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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, 27 October 20
PLN STILL REFUSING TO ADAPT, A MOVE WHICH WILL HURT INVESTORS, CONSUMERS, AND THE GOVERNMENT PURSE - IEEFA
Utility’s latest planning report locks PLN into the past
PLN would be better served restructuring its business to address the current en ...
Monday, 26 October 20
'LONG ASCENT' TO RECOVERY OF GLOBAL GROWTH - BALTIC EXCHANGE
The global economy has so far avoided a “financial catastrophe” but growth projections from the International Monetary Fund’s lat ...
Friday, 23 October 20
SHIPPING LOANS AND COLLATERAL DAMAGE - VICTOR ONYEGBADO, AKABOGU & ASSOCIATES
KNOWLEDGE TO ELEVATE
Shipping finance transactions are characterised by peculiar risk factors principally on account of the shipping asset&rsq ...
Friday, 23 October 20
WHAT WILL THE 2020 ELECTIONS MEAN FOR US ENERGY? - WOOD MACKENZIE
The 2020 elections present American voters with a choice between two radically different visions for the future of energy. President Donald Trump r ...
Wednesday, 21 October 20
BRAZIL EXPORTED 238.7 MLN TONNES OF IRON ORE IN THE FIRST 9 MONTHS OF 2020 - BANCHERO COSTA
Brazil’s iron ore exports have been gradually but steadily recovering following a disastrous winter period of 2019/2020. In the first 9 month ...
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- Sojitz Corporation - Japan
- Maheswari Brothers Coal Limited - India
- New Zealand Coal & Carbon
- The Treasury - Australian Government
- Kumho Petrochemical, South Korea
- Chettinad Cement Corporation Ltd - India
- Therma Luzon, Inc, Philippines
- Tata Chemicals Ltd - India
- Indian Oil Corporation Limited
- Vedanta Resources Plc - India
- IEA Clean Coal Centre - UK
- Carbofer General Trading SA - India
- Kohat Cement Company Ltd. - Pakistan
- Dalmia Cement Bharat India
- Global Business Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Mintek Dendrill Indonesia
- White Energy Company Limited
- Neyveli Lignite Corporation Ltd, - India
- Kapuas Tunggal Persada - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Semirara Mining and Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Bukit Makmur.PT - Indonesia
- Kepco SPC Power Corporation, Philippines
- Tamil Nadu electricity Board
- Merrill Lynch Commodities Europe
- Offshore Bulk Terminal Pte Ltd, Singapore
- ICICI Bank Limited - India
- Indogreen Group - Indonesia
- Jaiprakash Power Ventures ltd
- Metalloyd Limited - United Kingdom
- Wood Mackenzie - Singapore
- Eastern Energy - Thailand
- Ambuja Cements Ltd - India
- Georgia Ports Authority, United States
- Price Waterhouse Coopers - Russia
- Global Coal Blending Company Limited - Australia
- Minerals Council of Australia
- Indika Energy - Indonesia
- Rio Tinto Coal - Australia
- Meralco Power Generation, Philippines
- CNBM International Corporation - China
- Ministry of Finance - Indonesia
- Directorate Of Revenue Intelligence - India
- Parliament of New Zealand
- ASAPP Information Group - India
- Iligan Light & Power Inc, Philippines
- Star Paper Mills Limited - India
- Goldman Sachs - Singapore
- Indonesian Coal Mining Association
- Karaikal Port Pvt Ltd - India
- VISA Power Limited - India
- Sakthi Sugars Limited - India
- Alfred C Toepfer International GmbH - Germany
- Samtan Co., Ltd - South Korea
- London Commodity Brokers - England
- Mercuria Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coalindo Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Agrawal Coal Company - India
- Renaissance Capital - South Africa
- European Bulk Services B.V. - Netherlands
- Deloitte Consulting - India
- GMR Energy Limited - India
- Energy Development Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Australian Commodity Traders Exchange
- Edison Trading Spa - Italy
- Siam City Cement PLC, Thailand
- Kartika Selabumi Mining - Indonesia
- Electricity Authority, New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Mercator Lines Limited - India
- Port Waratah Coal Services - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Africa Commodities Group - South Africa
- Globalindo Alam Lestari - Indonesia
- SN Aboitiz Power Inc, Philippines
- Grasim Industreis Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Mineral Development Corp Ltd - India
- Sarangani Energy Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Orica Australia Pty. Ltd.
