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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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Tuesday, 27 October 20
PLN STILL REFUSING TO ADAPT, A MOVE WHICH WILL HURT INVESTORS, CONSUMERS, AND THE GOVERNMENT PURSE - IEEFA
Utility’s latest planning report locks PLN into the past
PLN would be better served restructuring its business to address the current en ...
Monday, 26 October 20
'LONG ASCENT' TO RECOVERY OF GLOBAL GROWTH - BALTIC EXCHANGE
The global economy has so far avoided a “financial catastrophe” but growth projections from the International Monetary Fund’s lat ...
Friday, 23 October 20
SHIPPING LOANS AND COLLATERAL DAMAGE - VICTOR ONYEGBADO, AKABOGU & ASSOCIATES
KNOWLEDGE TO ELEVATE
Shipping finance transactions are characterised by peculiar risk factors principally on account of the shipping asset&rsq ...
Friday, 23 October 20
WHAT WILL THE 2020 ELECTIONS MEAN FOR US ENERGY? - WOOD MACKENZIE
The 2020 elections present American voters with a choice between two radically different visions for the future of energy. President Donald Trump r ...
Wednesday, 21 October 20
BRAZIL EXPORTED 238.7 MLN TONNES OF IRON ORE IN THE FIRST 9 MONTHS OF 2020 - BANCHERO COSTA
Brazil’s iron ore exports have been gradually but steadily recovering following a disastrous winter period of 2019/2020. In the first 9 month ...
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- Mercuria Energy - Indonesia
- Power Finance Corporation Ltd., India
- Indika Energy - Indonesia
- The University of Queensland
- Thai Mozambique Logistica
- Directorate Of Revenue Intelligence - India
- Eastern Coal Council - USA
- Interocean Group of Companies - India
- Toyota Tsusho Corporation, Japan
- Deloitte Consulting - India
- Standard Chartered Bank - UAE
- Thiess Contractors Indonesia
- Goldman Sachs - Singapore
- Indonesian Coal Mining Association
- Sarangani Energy Corporation, Philippines
- Australian Commodity Traders Exchange
- Manunggal Multi Energi - Indonesia
- Trasteel International SA, Italy
- Larsen & Toubro Limited - India
- Krishnapatnam Port Company Ltd. - India
- Heidelberg Cement - Germany
- Bulk Trading Sa - Switzerland
- Romanian Commodities Exchange
- Independent Power Producers Association of India
- McConnell Dowell - Australia
- Price Waterhouse Coopers - Russia
- Gujarat Mineral Development Corp Ltd - India
- Singapore Mercantile Exchange
- Renaissance Capital - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Metalloyd Limited - United Kingdom
- Mercator Lines Limited - India
- Pendopo Energi Batubara - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- TNB Fuel Sdn Bhd - Malaysia
- Directorate General of MIneral and Coal - Indonesia
- Attock Cement Pakistan Limited
- PTC India Limited - India
- Anglo American - United Kingdom
- Petron Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Ceylon Electricity Board - Sri Lanka
- Holcim Trading Pte Ltd - Singapore
- European Bulk Services B.V. - Netherlands
- CIMB Investment Bank - Malaysia
- GMR Energy Limited - India
- Marubeni Corporation - India
- Parry Sugars Refinery, India
- Miang Besar Coal Terminal - Indonesia
- Medco Energi Mining Internasional
- Jorong Barutama Greston.PT - Indonesia
- Barasentosa Lestari - Indonesia
- Indogreen Group - Indonesia
- Posco Energy - South Korea
- Samtan Co., Ltd - South Korea
- Karbindo Abesyapradhi - Indoneisa
- Bharathi Cement Corporation - India
- Straits Asia Resources Limited - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Timah Investasi Mineral - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- Indo Tambangraya Megah - Indonesia
- MS Steel International - UAE
- PNOC Exploration Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Tamil Nadu electricity Board
- Global Coal Blending Company Limited - Australia
- Energy Link Ltd, New Zealand
- TeaM Sual Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Dalmia Cement Bharat India
- ICICI Bank Limited - India
- Edison Trading Spa - Italy
- Kepco SPC Power Corporation, Philippines
- Videocon Industries ltd - India
- Orica Mining Services - Indonesia
- Kartika Selabumi Mining - Indonesia
- Wilmar Investment Holdings
- Sinarmas Energy and Mining - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Ambuja Cements Ltd - India
- Cement Manufacturers Association - India
- Xindia Steels Limited - India
- Central Java Power - Indonesia
- Malabar Cements Ltd - India
- Meralco Power Generation, Philippines
- Agrawal Coal Company - India
- Antam Resourcindo - Indonesia
- Orica Australia Pty. Ltd.
