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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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Monday, 02 November 20
PHILIPPINES GOVERNMENT SAYS NO TO NEW COAL PLANT PROPOSALS - IEEFA | 24 PILIPINAS
The Duterte administration will no longer accept proposals to construct new coal power plants, a dramatic shift in energy policy that counts on dec ...
Sunday, 01 November 20
GRADUAL RECOVERY FOR INDONESIAN COAL FROM 4Q20; RISKS REMAIN - FITCH RATINGS
Fitch Ratings expects the credit metrics of Indonesian coal miners and coal contractors to improve from 4Q20 with the recovery in volumes and price ...
Wednesday, 28 October 20
BIODIESEL - NEW FUELS, NEW CHALLENGES - GARD | DNV GL
KNOWLEDGE TO ELEVATE
One of numerous possible ways to comply with the IMO’s strategy on the reduction of greenhouse gas (GHG) emissions ...
Wednesday, 28 October 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.35 PCT - XINHUA
China Taiyuan coal transaction price index stood at 127.94 points Monday, up 0.35 percent week on week.
The index, released by China ...
Wednesday, 28 October 20
MARKET INSIGHT - INTERMODAL
The global strive towards eco-friendliness and environmental sustainability in the shipping industry is mounting. There are currently almost 200 co ...
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- Dalmia Cement Bharat India
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- Indonesian Coal Mining Association
- Neyveli Lignite Corporation Ltd, - India
- Parry Sugars Refinery, India
- Karbindo Abesyapradhi - Indoneisa
- IEA Clean Coal Centre - UK
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- Maheswari Brothers Coal Limited - India
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- Wilmar Investment Holdings
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- Bangladesh Power Developement Board
- Dr Ramakrishna Prasad Power Pvt Ltd - India
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- Planning Commission, India
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- The State Trading Corporation of India Ltd
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- India Bulls Power Limited - India
- Sarangani Energy Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Jorong Barutama Greston.PT - Indonesia
- Sree Jayajothi Cements Limited - India
- Romanian Commodities Exchange
- Banpu Public Company Limited - Thailand
- Sojitz Corporation - Japan
- GVK Power & Infra Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Port Waratah Coal Services - Australia
- Vijayanagar Sugar Pvt Ltd - India
- The University of Queensland
- PowerSource Philippines DevCo
- Economic Council, Georgia
- Meralco Power Generation, Philippines
- Australian Commodity Traders Exchange
- Australian Coal Association
- Xindia Steels Limited - India
- Georgia Ports Authority, United States
- Riau Bara Harum - Indonesia
- Price Waterhouse Coopers - Russia
- Indo Tambangraya Megah - Indonesia
- OPG Power Generation Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Coastal Gujarat Power Limited - India
- Commonwealth Bank - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Kumho Petrochemical, South Korea
- GAC Shipping (India) Pvt Ltd
- Heidelberg Cement - Germany
- Ministry of Finance - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Sakthi Sugars Limited - India
- McConnell Dowell - Australia
- White Energy Company Limited
- Pendopo Energi Batubara - Indonesia
- Interocean Group of Companies - India
- Sindya Power Generating Company Private Ltd
- Vedanta Resources Plc - India
- Petrochimia International Co. Ltd.- Taiwan
- Chettinad Cement Corporation Ltd - India
- European Bulk Services B.V. - Netherlands
- Deloitte Consulting - India
- Essar Steel Hazira Ltd - India
- South Luzon Thermal Energy Corporation
- Bharathi Cement Corporation - India
- Bayan Resources Tbk. - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Meenaskhi Energy Private Limited - India
- Salva Resources Pvt Ltd - India
- Sical Logistics Limited - India
- Independent Power Producers Association of India
- Binh Thuan Hamico - Vietnam
- Makarim & Taira - Indonesia
- Electricity Authority, New Zealand
- Wood Mackenzie - Singapore
- Borneo Indobara - Indonesia
- Renaissance Capital - South Africa
- Kalimantan Lumbung Energi - Indonesia
- Star Paper Mills Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Intertek Mineral Services - Indonesia
- New Zealand Coal & Carbon
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- Alfred C Toepfer International GmbH - Germany
- Gujarat Mineral Development Corp Ltd - India
- Global Coal Blending Company Limited - Australia
- Anglo American - United Kingdom
- Posco Energy - South Korea
- Siam City Cement - Thailand
- Bulk Trading Sa - Switzerland
- Semirara Mining and Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Karaikal Port Pvt Ltd - India
- Chamber of Mines of South Africa
- Goldman Sachs - Singapore
- GMR Energy Limited - India
- Larsen & Toubro Limited - India
- ICICI Bank Limited - India
- Tata Chemicals Ltd - India
- Bhushan Steel Limited - India
- Aditya Birla Group - India
- Singapore Mercantile Exchange
- Simpson Spence & Young - Indonesia
- Manunggal Multi Energi - Indonesia
- Thai Mozambique Logistica
- Directorate Of Revenue Intelligence - India
- Oldendorff Carriers - Singapore
- Cigading International Bulk Terminal - Indonesia
- Siam City Cement PLC, Thailand
- Mjunction Services Limited - India
- Ceylon Electricity Board - Sri Lanka
- Grasim Industreis Ltd - India
- Orica Mining Services - Indonesia
- Agrawal Coal Company - India
- Uttam Galva Steels Limited - India
- Indian Energy Exchange, India
- GN Power Mariveles Coal Plant, Philippines
- PNOC Exploration Corporation - Philippines
- Vizag Seaport Private Limited - India
- Antam Resourcindo - Indonesia
- Bhoruka Overseas - Indonesia
- VISA Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Power Finance Corporation Ltd., India
- Altura Mining Limited, Indonesia
- Jaiprakash Power Ventures ltd
- TeaM Sual Corporation - Philippines
- Energy Development Corp, Philippines
- Petron Corporation, Philippines
- Global Business Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Toyota Tsusho Corporation, Japan
- Trasteel International SA, Italy
- International Coal Ventures Pvt Ltd - India
- Latin American Coal - Colombia
- ASAPP Information Group - India
- Central Java Power - Indonesia
- Mercator Lines Limited - India
- Central Electricity Authority - India
- Electricity Generating Authority of Thailand
- Kepco SPC Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Eastern Coal Council - USA
- Ambuja Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Cement Manufacturers Association - India
- SMG Consultants - Indonesia
- Barasentosa Lestari - Indonesia
- Metalloyd Limited - United Kingdom
- Ministry of Mines - Canada
- Standard Chartered Bank - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Carbofer General Trading SA - India
- Mercuria Energy - Indonesia
- Baramulti Group, Indonesia
- PTC India Limited - India
- Therma Luzon, Inc, Philippines
- Samtan Co., Ltd - South Korea
- Gujarat Sidhee Cement - India
- Energy Link Ltd, New Zealand
- Savvy Resources Ltd - HongKong
- Tamil Nadu electricity Board
- Africa Commodities Group - South Africa
- Leighton Contractors Pty Ltd - Australia
- Attock Cement Pakistan Limited
- Minerals Council of Australia
- Billiton Holdings Pty Ltd - Australia
- Thiess Contractors Indonesia
- Indian Oil Corporation Limited
- Kartika Selabumi Mining - Indonesia
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