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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, 07 October 20
U.S. COAL PRODUCTION TO DECREASE BY 26 PERCENT IN 2020 COMPARED TO 2019 - EIA
EIA expects total U.S. coal production in 2020 to be 525 million short tons (MMst), compared with 705 MMst in 2019, a 26% decrease.
COVID-19 a ...
Wednesday, 07 October 20
MARKET INSIGHT - INTERMODAL
The challenges brought forward in 2020 proved to be very different from what we could have ever imagined. Together with placing a significant strai ...
Tuesday, 06 October 20
KOSPO TO IMPORT 80,000 MT OF 3,800 NCV COAL FOR 2H NOV
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an International tender for 80,000 MT Min.3800 kcal/kg NCV coal 2H November, 2020 l ...
Friday, 02 October 20
THE INDONESIA COAL PRICE REFERENCE RISE AFTER HISTORIC CRASH TO US$ 49.42
COALspot.com: The Indonesia Coal Price Reference for the month of October Rise to US$ 51.00 after historic crash to US$ 49.42 in September 2020.
...
Friday, 02 October 20
SRI LANKA MUST LEARN LESSONS FROM AROUND ASIA TO AVOID FURTHER ELECTRICITY CRISES - IEEFA
Overcommitment to fossil-fuelled power generation is leading to excess capacity and rising capacity payments, subsidies, and tariffs around the con ...
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- Minerals Council of Australia
- Formosa Plastics Group - Taiwan
- Coal and Oil Company - UAE
- Agrawal Coal Company - India
- Kalimantan Lumbung Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- Electricity Authority, New Zealand
- Medco Energi Mining Internasional
- Indika Energy - Indonesia
- Africa Commodities Group - South Africa
- Neyveli Lignite Corporation Ltd, - India
- Attock Cement Pakistan Limited
- Altura Mining Limited, Indonesia
- Interocean Group of Companies - India
- Grasim Industreis Ltd - India
- GMR Energy Limited - India
- SN Aboitiz Power Inc, Philippines
- Jindal Steel & Power Ltd - India
- Aditya Birla Group - India
- South Luzon Thermal Energy Corporation
- Semirara Mining and Power Corporation, Philippines
- Sojitz Corporation - Japan
- Ceylon Electricity Board - Sri Lanka
- Semirara Mining Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Kideco Jaya Agung - Indonesia
- Eastern Energy - Thailand
- Chettinad Cement Corporation Ltd - India
- CNBM International Corporation - China
- Chamber of Mines of South Africa
- Ministry of Transport, Egypt
- IEA Clean Coal Centre - UK
- ASAPP Information Group - India
- Holcim Trading Pte Ltd - Singapore
- Global Business Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Uttam Galva Steels Limited - India
- Jaiprakash Power Ventures ltd
- Savvy Resources Ltd - HongKong
- The University of Queensland
- Billiton Holdings Pty Ltd - Australia
- Sarangani Energy Corporation, Philippines
- Mjunction Services Limited - India
- PNOC Exploration Corporation - Philippines
- Mintek Dendrill Indonesia
- Krishnapatnam Port Company Ltd. - India
- San Jose City I Power Corp, Philippines
- Bharathi Cement Corporation - India
- Xindia Steels Limited - India
- Indogreen Group - Indonesia
- Sree Jayajothi Cements Limited - India
- Cement Manufacturers Association - India
- Salva Resources Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Petron Corporation, Philippines
- Sakthi Sugars Limited - India
- Renaissance Capital - South Africa
- Kumho Petrochemical, South Korea
- Power Finance Corporation Ltd., India
- Eastern Coal Council - USA
- Baramulti Group, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Toyota Tsusho Corporation, Japan
- Makarim & Taira - Indonesia
- GVK Power & Infra Limited - India
- Kepco SPC Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Meenaskhi Energy Private Limited - India
- Karaikal Port Pvt Ltd - India
- Australian Commodity Traders Exchange
- Mercuria Energy - Indonesia
- Planning Commission, India
- Energy Link Ltd, New Zealand
- Antam Resourcindo - Indonesia
- Singapore Mercantile Exchange
- Indonesian Coal Mining Association
- Larsen & Toubro Limited - India
- Directorate General of MIneral and Coal - Indonesia
- PTC India Limited - India
- Heidelberg Cement - Germany
- Thiess Contractors Indonesia
- OPG Power Generation Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Globalindo Alam Lestari - Indonesia
- Sinarmas Energy and Mining - Indonesia
- London Commodity Brokers - England
- Siam City Cement PLC, Thailand
- Independent Power Producers Association of India
- Ind-Barath Power Infra Limited - India
