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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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Saturday, 29 August 20
COAL INDIA'S FUEL SUPPLY TO POWER SECTOR DROPS ABOUT 20% IN APR-JUL: PTI
State-owned Coal India”s fuel supply to the power sector registered a decline of 19.5 per cent to 126.30 million tonnes (MT) in the April-Jul ...
Saturday, 29 August 20
SOUTH KOREAN BROKERAGE FIRM KOREA INVESTMENT & SECURITIES TO STOP ALL COAL BUSINESS - KOREA HERALD
South Korean brokerage firm Korea Investment & Securities has decided to stop its investments in coal, in line with the Moon Jae-in administrat ...
Thursday, 27 August 20
KOREAN GENCOS INVITED BIDS FOR TOTAL 985,000 TONS OF BITUMINOUS COAL FOR NOVEMBER 2020 LOADING
COALspot.com: Korea Midland Power Co., Ltd (KOMIPO) on behalf of EWP, KOSPO, KOSEP and KOWEPO has issued an international tender for total 985,000 ...
Thursday, 27 August 20
SOUTHEAST ASIAN NATIONS SET REGION-WIDE RENEWABLE ENERGY GOAL OF 23 PERCENT BY 2025 - ASEAN POST
The Association of Southeast Asian Nations (ASEAN) has set an ambitious target of securing 23 percent of its primary energy from renewable so ...
Thursday, 27 August 20
BANGLADESH POWER MINISTRY SEEKING AUTHORITY TO CANCEL 13,000 MW OF PROPOSED COAL-FIRED CAPACITY - BUSINESS STANDARD
In a bid to move away from dirty energy, the Ministry of Power, Energy and Mineral Resources is seeking the prime minister’s approval to conv ...
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- Mercuria Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- OPG Power Generation Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Minerals Council of Australia
- Economic Council, Georgia
- Maharashtra Electricity Regulatory Commission - India
- PNOC Exploration Corporation - Philippines
- Dalmia Cement Bharat India
- The State Trading Corporation of India Ltd
- Aditya Birla Group - India
- Bahari Cakrawala Sebuku - Indonesia
- Medco Energi Mining Internasional
- Krishnapatnam Port Company Ltd. - India
- Chettinad Cement Corporation Ltd - India
- Latin American Coal - Colombia
- Jindal Steel & Power Ltd - India
- Carbofer General Trading SA - India
- Orica Australia Pty. Ltd.
- IHS Mccloskey Coal Group - USA
- Grasim Industreis Ltd - India
- Kepco SPC Power Corporation, Philippines
- MS Steel International - UAE
- San Jose City I Power Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- ASAPP Information Group - India
- Manunggal Multi Energi - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Riau Bara Harum - Indonesia
- Antam Resourcindo - Indonesia
- Cement Manufacturers Association - India
- Bukit Baiduri Energy - Indonesia
- PowerSource Philippines DevCo
- India Bulls Power Limited - India
- Malabar Cements Ltd - India
- Indonesian Coal Mining Association
- Globalindo Alam Lestari - Indonesia
- Central Electricity Authority - India
- Eastern Coal Council - USA
- Star Paper Mills Limited - India
- Wood Mackenzie - Singapore
- Romanian Commodities Exchange
- Global Coal Blending Company Limited - Australia
- Australian Commodity Traders Exchange
- International Coal Ventures Pvt Ltd - India
- Larsen & Toubro Limited - India
- Indogreen Group - Indonesia
- SN Aboitiz Power Inc, Philippines
- Ambuja Cements Ltd - India
- Renaissance Capital - South Africa
- Salva Resources Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Kideco Jaya Agung - Indonesia
- Thai Mozambique Logistica
- Gujarat Sidhee Cement - India
- Kaltim Prima Coal - Indonesia
- SMC Global Power, Philippines
- PTC India Limited - India
- Siam City Cement - Thailand
- Indo Tambangraya Megah - Indonesia
- Electricity Authority, New Zealand
- CNBM International Corporation - China
- Kartika Selabumi Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- London Commodity Brokers - England
- Videocon Industries ltd - India
- Coastal Gujarat Power Limited - India
- Indika Energy - Indonesia
- Borneo Indobara - Indonesia
- ICICI Bank Limited - India
- Oldendorff Carriers - Singapore
- Edison Trading Spa - Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Simpson Spence & Young - Indonesia
- Bangladesh Power Developement Board
- Neyveli Lignite Corporation Ltd, - India
- Bhatia International Limited - India
- Energy Development Corp, Philippines
- Parliament of New Zealand
- IEA Clean Coal Centre - UK
- Kumho Petrochemical, South Korea
- Bukit Makmur.PT - Indonesia
- Sarangani Energy Corporation, Philippines
- Thiess Contractors Indonesia
- Billiton Holdings Pty Ltd - Australia
- McConnell Dowell - Australia
