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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warned of a 20% fall in Chinese steel consumption over the next 15 years, as Beijing accelerates the shutdown of outdated and loss-making factories.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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Thursday, 03 December 15
DRY BULK: THERMAL COAL LOWER USAGE UNDER A POTENTIAL NEW CLIMATE DEAL WILL ADVERSELY IMPACT THE MARKET'S RECOVERY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
In direct contrast to the tanker market, the dry bulk one has seen demand for key commodities, such a coal, dwindling down over the course of the p ...
Thursday, 03 December 15
PANAMAX BUSINESS REMAINED UNDER PRESSURE LAST WEEK
COALspot.com: Following the new record lows the Dry Bulk market witnessed the week prior, the BDI took a much needed breath during the past days.
...
Wednesday, 02 December 15
Q3' 16 FOB RICHARDS BAY COAL SWAP SLIGHTLY UP FOR THE THIRD STRAIGHT WEEK
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q1’ 2016 up month over month and fell week over week.
The Q1’ 2016 &nbs ...
Wednesday, 02 December 15
MARKET INSIGHT - VASSILIS LOGOTHETIS
Boom and bust cycles in commodity prices are not something rare, yet they have important implications both for the world economy in general and for ...
Tuesday, 01 December 15
FOB NEWCASTLE COAL SWAP UP THIS PAST WEEK
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2016 delivery slid $3.75 per ton (9.26%) month over month to US$ 36.75 per ton. The swap ...
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- Neyveli Lignite Corporation Ltd, - India
- PTC India Limited - India
- Samtan Co., Ltd - South Korea
- Intertek Mineral Services - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Africa Commodities Group - South Africa
- Larsen & Toubro Limited - India
- Meenaskhi Energy Private Limited - India
- Australian Commodity Traders Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Latin American Coal - Colombia
- Siam City Cement PLC, Thailand
- Leighton Contractors Pty Ltd - Australia
- The University of Queensland
- Eastern Energy - Thailand
- Thiess Contractors Indonesia
- Ministry of Transport, Egypt
- Romanian Commodities Exchange
- White Energy Company Limited
- Semirara Mining Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Electricity Generating Authority of Thailand
- Electricity Authority, New Zealand
- SMG Consultants - Indonesia
- Pendopo Energi Batubara - Indonesia
- Iligan Light & Power Inc, Philippines
- Videocon Industries ltd - India
- Coalindo Energy - Indonesia
- Borneo Indobara - Indonesia
- Global Business Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Sindya Power Generating Company Private Ltd
- Carbofer General Trading SA - India
- Merrill Lynch Commodities Europe
- Cement Manufacturers Association - India
- Kideco Jaya Agung - Indonesia
- International Coal Ventures Pvt Ltd - India
- Indian Energy Exchange, India
- Kaltim Prima Coal - Indonesia
- Therma Luzon, Inc, Philippines
- Aditya Birla Group - India
- Orica Australia Pty. Ltd.
- Australian Coal Association
- Gujarat Mineral Development Corp Ltd - India
- Malabar Cements Ltd - India
- Medco Energi Mining Internasional
- Oldendorff Carriers - Singapore
- Coastal Gujarat Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- LBH Netherlands Bv - Netherlands
- Indika Energy - Indonesia
- Edison Trading Spa - Italy
- Minerals Council of Australia
- European Bulk Services B.V. - Netherlands
- Xindia Steels Limited - India
- Central Electricity Authority - India
- The Treasury - Australian Government
- Tamil Nadu electricity Board
- Wood Mackenzie - Singapore
- Savvy Resources Ltd - HongKong
- Gujarat Sidhee Cement - India
- Interocean Group of Companies - India
- Indian Oil Corporation Limited
- Manunggal Multi Energi - Indonesia
- Jaiprakash Power Ventures ltd
- Sinarmas Energy and Mining - Indonesia
- Bukit Makmur.PT - Indonesia
- Lanco Infratech Ltd - India
- Salva Resources Pvt Ltd - India
- Bharathi Cement Corporation - India
- Power Finance Corporation Ltd., India
- Orica Mining Services - Indonesia
- Petron Corporation, Philippines
- Sojitz Corporation - Japan
- Ind-Barath Power Infra Limited - India
- Renaissance Capital - South Africa
- Thai Mozambique Logistica
- Directorate Of Revenue Intelligence - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- TeaM Sual Corporation - Philippines
- Energy Link Ltd, New Zealand
- Kumho Petrochemical, South Korea
- Posco Energy - South Korea
