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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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Tuesday, 29 December 20
CORROSION-RESISTANT STEELS FOR CARGO OIL TANKS - DNV GL
KNOWLEDGE TO ELEVATE
Crude oil is a complex mixture of substances at varying ratios and in most cases contains at least some salt water. ...
Tuesday, 29 December 20
CHINA COKING COAL FUTURES RISE FOR THIRD DAY ON SUPPLY WORRIES - REUTERS
Chinese coking coal futures extended gains into a third session on Monday, jumping as much as 6.2% as lower imports, sliding inventories and mines ...
Wednesday, 23 December 20
COKING COAL'S DECLINE LIKELY TO FOLLOW THE PATH OF THERMAL COAL’S PROGRESSIVE DEMISE - IEEFA
Technology disruption the likely theme of global energy markets in 2021
There has been a growing tsunami of climate commitment annou ...
Wednesday, 23 December 20
MARKET INSIGHT - INTERMODAL
As we all know, China forges more steel than the rest of the world combined, and even during this unprecedented pandemic, the nation is set to brea ...
Tuesday, 22 December 20
2021 DRY BULK OUTLOOK - SUPPLY GROWTH - TORVALD KLAVENESS
In the first article in the series we mentioned that dry bulk freight was in a super cycle between 2001 and 2008. The growth in global yard capacit ...
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- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kartika Selabumi Mining - Indonesia
- Romanian Commodities Exchange
- Kapuas Tunggal Persada - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sical Logistics Limited - India
- Mjunction Services Limited - India
- Holcim Trading Pte Ltd - Singapore
- Electricity Generating Authority of Thailand
- Krishnapatnam Port Company Ltd. - India
- Gujarat Sidhee Cement - India
- Cigading International Bulk Terminal - Indonesia
- Lanco Infratech Ltd - India
- Bharathi Cement Corporation - India
- Straits Asia Resources Limited - Singapore
- MS Steel International - UAE
- Mercator Lines Limited - India
- Siam City Cement - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Global Coal Blending Company Limited - Australia
- Georgia Ports Authority, United States
- Central Java Power - Indonesia
- Tata Chemicals Ltd - India
- Energy Link Ltd, New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bulk Trading Sa - Switzerland
- TeaM Sual Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Mintek Dendrill Indonesia
- Rio Tinto Coal - Australia
- Directorate Of Revenue Intelligence - India
- Coal and Oil Company - UAE
- Aditya Birla Group - India
- Borneo Indobara - Indonesia
- Makarim & Taira - Indonesia
- Price Waterhouse Coopers - Russia
- SMG Consultants - Indonesia
- Samtan Co., Ltd - South Korea
- Malabar Cements Ltd - India
- International Coal Ventures Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Standard Chartered Bank - UAE
- Jorong Barutama Greston.PT - Indonesia
- Chettinad Cement Corporation Ltd - India
- Wilmar Investment Holdings
- Pendopo Energi Batubara - Indonesia
- Kepco SPC Power Corporation, Philippines
- Energy Development Corp, Philippines
- Xindia Steels Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Cement Manufacturers Association - India
- Global Green Power PLC Corporation, Philippines
- Attock Cement Pakistan Limited
- Maheswari Brothers Coal Limited - India
- Petron Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Mercuria Energy - Indonesia
- Planning Commission, India
- Sinarmas Energy and Mining - Indonesia
- London Commodity Brokers - England
- Vijayanagar Sugar Pvt Ltd - India
- Thiess Contractors Indonesia
- Salva Resources Pvt Ltd - India
- Ambuja Cements Ltd - India
- Trasteel International SA, Italy
- Kobexindo Tractors - Indoneisa
- Bangladesh Power Developement Board
- Deloitte Consulting - India
- San Jose City I Power Corp, Philippines
- Videocon Industries ltd - India
- Global Business Power Corporation, Philippines
- Renaissance Capital - South Africa
- New Zealand Coal & Carbon
- Kideco Jaya Agung - Indonesia
- Agrawal Coal Company - India
- Rashtriya Ispat Nigam Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Parry Sugars Refinery, India
- CNBM International Corporation - China
- Sojitz Corporation - Japan
- Ministry of Mines - Canada
- Bhatia International Limited - India
- Minerals Council of Australia
- European Bulk Services B.V. - Netherlands
- Coastal Gujarat Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Electricity Authority, New Zealand
- Antam Resourcindo - Indonesia
- OPG Power Generation Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Ministry of Finance - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Dalmia Cement Bharat India
- Port Waratah Coal Services - Australia
- Orica Australia Pty. Ltd.
