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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warned of a 20% fall in Chinese steel consumption over the next 15 years, as Beijing accelerates the shutdown of outdated and loss-making factories.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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Friday, 13 November 15
WEAK CHINA POWER DEMAND DAMPENS COAL CONSUMPTION - FITCH
The weak growth in China's electricity consumption in 2015, together with increasing non-thermal power generation capacity are exerting more pr ...
Friday, 13 November 15
DRY BULK, IT IS HARD TO MAINTAIN AN OPTIMISTIC VIEW FOR THE NEXT COUPLE OF MONTHS - INTERMODAL
COALspot.com: The dry bulk owners looking for cover remained under pressure for size segments across the board. With Capes closing off the week as ...
Friday, 13 November 15
WEEKLY US COAL PRODUCTION DECLINES TO 16.5 MMST; SLIDE 14.9% Y-Y: EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 16.5 million shor ...
Thursday, 12 November 15
FOREIGN COAL MINE ACQUISITION - STRATEGY VERSUS OPPORTUNITY FOR INDIAN UTILITIES - DIPESH DIPU
The acquisition market for thermal coal assets abroad is dull. Sellers of all hues are in the market; some are actively scouting for buyers while o ...
Thursday, 12 November 15
PORT OF NEWCASTLE'S COAL EXPORT VOLUME UP IN OCTOBER 2015
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $1.254 billio ...
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- Bhushan Steel Limited - India
- Makarim & Taira - Indonesia
- Energy Development Corp, Philippines
- Bulk Trading Sa - Switzerland
- Dalmia Cement Bharat India
- Therma Luzon, Inc, Philippines
- Mercuria Energy - Indonesia
- Power Finance Corporation Ltd., India
- Kaltim Prima Coal - Indonesia
- Sojitz Corporation - Japan
- Central Electricity Authority - India
- Economic Council, Georgia
- Directorate General of MIneral and Coal - Indonesia
- Price Waterhouse Coopers - Russia
- Madhucon Powers Ltd - India
- Chamber of Mines of South Africa
- Semirara Mining and Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Simpson Spence & Young - Indonesia
- Manunggal Multi Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- Gujarat Electricity Regulatory Commission - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kapuas Tunggal Persada - Indonesia
- Mercator Lines Limited - India
- Intertek Mineral Services - Indonesia
- Coalindo Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Bhoruka Overseas - Indonesia
- Kumho Petrochemical, South Korea
- Kohat Cement Company Ltd. - Pakistan
- Maharashtra Electricity Regulatory Commission - India
- SN Aboitiz Power Inc, Philippines
- Jaiprakash Power Ventures ltd
- Oldendorff Carriers - Singapore
- GVK Power & Infra Limited - India
- Independent Power Producers Association of India
- PNOC Exploration Corporation - Philippines
- London Commodity Brokers - England
- Jindal Steel & Power Ltd - India
- Star Paper Mills Limited - India
- CIMB Investment Bank - Malaysia
- CNBM International Corporation - China
- Siam City Cement PLC, Thailand
- Singapore Mercantile Exchange
- Vedanta Resources Plc - India
- Straits Asia Resources Limited - Singapore
- Mjunction Services Limited - India
- Tamil Nadu electricity Board
- Ministry of Transport, Egypt
- Kobexindo Tractors - Indoneisa
- Ministry of Finance - Indonesia
- Coal and Oil Company - UAE
- Romanian Commodities Exchange
- India Bulls Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Global Coal Blending Company Limited - Australia
- Electricity Authority, New Zealand
- McConnell Dowell - Australia
- Electricity Generating Authority of Thailand
- Antam Resourcindo - Indonesia
- Savvy Resources Ltd - HongKong
- Rio Tinto Coal - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bukit Baiduri Energy - Indonesia
- Carbofer General Trading SA - India
- Chettinad Cement Corporation Ltd - India
- LBH Netherlands Bv - Netherlands
- PowerSource Philippines DevCo
- Bukit Makmur.PT - Indonesia
- Thiess Contractors Indonesia
- Karaikal Port Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Parliament of New Zealand
- The University of Queensland
- Sakthi Sugars Limited - India
- Global Green Power PLC Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- TeaM Sual Corporation - Philippines
- Indian Oil Corporation Limited
- Orica Australia Pty. Ltd.
