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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, 25 November 20
MARKET INSIGHT - INTERMODAL
Over 90% of the world’s goods are transported by sea. LPG is a clean, energy efficient and portable fuel that is being marketed at an afforda ...
Friday, 20 November 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 ...
Thursday, 19 November 20
MARKET INSIGHT - INTERMODAL
As we are moving towards the end of the year, the overall deal landscape of the dry bulk sector corresponding to the second half of 2020 (up to dat ...
Tuesday, 17 November 20
COAL SQUEEZE INTENSIFIES - BALTIC EXCHANGE
The message from the top is clear: cut out coal. While the regulatory pressure has been evident for some time, the race to banish the black stuff s ...
Tuesday, 17 November 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.35 PCT - XINHUA
China Taiyuan coal transaction price index stood at 128.72 points Monday, up 0.35 percent week on week.
The index, released by China ...
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- Kobexindo Tractors - Indoneisa
- TeaM Sual Corporation - Philippines
- Heidelberg Cement - Germany
- Toyota Tsusho Corporation, Japan
- Chamber of Mines of South Africa
- Global Green Power PLC Corporation, Philippines
- Sical Logistics Limited - India
- Straits Asia Resources Limited - Singapore
- Mercuria Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Sree Jayajothi Cements Limited - India
- CIMB Investment Bank - Malaysia
- Georgia Ports Authority, United States
- PNOC Exploration Corporation - Philippines
- Salva Resources Pvt Ltd - India
- ASAPP Information Group - India
- Eastern Coal Council - USA
- Merrill Lynch Commodities Europe
- Ministry of Transport, Egypt
- Global Coal Blending Company Limited - Australia
- Electricity Authority, New Zealand
- Indonesian Coal Mining Association
- Kepco SPC Power Corporation, Philippines
- The University of Queensland
- Electricity Generating Authority of Thailand
- India Bulls Power Limited - India
- Aboitiz Power Corporation - Philippines
- Barasentosa Lestari - Indonesia
- Metalloyd Limited - United Kingdom
- Energy Link Ltd, New Zealand
- Riau Bara Harum - Indonesia
- Coastal Gujarat Power Limited - India
- Vedanta Resources Plc - India
- Deloitte Consulting - India
- The State Trading Corporation of India Ltd
- Leighton Contractors Pty Ltd - Australia
- Orica Australia Pty. Ltd.
- CNBM International Corporation - China
- Sojitz Corporation - Japan
- Indo Tambangraya Megah - Indonesia
- Minerals Council of Australia
- Krishnapatnam Port Company Ltd. - India
- Baramulti Group, Indonesia
- ICICI Bank Limited - India
- Meralco Power Generation, Philippines
- Makarim & Taira - Indonesia
- Bukit Makmur.PT - Indonesia
- White Energy Company Limited
- Altura Mining Limited, Indonesia
- SMC Global Power, Philippines
- Bhatia International Limited - India
- Indika Energy - Indonesia
- Posco Energy - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Iligan Light & Power Inc, Philippines
- London Commodity Brokers - England
- The Treasury - Australian Government
- Sarangani Energy Corporation, Philippines
- New Zealand Coal & Carbon
- Bukit Asam (Persero) Tbk - Indonesia
- Marubeni Corporation - India
- PTC India Limited - India
- Dalmia Cement Bharat India
- OPG Power Generation Pvt Ltd - India
- Xindia Steels Limited - India
- Therma Luzon, Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Bukit Baiduri Energy - Indonesia
- GVK Power & Infra Limited - India
- Trasteel International SA, Italy
- Asmin Koalindo Tuhup - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Mercator Lines Limited - India
- Miang Besar Coal Terminal - Indonesia
- Malabar Cements Ltd - India
- Jaiprakash Power Ventures ltd
- Cigading International Bulk Terminal - Indonesia
- Meenaskhi Energy Private Limited - India
- Banpu Public Company Limited - Thailand
- Central Electricity Authority - India
- Africa Commodities Group - South Africa
- Singapore Mercantile Exchange
- Sakthi Sugars Limited - India
- Energy Development Corp, Philippines
- Vizag Seaport Private Limited - India
- Pendopo Energi Batubara - Indonesia
- Kumho Petrochemical, South Korea
- AsiaOL BioFuels Corp., Philippines
- Bharathi Cement Corporation - India
- Gujarat Sidhee Cement - India
- Essar Steel Hazira Ltd - India
