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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, 29 June 20
ULTRAMAX: A 58,000 FIXING DELIVERY SINGAPORE TRIP, VIA EAST COAST INDIA, REDELIVERY CHINA IN THE LOW $12,000S - BALTIC BRIEFING
Capesize
As the halfway mark of 2020 arrives, the capesize market is making new highs for the year. From persistent lows earlier caused by a ba ...
Saturday, 27 June 20
CHINA'S BENCHMARK POWER COAL PRICE REMAINS FLAT - XINHUA
China’s benchmark power coal price remained flat during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
Friday, 26 June 20
WHAT TODAY'S BAILOUTS CAN DO FOR TOMORROW'S ECONOMIES - WORLD ECONOMIC FORUM
The COVID-19 crisis provides an opportunity for governments to build fairer, more sustainable and more resilient economies.
Governments a ...
Thursday, 25 June 20
ALL YOU WANT TO KNOW ABOUT COAL MINE AUCTIONS - THE HINDU BUSINESS LINE
Last week, Prime Minister Narendra Modi threw open the auction of 41 coal blocks for commercial mining. The decision, which was part of the announc ...
Wednesday, 24 June 20
MARKET INSIGHT - INTERMODAL
The World Bank estimates that the global economy will fall by 5.2% this year, underlining that the Covid-19 pandemic has had rapid and massive cons ...
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- Videocon Industries ltd - India
- GVK Power & Infra Limited - India
- Wilmar Investment Holdings
- Ministry of Finance - Indonesia
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- Independent Power Producers Association of India
- Bhoruka Overseas - Indonesia
- Chamber of Mines of South Africa
- Lanco Infratech Ltd - India
- Jaiprakash Power Ventures ltd
- Electricity Generating Authority of Thailand
- Renaissance Capital - South Africa
- Tamil Nadu electricity Board
- Indian Oil Corporation Limited
- Timah Investasi Mineral - Indoneisa
- Agrawal Coal Company - India
- Global Green Power PLC Corporation, Philippines
- Dalmia Cement Bharat India
- Kartika Selabumi Mining - Indonesia
- Meralco Power Generation, Philippines
- Heidelberg Cement - Germany
- Central Electricity Authority - India
- Therma Luzon, Inc, Philippines
- London Commodity Brokers - England
- GAC Shipping (India) Pvt Ltd
- Orica Mining Services - Indonesia
- Minerals Council of Australia
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- Wood Mackenzie - Singapore
- Trasteel International SA, Italy
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- Banpu Public Company Limited - Thailand
- Standard Chartered Bank - UAE
- Sree Jayajothi Cements Limited - India
- Malabar Cements Ltd - India
- Attock Cement Pakistan Limited
- Billiton Holdings Pty Ltd - Australia
- Bukit Baiduri Energy - Indonesia
- Siam City Cement - Thailand
- Chettinad Cement Corporation Ltd - India
- Rio Tinto Coal - Australia
- Maheswari Brothers Coal Limited - India
- Jindal Steel & Power Ltd - India
- Parliament of New Zealand
- Petron Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Altura Mining Limited, Indonesia
- Bukit Makmur.PT - Indonesia
- OPG Power Generation Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Madhucon Powers Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Directorate Of Revenue Intelligence - India
- Anglo American - United Kingdom
- MS Steel International - UAE
- Indika Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Straits Asia Resources Limited - Singapore
- Energy Link Ltd, New Zealand
- Essar Steel Hazira Ltd - India
- New Zealand Coal & Carbon
- Medco Energi Mining Internasional
- Marubeni Corporation - India
- Ambuja Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Planning Commission, India
- Energy Development Corp, Philippines
- Goldman Sachs - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Intertek Mineral Services - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Coal and Oil Company - UAE
- PTC India Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Uttam Galva Steels Limited - India
- AsiaOL BioFuels Corp., Philippines
- White Energy Company Limited
- Karbindo Abesyapradhi - Indoneisa
- Commonwealth Bank - Australia
- Simpson Spence & Young - Indonesia
- Kepco SPC Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Meenaskhi Energy Private Limited - India
- Tata Chemicals Ltd - India
- Sakthi Sugars Limited - India
- Cigading International Bulk Terminal - Indonesia
- Kobexindo Tractors - Indoneisa
- Central Java Power - Indonesia
