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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, 29 January 21
COAL EXPORTS FROM AUSTRALIA TO MAINLAND CHINA DECLINED BY -22.2% Y-O-Y IN 2020 - BANCHERO COSTA
In the 12 months of 2020, global seaborne coal trade declined by as much as -12.7% year-on-year, according to vessel tracking data from Refinitiv, ...
Friday, 29 January 21
OPEC+, COVID-19 AND ENERGY TRANSITION - 3 THEMES IMPACTING OIL MARKETS AND REFINING IN 2021 - WOOD MACKENZIE
Wood Mackenzie’s latest outlook report shows that the art of balancing oil markets and the refining sector in 2021 hinges upon three key them ...
Thursday, 28 January 21
STRONG CHINESE THERMAL COAL IMPORTS TO BENEFIT INDONESIAN MINERS IN THE NEAR TERM - FITCH RATINGS
China's thermal coal imports are likely to remain strong ahead of the Chinese New Year in mid-February on robust demand, high utilisation at do ...
Thursday, 28 January 21
WIND PROPULSION FOR DRY BULK CARRIERS - OLDENDORFF
Oldendorff Carriers (OC) has signed a Joint Development Project (JDP) with Anemoi Marine Technologies (Anemoi), Lloyd’s Register (LR) and Sha ...
Thursday, 28 January 21
BUMA PRICED A USD400 MILLION 7.75% 5-YEAR SENIOR NOTES
PT Delta Dunia Makmur Tbk. announced that its subsidiary, PT Bukit Makmur Mandiri Utama priced a USD400 million 5-year (non-callable 2-year)& ...
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- Krishnapatnam Port Company Ltd. - India
- Indo Tambangraya Megah - Indonesia
- Savvy Resources Ltd - HongKong
- Samtan Co., Ltd - South Korea
- San Jose City I Power Corp, Philippines
- Thai Mozambique Logistica
- IHS Mccloskey Coal Group - USA
- PetroVietnam Power Coal Import and Supply Company
- Mercator Lines Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Latin American Coal - Colombia
- TNB Fuel Sdn Bhd - Malaysia
- Meralco Power Generation, Philippines
- The Treasury - Australian Government
- Borneo Indobara - Indonesia
- PNOC Exploration Corporation - Philippines
- Posco Energy - South Korea
- Parry Sugars Refinery, India
- Standard Chartered Bank - UAE
- Directorate Of Revenue Intelligence - India
- Africa Commodities Group - South Africa
- International Coal Ventures Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Port Waratah Coal Services - Australia
- Kapuas Tunggal Persada - Indonesia
- Chettinad Cement Corporation Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Dalmia Cement Bharat India
- ASAPP Information Group - India
- Wilmar Investment Holdings
- Medco Energi Mining Internasional
- Singapore Mercantile Exchange
- Aditya Birla Group - India
- Coastal Gujarat Power Limited - India
- Meenaskhi Energy Private Limited - India
- Toyota Tsusho Corporation, Japan
- IEA Clean Coal Centre - UK
- Central Electricity Authority - India
- Mintek Dendrill Indonesia
- Goldman Sachs - Singapore
- GVK Power & Infra Limited - India
- Mjunction Services Limited - India
- Intertek Mineral Services - Indonesia
- Orica Australia Pty. Ltd.
