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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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Wednesday, 19 August 20
MISC MARKS ITS MAIDEN FORAY INTO MAJOR DEEP-WATER PROJECT IN LATIN AMERICA WITH MERO 3 FPSO
MISC Berhad (MISC) is pleased to announce its acceptance of Letter of Intent (LOI) from Petróleo Brasileiro S.A. (Petrobras) for the provisi ...
Wednesday, 19 August 20
MARKET INSIGHT - GEORGE LAIOS | INTERMODAL
Since the Covid-19 outbreak, governments and central banks around the globe have been using their ammunition and stimulus packages to keep their ec ...
Wednesday, 19 August 20
INDIA SAW A SHARP DECLINE IN ENERGY COAL IMPORTS IN JANUARY - JUNE 2020; –27 PER CENT YOY - BHP
Energy coal prices were weak in the second half of financial year 2020, BHP says in its Economic and Commodity Outlook FY20.
Accordi ...
Wednesday, 19 August 20
COAL PRICES TO REMAIN SUBDUED THIS FISCAL AMID WEAK DEMAND, HIGH INVENTORY - THE HINDU BUSINESS LINE
Coal offtake is improving gradually as lockdown eases
Coal prices are expected to remain subdued to weak demand and high inventory l ...
Tuesday, 18 August 20
BLACKBALLED: WILL COAL BOUNCE BACK FROM SLUMP OR IS IT TERMINAL? - SYDNEY MORNING HERALD
Even by the standards of this miserable year, 2020 has been a shocker for the global coal industry.
As the lockdown kicked in demand ...
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- Petron Corporation, Philippines
- Electricity Authority, New Zealand
- Sree Jayajothi Cements Limited - India
- Metalloyd Limited - United Kingdom
- Ind-Barath Power Infra Limited - India
- Eastern Energy - Thailand
- Gujarat Sidhee Cement - India
- New Zealand Coal & Carbon
- GN Power Mariveles Coal Plant, Philippines
- Indo Tambangraya Megah - Indonesia
- International Coal Ventures Pvt Ltd - India
- Marubeni Corporation - India
- Ambuja Cements Ltd - India
- Vizag Seaport Private Limited - India
- Global Green Power PLC Corporation, Philippines
- Wilmar Investment Holdings
- SMC Global Power, Philippines
- Gujarat Mineral Development Corp Ltd - India
- OPG Power Generation Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Renaissance Capital - South Africa
- Minerals Council of Australia
- Jindal Steel & Power Ltd - India
- Indonesian Coal Mining Association
- Semirara Mining Corp, Philippines
- The University of Queensland
- AsiaOL BioFuels Corp., Philippines
- Power Finance Corporation Ltd., India
- Chettinad Cement Corporation Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Binh Thuan Hamico - Vietnam
- Baramulti Group, Indonesia
- Mjunction Services Limited - India
- Bharathi Cement Corporation - India
- Tamil Nadu electricity Board
- Miang Besar Coal Terminal - Indonesia
- ICICI Bank Limited - India
- India Bulls Power Limited - India
- Chamber of Mines of South Africa
- GMR Energy Limited - India
- Larsen & Toubro Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Kepco SPC Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Kalimantan Lumbung Energi - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Oldendorff Carriers - Singapore
- Kartika Selabumi Mining - Indonesia
- Central Electricity Authority - India
- Antam Resourcindo - Indonesia
- Gujarat Electricity Regulatory Commission - India
- PNOC Exploration Corporation - Philippines
- Ministry of Transport, Egypt
- San Jose City I Power Corp, Philippines
- Iligan Light & Power Inc, Philippines
- MS Steel International - UAE
- Singapore Mercantile Exchange
- IHS Mccloskey Coal Group - USA
- Carbofer General Trading SA - India
- Edison Trading Spa - Italy
- Aditya Birla Group - India
- Borneo Indobara - Indonesia
- White Energy Company Limited
- PTC India Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Manunggal Multi Energi - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bhushan Steel Limited - India
- Thai Mozambique Logistica
- Medco Energi Mining Internasional
- Independent Power Producers Association of India
- Alfred C Toepfer International GmbH - Germany
- South Luzon Thermal Energy Corporation
- Kumho Petrochemical, South Korea
- Leighton Contractors Pty Ltd - Australia
- Asmin Koalindo Tuhup - Indonesia
- Dalmia Cement Bharat India
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Mining Services - Indonesia
- Kobexindo Tractors - Indoneisa
- Thiess Contractors Indonesia
- GVK Power & Infra Limited - India
- Australian Coal Association
- TeaM Sual Corporation - Philippines
- Indika Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Goldman Sachs - Singapore
