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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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Monday, 14 December 20
PHILIPPINE BANK RCBC TO STOP LENDING FOR NEW COAL-FIRED POWER PROJECTS - MANILA BULLETIN
Yuchengco-led Rizal Commercial Banking Corporation (RCBC) has forthrightly declared that it will no longer extend financing to new coal-fired power ...
Sunday, 13 December 20
LONGSTANDING DOWNSIDE RISKS TO TRADE OUTLOOK - BALTIC EXCHANGE
The OECD has attempted to put a positive spin on the trade message emanating from its latest economic outlook, released last week.
The ...
Sunday, 13 December 20
INDONESIA COAL OUTPUT AT 514 MILLION TONNES THIS YEAR, 2021 TARGET UNCHANGED - REUTERS
Indonesia coal output in the period to Dec. 10 stood at 514.2 million tonnes, official data from the energy ministry’s website showed.
&n ...
Thursday, 10 December 20
MALAYSIA'S CIMB ANNOUNCES COAL FINANCING PHASE-OUT BY 2040 AS ASIA'S FOSSIL FUEL DIVESTMENT DRIVE ACCELERATES - IEEFA
The first emerging markets bank to announce a progressive coal exit policy
Malaysia’s CIMB Group Holdings (CIMB) has announced ...
Wednesday, 09 December 20
MARKET INSIGHT - INTERMODAL
Heading towards the end of a difficult year and with the entire planet under the shadow of the covid-19 virus, it is interesting to proceed with a ...
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- Deloitte Consulting - India
- Borneo Indobara - Indonesia
- Maheswari Brothers Coal Limited - India
- Sical Logistics Limited - India
- Larsen & Toubro Limited - India
- Electricity Generating Authority of Thailand
- IEA Clean Coal Centre - UK
- Mjunction Services Limited - India
- Indian Oil Corporation Limited
- Samtan Co., Ltd - South Korea
- Central Java Power - Indonesia
- Orica Mining Services - Indonesia
- Savvy Resources Ltd - HongKong
- SN Aboitiz Power Inc, Philippines
- Port Waratah Coal Services - Australia
- Gujarat Mineral Development Corp Ltd - India
- Baramulti Group, Indonesia
- Interocean Group of Companies - India
- Global Green Power PLC Corporation, Philippines
- Sojitz Corporation - Japan
- Indogreen Group - Indonesia
- Bulk Trading Sa - Switzerland
- Malabar Cements Ltd - India
- Bayan Resources Tbk. - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- LBH Netherlands Bv - Netherlands
- Aboitiz Power Corporation - Philippines
- Thai Mozambique Logistica
- White Energy Company Limited
- Bharathi Cement Corporation - India
- Formosa Plastics Group - Taiwan
- Eastern Energy - Thailand
- Straits Asia Resources Limited - Singapore
- Directorate Of Revenue Intelligence - India
- Edison Trading Spa - Italy
- VISA Power Limited - India
- Sarangani Energy Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Ministry of Mines - Canada
- AsiaOL BioFuels Corp., Philippines
- Salva Resources Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Antam Resourcindo - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- SMC Global Power, Philippines
- Cement Manufacturers Association - India
- Petrochimia International Co. Ltd.- Taiwan
- Simpson Spence & Young - Indonesia
- Tamil Nadu electricity Board
- Price Waterhouse Coopers - Russia
- International Coal Ventures Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- PowerSource Philippines DevCo
- Bhoruka Overseas - Indonesia
- Makarim & Taira - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Sindya Power Generating Company Private Ltd
- Vedanta Resources Plc - India
- Kaltim Prima Coal - Indonesia
- Goldman Sachs - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Ministry of Transport, Egypt
- The State Trading Corporation of India Ltd
- Miang Besar Coal Terminal - Indonesia
- Iligan Light & Power Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Meralco Power Generation, Philippines
- Siam City Cement - Thailand
- Billiton Holdings Pty Ltd - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Heidelberg Cement - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Australian Coal Association
- GVK Power & Infra Limited - India
- Electricity Authority, New Zealand
- Indian Energy Exchange, India
- Xindia Steels Limited - India
- Essar Steel Hazira Ltd - India
- Planning Commission, India
- Star Paper Mills Limited - India
- Kumho Petrochemical, South Korea
- Leighton Contractors Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- Metalloyd Limited - United Kingdom
- Directorate General of MIneral and Coal - Indonesia
- Indonesian Coal Mining Association
- Bhushan Steel Limited - India
- Anglo American - United Kingdom
- South Luzon Thermal Energy Corporation
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Uttam Galva Steels Limited - India
- Petron Corporation, Philippines
- Aditya Birla Group - India
- Parry Sugars Refinery, India
- Indika Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Parliament of New Zealand
- Intertek Mineral Services - Indonesia
- Chamber of Mines of South Africa
- Global Coal Blending Company Limited - Australia
- Gujarat Electricity Regulatory Commission - India
- Attock Cement Pakistan Limited
- OPG Power Generation Pvt Ltd - India
- Wilmar Investment Holdings
- London Commodity Brokers - England
- Jindal Steel & Power Ltd - India
- The Treasury - Australian Government
- Kapuas Tunggal Persada - Indonesia
- Agrawal Coal Company - India
- Vijayanagar Sugar Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Barasentosa Lestari - Indonesia
- Global Business Power Corporation, Philippines
- Mintek Dendrill Indonesia
- McConnell Dowell - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Standard Chartered Bank - UAE
- Ind-Barath Power Infra Limited - India
- Ceylon Electricity Board - Sri Lanka
- Thiess Contractors Indonesia
- Tata Chemicals Ltd - India
- Bangladesh Power Developement Board
- Pendopo Energi Batubara - Indonesia
- Orica Australia Pty. Ltd.
