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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, 02 December 20
INDONESIA CONSIDERING CLOSING 3,400MW SURALAYA COAL PLANT - THE JAKARTA POST
The government is considering to shut down the aging Suralaya coal-fired power plant (PLTU) in Cilegon, Banten, and replace it with green energy, a ...
Wednesday, 02 December 20
MARKET INSIGHT - INTERMODAL
It has been another busy week in the dry bulk secondhand market; a healthy number of sales reported predominantly from Japanese owners while owner& ...
Thursday, 26 November 20
DECLINE IN COAL EXPORTS ADDS TO NAVAJO-OWNED COMPANY'S PROBLEMS - IEEFA U.S.
Weak demand and low prices are likely creating steep losses for NTEC
U.S. coal exports to Asia—once heralded as the saving gra ...
Thursday, 26 November 20
COAL FINANCING QUICKLY DRYING UP WORLDWIDE - ANALYSTS : REUTERS
Financing for coal projects is drying up at ever increasing rates as more countries target zero carbon emissions amid an energy transition sweeping ...
Wednesday, 25 November 20
LIBOR REPLACEMENT AND SHIP FINANCE - WHERE IS IT HEADING? - WFW
The likely replacement of the LIBOR at the end of 2021 creates difficult technical and practical issues for all sectors of business and finance. Th ...
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- Toyota Tsusho Corporation, Japan
- Maheswari Brothers Coal Limited - India
- Pendopo Energi Batubara - Indonesia
- Antam Resourcindo - Indonesia
- Ministry of Mines - Canada
- Vedanta Resources Plc - India
- Medco Energi Mining Internasional
- IEA Clean Coal Centre - UK
- GN Power Mariveles Coal Plant, Philippines
- Global Coal Blending Company Limited - Australia
- Madhucon Powers Ltd - India
- Siam City Cement - Thailand
- Kideco Jaya Agung - Indonesia
- Australian Coal Association
- Ministry of Transport, Egypt
- PNOC Exploration Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- TeaM Sual Corporation - Philippines
- Videocon Industries ltd - India
- Malabar Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Global Green Power PLC Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Bhoruka Overseas - Indonesia
- Tamil Nadu electricity Board
- SMC Global Power, Philippines
- Bharathi Cement Corporation - India
- Intertek Mineral Services - Indonesia
- Metalloyd Limited - United Kingdom
- Aditya Birla Group - India
- Borneo Indobara - Indonesia
- Singapore Mercantile Exchange
- IHS Mccloskey Coal Group - USA
- Tata Chemicals Ltd - India
- Orica Mining Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The Treasury - Australian Government
- Gujarat Sidhee Cement - India
- Mjunction Services Limited - India
- Marubeni Corporation - India
- Indonesian Coal Mining Association
- White Energy Company Limited
- Therma Luzon, Inc, Philippines
- Makarim & Taira - Indonesia
- Electricity Authority, New Zealand
- Ministry of Finance - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Central Java Power - Indonesia
- Semirara Mining Corp, Philippines
- MS Steel International - UAE
- Coalindo Energy - Indonesia
- Sakthi Sugars Limited - India
- Africa Commodities Group - South Africa
- Karbindo Abesyapradhi - Indoneisa
- Goldman Sachs - Singapore
- Lanco Infratech Ltd - India
- Globalindo Alam Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Baiduri Energy - Indonesia
- GMR Energy Limited - India
- Energy Link Ltd, New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Meenaskhi Energy Private Limited - India
- Kartika Selabumi Mining - Indonesia
- Larsen & Toubro Limited - India
- Mintek Dendrill Indonesia
- Ambuja Cements Ltd - India
- Sojitz Corporation - Japan
- Energy Development Corp, Philippines
- Indika Energy - Indonesia
- Latin American Coal - Colombia
- Georgia Ports Authority, United States
- The State Trading Corporation of India Ltd
- Semirara Mining and Power Corporation, Philippines
- Petron Corporation, Philippines
- Meralco Power Generation, Philippines
- Essar Steel Hazira Ltd - India
- Australian Commodity Traders Exchange
- Ceylon Electricity Board - Sri Lanka
- Jaiprakash Power Ventures ltd
- VISA Power Limited - India
- Cement Manufacturers Association - India
- Binh Thuan Hamico - Vietnam
- Grasim Industreis Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- South Luzon Thermal Energy Corporation
- Bangladesh Power Developement Board
- Orica Australia Pty. Ltd.
