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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, 22 November 23
INDIA: GOVERNMENT PLANS 1.4 BILLION TONNE COAL OUTPUT BY 2027 - LIVEMINT
The Union coal ministry on Monday announced plans to increase India’s coal production to 1.404 billion tonne by 2027, with an eye to further ...
Wednesday, 22 November 23
OBLIGATION. INDONESIA AIMS TO START COLLECTING LEVIES FROM COAL MINERS IN JANUARY - REUTERS
Indonesia plans to start collecting levies from coal miners in January to be used to compensate miners who sell coal to the state utility at lower ...
Tuesday, 21 November 23
INDIAN COAL POWER PLANTS’ CAPACITY UTILISATION WILL IMPROVE TO 65% THIS FISCAL: - CRISIL
Coal-based thermal power units’ plant load factor (PLF) or capacity utilisation will improve to 65 percent in the current fiscal year despite ...
Tuesday, 14 November 23
CAPITAL PRODUCT PARTNERS L.P. ANNOUNCES TRANSFORMATIVE TRANSACTION INCLUDING THE ACQUISITION OF 11 NEWBUILD LNG CARRIERS FOR $3.1 BILLION
Capital Product Partners L.P. announced that it has entered into an umbrella agreement (the “Umbrella Agreement”) with Capital Maritime ...
Tuesday, 14 November 23
COAL INDIA BEATS Q2 PROFIT VIEW ON HIGH POWER DEMAND AMID WEAK MONSOON - REUTERS
Coal India on Friday reported better-than-expected second-quarter profit, helped by high power demand and boosted production amid a weak monsoon.
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- Mercuria Energy - Indonesia
- ASAPP Information Group - India
- Global Coal Blending Company Limited - Australia
- Bukit Baiduri Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Toyota Tsusho Corporation, Japan
- Leighton Contractors Pty Ltd - Australia
- Eastern Energy - Thailand
- Larsen & Toubro Limited - India
- The State Trading Corporation of India Ltd
- SMC Global Power, Philippines
- Price Waterhouse Coopers - Russia
- European Bulk Services B.V. - Netherlands
- PTC India Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Port Waratah Coal Services - Australia
- Goldman Sachs - Singapore
- Orica Mining Services - Indonesia
- GMR Energy Limited - India
- Savvy Resources Ltd - HongKong
- SN Aboitiz Power Inc, Philippines
- Cement Manufacturers Association - India
- Madhucon Powers Ltd - India
- Coastal Gujarat Power Limited - India
- SMG Consultants - Indonesia
- Kideco Jaya Agung - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Star Paper Mills Limited - India
- OPG Power Generation Pvt Ltd - India
- Sakthi Sugars Limited - India
- Aboitiz Power Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Electricity Authority, New Zealand
- Straits Asia Resources Limited - Singapore
- IEA Clean Coal Centre - UK
- Sical Logistics Limited - India
- Banpu Public Company Limited - Thailand
- Bukit Makmur.PT - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Lanco Infratech Ltd - India
- MS Steel International - UAE
- Central Electricity Authority - India
- Kartika Selabumi Mining - Indonesia
- Commonwealth Bank - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- McConnell Dowell - Australia
- Orica Australia Pty. Ltd.
