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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.
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Saturday, 05 June 21
IT'S TIME FOR THE BIDEN ADMINISTRATION TO CHAMPION RENEWABLE ENERGY IN THE PHILIPPINES, NOT NUCLEAR OR FOSSIL GAS - IEEFA
Fossil gas and nuclear investments risk locking in costly, outdated infrastructure for the long-term
The United States has spent the ...
Friday, 04 June 21
NEW COAL-FIRED POWER PLANTS IN INDIA WILL BE ECONOMICALLY UNVIABLE - IEEFA
Coal capacity additions face major stranded asset risk
Much of India’s 33 gigawatts (GW) of coal-fired power capacity currently under co ...
Thursday, 03 June 21
JUNE HBA IS HITTING ABOVE $100 AND SETTLED AT ITS HIGHEST SINCE OCTOBER 2020
COALspot.com: The Indonesia coal price reference for June 2021 settles at US$ 100.33 per ton FOB vessel.
The Indonesia coal pr ...
Wednesday, 02 June 21
INDONESIA RV WAS DOWN TO LOW/MID $20,000S DAY FOR PANAMAX/KAMSARMAX WITH DELIVERY S CHINA - BANCHERO COSTA
Panamax
A softening week in the Pacific basin with rates under a downward pressure mainly caused by the oversupply of tonnage in the area, said ...
Wednesday, 02 June 21
EUROPEAN UNION'S IRON ORE IMPORTS - BANCHERO COSTA
The European Union (27) is currently the fourth largest importer of iron ore in the world, after China, Japan, and South Korea.
Euro ...
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- Agrawal Coal Company - India
- Essar Steel Hazira Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Banpu Public Company Limited - Thailand
- Kumho Petrochemical, South Korea
- Singapore Mercantile Exchange
- Riau Bara Harum - Indonesia
- Global Coal Blending Company Limited - Australia
- Indogreen Group - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Grasim Industreis Ltd - India
- IHS Mccloskey Coal Group - USA
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Mining Services - Indonesia
- Sakthi Sugars Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- International Coal Ventures Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Bukit Baiduri Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Star Paper Mills Limited - India
- Bayan Resources Tbk. - Indonesia
- Formosa Plastics Group - Taiwan
- Orica Australia Pty. Ltd.
- Sical Logistics Limited - India
- Bangladesh Power Developement Board
- TeaM Sual Corporation - Philippines
- Renaissance Capital - South Africa
- Directorate General of MIneral and Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Jaiprakash Power Ventures ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Sidhee Cement - India
- Meralco Power Generation, Philippines
- Toyota Tsusho Corporation, Japan
- GAC Shipping (India) Pvt Ltd
- Therma Luzon, Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Mercator Lines Limited - India
- Leighton Contractors Pty Ltd - Australia
- Madhucon Powers Ltd - India
- Mercuria Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Trasteel International SA, Italy
- Ind-Barath Power Infra Limited - India
- Makarim & Taira - Indonesia
- Salva Resources Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- ICICI Bank Limited - India
- Bhoruka Overseas - Indonesia
- Barasentosa Lestari - Indonesia
- Coal and Oil Company - UAE
- Medco Energi Mining Internasional
- Savvy Resources Ltd - HongKong
- Gujarat Mineral Development Corp Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Videocon Industries ltd - India
- SMC Global Power, Philippines
- Kideco Jaya Agung - Indonesia
- Interocean Group of Companies - India
- Bahari Cakrawala Sebuku - Indonesia
- European Bulk Services B.V. - Netherlands
- TNB Fuel Sdn Bhd - Malaysia
- Parliament of New Zealand
- Tamil Nadu electricity Board
- Asmin Koalindo Tuhup - Indonesia
- Edison Trading Spa - Italy
- New Zealand Coal & Carbon
- VISA Power Limited - India
- Xindia Steels Limited - India
- Kobexindo Tractors - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Straits Asia Resources Limited - Singapore
- GMR Energy Limited - India
- Manunggal Multi Energi - Indonesia
- Bhushan Steel Limited - India
- Sarangani Energy Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Mjunction Services Limited - India
- Jindal Steel & Power Ltd - India
- Coastal Gujarat Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Central Electricity Authority - India
- Sree Jayajothi Cements Limited - India
- Kartika Selabumi Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Uttam Galva Steels Limited - India
