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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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Sunday, 14 June 20
INDONESIAN COAL WAS STILL IN DEMAND; A 52,000-DWT SUPRAMAX FIXING DELIVERY CJK FOR A ROUND VOYAGE VIA INDONESIA AT $6,250 - BALTIC BRIEFING
Capesize
The Capesize market made new highs for the year this week after strong iron ore demand to the far east continued to develop in the mar ...
Friday, 12 June 20
CHINA CURBS COAL IMPORTS AFTER 5 MONTHS OF RECORD INFLOWS - SOURCES: REUTERS
China has stepped up customs checks for coal imports, leading to lengthy processing delays at ports, four sources familiar with the matter said, as ...
Friday, 12 June 20
COAL INDIA LIMITED SET FOR MARKETING DRIVE TO CREATE DEMAND - FINANCIAL EXPRESS
State-run miner Coal India (CIL), which is primarily focused on supplying coal to the power sector, is now reorienting its marketing to create dema ...
Friday, 12 June 20
MOODY'S REVISES BRENT OIL PRICE OUTLOOK TO $35/BARREL IN 2020 - TASS
Low oil prices are likely to exert the highest pressure on Iraq, Oman and Kuwait due to the limited space for the fiscal policy pursuit and higher ...
Thursday, 11 June 20
JAN-MAY, INDONESIA SHIPPED 175.15 MILLION TONS OF COAL TO ITS OVERSEAS BUYERS
Indonesia's coal production for the first 5 months of this year have reached 228 million tons. January – May 2020, Indonesia shipped US$ ...
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- GVK Power & Infra Limited - India
- Marubeni Corporation - India
- Africa Commodities Group - South Africa
- Krishnapatnam Port Company Ltd. - India
- Sinarmas Energy and Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- European Bulk Services B.V. - Netherlands
- Timah Investasi Mineral - Indoneisa
- Independent Power Producers Association of India
- Posco Energy - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sical Logistics Limited - India
- Formosa Plastics Group - Taiwan
- PowerSource Philippines DevCo
- Global Coal Blending Company Limited - Australia
- Minerals Council of Australia
- Metalloyd Limited - United Kingdom
- Meenaskhi Energy Private Limited - India
- Cigading International Bulk Terminal - Indonesia
- Sindya Power Generating Company Private Ltd
- VISA Power Limited - India
- Kumho Petrochemical, South Korea
- Grasim Industreis Ltd - India
- SMG Consultants - Indonesia
- Larsen & Toubro Limited - India
- Star Paper Mills Limited - India
- Videocon Industries ltd - India
- Lanco Infratech Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Vizag Seaport Private Limited - India
- Orica Australia Pty. Ltd.
- Electricity Generating Authority of Thailand
- Oldendorff Carriers - Singapore
- Vedanta Resources Plc - India
- Manunggal Multi Energi - Indonesia
- LBH Netherlands Bv - Netherlands
- Mintek Dendrill Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Therma Luzon, Inc, Philippines
- San Jose City I Power Corp, Philippines
- Singapore Mercantile Exchange
- Sree Jayajothi Cements Limited - India
- Parliament of New Zealand
- Indika Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Australian Coal Association
- IHS Mccloskey Coal Group - USA
- Globalindo Alam Lestari - Indonesia
- Georgia Ports Authority, United States
- Baramulti Group, Indonesia
- Toyota Tsusho Corporation, Japan
- SMC Global Power, Philippines
- Bhoruka Overseas - Indonesia
- Semirara Mining Corp, Philippines
- Energy Development Corp, Philippines
- Deloitte Consulting - India
- Anglo American - United Kingdom
- Kobexindo Tractors - Indoneisa
- Ambuja Cements Ltd - India
- Australian Commodity Traders Exchange
- Ministry of Finance - Indonesia
- Commonwealth Bank - Australia
- Kideco Jaya Agung - Indonesia
- Bulk Trading Sa - Switzerland
- Renaissance Capital - South Africa
- Parry Sugars Refinery, India
- Dalmia Cement Bharat India
- Edison Trading Spa - Italy
- New Zealand Coal & Carbon
- Maharashtra Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- Kapuas Tunggal Persada - Indonesia
- Intertek Mineral Services - Indonesia
- Karaikal Port Pvt Ltd - India
- Sakthi Sugars Limited - India
- India Bulls Power Limited - India
- Eastern Energy - Thailand
- GAC Shipping (India) Pvt Ltd
- South Luzon Thermal Energy Corporation
- McConnell Dowell - Australia
- Bangladesh Power Developement Board
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Attock Cement Pakistan Limited
- Xindia Steels Limited - India
- Maheswari Brothers Coal Limited - India
