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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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Wednesday, 26 May 21
NEW POWER AND ENERGY MASTER PLAN MUST BE DESIGNED IN BANGLADESH'S BEST INTERESTS, NOT JAPAN'S - IEEFA
JICA must deliver a low or zero emissions plan as promised, not fund Matarbari 2 coal plant
Clear understandings from the Bangladesh ...
Tuesday, 25 May 21
KOREA SOUTHERN POWER INVITED BIDS FOR 870,000 MT OF MIN 5300 NCV COAL FOR 2021 TO 2023.
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an International tender for total 870,000 MT of Min 5,300 kcal/kg NCV coal for Augu ...
Tuesday, 25 May 21
CHINA’S COAL OUTPUT RISES IN FIRST FOUR MONTHS - XINHUA
China’s raw coal output rose 11.1 percent year on year to 1.29 billion tonnes in the first four months of 2021, official data showed.
&nb ...
Tuesday, 25 May 21
MARINE SHIPPERS BULK UP: ANOTHER GAME OF CHICKEN IN THE WORKS? - THE KOREA TIMES
Global shipping companies have been placing orders for large ships, with many anticipating further increased competition within the next three year ...
Friday, 21 May 21
MARKET INSIGHT - INTERMODAL
The dry bulk market’s counter seasonal surge so far into the first half of the year -in a sort of 2010 manner - and Capesize’s recent r ...
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- Economic Council, Georgia
- Samtan Co., Ltd - South Korea
- Gujarat Electricity Regulatory Commission - India
- Makarim & Taira - Indonesia
- Essar Steel Hazira Ltd - India
- Posco Energy - South Korea
- Aditya Birla Group - India
- Grasim Industreis Ltd - India
- Ambuja Cements Ltd - India
- Cement Manufacturers Association - India
- Ind-Barath Power Infra Limited - India
- Planning Commission, India
- Petrochimia International Co. Ltd.- Taiwan
- IEA Clean Coal Centre - UK
- Sindya Power Generating Company Private Ltd
- Carbofer General Trading SA - India
- Coal and Oil Company - UAE
- Goldman Sachs - Singapore
- Riau Bara Harum - Indonesia
- Global Green Power PLC Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Orica Australia Pty. Ltd.
- Port Waratah Coal Services - Australia
- The State Trading Corporation of India Ltd
- Semirara Mining Corp, Philippines
- Larsen & Toubro Limited - India
- Therma Luzon, Inc, Philippines
- Attock Cement Pakistan Limited
- Rashtriya Ispat Nigam Limited - India
- Bharathi Cement Corporation - India
- SMG Consultants - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- TNB Fuel Sdn Bhd - Malaysia
- Chettinad Cement Corporation Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- CNBM International Corporation - China
- India Bulls Power Limited - India
- Energy Development Corp, Philippines
- San Jose City I Power Corp, Philippines
- Thai Mozambique Logistica
- Wilmar Investment Holdings
- Global Coal Blending Company Limited - Australia
- Star Paper Mills Limited - India
- Electricity Authority, New Zealand
- Toyota Tsusho Corporation, Japan
- Medco Energi Mining Internasional
- Maheswari Brothers Coal Limited - India
- Siam City Cement - Thailand
- Aboitiz Power Corporation - Philippines
- Ministry of Mines - Canada
- Trasteel International SA, Italy
- Intertek Mineral Services - Indonesia
- Vedanta Resources Plc - India
- Standard Chartered Bank - UAE
- Renaissance Capital - South Africa
- Kapuas Tunggal Persada - Indonesia
- Chamber of Mines of South Africa
- Videocon Industries ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Georgia Ports Authority, United States
- Ministry of Transport, Egypt
- Commonwealth Bank - Australia
- Kobexindo Tractors - Indoneisa
- Indian Energy Exchange, India
- Uttam Galva Steels Limited - India
- Meralco Power Generation, Philippines
- Straits Asia Resources Limited - Singapore
- Bukit Baiduri Energy - Indonesia
- Agrawal Coal Company - India
- Mjunction Services Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Barasentosa Lestari - Indonesia
- Madhucon Powers Ltd - India
- Timah Investasi Mineral - Indoneisa
- IHS Mccloskey Coal Group - USA
- Sojitz Corporation - Japan
- PetroVietnam Power Coal Import and Supply Company
- PTC India Limited - India
- Malabar Cements Ltd - India
- Australian Coal Association
- Singapore Mercantile Exchange
- AsiaOL BioFuels Corp., Philippines
- OPG Power Generation Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Karaikal Port Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- LBH Netherlands Bv - Netherlands
