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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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Tuesday, 29 December 20
CORROSION-RESISTANT STEELS FOR CARGO OIL TANKS - DNV GL
KNOWLEDGE TO ELEVATE
Crude oil is a complex mixture of substances at varying ratios and in most cases contains at least some salt water. ...
Tuesday, 29 December 20
CHINA COKING COAL FUTURES RISE FOR THIRD DAY ON SUPPLY WORRIES - REUTERS
Chinese coking coal futures extended gains into a third session on Monday, jumping as much as 6.2% as lower imports, sliding inventories and mines ...
Wednesday, 23 December 20
COKING COAL'S DECLINE LIKELY TO FOLLOW THE PATH OF THERMAL COAL’S PROGRESSIVE DEMISE - IEEFA
Technology disruption the likely theme of global energy markets in 2021
There has been a growing tsunami of climate commitment annou ...
Wednesday, 23 December 20
MARKET INSIGHT - INTERMODAL
As we all know, China forges more steel than the rest of the world combined, and even during this unprecedented pandemic, the nation is set to brea ...
Tuesday, 22 December 20
2021 DRY BULK OUTLOOK - SUPPLY GROWTH - TORVALD KLAVENESS
In the first article in the series we mentioned that dry bulk freight was in a super cycle between 2001 and 2008. The growth in global yard capacit ...
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- Salva Resources Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Latin American Coal - Colombia
- Offshore Bulk Terminal Pte Ltd, Singapore
- VISA Power Limited - India
- Jindal Steel & Power Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Independent Power Producers Association of India
- IHS Mccloskey Coal Group - USA
- New Zealand Coal & Carbon
- Eastern Energy - Thailand
- PetroVietnam Power Coal Import and Supply Company
- CNBM International Corporation - China
- Bayan Resources Tbk. - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Sidhee Cement - India
- Chamber of Mines of South Africa
- Coalindo Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Merrill Lynch Commodities Europe
- Riau Bara Harum - Indonesia
- Grasim Industreis Ltd - India
- McConnell Dowell - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Baramulti Group, Indonesia
- MS Steel International - UAE
- Attock Cement Pakistan Limited
- Metalloyd Limited - United Kingdom
- Indogreen Group - Indonesia
- Eastern Coal Council - USA
- Sinarmas Energy and Mining - Indonesia
- Videocon Industries ltd - India
- Alfred C Toepfer International GmbH - Germany
- ASAPP Information Group - India
- Goldman Sachs - Singapore
- AsiaOL BioFuels Corp., Philippines
- Minerals Council of Australia
- Karaikal Port Pvt Ltd - India
- Wilmar Investment Holdings
- Mjunction Services Limited - India
- GMR Energy Limited - India
- Sree Jayajothi Cements Limited - India
- SMC Global Power, Philippines
- Kideco Jaya Agung - Indonesia
- Meralco Power Generation, Philippines
- Toyota Tsusho Corporation, Japan
- Aboitiz Power Corporation - Philippines
- Indian Oil Corporation Limited
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Semirara Mining Corp, Philippines
- Port Waratah Coal Services - Australia
- Energy Link Ltd, New Zealand
- India Bulls Power Limited - India
- Barasentosa Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Billiton Holdings Pty Ltd - Australia
- PowerSource Philippines DevCo
- Dalmia Cement Bharat India
- London Commodity Brokers - England
- Simpson Spence & Young - Indonesia
- Interocean Group of Companies - India
- OPG Power Generation Pvt Ltd - India
- Planning Commission, India
- Kumho Petrochemical, South Korea
- International Coal Ventures Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Krishnapatnam Port Company Ltd. - India
- Electricity Authority, New Zealand
- Romanian Commodities Exchange
- Global Coal Blending Company Limited - Australia
- Australian Coal Association
- Oldendorff Carriers - Singapore
- Makarim & Taira - Indonesia
- Indian Energy Exchange, India
- Straits Asia Resources Limited - Singapore
- Sarangani Energy Corporation, Philippines
- Carbofer General Trading SA - India
- Parry Sugars Refinery, India
- Kapuas Tunggal Persada - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- San Jose City I Power Corp, Philippines
- White Energy Company Limited
- Trasteel International SA, Italy
- Medco Energi Mining Internasional
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Aditya Birla Group - India
- Cigading International Bulk Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Chettinad Cement Corporation Ltd - India
- Marubeni Corporation - India
- Leighton Contractors Pty Ltd - Australia
- Directorate Of Revenue Intelligence - India
- Directorate General of MIneral and Coal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Vizag Seaport Private Limited - India
- Sojitz Corporation - Japan
- Larsen & Toubro Limited - India
- Samtan Co., Ltd - South Korea
- Bukit Makmur.PT - Indonesia
- The University of Queensland
- Ceylon Electricity Board - Sri Lanka
- Pendopo Energi Batubara - Indonesia
- GVK Power & Infra Limited - India
- Indonesian Coal Mining Association
- Coal and Oil Company - UAE
- Tamil Nadu electricity Board
- Ambuja Cements Ltd - India
- Australian Commodity Traders Exchange
- Gujarat Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- Central Electricity Authority - India
- Heidelberg Cement - Germany
- Kobexindo Tractors - Indoneisa
- Parliament of New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Cement Manufacturers Association - India
- Orica Australia Pty. Ltd.
