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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, 14 October 20
CHINA COKING COAL FUTURES RALLY ON REPORTED BAN ON AUSTRALIA CARGOES - REUTERS
Dalian coking coal futures rallied for a sixth straight session on Tuesday after reports surfaced that China had stopped buying coal from Australia ...
Wednesday, 14 October 20
MARKET INSIGHT - INTERMODAL
The tanker market has experienced severe freight rate and asset value declines over the past 5 months. A potential market upturn may arise in the c ...
Friday, 09 October 20
INDIA'S COAL IMPORTS IMPROVE SOMEWHAT, BUT RECOVERY IS UNEVEN - REUTERS
India’s coal imports, depressed by the impact of coronavirus this year, regained ground in September, but in an uneven uptick – shipmen ...
Thursday, 08 October 20
CHINA'S COAL IMPORTS FROM INDONESIA DECLINED 16.4% Y-O-Y, TO 80.2 MLN TONNES IN THE FIRST 9 MONTHS OF 2020 - BANCHERO COSTA
China's coal imports boomed in 2019, surprising many who had expected the government would clamp down strictly on shipments.
...
Thursday, 08 October 20
GLIMMER OF LIGHT FOR COAL, BUT SHORT TERM - FNARENA
Is coal on the rebound? Demand appears stronger and supply reductions have underpinned a tightening market. Certainly, the Newcastle thermal coal p ...
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- Mjunction Services Limited - India
- Indian Energy Exchange, India
- Rio Tinto Coal - Australia
- Eastern Coal Council - USA
- Energy Development Corp, Philippines
- Petron Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Bukit Makmur.PT - Indonesia
- Banpu Public Company Limited - Thailand
- Mercuria Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Power Finance Corporation Ltd., India
- LBH Netherlands Bv - Netherlands
- Independent Power Producers Association of India
- Dalmia Cement Bharat India
- Formosa Plastics Group - Taiwan
- Siam City Cement PLC, Thailand
- Riau Bara Harum - Indonesia
- CIMB Investment Bank - Malaysia
- Global Coal Blending Company Limited - Australia
- ASAPP Information Group - India
- Electricity Authority, New Zealand
- Cigading International Bulk Terminal - Indonesia
- Australian Coal Association
- Savvy Resources Ltd - HongKong
- SMC Global Power, Philippines
- Bukit Baiduri Energy - Indonesia
- Indika Energy - Indonesia
- Georgia Ports Authority, United States
- Sarangani Energy Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Indian Oil Corporation Limited
- Kumho Petrochemical, South Korea
- Toyota Tsusho Corporation, Japan
- Coastal Gujarat Power Limited - India
- Chamber of Mines of South Africa
- Ministry of Transport, Egypt
- Baramulti Group, Indonesia
- Bhushan Steel Limited - India
- Mintek Dendrill Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Grasim Industreis Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jorong Barutama Greston.PT - Indonesia
- Sical Logistics Limited - India
- Sakthi Sugars Limited - India
- Kepco SPC Power Corporation, Philippines
- The University of Queensland
- Meenaskhi Energy Private Limited - India
- GMR Energy Limited - India
- Ambuja Cements Ltd - India
- Simpson Spence & Young - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Interocean Group of Companies - India
- Siam City Cement - Thailand
- Ceylon Electricity Board - Sri Lanka
- Karaikal Port Pvt Ltd - India
- Coalindo Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Maheswari Brothers Coal Limited - India
- Directorate Of Revenue Intelligence - India
- India Bulls Power Limited - India
- Orica Australia Pty. Ltd.
