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Wednesday, 04 November 15
MARKET INSIGHT - CHRISTOPHER THOMAS WHITTY
 Four companies dominate global iron ore production, namely; BHP Billiton, Vale, Rio Tinto, and Fortescue Metals Group. Together these companies control more than 70 percent of the seaborne iron ore market.
The price of iron ore edged to $US49.95/ ton on Wednesday, nearing a four-month low but still the two major producers in Australia and Brazil have been following through with their longstanding plans to increase production. The low iron ore price also comes as China’s official forecaster warned of a 20% fall in Chinese steel consumption over the next 15 years, as Beijing accelerates the shutdown of outdated and loss-making factories.
Rio Tinto in Australia and Vale in Brazil, are still ramping up production. For the first nine-months of 2015, Vale’s production overall is around 8 million metric tons higher than Rio Tinto’s at 248 million metric tons, while Vale’s shipments are just over 3 million metric tons higher.
Of course Australian miners still have an advantage in delivered costs to China, the main importer for iron ore. For example, Capesizes hauling the commodity from Brazil to China last week saw rates around $12/ton for the Tubarao/Qingdao route, while from Rio Tinto’s Dampier terminal in Western Australian, freight rates were slightly in excess of $5.10/ton.
It is quite interesting to see that current iron ore prices aren’t worrying Rio Tinto. Their CEO, Andrew Harding, said he’s not losing sleep, because the business line, like the miner itself, is in for the long haul. He reasons that populations will continue to grow and develop, especially in Asia and iron ore will be needed to serve their needs. In September, Rio Tinto said its modelling showed that the world would need three billion tons of iron ore by 2030.
On the other side of the world, Vale is also quite confident in their iron ore division after releasing their third quarter results for 2015. Their highlight is the significant cost cutting during this period, which made Vale, the company with the lowest production cost/ton in the entire sector, reach an unprecedented cost level of $ 12.7/ton of iron ore. They are trailing faster growth compared to Australian majors, who this year posted stronger increases to volumes from new capacity ramp-ups.
This is an oversupplied market that is obviously affected by the shrinking Chinese steel demand. On the other hand, oversupplied ore trade also creates opportunities for the large players, since it means that certain high-cost producers will struggle to survive. Some iron ore mines, such as those in Canada, China and Africa, have already buckled under the pressure.
Nevertheless, producers with operating costs that are far below current iron ore prices are very well-positioned to take market share in the long term. Now if several high-cost producers exit the industry, it would be quite difficult for them to re-commence operations.
Over the long term, the low-cost iron mines could potentially fill the gap that remains after smaller companies exit the market. The gain in market share will likely increase margins, operating cash flow and profits. Hopefully this could also change the dynamics in the market and positively affect the demand for seaborne trade.
By Christopher Thomas Whitty
Marketing Manager, Towage & Port Agency
Cotzias Intermodal Shipping
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms. Eva Tzima
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 re-producing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Tuesday, 03 November 15
EU OIL MAJORS FACE FURTHER EARNINGS DECLINE IN Q415 - FITCH RATINGS
The sharp drop in major European oil companies' third-quarter profits is likely to be extended in the fourth quarter as refining margins, which ...
Monday, 02 November 15
DESPITE CHALLENGING MARKET CONDITIONS, ADARO LOWERS COSTS, DEBT AND DELIVERS STRONG FREE CASH FLOW
COALspot.com: Despite challenging market conditions, Adaro lowers costs, lowers debt and delivers strong free cash flow.
The Indonesia’s ...
Monday, 02 November 15
CFR SOUTH CHINA COAL SWAPS CLOSED ON A WEAK NOTE
COALspot.com: API 8 CFR South China Coal swap for 4Q’ 2015 delivery declined US$ 1.81(3.71 %) per ton month over month.
A commodity swap ...
Sunday, 01 November 15
THE FREIGHT MARKET SENTIMENT REMAINS WEAK
This week’s freight market sentiment remains weak compared to last week.
