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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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Saturday, 16 January 21
SEABORNE TRADE IN STEAM COAL DECREASED BY 11.6% FROM 937 MILLION TONNES IN 2019 TO 828 MILLION TONNES IN 2020 - COAL IMPORTERS ASSOCIATION, GERMANY
According to preliminary calculations by the German Coal Importers Association (Verein der Kohlenimporteure e. V.), global hard coal production dec ...
Friday, 15 January 21
OVER US$50 BILLION IN GAS POWER PROJECTS AND LNG IMPORT FACILITIES AT RISK OF CANCELLATION IN BANGLADESH, PAKISTAN AND VIETNAM - IEEFA
Pakistan and Bangladesh have already cancelled tenders for LNG imports
Emerging markets such as Vietnam, Pakistan and Bangladesh tha ...
Friday, 15 January 21
VIETNAM'S EXTRAORDINARY ROOFTOP SOLAR SUCCESS DEALS ANOTHER BLOW TO THE REMAINING COAL PIPELINE - IEEFA
9.3 gigawatts peak of solar capacity, equal to 6 coal power plants, installed in less than a year
Vietnam’s solar power indust ...
Friday, 15 January 21
CHINA'S BENCHMARK POWER COAL PRICE EDGES UP - XINHUA
China’s benchmark power coal price rose slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
Thursday, 14 January 21
KOREA MIDLAND POWER INVITED BIDS FOR AUSTRALIAN COAL FOR THREE YEARS SUPPLY
COALspot.com: Korea Midland Power Co. Ltd, issued an International tender for total 1,560,000 MT of Min.5,700 kcal/kg NCV coal of Australian Origin ...
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- Therma Luzon, Inc, Philippines
- Larsen & Toubro Limited - India
- Meenaskhi Energy Private Limited - India
- The University of Queensland
- Pipit Mutiara Jaya. PT, Indonesia
- The Treasury - Australian Government
- Jindal Steel & Power Ltd - India
- New Zealand Coal & Carbon
- Thai Mozambique Logistica
- Salva Resources Pvt Ltd - India
- Latin American Coal - Colombia
- Central Electricity Authority - India
- PTC India Limited - India
- Marubeni Corporation - India
- Binh Thuan Hamico - Vietnam
- Metalloyd Limited - United Kingdom
- SMC Global Power, Philippines
- International Coal Ventures Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Eastern Energy - Thailand
- Baramulti Group, Indonesia
- Chamber of Mines of South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Savvy Resources Ltd - HongKong
- Georgia Ports Authority, United States
- Chettinad Cement Corporation Ltd - India
- Iligan Light & Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Orica Mining Services - Indonesia
- Essar Steel Hazira Ltd - India
- Australian Commodity Traders Exchange
- Karaikal Port Pvt Ltd - India
- Star Paper Mills Limited - India
- Commonwealth Bank - Australia
- Thiess Contractors Indonesia
- Aditya Birla Group - India
- Kobexindo Tractors - Indoneisa
- Videocon Industries ltd - India
- Australian Coal Association
- Maheswari Brothers Coal Limited - India
- Holcim Trading Pte Ltd - Singapore
- ICICI Bank Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Port Waratah Coal Services - Australia
- Billiton Holdings Pty Ltd - Australia
- Kartika Selabumi Mining - Indonesia
- Wilmar Investment Holdings
- Economic Council, Georgia
- Grasim Industreis Ltd - India
- Electricity Authority, New Zealand
- Heidelberg Cement - Germany
- Singapore Mercantile Exchange
- GN Power Mariveles Coal Plant, Philippines
- Ceylon Electricity Board - Sri Lanka
- Kohat Cement Company Ltd. - Pakistan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Finance - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Sakthi Sugars Limited - India
- Samtan Co., Ltd - South Korea
- Gujarat Electricity Regulatory Commission - India
- Jaiprakash Power Ventures ltd
- Simpson Spence & Young - Indonesia
- IHS Mccloskey Coal Group - USA
- Gujarat Sidhee Cement - India
- TNB Fuel Sdn Bhd - Malaysia
- Mercuria Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Mintek Dendrill Indonesia
- GVK Power & Infra Limited - India
- Global Business Power Corporation, Philippines
- Central Java Power - Indonesia
- Vizag Seaport Private Limited - India
- Global Green Power PLC Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Minerals Council of Australia
- Barasentosa Lestari - Indonesia
- ASAPP Information Group - India
- Xindia Steels Limited - India
- Miang Besar Coal Terminal - Indonesia
- Medco Energi Mining Internasional
- CIMB Investment Bank - Malaysia
- VISA Power Limited - India
- Interocean Group of Companies - India