- Rio Tinto Coal - Australia
- Karbindo Abesyapradhi - Indoneisa
- European Bulk Services B.V. - Netherlands
- Ambuja Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Mercator Lines Limited - India
- Posco Energy - South Korea
- Jaiprakash Power Ventures ltd
- Merrill Lynch Commodities Europe
- Oldendorff Carriers - Singapore
- Binh Thuan Hamico - Vietnam
- Australian Commodity Traders Exchange
- Karaikal Port Pvt Ltd - India
- Marubeni Corporation - India
- Dalmia Cement Bharat India
- Sakthi Sugars Limited - India
- Energy Link Ltd, New Zealand
- Holcim Trading Pte Ltd - Singapore
- MS Steel International - UAE
- TeaM Sual Corporation - Philippines
- Siam City Cement PLC, Thailand
- Altura Mining Limited, Indonesia
- Coal and Oil Company - UAE
- Carbofer General Trading SA - India
- Romanian Commodities Exchange
- Renaissance Capital - South Africa
- Globalindo Alam Lestari - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Jorong Barutama Greston.PT - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Riau Bara Harum - Indonesia
- Coalindo Energy - Indonesia
- Trasteel International SA, Italy
- Timah Investasi Mineral - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Semirara Mining Corp, Philippines
- Coastal Gujarat Power Limited - India
- San Jose City I Power Corp, Philippines
- Grasim Industreis Ltd - India
- Kideco Jaya Agung - Indonesia
- Vizag Seaport Private Limited - India
- CIMB Investment Bank - Malaysia
- Sinarmas Energy and Mining - Indonesia
- India Bulls Power Limited - India
- Banpu Public Company Limited - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Eastern Coal Council - USA
- Bukit Makmur.PT - Indonesia
- Commonwealth Bank - Australia
- Energy Development Corp, Philippines
- The University of Queensland
- Latin American Coal - Colombia
- CNBM International Corporation - China
- Singapore Mercantile Exchange
- Mercuria Energy - Indonesia
- Independent Power Producers Association of India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Therma Luzon, Inc, Philippines
- ASAPP Information Group - India
- Meenaskhi Energy Private Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Economic Council, Georgia
- Bukit Baiduri Energy - Indonesia
- PTC India Limited - India
- Bhatia International Limited - India
- IHS Mccloskey Coal Group - USA
- Kepco SPC Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Wood Mackenzie - Singapore
- Kartika Selabumi Mining - Indonesia
- Minerals Council of Australia
- Kalimantan Lumbung Energi - Indonesia
- SMG Consultants - Indonesia
- Toyota Tsusho Corporation, Japan
- ICICI Bank Limited - India
- Africa Commodities Group - South Africa
- Central Electricity Authority - India
- Gujarat Sidhee Cement - India
- New Zealand Coal & Carbon
- Kobexindo Tractors - Indoneisa
- Georgia Ports Authority, United States
- Medco Energi Mining Internasional
- Videocon Industries ltd - India
- GMR Energy Limited - India
- PetroVietnam Power Coal Import and Supply Company
- PNOC Exploration Corporation - Philippines
- Lanco Infratech Ltd - India
- Ministry of Finance - Indonesia
- Sree Jayajothi Cements Limited - India
- Madhucon Powers Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
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