The Baltic Dry Index (BDI), an economic indicator issued daily ...
Saturday, 31 October 15
ADARO ENERGY'S CORE EARNINGS DECLINE 21 PER CENT FOR THE NINE MONTHS PERIOD TO SEPTEMBER 2015
COALspot.com: Adaro Energy's core earnings decline 21% to US$228 Million for first 9months of this year compared to the same period last year. ...
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- Australian Commodity Traders Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Energy Development Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Cement Manufacturers Association - India
- VISA Power Limited - India
- Antam Resourcindo - Indonesia
- Mjunction Services Limited - India
- Meralco Power Generation, Philippines
- Metalloyd Limited - United Kingdom
- Xindia Steels Limited - India
- Port Waratah Coal Services - Australia
- Directorate Of Revenue Intelligence - India
- PowerSource Philippines DevCo
- Indogreen Group - Indonesia
- Rio Tinto Coal - Australia
- Banpu Public Company Limited - Thailand
- Electricity Authority, New Zealand
- The State Trading Corporation of India Ltd
- Georgia Ports Authority, United States
- Intertek Mineral Services - Indonesia
- Barasentosa Lestari - Indonesia
- CNBM International Corporation - China
- Samtan Co., Ltd - South Korea
- ASAPP Information Group - India
- Gujarat Sidhee Cement - India
- Sakthi Sugars Limited - India
- Orica Australia Pty. Ltd.
- Central Java Power - Indonesia
- LBH Netherlands Bv - Netherlands
- SN Aboitiz Power Inc, Philippines
- Chamber of Mines of South Africa
- Dalmia Cement Bharat India
- Madhucon Powers Ltd - India
- Ministry of Mines - Canada
- Holcim Trading Pte Ltd - Singapore
- Savvy Resources Ltd - HongKong
- Thiess Contractors Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Karaikal Port Pvt Ltd - India
- Vedanta Resources Plc - India
- Kideco Jaya Agung - Indonesia
- Iligan Light & Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Merrill Lynch Commodities Europe
- Kohat Cement Company Ltd. - Pakistan
- OPG Power Generation Pvt Ltd - India
- SMC Global Power, Philippines
- Grasim Industreis Ltd - India
- Indo Tambangraya Megah - Indonesia
- Trasteel International SA, Italy
- Gujarat Electricity Regulatory Commission - India
- Alfred C Toepfer International GmbH - Germany
- Coal and Oil Company - UAE
- Mercator Lines Limited - India
- Miang Besar Coal Terminal - Indonesia
- Petron Corporation, Philippines
- Renaissance Capital - South Africa
- Heidelberg Cement - Germany
- Rashtriya Ispat Nigam Limited - India
- Semirara Mining Corp, Philippines
- Energy Link Ltd, New Zealand
- Baramulti Group, Indonesia
- Coalindo Energy - Indonesia
- Marubeni Corporation - India
- Orica Mining Services - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Meenaskhi Energy Private Limited - India
- Oldendorff Carriers - Singapore
- Indian Oil Corporation Limited
- Tata Chemicals Ltd - India
- Coastal Gujarat Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Singapore Mercantile Exchange
- Jindal Steel & Power Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Mineral Development Corp Ltd - India
- GVK Power & Infra Limited - India
- Independent Power Producers Association of India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Lanco Infratech Ltd - India
- Planning Commission, India
- Bulk Trading Sa - Switzerland
- Makarim & Taira - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Simpson Spence & Young - Indonesia
- Kobexindo Tractors - Indoneisa
- Siam City Cement PLC, Thailand
- TeaM Sual Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Aditya Birla Group - India
- Indonesian Coal Mining Association
- Bharathi Cement Corporation - India
- Bahari Cakrawala Sebuku - Indonesia
- Central Electricity Authority - India
- White Energy Company Limited
- IEA Clean Coal Centre - UK
- Kaltim Prima Coal - Indonesia
- San Jose City I Power Corp, Philippines
- Sojitz Corporation - Japan
- Anglo American - United Kingdom
- Larsen & Toubro Limited - India
