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