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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warned of a 20% fall in Chinese steel consumption over the next 15 years, as Beijing accelerates the shutdown of outdated and loss-making factories.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, 03 November 15
EU OIL MAJORS FACE FURTHER EARNINGS DECLINE IN Q415 - FITCH RATINGS
The sharp drop in major European oil companies' third-quarter profits is likely to be extended in the fourth quarter as refining margins, which ...
Monday, 02 November 15
DESPITE CHALLENGING MARKET CONDITIONS, ADARO LOWERS COSTS, DEBT AND DELIVERS STRONG FREE CASH FLOW
COALspot.com: Despite challenging market conditions, Adaro lowers costs, lowers debt and delivers strong free cash flow.
The Indonesia’s ...
Monday, 02 November 15
CFR SOUTH CHINA COAL SWAPS CLOSED ON A WEAK NOTE
COALspot.com: API 8 CFR South China Coal swap for 4Q’ 2015 delivery declined US$ 1.81(3.71 %) per ton month over month.
A commodity swap ...
Sunday, 01 November 15
THE FREIGHT MARKET SENTIMENT REMAINS WEAK
This week’s freight market sentiment remains weak compared to last week.
The Baltic Dry Index (BDI), an economic indicator issued daily ...
Saturday, 31 October 15
ADARO ENERGY'S CORE EARNINGS DECLINE 21 PER CENT FOR THE NINE MONTHS PERIOD TO SEPTEMBER 2015
COALspot.com: Adaro Energy's core earnings decline 21% to US$228 Million for first 9months of this year compared to the same period last year. ...
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- Orica Australia Pty. Ltd.
- Asmin Koalindo Tuhup - Indonesia
- Port Waratah Coal Services - Australia
- Gujarat Mineral Development Corp Ltd - India
- Meralco Power Generation, Philippines
- Essar Steel Hazira Ltd - India
- Eastern Coal Council - USA
- Global Coal Blending Company Limited - Australia
- Carbofer General Trading SA - India
- Electricity Generating Authority of Thailand
- Kideco Jaya Agung - Indonesia
- Georgia Ports Authority, United States
- Petron Corporation, Philippines
- Riau Bara Harum - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Salva Resources Pvt Ltd - India
- London Commodity Brokers - England
- Posco Energy - South Korea
- Bhoruka Overseas - Indonesia
- Antam Resourcindo - Indonesia
- VISA Power Limited - India
- SN Aboitiz Power Inc, Philippines
- McConnell Dowell - Australia
- Simpson Spence & Young - Indonesia
- Directorate Of Revenue Intelligence - India
- Central Electricity Authority - India
- The Treasury - Australian Government
- Bahari Cakrawala Sebuku - Indonesia
- Borneo Indobara - Indonesia
- Semirara Mining Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Grasim Industreis Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Savvy Resources Ltd - HongKong
- Kapuas Tunggal Persada - Indonesia
- Trasteel International SA, Italy
- Metalloyd Limited - United Kingdom
- Formosa Plastics Group - Taiwan
- Bukit Makmur.PT - Indonesia
- Wood Mackenzie - Singapore
- Kalimantan Lumbung Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Tamil Nadu electricity Board
- Samtan Co., Ltd - South Korea
- Bhatia International Limited - India
- Mercuria Energy - Indonesia
- Malabar Cements Ltd - India
- Minerals Council of Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indo Tambangraya Megah - Indonesia
- Baramulti Group, Indonesia
- Jaiprakash Power Ventures ltd
- Economic Council, Georgia
- Ind-Barath Power Infra Limited - India
- Indian Energy Exchange, India
- Bukit Asam (Persero) Tbk - Indonesia
- Videocon Industries ltd - India
- Agrawal Coal Company - India
- Kartika Selabumi Mining - Indonesia
- Ministry of Transport, Egypt
- San Jose City I Power Corp, Philippines
- South Luzon Thermal Energy Corporation
- Anglo American - United Kingdom
- Billiton Holdings Pty Ltd - Australia
- The State Trading Corporation of India Ltd
- Cement Manufacturers Association - India
- Kumho Petrochemical, South Korea
- Siam City Cement - Thailand
- Singapore Mercantile Exchange
- India Bulls Power Limited - India
- Power Finance Corporation Ltd., India
- Attock Cement Pakistan Limited
- IHS Mccloskey Coal Group - USA
- Intertek Mineral Services - Indonesia
- Bharathi Cement Corporation - India
- Rashtriya Ispat Nigam Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Indonesian Coal Mining Association
- AsiaOL BioFuels Corp., Philippines
- SMG Consultants - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Kaltim Prima Coal - Indonesia
- Xindia Steels Limited - India
- Toyota Tsusho Corporation, Japan
