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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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Friday, 30 April 21
HIGH-SULPHUR FUEL OIL SALES REBOUND AFTER PRE-IMO 2020 - BIMCO
HSFO sales are up 47.2% from Q1 2020, reaching 3.1m tonnes. This is however still less than a third of high-sulphur fuel sales in Q1 2019, before t ...
Wednesday, 28 April 21
MARKET INSIGHT - INTERMODAL
Despite the current challenges as a result of the global pandemic, 2021 is turning out to be a landmark year for the iron ore market with spot pric ...
Monday, 26 April 21
CHINA TO FURTHER CUT COAL USE IN 2021 - XINHUA
China aims to reduce the share of coal in its energy mix to less than 56% this year, according to a guideline released by the National Energy Admin ...
Wednesday, 21 April 21
COAL FINANCING COSTS HAVE SURGED IN PAST 10 YEARS - UNIVERSITY OF OXFORD - THE GUARDIAN
Coal financing costs have surged over the last decade as investors demand returns four times as high as the payoff required from renewable energy p ...
Tuesday, 20 April 21
US DOLLAR LIBOR TRANSITION IN ASSET FINANCE - WHERE ARE WE NOW? - WATSON FARLEY & WILLIAMS
Since our last article, there has been a raft of regulatory and market body announcements relating to the transition away from LIBOR and the follow ...
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- The University of Queensland
- Karaikal Port Pvt Ltd - India
- Ambuja Cements Ltd - India
- Toyota Tsusho Corporation, Japan
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- Bharathi Cement Corporation - India
- Global Coal Blending Company Limited - Australia
- OPG Power Generation Pvt Ltd - India
- Edison Trading Spa - Italy
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- Global Green Power PLC Corporation, Philippines
- Eastern Energy - Thailand
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- Trasteel International SA, Italy
- Bhushan Steel Limited - India
- Bukit Baiduri Energy - Indonesia
- Indogreen Group - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Independent Power Producers Association of India
- AsiaOL BioFuels Corp., Philippines
- Renaissance Capital - South Africa
- Savvy Resources Ltd - HongKong
- Romanian Commodities Exchange
- Minerals Council of Australia
- Bahari Cakrawala Sebuku - Indonesia
- TeaM Sual Corporation - Philippines
- ICICI Bank Limited - India
- Kapuas Tunggal Persada - Indonesia
- Rio Tinto Coal - Australia
- Krishnapatnam Port Company Ltd. - India
- Wood Mackenzie - Singapore
- Semirara Mining Corp, Philippines
- Bukit Makmur.PT - Indonesia
- South Luzon Thermal Energy Corporation
- Banpu Public Company Limited - Thailand
- Heidelberg Cement - Germany
- Kalimantan Lumbung Energi - Indonesia
- Interocean Group of Companies - India
- GAC Shipping (India) Pvt Ltd
- Gujarat Mineral Development Corp Ltd - India
- Ind-Barath Power Infra Limited - India
- Essar Steel Hazira Ltd - India
- Mjunction Services Limited - India
- Africa Commodities Group - South Africa
- Wilmar Investment Holdings
- Ministry of Mines - Canada
- PetroVietnam Power Coal Import and Supply Company
- Sarangani Energy Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Port Waratah Coal Services - Australia
- Maheswari Brothers Coal Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Link Ltd, New Zealand
- Siam City Cement PLC, Thailand
- Maharashtra Electricity Regulatory Commission - India
- Indian Oil Corporation Limited
- Grasim Industreis Ltd - India
- Aboitiz Power Corporation - Philippines
- Uttam Galva Steels Limited - India
- Attock Cement Pakistan Limited
- India Bulls Power Limited - India
- PTC India Limited - India
- Metalloyd Limited - United Kingdom
- Formosa Plastics Group - Taiwan
- Cigading International Bulk Terminal - Indonesia
- Sakthi Sugars Limited - India
- Indonesian Coal Mining Association
- TNB Fuel Sdn Bhd - Malaysia
- Coastal Gujarat Power Limited - India
- Indika Energy - Indonesia
- Orica Australia Pty. Ltd.