- PTC India Limited - India
- Altura Mining Limited, Indonesia
- Meralco Power Generation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Attock Cement Pakistan Limited
- McConnell Dowell - Australia
- Jaiprakash Power Ventures ltd
- MS Steel International - UAE
- Aboitiz Power Corporation - Philippines
- IEA Clean Coal Centre - UK
- Oldendorff Carriers - Singapore
- The Treasury - Australian Government
- The State Trading Corporation of India Ltd
- Australian Commodity Traders Exchange
- PNOC Exploration Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Wilmar Investment Holdings
- Sojitz Corporation - Japan
- Bhoruka Overseas - Indonesia
- Latin American Coal - Colombia
- Anglo American - United Kingdom
- Marubeni Corporation - India
- Singapore Mercantile Exchange
- Leighton Contractors Pty Ltd - Australia
- Xindia Steels Limited - India
- Bayan Resources Tbk. - Indonesia
- Coal and Oil Company - UAE
- Edison Trading Spa - Italy
- Malabar Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Cement Manufacturers Association - India
- Ind-Barath Power Infra Limited - India
- Kobexindo Tractors - Indoneisa
- Makarim & Taira - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Iligan Light & Power Inc, Philippines
- Bulk Trading Sa - Switzerland
- ICICI Bank Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Minerals Council of Australia
- Jindal Steel & Power Ltd - India
- Bharathi Cement Corporation - India
- Binh Thuan Hamico - Vietnam
- Therma Luzon, Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Commonwealth Bank - Australia
- Africa Commodities Group - South Africa
- Kohat Cement Company Ltd. - Pakistan
- AsiaOL BioFuels Corp., Philippines
- Holcim Trading Pte Ltd - Singapore
- Indo Tambangraya Megah - Indonesia
- GVK Power & Infra Limited - India
- Energy Link Ltd, New Zealand
- Agrawal Coal Company - India
- Miang Besar Coal Terminal - Indonesia
- Antam Resourcindo - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Bhatia International Limited - India
- Kartika Selabumi Mining - Indonesia
- Parliament of New Zealand
- Medco Energi Mining Internasional
- CNBM International Corporation - China
- Electricity Generating Authority of Thailand
- Thiess Contractors Indonesia
- SMG Consultants - Indonesia
- International Coal Ventures Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Neyveli Lignite Corporation Ltd, - India
- South Luzon Thermal Energy Corporation
- Straits Asia Resources Limited - Singapore
- New Zealand Coal & Carbon
- OPG Power Generation Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Central Java Power - Indonesia
- Barasentosa Lestari - Indonesia
- Star Paper Mills Limited - India
- Indogreen Group - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- VISA Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- TeaM Sual Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Globalindo Alam Lestari - Indonesia
- Krishnapatnam Port Company Ltd. - India
- PowerSource Philippines DevCo
- Manunggal Multi Energi - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Mercator Lines Limited - India
- Intertek Mineral Services - Indonesia
- Sindya Power Generating Company Private Ltd
- Billiton Holdings Pty Ltd - Australia
- Trasteel International SA, Italy
- Wood Mackenzie - Singapore
- Tamil Nadu electricity Board
- Essar Steel Hazira Ltd - India
- SN Aboitiz Power Inc, Philippines
- Orica Mining Services - Indonesia
- Gujarat Sidhee Cement - India
- Global Business Power Corporation, Philippines
- Central Electricity Authority - India
- Chettinad Cement Corporation Ltd - India
- Planning Commission, India
- Ministry of Finance - Indonesia
- Kideco Jaya Agung - Indonesia
- Metalloyd Limited - United Kingdom
- Renaissance Capital - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- White Energy Company Limited
- London Commodity Brokers - England
- Uttam Galva Steels Limited - India
- GAC Shipping (India) Pvt Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Economic Council, Georgia
- Gujarat Mineral Development Corp Ltd - India
- Videocon Industries ltd - India
- Vedanta Resources Plc - India
- Deloitte Consulting - India
- Semirara Mining and Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- Heidelberg Cement - Germany
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Semirara Mining Corp, Philippines
- Thai Mozambique Logistica
- Madhucon Powers Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Eastern Energy - Thailand
- Borneo Indobara - Indonesia
- Ministry of Mines - Canada
- Kalimantan Lumbung Energi - Indonesia
- Salva Resources Pvt Ltd - India
- Parry Sugars Refinery, India
- Carbofer General Trading SA - India
- Lanco Infratech Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Merrill Lynch Commodities Europe
- Posco Energy - South Korea
- PetroVietnam Power Coal Import and Supply Company
- Indonesian Coal Mining Association
- Standard Chartered Bank - UAE
- Romanian Commodities Exchange
- Vizag Seaport Private Limited - India
- Bangladesh Power Developement Board
- Larsen & Toubro Limited - India
- IHS Mccloskey Coal Group - USA
- Global Green Power PLC Corporation, Philippines
- Aditya Birla Group - India
- Petrochimia International Co. Ltd.- Taiwan
- Goldman Sachs - Singapore
- Timah Investasi Mineral - Indoneisa
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