- San Jose City I Power Corp, Philippines
- Ministry of Transport, Egypt
- London Commodity Brokers - England
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Eastern Coal Council - USA
- VISA Power Limited - India
- Attock Cement Pakistan Limited
- TNB Fuel Sdn Bhd - Malaysia
- Sinarmas Energy and Mining - Indonesia
- Chamber of Mines of South Africa
- Salva Resources Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Barasentosa Lestari - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bhushan Steel Limited - India
- Tata Chemicals Ltd - India
- Siam City Cement - Thailand
- Indonesian Coal Mining Association
- Meralco Power Generation, Philippines
- Semirara Mining Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Billiton Holdings Pty Ltd - Australia
- Bhoruka Overseas - Indonesia
- Planning Commission, India
- Krishnapatnam Port Company Ltd. - India
- Mjunction Services Limited - India
- Kapuas Tunggal Persada - Indonesia
- Semirara Mining and Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Interocean Group of Companies - India
- Bulk Trading Sa - Switzerland
- PetroVietnam Power Coal Import and Supply Company
- Offshore Bulk Terminal Pte Ltd, Singapore
- Pendopo Energi Batubara - Indonesia
- Ministry of Finance - Indonesia
- Ind-Barath Power Infra Limited - India
- Bangladesh Power Developement Board
- Binh Thuan Hamico - Vietnam
- Edison Trading Spa - Italy
- PowerSource Philippines DevCo
- Pipit Mutiara Jaya. PT, Indonesia
- Agrawal Coal Company - India
- The University of Queensland
- Australian Coal Association
- Kalimantan Lumbung Energi - Indonesia
- Romanian Commodities Exchange
- Altura Mining Limited, Indonesia
- Tamil Nadu electricity Board
- PNOC Exploration Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Bhatia International Limited - India
- Jindal Steel & Power Ltd - India
- India Bulls Power Limited - India
- CIMB Investment Bank - Malaysia
- Australian Commodity Traders Exchange
- IHS Mccloskey Coal Group - USA
- Africa Commodities Group - South Africa
- Sindya Power Generating Company Private Ltd
- Standard Chartered Bank - UAE
- Mintek Dendrill Indonesia
- Minerals Council of Australia
- Kobexindo Tractors - Indoneisa
- Riau Bara Harum - Indonesia
- Baramulti Group, Indonesia
- Economic Council, Georgia
- Energy Development Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Independent Power Producers Association of India
- Marubeni Corporation - India
- Indian Oil Corporation Limited
- Makarim & Taira - Indonesia
- Karaikal Port Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Trasteel International SA, Italy
- Indo Tambangraya Megah - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Dalmia Cement Bharat India
- Wood Mackenzie - Singapore
- Wilmar Investment Holdings
- Thiess Contractors Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Georgia Ports Authority, United States
- Ministry of Mines - Canada
- TeaM Sual Corporation - Philippines
- Videocon Industries ltd - India
- Malabar Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Borneo Indobara - Indonesia
- Metalloyd Limited - United Kingdom
- Central Java Power - Indonesia
- Timah Investasi Mineral - Indoneisa
- The Treasury - Australian Government
- Renaissance Capital - South Africa
- South Luzon Thermal Energy Corporation
- GN Power Mariveles Coal Plant, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cigading International Bulk Terminal - Indonesia
- Vizag Seaport Private Limited - India
- Intertek Mineral Services - Indonesia
- Bharathi Cement Corporation - India
- LBH Netherlands Bv - Netherlands
- Ambuja Cements Ltd - India
- Aditya Birla Group - India
- Xindia Steels Limited - India
- Antam Resourcindo - Indonesia
- Rio Tinto Coal - Australia
- Neyveli Lignite Corporation Ltd, - India
- Mercator Lines Limited - India
- Jaiprakash Power Ventures ltd
- Kepco SPC Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Carbofer General Trading SA - India
- Kohat Cement Company Ltd. - Pakistan
- Global Business Power Corporation, Philippines
- Indika Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Sojitz Corporation - Japan
- International Coal Ventures Pvt Ltd - India
- Latin American Coal - Colombia
- Petron Corporation, Philippines
- Coal and Oil Company - UAE
- GVK Power & Infra Limited - India
- Oldendorff Carriers - Singapore
- Parliament of New Zealand
- Heidelberg Cement - Germany
- Grasim Industreis Ltd - India
- Medco Energi Mining Internasional
- Singapore Mercantile Exchange
- Therma Luzon, Inc, Philippines
- ICICI Bank Limited - India
- Power Finance Corporation Ltd., India
- CNBM International Corporation - China
- Samtan Co., Ltd - South Korea
- Globalindo Alam Lestari - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Deloitte Consulting - India
- Global Green Power PLC Corporation, Philippines
- Parry Sugars Refinery, India
- Coalindo Energy - Indonesia
- Vedanta Resources Plc - India
- Manunggal Multi Energi - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Chettinad Cement Corporation Ltd - India
- Electricity Generating Authority of Thailand
- Siam City Cement PLC, Thailand
- Indogreen Group - Indonesia
- Formosa Plastics Group - Taiwan
- Thai Mozambique Logistica
- Essar Steel Hazira Ltd - India
- Uttam Galva Steels Limited - India
- Posco Energy - South Korea
- Meenaskhi Energy Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- Simpson Spence & Young - Indonesia
- Sree Jayajothi Cements Limited - India
- Indian Energy Exchange, India
- Anglo American - United Kingdom
- Gujarat Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- Alfred C Toepfer International GmbH - Germany
- New Zealand Coal & Carbon
- White Energy Company Limited
- Merrill Lynch Commodities Europe
- Maheswari Brothers Coal Limited - India
- Kumho Petrochemical, South Korea
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