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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, 02 November 20
PHILIPPINES GOVERNMENT SAYS NO TO NEW COAL PLANT PROPOSALS - IEEFA | 24 PILIPINAS
The Duterte administration will no longer accept proposals to construct new coal power plants, a dramatic shift in energy policy that counts on dec ...
Sunday, 01 November 20
GRADUAL RECOVERY FOR INDONESIAN COAL FROM 4Q20; RISKS REMAIN - FITCH RATINGS
Fitch Ratings expects the credit metrics of Indonesian coal miners and coal contractors to improve from 4Q20 with the recovery in volumes and price ...
Wednesday, 28 October 20
BIODIESEL - NEW FUELS, NEW CHALLENGES - GARD | DNV GL
KNOWLEDGE TO ELEVATE
One of numerous possible ways to comply with the IMO’s strategy on the reduction of greenhouse gas (GHG) emissions ...
Wednesday, 28 October 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.35 PCT - XINHUA
China Taiyuan coal transaction price index stood at 127.94 points Monday, up 0.35 percent week on week.
The index, released by China ...
Wednesday, 28 October 20
MARKET INSIGHT - INTERMODAL
The global strive towards eco-friendliness and environmental sustainability in the shipping industry is mounting. There are currently almost 200 co ...
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- TeaM Sual Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Energy Development Corp, Philippines
- Bhoruka Overseas - Indonesia
- Ministry of Finance - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Karbindo Abesyapradhi - Indoneisa
- Mjunction Services Limited - India
- Ambuja Cements Ltd - India
- Bhatia International Limited - India
- AsiaOL BioFuels Corp., Philippines
- ICICI Bank Limited - India
- Aditya Birla Group - India
- Bukit Makmur.PT - Indonesia
- Iligan Light & Power Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Carbofer General Trading SA - India
- Posco Energy - South Korea
- Oldendorff Carriers - Singapore
- Indo Tambangraya Megah - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Videocon Industries ltd - India
- Orica Mining Services - Indonesia
- International Coal Ventures Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Madhucon Powers Ltd - India
- San Jose City I Power Corp, Philippines
- Latin American Coal - Colombia
- MS Steel International - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Wood Mackenzie - Singapore
- PowerSource Philippines DevCo
- Coastal Gujarat Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Heidelberg Cement - Germany
- Maharashtra Electricity Regulatory Commission - India
- Sical Logistics Limited - India
- Global Green Power PLC Corporation, Philippines
- Sakthi Sugars Limited - India
- Star Paper Mills Limited - India
- Medco Energi Mining Internasional
- Petrochimia International Co. Ltd.- Taiwan
- Samtan Co., Ltd - South Korea
- Kobexindo Tractors - Indoneisa
- Standard Chartered Bank - UAE
- Manunggal Multi Energi - Indonesia
- Timah Investasi Mineral - Indoneisa
- Jaiprakash Power Ventures ltd
- Central Java Power - Indonesia
- Singapore Mercantile Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Lanco Infratech Ltd - India
- Independent Power Producers Association of India
- Cigading International Bulk Terminal - Indonesia
- Electricity Generating Authority of Thailand
- Kepco SPC Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Xindia Steels Limited - India
- ASAPP Information Group - India
- Mercuria Energy - Indonesia
- Indogreen Group - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Meralco Power Generation, Philippines
- Jindal Steel & Power Ltd - India
- Straits Asia Resources Limited - Singapore
- Siam City Cement PLC, Thailand
- Thai Mozambique Logistica
- Larsen & Toubro Limited - India
- Savvy Resources Ltd - HongKong
- Sarangani Energy Corporation, Philippines
- Vizag Seaport Private Limited - India
- Merrill Lynch Commodities Europe
- Vedanta Resources Plc - India
- Siam City Cement - Thailand
- Thiess Contractors Indonesia
- Mercator Lines Limited - India
- Chamber of Mines of South Africa
- Orica Australia Pty. Ltd.
