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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, 27 January 21
MARKET INSIGHT - INTERMODAL
As we have entered the era off renewable energies, all industries globally give max effort to minimize their carbon footprint and consequently thei ...
Monday, 25 January 21
ULTRAMAX YET ANOTHER POSITIVE WEEK FOR THE SECTOR, WHICH SAW INCREASED DEMAND ACROSS ALL BASINS - BALTIC BRIEFING
Capesize
The Capesize market rocked and rolled these past few days. But by weeks end little had changed on the Capesize 5TC as it settled down ...
Monday, 25 January 21
NEW LAW IN CALIFORNIA, USA, AFFECTING SHIPOWNERS' LIABILITY FOR OIL POLLUTION - BIMCO
Members are advised that amendments to the so-called Lempert-Keene-Seastrand Oil Spill Prevention and Response Act of 1990 in the State of Californ ...
Monday, 25 January 21
COAL INDIA SAYS GEARED UP TO MEET SURGE IN FUEL DEMAND FROM POWER SECTOR - PTI
State-owned Coal India Ltd on Saturday said that it is well geared to meet any surge in demand for coal from the power sector.
The s ...
Sunday, 24 January 21
GOVT ASSURES COAL INDIA OF 'FULL SUPPORT', STRESSES ON LEARNING 'NEW THINGS' - PTI
Coal Minister Pralhad Joshi assured Coal India of full government support, even as he said the PSU needs to learn “new things” for impr ...
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- Latin American Coal - Colombia
- Antam Resourcindo - Indonesia
- Binh Thuan Hamico - Vietnam
- Mercator Lines Limited - India
- Mjunction Services Limited - India
- India Bulls Power Limited - India
- Marubeni Corporation - India
- Dalmia Cement Bharat India
- Standard Chartered Bank - UAE
- Georgia Ports Authority, United States
- CNBM International Corporation - China
- Kobexindo Tractors - Indoneisa
- Wilmar Investment Holdings
- SMG Consultants - Indonesia
- PTC India Limited - India
- Coastal Gujarat Power Limited - India
- Energy Development Corp, Philippines
- Tata Chemicals Ltd - India
- IEA Clean Coal Centre - UK
- Commonwealth Bank - Australia
- Rio Tinto Coal - Australia
- Ministry of Finance - Indonesia
- Interocean Group of Companies - India
- Lanco Infratech Ltd - India
- Australian Commodity Traders Exchange
- Holcim Trading Pte Ltd - Singapore
- Price Waterhouse Coopers - Russia
- Neyveli Lignite Corporation Ltd, - India
- Economic Council, Georgia
- CIMB Investment Bank - Malaysia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indo Tambangraya Megah - Indonesia
- Manunggal Multi Energi - Indonesia
- Sarangani Energy Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Coalindo Energy - Indonesia
- Sical Logistics Limited - India
- VISA Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Central Electricity Authority - India
- ICICI Bank Limited - India
- IHS Mccloskey Coal Group - USA
- Intertek Mineral Services - Indonesia
- Renaissance Capital - South Africa
- Iligan Light & Power Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Global Business Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Leighton Contractors Pty Ltd - Australia
- Malabar Cements Ltd - India
- Bhushan Steel Limited - India
- Therma Luzon, Inc, Philippines
- Jindal Steel & Power Ltd - India
- Tamil Nadu electricity Board
- Deloitte Consulting - India
- Jaiprakash Power Ventures ltd
- Maheswari Brothers Coal Limited - India
- Madhucon Powers Ltd - India
- Barasentosa Lestari - Indonesia
- Vizag Seaport Private Limited - India
- Romanian Commodities Exchange
- Star Paper Mills Limited - India
- Ceylon Electricity Board - Sri Lanka
- Parliament of New Zealand
- Semirara Mining Corp, Philippines
- San Jose City I Power Corp, Philippines
- Orica Mining Services - Indonesia
- Samtan Co., Ltd - South Korea
- Bhoruka Overseas - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Posco Energy - South Korea
- Edison Trading Spa - Italy
- Cement Manufacturers Association - India
- Kalimantan Lumbung Energi - Indonesia
- Ind-Barath Power Infra Limited - India
- Indian Energy Exchange, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SMC Global Power, Philippines
- Alfred C Toepfer International GmbH - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- Straits Asia Resources Limited - Singapore
- Bayan Resources Tbk. - Indonesia
- Kumho Petrochemical, South Korea
- Directorate Of Revenue Intelligence - India
- Ambuja Cements Ltd - India
- Grasim Industreis Ltd - India
- Indonesian Coal Mining Association
- Eastern Coal Council - USA
- Chamber of Mines of South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Minerals Council of Australia
