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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warned of a 20% fall in Chinese steel consumption over the next 15 years, as Beijing accelerates the shutdown of outdated and loss-making factories.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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Wednesday, 21 October 15
MARKET INSIGHT - TIMOS PAPADIMITRIOU
In today’s dry bulk market, both freight rates and asset prices are creating mixed feelings to seasoned ship owners, who tend to instinctivel ...
Wednesday, 21 October 15
INDONESIAN COAL MINER BUKIT ASAM POSTS POSITIVE PERFORMANCE DURING FIRST THREE QUARTERS OF 2015
COALspot.com: Indonesian publicly listed and state controlled coal miner PT. Bukit Asam has announced that, the company’s coal sales up 8 per ...
Wednesday, 21 October 15
LOWER DEMAND HIT Q1' 16 INDONESIA COAL SWAPS
COALspot.com: Indonesian coal swap for delivery Q4 2015 declined month on month and week over week.
The Q4 swap declined $ 1.88 (-4.71%) per t ...
Tuesday, 20 October 15
SHIPBROKER SEES CAPESIZE RATES EASILY REACHING $25,000/DAY BY YEAR-END : NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The future course of the dry bulk market has been troubling market participants for quite some time now, as the “elusive” freight rate ...
Tuesday, 20 October 15
FOB RICHARDS BAY COAL SWAPS SINK INTO RED THIS PAST WEEK
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q4' 2015 declined week over week and month over month.
The Q4 swap was down US$ ...
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- San Jose City I Power Corp, Philippines
- Aditya Birla Group - India
- Energy Development Corp, Philippines
- Posco Energy - South Korea
- GN Power Mariveles Coal Plant, Philippines
- MS Steel International - UAE
- Gujarat Mineral Development Corp Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Medco Energi Mining Internasional
- SMC Global Power, Philippines
- Orica Australia Pty. Ltd.
- CNBM International Corporation - China
- Altura Mining Limited, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Latin American Coal - Colombia
- Star Paper Mills Limited - India
- GAC Shipping (India) Pvt Ltd
- Maharashtra Electricity Regulatory Commission - India
- Wilmar Investment Holdings
- Barasentosa Lestari - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Australian Commodity Traders Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Transport, Egypt
- Larsen & Toubro Limited - India
- Rashtriya Ispat Nigam Limited - India
- Sarangani Energy Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Eastern Coal Council - USA
- Kideco Jaya Agung - Indonesia
- Indogreen Group - Indonesia
- Georgia Ports Authority, United States
- Thai Mozambique Logistica
- Bhatia International Limited - India
- Electricity Generating Authority of Thailand
- PowerSource Philippines DevCo
- International Coal Ventures Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Sindya Power Generating Company Private Ltd
- SN Aboitiz Power Inc, Philippines
- VISA Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sakthi Sugars Limited - India
- Meenaskhi Energy Private Limited - India
- Banpu Public Company Limited - Thailand
- Ministry of Finance - Indonesia
- LBH Netherlands Bv - Netherlands
- Central Java Power - Indonesia
- Salva Resources Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Metalloyd Limited - United Kingdom
- European Bulk Services B.V. - Netherlands
- Rio Tinto Coal - Australia
- Commonwealth Bank - Australia
- Bulk Trading Sa - Switzerland
- Jaiprakash Power Ventures ltd
- Directorate General of MIneral and Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Vizag Seaport Private Limited - India
- Agrawal Coal Company - India
- Merrill Lynch Commodities Europe
- Australian Coal Association
- SMG Consultants - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Price Waterhouse Coopers - Russia
- Bahari Cakrawala Sebuku - Indonesia
- Romanian Commodities Exchange
- Standard Chartered Bank - UAE
- Global Coal Blending Company Limited - Australia
- Intertek Mineral Services - Indonesia
- ASAPP Information Group - India
- Thiess Contractors Indonesia
- Kartika Selabumi Mining - Indonesia
- The Treasury - Australian Government
- New Zealand Coal & Carbon
- Deloitte Consulting - India
- Essar Steel Hazira Ltd - India
- Indonesian Coal Mining Association
- IEA Clean Coal Centre - UK
- Petrochimia International Co. Ltd.- Taiwan
- The State Trading Corporation of India Ltd
- Kaltim Prima Coal - Indonesia
