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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, 20 August 20
MINER BHP CONFIRMS PLANS TO EXIT THERMAL COAL SECTOR - THE SYDNEY MORNING HERALD
The head of mining giant BHP has laid out plans for a reshaping of its global operations by seeking to quit thermal coal mining, offload some cokin ...
Thursday, 20 August 20
LONDON RETAINS ARBITER CROWN - BALTIC EXCHANGE | HFW
Fears that the UK’s decision to leave the European Union would dent the reputation of the nation’s capital as the leader in maritime ar ...
Wednesday, 19 August 20
U.S. COAL STOCKPILES STEADILY INCREASE AFTER REACHING LOWEST LEVEL IN A DECADE IN 2019 - EIA
After reaching their lowest level in more than a decade in March 2019, U.S. coal stockpiles steadily increased to 152 million tons in April 2020, r ...
Wednesday, 19 August 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX DOWN 0.26 PCT - XINHUA
China Taiyuan coal transaction price index stood at 124.92 points Monday, down 0.26 percent week on week.
The index, released by Chi ...
Wednesday, 19 August 20
COAL INDIA TRADE UNIONS DEFER DAY-LONG STRIKE: PTI
The unions had decided to go on strike against the commercial mining and the proposed divestment or buyback of shares of Coal India Ltd (CIL).
...
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- South Luzon Thermal Energy Corporation
- Energy Development Corp, Philippines
- Goldman Sachs - Singapore
- Bukit Baiduri Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Uttam Galva Steels Limited - India
- Essar Steel Hazira Ltd - India
- Samtan Co., Ltd - South Korea
- Global Green Power PLC Corporation, Philippines
- Ministry of Finance - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Semirara Mining Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- TNB Fuel Sdn Bhd - Malaysia
- Meenaskhi Energy Private Limited - India
- Riau Bara Harum - Indonesia
- Bhoruka Overseas - Indonesia
- Sindya Power Generating Company Private Ltd
- Tata Chemicals Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Savvy Resources Ltd - HongKong
- CNBM International Corporation - China
- IHS Mccloskey Coal Group - USA
- Bukit Asam (Persero) Tbk - Indonesia
- CIMB Investment Bank - Malaysia
- Metalloyd Limited - United Kingdom
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mintek Dendrill Indonesia
- Manunggal Multi Energi - Indonesia
- Madhucon Powers Ltd - India
- Energy Link Ltd, New Zealand
- Wood Mackenzie - Singapore
- Electricity Generating Authority of Thailand
- Rashtriya Ispat Nigam Limited - India
- Vedanta Resources Plc - India
- The State Trading Corporation of India Ltd
- Holcim Trading Pte Ltd - Singapore
- Indian Oil Corporation Limited
- Gujarat Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- London Commodity Brokers - England
- The Treasury - Australian Government
- Carbofer General Trading SA - India
- Intertek Mineral Services - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Maharashtra Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- OPG Power Generation Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Ceylon Electricity Board - Sri Lanka
- Independent Power Producers Association of India
- Baramulti Group, Indonesia
- The University of Queensland
- GN Power Mariveles Coal Plant, Philippines
- Miang Besar Coal Terminal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Planning Commission, India
- Formosa Plastics Group - Taiwan
- LBH Netherlands Bv - Netherlands
- Commonwealth Bank - Australia
- Xindia Steels Limited - India
- Africa Commodities Group - South Africa
- Economic Council, Georgia
- Minerals Council of Australia
- McConnell Dowell - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Wilmar Investment Holdings
- Orica Australia Pty. Ltd.