- Formosa Plastics Group - Taiwan
- South Luzon Thermal Energy Corporation
- Thai Mozambique Logistica
- Parry Sugars Refinery, India
- Wood Mackenzie - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Therma Luzon, Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- SMG Consultants - Indonesia
- Videocon Industries ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Attock Cement Pakistan Limited
- Manunggal Multi Energi - Indonesia
- London Commodity Brokers - England
- Krishnapatnam Port Company Ltd. - India
- Price Waterhouse Coopers - Russia
- Mintek Dendrill Indonesia
- IHS Mccloskey Coal Group - USA
- Tamil Nadu electricity Board
- GAC Shipping (India) Pvt Ltd
- PTC India Limited - India
- Australian Coal Association
- Salva Resources Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Goldman Sachs - Singapore
- Minerals Council of Australia
- New Zealand Coal & Carbon
- Billiton Holdings Pty Ltd - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Malabar Cements Ltd - India
- Mercuria Energy - Indonesia
- Ministry of Transport, Egypt
- Jaiprakash Power Ventures ltd
- Semirara Mining and Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- Chettinad Cement Corporation Ltd - India
- Economic Council, Georgia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhatia International Limited - India
- Indian Energy Exchange, India
- Timah Investasi Mineral - Indoneisa
- Eastern Coal Council - USA
- Pendopo Energi Batubara - Indonesia
- Globalindo Alam Lestari - Indonesia
- International Coal Ventures Pvt Ltd - India
- Standard Chartered Bank - UAE
- Romanian Commodities Exchange
- Edison Trading Spa - Italy
- Sree Jayajothi Cements Limited - India
- Global Business Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Commonwealth Bank - Australia
- Ministry of Finance - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Binh Thuan Hamico - Vietnam
- ICICI Bank Limited - India
- Posco Energy - South Korea
- Interocean Group of Companies - India
- TNB Fuel Sdn Bhd - Malaysia
- McConnell Dowell - Australia
- Eastern Energy - Thailand
- Directorate General of MIneral and Coal - Indonesia
- The Treasury - Australian Government
- Jorong Barutama Greston.PT - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Aboitiz Power Corporation - Philippines
- Ambuja Cements Ltd - India
- Maheswari Brothers Coal Limited - India
- Bukit Makmur.PT - Indonesia
- Riau Bara Harum - Indonesia
- Power Finance Corporation Ltd., India
- Bangladesh Power Developement Board
- Indika Energy - Indonesia
- Latin American Coal - Colombia
- European Bulk Services B.V. - Netherlands
- Sical Logistics Limited - India
- Electricity Generating Authority of Thailand
- Africa Commodities Group - South Africa
- Uttam Galva Steels Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Agrawal Coal Company - India
- Kumho Petrochemical, South Korea
- Toyota Tsusho Corporation, Japan
- Deloitte Consulting - India
- Carbofer General Trading SA - India
- Essar Steel Hazira Ltd - India
- Siam City Cement - Thailand
- Bhushan Steel Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Ceylon Electricity Board - Sri Lanka
- PNOC Exploration Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Medco Energi Mining Internasional
- Cigading International Bulk Terminal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ind-Barath Power Infra Limited - India
- The University of Queensland
- MS Steel International - UAE
- Borneo Indobara - Indonesia
- Global Coal Blending Company Limited - Australia
- AsiaOL BioFuels Corp., Philippines
- Sinarmas Energy and Mining - Indonesia
- Straits Asia Resources Limited - Singapore
- India Bulls Power Limited - India
- Altura Mining Limited, Indonesia
- Bhoruka Overseas - Indonesia
- GMR Energy Limited - India
- Wilmar Investment Holdings
- Star Paper Mills Limited - India
- Sindya Power Generating Company Private Ltd
- Parliament of New Zealand
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