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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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Monday, 24 August 20
A COMBINATION OF DEVELOPMENTS DROVE THE FALLOFF COAL PRICES - CHIEF ECONOMIST’ OFFICE, AUSTRALIA
China, rising domestic production combined with subdued power demand;
India, a lockdown coupled with government directives that fav ...
Monday, 24 August 20
AUSTRALIA'S THERMAL COAL EXPORTS ARE FORECAST TO DROP FROM AN ESTIMATED $20 BILLION IN 2019-20 TO $16 BILLION IN 2020-21: REPORT
Thermal coal spot prices have fallen sharply as the impact of COVID-19 drives a contraction in seaborne trade for only the second time this century ...
Saturday, 22 August 20
REPORT SEES INDIA’S RELIANCE ON THERMAL POWER DROPPING TO 50% IN 2021, 43% IN 2026 - ET ENERGY | IEEFA
India’s dependence on thermal power will reduce to 50 per cent by 2021-22 and 43 per cent by 2026-27 on the back of renewable energy (RE) cap ...
Friday, 21 August 20
323 MILLION ELECTRIC VEHICLES WILL BE ON THE ROADS BY 2040 - WOOD MACKENZIE
Electric vehicle (EV) sales are expected to reach 45 million units per year by 2040, with a total global EV stock of 323 million, according to new ...
Friday, 21 August 20
BHP COMMITS TO SELLING ITS THERMAL COALMINES WITHIN TWO YEARS - THE GUARDIAN
Move follows pressure from investors but company stops short of full exit from coalmining
BHP has announced it plans to sell off its ...
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- Therma Luzon, Inc, Philippines
- Metalloyd Limited - United Kingdom
- TeaM Sual Corporation - Philippines
- Vedanta Resources Plc - India
- Economic Council, Georgia
- Heidelberg Cement - Germany
- Eastern Energy - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Barasentosa Lestari - Indonesia
- Grasim Industreis Ltd - India
- Indogreen Group - Indonesia
- Indian Oil Corporation Limited
- ASAPP Information Group - India
- Sree Jayajothi Cements Limited - India
- Manunggal Multi Energi - Indonesia
- Altura Mining Limited, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bukit Makmur.PT - Indonesia
- SMG Consultants - Indonesia
- Uttam Galva Steels Limited - India
- CIMB Investment Bank - Malaysia
- Miang Besar Coal Terminal - Indonesia
- Intertek Mineral Services - Indonesia
- Marubeni Corporation - India
- Bukit Baiduri Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Rashtriya Ispat Nigam Limited - India
- Energy Development Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Semirara Mining Corp, Philippines
- Sical Logistics Limited - India
- Baramulti Group, Indonesia
- Thiess Contractors Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Dalmia Cement Bharat India
- Planning Commission, India
- TNB Fuel Sdn Bhd - Malaysia
- Kartika Selabumi Mining - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Cigading International Bulk Terminal - Indonesia
- McConnell Dowell - Australia
- OPG Power Generation Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- South Luzon Thermal Energy Corporation
- Bukit Asam (Persero) Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- Meenaskhi Energy Private Limited - India
- Singapore Mercantile Exchange
- Billiton Holdings Pty Ltd - Australia
- Mintek Dendrill Indonesia
- Medco Energi Mining Internasional
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Xindia Steels Limited - India
- GMR Energy Limited - India
- VISA Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Jaiprakash Power Ventures ltd
- New Zealand Coal & Carbon
- Kaltim Prima Coal - Indonesia
- Siam City Cement - Thailand
- Deloitte Consulting - India
- IHS Mccloskey Coal Group - USA
- Standard Chartered Bank - UAE
- Sojitz Corporation - Japan
- Kobexindo Tractors - Indoneisa
- Electricity Generating Authority of Thailand
- Ind-Barath Power Infra Limited - India
- Orica Australia Pty. Ltd.