- Mercator Lines Limited - India
- Iligan Light & Power Inc, Philippines
- Makarim & Taira - Indonesia
- Lanco Infratech Ltd - India
- Aboitiz Power Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Semirara Mining and Power Corporation, Philippines
- Parry Sugars Refinery, India
- Wilmar Investment Holdings
- New Zealand Coal & Carbon
- Ind-Barath Power Infra Limited - India
- Indian Energy Exchange, India
- Kalimantan Lumbung Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bhushan Steel Limited - India
- CIMB Investment Bank - Malaysia
- Bhoruka Overseas - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Ministry of Finance - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Sakthi Sugars Limited - India
- Uttam Galva Steels Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- VISA Power Limited - India
- GVK Power & Infra Limited - India
- Xindia Steels Limited - India
- Jaiprakash Power Ventures ltd
- Coalindo Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sindya Power Generating Company Private Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ceylon Electricity Board - Sri Lanka
- The University of Queensland
- Tata Chemicals Ltd - India
- Port Waratah Coal Services - Australia
- Meenaskhi Energy Private Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- TeaM Sual Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Posco Energy - South Korea
- Coal and Oil Company - UAE
- Anglo American - United Kingdom
- Directorate Of Revenue Intelligence - India
- TNB Fuel Sdn Bhd - Malaysia
- Banpu Public Company Limited - Thailand
- Chamber of Mines of South Africa
- Global Business Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Sical Logistics Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Georgia Ports Authority, United States
- Heidelberg Cement - Germany
- Deloitte Consulting - India
- Bukit Asam (Persero) Tbk - Indonesia
- Planning Commission, India
- Miang Besar Coal Terminal - Indonesia
- South Luzon Thermal Energy Corporation
- Bulk Trading Sa - Switzerland
- Gujarat Mineral Development Corp Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Independent Power Producers Association of India
- Madhucon Powers Ltd - India
- Meralco Power Generation, Philippines
- Interocean Group of Companies - India
- Pendopo Energi Batubara - Indonesia
- Standard Chartered Bank - UAE
- Kobexindo Tractors - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Gujarat Electricity Regulatory Commission - India
- Petrochimia International Co. Ltd.- Taiwan
- Savvy Resources Ltd - HongKong
- Merrill Lynch Commodities Europe
- Straits Asia Resources Limited - Singapore
- LBH Netherlands Bv - Netherlands
- Bharathi Cement Corporation - India
- Intertek Mineral Services - Indonesia
- SMG Consultants - Indonesia
- Eastern Energy - Thailand
- Global Green Power PLC Corporation, Philippines
- GMR Energy Limited - India
- Sojitz Corporation - Japan
- Price Waterhouse Coopers - Russia
- Energy Link Ltd, New Zealand
- Trasteel International SA, Italy
- Essar Steel Hazira Ltd - India
- Ministry of Mines - Canada
- Tamil Nadu electricity Board
- Orica Mining Services - Indonesia
- Formosa Plastics Group - Taiwan
- Ministry of Transport, Egypt
- AsiaOL BioFuels Corp., Philippines
- Agrawal Coal Company - India
- Vizag Seaport Private Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Binh Thuan Hamico - Vietnam
- Bayan Resources Tbk. - Indonesia
- Singapore Mercantile Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Electricity Generating Authority of Thailand
- Goldman Sachs - Singapore
- Rio Tinto Coal - Australia
- Karaikal Port Pvt Ltd - India
- Commonwealth Bank - Australia
- Australian Coal Association
- Petron Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Mintek Dendrill Indonesia
- Power Finance Corporation Ltd., India
- Semirara Mining Corp, Philippines
- Metalloyd Limited - United Kingdom
- The Treasury - Australian Government
- Central Java Power - Indonesia
- White Energy Company Limited
- Barasentosa Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Sree Jayajothi Cements Limited - India
- Marubeni Corporation - India
- Kapuas Tunggal Persada - Indonesia
- Baramulti Group, Indonesia
- Toyota Tsusho Corporation, Japan
- Indian Oil Corporation Limited
- Timah Investasi Mineral - Indoneisa
- Mjunction Services Limited - India
- Attock Cement Pakistan Limited
- Alfred C Toepfer International GmbH - Germany
- Vedanta Resources Plc - India
- Africa Commodities Group - South Africa
- Maheswari Brothers Coal Limited - India
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