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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, 02 December 20
INDONESIA CONSIDERING CLOSING 3,400MW SURALAYA COAL PLANT - THE JAKARTA POST
The government is considering to shut down the aging Suralaya coal-fired power plant (PLTU) in Cilegon, Banten, and replace it with green energy, a ...
Wednesday, 02 December 20
MARKET INSIGHT - INTERMODAL
It has been another busy week in the dry bulk secondhand market; a healthy number of sales reported predominantly from Japanese owners while owner& ...
Thursday, 26 November 20
DECLINE IN COAL EXPORTS ADDS TO NAVAJO-OWNED COMPANY'S PROBLEMS - IEEFA U.S.
Weak demand and low prices are likely creating steep losses for NTEC
U.S. coal exports to Asia—once heralded as the saving gra ...
Thursday, 26 November 20
COAL FINANCING QUICKLY DRYING UP WORLDWIDE - ANALYSTS : REUTERS
Financing for coal projects is drying up at ever increasing rates as more countries target zero carbon emissions amid an energy transition sweeping ...
Wednesday, 25 November 20
LIBOR REPLACEMENT AND SHIP FINANCE - WHERE IS IT HEADING? - WFW
The likely replacement of the LIBOR at the end of 2021 creates difficult technical and practical issues for all sectors of business and finance. Th ...
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- Energy Development Corp, Philippines
- McConnell Dowell - Australia
- LBH Netherlands Bv - Netherlands
- Larsen & Toubro Limited - India
- Formosa Plastics Group - Taiwan
- Lanco Infratech Ltd - India
- Eastern Coal Council - USA
- Krishnapatnam Port Company Ltd. - India
- Medco Energi Mining Internasional
- Bukit Baiduri Energy - Indonesia
- Africa Commodities Group - South Africa
- Planning Commission, India
- Siam City Cement PLC, Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Energy Link Ltd, New Zealand
- The University of Queensland
- South Luzon Thermal Energy Corporation
- MS Steel International - UAE
- Gujarat Mineral Development Corp Ltd - India
- Star Paper Mills Limited - India
- Semirara Mining and Power Corporation, Philippines
- Borneo Indobara - Indonesia
- PowerSource Philippines DevCo
- Aboitiz Power Corporation - Philippines
- Sakthi Sugars Limited - India
- SMG Consultants - Indonesia
- Tamil Nadu electricity Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- Baramulti Group, Indonesia
- India Bulls Power Limited - India
- Jindal Steel & Power Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Anglo American - United Kingdom
- Kapuas Tunggal Persada - Indonesia
- Rio Tinto Coal - Australia
- Bulk Trading Sa - Switzerland
- Bhatia International Limited - India
- Dalmia Cement Bharat India
- Ambuja Cements Ltd - India
- Romanian Commodities Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Parry Sugars Refinery, India
- Kumho Petrochemical, South Korea
- Kaltim Prima Coal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Karaikal Port Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Kobexindo Tractors - Indoneisa
- Indian Oil Corporation Limited
- Metalloyd Limited - United Kingdom
- Ministry of Finance - Indonesia
- Economic Council, Georgia
- Maharashtra Electricity Regulatory Commission - India
- Essar Steel Hazira Ltd - India
- Samtan Co., Ltd - South Korea
- Asmin Koalindo Tuhup - Indonesia
- Agrawal Coal Company - India
- Australian Coal Association
- Salva Resources Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Singapore Mercantile Exchange
- Sindya Power Generating Company Private Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Oldendorff Carriers - Singapore
- Central Java Power - Indonesia
- Meralco Power Generation, Philippines
- Thai Mozambique Logistica
- Cigading International Bulk Terminal - Indonesia
- Bharathi Cement Corporation - India
- Indonesian Coal Mining Association
- Wood Mackenzie - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Electricity Authority, New Zealand
- GVK Power & Infra Limited - India
- PNOC Exploration Corporation - Philippines
- CNBM International Corporation - China
- Coal and Oil Company - UAE
- Gujarat Sidhee Cement - India
- AsiaOL BioFuels Corp., Philippines
- SN Aboitiz Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- PTC India Limited - India
- Goldman Sachs - Singapore
- Gujarat Electricity Regulatory Commission - India
- Merrill Lynch Commodities Europe
- Malabar Cements Ltd - India
- Bhushan Steel Limited - India
- Vedanta Resources Plc - India
- Makarim & Taira - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Riau Bara Harum - Indonesia
- Sical Logistics Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Indogreen Group - Indonesia
- The Treasury - Australian Government
- Global Business Power Corporation, Philippines
- Ministry of Transport, Egypt
- Madhucon Powers Ltd - India
- Edison Trading Spa - Italy
- Attock Cement Pakistan Limited
- Ministry of Mines - Canada
- Karbindo Abesyapradhi - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Orica Australia Pty. Ltd.
