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