- Port Waratah Coal Services - Australia
- Thai Mozambique Logistica
- International Coal Ventures Pvt Ltd - India
- Central Electricity Authority - India
- Price Waterhouse Coopers - Russia
- Iligan Light & Power Inc, Philippines
- Australian Commodity Traders Exchange
- Krishnapatnam Port Company Ltd. - India
- Mercuria Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Jindal Steel & Power Ltd - India
- Coastal Gujarat Power Limited - India
- Attock Cement Pakistan Limited
- GMR Energy Limited - India
- Petron Corporation, Philippines
- Bangladesh Power Developement Board
- PNOC Exploration Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Simpson Spence & Young - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Kaltim Prima Coal - Indonesia
- Altura Mining Limited, Indonesia
- Aboitiz Power Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Standard Chartered Bank - UAE
- Toyota Tsusho Corporation, Japan
- Binh Thuan Hamico - Vietnam
- Eastern Energy - Thailand
- Chettinad Cement Corporation Ltd - India
- Global Coal Blending Company Limited - Australia
- Malabar Cements Ltd - India
- Sojitz Corporation - Japan
- Pipit Mutiara Jaya. PT, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Power Finance Corporation Ltd., India
- Larsen & Toubro Limited - India
- Bharathi Cement Corporation - India
- VISA Power Limited - India
- Kideco Jaya Agung - Indonesia
- Australian Coal Association
- Orica Mining Services - Indonesia
- Indian Energy Exchange, India
- Kepco SPC Power Corporation, Philippines
- SMC Global Power, Philippines
- Aditya Birla Group - India
- Barasentosa Lestari - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Sidhee Cement - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dalmia Cement Bharat India
- Ministry of Transport, Egypt
- Romanian Commodities Exchange
- Latin American Coal - Colombia
- Singapore Mercantile Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Indonesian Coal Mining Association
- San Jose City I Power Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Videocon Industries ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Bhushan Steel Limited - India
- Mercator Lines Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ind-Barath Power Infra Limited - India
- Tamil Nadu electricity Board
- Sical Logistics Limited - India
- Indo Tambangraya Megah - Indonesia
- Star Paper Mills Limited - India
- Timah Investasi Mineral - Indoneisa
- Maheswari Brothers Coal Limited - India
- Heidelberg Cement - Germany
- Cigading International Bulk Terminal - Indonesia
- Meralco Power Generation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vizag Seaport Private Limited - India
- Lanco Infratech Ltd - India
- PTC India Limited - India
- Eastern Coal Council - USA
- Jaiprakash Power Ventures ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Agrawal Coal Company - India
- Neyveli Lignite Corporation Ltd, - India
- Posco Energy - South Korea
- AsiaOL BioFuels Corp., Philippines
- Cement Manufacturers Association - India
- ICICI Bank Limited - India
- ASAPP Information Group - India
- White Energy Company Limited
- Directorate Of Revenue Intelligence - India
- Indika Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Renaissance Capital - South Africa
- Ministry of Mines - Canada
- Siam City Cement PLC, Thailand
- European Bulk Services B.V. - Netherlands
- Antam Resourcindo - Indonesia
- Interocean Group of Companies - India
- Leighton Contractors Pty Ltd - Australia
- Asmin Koalindo Tuhup - Indonesia
- Ambuja Cements Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Sree Jayajothi Cements Limited - India
- Parry Sugars Refinery, India
- Anglo American - United Kingdom
- India Bulls Power Limited - India
- Marubeni Corporation - India
- Banpu Public Company Limited - Thailand
- Georgia Ports Authority, United States
- Merrill Lynch Commodities Europe
- Bulk Trading Sa - Switzerland
- IEA Clean Coal Centre - UK
- Grasim Industreis Ltd - India
- Makarim & Taira - Indonesia
- Edison Trading Spa - Italy
- Borneo Indobara - Indonesia
- Medco Energi Mining Internasional
- PowerSource Philippines DevCo
- TeaM Sual Corporation - Philippines
- Mjunction Services Limited - India
- Electricity Authority, New Zealand
- Kartika Selabumi Mining - Indonesia
- SMG Consultants - Indonesia
- Coalindo Energy - Indonesia
- Parliament of New Zealand
- Sinarmas Energy and Mining - Indonesia
- Siam City Cement - Thailand
- Bhatia International Limited - India
- Semirara Mining and Power Corporation, Philippines
- Deloitte Consulting - India
- MS Steel International - UAE
- Central Java Power - Indonesia
- Chamber of Mines of South Africa
- Sarangani Energy Corporation, Philippines
- Sakthi Sugars Limited - India
- Straits Asia Resources Limited - Singapore
- New Zealand Coal & Carbon
- Coal and Oil Company - UAE
- Salva Resources Pvt Ltd - India
- GVK Power & Infra Limited - India
- Trasteel International SA, Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kumho Petrochemical, South Korea
- Rio Tinto Coal - Australia
- Bayan Resources Tbk. - Indonesia
- Thiess Contractors Indonesia
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