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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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Thursday, 10 September 20
DRY BULK SHIPPING: CHINA'S DEMAND KEEPING THE DRY BULK MARKET GOING - PETER SAND | BIMCO
Overview
An impressive recovery in Chinese dry bulk imports has protected the industry from the effects of falling demand in the rest of the wo ...
Thursday, 10 September 20
TANKER SHIPPING: FREIGHT RATES BACK AT LOSS-MAKING LEVELS AFTER 12 VERY PROFITABLE MONTHS - BIMCO
Overview
A stunningly strong 12 months for the tanker shipping industry is now being replaced by lower freight rates, as lower oil product ...
Thursday, 10 September 20
INDIA'S COAL IMPORTS STUMBLE IN AUGUST, RAISING RISK OF SLOW RECOVERY - REFINITIV | BANCHERO COSTA
After posting a mild recovery in July, India's coal imports have stumbled in August as the South Asian nation battles to restart it ...
Thursday, 10 September 20
THE FIRST 8 MONTHS OF 2020, INDONESIA EXPORTED 217.4 MLN TONNES OF COAL BASED ON REFINITIV - BANCHERO COSTA
The coal market has been hit by a weaker global economy as a result of COVID-19 pandemic and falling industrial electricity demand ...
Wednesday, 09 September 20
MARKET INSIGHT - INTERMODAL
The uneventful summer lull which is coming to an end soon has left its stigma on the newbuilding market, which has already been devastated by the g ...
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- Kartika Selabumi Mining - Indonesia
- SN Aboitiz Power Inc, Philippines
- Indonesian Coal Mining Association
- Alfred C Toepfer International GmbH - Germany
- Africa Commodities Group - South Africa
- Directorate General of MIneral and Coal - Indonesia
- Romanian Commodities Exchange
- GN Power Mariveles Coal Plant, Philippines
- Bharathi Cement Corporation - India
- Vijayanagar Sugar Pvt Ltd - India
- ASAPP Information Group - India
- TNB Fuel Sdn Bhd - Malaysia
- Vizag Seaport Private Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Interocean Group of Companies - India
- Vedanta Resources Plc - India
- CIMB Investment Bank - Malaysia
- Kohat Cement Company Ltd. - Pakistan
- London Commodity Brokers - England
- Madhucon Powers Ltd - India
- Australian Coal Association
- Latin American Coal - Colombia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- MS Steel International - UAE
- Maheswari Brothers Coal Limited - India
- Deloitte Consulting - India
- Marubeni Corporation - India
- CNBM International Corporation - China
- Power Finance Corporation Ltd., India
- TeaM Sual Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- SMC Global Power, Philippines
- Essar Steel Hazira Ltd - India
- Commonwealth Bank - Australia
- Tata Chemicals Ltd - India
- PTC India Limited - India
- Bangladesh Power Developement Board
- Larsen & Toubro Limited - India
- Attock Cement Pakistan Limited
- Billiton Holdings Pty Ltd - Australia
- Parry Sugars Refinery, India
- Mintek Dendrill Indonesia
- Leighton Contractors Pty Ltd - Australia
- Sree Jayajothi Cements Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Intertek Mineral Services - Indonesia
- Therma Luzon, Inc, Philippines
- Posco Energy - South Korea
- Economic Council, Georgia
- Holcim Trading Pte Ltd - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Indian Oil Corporation Limited
- Cement Manufacturers Association - India
- Borneo Indobara - Indonesia
- Banpu Public Company Limited - Thailand
- Kobexindo Tractors - Indoneisa
- Global Business Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Xindia Steels Limited - India
- Malabar Cements Ltd - India
- International Coal Ventures Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Central Java Power - Indonesia
- IEA Clean Coal Centre - UK
- Bhoruka Overseas - Indonesia
- Sinarmas Energy and Mining - Indonesia
- GAC Shipping (India) Pvt Ltd
- Price Waterhouse Coopers - Russia
- Australian Commodity Traders Exchange
- Karbindo Abesyapradhi - Indoneisa
- Uttam Galva Steels Limited - India
- Ministry of Finance - Indonesia
- Mjunction Services Limited - India
- Bhatia International Limited - India
- Semirara Mining and Power Corporation, Philippines
- Eastern Energy - Thailand
- Mercator Lines Limited - India
- Thai Mozambique Logistica
- Salva Resources Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Miang Besar Coal Terminal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Kideco Jaya Agung - Indonesia
- GVK Power & Infra Limited - India
- Mercuria Energy - Indonesia