- Economic Council, Georgia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Samtan Co., Ltd - South Korea
- Ind-Barath Power Infra Limited - India
- Mercuria Energy - Indonesia
- Power Finance Corporation Ltd., India
- Indian Oil Corporation Limited
- Gujarat Sidhee Cement - India
- Singapore Mercantile Exchange
- IHS Mccloskey Coal Group - USA
- Ambuja Cements Ltd - India
- Aboitiz Power Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Madhucon Powers Ltd - India
- Iligan Light & Power Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Anglo American - United Kingdom
- Toyota Tsusho Corporation, Japan
- OPG Power Generation Pvt Ltd - India
- Lanco Infratech Ltd - India
- The University of Queensland
- ICICI Bank Limited - India
- South Luzon Thermal Energy Corporation
- PetroVietnam Power Coal Import and Supply Company
- Pendopo Energi Batubara - Indonesia
- Xindia Steels Limited - India
- TeaM Sual Corporation - Philippines
- Interocean Group of Companies - India
- Port Waratah Coal Services - Australia
- Globalindo Alam Lestari - Indonesia
- Semirara Mining and Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Siam City Cement - Thailand
- Indika Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Global Business Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Wood Mackenzie - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Renaissance Capital - South Africa
- Indo Tambangraya Megah - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Straits Asia Resources Limited - Singapore
- Bukit Makmur.PT - Indonesia
- Ministry of Mines - Canada
- Manunggal Multi Energi - Indonesia
- Mjunction Services Limited - India
- White Energy Company Limited
- Timah Investasi Mineral - Indoneisa
- Baramulti Group, Indonesia
- Minerals Council of Australia
- Binh Thuan Hamico - Vietnam
- Global Green Power PLC Corporation, Philippines
- McConnell Dowell - Australia
- Africa Commodities Group - South Africa
- Dalmia Cement Bharat India
- Malabar Cements Ltd - India
- Edison Trading Spa - Italy
- Krishnapatnam Port Company Ltd. - India
- Karaikal Port Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Semirara Mining Corp, Philippines
- Uttam Galva Steels Limited - India
- Maheswari Brothers Coal Limited - India
- Tamil Nadu electricity Board
- Coastal Gujarat Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Planning Commission, India
- Kumho Petrochemical, South Korea
- Leighton Contractors Pty Ltd - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indian Energy Exchange, India
- Cement Manufacturers Association - India
- Pipit Mutiara Jaya. PT, Indonesia
- Jindal Steel & Power Ltd - India
- Petron Corporation, Philippines
- Energy Link Ltd, New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- India Bulls Power Limited - India
- Tata Chemicals Ltd - India
- GMR Energy Limited - India
- Bangladesh Power Developement Board
- Trasteel International SA, Italy
- Attock Cement Pakistan Limited
- Kobexindo Tractors - Indoneisa
- Oldendorff Carriers - Singapore
- Goldman Sachs - Singapore
- Meralco Power Generation, Philippines
- PNOC Exploration Corporation - Philippines
- Vedanta Resources Plc - India
- Heidelberg Cement - Germany
- Kohat Cement Company Ltd. - Pakistan
- Parry Sugars Refinery, India
- Holcim Trading Pte Ltd - Singapore
- Eastern Energy - Thailand
- Siam City Cement PLC, Thailand
- Parliament of New Zealand
- Ceylon Electricity Board - Sri Lanka
- Antam Resourcindo - Indonesia
- Sical Logistics Limited - India
- Chamber of Mines of South Africa
- Sojitz Corporation - Japan
- Independent Power Producers Association of India
- AsiaOL BioFuels Corp., Philippines
- Marubeni Corporation - India
- Bhoruka Overseas - Indonesia
- Borneo Indobara - Indonesia
- Coalindo Energy - Indonesia
- Central Electricity Authority - India
- Carbofer General Trading SA - India
- Formosa Plastics Group - Taiwan
- Videocon Industries ltd - India
- Bhushan Steel Limited - India
- Coal and Oil Company - UAE
- CIMB Investment Bank - Malaysia
- Mercator Lines Limited - India
- Sinarmas Energy and Mining - Indonesia
- London Commodity Brokers - England
- Mintek Dendrill Indonesia
- Orica Mining Services - Indonesia
- Chettinad Cement Corporation Ltd - India
- Makarim & Taira - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Directorate Of Revenue Intelligence - India
- Savvy Resources Ltd - HongKong
- PTC India Limited - India
- Electricity Authority, New Zealand
- Bharathi Cement Corporation - India
- Sree Jayajothi Cements Limited - India
- Bayan Resources Tbk. - Indonesia
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