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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, 29 July 20
2019 U.S. COAL PRODUCTION FALLS TO ITS LOWEST LEVEL SINCE 1978 - EIA
In 2019, U.S. coal production totaled 706 million short tons (MMst), a 7% decrease from the 756 MMst mined in 2018. Last year’s production wa ...
Wednesday, 29 July 20
MARKET INSIGHT - INTERMODAL
The dry bulk sector is beginning to recover from reduced SnP activity recorded in the first quarter of 2020. The table below illustrates that appro ...
Tuesday, 28 July 20
DEUTSCHE BANK TO END GLOBAL BUSINESS ACTIVITIES IN COAL MINING BY 2025 - REUTERS
Deutsche Bank, in a revamp of its policies for fossil fuels, said on Monday that it would end business activities worldwide related to coal mining ...
Monday, 27 July 20
IEEFA ENERGY FINANCE CONFERENCE 2020: COAL, LNG, PETROCHEMICAL SECTORS FACE POOR OUTLOOK AND UPHILL BATTLE FOR INVESTORS
Fossil fuel industries were becoming less financially attractive even before the global coronavirus pandemic
Three major fossil fuel ...
Friday, 24 July 20
IPA: THERMAL COAL IMPORTS AT MAJOR PORTS DECLINE 35 PC TO 17.71 MT IN APR TO JUNE - ECONOMIC TIMES
These ports had handled 27.13 MT of thermal coal and 14.95 MT of coking coal in the April-June period of the previous financial year
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- Timah Investasi Mineral - Indoneisa
- Edison Trading Spa - Italy
- Kumho Petrochemical, South Korea
- Formosa Plastics Group - Taiwan
- Baramulti Group, Indonesia
- Salva Resources Pvt Ltd - India
- ASAPP Information Group - India
- Jorong Barutama Greston.PT - Indonesia
- South Luzon Thermal Energy Corporation
- Commonwealth Bank - Australia
- Global Coal Blending Company Limited - Australia
- Sical Logistics Limited - India
- Eastern Coal Council - USA
- Energy Link Ltd, New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mercator Lines Limited - India
- Port Waratah Coal Services - Australia
- Kohat Cement Company Ltd. - Pakistan
- Banpu Public Company Limited - Thailand
- Merrill Lynch Commodities Europe
- Lanco Infratech Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Independent Power Producers Association of India
- Kaltim Prima Coal - Indonesia
- Carbofer General Trading SA - India
- Price Waterhouse Coopers - Russia
- Toyota Tsusho Corporation, Japan
- Videocon Industries ltd - India
- Sakthi Sugars Limited - India
- Goldman Sachs - Singapore
- CNBM International Corporation - China
- CIMB Investment Bank - Malaysia
- Kalimantan Lumbung Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- Karaikal Port Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Indonesian Coal Mining Association
- San Jose City I Power Corp, Philippines
- IEA Clean Coal Centre - UK
- Gujarat Sidhee Cement - India
- Romanian Commodities Exchange
- Planning Commission, India
- Vizag Seaport Private Limited - India
- Electricity Authority, New Zealand
- White Energy Company Limited
- Jindal Steel & Power Ltd - India
- McConnell Dowell - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Eastern Energy - Thailand
- Economic Council, Georgia
- Cement Manufacturers Association - India
- Samtan Co., Ltd - South Korea
- Medco Energi Mining Internasional
- Kobexindo Tractors - Indoneisa
- Sree Jayajothi Cements Limited - India
- Sinarmas Energy and Mining - Indonesia
- Orica Australia Pty. Ltd.