- Sree Jayajothi Cements Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- CNBM International Corporation - China
- Commonwealth Bank - Australia
- Indian Energy Exchange, India
- London Commodity Brokers - England
- Ministry of Finance - Indonesia
- Coal and Oil Company - UAE
- IHS Mccloskey Coal Group - USA
- Aboitiz Power Corporation - Philippines
- Mjunction Services Limited - India
- Makarim & Taira - Indonesia
- Ministry of Mines - Canada
- Electricity Generating Authority of Thailand
- Carbofer General Trading SA - India
- Bhushan Steel Limited - India
- Latin American Coal - Colombia
- Parliament of New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Rio Tinto Coal - Australia
- Savvy Resources Ltd - HongKong
- Borneo Indobara - Indonesia
- Binh Thuan Hamico - Vietnam
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jaiprakash Power Ventures ltd
- Minerals Council of Australia
- Uttam Galva Steels Limited - India
- SN Aboitiz Power Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- IEA Clean Coal Centre - UK
- Vizag Seaport Private Limited - India
- Global Green Power PLC Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Vedanta Resources Plc - India
- OPG Power Generation Pvt Ltd - India
- India Bulls Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Lanco Infratech Ltd - India
- GAC Shipping (India) Pvt Ltd
- Karaikal Port Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- LBH Netherlands Bv - Netherlands
- Coalindo Energy - Indonesia
- Wood Mackenzie - Singapore
- Chamber of Mines of South Africa
- Sakthi Sugars Limited - India
- Energy Development Corp, Philippines
- Siam City Cement - Thailand
- Merrill Lynch Commodities Europe
- Maheswari Brothers Coal Limited - India
- Ministry of Transport, Egypt
- Iligan Light & Power Inc, Philippines
- Aditya Birla Group - India
- Madhucon Powers Ltd - India
- Therma Luzon, Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Star Paper Mills Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Salva Resources Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- San Jose City I Power Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Kaltim Prima Coal - Indonesia
- Australian Coal Association
- SMG Consultants - Indonesia
- Tata Chemicals Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhatia International Limited - India
- GVK Power & Infra Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Central Electricity Authority - India
- Meenaskhi Energy Private Limited - India
- Economic Council, Georgia
- Port Waratah Coal Services - Australia
- Ind-Barath Power Infra Limited - India
- Essar Steel Hazira Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Chettinad Cement Corporation Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Intertek Mineral Services - Indonesia
- Sojitz Corporation - Japan
- Bangladesh Power Developement Board
- Oldendorff Carriers - Singapore
- White Energy Company Limited
- Planning Commission, India
- Grasim Industreis Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Baramulti Group, Indonesia
- Mintek Dendrill Indonesia
- Leighton Contractors Pty Ltd - Australia
- Africa Commodities Group - South Africa
- Global Business Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Eastern Energy - Thailand
- Altura Mining Limited, Indonesia
- South Luzon Thermal Energy Corporation
- VISA Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Indian Oil Corporation Limited
- Sindya Power Generating Company Private Ltd
- Cigading International Bulk Terminal - Indonesia
- Simpson Spence & Young - Indonesia
- Bhoruka Overseas - Indonesia
- Banpu Public Company Limited - Thailand
- Kapuas Tunggal Persada - Indonesia
- Semirara Mining Corp, Philippines
- Coastal Gujarat Power Limited - India
- Electricity Authority, New Zealand
- The Treasury - Australian Government
- Formosa Plastics Group - Taiwan
- New Zealand Coal & Carbon
- Riau Bara Harum - Indonesia
- PowerSource Philippines DevCo
- Gujarat Sidhee Cement - India
- Sical Logistics Limited - India
- ASAPP Information Group - India
- Gujarat Electricity Regulatory Commission - India
- Siam City Cement PLC, Thailand
- Jindal Steel & Power Ltd - India
- Kobexindo Tractors - Indoneisa
- The State Trading Corporation of India Ltd
- SMC Global Power, Philippines
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