipping
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 re-producing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Sunday, 06 December 15
DRY BULK MARKET ON REVERSE MODE, SET TO BREAK NEW ALL-TIME LOWS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has been the negative “star” of the shipping industry for quite some time. In fact if it wasn’t for the boomi ...
Sunday, 06 December 15
DESPITE TEMPTING NEWBUILDING PRICES, CONTRACTING IN DRY BULK REMAINS LOW - BIMCO
The current newbuilding prices for dry bulk ships has dropped so much that they just passed the lows of 2012 heading downwards and are now at the l ...
Friday, 04 December 15
FOB INDONESIA COAL SWAPS ARE ALMOST FLAT OVER WEAK DEMAND
COALspot.com: Indonesian coal swaps for delivery Q1 2016 declined month on month and rose slightly week over week. Coal prices seen very margi ...
Friday, 04 December 15
COAL PRODUCTION IN THE U.S. FOR W/E NOVEMBER 28TH FELL SLIGHTLY FROM THE PREVIOUS WEEK
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 15.0 million shor ...
Friday, 04 December 15
MINING OUTLOOK WEAKENS FURTHER ON FALLING CHINESE DEMAND - FITCH
COALspot.com: Fitch Ratings' outlook for the global mining sector in 2016 is firmly negative, reflecting our view that Chinese demand will cont ...
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- GVK Power & Infra Limited - India
- New Zealand Coal & Carbon
- Tata Chemicals Ltd - India
- Savvy Resources Ltd - HongKong
- San Jose City I Power Corp, Philippines
- Mintek Dendrill Indonesia
- The State Trading Corporation of India Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- GN Power Mariveles Coal Plant, Philippines
- Heidelberg Cement - Germany
- Coalindo Energy - Indonesia
- Merrill Lynch Commodities Europe
- Indogreen Group - Indonesia
- SMC Global Power, Philippines
- Intertek Mineral Services - Indonesia
- Global Coal Blending Company Limited - Australia
- Agrawal Coal Company - India
- Iligan Light & Power Inc, Philippines
- Barasentosa Lestari - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- International Coal Ventures Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- PowerSource Philippines DevCo
- Georgia Ports Authority, United States
- South Luzon Thermal Energy Corporation
- Pipit Mutiara Jaya. PT, Indonesia
- SN Aboitiz Power Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Tamil Nadu electricity Board
- Rashtriya Ispat Nigam Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Coal Association
- Eastern Energy - Thailand
- Indian Energy Exchange, India
- Bhatia International Limited - India
- Metalloyd Limited - United Kingdom
- Renaissance Capital - South Africa
- Cement Manufacturers Association - India
- Oldendorff Carriers - Singapore
- Trasteel International SA, Italy
- Electricity Generating Authority of Thailand
- Port Waratah Coal Services - Australia
- Minerals Council of Australia
- Kumho Petrochemical, South Korea
- PetroVietnam Power Coal Import and Supply Company
- Karaikal Port Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Aditya Birla Group - India
- Timah Investasi Mineral - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Sree Jayajothi Cements Limited - India
- Meenaskhi Energy Private Limited - India
- MS Steel International - UAE
- Rio Tinto Coal - Australia
- Ceylon Electricity Board - Sri Lanka
- Global Business Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Simpson Spence & Young - Indonesia
- Semirara Mining and Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Pendopo Energi Batubara - Indonesia
- Chettinad Cement Corporation Ltd - India
- Ministry of Transport, Egypt
- Indika Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Formosa Plastics Group - Taiwan
- Bangladesh Power Developement Board
- Commonwealth Bank - Australia
- Thai Mozambique Logistica
- Ambuja Cements Ltd - India
- Vedanta Resources Plc - India
- LBH Netherlands Bv - Netherlands
- Energy Link Ltd, New Zealand
- Kobexindo Tractors - Indoneisa
- PNOC Exploration Corporation - Philippines
- Videocon Industries ltd - India
- Edison Trading Spa - Italy
- Manunggal Multi Energi - Indonesia
- Africa Commodities Group - South Africa
- Sarangani Energy Corporation, Philippines
- Siam City Cement - Thailand
- Orica Australia Pty. Ltd.