- Orica Mining Services - Indonesia
- Globalindo Alam Lestari - Indonesia
- Latin American Coal - Colombia
- Eastern Energy - Thailand
- Mercator Lines Limited - India
- Eastern Coal Council - USA
- International Coal Ventures Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Merrill Lynch Commodities Europe
- Kartika Selabumi Mining - Indonesia
- Independent Power Producers Association of India
- Indogreen Group - Indonesia
- Heidelberg Cement - Germany
- Indonesian Coal Mining Association
- Manunggal Multi Energi - Indonesia
- Kepco SPC Power Corporation, Philippines
- PowerSource Philippines DevCo
- Metalloyd Limited - United Kingdom
- ICICI Bank Limited - India
- Mintek Dendrill Indonesia
- Thiess Contractors Indonesia
- White Energy Company Limited
- Central Java Power - Indonesia
- Baramulti Group, Indonesia
- Mercuria Energy - Indonesia
- Siam City Cement PLC, Thailand
- Indian Oil Corporation Limited
- SN Aboitiz Power Inc, Philippines
- Indika Energy - Indonesia
- Central Electricity Authority - India
- Formosa Plastics Group - Taiwan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Altura Mining Limited, Indonesia
- Ministry of Finance - Indonesia
- Ceylon Electricity Board - Sri Lanka
- SMC Global Power, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Energy Link Ltd, New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Deloitte Consulting - India
- Indo Tambangraya Megah - Indonesia
- Parry Sugars Refinery, India
- GVK Power & Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- Vizag Seaport Private Limited - India
- Savvy Resources Ltd - HongKong
- Rio Tinto Coal - Australia
- Bhatia International Limited - India
- TeaM Sual Corporation - Philippines
- London Commodity Brokers - England
- Asmin Koalindo Tuhup - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Marubeni Corporation - India
- Borneo Indobara - Indonesia
- VISA Power Limited - India
- Kumho Petrochemical, South Korea
- Xindia Steels Limited - India
- Sical Logistics Limited - India
- Meenaskhi Energy Private Limited - India
- Salva Resources Pvt Ltd - India
- Wood Mackenzie - Singapore
- Global Business Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Gujarat Sidhee Cement - India
- Lanco Infratech Ltd - India
- Sree Jayajothi Cements Limited - India
- Directorate Of Revenue Intelligence - India
- Power Finance Corporation Ltd., India
- GMR Energy Limited - India
- Kalimantan Lumbung Energi - Indonesia
- The University of Queensland
- McConnell Dowell - Australia
- Parliament of New Zealand
- European Bulk Services B.V. - Netherlands
- MS Steel International - UAE
- CIMB Investment Bank - Malaysia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Banpu Public Company Limited - Thailand
- Coastal Gujarat Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Leighton Contractors Pty Ltd - Australia
- Bhoruka Overseas - Indonesia
- Sarangani Energy Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bangladesh Power Developement Board
- Bulk Trading Sa - Switzerland
- Minerals Council of Australia
- Jindal Steel & Power Ltd - India
- Jaiprakash Power Ventures ltd
- Sakthi Sugars Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- The Treasury - Australian Government
- Krishnapatnam Port Company Ltd. - India
- Jorong Barutama Greston.PT - Indonesia
- Dalmia Cement Bharat India
- Simpson Spence & Young - Indonesia
- Kideco Jaya Agung - Indonesia
- Coalindo Energy - Indonesia
- Tamil Nadu electricity Board
- New Zealand Coal & Carbon
- Cigading International Bulk Terminal - Indonesia
- Tata Chemicals Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Anglo American - United Kingdom
- PNOC Exploration Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Bank of Tokyo Mitsubishi UFJ Ltd
- Directorate General of MIneral and Coal - Indonesia
- Africa Commodities Group - South Africa
- Edison Trading Spa - Italy
- Romanian Commodities Exchange
- Interocean Group of Companies - India
- Sinarmas Energy and Mining - Indonesia
- Petron Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Price Waterhouse Coopers - Russia
- ASAPP Information Group - India
- Electricity Generating Authority of Thailand
- South Luzon Thermal Energy Corporation
- Holcim Trading Pte Ltd - Singapore
- Antam Resourcindo - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Oldendorff Carriers - Singapore
- Bhushan Steel Limited - India
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