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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 $US85 a tonne by June 2021.
Given China’s important role in the dry bulk market and in particular it’s influence on the freight levels of the Capesize segment, it is always interesting to keep an eye on its development and recovery in industrial production. China’s intensive import levels have, so far, been enough to support market fundamentals and rates. However, volatility is still there for the dry bulk market and hopefully the rest of the world will also follow suit in the recovery wave at some point soon.
By Christopher Whitty
Director, Towage & Marine Port Services
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms Eva Tzima
Mr.George Panagopoulos
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Monday, 08 March 21
MARCH 2021 INDONESIA COAL PRICE REFERENCE SETTLES LOWER
COALspot.com: The Indonesia coal price reference for March 2021 settles at US$ 84.49 per ton FOB vessel.
The Indonesia coal pr ...
Saturday, 06 March 21
AUSTRALIAN COAL: SOME WEAKNESS COULD MATERIALIZE AFTER THE WINTER - ING
Newcastle coal prices remain well supported for now, however as we move out of the winter months we would expect prices to come under pressure. Mea ...
Saturday, 06 March 21
ASIA SEABORNE COAL PRICES START TO RETREAT, CHINA-AUSTRALIA DISPUTE LINGERS - REUTERS
There are signs that the price and demand surge for coal during the recent colder-than-expected winter across North Asia is starting to ease, even ...
Thursday, 04 March 21
HEAD OF JBIC SAYS THE JAPANESE BANK WILL NOT FUND NEW COAL PLANT DEVELOPMENT - NHK NEWS
The governor of the Japan Bank for International Cooperation has said that the government-owned financial institution will stop funding new coal-fi ...
Wednesday, 03 March 21
MARKET INSIGHT - INTERMODAL
Following the recent rally to multi year highs of metal-based commodities, amid an unprecedented global economic stimulus, discussions of an emergi ...
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- Indonesian Coal Mining Association
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- Thiess Contractors Indonesia
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- CNBM International Corporation - China
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- Australian Commodity Traders Exchange
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- Kumho Petrochemical, South Korea
- Iligan Light & Power Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Tata Chemicals Ltd - India
- Meenaskhi Energy Private Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- European Bulk Services B.V. - Netherlands
- Indo Tambangraya Megah - Indonesia
- Ministry of Mines - Canada
- Minerals Council of Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sojitz Corporation - Japan
- Directorate Of Revenue Intelligence - India
- Standard Chartered Bank - UAE
- Latin American Coal - Colombia
- Indika Energy - Indonesia
- Edison Trading Spa - Italy
- Jindal Steel & Power Ltd - India
- Malabar Cements Ltd - India
- Chamber of Mines of South Africa
- Samtan Co., Ltd - South Korea
- GN Power Mariveles Coal Plant, Philippines
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- Attock Cement Pakistan Limited
- Coal and Oil Company - UAE
- South Luzon Thermal Energy Corporation
- Cement Manufacturers Association - India
- Bhushan Steel Limited - India
- MS Steel International - UAE
- Electricity Authority, New Zealand
- Videocon Industries ltd - India
- Electricity Generating Authority of Thailand
- SMG Consultants - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Altura Mining Limited, Indonesia
- Krishnapatnam Port Company Ltd. - India
- Rio Tinto Coal - Australia
- Toyota Tsusho Corporation, Japan
- Independent Power Producers Association of India
- Ceylon Electricity Board - Sri Lanka
- TNB Fuel Sdn Bhd - Malaysia
- Timah Investasi Mineral - Indoneisa
- IHS Mccloskey Coal Group - USA
- Vedanta Resources Plc - India
- The University of Queensland
- Rashtriya Ispat Nigam Limited - India
- Renaissance Capital - South Africa
- VISA Power Limited - India
- Siam City Cement - Thailand
- Global Green Power PLC Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Meralco Power Generation, Philippines
