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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, 24 March 21
MARKET INSIGHT - INTERMODAL
Since the start of the pandemic, the shipping industry has efficiently responded to ensure the continuity of operations and hence the security of s ...
Tuesday, 23 March 21
LOWER WHOLESALE PRICES PUT PRESSURE ON AUSTRALIAN ENERGY RETAILERS - FITCH RATINGS
Fitch Ratings expects the low wholesale energy prices in the Australian National Energy Market to persist through to 2022, which will affect electr ...
Tuesday, 23 March 21
SCRUBBER-FITTED SHIPS NEARLY DOUBLE AS FUEL SPREAD SETTLES AT $118 PER MT - PETER SAND
As the lion’s share of the world fleet replaced high-sulphur fuel oil (HSFO) with low-sulphur fuel oil (LFSO) as a mean of propulsion to be c ...
Tuesday, 23 March 21
CHINA'S COAL OUTPUT EDGES UP IN FIRST TWO MONTHS - XINHUA
China’s raw coal output rose 25 percent year on year to 620 million tonnes in the first two months of 2021, official data showed.
...
Wednesday, 17 March 21
MARKET INSIGHT - INTERMODAL
Shipping market players are familiar with the inverse correlation between the freight market and demolition activity i.e. when the market picks up ...
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- Mercuria Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Wood Mackenzie - Singapore
- Kobexindo Tractors - Indoneisa
- Price Waterhouse Coopers - Russia
- Kartika Selabumi Mining - Indonesia
- Anglo American - United Kingdom
- Port Waratah Coal Services - Australia
- Cigading International Bulk Terminal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Trasteel International SA, Italy
- Rio Tinto Coal - Australia
- Bulk Trading Sa - Switzerland
- Sical Logistics Limited - India
- Thiess Contractors Indonesia
- Sindya Power Generating Company Private Ltd
- Vizag Seaport Private Limited - India
- Globalindo Alam Lestari - Indonesia
- Ministry of Mines - Canada
- Banpu Public Company Limited - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Tamil Nadu electricity Board
- Dalmia Cement Bharat India
- Sakthi Sugars Limited - India
- Tata Chemicals Ltd - India
- Gujarat Electricity Regulatory Commission - India
- IHS Mccloskey Coal Group - USA
- Meenaskhi Energy Private Limited - India
- Attock Cement Pakistan Limited
- Iligan Light & Power Inc, Philippines
- Latin American Coal - Colombia
- Wilmar Investment Holdings
- Alfred C Toepfer International GmbH - Germany
- Bhushan Steel Limited - India
- Orica Mining Services - Indonesia
- Ceylon Electricity Board - Sri Lanka
- OPG Power Generation Pvt Ltd - India
- Xindia Steels Limited - India
- Baramulti Group, Indonesia
- Parry Sugars Refinery, India
- Mercator Lines Limited - India
- San Jose City I Power Corp, Philippines
- Goldman Sachs - Singapore
- Electricity Generating Authority of Thailand
- CIMB Investment Bank - Malaysia
- Ministry of Finance - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- LBH Netherlands Bv - Netherlands
- Lanco Infratech Ltd - India
- The University of Queensland
- Jindal Steel & Power Ltd - India
- Romanian Commodities Exchange
- Therma Luzon, Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Sinarmas Energy and Mining - Indonesia
- Indian Energy Exchange, India
- Minerals Council of Australia
- PowerSource Philippines DevCo
- Georgia Ports Authority, United States
- Kapuas Tunggal Persada - Indonesia
- Singapore Mercantile Exchange
- Carbofer General Trading SA - India
- Chettinad Cement Corporation Ltd - India
- Kideco Jaya Agung - Indonesia
- Uttam Galva Steels Limited - India
- Rashtriya Ispat Nigam Limited - India
- Bangladesh Power Developement Board
- Power Finance Corporation Ltd., India
- Vedanta Resources Plc - India
- Electricity Authority, New Zealand
- Africa Commodities Group - South Africa
- Merrill Lynch Commodities Europe
- London Commodity Brokers - England
- Energy Development Corp, Philippines
- Indika Energy - Indonesia
- Sojitz Corporation - Japan
- Standard Chartered Bank - UAE
- Posco Energy - South Korea
- CNBM International Corporation - China
- Coalindo Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kumho Petrochemical, South Korea
- Maharashtra Electricity Regulatory Commission - India
- Renaissance Capital - South Africa
- Orica Australia Pty. Ltd.