- Ceylon Electricity Board - Sri Lanka
- Planning Commission, India
- Kartika Selabumi Mining - Indonesia
- Star Paper Mills Limited - India
- Global Green Power PLC Corporation, Philippines
- Indogreen Group - Indonesia
- GAC Shipping (India) Pvt Ltd
- Kapuas Tunggal Persada - Indonesia
- Toyota Tsusho Corporation, Japan
- Formosa Plastics Group - Taiwan
- Asmin Koalindo Tuhup - Indonesia
- Siam City Cement - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Commonwealth Bank - Australia
- Essar Steel Hazira Ltd - India
- Vizag Seaport Private Limited - India
- CNBM International Corporation - China
- Attock Cement Pakistan Limited
- Global Coal Blending Company Limited - Australia
- Indo Tambangraya Megah - Indonesia
- Standard Chartered Bank - UAE
- Maharashtra Electricity Regulatory Commission - India
- GVK Power & Infra Limited - India
- Tata Chemicals Ltd - India
- Anglo American - United Kingdom
- Ministry of Finance - Indonesia
- Bukit Baiduri Energy - Indonesia
- Wilmar Investment Holdings
- Gujarat Electricity Regulatory Commission - India
- Goldman Sachs - Singapore
- Bhoruka Overseas - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Coal and Oil Company - UAE
- Agrawal Coal Company - India
- New Zealand Coal & Carbon
- PowerSource Philippines DevCo
- Grasim Industreis Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Energy Development Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Sree Jayajothi Cements Limited - India
- India Bulls Power Limited - India
- London Commodity Brokers - England
- Globalindo Alam Lestari - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Indonesian Coal Mining Association
- Semirara Mining and Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Makarim & Taira - Indonesia
- Central Java Power - Indonesia
- Sarangani Energy Corporation, Philippines
- ASAPP Information Group - India
- Jindal Steel & Power Ltd - India
- San Jose City I Power Corp, Philippines
- CIMB Investment Bank - Malaysia
- Altura Mining Limited, Indonesia
- Port Waratah Coal Services - Australia
- Baramulti Group, Indonesia
- Mercator Lines Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Bhushan Steel Limited - India
- Deloitte Consulting - India
- Karaikal Port Pvt Ltd - India
- Mintek Dendrill Indonesia
- AsiaOL BioFuels Corp., Philippines
- Singapore Mercantile Exchange
- GMR Energy Limited - India
- Eastern Coal Council - USA
- Barasentosa Lestari - Indonesia
- Bhatia International Limited - India
- Simpson Spence & Young - Indonesia
- ICICI Bank Limited - India
- Metalloyd Limited - United Kingdom
- Ambuja Cements Ltd - India
- IHS Mccloskey Coal Group - USA
- Ministry of Mines - Canada
- Chettinad Cement Corporation Ltd - India
- Marubeni Corporation - India
- VISA Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kobexindo Tractors - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Chamber of Mines of South Africa
- South Luzon Thermal Energy Corporation
- Price Waterhouse Coopers - Russia
- Kepco SPC Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Trasteel International SA, Italy
- Aboitiz Power Corporation - Philippines
- Bangladesh Power Developement Board
- Kalimantan Lumbung Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Timah Investasi Mineral - Indoneisa
- Sical Logistics Limited - India
- Independent Power Producers Association of India
- Rio Tinto Coal - Australia
- Binh Thuan Hamico - Vietnam
- SN Aboitiz Power Inc, Philippines
- Uttam Galva Steels Limited - India
- Parliament of New Zealand
- Rashtriya Ispat Nigam Limited - India
- MS Steel International - UAE
- Georgia Ports Authority, United States
- The State Trading Corporation of India Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bank of Tokyo Mitsubishi UFJ Ltd
- Alfred C Toepfer International GmbH - Germany
- Economic Council, Georgia
- Mjunction Services Limited - India
- Madhucon Powers Ltd - India
- SMC Global Power, Philippines
- IEA Clean Coal Centre - UK
- TNB Fuel Sdn Bhd - Malaysia
- Dalmia Cement Bharat India
- Pipit Mutiara Jaya. PT, Indonesia
- Holcim Trading Pte Ltd - Singapore
- Parry Sugars Refinery, India
- Directorate General of MIneral and Coal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Vedanta Resources Plc - India
- McConnell Dowell - Australia
- Meralco Power Generation, Philippines
- Bulk Trading Sa - Switzerland
- Antam Resourcindo - Indonesia
- Maheswari Brothers Coal Limited - India
- Cigading International Bulk Terminal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Heidelberg Cement - Germany
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