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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, 07 October 20
U.S. COAL PRODUCTION TO DECREASE BY 26 PERCENT IN 2020 COMPARED TO 2019 - EIA
EIA expects total U.S. coal production in 2020 to be 525 million short tons (MMst), compared with 705 MMst in 2019, a 26% decrease.
COVID-19 a ...
Wednesday, 07 October 20
MARKET INSIGHT - INTERMODAL
The challenges brought forward in 2020 proved to be very different from what we could have ever imagined. Together with placing a significant strai ...
Tuesday, 06 October 20
KOSPO TO IMPORT 80,000 MT OF 3,800 NCV COAL FOR 2H NOV
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an International tender for 80,000 MT Min.3800 kcal/kg NCV coal 2H November, 2020 l ...
Friday, 02 October 20
THE INDONESIA COAL PRICE REFERENCE RISE AFTER HISTORIC CRASH TO US$ 49.42
COALspot.com: The Indonesia Coal Price Reference for the month of October Rise to US$ 51.00 after historic crash to US$ 49.42 in September 2020.
...
Friday, 02 October 20
SRI LANKA MUST LEARN LESSONS FROM AROUND ASIA TO AVOID FURTHER ELECTRICITY CRISES - IEEFA
Overcommitment to fossil-fuelled power generation is leading to excess capacity and rising capacity payments, subsidies, and tariffs around the con ...
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- Renaissance Capital - South Africa
- Energy Development Corp, Philippines
- GVK Power & Infra Limited - India
- Anglo American - United Kingdom
- Sojitz Corporation - Japan
- Samtan Co., Ltd - South Korea
- Ministry of Transport, Egypt
- IEA Clean Coal Centre - UK
- Vizag Seaport Private Limited - India
- Sakthi Sugars Limited - India
- Central Java Power - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Sical Logistics Limited - India
- The State Trading Corporation of India Ltd
- Xindia Steels Limited - India
- Oldendorff Carriers - Singapore
- Aditya Birla Group - India
- Malabar Cements Ltd - India
- Mintek Dendrill Indonesia
- Minerals Council of Australia
- SN Aboitiz Power Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Carbofer General Trading SA - India
- Kepco SPC Power Corporation, Philippines
- Marubeni Corporation - India
- Chettinad Cement Corporation Ltd - India
- ICICI Bank Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Planning Commission, India
- Energy Link Ltd, New Zealand
- Standard Chartered Bank - UAE
- Sindya Power Generating Company Private Ltd
- South Luzon Thermal Energy Corporation
- Indogreen Group - Indonesia
- The Treasury - Australian Government
- Chamber of Mines of South Africa
- Semirara Mining Corp, Philippines
- Global Coal Blending Company Limited - Australia
- PowerSource Philippines DevCo
- Bangladesh Power Developement Board
- Mjunction Services Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Aboitiz Power Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Finance - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Coalindo Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Siam City Cement - Thailand
- Interocean Group of Companies - India
- Eastern Energy - Thailand
- Rio Tinto Coal - Australia
- Larsen & Toubro Limited - India
- Metalloyd Limited - United Kingdom
- Ministry of Mines - Canada
- Ceylon Electricity Board - Sri Lanka
- Parry Sugars Refinery, India
- Wilmar Investment Holdings
- MS Steel International - UAE
- Electricity Authority, New Zealand
- Semirara Mining and Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- Lanco Infratech Ltd - India
- Indonesian Coal Mining Association
- Bukit Asam (Persero) Tbk - Indonesia
- Madhucon Powers Ltd - India
- Manunggal Multi Energi - Indonesia
- Global Green Power PLC Corporation, Philippines
- PTC India Limited - India
- Kartika Selabumi Mining - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SMC Global Power, Philippines
- Altura Mining Limited, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Bhatia International Limited - India
- OPG Power Generation Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Commonwealth Bank - Australia
- GN Power Mariveles Coal Plant, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bayan Resources Tbk. - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- LBH Netherlands Bv - Netherlands
- CNBM International Corporation - China
- Salva Resources Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Parliament of New Zealand
- Posco Energy - South Korea
- Sree Jayajothi Cements Limited - India
- Billiton Holdings Pty Ltd - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Singapore Mercantile Exchange
- Barasentosa Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- Latin American Coal - Colombia
- Vijayanagar Sugar Pvt Ltd - India
- Central Electricity Authority - India
- Meenaskhi Energy Private Limited - India
- Bukit Makmur.PT - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Indian Energy Exchange, India
- Neyveli Lignite Corporation Ltd, - India
- Merrill Lynch Commodities Europe
- Baramulti Group, Indonesia
- Globalindo Alam Lestari - Indonesia
- Karaikal Port Pvt Ltd - India
- Grasim Industreis Ltd - India
- India Bulls Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Maheswari Brothers Coal Limited - India
- Orica Australia Pty. Ltd.