- SMC Global Power, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Wood Mackenzie - Singapore
- Jaiprakash Power Ventures ltd
- Karaikal Port Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Siam City Cement - Thailand
- Trasteel International SA, Italy
- Kepco SPC Power Corporation, Philippines
- PTC India Limited - India
- Kideco Jaya Agung - Indonesia
- SN Aboitiz Power Inc, Philippines
- Electricity Generating Authority of Thailand
- PowerSource Philippines DevCo
- Georgia Ports Authority, United States
- Billiton Holdings Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Miang Besar Coal Terminal - Indonesia
- Attock Cement Pakistan Limited
- Maharashtra Electricity Regulatory Commission - India
- Central Java Power - Indonesia
- Bangladesh Power Developement Board
- Holcim Trading Pte Ltd - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bhatia International Limited - India
- Indian Oil Corporation Limited
- Petrochimia International Co. Ltd.- Taiwan
- European Bulk Services B.V. - Netherlands
- Ceylon Electricity Board - Sri Lanka
- TeaM Sual Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Eastern Coal Council - USA
- Rashtriya Ispat Nigam Limited - India
- CIMB Investment Bank - Malaysia
- The University of Queensland
- Metalloyd Limited - United Kingdom
- Altura Mining Limited, Indonesia
- Bharathi Cement Corporation - India
- Renaissance Capital - South Africa
- India Bulls Power Limited - India
- Romanian Commodities Exchange
- New Zealand Coal & Carbon
- Larsen & Toubro Limited - India
- Gujarat Sidhee Cement - India
- Gujarat Mineral Development Corp Ltd - India
- Ambuja Cements Ltd - India
- Global Coal Blending Company Limited - Australia
- GAC Shipping (India) Pvt Ltd
- Oldendorff Carriers - Singapore
- Gujarat Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- Globalindo Alam Lestari - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vizag Seaport Private Limited - India
- Commonwealth Bank - Australia
- Bhoruka Overseas - Indonesia
- GMR Energy Limited - India
- Cement Manufacturers Association - India
- Sojitz Corporation - Japan
- Indogreen Group - Indonesia
- OPG Power Generation Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Bhushan Steel Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Maheswari Brothers Coal Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Lanco Infratech Ltd - India
- Thiess Contractors Indonesia
- South Luzon Thermal Energy Corporation
- Semirara Mining and Power Corporation, Philippines
- Australian Commodity Traders Exchange
- LBH Netherlands Bv - Netherlands
- Vijayanagar Sugar Pvt Ltd - India
- Kumho Petrochemical, South Korea
- ICICI Bank Limited - India
- Independent Power Producers Association of India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Eastern Energy - Thailand
- Malabar Cements Ltd - India
- Jindal Steel & Power Ltd - India
- Grasim Industreis Ltd - India
- Bayan Resources Tbk. - Indonesia
- Ministry of Finance - Indonesia
- Global Business Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Salva Resources Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Rio Tinto Coal - Australia
- Ministry of Transport, Egypt
- Madhucon Powers Ltd - India
- Indian Energy Exchange, India
- Bulk Trading Sa - Switzerland
- Vedanta Resources Plc - India
- Sree Jayajothi Cements Limited - India
- Binh Thuan Hamico - Vietnam
- Pendopo Energi Batubara - Indonesia
- McConnell Dowell - Australia
- Electricity Authority, New Zealand
- White Energy Company Limited
- Banpu Public Company Limited - Thailand
- Merrill Lynch Commodities Europe
- Sakthi Sugars Limited - India
- Indika Energy - Indonesia
- Indonesian Coal Mining Association
- Essar Steel Hazira Ltd - India
- Ministry of Mines - Canada
- VISA Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- Videocon Industries ltd - India
- Semirara Mining Corp, Philippines
- Marubeni Corporation - India
- Heidelberg Cement - Germany
- Mercuria Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Coalindo Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Riau Bara Harum - Indonesia
- Iligan Light & Power Inc, Philippines
- Therma Luzon, Inc, Philippines
- Minerals Council of Australia
- Manunggal Multi Energi - Indonesia
- Planning Commission, India
- Carbofer General Trading SA - India
- Interocean Group of Companies - India
- Sical Logistics Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Siam City Cement PLC, Thailand
- MS Steel International - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Star Paper Mills Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coal and Oil Company - UAE
- Makarim & Taira - Indonesia
- Economic Council, Georgia
- Bukit Baiduri Energy - Indonesia
- Edison Trading Spa - Italy
- SMG Consultants - Indonesia
- CNBM International Corporation - China
- Deloitte Consulting - India
- Antam Resourcindo - Indonesia
- Sindya Power Generating Company Private Ltd
- Petron Corporation, Philippines
- Uttam Galva Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Energy Development Corp, Philippines
- Power Finance Corporation Ltd., India
- Aboitiz Power Corporation - Philippines
- Anglo American - United Kingdom
- Chamber of Mines of South Africa
- Orica Mining Services - Indonesia
- Baramulti Group, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Parliament of New Zealand
- Formosa Plastics Group - Taiwan
- Timah Investasi Mineral - Indoneisa
- The State Trading Corporation of India Ltd
- Global Green Power PLC Corporation, Philippines
- Xindia Steels Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Agrawal Coal Company - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Barasentosa Lestari - Indonesia
- Kartika Selabumi Mining - Indonesia
- Australian Coal Association
- Straits Asia Resources Limited - Singapore
- Kobexindo Tractors - Indoneisa
- Tamil Nadu electricity Board
- Kohat Cement Company Ltd. - Pakistan
- Sarangani Energy Corporation, Philippines
- London Commodity Brokers - England
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