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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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Friday, 18 September 20
CHINA'S BENCHMARK POWER COAL PRICE EDGES UP - XINHUA
China’s benchmark power coal price rose slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
Thursday, 17 September 20
LAST HOPES FOR DEMAND GROWTH SET TO DISAPPOINT THERMAL COAL EXPORTERS - IEEFA
Asian thermal coal exporters are fighting an uphill battle even in new markets
The world’s largest thermal coal exporter is eyeing new m ...
Wednesday, 16 September 20
MARKET INSIGHT - INTERMODAL
Another active week in terms of SnP has concluded in the dry bulk market with a diversified array of transactions recorded. Despite the correction ...
Friday, 11 September 20
IMO 2020: A REVIEW OF THE TRANSITION TO VLSFOS - GARD
KNOWLEDGE TO ELEVATE
Many predictions were made in the run up to the imposition of the MARPOL 2020 sulphur cap, none of which was that the tra ...
Thursday, 10 September 20
U.S. COAL PRODUCTION IN 2020 TO BE 511 MMST, 28 PER CENT LOWER THAN IN 2019 - EIA
EIA expects total U.S. coal production in 2020 to be 511 million short tons (MMst), 194 MMst (28%) lower than in 2019. Mitigation efforts related t ...
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- Thai Mozambique Logistica
- Indian Energy Exchange, India
- Malabar Cements Ltd - India
- Oldendorff Carriers - Singapore
- McConnell Dowell - Australia
- Parry Sugars Refinery, India
- Trasteel International SA, Italy
- Vedanta Resources Plc - India
- Coalindo Energy - Indonesia
- PTC India Limited - India
- Tamil Nadu electricity Board
- The Treasury - Australian Government
- Australian Commodity Traders Exchange
- Bulk Trading Sa - Switzerland
- Medco Energi Mining Internasional
- Borneo Indobara - Indonesia
- Essar Steel Hazira Ltd - India
- Iligan Light & Power Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Mines - Canada
- Directorate Of Revenue Intelligence - India
- Bahari Cakrawala Sebuku - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Anglo American - United Kingdom
- Dalmia Cement Bharat India
- Altura Mining Limited, Indonesia
- Mercuria Energy - Indonesia
- Gujarat Sidhee Cement - India
- Kaltim Prima Coal - Indonesia
- Global Coal Blending Company Limited - Australia
- Meenaskhi Energy Private Limited - India
- IHS Mccloskey Coal Group - USA
- Pipit Mutiara Jaya. PT, Indonesia
- Makarim & Taira - Indonesia
- Wilmar Investment Holdings
- AsiaOL BioFuels Corp., Philippines
- Tata Chemicals Ltd - India
- Edison Trading Spa - Italy
- PowerSource Philippines DevCo
- Orica Australia Pty. Ltd.
- Merrill Lynch Commodities Europe
- White Energy Company Limited
- Chettinad Cement Corporation Ltd - India
- Sarangani Energy Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Bayan Resources Tbk. - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Straits Asia Resources Limited - Singapore
- Rashtriya Ispat Nigam Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Maharashtra Electricity Regulatory Commission - India
- Central Java Power - Indonesia
- Bhoruka Overseas - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Cigading International Bulk Terminal - Indonesia
- Aboitiz Power Corporation - Philippines
- Indonesian Coal Mining Association
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Electricity Generating Authority of Thailand
- Port Waratah Coal Services - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Banpu Public Company Limited - Thailand
- VISA Power Limited - India
- Bharathi Cement Corporation - India
- European Bulk Services B.V. - Netherlands
- Global Green Power PLC Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Carbofer General Trading SA - India
- Krishnapatnam Port Company Ltd. - India
- Savvy Resources Ltd - HongKong
- Mintek Dendrill Indonesia
- Alfred C Toepfer International GmbH - Germany
- Orica Mining Services - Indonesia
- Petron Corporation, Philippines
- SMG Consultants - Indonesia
- Jindal Steel & Power Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Africa Commodities Group - South Africa
- Bangladesh Power Developement Board
- Mjunction Services Limited - India
- Bukit Makmur.PT - Indonesia
- SMC Global Power, Philippines
- Kapuas Tunggal Persada - Indonesia
- Bukit Baiduri Energy - Indonesia
- Price Waterhouse Coopers - Russia