- Indian Energy Exchange, India
- Indogreen Group - Indonesia
- Lanco Infratech Ltd - India
- Sojitz Corporation - Japan
- Jorong Barutama Greston.PT - Indonesia
- Mercuria Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Barasentosa Lestari - Indonesia
- Georgia Ports Authority, United States
- Directorate General of MIneral and Coal - Indonesia
- Anglo American - United Kingdom
- Heidelberg Cement - Germany
- Xindia Steels Limited - India
- Grasim Industreis Ltd - India
- Ministry of Finance - Indonesia
- Makarim & Taira - Indonesia
- CIMB Investment Bank - Malaysia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coalindo Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- SMG Consultants - Indonesia
- Mercator Lines Limited - India
- Madhucon Powers Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- London Commodity Brokers - England
- Uttam Galva Steels Limited - India
- Savvy Resources Ltd - HongKong
- Bayan Resources Tbk. - Indonesia
- Maheswari Brothers Coal Limited - India
- Billiton Holdings Pty Ltd - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhoruka Overseas - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Deloitte Consulting - India
- Tata Chemicals Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- IEA Clean Coal Centre - UK
- Ministry of Mines - Canada
- Eastern Coal Council - USA
- Attock Cement Pakistan Limited
- Global Coal Blending Company Limited - Australia
- Globalindo Alam Lestari - Indonesia
- Posco Energy - South Korea
- Karbindo Abesyapradhi - Indoneisa
- The Treasury - Australian Government
- Formosa Plastics Group - Taiwan
- Standard Chartered Bank - UAE
- Sical Logistics Limited - India
- Agrawal Coal Company - India
- Essar Steel Hazira Ltd - India
- Videocon Industries ltd - India
- Mintek Dendrill Indonesia
- Parliament of New Zealand
- Siam City Cement PLC, Thailand
- Simpson Spence & Young - Indonesia
- Orica Australia Pty. Ltd.
- Krishnapatnam Port Company Ltd. - India
- European Bulk Services B.V. - Netherlands
- Merrill Lynch Commodities Europe
- Jaiprakash Power Ventures ltd
- Sinarmas Energy and Mining - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Africa Commodities Group - South Africa
- The State Trading Corporation of India Ltd
- Coal and Oil Company - UAE
- SN Aboitiz Power Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Interocean Group of Companies - India
- Energy Development Corp, Philippines
- Malabar Cements Ltd - India
- Global Business Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- CNBM International Corporation - China
- Altura Mining Limited, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Salva Resources Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Trasteel International SA, Italy
- Pendopo Energi Batubara - Indonesia
- Coastal Gujarat Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- McConnell Dowell - Australia
- Bulk Trading Sa - Switzerland
- VISA Power Limited - India
- Bhatia International Limited - India
- Price Waterhouse Coopers - Russia
- Sakthi Sugars Limited - India
- Timah Investasi Mineral - Indoneisa
- Parry Sugars Refinery, India
- Sindya Power Generating Company Private Ltd
- Riau Bara Harum - Indonesia
- Planning Commission, India
- GAC Shipping (India) Pvt Ltd
- Sarangani Energy Corporation, Philippines
- Siam City Cement - Thailand
- Vedanta Resources Plc - India
- Romanian Commodities Exchange
- Latin American Coal - Colombia
- Petrochimia International Co. Ltd.- Taiwan
- Meralco Power Generation, Philippines
- Energy Link Ltd, New Zealand
- Meenaskhi Energy Private Limited - India
- Commonwealth Bank - Australia
- Therma Luzon, Inc, Philippines
- Australian Commodity Traders Exchange
- Kaltim Prima Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Rio Tinto Coal - Australia
- Aboitiz Power Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- PowerSource Philippines DevCo
- Central Java Power - Indonesia
- Port Waratah Coal Services - Australia
- Star Paper Mills Limited - India
- Wood Mackenzie - Singapore
- ASAPP Information Group - India
- TNB Fuel Sdn Bhd - Malaysia
- Bangladesh Power Developement Board
- Karaikal Port Pvt Ltd - India
- Economic Council, Georgia
- Electricity Generating Authority of Thailand
- Maharashtra Electricity Regulatory Commission - India
- Intertek Mineral Services - Indonesia
- Indian Oil Corporation Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Cement Manufacturers Association - India
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