- Eastern Energy - Thailand
- Bukit Makmur.PT - Indonesia
- Barasentosa Lestari - Indonesia
- Bhoruka Overseas - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- South Luzon Thermal Energy Corporation
- Toyota Tsusho Corporation, Japan
- Riau Bara Harum - Indonesia
- Billiton Holdings Pty Ltd - Australia
- The Treasury - Australian Government
- Eastern Coal Council - USA
- Neyveli Lignite Corporation Ltd, - India
- Sarangani Energy Corporation, Philippines
- Economic Council, Georgia
- Salva Resources Pvt Ltd - India
- Altura Mining Limited, Indonesia
- AsiaOL BioFuels Corp., Philippines
- GN Power Mariveles Coal Plant, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meralco Power Generation, Philippines
- Ministry of Transport, Egypt
- Petrochimia International Co. Ltd.- Taiwan
- Karaikal Port Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Timah Investasi Mineral - Indoneisa
- Heidelberg Cement - Germany
- Holcim Trading Pte Ltd - Singapore
- Energy Link Ltd, New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Makarim & Taira - Indonesia
- Borneo Indobara - Indonesia
- GVK Power & Infra Limited - India
- Thai Mozambique Logistica
- Savvy Resources Ltd - HongKong
- Madhucon Powers Ltd - India
- Siam City Cement - Thailand
- Jaiprakash Power Ventures ltd
- Global Business Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Metalloyd Limited - United Kingdom
- Indian Oil Corporation Limited
- Vijayanagar Sugar Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- ASAPP Information Group - India
- Commonwealth Bank - Australia
- Bharathi Cement Corporation - India
- Siam City Cement PLC, Thailand
- Aditya Birla Group - India
- Sree Jayajothi Cements Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Bhatia International Limited - India
- VISA Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Intertek Mineral Services - Indonesia
- Mintek Dendrill Indonesia
- GAC Shipping (India) Pvt Ltd
- Medco Energi Mining Internasional
- Cement Manufacturers Association - India
- Bukit Baiduri Energy - Indonesia
- SMC Global Power, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Edison Trading Spa - Italy
- Indogreen Group - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Australian Commodity Traders Exchange
- Planning Commission, India
- Karbindo Abesyapradhi - Indoneisa
- PNOC Exploration Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- Pendopo Energi Batubara - Indonesia
- Videocon Industries ltd - India
- Central Electricity Authority - India
- Kepco SPC Power Corporation, Philippines
- India Bulls Power Limited - India
- Gujarat Sidhee Cement - India
- International Coal Ventures Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ambuja Cements Ltd - India
- Larsen & Toubro Limited - India
- SN Aboitiz Power Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Formosa Plastics Group - Taiwan
- Leighton Contractors Pty Ltd - Australia
- Bayan Resources Tbk. - Indonesia
- Aboitiz Power Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Directorate Of Revenue Intelligence - India
- Jorong Barutama Greston.PT - Indonesia
- Global Coal Blending Company Limited - Australia
- Star Paper Mills Limited - India
- Independent Power Producers Association of India
- SMG Consultants - Indonesia
- New Zealand Coal & Carbon
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Grasim Industreis Ltd - India
- Parliament of New Zealand
- European Bulk Services B.V. - Netherlands
- Miang Besar Coal Terminal - Indonesia
- Indonesian Coal Mining Association
- Essar Steel Hazira Ltd - India
- Marubeni Corporation - India
- Interocean Group of Companies - India
- Manunggal Multi Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- White Energy Company Limited
- ICICI Bank Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Malabar Cements Ltd - India
- Antam Resourcindo - Indonesia
- Deloitte Consulting - India
- Petron Corporation, Philippines
- TeaM Sual Corporation - Philippines
- MS Steel International - UAE
- Australian Coal Association
- Mjunction Services Limited - India
- GMR Energy Limited - India
- Global Green Power PLC Corporation, Philippines
- Chamber of Mines of South Africa
- Samtan Co., Ltd - South Korea
- Coastal Gujarat Power Limited - India
- Maheswari Brothers Coal Limited - India
- Coal and Oil Company - UAE
- The State Trading Corporation of India Ltd
- Agrawal Coal Company - India
- Kohat Cement Company Ltd. - Pakistan
- PTC India Limited - India
- Kaltim Prima Coal - Indonesia
- McConnell Dowell - Australia
- Central Java Power - Indonesia
- Semirara Mining Corp, Philippines
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