- SMC Global Power, Philippines
- Miang Besar Coal Terminal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Altura Mining Limited, Indonesia
- Aboitiz Power Corporation - Philippines
- Latin American Coal - Colombia
- Africa Commodities Group - South Africa
- Commonwealth Bank - Australia
- Cigading International Bulk Terminal - Indonesia
- Larsen & Toubro Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- TNB Fuel Sdn Bhd - Malaysia
- SMG Consultants - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Indo Tambangraya Megah - Indonesia
- Timah Investasi Mineral - Indoneisa
- Gujarat Sidhee Cement - India
- Videocon Industries ltd - India
- Kepco SPC Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Billiton Holdings Pty Ltd - Australia
- Australian Commodity Traders Exchange
- Ceylon Electricity Board - Sri Lanka
- Jorong Barutama Greston.PT - Indonesia
- Directorate Of Revenue Intelligence - India
- Tata Chemicals Ltd - India
- ASAPP Information Group - India
- Xindia Steels Limited - India
- Indika Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Georgia Ports Authority, United States
- Bangladesh Power Developement Board
- Heidelberg Cement - Germany
- Petron Corporation, Philippines
- Ministry of Mines - Canada
- Wood Mackenzie - Singapore
- Wilmar Investment Holdings
- Pipit Mutiara Jaya. PT, Indonesia
- Salva Resources Pvt Ltd - India
- Orica Mining Services - Indonesia
- Marubeni Corporation - India
- Eastern Energy - Thailand
- Australian Coal Association
- Bayan Resources Tbk. - Indonesia
- Kartika Selabumi Mining - Indonesia
- Minerals Council of Australia
- Kideco Jaya Agung - Indonesia
- GAC Shipping (India) Pvt Ltd
- Posco Energy - South Korea
- MS Steel International - UAE
- Bharathi Cement Corporation - India
- Formosa Plastics Group - Taiwan
- Cement Manufacturers Association - India
- South Luzon Thermal Energy Corporation
- The State Trading Corporation of India Ltd
- Interocean Group of Companies - India
- Ambuja Cements Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Meenaskhi Energy Private Limited - India
- Baramulti Group, Indonesia
- White Energy Company Limited
- Eastern Coal Council - USA
- Borneo Indobara - Indonesia
- San Jose City I Power Corp, Philippines
- Central Java Power - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Metalloyd Limited - United Kingdom
- New Zealand Coal & Carbon
- Renaissance Capital - South Africa
- Pendopo Energi Batubara - Indonesia
- Samtan Co., Ltd - South Korea
- Aditya Birla Group - India
- Goldman Sachs - Singapore
- OPG Power Generation Pvt Ltd - India
- PTC India Limited - India
- Indian Energy Exchange, India
- Grasim Industreis Ltd - India
- Global Business Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Agrawal Coal Company - India
- The Treasury - Australian Government
- Uttam Galva Steels Limited - India
- Medco Energi Mining Internasional
- Vijayanagar Sugar Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Essar Steel Hazira Ltd - India
- Globalindo Alam Lestari - Indonesia
- Trasteel International SA, Italy
- Bhatia International Limited - India
- Anglo American - United Kingdom
- ICICI Bank Limited - India
- Sree Jayajothi Cements Limited - India
- Deloitte Consulting - India
- Standard Chartered Bank - UAE
- Coastal Gujarat Power Limited - India
- VISA Power Limited - India
- Barasentosa Lestari - Indonesia
- Toyota Tsusho Corporation, Japan
- Mintek Dendrill Indonesia
- Energy Link Ltd, New Zealand
- Malabar Cements Ltd - India
- Indogreen Group - Indonesia
- Attock Cement Pakistan Limited
- Bahari Cakrawala Sebuku - Indonesia
- International Coal Ventures Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Riau Bara Harum - Indonesia
- Siam City Cement - Thailand
- European Bulk Services B.V. - Netherlands
- Vizag Seaport Private Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Banpu Public Company Limited - Thailand
- Edison Trading Spa - Italy
- Sarangani Energy Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Semirara Mining Corp, Philippines
- Thai Mozambique Logistica
- Indonesian Coal Mining Association
- Planning Commission, India
- IHS Mccloskey Coal Group - USA
- Meralco Power Generation, Philippines
- Lanco Infratech Ltd - India
- GMR Energy Limited - India
- Sical Logistics Limited - India
- Parry Sugars Refinery, India
- IEA Clean Coal Centre - UK
- Asmin Koalindo Tuhup - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sindya Power Generating Company Private Ltd
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