- London Commodity Brokers - England
- LBH Netherlands Bv - Netherlands
- Bhoruka Overseas - Indonesia
- Electricity Generating Authority of Thailand
- Malabar Cements Ltd - India
- Standard Chartered Bank - UAE
- Australian Commodity Traders Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Chettinad Cement Corporation Ltd - India
- Trasteel International SA, Italy
- SMG Consultants - Indonesia
- Vedanta Resources Plc - India
- Africa Commodities Group - South Africa
- Meenaskhi Energy Private Limited - India
- Rashtriya Ispat Nigam Limited - India
- European Bulk Services B.V. - Netherlands
- Singapore Mercantile Exchange
- Pendopo Energi Batubara - Indonesia
- Metalloyd Limited - United Kingdom
- Dalmia Cement Bharat India
- PTC India Limited - India
- Coalindo Energy - Indonesia
- Indian Oil Corporation Limited
- New Zealand Coal & Carbon
- GVK Power & Infra Limited - India
- Petron Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Anglo American - United Kingdom
- Bharathi Cement Corporation - India
- Meralco Power Generation, Philippines
- Tata Chemicals Ltd - India
- The State Trading Corporation of India Ltd
- Bhushan Steel Limited - India
- Gujarat Electricity Regulatory Commission - India
- Mjunction Services Limited - India
- Wilmar Investment Holdings
- Holcim Trading Pte Ltd - Singapore
- Australian Coal Association
- Chamber of Mines of South Africa
- Kartika Selabumi Mining - Indonesia
- Parry Sugars Refinery, India
- Kideco Jaya Agung - Indonesia
- Sarangani Energy Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Interocean Group of Companies - India
- India Bulls Power Limited - India
- PNOC Exploration Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The University of Queensland
- Manunggal Multi Energi - Indonesia
- Central Electricity Authority - India
- GAC Shipping (India) Pvt Ltd
- Attock Cement Pakistan Limited
- Barasentosa Lestari - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Central Java Power - Indonesia
- Miang Besar Coal Terminal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Minerals Council of Australia
- Marubeni Corporation - India
- Larsen & Toubro Limited - India
- Mintek Dendrill Indonesia
- Bangladesh Power Developement Board
- ICICI Bank Limited - India
- PowerSource Philippines DevCo
- Wood Mackenzie - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Renaissance Capital - South Africa
- Posco Energy - South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Karbindo Abesyapradhi - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- IHS Mccloskey Coal Group - USA
- Cigading International Bulk Terminal - Indonesia
- Indika Energy - Indonesia
- Ministry of Transport, Egypt
- Global Business Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Ind-Barath Power Infra Limited - India
- OPG Power Generation Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Oldendorff Carriers - Singapore
- Makarim & Taira - Indonesia
- Energy Development Corp, Philippines
- GMR Energy Limited - India
- Essar Steel Hazira Ltd - India
- TeaM Sual Corporation - Philippines
- Bhatia International Limited - India
- Maheswari Brothers Coal Limited - India
- Mercuria Energy - Indonesia
- Antam Resourcindo - Indonesia
- Parliament of New Zealand
- Orica Mining Services - Indonesia
- The Treasury - Australian Government
- Directorate Of Revenue Intelligence - India
- SMC Global Power, Philippines
- Asmin Koalindo Tuhup - Indonesia
- VISA Power Limited - India
- Power Finance Corporation Ltd., India
- Intertek Mineral Services - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Gujarat Mineral Development Corp Ltd - India
- Coastal Gujarat Power Limited - India
- Straits Asia Resources Limited - Singapore
- Thai Mozambique Logistica
- Latin American Coal - Colombia
- Altura Mining Limited, Indonesia
- Agrawal Coal Company - India
- Bulk Trading Sa - Switzerland
- Ministry of Mines - Canada
- Deloitte Consulting - India
- Indian Energy Exchange, India
- Siam City Cement - Thailand
- Uttam Galva Steels Limited - India
- Bukit Makmur.PT - Indonesia
- Semirara Mining Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Kepco SPC Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Thiess Contractors Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Jaiprakash Power Ventures ltd
- Grasim Industreis Ltd - India
- Sojitz Corporation - Japan
- Heidelberg Cement - Germany
- Aboitiz Power Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Alfred C Toepfer International GmbH - Germany
- Indo Tambangraya Megah - Indonesia
- MS Steel International - UAE
- Rio Tinto Coal - Australia
- Simpson Spence & Young - Indonesia
- Globalindo Alam Lestari - Indonesia
- Madhucon Powers Ltd - India
- Aditya Birla Group - India
- Ministry of Finance - Indonesia
- Riau Bara Harum - Indonesia
- Star Paper Mills Limited - India
- Sindya Power Generating Company Private Ltd
- Tamil Nadu electricity Board
- Bukit Baiduri Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Indogreen Group - Indonesia
- Iligan Light & Power Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- GN Power Mariveles Coal Plant, Philippines
- Georgia Ports Authority, United States
- Coal and Oil Company - UAE
- Borneo Indobara - Indonesia
- Xindia Steels Limited - India
- International Coal Ventures Pvt Ltd - India
- Ambuja Cements Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement PLC, Thailand
- Pipit Mutiara Jaya. PT, Indonesia
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