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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, 23 July 20
KOREAN GENCOS INVITED BIDS FOR TOTAL 1.36 MILLION TONS OF BITUMINOUS COAL FOR OCTOBER 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 1,360,00 ...
Wednesday, 22 July 20
CIL'S COAL SUPPLY TO POWER SECTOR DROPS OVER 21% TO 93.5 MT IN APR-JUN QUARTER - PTI
The supply of coal by state-owned Coal India Ltd to the power sector fell 21.7 percent to 93.5 million tonnes (MT) in the first quarter of the ongo ...
Monday, 20 July 20
KOREA MIDLAND POWER INVITED BIDS FOR TOTAL 2.520 MILLION MT OF BITUMINOUS COAL FOR THREE YEARS
COALspot.com: Korea Midland Power Co., Ltd (KOMIPO), has issued an international tender for total 840,000 of Bituminous Coal to be used at Bo ...
Monday, 20 July 20
CHINA'S JUNE COAL OUTPUT FALLS 1.2% YEAR-ON-YEAR OVER ILLEGAL MINING CHECKS - REUTERS
China’s coal output dropped 1.2% in June on the year to 330 million tonnes, official data showed, as major coal mining areas cracked down on ...
Monday, 20 July 20
COAL INDIA LAUNCHES SPECIAL CATEGORY OF E-AUCTION FOR COAL IMPORTERS - BUSINESS STANDARD
Coal India (CIL) on Friday launched a special category of e-auction for importers of coal. This is in line with the government’s declaration ...
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- Global Green Power PLC Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Siam City Cement - Thailand
- Larsen & Toubro Limited - India
- Ministry of Finance - Indonesia
- Meralco Power Generation, Philippines
- Banpu Public Company Limited - Thailand
- Thai Mozambique Logistica
- Orica Australia Pty. Ltd.
- Sical Logistics Limited - India
- India Bulls Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Intertek Mineral Services - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Parliament of New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- VISA Power Limited - India
- Barasentosa Lestari - Indonesia
- Port Waratah Coal Services - Australia
- Marubeni Corporation - India
- GN Power Mariveles Coal Plant, Philippines
- Heidelberg Cement - Germany
- Independent Power Producers Association of India
- Interocean Group of Companies - India
- Anglo American - United Kingdom
- Krishnapatnam Port Company Ltd. - India
- Indika Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- South Luzon Thermal Energy Corporation
- Attock Cement Pakistan Limited
- Ministry of Mines - Canada
- Cement Manufacturers Association - India
- Simpson Spence & Young - Indonesia
- Parry Sugars Refinery, India
- Pendopo Energi Batubara - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Grasim Industreis Ltd - India
- Tata Chemicals Ltd - India
- Vedanta Resources Plc - India
- Bukit Asam (Persero) Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Metalloyd Limited - United Kingdom
- Therma Luzon, Inc, Philippines
- Orica Mining Services - Indonesia
- Meenaskhi Energy Private Limited - India
- Sakthi Sugars Limited - India
- Siam City Cement PLC, Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- ICICI Bank Limited - India
- Merrill Lynch Commodities Europe
- Dalmia Cement Bharat India
- Eastern Coal Council - USA
- Ministry of Transport, Egypt
- Gujarat Electricity Regulatory Commission - India
- OPG Power Generation Pvt Ltd - India
- Planning Commission, India
- Kepco SPC Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Karaikal Port Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- The Treasury - Australian Government
- Eastern Energy - Thailand
- Chettinad Cement Corporation Ltd - India
- Latin American Coal - Colombia
- Economic Council, Georgia
- Bayan Resources Tbk. - Indonesia
- Videocon Industries ltd - India
- Australian Coal Association
- Power Finance Corporation Ltd., India
- Ind-Barath Power Infra Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Chamber of Mines of South Africa
- Bangladesh Power Developement Board
- PTC India Limited - India
- SMC Global Power, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Bulk Trading Sa - Switzerland
- Riau Bara Harum - Indonesia
- Carbofer General Trading SA - India
- Mercuria Energy - Indonesia
- Posco Energy - South Korea
- MS Steel International - UAE
- CNBM International Corporation - China
- Kartika Selabumi Mining - Indonesia
- Vizag Seaport Private Limited - India
- Mjunction Services Limited - India
- Oldendorff Carriers - Singapore
- Indogreen Group - Indonesia
