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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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Friday, 06 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, 05 November 20
THE INDONESIA COAL PRICE REFERENCE RISES FOR SECOND CONSECUTIVE MONTH
COALspot.com: The Indonesia Coal Price Reference rose for a 2nd month by 9.24% month on month. The Indonesia Coal Price Reference for the month of ...
Wednesday, 04 November 20
PHILIPPINES COAL MORATORIUM HIGHLIGHTS DRAMATIC PIVOT TO RENEWABLE ENERGY INVESTMENT FOR LOWER PRICES AND POWER SYSTEM RESILIENCE - IEEFA
Policymakers and industry leaders ready to embrace new energy technologies
The Department of Energy’s call for a moratorium on ...
Wednesday, 04 November 20
FOREIGN INVESTORS FACE TOUGH TIMES CLOSING VIETNAM’S REMAINING COAL POWER DEALS - IEEFA
Project bankability at risk as new regulations threaten usual contractual terms
Foreign investors will face higher-than-usual risks ...
Wednesday, 04 November 20
MARKET INSIGHT - INTERMODAL
As the end of the year approaches, one would definitely notice that the newbuilding orderbook for bulk carriers is significantly smaller compared t ...
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- White Energy Company Limited
- Parry Sugars Refinery, India
- CIMB Investment Bank - Malaysia
- Kartika Selabumi Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- LBH Netherlands Bv - Netherlands
- Jorong Barutama Greston.PT - Indonesia
- European Bulk Services B.V. - Netherlands
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Edison Trading Spa - Italy
- Indo Tambangraya Megah - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Eastern Coal Council - USA
- Tata Chemicals Ltd - India
- Sree Jayajothi Cements Limited - India
- Attock Cement Pakistan Limited
- Aditya Birla Group - India
- Tamil Nadu electricity Board
- Rashtriya Ispat Nigam Limited - India
- Mintek Dendrill Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Mjunction Services Limited - India
- Grasim Industreis Ltd - India
- San Jose City I Power Corp, Philippines
- ASAPP Information Group - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Metalloyd Limited - United Kingdom
- Bahari Cakrawala Sebuku - Indonesia
- Coastal Gujarat Power Limited - India
- Manunggal Multi Energi - Indonesia
- Salva Resources Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Semirara Mining Corp, Philippines
- Meenaskhi Energy Private Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Indonesian Coal Mining Association
- Meralco Power Generation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Sakthi Sugars Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Economic Council, Georgia
- GN Power Mariveles Coal Plant, Philippines
- Indika Energy - Indonesia
- Trasteel International SA, Italy
- GAC Shipping (India) Pvt Ltd
- Altura Mining Limited, Indonesia
- Chamber of Mines of South Africa
- Samtan Co., Ltd - South Korea
- Medco Energi Mining Internasional
- Wilmar Investment Holdings
- International Coal Ventures Pvt Ltd - India
- CNBM International Corporation - China
- Essar Steel Hazira Ltd - India
- Global Business Power Corporation, Philippines
- Bhatia International Limited - India
- Oldendorff Carriers - Singapore
- South Luzon Thermal Energy Corporation
- Jindal Steel & Power Ltd - India
- Siam City Cement - Thailand
- IHS Mccloskey Coal Group - USA
- Bhoruka Overseas - Indonesia
- Antam Resourcindo - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Latin American Coal - Colombia
- Borneo Indobara - Indonesia
- Bayan Resources Tbk. - Indonesia
- Jaiprakash Power Ventures ltd
- Binh Thuan Hamico - Vietnam
- Siam City Cement PLC, Thailand
- Alfred C Toepfer International GmbH - Germany
- Asmin Koalindo Tuhup - Indonesia
- Thai Mozambique Logistica
- Baramulti Group, Indonesia
- Price Waterhouse Coopers - Russia
- Vijayanagar Sugar Pvt Ltd - India
- Orica Mining Services - Indonesia
- The Treasury - Australian Government
- TeaM Sual Corporation - Philippines
- Larsen & Toubro Limited - India
- Energy Link Ltd, New Zealand
- Globalindo Alam Lestari - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Vedanta Resources Plc - India
- Barasentosa Lestari - Indonesia
- Mercuria Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Carbofer General Trading SA - India
- Uttam Galva Steels Limited - India