- European Bulk Services B.V. - Netherlands
- Antam Resourcindo - Indonesia
- Baramulti Group, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Attock Cement Pakistan Limited
- Billiton Holdings Pty Ltd - Australia
- Dalmia Cement Bharat India
- Vijayanagar Sugar Pvt Ltd - India
- ICICI Bank Limited - India
- Uttam Galva Steels Limited - India
- Cigading International Bulk Terminal - Indonesia
- Xindia Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Independent Power Producers Association of India
- Interocean Group of Companies - India
- Essar Steel Hazira Ltd - India
- GMR Energy Limited - India
- Samtan Co., Ltd - South Korea
- Thiess Contractors Indonesia
- White Energy Company Limited
- Sical Logistics Limited - India
- Central Java Power - Indonesia
- Coal and Oil Company - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Maheswari Brothers Coal Limited - India
- Star Paper Mills Limited - India
- Electricity Authority, New Zealand
- London Commodity Brokers - England
- Jaiprakash Power Ventures ltd
- Carbofer General Trading SA - India
- Indo Tambangraya Megah - Indonesia
- Aboitiz Power Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Madhucon Powers Ltd - India
- Marubeni Corporation - India
- Wilmar Investment Holdings
- Holcim Trading Pte Ltd - Singapore
- Straits Asia Resources Limited - Singapore
- AsiaOL BioFuels Corp., Philippines
- Mercuria Energy - Indonesia
- Ministry of Mines - Canada
- Therma Luzon, Inc, Philippines
- Riau Bara Harum - Indonesia
- Mercator Lines Limited - India
- Chamber of Mines of South Africa
- Petrochimia International Co. Ltd.- Taiwan
- Banpu Public Company Limited - Thailand
- GAC Shipping (India) Pvt Ltd
- Energy Development Corp, Philippines
- Semirara Mining Corp, Philippines
- Coastal Gujarat Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Directorate Of Revenue Intelligence - India
- Miang Besar Coal Terminal - Indonesia
- Kaltim Prima Coal - Indonesia
- The University of Queensland
- Standard Chartered Bank - UAE
- Bhushan Steel Limited - India
- Globalindo Alam Lestari - Indonesia
- Goldman Sachs - Singapore
- Lanco Infratech Ltd - India
- Latin American Coal - Colombia
- Siam City Cement PLC, Thailand
- Borneo Indobara - Indonesia
- Bharathi Cement Corporation - India
- Kepco SPC Power Corporation, Philippines
- Indian Oil Corporation Limited
- Karbindo Abesyapradhi - Indoneisa
- Kartika Selabumi Mining - Indonesia
- The Treasury - Australian Government
- Sinarmas Energy and Mining - Indonesia
- Orica Mining Services - Indonesia
- Petron Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Posco Energy - South Korea
- Ministry of Finance - Indonesia
- Singapore Mercantile Exchange
- IHS Mccloskey Coal Group - USA
- Gujarat Sidhee Cement - India
- Bayan Resources Tbk. - Indonesia
- Global Green Power PLC Corporation, Philippines
- McConnell Dowell - Australia
- Wood Mackenzie - Singapore
- Medco Energi Mining Internasional
- Mjunction Services Limited - India
- Jindal Steel & Power Ltd - India
- Bukit Makmur.PT - Indonesia
- Sindya Power Generating Company Private Ltd
- Deloitte Consulting - India
- Directorate General of MIneral and Coal - Indonesia
- Bukit Baiduri Energy - Indonesia
- CNBM International Corporation - China
- VISA Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Malabar Cements Ltd - India
- Sakthi Sugars Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Eastern Coal Council - USA
- Ind-Barath Power Infra Limited - India
- Binh Thuan Hamico - Vietnam
- Economic Council, Georgia
- Bhoruka Overseas - Indonesia
- Vizag Seaport Private Limited - India
- ASAPP Information Group - India
- TNB Fuel Sdn Bhd - Malaysia
- Kapuas Tunggal Persada - Indonesia
- Indonesian Coal Mining Association
- Parry Sugars Refinery, India
- India Bulls Power Limited - India
- Salva Resources Pvt Ltd - India
- Makarim & Taira - Indonesia
- Larsen & Toubro Limited - India
- PTC India Limited - India
- Australian Commodity Traders Exchange
- Price Waterhouse Coopers - Russia
- Sojitz Corporation - Japan
- TeaM Sual Corporation - Philippines
- Parliament of New Zealand
- Gujarat Electricity Regulatory Commission - India
- Gujarat Mineral Development Corp Ltd - India
- Altura Mining Limited, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMG Consultants - Indonesia
- Toyota Tsusho Corporation, Japan
- Power Finance Corporation Ltd., India
- Anglo American - United Kingdom
- Planning Commission, India
- Bulk Trading Sa - Switzerland
- Grasim Industreis Ltd - India
- Central Electricity Authority - India
- OPG Power Generation Pvt Ltd - India
- Romanian Commodities Exchange
- Meralco Power Generation, Philippines
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