- Ind-Barath Power Infra Limited - India
- CNBM International Corporation - China
- PetroVietnam Power Coal Import and Supply Company
- Kaltim Prima Coal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Leighton Contractors Pty Ltd - Australia
- Mercuria Energy - Indonesia
- Agrawal Coal Company - India
- Iligan Light & Power Inc, Philippines
- The Treasury - Australian Government
- MS Steel International - UAE
- Essar Steel Hazira Ltd - India
- Thai Mozambique Logistica
- Bhatia International Limited - India
- Aboitiz Power Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coalindo Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Interocean Group of Companies - India
- Aditya Birla Group - India
- IEA Clean Coal Centre - UK
- Barasentosa Lestari - Indonesia
- Uttam Galva Steels Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Chettinad Cement Corporation Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Savvy Resources Ltd - HongKong
- Carbofer General Trading SA - India
- Sojitz Corporation - Japan
- Indian Oil Corporation Limited
- Power Finance Corporation Ltd., India
- Romanian Commodities Exchange
- Directorate Of Revenue Intelligence - India
- Bukit Asam (Persero) Tbk - Indonesia
- ASAPP Information Group - India
- Ministry of Mines - Canada
- Bukit Baiduri Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Medco Energi Mining Internasional
- Port Waratah Coal Services - Australia
- Gujarat Sidhee Cement - India
- SN Aboitiz Power Inc, Philippines
- Coastal Gujarat Power Limited - India
- Simpson Spence & Young - Indonesia
- Merrill Lynch Commodities Europe
- Cement Manufacturers Association - India
- Heidelberg Cement - Germany
- CIMB Investment Bank - Malaysia
- Bhushan Steel Limited - India
- Tata Chemicals Ltd - India
- TeaM Sual Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bayan Resources Tbk. - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- Antam Resourcindo - Indonesia
- Latin American Coal - Colombia
- GMR Energy Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Holcim Trading Pte Ltd - Singapore
- Kartika Selabumi Mining - Indonesia
- OPG Power Generation Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Binh Thuan Hamico - Vietnam
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mjunction Services Limited - India
- London Commodity Brokers - England
- Kepco SPC Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- PNOC Exploration Corporation - Philippines
- PTC India Limited - India
- AsiaOL BioFuels Corp., Philippines
- Karbindo Abesyapradhi - Indoneisa
- Jindal Steel & Power Ltd - India
- Sarangani Energy Corporation, Philippines
- Riau Bara Harum - Indonesia
- Bharathi Cement Corporation - India
- Directorate General of MIneral and Coal - Indonesia
- Indonesian Coal Mining Association
- Rashtriya Ispat Nigam Limited - India
- The State Trading Corporation of India Ltd
- Samtan Co., Ltd - South Korea
- Gujarat Mineral Development Corp Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- White Energy Company Limited
- Indo Tambangraya Megah - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Coal and Oil Company - UAE
- Tamil Nadu electricity Board
- Trasteel International SA, Italy
- The University of Queensland
- International Coal Ventures Pvt Ltd - India
- Eastern Coal Council - USA
- Salva Resources Pvt Ltd - India
- Ministry of Transport, Egypt
- Meralco Power Generation, Philippines
- Malabar Cements Ltd - India
- Straits Asia Resources Limited - Singapore
- Siam City Cement - Thailand
- Madhucon Powers Ltd - India
- Planning Commission, India
- Global Business Power Corporation, Philippines
- Chamber of Mines of South Africa
- Mercator Lines Limited - India
- Bukit Makmur.PT - Indonesia
- Energy Link Ltd, New Zealand
- Jaiprakash Power Ventures ltd
- Thiess Contractors Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Orica Mining Services - Indonesia
- Central Java Power - Indonesia
- Electricity Authority, New Zealand
- Rio Tinto Coal - Australia
- Goldman Sachs - Singapore
- Wood Mackenzie - Singapore
- Miang Besar Coal Terminal - Indonesia
- Petron Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Wilmar Investment Holdings
- Price Waterhouse Coopers - Russia
- ICICI Bank Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Economic Council, Georgia
- Central Electricity Authority - India
- Borneo Indobara - Indonesia
- Indogreen Group - Indonesia
- Makarim & Taira - Indonesia
- Banpu Public Company Limited - Thailand
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