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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, 25 November 20
MARKET INSIGHT - INTERMODAL
Over 90% of the world’s goods are transported by sea. LPG is a clean, energy efficient and portable fuel that is being marketed at an afforda ...
Friday, 20 November 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 ...
Thursday, 19 November 20
MARKET INSIGHT - INTERMODAL
As we are moving towards the end of the year, the overall deal landscape of the dry bulk sector corresponding to the second half of 2020 (up to dat ...
Tuesday, 17 November 20
COAL SQUEEZE INTENSIFIES - BALTIC EXCHANGE
The message from the top is clear: cut out coal. While the regulatory pressure has been evident for some time, the race to banish the black stuff s ...
Tuesday, 17 November 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.35 PCT - XINHUA
China Taiyuan coal transaction price index stood at 128.72 points Monday, up 0.35 percent week on week.
The index, released by China ...
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- Manunggal Multi Energi - Indonesia
- IEA Clean Coal Centre - UK
- Alfred C Toepfer International GmbH - Germany
- Marubeni Corporation - India
- IHS Mccloskey Coal Group - USA
- Economic Council, Georgia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Essar Steel Hazira Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Bhatia International Limited - India
- Anglo American - United Kingdom
- Electricity Authority, New Zealand
- Africa Commodities Group - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Australian Commodity Traders Exchange
- Central Java Power - Indonesia
- International Coal Ventures Pvt Ltd - India
- VISA Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- ICICI Bank Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Altura Mining Limited, Indonesia
- Chettinad Cement Corporation Ltd - India
- ASAPP Information Group - India
- Antam Resourcindo - Indonesia
- GVK Power & Infra Limited - India
- Banpu Public Company Limited - Thailand
- The State Trading Corporation of India Ltd
- Mercuria Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Siam City Cement - Thailand
- Kumho Petrochemical, South Korea
- Heidelberg Cement - Germany
- Tamil Nadu electricity Board
- Eastern Coal Council - USA
- Simpson Spence & Young - Indonesia
- Kaltim Prima Coal - Indonesia
- Baramulti Group, Indonesia
- Sarangani Energy Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Indogreen Group - Indonesia
- Makarim & Taira - Indonesia
- Dalmia Cement Bharat India
- Jaiprakash Power Ventures ltd
- CIMB Investment Bank - Malaysia
- European Bulk Services B.V. - Netherlands
- Petrochimia International Co. Ltd.- Taiwan
- Krishnapatnam Port Company Ltd. - India
- Metalloyd Limited - United Kingdom
- Indian Energy Exchange, India
- Gujarat Mineral Development Corp Ltd - India
- Rio Tinto Coal - Australia
- Aditya Birla Group - India
- Planning Commission, India
- Mercator Lines Limited - India
- Salva Resources Pvt Ltd - India
- Ministry of Transport, Egypt
- San Jose City I Power Corp, Philippines
- Independent Power Producers Association of India
- Sree Jayajothi Cements Limited - India
- London Commodity Brokers - England
- Kalimantan Lumbung Energi - Indonesia
- Price Waterhouse Coopers - Russia
- Thai Mozambique Logistica
- Vizag Seaport Private Limited - India
- Indo Tambangraya Megah - Indonesia
- Sical Logistics Limited - India
- Coal and Oil Company - UAE
- Bukit Baiduri Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Kepco SPC Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Rashtriya Ispat Nigam Limited - India
- Georgia Ports Authority, United States
- Toyota Tsusho Corporation, Japan
- The University of Queensland
- Maheswari Brothers Coal Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Xindia Steels Limited - India
- Videocon Industries ltd - India
- Energy Link Ltd, New Zealand
- Port Waratah Coal Services - Australia
- Pendopo Energi Batubara - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Carbofer General Trading SA - India
- SN Aboitiz Power Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Karaikal Port Pvt Ltd - India
- Parry Sugars Refinery, India
- Grasim Industreis Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Timah Investasi Mineral - Indoneisa