- Iligan Light & Power Inc, Philippines
- Carbofer General Trading SA - India
- Price Waterhouse Coopers - Russia
- Global Green Power PLC Corporation, Philippines
- Borneo Indobara - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- White Energy Company Limited
- Bangladesh Power Developement Board
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Marubeni Corporation - India
- MS Steel International - UAE
- Bhoruka Overseas - Indonesia
- Essar Steel Hazira Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Madhucon Powers Ltd - India
- Bhushan Steel Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Miang Besar Coal Terminal - Indonesia
- SMG Consultants - Indonesia
- Merrill Lynch Commodities Europe
- GN Power Mariveles Coal Plant, Philippines
- Goldman Sachs - Singapore
- Straits Asia Resources Limited - Singapore
- Maheswari Brothers Coal Limited - India
- TeaM Sual Corporation - Philippines
- Tamil Nadu electricity Board
- Samtan Co., Ltd - South Korea
- Timah Investasi Mineral - Indoneisa
- Kobexindo Tractors - Indoneisa
- Videocon Industries ltd - India
- Trasteel International SA, Italy
- Orica Australia Pty. Ltd.
- Bayan Resources Tbk. - Indonesia
- Directorate Of Revenue Intelligence - India
- Orica Mining Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- CIMB Investment Bank - Malaysia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Port Waratah Coal Services - Australia
- Vizag Seaport Private Limited - India
- Therma Luzon, Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Deloitte Consulting - India
- Wilmar Investment Holdings
- Bhatia International Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Commonwealth Bank - Australia
- The Treasury - Australian Government
- Intertek Mineral Services - Indonesia
- Australian Coal Association
- Gujarat Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- VISA Power Limited - India
- Coastal Gujarat Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Aboitiz Power Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Lanco Infratech Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Bukit Baiduri Energy - Indonesia
- SMC Global Power, Philippines
- Ministry of Finance - Indonesia
- Georgia Ports Authority, United States
- Bulk Trading Sa - Switzerland
- Edison Trading Spa - Italy
- Ministry of Mines - Canada
- Mercator Lines Limited - India
- AsiaOL BioFuels Corp., Philippines
- Posco Energy - South Korea
- Star Paper Mills Limited - India
- Barasentosa Lestari - Indonesia
- IHS Mccloskey Coal Group - USA
- Bukit Makmur.PT - Indonesia
- Central Java Power - Indonesia
- Siam City Cement - Thailand
- Leighton Contractors Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- LBH Netherlands Bv - Netherlands
- New Zealand Coal & Carbon
- Tata Chemicals Ltd - India
- Oldendorff Carriers - Singapore
- Simpson Spence & Young - Indonesia
- The State Trading Corporation of India Ltd
- Alfred C Toepfer International GmbH - Germany
- Vijayanagar Sugar Pvt Ltd - India
- Sical Logistics Limited - India
- Parry Sugars Refinery, India
- Dalmia Cement Bharat India
- Gujarat Mineral Development Corp Ltd - India
- Thai Mozambique Logistica
- Latin American Coal - Colombia
- Maharashtra Electricity Regulatory Commission - India
- International Coal Ventures Pvt Ltd - India
- Rio Tinto Coal - Australia
- Economic Council, Georgia
- Metalloyd Limited - United Kingdom
- Anglo American - United Kingdom
- Gujarat Sidhee Cement - India
- ICICI Bank Limited - India
- Coalindo Energy - Indonesia
- Central Electricity Authority - India
- Electricity Generating Authority of Thailand
- Kapuas Tunggal Persada - Indonesia
- Parliament of New Zealand
- Indian Energy Exchange, India
- Bukit Asam (Persero) Tbk - Indonesia
- Indian Oil Corporation Limited
- Binh Thuan Hamico - Vietnam
- Malabar Cements Ltd - India
- India Bulls Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Riau Bara Harum - Indonesia
- Romanian Commodities Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Energy Development Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- McConnell Dowell - Australia
- Banpu Public Company Limited - Thailand
- Ambuja Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Meralco Power Generation, Philippines
- PowerSource Philippines DevCo
- Standard Chartered Bank - UAE
- Kaltim Prima Coal - Indonesia
- European Bulk Services B.V. - Netherlands
- Vedanta Resources Plc - India
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