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Wednesday, 30 September 20
MARKET INSIGHT - INTERMODAL
 Spot rates for Capesize bulk carriers received a significant boost last week, however, there are certain reservations in the market regarding the potential levels we will see during the last quarter of the year. When looking at the iron ore market we notice various positive fundamentals driving and supporting the long term dynamics that are in turn, having an impact on the freight levels for the commodity.
Iron ore prices have now declined after surging to their highest levels in more than six years earlier in September this year, on the back of supply disruptions in Brazil and record steel output in China. Market watchers have warned of a possible near-term slowdown in prices this month, though major financial institutions and analysts have mentioned that strong Chinese demand will most likely support prices for the rest of the year. China’s dominance in iron ore consumption gives it considerable capacity to set global prices. Chinese steel production is forecasted to drop slightly to 987 million tonnes this year, before potentially rebounding to more than 1 billion tons in 2021. China imports more than 70% of seaborne iron ore to feed its steel industry -which is the world’s most prominent.
On the supply side, Australia is dominant as it tops global annual iron ore exports. The commodity earns the country a substantial AUD100 billion in annual revenue. Sources in Australia are expecting elevated iron ore prices for the next two years. It is projected that commodity exports of the country will again thrive in the year ahead, which highlights the economic opportunity presented by the absence of a high number of coronavirus cases in Western Australia - which is responsible for the vast majority of Australia's iron ore production. Australian miners have been enjoying the strongest iron ore prices in six years on the back of record Chinese demand and supply disruptions in Brazil, where dam safety and issues caused by the pandemic have adversely affected output levels.
Also underpinning iron ore prices in the short term are constraints on Brazilian supply. Vale SA is now facing tougher regulatory requirements following the consequences of the dam disaster coupled with the current coronavirus situation which is derailing production plans. In view of the above and the overall economic fundamentals, the country’s production is not expected to return to “normal” levels until late 2022. That being said, iron ore prices rose as high as $US130 a tonne in the past two months. Analysts predicted that iron ore would hold around $US100 a tonne "over coming months" and would gradually decline to be closer to $US85 a tonne by June 2021.
Given China’s important role in the dry bulk market and in particular it’s influence on the freight levels of the Capesize segment, it is always interesting to keep an eye on its development and recovery in industrial production. China’s intensive import levels have, so far, been enough to support market fundamentals and rates. However, volatility is still there for the dry bulk market and hopefully the rest of the world will also follow suit in the recovery wave at some point soon.
By Christopher Whitty
Director, Towage & Marine Port Services
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms Eva Tzima
Mr.George Panagopoulos
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 reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
The Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Saturday, 26 June 21
KOSPO INVITED BIDS FOR 480,000 MT OF COAL PER ANNUM
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an International tender for total 480,000 MT of NCV 1 Min. 5,600 (Spec 1) /Min. 5,0 ...
Thursday, 24 June 21
FEBRUARY'S INCREASE IN COAL-FIRED ELECTRIC GENERATION REDUCED U.S. COAL STOCKPILES - EIA
Coal stockpiles at U.S. power plants decreased significantly from December 2020 to February 2021, including a draw of nearly 16 million tons in Feb ...
Wednesday, 23 June 21
MARKET INSIGHT - INTERMODAL
The first half of 2021 has brought a very sharp and continued recovery in the dry bulk market and while many where expecting a relatively strong ma ...
Thursday, 17 June 21
2020 PROVED TO BE A TRULY TERRIBLE YEAR FOR GLOBAL SEABORNE COAL TRADE; CHINA'S COAL IMPORTS - BANCHERO COSTA
2020 proved to be a truly terrible year for global seaborne coal trade.
Total global loadings in the 12 months of 2020 were down -12 ...
Thursday, 17 June 21
FITCH RATINGS RAISES SHORT-TERM OIL AND GAS PRICE ASSUMPTIONS
Fitch Ratings has increased its 2021 and 2022 oil price assumptions for the Brent and West Texas Intermediate (WTI) benchmarks due to stronger year ...
