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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, 06 July 20
INDONESIAN COAL PRICE REFERENCE IN FREE FALL
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down again the benchmark price of Indonesian th ...
Monday, 06 July 20
SUPRAMAX: A 58,000-DWT FIXING DELIVERY VIETNAM TRIP VIA INDONESIA RE-DELIVERY WEST INDIA IN THE LOW $4,000S
Capesize
The Capesize market continues to go from strength to strength, as rates reach highs not seen since September last year. The rally is p ...
Thursday, 02 July 20
PRIVATE COAL MINING MAY SEE WEAK INVESTOR SENTIMENT: ICRA - LIVEMINT
The prospects of commercial coal mining in India may be dimmer than initially expected because of the expected shift in India’s energy mix fr ...
Wednesday, 01 July 20
THERMAL COAL OPTIONS TRADING LAUNCHED IN CHINA'S ZHENGZHOU - XINHUA
Thermal coal options started trading on the Zhengzhou Commodity Exchange (ZCE) in central China’s Henan Province Tuesday.
It i ...
Wednesday, 01 July 20
COLOMBIA'S COAL EXPORT VOLUMES HAVE STEADILY DECLINED IN RECENT YEARS - BANCHERO COSTA
Colombia is the world’s fifth largest seaborne exporter of coal, coming after Australia, Indonesia, Russia and the USA.
Export ...
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- GAC Shipping (India) Pvt Ltd
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- Africa Commodities Group - South Africa
- Bayan Resources Tbk. - Indonesia
- Edison Trading Spa - Italy
- Attock Cement Pakistan Limited
- GN Power Mariveles Coal Plant, Philippines
- Trasteel International SA, Italy
- Siam City Cement PLC, Thailand
- Central Java Power - Indonesia
- International Coal Ventures Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Rashtriya Ispat Nigam Limited - India
- Eastern Coal Council - USA
- Romanian Commodities Exchange
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- New Zealand Coal & Carbon
- Coastal Gujarat Power Limited - India
- GVK Power & Infra Limited - India
- Ind-Barath Power Infra Limited - India
- Marubeni Corporation - India
- Aditya Birla Group - India
- Sree Jayajothi Cements Limited - India
- Kaltim Prima Coal - Indonesia
- Sical Logistics Limited - India
- Oldendorff Carriers - Singapore
- VISA Power Limited - India
- Port Waratah Coal Services - Australia
- The University of Queensland
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- Parliament of New Zealand
- The State Trading Corporation of India Ltd
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- Lanco Infratech Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Chamber of Mines of South Africa
- Straits Asia Resources Limited - Singapore
- Leighton Contractors Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
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- Thiess Contractors Indonesia
- AsiaOL BioFuels Corp., Philippines
- Metalloyd Limited - United Kingdom
- Barasentosa Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Electricity Authority, New Zealand
- Star Paper Mills Limited - India
- Larsen & Toubro Limited - India
- Maheswari Brothers Coal Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Indonesian Coal Mining Association
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- Intertek Mineral Services - Indonesia
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- Pendopo Energi Batubara - Indonesia
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- Goldman Sachs - Singapore
- Antam Resourcindo - Indonesia
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- Planning Commission, India
- Standard Chartered Bank - UAE
- PowerSource Philippines DevCo
- Indian Oil Corporation Limited
- Mercator Lines Limited - India
- Wood Mackenzie - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Carbofer General Trading SA - India
- CIMB Investment Bank - Malaysia
- Krishnapatnam Port Company Ltd. - India
- Banpu Public Company Limited - Thailand
- The Treasury - Australian Government
- Thai Mozambique Logistica
- Australian Coal Association
- Kideco Jaya Agung - Indonesia
- SN Aboitiz Power Inc, Philippines
- SMG Consultants - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Central Electricity Authority - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Sarangani Energy Corporation, Philippines
- Ministry of Finance - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhoruka Overseas - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- ASAPP Information Group - India