- Goldman Sachs - Singapore
- Planning Commission, India
- Romanian Commodities Exchange
- GMR Energy Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Riau Bara Harum - Indonesia
- India Bulls Power Limited - India
- Cement Manufacturers Association - India
- Mercator Lines Limited - India
- Kumho Petrochemical, South Korea
- GVK Power & Infra Limited - India
- Kapuas Tunggal Persada - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Energy Development Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Independent Power Producers Association of India
- Anglo American - United Kingdom
- Deloitte Consulting - India
- Maharashtra Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- Commonwealth Bank - Australia
- Indian Oil Corporation Limited
- Therma Luzon, Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Makarim & Taira - Indonesia
- Coal and Oil Company - UAE
- Bukit Makmur.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- TNB Fuel Sdn Bhd - Malaysia
- Karaikal Port Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Renaissance Capital - South Africa
- Australian Commodity Traders Exchange
- PowerSource Philippines DevCo
- Xindia Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Rio Tinto Coal - Australia
- Bangladesh Power Developement Board
- Kaltim Prima Coal - Indonesia
- Wood Mackenzie - Singapore
- Lanco Infratech Ltd - India
- Port Waratah Coal Services - Australia
- Merrill Lynch Commodities Europe
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Transport, Egypt
- Bhushan Steel Limited - India
- Bukit Baiduri Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Videocon Industries ltd - India
- Sindya Power Generating Company Private Ltd
- Miang Besar Coal Terminal - Indonesia
- Gujarat Sidhee Cement - India
- MS Steel International - UAE
- Heidelberg Cement - Germany
- Indogreen Group - Indonesia
- Bharathi Cement Corporation - India
- Vizag Seaport Private Limited - India
- Krishnapatnam Port Company Ltd. - India
- Coalindo Energy - Indonesia
- Indian Energy Exchange, India
- Agrawal Coal Company - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Minerals Council of Australia
- Thiess Contractors Indonesia
- The University of Queensland
- Malabar Cements Ltd - India
- Timah Investasi Mineral - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Star Paper Mills Limited - India
- Kideco Jaya Agung - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- London Commodity Brokers - England
- Petron Corporation, Philippines
- Ministry of Finance - Indonesia
- Global Green Power PLC Corporation, Philippines
- New Zealand Coal & Carbon
- Madhucon Powers Ltd - India
- Africa Commodities Group - South Africa
- ICICI Bank Limited - India
- IEA Clean Coal Centre - UK
- Global Coal Blending Company Limited - Australia
- Ministry of Mines - Canada
- Interocean Group of Companies - India
- McConnell Dowell - Australia
- Semirara Mining and Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Maheswari Brothers Coal Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aboitiz Power Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Savvy Resources Ltd - HongKong
- Marubeni Corporation - India
- Straits Asia Resources Limited - Singapore
- Eastern Energy - Thailand
- SN Aboitiz Power Inc, Philippines
- Kobexindo Tractors - Indoneisa
- SMC Global Power, Philippines
- Toyota Tsusho Corporation, Japan
- Dalmia Cement Bharat India
- VISA Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Electricity Authority, New Zealand
- Central Java Power - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- PTC India Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Standard Chartered Bank - UAE
- The State Trading Corporation of India Ltd
- Sical Logistics Limited - India
- Orica Australia Pty. Ltd.
- Electricity Generating Authority of Thailand
- Directorate Of Revenue Intelligence - India
- Simpson Spence & Young - Indonesia
- Ambuja Cements Ltd - India
- Singapore Mercantile Exchange
- Billiton Holdings Pty Ltd - Australia
- Central Electricity Authority - India
- SMG Consultants - Indonesia
- Sojitz Corporation - Japan
- Australian Coal Association
- Parliament of New Zealand
- Intertek Mineral Services - Indonesia
- Posco Energy - South Korea
- Chettinad Cement Corporation Ltd - India
- Bulk Trading Sa - Switzerland
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