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- IHS Mccloskey Coal Group - USA
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- Rio Tinto Coal - Australia
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- White Energy Company Limited
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- Economic Council, Georgia
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- Deloitte Consulting - India
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- Therma Luzon, Inc, Philippines
- Standard Chartered Bank - UAE
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- Sojitz Corporation - Japan
- Wood Mackenzie - Singapore
- Ministry of Finance - Indonesia
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- Tata Chemicals Ltd - India
- Edison Trading Spa - Italy
- Global Business Power Corporation, Philippines
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- SMG Consultants - Indonesia
- Banpu Public Company Limited - Thailand
- Global Coal Blending Company Limited - Australia
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- Coal and Oil Company - UAE
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- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vedanta Resources Plc - India
- Xindia Steels Limited - India
- International Coal Ventures Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Chettinad Cement Corporation Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- Vizag Seaport Private Limited - India
- Sarangani Energy Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Energy Development Corp, Philippines
- IEA Clean Coal Centre - UK
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- PNOC Exploration Corporation - Philippines
- Power Finance Corporation Ltd., India
- Indonesian Coal Mining Association
- European Bulk Services B.V. - Netherlands
- Aboitiz Power Corporation - Philippines
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- Timah Investasi Mineral - Indoneisa
- Videocon Industries ltd - India
- Krishnapatnam Port Company Ltd. - India
- Savvy Resources Ltd - HongKong
- Commonwealth Bank - Australia
- Electricity Generating Authority of Thailand
- Orica Australia Pty. Ltd.
- Oldendorff Carriers - Singapore
- Antam Resourcindo - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- GVK Power & Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Larsen & Toubro Limited - India
- Bharathi Cement Corporation - India
- Kideco Jaya Agung - Indonesia
- Central Java Power - Indonesia
- Riau Bara Harum - Indonesia
- Trasteel International SA, Italy
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Straits Asia Resources Limited - Singapore
- Cigading International Bulk Terminal - Indonesia
- Salva Resources Pvt Ltd - India
- Goldman Sachs - Singapore
- Carbofer General Trading SA - India
- Anglo American - United Kingdom
- Ceylon Electricity Board - Sri Lanka
- Kalimantan Lumbung Energi - Indonesia
- SN Aboitiz Power Inc, Philippines
- New Zealand Coal & Carbon
- ASAPP Information Group - India
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- Parry Sugars Refinery, India
- Singapore Mercantile Exchange
- Sree Jayajothi Cements Limited - India
- Petron Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Ministry of Transport, Egypt
- Ministry of Mines - Canada
- Eastern Coal Council - USA
- Makarim & Taira - Indonesia
- Sakthi Sugars Limited - India
- LBH Netherlands Bv - Netherlands
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- London Commodity Brokers - England
- Holcim Trading Pte Ltd - Singapore
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- Renaissance Capital - South Africa
- MS Steel International - UAE
- Kaltim Prima Coal - Indonesia
- Heidelberg Cement - Germany
- Kapuas Tunggal Persada - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Minerals Council of Australia
- Energy Link Ltd, New Zealand
- Uttam Galva Steels Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kumho Petrochemical, South Korea
- The University of Queensland
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- Marubeni Corporation - India
- Indogreen Group - Indonesia
- Parliament of New Zealand
- Australian Commodity Traders Exchange
- Borneo Indobara - Indonesia
- Sical Logistics Limited - India
- Price Waterhouse Coopers - Russia
- Siam City Cement - Thailand
- GMR Energy Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Africa Commodities Group - South Africa
- Toyota Tsusho Corporation, Japan
- OPG Power Generation Pvt Ltd - India
- The Treasury - Australian Government
- Essar Steel Hazira Ltd - India
- Planning Commission, India
- Gujarat Sidhee Cement - India
- Attock Cement Pakistan Limited
- Binh Thuan Hamico - Vietnam
- Latin American Coal - Colombia
- Thiess Contractors Indonesia
- Lanco Infratech Ltd - India
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- PowerSource Philippines DevCo
- PetroVietnam Power Coal Import and Supply Company
- McConnell Dowell - Australia
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- ICICI Bank Limited - India
- Central Electricity Authority - India
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- Interocean Group of Companies - India
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- Semirara Mining Corp, Philippines
- Samtan Co., Ltd - South Korea
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- Tamil Nadu electricity Board
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- Medco Energi Mining Internasional
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- VISA Power Limited - India
- Formosa Plastics Group - Taiwan
- Merrill Lynch Commodities Europe
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- Indian Energy Exchange, India
- Australian Coal Association
- Madhucon Powers Ltd - India
- Metalloyd Limited - United Kingdom
- Bangladesh Power Developement Board
- PTC India Limited - India
- Alfred C Toepfer International GmbH - Germany
- Eastern Energy - Thailand
- Dalmia Cement Bharat India
- Cement Manufacturers Association - India
- Georgia Ports Authority, United States
- Electricity Authority, New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Baramulti Group, Indonesia
- Agrawal Coal Company - India
- Meralco Power Generation, Philippines
- Malabar Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Mintek Dendrill Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Wilmar Investment Holdings
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- Chamber of Mines of South Africa
- India Bulls Power Limited - India
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