- Larsen & Toubro Limited - India
- Standard Chartered Bank - UAE
- Jorong Barutama Greston.PT - Indonesia
- Port Waratah Coal Services - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ambuja Cements Ltd - India
- Carbofer General Trading SA - India
- Maharashtra Electricity Regulatory Commission - India
- Economic Council, Georgia
- Ministry of Finance - Indonesia
- Parry Sugars Refinery, India
- South Luzon Thermal Energy Corporation
- Merrill Lynch Commodities Europe
- Energy Development Corp, Philippines
- CNBM International Corporation - China
- Coalindo Energy - Indonesia
- Altura Mining Limited, Indonesia
- Commonwealth Bank - Australia
- Ministry of Transport, Egypt
- Australian Commodity Traders Exchange
- Mintek Dendrill Indonesia
- San Jose City I Power Corp, Philippines
- Petron Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Australian Coal Association
- Binh Thuan Hamico - Vietnam
- Dalmia Cement Bharat India
- Indonesian Coal Mining Association
- Global Business Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Energy Link Ltd, New Zealand
- Indika Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Meenaskhi Energy Private Limited - India
- Kalimantan Lumbung Energi - Indonesia
- White Energy Company Limited
- Bharathi Cement Corporation - India
- Electricity Generating Authority of Thailand
- Ministry of Mines - Canada
- Miang Besar Coal Terminal - Indonesia
- Iligan Light & Power Inc, Philippines
- Bhatia International Limited - India
- Aboitiz Power Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Simpson Spence & Young - Indonesia
- The State Trading Corporation of India Ltd
- Globalindo Alam Lestari - Indonesia
- Georgia Ports Authority, United States
- Global Green Power PLC Corporation, Philippines
- Eastern Coal Council - USA
- Indian Energy Exchange, India
- Goldman Sachs - Singapore
- Eastern Energy - Thailand
- Deloitte Consulting - India
- Romanian Commodities Exchange
- Kepco SPC Power Corporation, Philippines
- Chamber of Mines of South Africa
- LBH Netherlands Bv - Netherlands
- MS Steel International - UAE
- Attock Cement Pakistan Limited
- Vedanta Resources Plc - India
- Central Java Power - Indonesia
- Tata Chemicals Ltd - India
- Minerals Council of Australia
- Posco Energy - South Korea
- Power Finance Corporation Ltd., India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Rio Tinto Coal - Australia
- Gujarat Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- Anglo American - United Kingdom
- Vizag Seaport Private Limited - India
- GVK Power & Infra Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Cement Manufacturers Association - India
- SMG Consultants - Indonesia
- Thiess Contractors Indonesia
- Marubeni Corporation - India
- PNOC Exploration Corporation - Philippines
- Aditya Birla Group - India
- ASAPP Information Group - India
- Siam City Cement PLC, Thailand
- Kaltim Prima Coal - Indonesia
- McConnell Dowell - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indian Oil Corporation Limited
- Wood Mackenzie - Singapore
- Wilmar Investment Holdings
- Karbindo Abesyapradhi - Indoneisa
- Thai Mozambique Logistica
- Bank of Tokyo Mitsubishi UFJ Ltd
- Latin American Coal - Colombia
- Africa Commodities Group - South Africa
- Oldendorff Carriers - Singapore
- Rashtriya Ispat Nigam Limited - India
- PTC India Limited - India
- Planning Commission, India
- Baramulti Group, Indonesia
- Heidelberg Cement - Germany
- India Bulls Power Limited - India
- Borneo Indobara - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Semirara Mining Corp, Philippines
- The University of Queensland
- Timah Investasi Mineral - Indoneisa
- Antam Resourcindo - Indonesia
- Karaikal Port Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Sojitz Corporation - Japan
- Intertek Mineral Services - Indonesia
- Malabar Cements Ltd - India
- London Commodity Brokers - England
- Bulk Trading Sa - Switzerland
- CIMB Investment Bank - Malaysia
- The Treasury - Australian Government
- Chettinad Cement Corporation Ltd - India
- Samtan Co., Ltd - South Korea
- AsiaOL BioFuels Corp., Philippines
- Electricity Authority, New Zealand
- Siam City Cement - Thailand
- PowerSource Philippines DevCo
- IEA Clean Coal Centre - UK
- Directorate Of Revenue Intelligence - India
- Independent Power Producers Association of India
- Vijayanagar Sugar Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
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