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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, 08 December 20
MARKET ANALYSIS - ALLIED SHIPPING
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Tuesday, 08 December 20
PANAMAX: THE OVERALL MARKET SEEMS TO BE UNDER NEGATIVE PRESSURE - ALLIED
Capesize
A rather indifferent week for the Capesize market, with BCI 5TC figure finishing the week with slight losses of 0.8%. The Atlantic enj ...
Friday, 04 December 20
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 ...
Friday, 04 December 20
THE INDONESIA COAL PRICE REFERENCE REACHES THREE MONTH HIGH ON IMPROVING DEMAND OUTLOOK
COALspot.com: The Indonesia Coal Price Reference reaches three month high on improving demand outlook . The Indonesia Coal Price Reference rose by& ...
Wednesday, 02 December 20
GLOBAL MINING SECTOR OUTLOOK STABLE DUE TO CHINA'S RECOVERY - FITCH RATINGS
China’s post-pandemic economic recovery and sizeable infrastructure-focused government stimulus boosted global metals and mining prices, help ...
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- White Energy Company Limited
- Sarangani Energy Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- The State Trading Corporation of India Ltd
- Miang Besar Coal Terminal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sical Logistics Limited - India
- European Bulk Services B.V. - Netherlands
- Pendopo Energi Batubara - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Thiess Contractors Indonesia
- Toyota Tsusho Corporation, Japan
- International Coal Ventures Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Semirara Mining and Power Corporation, Philippines
- London Commodity Brokers - England
- Singapore Mercantile Exchange
- GN Power Mariveles Coal Plant, Philippines
- SN Aboitiz Power Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Electricity Authority, New Zealand
- Vizag Seaport Private Limited - India
- Australian Coal Association
- Global Business Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Indogreen Group - Indonesia
- Australian Commodity Traders Exchange
- New Zealand Coal & Carbon
- Coal and Oil Company - UAE
- Semirara Mining Corp, Philippines
- Goldman Sachs - Singapore
- Riau Bara Harum - Indonesia
- Standard Chartered Bank - UAE
- Leighton Contractors Pty Ltd - Australia
- Mintek Dendrill Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Timah Investasi Mineral - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Metalloyd Limited - United Kingdom
- Petrochimia International Co. Ltd.- Taiwan
- Petron Corporation, Philippines
- Heidelberg Cement - Germany
- Kepco SPC Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Orica Australia Pty. Ltd.
- Mercuria Energy - Indonesia
- Romanian Commodities Exchange
- Jindal Steel & Power Ltd - India
- Karaikal Port Pvt Ltd - India
- Siam City Cement - Thailand
- Ambuja Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- Aboitiz Power Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Marubeni Corporation - India
- Maheswari Brothers Coal Limited - India
- LBH Netherlands Bv - Netherlands
- Uttam Galva Steels Limited - India
- Dalmia Cement Bharat India
- Carbofer General Trading SA - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Transport, Egypt
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Wood Mackenzie - Singapore
- TeaM Sual Corporation - Philippines
- Sakthi Sugars Limited - India
- Jaiprakash Power Ventures ltd
- Bulk Trading Sa - Switzerland
- AsiaOL BioFuels Corp., Philippines
- PTC India Limited - India
- Deloitte Consulting - India
- IHS Mccloskey Coal Group - USA
- Sojitz Corporation - Japan
- Orica Mining Services - Indonesia
- Trasteel International SA, Italy
- Grasim Industreis Ltd - India
- Iligan Light & Power Inc, Philippines
- Straits Asia Resources Limited - Singapore
- The Treasury - Australian Government
- Cement Manufacturers Association - India
- Simpson Spence & Young - Indonesia
- MS Steel International - UAE
- Coalindo Energy - Indonesia
- Planning Commission, India
- Bhushan Steel Limited - India
- Renaissance Capital - South Africa
- Parry Sugars Refinery, India
- Indika Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- India Bulls Power Limited - India
- Wilmar Investment Holdings
- Globalindo Alam Lestari - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- South Luzon Thermal Energy Corporation