- Port Waratah Coal Services - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Bhushan Steel Limited - India
- Australian Coal Association
- Mercuria Energy - Indonesia
- CIMB Investment Bank - Malaysia
- SMC Global Power, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Mercator Lines Limited - India
- South Luzon Thermal Energy Corporation
- PNOC Exploration Corporation - Philippines
- Riau Bara Harum - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Antam Resourcindo - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Oldendorff Carriers - Singapore
- Formosa Plastics Group - Taiwan
- Neyveli Lignite Corporation Ltd, - India
- International Coal Ventures Pvt Ltd - India
- VISA Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- IHS Mccloskey Coal Group - USA
- Posco Energy - South Korea
- The University of Queensland
- Thai Mozambique Logistica
- Bharathi Cement Corporation - India
- Star Paper Mills Limited - India
- Mintek Dendrill Indonesia
- Grasim Industreis Ltd - India
- Gujarat Sidhee Cement - India
- Bangladesh Power Developement Board
- SMG Consultants - Indonesia
- Romanian Commodities Exchange
- Vizag Seaport Private Limited - India
- LBH Netherlands Bv - Netherlands
- Coastal Gujarat Power Limited - India
- Karaikal Port Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- McConnell Dowell - Australia
- SN Aboitiz Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Electricity Authority, New Zealand
- Thiess Contractors Indonesia
- CNBM International Corporation - China
- Salva Resources Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Deloitte Consulting - India
- Eastern Energy - Thailand
- Savvy Resources Ltd - HongKong
- Carbofer General Trading SA - India
- Global Coal Blending Company Limited - Australia
- Mjunction Services Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Power Finance Corporation Ltd., India
- Kalimantan Lumbung Energi - Indonesia
- Indogreen Group - Indonesia
- Kumho Petrochemical, South Korea
- Africa Commodities Group - South Africa
- Singapore Mercantile Exchange
- Price Waterhouse Coopers - Russia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Toyota Tsusho Corporation, Japan
- Bukit Asam (Persero) Tbk - Indonesia
- Manunggal Multi Energi - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Larsen & Toubro Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Georgia Ports Authority, United States
- Leighton Contractors Pty Ltd - Australia
- Sojitz Corporation - Japan
- TeaM Sual Corporation - Philippines
- Semirara Mining Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Indian Energy Exchange, India
- Binh Thuan Hamico - Vietnam
- Sical Logistics Limited - India
- Interocean Group of Companies - India
- Global Business Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Vedanta Resources Plc - India
- Ministry of Mines - Canada
- Merrill Lynch Commodities Europe
- Baramulti Group, Indonesia
- Aditya Birla Group - India
- Kideco Jaya Agung - Indonesia
- Sindya Power Generating Company Private Ltd
- Indonesian Coal Mining Association
- PetroVietnam Power Coal Import and Supply Company
- Orica Australia Pty. Ltd.
- Siam City Cement PLC, Thailand
- PowerSource Philippines DevCo
- Gujarat Mineral Development Corp Ltd - India
- Australian Commodity Traders Exchange
- Bulk Trading Sa - Switzerland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kaltim Prima Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Cement Manufacturers Association - India
- Metalloyd Limited - United Kingdom
- ASAPP Information Group - India
- Ministry of Transport, Egypt
- India Bulls Power Limited - India
- Ind-Barath Power Infra Limited - India
- IEA Clean Coal Centre - UK
- Latin American Coal - Colombia
- Jorong Barutama Greston.PT - Indonesia
- Aboitiz Power Corporation - Philippines
- Borneo Indobara - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Coalindo Energy - Indonesia
- Bhatia International Limited - India
- European Bulk Services B.V. - Netherlands
- Xindia Steels Limited - India
- Samtan Co., Ltd - South Korea
- Parry Sugars Refinery, India
- Globalindo Alam Lestari - Indonesia
- Rashtriya Ispat Nigam Limited - India
- San Jose City I Power Corp, Philippines
- The Treasury - Australian Government
- Gujarat Electricity Regulatory Commission - India
- Vijayanagar Sugar Pvt Ltd - India
- Edison Trading Spa - Italy
- GMR Energy Limited - India
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