- Lanco Infratech Ltd - India
- Wood Mackenzie - Singapore
- Barasentosa Lestari - Indonesia
- Orica Mining Services - Indonesia
- GMR Energy Limited - India
- Therma Luzon, Inc, Philippines
- MS Steel International - UAE
- South Luzon Thermal Energy Corporation
- GN Power Mariveles Coal Plant, Philippines
- Kideco Jaya Agung - Indonesia
- Meenaskhi Energy Private Limited - India
- PTC India Limited - India
- Sakthi Sugars Limited - India
- Singapore Mercantile Exchange
- Mintek Dendrill Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kohat Cement Company Ltd. - Pakistan
- Bhushan Steel Limited - India
- Star Paper Mills Limited - India
- Global Coal Blending Company Limited - Australia
- Cigading International Bulk Terminal - Indonesia
- Bangladesh Power Developement Board
- Romanian Commodities Exchange
- Kartika Selabumi Mining - Indonesia
- Sindya Power Generating Company Private Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Indonesian Coal Mining Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The Treasury - Australian Government
- Renaissance Capital - South Africa
- Savvy Resources Ltd - HongKong
- Posco Energy - South Korea
- SMC Global Power, Philippines
- Riau Bara Harum - Indonesia
- Madhucon Powers Ltd - India
- Goldman Sachs - Singapore
- Agrawal Coal Company - India
- Global Green Power PLC Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Indian Oil Corporation Limited
- Interocean Group of Companies - India
- Minerals Council of Australia
- Bharathi Cement Corporation - India
- Directorate Of Revenue Intelligence - India
- Indika Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Aboitiz Power Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Eastern Energy - Thailand
- Bulk Trading Sa - Switzerland
- Gujarat Electricity Regulatory Commission - India
- Formosa Plastics Group - Taiwan
- Petron Corporation, Philippines
- Uttam Galva Steels Limited - India
- Trasteel International SA, Italy
- Medco Energi Mining Internasional
- Ceylon Electricity Board - Sri Lanka
- Bayan Resources Tbk. - Indonesia
- Wilmar Investment Holdings
- Commonwealth Bank - Australia
- CNBM International Corporation - China
- Coastal Gujarat Power Limited - India
- Attock Cement Pakistan Limited
- Jindal Steel & Power Ltd - India
- Oldendorff Carriers - Singapore
- Electricity Generating Authority of Thailand
- India Bulls Power Limited - India
- Ambuja Cements Ltd - India
- New Zealand Coal & Carbon
- Latin American Coal - Colombia
- Iligan Light & Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Global Business Power Corporation, Philippines
- Mjunction Services Limited - India
- Binh Thuan Hamico - Vietnam
- Larsen & Toubro Limited - India
- Kobexindo Tractors - Indoneisa
- PNOC Exploration Corporation - Philippines
- Parliament of New Zealand
- Coalindo Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Standard Chartered Bank - UAE
- OPG Power Generation Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Meralco Power Generation, Philippines
- Edison Trading Spa - Italy
- Energy Development Corp, Philippines
- PowerSource Philippines DevCo
- Central Electricity Authority - India
- SMG Consultants - Indonesia
- White Energy Company Limited
- Siam City Cement PLC, Thailand
- TeaM Sual Corporation - Philippines
- Merrill Lynch Commodities Europe
- Vedanta Resources Plc - India
- Asmin Koalindo Tuhup - Indonesia
- Sojitz Corporation - Japan
- Australian Coal Association
- Malabar Cements Ltd - India
- Ministry of Mines - Canada
- Orica Australia Pty. Ltd.
- Karbindo Abesyapradhi - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Gujarat Sidhee Cement - India
- McConnell Dowell - Australia
- Intertek Mineral Services - Indonesia
- Straits Asia Resources Limited - Singapore
- Borneo Indobara - Indonesia
- Thiess Contractors Indonesia
- Ministry of Finance - Indonesia
- Ind-Barath Power Infra Limited - India
- Tata Chemicals Ltd - India
- Samtan Co., Ltd - South Korea
- Kapuas Tunggal Persada - Indonesia
- Globalindo Alam Lestari - Indonesia
- Chamber of Mines of South Africa
- Billiton Holdings Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Cement Manufacturers Association - India
- Deloitte Consulting - India
- Semirara Mining Corp, Philippines
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