- Africa Commodities Group - South Africa
- ICICI Bank Limited - India
- The State Trading Corporation of India Ltd
- Commonwealth Bank - Australia
- Therma Luzon, Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Mintek Dendrill Indonesia
- Posco Energy - South Korea
- Renaissance Capital - South Africa
- Rio Tinto Coal - Australia
- Maharashtra Electricity Regulatory Commission - India
- Electricity Generating Authority of Thailand
- Indika Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Semirara Mining and Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Bhatia International Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Agrawal Coal Company - India
- Maheswari Brothers Coal Limited - India
- IEA Clean Coal Centre - UK
- GAC Shipping (India) Pvt Ltd
- Intertek Mineral Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- Coastal Gujarat Power Limited - India
- PTC India Limited - India
- Edison Trading Spa - Italy
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Petron Corporation, Philippines
- Ministry of Finance - Indonesia
- Price Waterhouse Coopers - Russia
- Miang Besar Coal Terminal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bangladesh Power Developement Board
- Savvy Resources Ltd - HongKong
- Neyveli Lignite Corporation Ltd, - India
- Formosa Plastics Group - Taiwan
- Thiess Contractors Indonesia
- Global Business Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Bharathi Cement Corporation - India
- South Luzon Thermal Energy Corporation
- Siam City Cement - Thailand
- Georgia Ports Authority, United States
- Anglo American - United Kingdom
- Jaiprakash Power Ventures ltd
- Lanco Infratech Ltd - India
- Essar Steel Hazira Ltd - India
- Economic Council, Georgia
- Singapore Mercantile Exchange
- Ministry of Mines - Canada
- Mercator Lines Limited - India
- Tata Chemicals Ltd - India
- CIMB Investment Bank - Malaysia
- Banpu Public Company Limited - Thailand
- Malabar Cements Ltd - India
- Bulk Trading Sa - Switzerland
- Meenaskhi Energy Private Limited - India
- Deloitte Consulting - India
- European Bulk Services B.V. - Netherlands
- Kepco SPC Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Madhucon Powers Ltd - India
- Thai Mozambique Logistica
- Binh Thuan Hamico - Vietnam
- Star Paper Mills Limited - India
- Antam Resourcindo - Indonesia
- Borneo Indobara - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Xindia Steels Limited - India
- Ind-Barath Power Infra Limited - India
- SMG Consultants - Indonesia
- Power Finance Corporation Ltd., India
- Wood Mackenzie - Singapore
- Kaltim Prima Coal - Indonesia
- The Treasury - Australian Government
- Mercuria Energy - Indonesia
- Uttam Galva Steels Limited - India
- Siam City Cement PLC, Thailand
- PNOC Exploration Corporation - Philippines
- Bhushan Steel Limited - India
- Sical Logistics Limited - India
- Central Java Power - Indonesia
- Bukit Baiduri Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Sakthi Sugars Limited - India
- Timah Investasi Mineral - Indoneisa
- LBH Netherlands Bv - Netherlands
- Bhoruka Overseas - Indonesia
- Energy Development Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Orica Mining Services - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Vedanta Resources Plc - India
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