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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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Saturday, 16 January 21
SEABORNE TRADE IN STEAM COAL DECREASED BY 11.6% FROM 937 MILLION TONNES IN 2019 TO 828 MILLION TONNES IN 2020 - COAL IMPORTERS ASSOCIATION, GERMANY
According to preliminary calculations by the German Coal Importers Association (Verein der Kohlenimporteure e. V.), global hard coal production dec ...
Friday, 15 January 21
OVER US$50 BILLION IN GAS POWER PROJECTS AND LNG IMPORT FACILITIES AT RISK OF CANCELLATION IN BANGLADESH, PAKISTAN AND VIETNAM - IEEFA
Pakistan and Bangladesh have already cancelled tenders for LNG imports
Emerging markets such as Vietnam, Pakistan and Bangladesh tha ...
Friday, 15 January 21
VIETNAM'S EXTRAORDINARY ROOFTOP SOLAR SUCCESS DEALS ANOTHER BLOW TO THE REMAINING COAL PIPELINE - IEEFA
9.3 gigawatts peak of solar capacity, equal to 6 coal power plants, installed in less than a year
Vietnam’s solar power indust ...
Friday, 15 January 21
CHINA'S BENCHMARK POWER COAL PRICE EDGES UP - XINHUA
China’s benchmark power coal price rose slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
Thursday, 14 January 21
KOREA MIDLAND POWER INVITED BIDS FOR AUSTRALIAN COAL FOR THREE YEARS SUPPLY
COALspot.com: Korea Midland Power Co. Ltd, issued an International tender for total 1,560,000 MT of Min.5,700 kcal/kg NCV coal of Australian Origin ...
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- Neyveli Lignite Corporation Ltd, - India
- Star Paper Mills Limited - India
- New Zealand Coal & Carbon
- Intertek Mineral Services - Indonesia
- Bukit Baiduri Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Energy Link Ltd, New Zealand
- PowerSource Philippines DevCo
- Kapuas Tunggal Persada - Indonesia
- Banpu Public Company Limited - Thailand
- Heidelberg Cement - Germany
- VISA Power Limited - India
- IEA Clean Coal Centre - UK
- Mercator Lines Limited - India
- Ministry of Transport, Egypt
- Jorong Barutama Greston.PT - Indonesia
- Thiess Contractors Indonesia
- Siam City Cement PLC, Thailand
- Riau Bara Harum - Indonesia
- Xindia Steels Limited - India
- Aboitiz Power Corporation - Philippines
- Thai Mozambique Logistica
- Ministry of Finance - Indonesia
- Samtan Co., Ltd - South Korea
- Mercuria Energy - Indonesia
- Kumho Petrochemical, South Korea
- GN Power Mariveles Coal Plant, Philippines
- Interocean Group of Companies - India
- India Bulls Power Limited - India
- Ind-Barath Power Infra Limited - India
- Larsen & Toubro Limited - India
- Tamil Nadu electricity Board
- Sarangani Energy Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- CNBM International Corporation - China
- GAC Shipping (India) Pvt Ltd
- IHS Mccloskey Coal Group - USA
- Dalmia Cement Bharat India
- Siam City Cement - Thailand
- Barasentosa Lestari - Indonesia
- Edison Trading Spa - Italy
- Marubeni Corporation - India
- Global Business Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Maheswari Brothers Coal Limited - India
- Australian Commodity Traders Exchange
- Gujarat Mineral Development Corp Ltd - India
- Parry Sugars Refinery, India
- Krishnapatnam Port Company Ltd. - India
- Bharathi Cement Corporation - India
- Oldendorff Carriers - Singapore
- Sical Logistics Limited - India
- Vedanta Resources Plc - India
- Gujarat Sidhee Cement - India
- European Bulk Services B.V. - Netherlands
- Salva Resources Pvt Ltd - India
- Grasim Industreis Ltd - India
- Central Java Power - Indonesia
- Altura Mining Limited, Indonesia
- Chamber of Mines of South Africa
- Rio Tinto Coal - Australia
- Binh Thuan Hamico - Vietnam
- Maharashtra Electricity Regulatory Commission - India
- Makarim & Taira - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bangladesh Power Developement Board
- Savvy Resources Ltd - HongKong
- Gujarat Electricity Regulatory Commission - India
- Globalindo Alam Lestari - Indonesia
- Orica Mining Services - Indonesia
- Indika Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Merrill Lynch Commodities Europe
- Straits Asia Resources Limited - Singapore
- GMR Energy Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- SMC Global Power, Philippines
- Directorate Of Revenue Intelligence - India
- Karaikal Port Pvt Ltd - India
- Renaissance Capital - South Africa
- PTC India Limited - India
- Economic Council, Georgia
- ASAPP Information Group - India
- Georgia Ports Authority, United States