- GN Power Mariveles Coal Plant, Philippines
- SN Aboitiz Power Inc, Philippines
- Xindia Steels Limited - India
- Anglo American - United Kingdom
- Georgia Ports Authority, United States
- Ceylon Electricity Board - Sri Lanka
- Bayan Resources Tbk. - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Lanco Infratech Ltd - India
- Barasentosa Lestari - Indonesia
- San Jose City I Power Corp, Philippines
- Bhatia International Limited - India
- Cement Manufacturers Association - India
- Jorong Barutama Greston.PT - Indonesia
- Central Java Power - Indonesia
- SMG Consultants - Indonesia
- Sindya Power Generating Company Private Ltd
- Singapore Mercantile Exchange
- Directorate Of Revenue Intelligence - India
- Mercator Lines Limited - India
- Mercuria Energy - Indonesia
- Thai Mozambique Logistica
- Eastern Coal Council - USA
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Offshore Bulk Terminal Pte Ltd, Singapore
- Simpson Spence & Young - Indonesia
- Australian Coal Association
- Antam Resourcindo - Indonesia
- LBH Netherlands Bv - Netherlands
- Baramulti Group, Indonesia
- Coalindo Energy - Indonesia
- SMC Global Power, Philippines
- New Zealand Coal & Carbon
- Kepco SPC Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Thiess Contractors Indonesia
- Economic Council, Georgia
- IHS Mccloskey Coal Group - USA
- Larsen & Toubro Limited - India
- Intertek Mineral Services - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Altura Mining Limited, Indonesia
- Kaltim Prima Coal - Indonesia
- Binh Thuan Hamico - Vietnam
- Medco Energi Mining Internasional
- Holcim Trading Pte Ltd - Singapore
- Madhucon Powers Ltd - India
- PowerSource Philippines DevCo
- Vedanta Resources Plc - India
- Pendopo Energi Batubara - Indonesia
- Central Electricity Authority - India
- Indo Tambangraya Megah - Indonesia
- The State Trading Corporation of India Ltd
- Neyveli Lignite Corporation Ltd, - India
- Salva Resources Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- Vizag Seaport Private Limited - India
- Jaiprakash Power Ventures ltd
- Alfred C Toepfer International GmbH - Germany
- Commonwealth Bank - Australia
- Energy Development Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Sojitz Corporation - Japan
- GVK Power & Infra Limited - India
- Bhoruka Overseas - Indonesia
- Kartika Selabumi Mining - Indonesia
- CNBM International Corporation - China
- Kohat Cement Company Ltd. - Pakistan
- Therma Luzon, Inc, Philippines
- Tamil Nadu electricity Board
- Iligan Light & Power Inc, Philippines
- White Energy Company Limited
- Siam City Cement - Thailand
- Sinarmas Energy and Mining - Indonesia
- McConnell Dowell - Australia
- Makarim & Taira - Indonesia
- Goldman Sachs - Singapore
- Gujarat Electricity Regulatory Commission - India
- Parry Sugars Refinery, India
- Mintek Dendrill Indonesia
- Jindal Steel & Power Ltd - India
- Deloitte Consulting - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Marubeni Corporation - India
- Timah Investasi Mineral - Indoneisa
- Meralco Power Generation, Philippines
- PNOC Exploration Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Coal and Oil Company - UAE
- Australian Commodity Traders Exchange
- Global Business Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Malabar Cements Ltd - India
- Semirara Mining and Power Corporation, Philippines
- London Commodity Brokers - England
- Dalmia Cement Bharat India
- Chettinad Cement Corporation Ltd - India
- Carbofer General Trading SA - India
- Latin American Coal - Colombia
- Electricity Generating Authority of Thailand
- Merrill Lynch Commodities Europe
- Samtan Co., Ltd - South Korea
- Indian Energy Exchange, India
- Power Finance Corporation Ltd., India
- Asmin Koalindo Tuhup - Indonesia
- VISA Power Limited - India
- Ministry of Transport, Egypt
- GMR Energy Limited - India
- Chamber of Mines of South Africa
- Sical Logistics Limited - India
- Parliament of New Zealand
- Bangladesh Power Developement Board
- Videocon Industries ltd - India
- Agrawal Coal Company - India
- ASAPP Information Group - India
- Kobexindo Tractors - Indoneisa
- Meenaskhi Energy Private Limited - India
- Rashtriya Ispat Nigam Limited - India
- Miang Besar Coal Terminal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Star Paper Mills Limited - India
- The Treasury - Australian Government
- Borneo Indobara - Indonesia
- IEA Clean Coal Centre - UK
- Kumho Petrochemical, South Korea
- Standard Chartered Bank - UAE
- Aditya Birla Group - India
- Planning Commission, India
- Oldendorff Carriers - Singapore
- Sree Jayajothi Cements Limited - India
- International Coal Ventures Pvt Ltd - India
- Tata Chemicals Ltd - India
- MS Steel International - UAE
- Gujarat Sidhee Cement - India
- Orica Mining Services - Indonesia
- CIMB Investment Bank - Malaysia
- Electricity Authority, New Zealand
- Posco Energy - South Korea
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