- Agrawal Coal Company - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Binh Thuan Hamico - Vietnam
- Gujarat Electricity Regulatory Commission - India
- Parliament of New Zealand
- Metalloyd Limited - United Kingdom
- Ind-Barath Power Infra Limited - India
- Bhushan Steel Limited - India
- Rio Tinto Coal - Australia
- Antam Resourcindo - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Indogreen Group - Indonesia
- Georgia Ports Authority, United States
- Siam City Cement PLC, Thailand
- Bukit Baiduri Energy - Indonesia
- Indika Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Baramulti Group, Indonesia
- The State Trading Corporation of India Ltd
- Sical Logistics Limited - India
- Karaikal Port Pvt Ltd - India
- Standard Chartered Bank - UAE
- Sindya Power Generating Company Private Ltd
- Dalmia Cement Bharat India
- Manunggal Multi Energi - Indonesia
- Wood Mackenzie - Singapore
- McConnell Dowell - Australia
- ICICI Bank Limited - India
- Kepco SPC Power Corporation, Philippines
- PowerSource Philippines DevCo
- Oldendorff Carriers - Singapore
- Gujarat Mineral Development Corp Ltd - India
- San Jose City I Power Corp, Philippines
- Sakthi Sugars Limited - India
- Planning Commission, India
- Kaltim Prima Coal - Indonesia
- Sarangani Energy Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Minerals Council of Australia
- Ministry of Transport, Egypt
- Energy Link Ltd, New Zealand
- Formosa Plastics Group - Taiwan
- Gujarat Sidhee Cement - India
- Goldman Sachs - Singapore
- Straits Asia Resources Limited - Singapore
- VISA Power Limited - India
- Videocon Industries ltd - India
- Ceylon Electricity Board - Sri Lanka
- Anglo American - United Kingdom
- Kumho Petrochemical, South Korea
- Trasteel International SA, Italy
- Renaissance Capital - South Africa
- Star Paper Mills Limited - India
- Indian Energy Exchange, India
- Aditya Birla Group - India
- Bulk Trading Sa - Switzerland
- New Zealand Coal & Carbon
- Grasim Industreis Ltd - India
- Lanco Infratech Ltd - India
- Coal and Oil Company - UAE
- Independent Power Producers Association of India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Neyveli Lignite Corporation Ltd, - India
- SMG Consultants - Indonesia
- Edison Trading Spa - Italy
- Orica Australia Pty. Ltd.
- Krishnapatnam Port Company Ltd. - India
- Wilmar Investment Holdings
- South Luzon Thermal Energy Corporation
- Barasentosa Lestari - Indonesia
- Indo Tambangraya Megah - Indonesia
- Timah Investasi Mineral - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Bukit Makmur.PT - Indonesia
- Medco Energi Mining Internasional
- Carbofer General Trading SA - India
- Port Waratah Coal Services - Australia
- The Treasury - Australian Government
- IHS Mccloskey Coal Group - USA
- Bayan Resources Tbk. - Indonesia
- Ambuja Cements Ltd - India
- India Bulls Power Limited - India
- GMR Energy Limited - India
- Jindal Steel & Power Ltd - India
- Jaiprakash Power Ventures ltd
- Energy Development Corp, Philippines
- PNOC Exploration Corporation - Philippines
- The University of Queensland
- Simpson Spence & Young - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Thiess Contractors Indonesia
- Globalindo Alam Lestari - Indonesia
- Siam City Cement - Thailand
- OPG Power Generation Pvt Ltd - India
- Central Electricity Authority - India
- Riau Bara Harum - Indonesia
- Meralco Power Generation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Heidelberg Cement - Germany
- Coastal Gujarat Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Electricity Authority, New Zealand
- Merrill Lynch Commodities Europe
- Sojitz Corporation - Japan
- Savvy Resources Ltd - HongKong
- Semirara Mining Corp, Philippines
- Makarim & Taira - Indonesia
- Meenaskhi Energy Private Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Orica Mining Services - Indonesia
- Eastern Coal Council - USA
- Asia Pacific Energy Resources Ventures Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Petron Corporation, Philippines
- Chamber of Mines of South Africa
- Ministry of Mines - Canada
- Toyota Tsusho Corporation, Japan
- AsiaOL BioFuels Corp., Philippines
- Iligan Light & Power Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Electricity Generating Authority of Thailand
- Samtan Co., Ltd - South Korea
- Coalindo Energy - Indonesia
- Tamil Nadu electricity Board
- Kapuas Tunggal Persada - Indonesia
- Singapore Mercantile Exchange
- White Energy Company Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
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