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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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Friday, 06 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, 05 November 20
THE INDONESIA COAL PRICE REFERENCE RISES FOR SECOND CONSECUTIVE MONTH
COALspot.com: The Indonesia Coal Price Reference rose for a 2nd month by 9.24% month on month. The Indonesia Coal Price Reference for the month of ...
Wednesday, 04 November 20
PHILIPPINES COAL MORATORIUM HIGHLIGHTS DRAMATIC PIVOT TO RENEWABLE ENERGY INVESTMENT FOR LOWER PRICES AND POWER SYSTEM RESILIENCE - IEEFA
Policymakers and industry leaders ready to embrace new energy technologies
The Department of Energy’s call for a moratorium on ...
Wednesday, 04 November 20
FOREIGN INVESTORS FACE TOUGH TIMES CLOSING VIETNAM’S REMAINING COAL POWER DEALS - IEEFA
Project bankability at risk as new regulations threaten usual contractual terms
Foreign investors will face higher-than-usual risks ...
Wednesday, 04 November 20
MARKET INSIGHT - INTERMODAL
As the end of the year approaches, one would definitely notice that the newbuilding orderbook for bulk carriers is significantly smaller compared t ...
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- Ambuja Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Electricity Generating Authority of Thailand
- Sical Logistics Limited - India
- Indian Energy Exchange, India
- Maharashtra Electricity Regulatory Commission - India
- Posco Energy - South Korea
- Formosa Plastics Group - Taiwan
- Savvy Resources Ltd - HongKong
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Electricity Authority, New Zealand
- Salva Resources Pvt Ltd - India
- London Commodity Brokers - England
- Coastal Gujarat Power Limited - India
- The State Trading Corporation of India Ltd
- Port Waratah Coal Services - Australia
- Simpson Spence & Young - Indonesia
- Coalindo Energy - Indonesia
- ASAPP Information Group - India
- Africa Commodities Group - South Africa
- Holcim Trading Pte Ltd - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Indika Energy - Indonesia
- IEA Clean Coal Centre - UK
- Bulk Trading Sa - Switzerland
- Alfred C Toepfer International GmbH - Germany
- Parry Sugars Refinery, India
- AsiaOL BioFuels Corp., Philippines
- Antam Resourcindo - Indonesia
- Cement Manufacturers Association - India
- Economic Council, Georgia
- Oldendorff Carriers - Singapore
- Standard Chartered Bank - UAE
- SN Aboitiz Power Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Indonesian Coal Mining Association
- New Zealand Coal & Carbon
- TeaM Sual Corporation - Philippines
- Mjunction Services Limited - India
- Goldman Sachs - Singapore
- Kepco SPC Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- Madhucon Powers Ltd - India
- Petron Corporation, Philippines
- Eastern Coal Council - USA
- Kideco Jaya Agung - Indonesia
- Videocon Industries ltd - India
- CNBM International Corporation - China
- Therma Luzon, Inc, Philippines
- Orica Australia Pty. Ltd.
- Commonwealth Bank - Australia
- Sindya Power Generating Company Private Ltd
- Borneo Indobara - Indonesia
- Meenaskhi Energy Private Limited - India
- Heidelberg Cement - Germany
- Semirara Mining Corp, Philippines
- Thai Mozambique Logistica
- The Treasury - Australian Government
- Vedanta Resources Plc - India
- Altura Mining Limited, Indonesia
- Bhushan Steel Limited - India
- Baramulti Group, Indonesia
- SMG Consultants - Indonesia
- Xindia Steels Limited - India
- Rio Tinto Coal - Australia
- Independent Power Producers Association of India
- OPG Power Generation Pvt Ltd - India
- VISA Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- South Luzon Thermal Energy Corporation
- Power Finance Corporation Ltd., India
- Kartika Selabumi Mining - Indonesia
- GMR Energy Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Malabar Cements Ltd - India
- Larsen & Toubro Limited - India
- Timah Investasi Mineral - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- McConnell Dowell - Australia
- Essar Steel Hazira Ltd - India
- Coal and Oil Company - UAE
- Maheswari Brothers Coal Limited - India
- Semirara Mining and Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Global Business Power Corporation, Philippines
- Sojitz Corporation - Japan
- Sree Jayajothi Cements Limited - India