- AsiaOL BioFuels Corp., Philippines
- Electricity Generating Authority of Thailand
- International Coal Ventures Pvt Ltd - India
- Planning Commission, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Sindya Power Generating Company Private Ltd
- Oldendorff Carriers - Singapore
- Electricity Authority, New Zealand
- The University of Queensland
- Petron Corporation, Philippines
- Larsen & Toubro Limited - India
- London Commodity Brokers - England
- Agrawal Coal Company - India
- Kapuas Tunggal Persada - Indonesia
- PowerSource Philippines DevCo
- Heidelberg Cement - Germany
- White Energy Company Limited
- Bhatia International Limited - India
- Australian Coal Association
- Asmin Koalindo Tuhup - Indonesia
- Meenaskhi Energy Private Limited - India
- Globalindo Alam Lestari - Indonesia
- Indian Oil Corporation Limited
- Thiess Contractors Indonesia
- Borneo Indobara - Indonesia
- Vedanta Resources Plc - India
- Pendopo Energi Batubara - Indonesia
- Videocon Industries ltd - India
- Salva Resources Pvt Ltd - India
- ASAPP Information Group - India
- Miang Besar Coal Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- Central Java Power - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Karaikal Port Pvt Ltd - India
- Mercuria Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- MS Steel International - UAE
- GN Power Mariveles Coal Plant, Philippines
- Sakthi Sugars Limited - India
- Sinarmas Energy and Mining - Indonesia
- Essar Steel Hazira Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Transport, Egypt
- Timah Investasi Mineral - Indoneisa
- Meralco Power Generation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- European Bulk Services B.V. - Netherlands
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Mines - Canada
- Bharathi Cement Corporation - India
- Sojitz Corporation - Japan
- The State Trading Corporation of India Ltd
- Jorong Barutama Greston.PT - Indonesia
- Orica Australia Pty. Ltd.
- Aboitiz Power Corporation - Philippines
- Indogreen Group - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- PNOC Exploration Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Banpu Public Company Limited - Thailand
- Uttam Galva Steels Limited - India
- Eastern Energy - Thailand
- Cigading International Bulk Terminal - Indonesia
- Attock Cement Pakistan Limited
- Gujarat Mineral Development Corp Ltd - India
- Bulk Trading Sa - Switzerland
- Anglo American - United Kingdom
- Formosa Plastics Group - Taiwan
- Goldman Sachs - Singapore
- Xindia Steels Limited - India
- Riau Bara Harum - Indonesia
- Power Finance Corporation Ltd., India
- Semirara Mining and Power Corporation, Philippines
- McConnell Dowell - Australia
- Mintek Dendrill Indonesia
- Parry Sugars Refinery, India
- Rashtriya Ispat Nigam Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Aditya Birla Group - India
- Gujarat Electricity Regulatory Commission - India
- Baramulti Group, Indonesia
- Kepco SPC Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Independent Power Producers Association of India
- Chettinad Cement Corporation Ltd - India
- Altura Mining Limited, Indonesia
- Makarim & Taira - Indonesia
- Thai Mozambique Logistica
- Port Waratah Coal Services - Australia
- GVK Power & Infra Limited - India
- Medco Energi Mining Internasional
- South Luzon Thermal Energy Corporation
- Merrill Lynch Commodities Europe
- Kaltim Prima Coal - Indonesia
- Bukit Baiduri Energy - Indonesia
- The Treasury - Australian Government
- Energy Link Ltd, New Zealand
- Billiton Holdings Pty Ltd - Australia
- Wood Mackenzie - Singapore
- GMR Energy Limited - India
- LBH Netherlands Bv - Netherlands
- Siam City Cement PLC, Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Coal and Oil Company - UAE
- Simpson Spence & Young - Indonesia
- New Zealand Coal & Carbon
- Kohat Cement Company Ltd. - Pakistan
- Vijayanagar Sugar Pvt Ltd - India
- Carbofer General Trading SA - India
- TeaM Sual Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Africa Commodities Group - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Singapore Mercantile Exchange
- Bangladesh Power Developement Board
- Maharashtra Electricity Regulatory Commission - India
- Metalloyd Limited - United Kingdom
- Bukit Makmur.PT - Indonesia
- Indika Energy - Indonesia
- Siam City Cement - Thailand
- GAC Shipping (India) Pvt Ltd
- OPG Power Generation Pvt Ltd - India
- Trasteel International SA, Italy
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