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