- Tata Chemicals Ltd - India
- Baramulti Group, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Energy Link Ltd, New Zealand
- McConnell Dowell - Australia
- Billiton Holdings Pty Ltd - Australia
- Deloitte Consulting - India
- Independent Power Producers Association of India
- Gujarat Sidhee Cement - India
- Bhatia International Limited - India
- Dalmia Cement Bharat India
- Altura Mining Limited, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Sojitz Corporation - Japan
- Kepco SPC Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Mintek Dendrill Indonesia
- Semirara Mining and Power Corporation, Philippines
- Tamil Nadu electricity Board
- Neyveli Lignite Corporation Ltd, - India
- Bukit Baiduri Energy - Indonesia
- Minerals Council of Australia
- Binh Thuan Hamico - Vietnam
- Vedanta Resources Plc - India
- Ceylon Electricity Board - Sri Lanka
- Simpson Spence & Young - Indonesia
- Samtan Co., Ltd - South Korea
- European Bulk Services B.V. - Netherlands
- Posco Energy - South Korea
- Holcim Trading Pte Ltd - Singapore
- Mercuria Energy - Indonesia
- Georgia Ports Authority, United States
- Heidelberg Cement - Germany
- Ambuja Cements Ltd - India
- San Jose City I Power Corp, Philippines
- Bulk Trading Sa - Switzerland
- PNOC Exploration Corporation - Philippines
- Formosa Plastics Group - Taiwan
- Xindia Steels Limited - India
- Eastern Energy - Thailand
- Ministry of Mines - Canada
- Petron Corporation, Philippines
- Australian Commodity Traders Exchange
- Energy Development Corp, Philippines
- CNBM International Corporation - China
- Indika Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Interocean Group of Companies - India
- London Commodity Brokers - England
- Sakthi Sugars Limited - India
- Global Business Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Jaiprakash Power Ventures ltd
- Bharathi Cement Corporation - India
- Timah Investasi Mineral - Indoneisa
- MS Steel International - UAE
- Siam City Cement - Thailand
- Agrawal Coal Company - India
- Riau Bara Harum - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Indogreen Group - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Economic Council, Georgia
- Commonwealth Bank - Australia
- Gujarat Mineral Development Corp Ltd - India
- Sindya Power Generating Company Private Ltd
- Grasim Industreis Ltd - India
- Orica Australia Pty. Ltd.
- Kalimantan Lumbung Energi - Indonesia
- Anglo American - United Kingdom
- Manunggal Multi Energi - Indonesia
- Therma Luzon, Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Bukit Makmur.PT - Indonesia
- Medco Energi Mining Internasional
- Rio Tinto Coal - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Orica Mining Services - Indonesia
- LBH Netherlands Bv - Netherlands
- Makarim & Taira - Indonesia
- Globalindo Alam Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bangladesh Power Developement Board
- Merrill Lynch Commodities Europe
- Essar Steel Hazira Ltd - India
- Power Finance Corporation Ltd., India
- India Bulls Power Limited - India
- Meralco Power Generation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Mjunction Services Limited - India
- OPG Power Generation Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Coal and Oil Company - UAE
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- TNB Fuel Sdn Bhd - Malaysia
- Parry Sugars Refinery, India
- SMC Global Power, Philippines
- Vizag Seaport Private Limited - India
- Wilmar Investment Holdings
- White Energy Company Limited
- Salva Resources Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Borneo Indobara - Indonesia
- Semirara Mining Corp, Philippines
- Savvy Resources Ltd - HongKong
- Kobexindo Tractors - Indoneisa
- Jindal Steel & Power Ltd - India
- IHS Mccloskey Coal Group - USA
- Coalindo Energy - Indonesia
- Indian Energy Exchange, India
- Electricity Generating Authority of Thailand
- Cigading International Bulk Terminal - Indonesia
- Ministry of Transport, Egypt
- Global Coal Blending Company Limited - Australia
- Videocon Industries ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Directorate Of Revenue Intelligence - India
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- PetroVietnam Power Coal Import and Supply Company
- ICICI Bank Limited - India
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