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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, 29 September 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.73 PCT - XINHUA
China Taiyuan coal transaction price index stood at 125.91 points Monday, up 0.73 percent week on week.
The index, released by China ...
Tuesday, 29 September 20
SHIPPING MARKET - ALLIED
Here we are, just a short breath before the final quarter of the year, and many are now debating to what extent we can really expect a firm dry bul ...
Tuesday, 29 September 20
INDONESIAN COAL COMPANIES' EARNINGS TO WEAKEN IN 2H20 - FITCH RATINGS
Rated Indonesian coal miners and contractors will have weaker operating and financial performances in the second half of 2020 than in the first, sa ...
Tuesday, 29 September 20
RUSSIA'S COAL PRODUCTION TO DROP BY 10.5% IN 2020, SAYS MINISTRY - TASS
Russia’s Economic Development Ministry projects a 10.5% decrease in coal production in the country in 2020 compared with last year to 395 mln ...
Monday, 28 September 20
NEW LNG PROJECTS - ALL DRESSED UP AND NO PLACE TO GO - WOOD MACKENZIE
It was meant to be another boom year. After a record 70 mmtpa of new LNG capacity was sanctioned in 2019, at least as much capacity was lined up fo ...
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- SMC Global Power, Philippines
- Indian Oil Corporation Limited
- Anglo American - United Kingdom
- European Bulk Services B.V. - Netherlands
- Planning Commission, India
- VISA Power Limited - India
- Ministry of Transport, Egypt
- Holcim Trading Pte Ltd - Singapore
- Sojitz Corporation - Japan
- MS Steel International - UAE
- Kepco SPC Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Ind-Barath Power Infra Limited - India
- Vizag Seaport Private Limited - India
- Riau Bara Harum - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Commonwealth Bank - Australia
- Thai Mozambique Logistica
- Jindal Steel & Power Ltd - India
- Indo Tambangraya Megah - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Georgia Ports Authority, United States
- Altura Mining Limited, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Kartika Selabumi Mining - Indonesia
- Grasim Industreis Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Australian Commodity Traders Exchange
- Interocean Group of Companies - India
- Bayan Resources Tbk. - Indonesia
- Jaiprakash Power Ventures ltd
- Gujarat Sidhee Cement - India
- London Commodity Brokers - England
- Neyveli Lignite Corporation Ltd, - India
- Independent Power Producers Association of India
- Vedanta Resources Plc - India
- Attock Cement Pakistan Limited
- Bahari Cakrawala Sebuku - Indonesia
- Iligan Light & Power Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Kobexindo Tractors - Indoneisa
- Bukit Makmur.PT - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- White Energy Company Limited
- Global Business Power Corporation, Philippines
- Malabar Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Wood Mackenzie - Singapore
- Therma Luzon, Inc, Philippines
- Edison Trading Spa - Italy
- Singapore Mercantile Exchange
- IHS Mccloskey Coal Group - USA
- Parliament of New Zealand
- Semirara Mining and Power Corporation, Philippines
- Ministry of Mines - Canada
- Central Electricity Authority - India
- Petron Corporation, Philippines
- Electricity Authority, New Zealand
- Latin American Coal - Colombia
- Indian Energy Exchange, India
- Binh Thuan Hamico - Vietnam
- New Zealand Coal & Carbon
- TeaM Sual Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- PowerSource Philippines DevCo
- Aboitiz Power Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Larsen & Toubro Limited - India
- The State Trading Corporation of India Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Price Waterhouse Coopers - Russia
- Mercuria Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Simpson Spence & Young - Indonesia
- Maheswari Brothers Coal Limited - India
- Uttam Galva Steels Limited - India
- Meralco Power Generation, Philippines
- Tamil Nadu electricity Board
- Coal and Oil Company - UAE
- Africa Commodities Group - South Africa
- The Treasury - Australian Government
- Banpu Public Company Limited - Thailand
- Savvy Resources Ltd - HongKong
- Metalloyd Limited - United Kingdom
- Timah Investasi Mineral - Indoneisa
- Mercator Lines Limited - India
- Eastern Energy - Thailand
- Kalimantan Lumbung Energi - Indonesia