- Kobexindo Tractors - Indoneisa
- Mintek Dendrill Indonesia
- Trasteel International SA, Italy
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate Of Revenue Intelligence - India
- Jaiprakash Power Ventures ltd
- Semirara Mining Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Singapore Mercantile Exchange
- Agrawal Coal Company - India
- Tamil Nadu electricity Board
- Electricity Generating Authority of Thailand
- Lanco Infratech Ltd - India
- Africa Commodities Group - South Africa
- Formosa Plastics Group - Taiwan
- Bukit Makmur.PT - Indonesia
- The University of Queensland
- European Bulk Services B.V. - Netherlands
- Kapuas Tunggal Persada - Indonesia
- PNOC Exploration Corporation - Philippines
- San Jose City I Power Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Star Paper Mills Limited - India
- Romanian Commodities Exchange
- Straits Asia Resources Limited - Singapore
- Timah Investasi Mineral - Indoneisa
- IHS Mccloskey Coal Group - USA
- Billiton Holdings Pty Ltd - Australia
- Sree Jayajothi Cements Limited - India
- Wood Mackenzie - Singapore
- Essar Steel Hazira Ltd - India
- Kumho Petrochemical, South Korea
- Australian Commodity Traders Exchange
- Aboitiz Power Corporation - Philippines
- Georgia Ports Authority, United States
- Borneo Indobara - Indonesia
- Iligan Light & Power Inc, Philippines
- ASAPP Information Group - India
- Minerals Council of Australia
- Indonesian Coal Mining Association
- Bhatia International Limited - India
- Makarim & Taira - Indonesia
- Renaissance Capital - South Africa
- Global Business Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jindal Steel & Power Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Bhushan Steel Limited - India
- LBH Netherlands Bv - Netherlands
- IEA Clean Coal Centre - UK
- Central Java Power - Indonesia
- GMR Energy Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Standard Chartered Bank - UAE
- PowerSource Philippines DevCo
- SMG Consultants - Indonesia
- CIMB Investment Bank - Malaysia
- Globalindo Alam Lestari - Indonesia
- Malabar Cements Ltd - India
- Wilmar Investment Holdings
- Gujarat Sidhee Cement - India
- New Zealand Coal & Carbon
- Ceylon Electricity Board - Sri Lanka
- Edison Trading Spa - Italy
- Bharathi Cement Corporation - India
- Petron Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- SN Aboitiz Power Inc, Philippines
- Madhucon Powers Ltd - India
- Kaltim Prima Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- Xindia Steels Limited - India
- GVK Power & Infra Limited - India
- Altura Mining Limited, Indonesia
- Central Electricity Authority - India
- Bukit Baiduri Energy - Indonesia
- Electricity Authority, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Maheswari Brothers Coal Limited - India
- Rashtriya Ispat Nigam Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indian Oil Corporation Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ambuja Cements Ltd - India
- Energy Link Ltd, New Zealand
- Karbindo Abesyapradhi - Indoneisa
- White Energy Company Limited
- McConnell Dowell - Australia
- Coal and Oil Company - UAE
- Rio Tinto Coal - Australia
- Thiess Contractors Indonesia
- Uttam Galva Steels Limited - India
- Deloitte Consulting - India
- Kohat Cement Company Ltd. - Pakistan
- Mercator Lines Limited - India
- Coalindo Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Energy Development Corp, Philippines
- Bhoruka Overseas - Indonesia
- Antam Resourcindo - Indonesia
- TeaM Sual Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Cigading International Bulk Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- The State Trading Corporation of India Ltd
- Indian Energy Exchange, India
- London Commodity Brokers - England
- Sinarmas Energy and Mining - Indonesia
- Indo Tambangraya Megah - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Salva Resources Pvt Ltd - India
- Goldman Sachs - Singapore
- Sojitz Corporation - Japan
- Semirara Mining and Power Corporation, Philippines
- Commonwealth Bank - Australia
- Aditya Birla Group - India
- Binh Thuan Hamico - Vietnam
- Baramulti Group, Indonesia
- Samtan Co., Ltd - South Korea
- Neyveli Lignite Corporation Ltd, - India
- AsiaOL BioFuels Corp., Philippines
- Global Coal Blending Company Limited - Australia
- Coastal Gujarat Power Limited - India
- Medco Energi Mining Internasional
- Alfred C Toepfer International GmbH - Germany
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