- Tamil Nadu electricity Board
- Larsen & Toubro Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Central Java Power - Indonesia
- Rio Tinto Coal - Australia
- Bayan Resources Tbk. - Indonesia
- VISA Power Limited - India
- Latin American Coal - Colombia
- Antam Resourcindo - Indonesia
- Standard Chartered Bank - UAE
- Edison Trading Spa - Italy
- Thai Mozambique Logistica
- LBH Netherlands Bv - Netherlands
- Ministry of Mines - Canada
- Romanian Commodities Exchange
- Karbindo Abesyapradhi - Indoneisa
- Samtan Co., Ltd - South Korea
- Formosa Plastics Group - Taiwan
- Gujarat Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- Coalindo Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Maheswari Brothers Coal Limited - India
- Ind-Barath Power Infra Limited - India
- Simpson Spence & Young - Indonesia
- IHS Mccloskey Coal Group - USA
- Kapuas Tunggal Persada - Indonesia
- Agrawal Coal Company - India
- Uttam Galva Steels Limited - India
- Mintek Dendrill Indonesia
- Chettinad Cement Corporation Ltd - India
- Kideco Jaya Agung - Indonesia
- Medco Energi Mining Internasional
- GAC Shipping (India) Pvt Ltd
- GMR Energy Limited - India
- Commonwealth Bank - Australia
- Directorate General of MIneral and Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Independent Power Producers Association of India
- Petrochimia International Co. Ltd.- Taiwan
- European Bulk Services B.V. - Netherlands
- Interocean Group of Companies - India
- Price Waterhouse Coopers - Russia
- Cement Manufacturers Association - India
- Jorong Barutama Greston.PT - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Karaikal Port Pvt Ltd - India
- Indian Energy Exchange, India
- TNB Fuel Sdn Bhd - Malaysia
- Thiess Contractors Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- MS Steel International - UAE
- Bangladesh Power Developement Board
- McConnell Dowell - Australia
- Ceylon Electricity Board - Sri Lanka
- Global Business Power Corporation, Philippines
- Mjunction Services Limited - India
- Ambuja Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Wood Mackenzie - Singapore
- Sindya Power Generating Company Private Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kartika Selabumi Mining - Indonesia
- Ministry of Finance - Indonesia
- Renaissance Capital - South Africa
- Kaltim Prima Coal - Indonesia
- Goldman Sachs - Singapore
- Economic Council, Georgia
- San Jose City I Power Corp, Philippines
- Eastern Energy - Thailand
- Australian Commodity Traders Exchange
- Wilmar Investment Holdings
- SMG Consultants - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Oldendorff Carriers - Singapore
- Power Finance Corporation Ltd., India
- GN Power Mariveles Coal Plant, Philippines
- Billiton Holdings Pty Ltd - Australia
- South Luzon Thermal Energy Corporation
- Aditya Birla Group - India
- Bulk Trading Sa - Switzerland
- Bhushan Steel Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Indian Oil Corporation Limited
- Jindal Steel & Power Ltd - India
- Parry Sugars Refinery, India
- Manunggal Multi Energi - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Siam City Cement - Thailand
- Directorate Of Revenue Intelligence - India
- Indogreen Group - Indonesia
- Semirara Mining Corp, Philippines
- Petron Corporation, Philippines
- Siam City Cement PLC, Thailand
- Star Paper Mills Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Parliament of New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PowerSource Philippines DevCo
- Rashtriya Ispat Nigam Limited - India
- Bhoruka Overseas - Indonesia
- Lanco Infratech Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Australian Coal Association
- Planning Commission, India
- Orica Mining Services - Indonesia
- Binh Thuan Hamico - Vietnam
- Savvy Resources Ltd - HongKong
- Bahari Cakrawala Sebuku - Indonesia
- Timah Investasi Mineral - Indoneisa
- IEA Clean Coal Centre - UK
- Sinarmas Energy and Mining - Indonesia
- Coal and Oil Company - UAE
- Attock Cement Pakistan Limited
- Anglo American - United Kingdom
- Carbofer General Trading SA - India
- International Coal Ventures Pvt Ltd - India
- Borneo Indobara - Indonesia
- Videocon Industries ltd - India
- Grasim Industreis Ltd - India
- Port Waratah Coal Services - Australia
- Madhucon Powers Ltd - India
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