- Indika Energy - Indonesia
- Wilmar Investment Holdings
- Global Coal Blending Company Limited - Australia
- Orica Mining Services - Indonesia
- IEA Clean Coal Centre - UK
- Directorate Of Revenue Intelligence - India
- Jaiprakash Power Ventures ltd
- San Jose City I Power Corp, Philippines
- Mercator Lines Limited - India
- Timah Investasi Mineral - Indoneisa
- Deloitte Consulting - India
- Central Electricity Authority - India
- Xindia Steels Limited - India
- Kideco Jaya Agung - Indonesia
- Latin American Coal - Colombia
- Bukit Makmur.PT - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Straits Asia Resources Limited - Singapore
- Mercuria Energy - Indonesia
- Carbofer General Trading SA - India
- Heidelberg Cement - Germany
- Interocean Group of Companies - India
- Altura Mining Limited, Indonesia
- Georgia Ports Authority, United States
- Grasim Industreis Ltd - India
- Ind-Barath Power Infra Limited - India
- Indian Energy Exchange, India
- ASAPP Information Group - India
- Semirara Mining Corp, Philippines
- VISA Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Holcim Trading Pte Ltd - Singapore
- CIMB Investment Bank - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Independent Power Producers Association of India
- Banpu Public Company Limited - Thailand
- Therma Luzon, Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Renaissance Capital - South Africa
- IHS Mccloskey Coal Group - USA
- Australian Commodity Traders Exchange
- Global Green Power PLC Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Iligan Light & Power Inc, Philippines
- GMR Energy Limited - India
- Kepco SPC Power Corporation, Philippines
- Petron Corporation, Philippines
- The State Trading Corporation of India Ltd
- Rashtriya Ispat Nigam Limited - India
- Tata Chemicals Ltd - India
- Bhoruka Overseas - Indonesia
- Parliament of New Zealand
- SMC Global Power, Philippines
- Alfred C Toepfer International GmbH - Germany
- Bangladesh Power Developement Board
- Videocon Industries ltd - India
- GAC Shipping (India) Pvt Ltd
- Siam City Cement - Thailand
- Uttam Galva Steels Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Posco Energy - South Korea
- Savvy Resources Ltd - HongKong
- Minerals Council of Australia
- TNB Fuel Sdn Bhd - Malaysia
- Mjunction Services Limited - India
- Bayan Resources Tbk. - Indonesia
- Sree Jayajothi Cements Limited - India
- Trasteel International SA, Italy
- Indo Tambangraya Megah - Indonesia
- Binh Thuan Hamico - Vietnam
- Sojitz Corporation - Japan
- PetroVietnam Power Coal Import and Supply Company
- Pendopo Energi Batubara - Indonesia
- Intertek Mineral Services - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Price Waterhouse Coopers - Russia
- Globalindo Alam Lestari - Indonesia
- New Zealand Coal & Carbon
- Marubeni Corporation - India
- Manunggal Multi Energi - Indonesia
- Simpson Spence & Young - Indonesia
- Toyota Tsusho Corporation, Japan
- Eastern Energy - Thailand
- Kalimantan Lumbung Energi - Indonesia
- Coalindo Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Standard Chartered Bank - UAE
- European Bulk Services B.V. - Netherlands
- Commonwealth Bank - Australia
- Meenaskhi Energy Private Limited - India
- Kartika Selabumi Mining - Indonesia
- Maheswari Brothers Coal Limited - India
- London Commodity Brokers - England
- Vizag Seaport Private Limited - India
- Coastal Gujarat Power Limited - India
- Cement Manufacturers Association - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- TeaM Sual Corporation - Philippines
- Mintek Dendrill Indonesia
- ICICI Bank Limited - India
- Thiess Contractors Indonesia
- Chettinad Cement Corporation Ltd - India
- Chamber of Mines of South Africa
- Power Finance Corporation Ltd., India
- White Energy Company Limited
- Sarangani Energy Corporation, Philippines
- Aditya Birla Group - India
- Electricity Generating Authority of Thailand
- Barasentosa Lestari - Indonesia
- Port Waratah Coal Services - Australia
- Leighton Contractors Pty Ltd - Australia
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