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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, 13 January 21
CHINA THERMAL GENCO PROFITS FACE PRESSURE AMID POWER SHORTAGES - FITHCH WIRE
High coal and gas prices will put near-term pressure on margins for thermal power generators in China, says Fitch Ratings. However, the power short ...
Wednesday, 13 January 21
COAL TO BE BIGGEST CONTRIBUTOR TO INDIA'S $5 TRILLION ECONOMY: AMIT SHAH - BUSINESS STANDARD
The Centre on Monday awarded the letter of allocation to successful bidders of coal mines under the commercial auction held during October-November ...
Monday, 11 January 21
MUTED COAL RECOVERY IN 2021 - BALTIC EXCHANGE
Coal demand is expected to rebound in 2021
Medium-term outlook is less favourable although demand declines are expected to be subtle ...
Sunday, 10 January 21
KOREAN GENCOS INVITED BIDS FOR TOTAL 880,000 TONS OF COAL FOR MARCH 2021 LOADING
COALspot.com: Korea South-East Power Co., Ltd. (KOEN), on behalf of EWP, KOSPO, KOSEP and KOWEPO issued an international tender for total 880 ...
Friday, 08 January 21
INDIA COULD COMPETE AGAINST CHINA IN SOLAR MODULE PRODUCTION WITH THE RIGHT GOVERNMENT SUPPORT - IEEFA
The focus should be on helping manufacturers become globally competitive
Although one of the top 10 solar module producers in the world, India ...
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- Barasentosa Lestari - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Coalindo Energy - Indonesia
- Antam Resourcindo - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Kohat Cement Company Ltd. - Pakistan
- Leighton Contractors Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bharathi Cement Corporation - India
- Energy Development Corp, Philippines
- Thiess Contractors Indonesia
- The University of Queensland
- Indo Tambangraya Megah - Indonesia
- Straits Asia Resources Limited - Singapore
- Jindal Steel & Power Ltd - India
- Wood Mackenzie - Singapore
- Larsen & Toubro Limited - India
- Ministry of Finance - Indonesia
- Anglo American - United Kingdom
- Sarangani Energy Corporation, Philippines
- Madhucon Powers Ltd - India
- Commonwealth Bank - Australia
- Gujarat Electricity Regulatory Commission - India
- Vizag Seaport Private Limited - India
- SMC Global Power, Philippines
- Mercator Lines Limited - India
- Standard Chartered Bank - UAE
- Kideco Jaya Agung - Indonesia
- PowerSource Philippines DevCo
- Edison Trading Spa - Italy
- Gujarat Sidhee Cement - India
- TNB Fuel Sdn Bhd - Malaysia
- Independent Power Producers Association of India
- GMR Energy Limited - India
- Port Waratah Coal Services - Australia
- Jaiprakash Power Ventures ltd
- Kumho Petrochemical, South Korea
- Salva Resources Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Romanian Commodities Exchange
- Rio Tinto Coal - Australia
- Holcim Trading Pte Ltd - Singapore
- CIMB Investment Bank - Malaysia
- Central Java Power - Indonesia
- Therma Luzon, Inc, Philippines
- Posco Energy - South Korea
- Global Coal Blending Company Limited - Australia
- India Bulls Power Limited - India
- Borneo Indobara - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- LBH Netherlands Bv - Netherlands
- Meralco Power Generation, Philippines
- European Bulk Services B.V. - Netherlands
- VISA Power Limited - India
- Price Waterhouse Coopers - Russia
- Planning Commission, India
- OPG Power Generation Pvt Ltd - India
- Medco Energi Mining Internasional
- Riau Bara Harum - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- ASAPP Information Group - India
- Star Paper Mills Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Makarim & Taira - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Malabar Cements Ltd - India
- Attock Cement Pakistan Limited
- Xindia Steels Limited - India
- ICICI Bank Limited - India
- MS Steel International - UAE
- Essar Steel Hazira Ltd - India
- Sical Logistics Limited - India
- Manunggal Multi Energi - Indonesia
- Sree Jayajothi Cements Limited - India
- Indika Energy - Indonesia
- Trasteel International SA, Italy
- International Coal Ventures Pvt Ltd - India
- Marubeni Corporation - India
- Chamber of Mines of South Africa
- Bhatia International Limited - India
- Binh Thuan Hamico - Vietnam
- Asia Pacific Energy Resources Ventures Inc, Philippines
- London Commodity Brokers - England
- Sakthi Sugars Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Maheswari Brothers Coal Limited - India
- Australian Coal Association
