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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warned of a 20% fall in Chinese steel consumption over the next 15 years, as Beijing accelerates the shutdown of outdated and loss-making factories.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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Tuesday, 01 December 15
TANKERS VERSUS BULKERS - JUST PLAYING CATCH UP? - CLARKSONS
It’s now more than a year since the tanker market took off. In mid-2014 tanker earnings picked up and since then have been in the $30-$40,000 ...
Monday, 30 November 15
ASSOCARBONI LOOKS AT COAL FROM A DIFFERENT ANGLE
ASSOCARBONI is in favour of an international mechanism to provide financial support to countries building high efficiency low emission coal plants. ...
Monday, 30 November 15
CS 5000 GAR COAL INDEX FIRM D-O-D; WEAK W-O-W
COALspot.com: The 5000 GAR CS (i) coal index up slightly day over day.
According to the system generated index, the CS 50 (5000 GAR coal) was ...
Monday, 30 November 15
CFR SOUTH CHINA COAL SWAPS REMAINED UNCHANGED FROM LAST WEEK
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2016 delivery declined US$ 4.50 (9.78%) per ton month over month.
A commodity swap ...
Sunday, 29 November 15
CAPE INDEX SURGES 383 POINTS WEEK OVER WEEK, BOOSTS BALTIC DRY INDEX
COALspot.com: The Baltic Dry Index, a measure of shipping rates, fell to 498 points on 20 November and touched a 30-year low, but on 27 November th ...
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- MS Steel International - UAE
- Interocean Group of Companies - India
- IHS Mccloskey Coal Group - USA
- Rio Tinto Coal - Australia
- Binh Thuan Hamico - Vietnam
- Vizag Seaport Private Limited - India
- Price Waterhouse Coopers - Russia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coalindo Energy - Indonesia
- Gujarat Sidhee Cement - India
- Savvy Resources Ltd - HongKong
- Siam City Cement PLC, Thailand
- Latin American Coal - Colombia
- Australian Commodity Traders Exchange
- Anglo American - United Kingdom
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SMC Global Power, Philippines
- Posco Energy - South Korea
- Tata Chemicals Ltd - India
- Madhucon Powers Ltd - India
- White Energy Company Limited
- Directorate Of Revenue Intelligence - India
- Wilmar Investment Holdings
- Kideco Jaya Agung - Indonesia
- Trasteel International SA, Italy
- Goldman Sachs - Singapore
- Energy Development Corp, Philippines
- The University of Queensland
- Globalindo Alam Lestari - Indonesia
- Lanco Infratech Ltd - India
- Borneo Indobara - Indonesia
- SMG Consultants - Indonesia
- PowerSource Philippines DevCo
- Maheswari Brothers Coal Limited - India
- Holcim Trading Pte Ltd - Singapore
- Economic Council, Georgia
- Sical Logistics Limited - India
- CIMB Investment Bank - Malaysia
- Eastern Energy - Thailand
- Siam City Cement - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Intertek Mineral Services - Indonesia
- Energy Link Ltd, New Zealand
- Ministry of Transport, Egypt
- Coal and Oil Company - UAE
- Standard Chartered Bank - UAE
- India Bulls Power Limited - India
- Banpu Public Company Limited - Thailand
- Oldendorff Carriers - Singapore
- ICICI Bank Limited - India
- Petron Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Makarim & Taira - Indonesia
- Ind-Barath Power Infra Limited - India
- Bhatia International Limited - India
- Coastal Gujarat Power Limited - India
- Ministry of Finance - Indonesia
- Samtan Co., Ltd - South Korea
- Barasentosa Lestari - Indonesia
- Xindia Steels Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bahari Cakrawala Sebuku - Indonesia
- LBH Netherlands Bv - Netherlands
- Meralco Power Generation, Philippines
- Australian Coal Association
- Manunggal Multi Energi - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Global Green Power PLC Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vijayanagar Sugar Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Chamber of Mines of South Africa
- Maharashtra Electricity Regulatory Commission - India
- Toyota Tsusho Corporation, Japan
- Parliament of New Zealand
- Simpson Spence & Young - Indonesia
- Indonesian Coal Mining Association
- Kaltim Prima Coal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Edison Trading Spa - Italy
- Attock Cement Pakistan Limited
- London Commodity Brokers - England
- Merrill Lynch Commodities Europe
- Mjunction Services Limited - India
- International Coal Ventures Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- GMR Energy Limited - India