- Bayan Resources Tbk. - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Neyveli Lignite Corporation Ltd, - India
- Savvy Resources Ltd - HongKong
- Indonesian Coal Mining Association
- Minerals Council of Australia
- Mercuria Energy - Indonesia
- Thai Mozambique Logistica
- Orica Mining Services - Indonesia
- Wilmar Investment Holdings
- Meralco Power Generation, Philippines
- Mercator Lines Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Georgia Ports Authority, United States
- Attock Cement Pakistan Limited
- Kumho Petrochemical, South Korea
- Commonwealth Bank - Australia
- SMC Global Power, Philippines
- Salva Resources Pvt Ltd - India
- Latin American Coal - Colombia
- London Commodity Brokers - England
- Asmin Koalindo Tuhup - Indonesia
- LBH Netherlands Bv - Netherlands
- Kalimantan Lumbung Energi - Indonesia
- Formosa Plastics Group - Taiwan
- Sinarmas Energy and Mining - Indonesia
- GAC Shipping (India) Pvt Ltd
- Romanian Commodities Exchange
- Gujarat Sidhee Cement - India
- Eastern Coal Council - USA
- Krishnapatnam Port Company Ltd. - India
- European Bulk Services B.V. - Netherlands
- Gujarat Mineral Development Corp Ltd - India
- Carbofer General Trading SA - India
- Ministry of Transport, Egypt
- Makarim & Taira - Indonesia
- Cement Manufacturers Association - India
- Chettinad Cement Corporation Ltd - India
- Maheswari Brothers Coal Limited - India
- Tamil Nadu electricity Board
- CNBM International Corporation - China
- Aditya Birla Group - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coalindo Energy - Indonesia
- Ministry of Mines - Canada
- The University of Queensland
- Power Finance Corporation Ltd., India
- Ceylon Electricity Board - Sri Lanka
- Price Waterhouse Coopers - Russia
- Bhushan Steel Limited - India
- Agrawal Coal Company - India
- Australian Commodity Traders Exchange
- The Treasury - Australian Government
- IEA Clean Coal Centre - UK
- Global Business Power Corporation, Philippines
- Central Electricity Authority - India
- San Jose City I Power Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Tata Chemicals Ltd - India
- Kideco Jaya Agung - Indonesia
- Star Paper Mills Limited - India
- Banpu Public Company Limited - Thailand
- PTC India Limited - India
- Indika Energy - Indonesia
- Parry Sugars Refinery, India
- Merrill Lynch Commodities Europe
- The State Trading Corporation of India Ltd
- Sarangani Energy Corporation, Philippines
- Antam Resourcindo - Indonesia
- Africa Commodities Group - South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Edison Trading Spa - Italy
- Sindya Power Generating Company Private Ltd
- Gujarat Electricity Regulatory Commission - India
- Indo Tambangraya Megah - Indonesia
- PowerSource Philippines DevCo
- Bahari Cakrawala Sebuku - Indonesia
- Bhatia International Limited - India
- Parliament of New Zealand
- Central Java Power - Indonesia
- Vizag Seaport Private Limited - India
- Kepco SPC Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- India Bulls Power Limited - India
- Jindal Steel & Power Ltd - India
- Siam City Cement PLC, Thailand
- Bhoruka Overseas - Indonesia
- Indian Energy Exchange, India
- PNOC Exploration Corporation - Philippines
- Bangladesh Power Developement Board
- Port Waratah Coal Services - Australia
- White Energy Company Limited
- Renaissance Capital - South Africa
- MS Steel International - UAE
- Posco Energy - South Korea
- Electricity Authority, New Zealand
- ICICI Bank Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Essar Steel Hazira Ltd - India
- Madhucon Powers Ltd - India
- Oldendorff Carriers - Singapore
- Sakthi Sugars Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Larsen & Toubro Limited - India
- Borneo Indobara - Indonesia
- Coastal Gujarat Power Limited - India
- Wood Mackenzie - Singapore
- Riau Bara Harum - Indonesia
- Independent Power Producers Association of India
- Rio Tinto Coal - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mjunction Services Limited - India
- Lanco Infratech Ltd - India
- Coal and Oil Company - UAE
- Videocon Industries ltd - India
- Holcim Trading Pte Ltd - Singapore
- Goldman Sachs - Singapore
- Bharathi Cement Corporation - India
- Anglo American - United Kingdom
- Alfred C Toepfer International GmbH - Germany
- GVK Power & Infra Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Coal Blending Company Limited - Australia
- Aboitiz Power Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Interocean Group of Companies - India
- SN Aboitiz Power Inc, Philippines
- Ambuja Cements Ltd - India
- Ministry of Finance - Indonesia
- Energy Link Ltd, New Zealand
- Kapuas Tunggal Persada - Indonesia
- Australian Coal Association
- Bulk Trading Sa - Switzerland
- Binh Thuan Hamico - Vietnam
- International Coal Ventures Pvt Ltd - India
- Trasteel International SA, Italy
- Directorate Of Revenue Intelligence - India
- Chamber of Mines of South Africa
- Semirara Mining and Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- Petron Corporation, Philippines
- Malabar Cements Ltd - India
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