- Interocean Group of Companies - India
- Mercuria Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Sidhee Cement - India
- Straits Asia Resources Limited - Singapore
- Singapore Mercantile Exchange
- Sinarmas Energy and Mining - Indonesia
- Global Coal Blending Company Limited - Australia
- Sarangani Energy Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Samtan Co., Ltd - South Korea
- The University of Queensland
- Chamber of Mines of South Africa
- Mintek Dendrill Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Binh Thuan Hamico - Vietnam
- Energy Link Ltd, New Zealand
- Kapuas Tunggal Persada - Indonesia
- Makarim & Taira - Indonesia
- Meralco Power Generation, Philippines
- Chettinad Cement Corporation Ltd - India
- Barasentosa Lestari - Indonesia
- Trasteel International SA, Italy
- Krishnapatnam Port Company Ltd. - India
- PowerSource Philippines DevCo
- Sakthi Sugars Limited - India
- Renaissance Capital - South Africa
- Ministry of Mines - Canada
- Tamil Nadu electricity Board
- Kobexindo Tractors - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Central Electricity Authority - India
- PTC India Limited - India
- Ceylon Electricity Board - Sri Lanka
- Star Paper Mills Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Merrill Lynch Commodities Europe
- Marubeni Corporation - India
- International Coal Ventures Pvt Ltd - India
- Medco Energi Mining Internasional
- Toyota Tsusho Corporation, Japan
- Australian Commodity Traders Exchange
- Kumho Petrochemical, South Korea
- Metalloyd Limited - United Kingdom
- Agrawal Coal Company - India
- Anglo American - United Kingdom
- Siam City Cement - Thailand
- Parliament of New Zealand
- Billiton Holdings Pty Ltd - Australia
- Lanco Infratech Ltd - India
- Bangladesh Power Developement Board
- Jaiprakash Power Ventures ltd
- Miang Besar Coal Terminal - Indonesia
- Thiess Contractors Indonesia
- Iligan Light & Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Romanian Commodities Exchange
- Jorong Barutama Greston.PT - Indonesia
- Karaikal Port Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Kalimantan Lumbung Energi - Indonesia
- Eastern Energy - Thailand
- Central Java Power - Indonesia
- Pendopo Energi Batubara - Indonesia
- Price Waterhouse Coopers - Russia
- Kohat Cement Company Ltd. - Pakistan
- Deloitte Consulting - India
- Bhatia International Limited - India
- Uttam Galva Steels Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Indian Oil Corporation Limited
- Minerals Council of Australia
- Bahari Cakrawala Sebuku - Indonesia
- Manunggal Multi Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Wood Mackenzie - Singapore
- Energy Development Corp, Philippines
- Riau Bara Harum - Indonesia
- Dalmia Cement Bharat India
- Asmin Koalindo Tuhup - Indonesia
- Attock Cement Pakistan Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Orica Mining Services - Indonesia
- Ministry of Finance - Indonesia
- Grasim Industreis Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Vijayanagar Sugar Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- GAC Shipping (India) Pvt Ltd
- Carbofer General Trading SA - India
- Mercator Lines Limited - India
- White Energy Company Limited
- Australian Coal Association
- Ministry of Transport, Egypt
- Wilmar Investment Holdings
- ICICI Bank Limited - India
- GVK Power & Infra Limited - India
- Indogreen Group - Indonesia
- Indo Tambangraya Megah - Indonesia
- Bukit Makmur.PT - Indonesia
- Jindal Steel & Power Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Bhoruka Overseas - Indonesia
- Edison Trading Spa - Italy
- Bukit Baiduri Energy - Indonesia
- Latin American Coal - Colombia
- Directorate Of Revenue Intelligence - India
- India Bulls Power Limited - India
- SMC Global Power, Philippines
- Kaltim Prima Coal - Indonesia
- Planning Commission, India
- Georgia Ports Authority, United States
- LBH Netherlands Bv - Netherlands
- Aditya Birla Group - India
- MS Steel International - UAE
- Globalindo Alam Lestari - Indonesia
- Intertek Mineral Services - Indonesia
- Bharathi Cement Corporation - India
- San Jose City I Power Corp, Philippines
- Banpu Public Company Limited - Thailand
- Aboitiz Power Corporation - Philippines
- Tata Chemicals Ltd - India
- IHS Mccloskey Coal Group - USA
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