- Alfred C Toepfer International GmbH - Germany
- Ambuja Cements Ltd - India
- Renaissance Capital - South Africa
- Indian Oil Corporation Limited
- Karaikal Port Pvt Ltd - India
- Central Electricity Authority - India
- Grasim Industreis Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- Agrawal Coal Company - India
- Sojitz Corporation - Japan
- IHS Mccloskey Coal Group - USA
- Coastal Gujarat Power Limited - India
- Baramulti Group, Indonesia
- Cement Manufacturers Association - India
- Interocean Group of Companies - India
- PetroVietnam Power Coal Import and Supply Company
- Indonesian Coal Mining Association
- Bhushan Steel Limited - India
- Gujarat Mineral Development Corp Ltd - India
- The Treasury - Australian Government
- Eastern Coal Council - USA
- Heidelberg Cement - Germany
- Deloitte Consulting - India
- Toyota Tsusho Corporation, Japan
- PNOC Exploration Corporation - Philippines
- Siam City Cement PLC, Thailand
- Latin American Coal - Colombia
- Ind-Barath Power Infra Limited - India
- Kepco SPC Power Corporation, Philippines
- Eastern Energy - Thailand
- Parry Sugars Refinery, India
- Semirara Mining Corp, Philippines
- Orica Mining Services - Indonesia
- Globalindo Alam Lestari - Indonesia
- Aditya Birla Group - India
- GAC Shipping (India) Pvt Ltd
- Orica Australia Pty. Ltd.
- Power Finance Corporation Ltd., India
- Krishnapatnam Port Company Ltd. - India
- Mjunction Services Limited - India
- Kalimantan Lumbung Energi - Indonesia
- SN Aboitiz Power Inc, Philippines
- Global Business Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Karbindo Abesyapradhi - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Directorate Of Revenue Intelligence - India
- Georgia Ports Authority, United States
- Siam City Cement - Thailand
- Timah Investasi Mineral - Indoneisa
- Parliament of New Zealand
- Ministry of Mines - Canada
- Formosa Plastics Group - Taiwan
- Chettinad Cement Corporation Ltd - India
- CNBM International Corporation - China
- Sindya Power Generating Company Private Ltd
- Rashtriya Ispat Nigam Limited - India
- Intertek Mineral Services - Indonesia
- Mintek Dendrill Indonesia
- Global Green Power PLC Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Bukit Makmur.PT - Indonesia
- Samtan Co., Ltd - South Korea
- Metalloyd Limited - United Kingdom
- Bayan Resources Tbk. - Indonesia
- Bhoruka Overseas - Indonesia
- Lanco Infratech Ltd - India
- Videocon Industries ltd - India
- Bulk Trading Sa - Switzerland
- SMG Consultants - Indonesia
- Altura Mining Limited, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Simpson Spence & Young - Indonesia
- Banpu Public Company Limited - Thailand
- New Zealand Coal & Carbon
- Kobexindo Tractors - Indoneisa
- IEA Clean Coal Centre - UK
- GVK Power & Infra Limited - India
- Indian Energy Exchange, India
- Uttam Galva Steels Limited - India
- Semirara Mining and Power Corporation, Philippines
- Thai Mozambique Logistica
- TeaM Sual Corporation - Philippines
- Petron Corporation, Philippines
- Economic Council, Georgia
- Vedanta Resources Plc - India
- Singapore Mercantile Exchange
- Indogreen Group - Indonesia
- San Jose City I Power Corp, Philippines
- Mercuria Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Energy Link Ltd, New Zealand
- Aboitiz Power Corporation - Philippines
- Merrill Lynch Commodities Europe
- Directorate General of MIneral and Coal - Indonesia
- Wilmar Investment Holdings
- Asmin Koalindo Tuhup - Indonesia
- Bangladesh Power Developement Board
- Coal and Oil Company - UAE
- Ministry of Transport, Egypt
- PTC India Limited - India
- The State Trading Corporation of India Ltd
- White Energy Company Limited
- Tamil Nadu electricity Board
- Savvy Resources Ltd - HongKong
- Meenaskhi Energy Private Limited - India
- Dalmia Cement Bharat India
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Baiduri Energy - Indonesia
- Carbofer General Trading SA - India
- Goldman Sachs - Singapore
- Iligan Light & Power Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Oldendorff Carriers - Singapore
- GN Power Mariveles Coal Plant, Philippines
- AsiaOL BioFuels Corp., Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kaltim Prima Coal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- McConnell Dowell - Australia
- Australian Commodity Traders Exchange
- Minerals Council of Australia
- Electricity Generating Authority of Thailand
- Electricity Authority, New Zealand
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