- Kobexindo Tractors - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Vizag Seaport Private Limited - India
- Sical Logistics Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SMG Consultants - Indonesia
- Antam Resourcindo - Indonesia
- Marubeni Corporation - India
- Semirara Mining Corp, Philippines
- Chamber of Mines of South Africa
- Krishnapatnam Port Company Ltd. - India
- International Coal Ventures Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Sindya Power Generating Company Private Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Indian Energy Exchange, India
- The State Trading Corporation of India Ltd
- Sree Jayajothi Cements Limited - India
- GVK Power & Infra Limited - India
- Ministry of Transport, Egypt
- Interocean Group of Companies - India
- Parry Sugars Refinery, India
- Posco Energy - South Korea
- Bayan Resources Tbk. - Indonesia
- South Luzon Thermal Energy Corporation
- Cement Manufacturers Association - India
- Asmin Koalindo Tuhup - Indonesia
- India Bulls Power Limited - India
- Ind-Barath Power Infra Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Altura Mining Limited, Indonesia
- Kideco Jaya Agung - Indonesia
- Jindal Steel & Power Ltd - India
- Bulk Trading Sa - Switzerland
- Larsen & Toubro Limited - India
- The University of Queensland
- Electricity Generating Authority of Thailand
- Bharathi Cement Corporation - India
- PNOC Exploration Corporation - Philippines
- Banpu Public Company Limited - Thailand
- AsiaOL BioFuels Corp., Philippines
- Central Java Power - Indonesia
- Ministry of Mines - Canada
- Xindia Steels Limited - India
- Salva Resources Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Borneo Indobara - Indonesia
- Standard Chartered Bank - UAE
- Aboitiz Power Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Oldendorff Carriers - Singapore
- GAC Shipping (India) Pvt Ltd
- Thiess Contractors Indonesia
- Power Finance Corporation Ltd., India
- Gujarat Electricity Regulatory Commission - India
- PTC India Limited - India
- Binh Thuan Hamico - Vietnam
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Coal and Oil Company - UAE
- Latin American Coal - Colombia
- Intertek Mineral Services - Indonesia
- Wilmar Investment Holdings
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Anglo American - United Kingdom
- IHS Mccloskey Coal Group - USA
- Bahari Cakrawala Sebuku - Indonesia
- Energy Link Ltd, New Zealand
- Australian Coal Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Formosa Plastics Group - Taiwan
- Sinarmas Energy and Mining - Indonesia
- Heidelberg Cement - Germany
- Indo Tambangraya Megah - Indonesia
- Singapore Mercantile Exchange
- McConnell Dowell - Australia
- Kaltim Prima Coal - Indonesia
- Makarim & Taira - Indonesia
- Simpson Spence & Young - Indonesia
- MS Steel International - UAE
- GN Power Mariveles Coal Plant, Philippines
- Petron Corporation, Philippines
- Central Electricity Authority - India
- Holcim Trading Pte Ltd - Singapore
- Madhucon Powers Ltd - India
- Orica Mining Services - Indonesia
- PowerSource Philippines DevCo
- Malabar Cements Ltd - India
- Eastern Coal Council - USA
- Meenaskhi Energy Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bangladesh Power Developement Board
- Riau Bara Harum - Indonesia
- Coastal Gujarat Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Timah Investasi Mineral - Indoneisa
- Independent Power Producers Association of India
- Directorate General of MIneral and Coal - Indonesia
- Uttam Galva Steels Limited - India
- Pendopo Energi Batubara - Indonesia
- Siam City Cement - Thailand
- Manunggal Multi Energi - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bhatia International Limited - India
- Bhushan Steel Limited - India
- Trasteel International SA, Italy
- Miang Besar Coal Terminal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Lanco Infratech Ltd - India
- Barasentosa Lestari - Indonesia
- OPG Power Generation Pvt Ltd - India
- Videocon Industries ltd - India
- Essar Steel Hazira Ltd - India
- Medco Energi Mining Internasional
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Sidhee Cement - India
- Commonwealth Bank - Australia
- Aditya Birla Group - India
- SMC Global Power, Philippines
- Cigading International Bulk Terminal - Indonesia
- Romanian Commodities Exchange
- Mjunction Services Limited - India
- Savvy Resources Ltd - HongKong
- Bukit Baiduri Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Thai Mozambique Logistica
- Planning Commission, India
- Vijayanagar Sugar Pvt Ltd - India
- Baramulti Group, Indonesia
- Attock Cement Pakistan Limited
- Economic Council, Georgia
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