- Kaltim Prima Coal - Indonesia
- Africa Commodities Group - South Africa
- Bukit Baiduri Energy - Indonesia
- Bharathi Cement Corporation - India
- Vedanta Resources Plc - India
- Anglo American - United Kingdom
- Energy Link Ltd, New Zealand
- Asmin Koalindo Tuhup - Indonesia
- ASAPP Information Group - India
- Ind-Barath Power Infra Limited - India
- Kartika Selabumi Mining - Indonesia
- Indian Oil Corporation Limited
- Eastern Energy - Thailand
- Oldendorff Carriers - Singapore
- Kapuas Tunggal Persada - Indonesia
- Malabar Cements Ltd - India
- Agrawal Coal Company - India
- Siam City Cement PLC, Thailand
- CNBM International Corporation - China
- Baramulti Group, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Banpu Public Company Limited - Thailand
- Bhoruka Overseas - Indonesia
- OPG Power Generation Pvt Ltd - India
- Indian Energy Exchange, India
- Xindia Steels Limited - India
- Global Coal Blending Company Limited - Australia
- Eastern Coal Council - USA
- GAC Shipping (India) Pvt Ltd
- Altura Mining Limited, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Latin American Coal - Colombia
- Central Java Power - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Binh Thuan Hamico - Vietnam
- Mjunction Services Limited - India
- Power Finance Corporation Ltd., India
- Ceylon Electricity Board - Sri Lanka
- Kalimantan Lumbung Energi - Indonesia
- Kumho Petrochemical, South Korea
- Kobexindo Tractors - Indoneisa
- Bangladesh Power Developement Board
- Ministry of Mines - Canada
- Karbindo Abesyapradhi - Indoneisa
- SMC Global Power, Philippines
- McConnell Dowell - Australia
- Essar Steel Hazira Ltd - India
- Videocon Industries ltd - India
- Makarim & Taira - Indonesia
- Tamil Nadu electricity Board
- PNOC Exploration Corporation - Philippines
- Electricity Generating Authority of Thailand
- Independent Power Producers Association of India
- Kideco Jaya Agung - Indonesia
- Rio Tinto Coal - Australia
- PowerSource Philippines DevCo
- Commonwealth Bank - Australia
- Kohat Cement Company Ltd. - Pakistan
- Directorate General of MIneral and Coal - Indonesia
- Sindya Power Generating Company Private Ltd
- Borneo Indobara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bukit Asam (Persero) Tbk - Indonesia
- Therma Luzon, Inc, Philippines
- Indonesian Coal Mining Association
- Krishnapatnam Port Company Ltd. - India
- Attock Cement Pakistan Limited
- Chamber of Mines of South Africa
- GVK Power & Infra Limited - India
- Global Green Power PLC Corporation, Philippines
- Central Electricity Authority - India
- Mercator Lines Limited - India
- Larsen & Toubro Limited - India
- Directorate Of Revenue Intelligence - India
- Jorong Barutama Greston.PT - Indonesia
- IEA Clean Coal Centre - UK
- Samtan Co., Ltd - South Korea
- GMR Energy Limited - India
- Bukit Makmur.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Star Paper Mills Limited - India
- Interocean Group of Companies - India
- Intertek Mineral Services - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Thai Mozambique Logistica
- Antam Resourcindo - Indonesia
- Ministry of Finance - Indonesia
- Bhatia International Limited - India
- Georgia Ports Authority, United States
- VISA Power Limited - India
- Lanco Infratech Ltd - India
- Savvy Resources Ltd - HongKong
- Medco Energi Mining Internasional
- The University of Queensland
- Price Waterhouse Coopers - Russia
- TNB Fuel Sdn Bhd - Malaysia
- Salva Resources Pvt Ltd - India
- ICICI Bank Limited - India
- Parliament of New Zealand
- Formosa Plastics Group - Taiwan
- Posco Energy - South Korea
- Economic Council, Georgia
- Chettinad Cement Corporation Ltd - India
- SMG Consultants - Indonesia
- Meralco Power Generation, Philippines
- Energy Development Corp, Philippines
- CIMB Investment Bank - Malaysia
- Cigading International Bulk Terminal - Indonesia
- Minerals Council of Australia
- Edison Trading Spa - Italy
- Tata Chemicals Ltd - India
- Merrill Lynch Commodities Europe
- Madhucon Powers Ltd - India
- San Jose City I Power Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Port Waratah Coal Services - Australia
- Billiton Holdings Pty Ltd - Australia
- Barasentosa Lestari - Indonesia
- Aditya Birla Group - India
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