- Commonwealth Bank - Australia
- Altura Mining Limited, Indonesia
- Indogreen Group - Indonesia
- Sakthi Sugars Limited - India
- Kartika Selabumi Mining - Indonesia
- Minerals Council of Australia
- Romanian Commodities Exchange
- Sinarmas Energy and Mining - Indonesia
- PTC India Limited - India
- Timah Investasi Mineral - Indoneisa
- Bangladesh Power Developement Board
- Billiton Holdings Pty Ltd - Australia
- Neyveli Lignite Corporation Ltd, - India
- IEA Clean Coal Centre - UK
- Singapore Mercantile Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Jindal Steel & Power Ltd - India
- Pendopo Energi Batubara - Indonesia
- Medco Energi Mining Internasional
- Therma Luzon, Inc, Philippines
- Deloitte Consulting - India
- ASAPP Information Group - India
- Sindya Power Generating Company Private Ltd
- Global Coal Blending Company Limited - Australia
- Sree Jayajothi Cements Limited - India
- Planning Commission, India
- Gujarat Mineral Development Corp Ltd - India
- Videocon Industries ltd - India
- Port Waratah Coal Services - Australia
- Grasim Industreis Ltd - India
- Independent Power Producers Association of India
- Bukit Makmur.PT - Indonesia
- Ambuja Cements Ltd - India
- TeaM Sual Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Straits Asia Resources Limited - Singapore
- PNOC Exploration Corporation - Philippines
- Wood Mackenzie - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Parry Sugars Refinery, India
- Electricity Generating Authority of Thailand
- Carbofer General Trading SA - India
- Leighton Contractors Pty Ltd - Australia
- Heidelberg Cement - Germany
- Cement Manufacturers Association - India
- Baramulti Group, Indonesia
- Jaiprakash Power Ventures ltd
- Sarangani Energy Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Iligan Light & Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Mines - Canada
- Vedanta Resources Plc - India
- Aditya Birla Group - India
- Indian Energy Exchange, India
- The State Trading Corporation of India Ltd
- SN Aboitiz Power Inc, Philippines
- Thiess Contractors Indonesia
- Sojitz Corporation - Japan
- AsiaOL BioFuels Corp., Philippines
- Mintek Dendrill Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- VISA Power Limited - India
- Antam Resourcindo - Indonesia
- Ceylon Electricity Board - Sri Lanka
- CNBM International Corporation - China
- Bhushan Steel Limited - India
- Metalloyd Limited - United Kingdom
- Kapuas Tunggal Persada - Indonesia
- Africa Commodities Group - South Africa
- Malabar Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Georgia Ports Authority, United States
- Karbindo Abesyapradhi - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Agrawal Coal Company - India
- GVK Power & Infra Limited - India
- Bharathi Cement Corporation - India
- Orica Australia Pty. Ltd.
- McConnell Dowell - Australia
- Mercuria Energy - Indonesia
- Central Electricity Authority - India
- Dalmia Cement Bharat India
- Karaikal Port Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Orica Mining Services - Indonesia
- GAC Shipping (India) Pvt Ltd
- Formosa Plastics Group - Taiwan
- Bukit Asam (Persero) Tbk - Indonesia
- Star Paper Mills Limited - India
- Chettinad Cement Corporation Ltd - India
- Eastern Coal Council - USA
- New Zealand Coal & Carbon
- Bulk Trading Sa - Switzerland
- Salva Resources Pvt Ltd - India
- Thai Mozambique Logistica
- Mercator Lines Limited - India
- Bukit Baiduri Energy - Indonesia
- Central Java Power - Indonesia
- South Luzon Thermal Energy Corporation
- Kumho Petrochemical, South Korea
- Asmin Koalindo Tuhup - Indonesia
- The Treasury - Australian Government
- Gujarat Electricity Regulatory Commission - India
- Marubeni Corporation - India
- OPG Power Generation Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Tamil Nadu electricity Board
- Indo Tambangraya Megah - Indonesia
- Semirara Mining Corp, Philippines
- Indika Energy - Indonesia
- Electricity Authority, New Zealand
- Meenaskhi Energy Private Limited - India
- Kobexindo Tractors - Indoneisa
- San Jose City I Power Corp, Philippines
- Larsen & Toubro Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Global Business Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indian Oil Corporation Limited
- Renaissance Capital - South Africa
- Uttam Galva Steels Limited - India
- Essar Steel Hazira Ltd - India
- Riau Bara Harum - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
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