- Carbofer General Trading SA - India
- Sarangani Energy Corporation, Philippines
- Edison Trading Spa - Italy
- Chettinad Cement Corporation Ltd - India
- Siam City Cement PLC, Thailand
- Maharashtra Electricity Regulatory Commission - India
- Central Electricity Authority - India
- Banpu Public Company Limited - Thailand
- Planning Commission, India
- Power Finance Corporation Ltd., India
- Riau Bara Harum - Indonesia
- Anglo American - United Kingdom
- Deloitte Consulting - India
- Global Business Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Price Waterhouse Coopers - Russia
- Asmin Koalindo Tuhup - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Kumho Petrochemical, South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Miang Besar Coal Terminal - Indonesia
- Oldendorff Carriers - Singapore
- Port Waratah Coal Services - Australia
- Krishnapatnam Port Company Ltd. - India
- Iligan Light & Power Inc, Philippines
- CIMB Investment Bank - Malaysia
- Heidelberg Cement - Germany
- Sical Logistics Limited - India
- Thiess Contractors Indonesia
- Thai Mozambique Logistica
- Bukit Asam (Persero) Tbk - Indonesia
- The University of Queensland
- Rashtriya Ispat Nigam Limited - India
- Mercator Lines Limited - India
- PowerSource Philippines DevCo
- Bayan Resources Tbk. - Indonesia
- Aboitiz Power Corporation - Philippines
- Dalmia Cement Bharat India
- Sindya Power Generating Company Private Ltd
- Altura Mining Limited, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- New Zealand Coal & Carbon
- CNBM International Corporation - China
- Merrill Lynch Commodities Europe
- SN Aboitiz Power Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Karaikal Port Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Rio Tinto Coal - Australia
- Bulk Trading Sa - Switzerland
- Uttam Galva Steels Limited - India
- Indian Energy Exchange, India
- Kapuas Tunggal Persada - Indonesia
- Minerals Council of Australia
- Formosa Plastics Group - Taiwan
- Vizag Seaport Private Limited - India
- Indian Oil Corporation Limited
- Commonwealth Bank - Australia
- Parliament of New Zealand
- Kobexindo Tractors - Indoneisa
- Parry Sugars Refinery, India
- Simpson Spence & Young - Indonesia
- Coastal Gujarat Power Limited - India
- LBH Netherlands Bv - Netherlands
- AsiaOL BioFuels Corp., Philippines
- Timah Investasi Mineral - Indoneisa
- Coal and Oil Company - UAE
- Star Paper Mills Limited - India
- Holcim Trading Pte Ltd - Singapore
- Savvy Resources Ltd - HongKong
- Eastern Coal Council - USA
- Independent Power Producers Association of India
- Cigading International Bulk Terminal - Indonesia
- Romanian Commodities Exchange
- Sree Jayajothi Cements Limited - India
- GVK Power & Infra Limited - India
- Indo Tambangraya Megah - Indonesia
- Attock Cement Pakistan Limited
- India Bulls Power Limited - India
- Barasentosa Lestari - Indonesia
- Salva Resources Pvt Ltd - India
- Xindia Steels Limited - India
- Agrawal Coal Company - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Directorate Of Revenue Intelligence - India
- McConnell Dowell - Australia
- Baramulti Group, Indonesia
- Posco Energy - South Korea
- Gujarat Electricity Regulatory Commission - India
- Sinarmas Energy and Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- London Commodity Brokers - England
- Manunggal Multi Energi - Indonesia
- Mercuria Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Interocean Group of Companies - India
- Pipit Mutiara Jaya. PT, Indonesia
- GAC Shipping (India) Pvt Ltd
- Kaltim Prima Coal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- ICICI Bank Limited - India
- SMG Consultants - Indonesia
- Chamber of Mines of South Africa
- Bhatia International Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Bhushan Steel Limited - India
- Trasteel International SA, Italy
- Bukit Makmur.PT - Indonesia
- Renaissance Capital - South Africa
- Jindal Steel & Power Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Electricity Generating Authority of Thailand
- International Coal Ventures Pvt Ltd - India
- Wood Mackenzie - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Standard Chartered Bank - UAE
- Straits Asia Resources Limited - Singapore
- Eastern Energy - Thailand
- Indogreen Group - Indonesia
- Wilmar Investment Holdings
- ASAPP Information Group - India
- PTC India Limited - India
- Economic Council, Georgia
- Billiton Holdings Pty Ltd - Australia
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