- TeaM Sual Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Rio Tinto Coal - Australia
- Indian Energy Exchange, India
- OPG Power Generation Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Sojitz Corporation - Japan
- South Luzon Thermal Energy Corporation
- Kalimantan Lumbung Energi - Indonesia
- Africa Commodities Group - South Africa
- Wood Mackenzie - Singapore
- Borneo Indobara - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bank of Tokyo Mitsubishi UFJ Ltd
- Power Finance Corporation Ltd., India
- Bukit Makmur.PT - Indonesia
- Edison Trading Spa - Italy
- Coastal Gujarat Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- CNBM International Corporation - China
- Petrochimia International Co. Ltd.- Taiwan
- Indika Energy - Indonesia
- Anglo American - United Kingdom
- Bhoruka Overseas - Indonesia
- Independent Power Producers Association of India
- Standard Chartered Bank - UAE
- Straits Asia Resources Limited - Singapore
- Renaissance Capital - South Africa
- Formosa Plastics Group - Taiwan
- Oldendorff Carriers - Singapore
- London Commodity Brokers - England
- Kapuas Tunggal Persada - Indonesia
- Indo Tambangraya Megah - Indonesia
- Trasteel International SA, Italy
- Tata Chemicals Ltd - India
- MS Steel International - UAE
- Parliament of New Zealand
- Price Waterhouse Coopers - Russia
- Bukit Asam (Persero) Tbk - Indonesia
- Orica Australia Pty. Ltd.
- Jorong Barutama Greston.PT - Indonesia
- Cement Manufacturers Association - India
- Global Coal Blending Company Limited - Australia
- Deloitte Consulting - India
- Bhushan Steel Limited - India
- GAC Shipping (India) Pvt Ltd
- Mjunction Services Limited - India
- Dalmia Cement Bharat India
- European Bulk Services B.V. - Netherlands
- India Bulls Power Limited - India
- IEA Clean Coal Centre - UK
- Semirara Mining Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Malabar Cements Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sical Logistics Limited - India
- Indonesian Coal Mining Association
- Kepco SPC Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Agrawal Coal Company - India
- Tamil Nadu electricity Board
- GMR Energy Limited - India
- White Energy Company Limited
- Sarangani Energy Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Eastern Coal Council - USA
- Coalindo Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Bulk Trading Sa - Switzerland
- Krishnapatnam Port Company Ltd. - India
- Toyota Tsusho Corporation, Japan
- Merrill Lynch Commodities Europe
- Ministry of Transport, Egypt
- Mercator Lines Limited - India
- Sree Jayajothi Cements Limited - India
- Lanco Infratech Ltd - India
- Energy Development Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Posco Energy - South Korea
- Altura Mining Limited, Indonesia
- Planning Commission, India
- Uttam Galva Steels Limited - India
- Indogreen Group - Indonesia
- Intertek Mineral Services - Indonesia
- Bharathi Cement Corporation - India
- LBH Netherlands Bv - Netherlands
- Timah Investasi Mineral - Indoneisa
- Manunggal Multi Energi - Indonesia
- AsiaOL BioFuels Corp., Philippines
- PowerSource Philippines DevCo
- Coal and Oil Company - UAE
- Kideco Jaya Agung - Indonesia
- Carbofer General Trading SA - India
- McConnell Dowell - Australia
- Globalindo Alam Lestari - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Parry Sugars Refinery, India
- Siam City Cement PLC, Thailand
- Alfred C Toepfer International GmbH - Germany
- Makarim & Taira - Indonesia
- Ambuja Cements Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Bangladesh Power Developement Board
- Bukit Baiduri Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Directorate Of Revenue Intelligence - India
- SMG Consultants - Indonesia
- Energy Link Ltd, New Zealand
- Vedanta Resources Plc - India
- Romanian Commodities Exchange
- Petron Corporation, Philippines
- Ministry of Mines - Canada
- Goldman Sachs - Singapore
- Electricity Generating Authority of Thailand
- Siam City Cement - Thailand
- Meralco Power Generation, Philippines
- Antam Resourcindo - Indonesia
- Banpu Public Company Limited - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indian Oil Corporation Limited
- Kumho Petrochemical, South Korea
- Attock Cement Pakistan Limited
- Bhatia International Limited - India
- Rashtriya Ispat Nigam Limited - India
- Madhucon Powers Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Riau Bara Harum - Indonesia
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