- India Bulls Power Limited - India
- Coal and Oil Company - UAE
- Mintek Dendrill Indonesia
- PNOC Exploration Corporation - Philippines
- Marubeni Corporation - India
- Sinarmas Energy and Mining - Indonesia
- South Luzon Thermal Energy Corporation
- Maheswari Brothers Coal Limited - India
- Attock Cement Pakistan Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bharathi Cement Corporation - India
- Borneo Indobara - Indonesia
- Indian Energy Exchange, India
- Ministry of Mines - Canada
- Petron Corporation, Philippines
- IEA Clean Coal Centre - UK
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kaltim Prima Coal - Indonesia
- GMR Energy Limited - India
- Central Electricity Authority - India
- European Bulk Services B.V. - Netherlands
- Commonwealth Bank - Australia
- Kalimantan Lumbung Energi - Indonesia
- Kartika Selabumi Mining - Indonesia
- Malabar Cements Ltd - India
- Parry Sugars Refinery, India
- Antam Resourcindo - Indonesia
- Indian Oil Corporation Limited
- Dalmia Cement Bharat India
- Salva Resources Pvt Ltd - India
- London Commodity Brokers - England
- Aboitiz Power Corporation - Philippines
- Tata Chemicals Ltd - India
- Economic Council, Georgia
- Riau Bara Harum - Indonesia
- The University of Queensland
- GAC Shipping (India) Pvt Ltd
- Uttam Galva Steels Limited - India
- Anglo American - United Kingdom
- Eastern Coal Council - USA
- SMC Global Power, Philippines
- Electricity Authority, New Zealand
- VISA Power Limited - India
- Meenaskhi Energy Private Limited - India
- Billiton Holdings Pty Ltd - Australia
- Ceylon Electricity Board - Sri Lanka
- New Zealand Coal & Carbon
- Grasim Industreis Ltd - India
- Makarim & Taira - Indonesia
- Bayan Resources Tbk. - Indonesia
- Cement Manufacturers Association - India
- Trasteel International SA, Italy
- Tamil Nadu electricity Board
- Directorate Of Revenue Intelligence - India
- Australian Coal Association
- Renaissance Capital - South Africa
- Kumho Petrochemical, South Korea
- Baramulti Group, Indonesia
- Bangladesh Power Developement Board
- Kohat Cement Company Ltd. - Pakistan
- Essar Steel Hazira Ltd - India
- Sojitz Corporation - Japan
- SMG Consultants - Indonesia
- Georgia Ports Authority, United States
- Africa Commodities Group - South Africa
- Energy Link Ltd, New Zealand
- Banpu Public Company Limited - Thailand
- Global Business Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Altura Mining Limited, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Goldman Sachs - Singapore
- The Treasury - Australian Government
- Australian Commodity Traders Exchange
- Metalloyd Limited - United Kingdom
- Minerals Council of Australia
- McConnell Dowell - Australia
- Gujarat Mineral Development Corp Ltd - India
- Global Coal Blending Company Limited - Australia
- Gujarat Electricity Regulatory Commission - India
- Wilmar Investment Holdings
- Bank of Tokyo Mitsubishi UFJ Ltd
- PTC India Limited - India
- Holcim Trading Pte Ltd - Singapore
- Rio Tinto Coal - Australia
- CIMB Investment Bank - Malaysia
- Sindya Power Generating Company Private Ltd
- Parliament of New Zealand
- GVK Power & Infra Limited - India
- Bukit Baiduri Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Port Waratah Coal Services - Australia
- Ministry of Transport, Egypt
- Asmin Koalindo Tuhup - Indonesia
- Semirara Mining Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coalindo Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Gujarat Sidhee Cement - India
- Alfred C Toepfer International GmbH - Germany
- Chettinad Cement Corporation Ltd - India
- Simpson Spence & Young - Indonesia
- White Energy Company Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Interocean Group of Companies - India
- Neyveli Lignite Corporation Ltd, - India
- Sree Jayajothi Cements Limited - India
- Kapuas Tunggal Persada - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- PetroVietnam Power Coal Import and Supply Company
- The State Trading Corporation of India Ltd
- Formosa Plastics Group - Taiwan
- Bulk Trading Sa - Switzerland
- Deloitte Consulting - India
- Globalindo Alam Lestari - Indonesia
- CNBM International Corporation - China
- Indonesian Coal Mining Association
- Eastern Energy - Thailand
- Barasentosa Lestari - Indonesia
- Edison Trading Spa - Italy
- Therma Luzon, Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- TNB Fuel Sdn Bhd - Malaysia
- Pendopo Energi Batubara - Indonesia
- Bhushan Steel Limited - India
- Romanian Commodities Exchange
- Kideco Jaya Agung - Indonesia
- Planning Commission, India
- Binh Thuan Hamico - Vietnam
- Power Finance Corporation Ltd., India
- Intertek Mineral Services - Indonesia
- Indika Energy - Indonesia
- Agrawal Coal Company - India
- IHS Mccloskey Coal Group - USA
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