- Meralco Power Generation, Philippines
- ASAPP Information Group - India
- Australian Coal Association
- Economic Council, Georgia
- Antam Resourcindo - Indonesia
- Romanian Commodities Exchange
- Siam City Cement PLC, Thailand
- Petron Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Tamil Nadu electricity Board
- Ind-Barath Power Infra Limited - India
- Bukit Baiduri Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- GMR Energy Limited - India
- Bharathi Cement Corporation - India
- Price Waterhouse Coopers - Russia
- Asmin Koalindo Tuhup - Indonesia
- Banpu Public Company Limited - Thailand
- Thiess Contractors Indonesia
- Edison Trading Spa - Italy
- Jindal Steel & Power Ltd - India
- White Energy Company Limited
- Simpson Spence & Young - Indonesia
- Coal and Oil Company - UAE
- European Bulk Services B.V. - Netherlands
- Orica Mining Services - Indonesia
- Independent Power Producers Association of India
- Africa Commodities Group - South Africa
- Riau Bara Harum - Indonesia
- International Coal Ventures Pvt Ltd - India
- Star Paper Mills Limited - India
- Videocon Industries ltd - India
- AsiaOL BioFuels Corp., Philippines
- CIMB Investment Bank - Malaysia
- Kumho Petrochemical, South Korea
- Directorate Of Revenue Intelligence - India
- Heidelberg Cement - Germany
- Makarim & Taira - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Therma Luzon, Inc, Philippines
- Mercator Lines Limited - India
- Mercuria Energy - Indonesia
- Indika Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- New Zealand Coal & Carbon
- Krishnapatnam Port Company Ltd. - India
- Savvy Resources Ltd - HongKong
- Global Business Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Bhushan Steel Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ambuja Cements Ltd - India
- Goldman Sachs - Singapore
- Cigading International Bulk Terminal - Indonesia
- Gujarat Sidhee Cement - India
- VISA Power Limited - India
- Jaiprakash Power Ventures ltd
- London Commodity Brokers - England
- Toyota Tsusho Corporation, Japan
- Intertek Mineral Services - Indonesia
- Timah Investasi Mineral - Indoneisa
- Eastern Coal Council - USA
- Deloitte Consulting - India
- Kohat Cement Company Ltd. - Pakistan
- McConnell Dowell - Australia
- Vedanta Resources Plc - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Port Waratah Coal Services - Australia
- San Jose City I Power Corp, Philippines
- Thai Mozambique Logistica
- Trasteel International SA, Italy
- Tata Chemicals Ltd - India
- GAC Shipping (India) Pvt Ltd
- The University of Queensland
- Uttam Galva Steels Limited - India
- TeaM Sual Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Attock Cement Pakistan Limited
- Alfred C Toepfer International GmbH - Germany
- Formosa Plastics Group - Taiwan
- Binh Thuan Hamico - Vietnam
- Essar Steel Hazira Ltd - India
- Agrawal Coal Company - India
- PNOC Exploration Corporation - Philippines
- Dalmia Cement Bharat India
- Kapuas Tunggal Persada - Indonesia
- Electricity Generating Authority of Thailand
- Bulk Trading Sa - Switzerland
- Indian Oil Corporation Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhoruka Overseas - Indonesia
- Borneo Indobara - Indonesia
- Power Finance Corporation Ltd., India
- Kobexindo Tractors - Indoneisa
- Medco Energi Mining Internasional
- Wood Mackenzie - Singapore
- SMG Consultants - Indonesia
- Cement Manufacturers Association - India
- Georgia Ports Authority, United States
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