- Ministry of Transport, Egypt
- GMR Energy Limited - India
- Meenaskhi Energy Private Limited - India
- ASAPP Information Group - India
- Intertek Mineral Services - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indonesian Coal Mining Association
- Coalindo Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Independent Power Producers Association of India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jaiprakash Power Ventures ltd
- Essar Steel Hazira Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Grasim Industreis Ltd - India
- The Treasury - Australian Government
- GAC Shipping (India) Pvt Ltd
- IHS Mccloskey Coal Group - USA
- Eastern Energy - Thailand
- Economic Council, Georgia
- Goldman Sachs - Singapore
- Oldendorff Carriers - Singapore
- Bukit Makmur.PT - Indonesia
- Indian Energy Exchange, India
- Bhoruka Overseas - Indonesia
- Vedanta Resources Plc - India
- The State Trading Corporation of India Ltd
- White Energy Company Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- The University of Queensland
- Latin American Coal - Colombia
- Central Electricity Authority - India
- Iligan Light & Power Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Altura Mining Limited, Indonesia
- Bhushan Steel Limited - India
- Banpu Public Company Limited - Thailand
- Indian Oil Corporation Limited
- Riau Bara Harum - Indonesia
- Formosa Plastics Group - Taiwan
- Kaltim Prima Coal - Indonesia
- Indogreen Group - Indonesia
- SMC Global Power, Philippines
- Kumho Petrochemical, South Korea
- PTC India Limited - India
- Power Finance Corporation Ltd., India
- Edison Trading Spa - Italy
- Chamber of Mines of South Africa
- Interocean Group of Companies - India
- PowerSource Philippines DevCo
- Sindya Power Generating Company Private Ltd
- Ind-Barath Power Infra Limited - India
- Tamil Nadu electricity Board
- South Luzon Thermal Energy Corporation
- Savvy Resources Ltd - HongKong
- Orica Mining Services - Indonesia
- Meralco Power Generation, Philippines
- Vizag Seaport Private Limited - India
- Barasentosa Lestari - Indonesia
- Timah Investasi Mineral - Indoneisa
- Commonwealth Bank - Australia
- Parliament of New Zealand
- Therma Luzon, Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Jindal Steel & Power Ltd - India
- Medco Energi Mining Internasional
- CIMB Investment Bank - Malaysia
- Singapore Mercantile Exchange
- Binh Thuan Hamico - Vietnam
- Leighton Contractors Pty Ltd - Australia
- Sakthi Sugars Limited - India
- GVK Power & Infra Limited - India
- Africa Commodities Group - South Africa
- Wood Mackenzie - Singapore
- Bayan Resources Tbk. - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Baramulti Group, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Uttam Galva Steels Limited - India
- Maharashtra Electricity Regulatory Commission - India
- India Bulls Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Larsen & Toubro Limited - India
- Madhucon Powers Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- GN Power Mariveles Coal Plant, Philippines
- Semirara Mining and Power Corporation, Philippines
- ICICI Bank Limited - India
- LBH Netherlands Bv - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- Siam City Cement PLC, Thailand
- Simpson Spence & Young - Indonesia
- McConnell Dowell - Australia
- Indo Tambangraya Megah - Indonesia
- Indika Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- SN Aboitiz Power Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Aboitiz Power Corporation - Philippines
- VISA Power Limited - India
- Star Paper Mills Limited - India
- Merrill Lynch Commodities Europe
- Anglo American - United Kingdom
- Australian Commodity Traders Exchange
- AsiaOL BioFuels Corp., Philippines
- Miang Besar Coal Terminal - Indonesia
- Eastern Coal Council - USA
- Ceylon Electricity Board - Sri Lanka
- IEA Clean Coal Centre - UK
- PNOC Exploration Corporation - Philippines
- Australian Coal Association
- Heidelberg Cement - Germany
- Marubeni Corporation - India
- Thai Mozambique Logistica
- Petrochimia International Co. Ltd.- Taiwan
- Posco Energy - South Korea
- Semirara Mining Corp, Philippines
- Carbofer General Trading SA - India
- PetroVietnam Power Coal Import and Supply Company
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