- Orica Mining Services - Indonesia
- Global Coal Blending Company Limited - Australia
- Krishnapatnam Port Company Ltd. - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Merrill Lynch Commodities Europe
- Tata Chemicals Ltd - India
- Chettinad Cement Corporation Ltd - India
- The University of Queensland
- Marubeni Corporation - India
- Barasentosa Lestari - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Trasteel International SA, Italy
- Siam City Cement PLC, Thailand
- GMR Energy Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Energy Link Ltd, New Zealand
- Indika Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Globalindo Alam Lestari - Indonesia
- Intertek Mineral Services - Indonesia
- Samtan Co., Ltd - South Korea
- Jorong Barutama Greston.PT - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Formosa Plastics Group - Taiwan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
- Ambuja Cements Ltd - India
- Straits Asia Resources Limited - Singapore
- Directorate General of MIneral and Coal - Indonesia
- India Bulls Power Limited - India
- Bulk Trading Sa - Switzerland
- Bangladesh Power Developement Board
- Star Paper Mills Limited - India
- Deloitte Consulting - India
- Ministry of Finance - Indonesia
- Lanco Infratech Ltd - India
- Mintek Dendrill Indonesia
- CNBM International Corporation - China
- GVK Power & Infra Limited - India
- IEA Clean Coal Centre - UK
- Energy Development Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- SN Aboitiz Power Inc, Philippines
- Bhatia International Limited - India
- Eastern Coal Council - USA
- Electricity Generating Authority of Thailand
- GAC Shipping (India) Pvt Ltd
- McConnell Dowell - Australia
- Manunggal Multi Energi - Indonesia
- CIMB Investment Bank - Malaysia
- Heidelberg Cement - Germany
- Indogreen Group - Indonesia
- Salva Resources Pvt Ltd - India
- Romanian Commodities Exchange
- Minerals Council of Australia
- Wilmar Investment Holdings
- Baramulti Group, Indonesia
- ASAPP Information Group - India
- Makarim & Taira - Indonesia
- Kideco Jaya Agung - Indonesia
- Dalmia Cement Bharat India
- Kapuas Tunggal Persada - Indonesia
- Thiess Contractors Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- South Luzon Thermal Energy Corporation
- Bank of Tokyo Mitsubishi UFJ Ltd
- Videocon Industries ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Coalindo Energy - Indonesia
- Borneo Indobara - Indonesia
- Global Green Power PLC Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Parry Sugars Refinery, India
- Standard Chartered Bank - UAE
- Essar Steel Hazira Ltd - India
- Indonesian Coal Mining Association
- Vijayanagar Sugar Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Central Java Power - Indonesia
- Kumho Petrochemical, South Korea
- Renaissance Capital - South Africa
- Sree Jayajothi Cements Limited - India
- Posco Energy - South Korea
- Kaltim Prima Coal - Indonesia
- Sarangani Energy Corporation, Philippines
- Carbofer General Trading SA - India
- International Coal Ventures Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- LBH Netherlands Bv - Netherlands
- SMG Consultants - Indonesia
- Siam City Cement - Thailand
- Orica Australia Pty. Ltd.
- Semirara Mining Corp, Philippines
- Oldendorff Carriers - Singapore
- Directorate Of Revenue Intelligence - India
- PTC India Limited - India
- Sakthi Sugars Limited - India
- Billiton Holdings Pty Ltd - Australia
- Chamber of Mines of South Africa
- OPG Power Generation Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bharathi Cement Corporation - India
- Cement Manufacturers Association - India
- Medco Energi Mining Internasional
- Bhushan Steel Limited - India
- Antam Resourcindo - Indonesia
- Economic Council, Georgia
- Port Waratah Coal Services - Australia
- Xindia Steels Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Madhucon Powers Ltd - India
- Power Finance Corporation Ltd., India
- AsiaOL BioFuels Corp., Philippines
- Agrawal Coal Company - India
- PetroVietnam Power Coal Import and Supply Company
- Rio Tinto Coal - Australia
- Goldman Sachs - Singapore
- Australian Coal Association
- Karaikal Port Pvt Ltd - India
- Sical Logistics Limited - India
- ICICI Bank Limited - India
- Mjunction Services Limited - India
- Coastal Gujarat Power Limited - India
- Aditya Birla Group - India
- TNB Fuel Sdn Bhd - Malaysia
- Petrochimia International Co. Ltd.- Taiwan
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