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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, 08 December 20
MARKET ANALYSIS - ALLIED SHIPPING
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Tuesday, 08 December 20
PANAMAX: THE OVERALL MARKET SEEMS TO BE UNDER NEGATIVE PRESSURE - ALLIED
Capesize
A rather indifferent week for the Capesize market, with BCI 5TC figure finishing the week with slight losses of 0.8%. The Atlantic enj ...
Friday, 04 December 20
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 ...
Friday, 04 December 20
THE INDONESIA COAL PRICE REFERENCE REACHES THREE MONTH HIGH ON IMPROVING DEMAND OUTLOOK
COALspot.com: The Indonesia Coal Price Reference reaches three month high on improving demand outlook . The Indonesia Coal Price Reference rose by& ...
Wednesday, 02 December 20
GLOBAL MINING SECTOR OUTLOOK STABLE DUE TO CHINA'S RECOVERY - FITCH RATINGS
China’s post-pandemic economic recovery and sizeable infrastructure-focused government stimulus boosted global metals and mining prices, help ...
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- ICICI Bank Limited - India
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- Bulk Trading Sa - Switzerland
- The State Trading Corporation of India Ltd
- Medco Energi Mining Internasional
- Mintek Dendrill Indonesia
- White Energy Company Limited
- Mercator Lines Limited - India
- Krishnapatnam Port Company Ltd. - India
- Deloitte Consulting - India
- Karbindo Abesyapradhi - Indoneisa
- Samtan Co., Ltd - South Korea
- Sojitz Corporation - Japan
- European Bulk Services B.V. - Netherlands
- Binh Thuan Hamico - Vietnam
- Kapuas Tunggal Persada - Indonesia
- Star Paper Mills Limited - India
- Ministry of Finance - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- SN Aboitiz Power Inc, Philippines
- New Zealand Coal & Carbon
- CIMB Investment Bank - Malaysia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sinarmas Energy and Mining - Indonesia
- Videocon Industries ltd - India
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- Sakthi Sugars Limited - India
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- Minerals Council of Australia
- Petrochimia International Co. Ltd.- Taiwan
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- Planning Commission, India
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- Simpson Spence & Young - Indonesia
- Global Business Power Corporation, Philippines
- Africa Commodities Group - South Africa
- PowerSource Philippines DevCo
- Georgia Ports Authority, United States
- GAC Shipping (India) Pvt Ltd
- Neyveli Lignite Corporation Ltd, - India
- Cement Manufacturers Association - India
- International Coal Ventures Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Wood Mackenzie - Singapore
- Sree Jayajothi Cements Limited - India
- CNBM International Corporation - China
- Lanco Infratech Ltd - India
- Baramulti Group, Indonesia
- Altura Mining Limited, Indonesia
- GMR Energy Limited - India
- Gujarat Sidhee Cement - India
- Rashtriya Ispat Nigam Limited - India
- London Commodity Brokers - England
- VISA Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Central Java Power - Indonesia
- Uttam Galva Steels Limited - India
- McConnell Dowell - Australia
- Thiess Contractors Indonesia
- MS Steel International - UAE
- Iligan Light & Power Inc, Philippines
- Marubeni Corporation - India
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- Globalindo Alam Lestari - Indonesia
- Indo Tambangraya Megah - Indonesia
- Global Green Power PLC Corporation, Philippines
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- The Treasury - Australian Government
- Formosa Plastics Group - Taiwan
- Xindia Steels Limited - India
- Miang Besar Coal Terminal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- ASAPP Information Group - India
- Orica Mining Services - Indonesia
- Power Finance Corporation Ltd., India
- Petron Corporation, Philippines
- Riau Bara Harum - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- India Bulls Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Economic Council, Georgia
- Toyota Tsusho Corporation, Japan
- Straits Asia Resources Limited - Singapore
- Ind-Barath Power Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Aditya Birla Group - India
- GVK Power & Infra Limited - India
- Madhucon Powers Ltd - India
- Kobexindo Tractors - Indoneisa
- Heidelberg Cement - Germany
- Parliament of New Zealand
- Indian Energy Exchange, India
- Kohat Cement Company Ltd. - Pakistan
- Karaikal Port Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Chamber of Mines of South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Meralco Power Generation, Philippines
- Ministry of Mines - Canada
- Coastal Gujarat Power Limited - India
- Indika Energy - Indonesia
- Dalmia Cement Bharat India
- IEA Clean Coal Centre - UK
- Ceylon Electricity Board - Sri Lanka
- Metalloyd Limited - United Kingdom
- Agrawal Coal Company - India
- The University of Queensland
- Tamil Nadu electricity Board
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- Orica Australia Pty. Ltd.
- Price Waterhouse Coopers - Russia
- Merrill Lynch Commodities Europe
- Pendopo Energi Batubara - Indonesia
- Eastern Coal Council - USA
- Bayan Resources Tbk. - Indonesia
- Kepco SPC Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Jindal Steel & Power Ltd - India
- Savvy Resources Ltd - HongKong
- PNOC Exploration Corporation - Philippines
- Tata Chemicals Ltd - India
- Independent Power Producers Association of India
- Interocean Group of Companies - India
- Bhushan Steel Limited - India
- Semirara Mining and Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Energy Development Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Coalindo Energy - Indonesia
- Electricity Authority, New Zealand
- Oldendorff Carriers - Singapore
- Trasteel International SA, Italy
- Renaissance Capital - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Port Waratah Coal Services - Australia
- Standard Chartered Bank - UAE
- Grasim Industreis Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Indonesian Coal Mining Association
- Larsen & Toubro Limited - India
- Siam City Cement PLC, Thailand
- Ministry of Transport, Egypt
- OPG Power Generation Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Australian Coal Association
- Goldman Sachs - Singapore
- Aboitiz Power Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Intertek Mineral Services - Indonesia
- PTC India Limited - India
- Australian Commodity Traders Exchange
- Attock Cement Pakistan Limited
- Commonwealth Bank - Australia
- AsiaOL BioFuels Corp., Philippines
- Indian Oil Corporation Limited
- LBH Netherlands Bv - Netherlands
- Mjunction Services Limited - India
- Essar Steel Hazira Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- Carbofer General Trading SA - India
- Bukit Baiduri Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Parry Sugars Refinery, India
- Vedanta Resources Plc - India
- Bhatia International Limited - India
- Bangladesh Power Developement Board
- Central Electricity Authority - India
- Singapore Mercantile Exchange
- Sindya Power Generating Company Private Ltd
- Indogreen Group - Indonesia
- Banpu Public Company Limited - Thailand
- Maheswari Brothers Coal Limited - India
- Vizag Seaport Private Limited - India
- Malabar Cements Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Salva Resources Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Siam City Cement - Thailand
- Makarim & Taira - Indonesia
- Anglo American - United Kingdom
- Holcim Trading Pte Ltd - Singapore
- SMG Consultants - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Eastern Energy - Thailand
- Posco Energy - South Korea
- Jorong Barutama Greston.PT - Indonesia
- IHS Mccloskey Coal Group - USA
- SMC Global Power, Philippines
- Kartika Selabumi Mining - Indonesia
- Global Coal Blending Company Limited - Australia
- Edison Trading Spa - Italy
- Therma Luzon, Inc, Philippines
- South Luzon Thermal Energy Corporation
- Electricity Generating Authority of Thailand
- Cigading International Bulk Terminal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Coal and Oil Company - UAE
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- Wilmar Investment Holdings
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- Thai Mozambique Logistica
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- Energy Link Ltd, New Zealand
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