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