- Holcim Trading Pte Ltd - Singapore
- Latin American Coal - Colombia
- Coastal Gujarat Power Limited - India
- Independent Power Producers Association of India
- Metalloyd Limited - United Kingdom
- Agrawal Coal Company - India
- Sakthi Sugars Limited - India
- Singapore Mercantile Exchange
- Electricity Generating Authority of Thailand
- Indogreen Group - Indonesia
- Formosa Plastics Group - Taiwan
- Kepco SPC Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- San Jose City I Power Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- GVK Power & Infra Limited - India
- Kobexindo Tractors - Indoneisa
- Ministry of Mines - Canada
- ICICI Bank Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The University of Queensland
- Carbofer General Trading SA - India
- Semirara Mining Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Minerals Council of Australia
- Aditya Birla Group - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhatia International Limited - India
- SMG Consultants - Indonesia
- Romanian Commodities Exchange
- International Coal Ventures Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Ceylon Electricity Board - Sri Lanka
- Indian Oil Corporation Limited
- Electricity Authority, New Zealand
- Ambuja Cements Ltd - India
- Deloitte Consulting - India
- Borneo Indobara - Indonesia
- Global Coal Blending Company Limited - Australia
- Uttam Galva Steels Limited - India
- Videocon Industries ltd - India
- Bukit Makmur.PT - Indonesia
- The Treasury - Australian Government
- Therma Luzon, Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Port Waratah Coal Services - Australia
- Parliament of New Zealand
- Standard Chartered Bank - UAE
- Chettinad Cement Corporation Ltd - India
- McConnell Dowell - Australia
- CIMB Investment Bank - Malaysia
- Wilmar Investment Holdings
- AsiaOL BioFuels Corp., Philippines
- Price Waterhouse Coopers - Russia
- Kaltim Prima Coal - Indonesia
- TeaM Sual Corporation - Philippines
- Sojitz Corporation - Japan
- Manunggal Multi Energi - Indonesia
- Energy Development Corp, Philippines
- Indian Energy Exchange, India
- Simpson Spence & Young - Indonesia
- Meenaskhi Energy Private Limited - India
- Billiton Holdings Pty Ltd - Australia
- Directorate General of MIneral and Coal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Goldman Sachs - Singapore
- Antam Resourcindo - Indonesia
- OPG Power Generation Pvt Ltd - India
- Mintek Dendrill Indonesia
- Alfred C Toepfer International GmbH - Germany
- Medco Energi Mining Internasional
- Rashtriya Ispat Nigam Limited - India
- Indonesian Coal Mining Association
- Bukit Asam (Persero) Tbk - Indonesia
- PNOC Exploration Corporation - Philippines
- Eastern Coal Council - USA
- Cement Manufacturers Association - India
- Mjunction Services Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Madhucon Powers Ltd - India
- Commonwealth Bank - Australia
- Africa Commodities Group - South Africa
- Meralco Power Generation, Philippines
- The State Trading Corporation of India Ltd
- Sinarmas Energy and Mining - Indonesia
- White Energy Company Limited
- Planning Commission, India
- Pipit Mutiara Jaya. PT, Indonesia
- Tata Chemicals Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Malabar Cements Ltd - India
- Essar Steel Hazira Ltd - India
- Bayan Resources Tbk. - Indonesia
- Orica Australia Pty. Ltd.
- Sree Jayajothi Cements Limited - India
- Anglo American - United Kingdom
- Kohat Cement Company Ltd. - Pakistan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kartika Selabumi Mining - Indonesia
- Petron Corporation, Philippines
- Bhushan Steel Limited - India
- MS Steel International - UAE
- Iligan Light & Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Jaiprakash Power Ventures ltd
- Bhoruka Overseas - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Eastern Energy - Thailand
- Central Electricity Authority - India
- Coal and Oil Company - UAE
- Posco Energy - South Korea
- Attock Cement Pakistan Limited
- Kideco Jaya Agung - Indonesia
- Australian Coal Association
- Bulk Trading Sa - Switzerland
- SN Aboitiz Power Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Coalindo Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- Lanco Infratech Ltd - India
- Wood Mackenzie - Singapore
- Baramulti Group, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Trasteel International SA, Italy
- London Commodity Brokers - England
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