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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, 03 February 21
INDONESIA TO EXPORT 395 MILLION TONS OF COAL IN 2021 - ESDM
Data from the Ministry of Energy and Mineral Resources shows that, Indonesia is planning to produce 550 million Ton of coal in 2021 and as of t ...
Wednesday, 03 February 21
MARKET INSIGHT - INTERMODAL
"2020 the year from hell for the entire world, had everything for shipowners. The introduction of the sulphur cap and VLSFO, a Pandemic outbre ...
Tuesday, 02 February 21
WILL THE ELECTRONIC B/L BE FULLY IMPLEMENTED? FIVE POINTS TO CONSIDER - MOL
KNOWLEDGE TO ELEVATE
The trend towards digitization of Bills of Lading (B/L) has begun to attract attention in the trade and shipping industrie ...
Monday, 01 February 21
A 56,000-DWT OPEN MANILA WAS FIXED FOR A TRIP VIA INDONESIA REDELIVERY CHINA AT $11,500 - THE BALTIC BRIEFING
Capesize
The Capesize routes endured a week of slippage on rates, bringing the market back down to levels seen at the beginning of the month. D ...
Monday, 01 February 21
PAKISTAN: COAL DEMAND EXPECTED TO SPIKE IN 2021 - DAWN
Coal demand is expected to remain upbeat in 2021 as more coal-fired and captive power plants are coming up in the current year.
Acco ...
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- SMC Global Power, Philippines
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- Altura Mining Limited, Indonesia
- Antam Resourcindo - Indonesia
- Mjunction Services Limited - India
- Banpu Public Company Limited - Thailand
- Power Finance Corporation Ltd., India
- IHS Mccloskey Coal Group - USA
- IEA Clean Coal Centre - UK
- ASAPP Information Group - India
- Straits Asia Resources Limited - Singapore
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- PetroVietnam Power Coal Import and Supply Company
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- The Treasury - Australian Government
- Bhoruka Overseas - Indonesia
- Parry Sugars Refinery, India
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- Carbofer General Trading SA - India
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- Rio Tinto Coal - Australia
- Siam City Cement PLC, Thailand
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- Sarangani Energy Corporation, Philippines
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- Gujarat Electricity Regulatory Commission - India
- Ministry of Finance - Indonesia
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- PTC India Limited - India
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- Directorate General of MIneral and Coal - Indonesia
- Rashtriya Ispat Nigam Limited - India
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- Madhucon Powers Ltd - India
- Chamber of Mines of South Africa
- Mercuria Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Posco Energy - South Korea
- Bhatia International Limited - India
- Price Waterhouse Coopers - Russia
- Metalloyd Limited - United Kingdom
- Ceylon Electricity Board - Sri Lanka
- Kalimantan Lumbung Energi - Indonesia
- Larsen & Toubro Limited - India
- Mercator Lines Limited - India
- Bhushan Steel Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Singapore Mercantile Exchange
- Kumho Petrochemical, South Korea
- Vedanta Resources Plc - India
- OPG Power Generation Pvt Ltd - India
- Xindia Steels Limited - India
- GVK Power & Infra Limited - India
- Global Coal Blending Company Limited - Australia
- White Energy Company Limited
- Romanian Commodities Exchange
- Parliament of New Zealand
- Planning Commission, India
- Cigading International Bulk Terminal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Central Java Power - Indonesia
- Petron Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Maheswari Brothers Coal Limited - India
- LBH Netherlands Bv - Netherlands
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- Semirara Mining Corp, Philippines
- New Zealand Coal & Carbon
- Australian Coal Association
- Economic Council, Georgia
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- Ambuja Cements Ltd - India
- Coal and Oil Company - UAE
- Pendopo Energi Batubara - Indonesia
- Jaiprakash Power Ventures ltd
- Indian Oil Corporation Limited
- European Bulk Services B.V. - Netherlands
- Bukit Makmur.PT - Indonesia
- Medco Energi Mining Internasional
- Georgia Ports Authority, United States
- Interocean Group of Companies - India
- Salva Resources Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- McConnell Dowell - Australia
- Merrill Lynch Commodities Europe
- The State Trading Corporation of India Ltd
- Alfred C Toepfer International GmbH - Germany
- Iligan Light & Power Inc, Philippines
- Central Electricity Authority - India
- Bulk Trading Sa - Switzerland
- Grasim Industreis Ltd - India
- Savvy Resources Ltd - HongKong
- Indonesian Coal Mining Association
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- Electricity Authority, New Zealand
- Energy Link Ltd, New Zealand
- Samtan Co., Ltd - South Korea
- CIMB Investment Bank - Malaysia
- Commonwealth Bank - Australia
- Eastern Coal Council - USA
- Wood Mackenzie - Singapore
- Baramulti Group, Indonesia
- Toyota Tsusho Corporation, Japan
- Cement Manufacturers Association - India
- London Commodity Brokers - England
- Indika Energy - Indonesia
- PowerSource Philippines DevCo
- Petrochimia International Co. Ltd.- Taiwan
- Indian Energy Exchange, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Asmin Koalindo Tuhup - Indonesia
- Mintek Dendrill Indonesia
- The University of Queensland
- Billiton Holdings Pty Ltd - Australia
- Marubeni Corporation - India
- VISA Power Limited - India
- San Jose City I Power Corp, Philippines
- Ministry of Transport, Egypt
- Formosa Plastics Group - Taiwan
- Standard Chartered Bank - UAE
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- Indo Tambangraya Megah - Indonesia
- Eastern Energy - Thailand
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- SN Aboitiz Power Inc, Philippines
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- Barasentosa Lestari - Indonesia
- Orica Australia Pty. Ltd.
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- Australian Commodity Traders Exchange
- Sindya Power Generating Company Private Ltd
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- Renaissance Capital - South Africa
- Ministry of Mines - Canada
- Global Green Power PLC Corporation, Philippines
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- Goldman Sachs - Singapore
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- Energy Development Corp, Philippines
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- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Chettinad Cement Corporation Ltd - India
- Trasteel International SA, Italy
- Africa Commodities Group - South Africa
- Timah Investasi Mineral - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Holcim Trading Pte Ltd - Singapore
- Bukit Baiduri Energy - Indonesia
- India Bulls Power Limited - India
- ICICI Bank Limited - India
- SMG Consultants - Indonesia
- GMR Energy Limited - India
- Deloitte Consulting - India
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