- London Commodity Brokers - England
- SN Aboitiz Power Inc, Philippines
- Thiess Contractors Indonesia
- Sree Jayajothi Cements Limited - India
- Coastal Gujarat Power Limited - India
- Manunggal Multi Energi - Indonesia
- Coal and Oil Company - UAE
- Karaikal Port Pvt Ltd - India
- Star Paper Mills Limited - India
- Holcim Trading Pte Ltd - Singapore
- Bhatia International Limited - India
- Timah Investasi Mineral - Indoneisa
- Xindia Steels Limited - India
- Grasim Industreis Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Eastern Coal Council - USA
- Neyveli Lignite Corporation Ltd, - India
- Binh Thuan Hamico - Vietnam
- OPG Power Generation Pvt Ltd - India
- Ministry of Transport, Egypt
- Power Finance Corporation Ltd., India
- Georgia Ports Authority, United States
- Mercator Lines Limited - India
- Antam Resourcindo - Indonesia
- Videocon Industries ltd - India
- LBH Netherlands Bv - Netherlands
- Miang Besar Coal Terminal - Indonesia
- IEA Clean Coal Centre - UK
- Independent Power Producers Association of India
- Sojitz Corporation - Japan
- Global Business Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Marubeni Corporation - India
- Salva Resources Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Deloitte Consulting - India
- Ministry of Finance - Indonesia
- CIMB Investment Bank - Malaysia
- Heidelberg Cement - Germany
- South Luzon Thermal Energy Corporation
- Bukit Asam (Persero) Tbk - Indonesia
- Uttam Galva Steels Limited - India
- Aditya Birla Group - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- Standard Chartered Bank - UAE
- Energy Development Corp, Philippines
- Singapore Mercantile Exchange
- Planning Commission, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indika Energy - Indonesia
- ICICI Bank Limited - India
- Kepco SPC Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Energy Link Ltd, New Zealand
- Semirara Mining and Power Corporation, Philippines
- Renaissance Capital - South Africa
- Lanco Infratech Ltd - India
- Parliament of New Zealand
- GVK Power & Infra Limited - India
- Siam City Cement - Thailand
- ASAPP Information Group - India
- Sakthi Sugars Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Sindya Power Generating Company Private Ltd
- Eastern Energy - Thailand
- Ceylon Electricity Board - Sri Lanka
- Formosa Plastics Group - Taiwan
- Riau Bara Harum - Indonesia
- Toyota Tsusho Corporation, Japan
- Simpson Spence & Young - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Commonwealth Bank - Australia
- Baramulti Group, Indonesia
- Latin American Coal - Colombia
- Sical Logistics Limited - India
- Kobexindo Tractors - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- Chamber of Mines of South Africa
- Posco Energy - South Korea
- Samtan Co., Ltd - South Korea
- Attock Cement Pakistan Limited
- Leighton Contractors Pty Ltd - Australia
- International Coal Ventures Pvt Ltd - India
- MS Steel International - UAE
- Kideco Jaya Agung - Indonesia
- Metalloyd Limited - United Kingdom
- GAC Shipping (India) Pvt Ltd
- Goldman Sachs - Singapore
- New Zealand Coal & Carbon
- Therma Luzon, Inc, Philippines
- Electricity Authority, New Zealand
- Central Electricity Authority - India
- Indogreen Group - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- GMR Energy Limited - India
- The State Trading Corporation of India Ltd
- Intertek Mineral Services - Indonesia
- Minerals Council of Australia
- Ambuja Cements Ltd - India
- Madhucon Powers Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Economic Council, Georgia
- India Bulls Power Limited - India
- The University of Queensland
- Vizag Seaport Private Limited - India
- Meralco Power Generation, Philippines
- Bhushan Steel Limited - India
- Larsen & Toubro Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Australian Coal Association
- TeaM Sual Corporation - Philippines
- Kumho Petrochemical, South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Wood Mackenzie - Singapore
- CNBM International Corporation - China
- Romanian Commodities Exchange
- Indian Oil Corporation Limited
- Semirara Mining Corp, Philippines
- Agrawal Coal Company - India
- Siam City Cement PLC, Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Interocean Group of Companies - India
- Barasentosa Lestari - Indonesia
- Cement Manufacturers Association - India
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