- San Jose City I Power Corp, Philippines
- Oldendorff Carriers - Singapore
- Eastern Energy - Thailand
- Kaltim Prima Coal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Planning Commission, India
- Kohat Cement Company Ltd. - Pakistan
- Alfred C Toepfer International GmbH - Germany
- Australian Coal Association
- IEA Clean Coal Centre - UK
- Globalindo Alam Lestari - Indonesia
- Coalindo Energy - Indonesia
- Bulk Trading Sa - Switzerland
- CIMB Investment Bank - Malaysia
- Star Paper Mills Limited - India
- Romanian Commodities Exchange
- Power Finance Corporation Ltd., India
- Barasentosa Lestari - Indonesia
- The Treasury - Australian Government
- International Coal Ventures Pvt Ltd - India
- Riau Bara Harum - Indonesia
- McConnell Dowell - Australia
- Singapore Mercantile Exchange
- PetroVietnam Power Coal Import and Supply Company
- Mjunction Services Limited - India
- Jaiprakash Power Ventures ltd
- PowerSource Philippines DevCo
- Directorate General of MIneral and Coal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coastal Gujarat Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- GAC Shipping (India) Pvt Ltd
- Energy Development Corp, Philippines
- GVK Power & Infra Limited - India
- Makarim & Taira - Indonesia
- Bayan Resources Tbk. - Indonesia
- TeaM Sual Corporation - Philippines
- Central Electricity Authority - India
- Gujarat Sidhee Cement - India
- Energy Link Ltd, New Zealand
- LBH Netherlands Bv - Netherlands
- London Commodity Brokers - England
- Lanco Infratech Ltd - India
- Formosa Plastics Group - Taiwan
- Binh Thuan Hamico - Vietnam
- White Energy Company Limited
- Manunggal Multi Energi - Indonesia
- Orica Australia Pty. Ltd.
- Orica Mining Services - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Heidelberg Cement - Germany
- Kartika Selabumi Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Pendopo Energi Batubara - Indonesia
- Agrawal Coal Company - India
- Thai Mozambique Logistica
- Sree Jayajothi Cements Limited - India
- Kideco Jaya Agung - Indonesia
- Kobexindo Tractors - Indoneisa
- Larsen & Toubro Limited - India
- Metalloyd Limited - United Kingdom
- PNOC Exploration Corporation - Philippines
- Ministry of Transport, Egypt
- Wilmar Investment Holdings
- Borneo Indobara - Indonesia
- Straits Asia Resources Limited - Singapore
- Commonwealth Bank - Australia
- Asmin Koalindo Tuhup - Indonesia
- Economic Council, Georgia
- Bhatia International Limited - India
- Africa Commodities Group - South Africa
- Xindia Steels Limited - India
- Antam Resourcindo - Indonesia
- Dalmia Cement Bharat India
- Interocean Group of Companies - India
- Bukit Makmur.PT - Indonesia
- Indian Oil Corporation Limited
- Intertek Mineral Services - Indonesia
- Karaikal Port Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Bukit Baiduri Energy - Indonesia
- The State Trading Corporation of India Ltd
- GMR Energy Limited - India
- Medco Energi Mining Internasional
- Georgia Ports Authority, United States
- Central Java Power - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Indian Energy Exchange, India
- Sakthi Sugars Limited - India
- Anglo American - United Kingdom
- Siam City Cement PLC, Thailand
- SN Aboitiz Power Inc, Philippines
- Port Waratah Coal Services - Australia
- Savvy Resources Ltd - HongKong
- Parry Sugars Refinery, India
- Salva Resources Pvt Ltd - India
- Goldman Sachs - Singapore
- Therma Luzon, Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Deloitte Consulting - India
- Parliament of New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Tamil Nadu electricity Board
- Bangladesh Power Developement Board
- Bhoruka Overseas - Indonesia
- Trasteel International SA, Italy
- Sindya Power Generating Company Private Ltd
- Marubeni Corporation - India
- Holcim Trading Pte Ltd - Singapore
- Global Coal Blending Company Limited - Australia
- Bharathi Cement Corporation - India
- Ministry of Finance - Indonesia
- ASAPP Information Group - India
- Cigading International Bulk Terminal - Indonesia
- Indogreen Group - Indonesia
- Wood Mackenzie - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Eastern Coal Council - USA
- New Zealand Coal & Carbon
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