- Manunggal Multi Energi - Indonesia
- Thiess Contractors Indonesia
- Mintek Dendrill Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Parry Sugars Refinery, India
- Price Waterhouse Coopers - Russia
- Ambuja Cements Ltd - India
- Romanian Commodities Exchange
- Parliament of New Zealand
- Sojitz Corporation - Japan
- LBH Netherlands Bv - Netherlands
- GMR Energy Limited - India
- Sical Logistics Limited - India
- Mjunction Services Limited - India
- Vedanta Resources Plc - India
- Holcim Trading Pte Ltd - Singapore
- Independent Power Producers Association of India
- Deloitte Consulting - India
- ICICI Bank Limited - India
- Sinarmas Energy and Mining - Indonesia
- Coal and Oil Company - UAE
- Kepco SPC Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Gujarat Electricity Regulatory Commission - India
- Semirara Mining and Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Thai Mozambique Logistica
- Energy Development Corp, Philippines
- Planning Commission, India
- The University of Queensland
- New Zealand Coal & Carbon
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Baiduri Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Indika Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Commonwealth Bank - Australia
- Karbindo Abesyapradhi - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Siam City Cement PLC, Thailand
- Eastern Energy - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PowerSource Philippines DevCo
- Makarim & Taira - Indonesia
- Rio Tinto Coal - Australia
- Gujarat Sidhee Cement - India
- OPG Power Generation Pvt Ltd - India
- Heidelberg Cement - Germany
- Maharashtra Electricity Regulatory Commission - India
- GVK Power & Infra Limited - India
- IEA Clean Coal Centre - UK
- ASAPP Information Group - India
- Sakthi Sugars Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Energy Link Ltd, New Zealand
- Uttam Galva Steels Limited - India
- Australian Commodity Traders Exchange
- Global Green Power PLC Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Oldendorff Carriers - Singapore
- White Energy Company Limited
- Directorate General of MIneral and Coal - Indonesia
- Therma Luzon, Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- European Bulk Services B.V. - Netherlands
- Africa Commodities Group - South Africa
- Straits Asia Resources Limited - Singapore
- Leighton Contractors Pty Ltd - Australia
- International Coal Ventures Pvt Ltd - India
- Aditya Birla Group - India
- Orica Mining Services - Indonesia
- Bangladesh Power Developement Board
- Ministry of Finance - Indonesia
- Latin American Coal - Colombia
- Sindya Power Generating Company Private Ltd
- Edison Trading Spa - Italy
- Vizag Seaport Private Limited - India
- Bulk Trading Sa - Switzerland
- Chamber of Mines of South Africa
- TeaM Sual Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Altura Mining Limited, Indonesia
- Star Paper Mills Limited - India
- Interocean Group of Companies - India
- Marubeni Corporation - India
- Globalindo Alam Lestari - Indonesia
- Medco Energi Mining Internasional
- Electricity Authority, New Zealand
- Kobexindo Tractors - Indoneisa
- Barasentosa Lestari - Indonesia
- Krishnapatnam Port Company Ltd. - India
- TNB Fuel Sdn Bhd - Malaysia
- Dalmia Cement Bharat India
- Ministry of Mines - Canada
- Indian Oil Corporation Limited
- Karaikal Port Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- SMC Global Power, Philippines
- Coalindo Energy - Indonesia
- Central Java Power - Indonesia
- Banpu Public Company Limited - Thailand
- Bhushan Steel Limited - India
- Australian Coal Association
- CNBM International Corporation - China
- Wilmar Investment Holdings
- GAC Shipping (India) Pvt Ltd
- Mercator Lines Limited - India
- Jindal Steel & Power Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Chettinad Cement Corporation Ltd - India
- Binh Thuan Hamico - Vietnam
- Goldman Sachs - Singapore
- Global Business Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- PTC India Limited - India
- Coastal Gujarat Power Limited - India
- MS Steel International - UAE
- Madhucon Powers Ltd - India
- Renaissance Capital - South Africa
- CIMB Investment Bank - Malaysia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indogreen Group - Indonesia
- Iligan Light & Power Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Lanco Infratech Ltd - India
- Tata Chemicals Ltd - India
- Timah Investasi Mineral - Indoneisa
- Standard Chartered Bank - UAE
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