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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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Tuesday, 09 June 20
INDIA: COAL IMPORT DROPS BY 20% TO NEARLY 19 MILLION TONNES IN MAY, SAYS REPORT - HINDUSTAN TIMES
The country’s coal import dropped by 20 per cent to 18.93 million tonnes (MT) last month, industry data showed.
The government ...
Monday, 08 June 20
WOOD MACKENZIE: THE INDISPENSABLE OPEC+
Rumours of “the death of OPEC” have been circulating for almost as long as the organisation has existed. Just three years after the car ...
Monday, 08 June 20
CHINA'S COAL IMPORTS FALL NEARLY 20% IN MAY EVEN AS DEMAND RISES - REUTERS
China’s coal imports in May fell nearly 20% compared with a year earlier even as demand recovered at power plants and industrial users, custo ...
Monday, 08 June 20
JUNE 2020 INDONESIAN COAL PRICE REFERENCE HIT US$ 52.98 A TON, ITS LOWEST LEVEL SINCE AT LEAST AUGUST 2016
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down again the benchmark price of Indonesian th ...
Sunday, 07 June 20
A SCRUBBER FITTED 61,000 ULTRAMAX WAS FIXED DELIVERY PHILIPPINES TRIP VIA SOUTH AFRICA REDELIVERY VIETNAM AT $9,500 - BALTIC BRIEFING
Capesize
The small flicker of hope at the beginning of this week has kindled a small fire under the Capesize market. At a paltry $3369 from the ...
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- Directorate General of MIneral and Coal - Indonesia
- MS Steel International - UAE
- Attock Cement Pakistan Limited
- Energy Development Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Manunggal Multi Energi - Indonesia
- Rio Tinto Coal - Australia
- Minerals Council of Australia
- Ind-Barath Power Infra Limited - India
- Jindal Steel & Power Ltd - India
- Electricity Authority, New Zealand
- Therma Luzon, Inc, Philippines
- Oldendorff Carriers - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Savvy Resources Ltd - HongKong
- Samtan Co., Ltd - South Korea
- Jaiprakash Power Ventures ltd
- CNBM International Corporation - China
- Kapuas Tunggal Persada - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Sarangani Energy Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Ambuja Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Banpu Public Company Limited - Thailand
- Cement Manufacturers Association - India
- Energy Link Ltd, New Zealand
- Alfred C Toepfer International GmbH - Germany
- IEA Clean Coal Centre - UK
- Anglo American - United Kingdom
- Singapore Mercantile Exchange
- Indogreen Group - Indonesia
- Indian Energy Exchange, India
- Formosa Plastics Group - Taiwan
- Aboitiz Power Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Bulk Trading Sa - Switzerland
- Parliament of New Zealand
- European Bulk Services B.V. - Netherlands
- Bhatia International Limited - India
- Renaissance Capital - South Africa
- Eastern Energy - Thailand
- The Treasury - Australian Government
- McConnell Dowell - Australia
- Gujarat Sidhee Cement - India
- Bayan Resources Tbk. - Indonesia
- Meralco Power Generation, Philippines
- Sindya Power Generating Company Private Ltd
- Holcim Trading Pte Ltd - Singapore
- Ministry of Finance - Indonesia
- Pendopo Energi Batubara - Indonesia
- Vizag Seaport Private Limited - India
- International Coal Ventures Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- LBH Netherlands Bv - Netherlands
- Sakthi Sugars Limited - India
- Lanco Infratech Ltd - India
- Orica Australia Pty. Ltd.
- Global Green Power PLC Corporation, Philippines
- Xindia Steels Limited - India
- Thiess Contractors Indonesia
- Toyota Tsusho Corporation, Japan
- Gujarat Electricity Regulatory Commission - India
- Krishnapatnam Port Company Ltd. - India
- OPG Power Generation Pvt Ltd - India
- The University of Queensland
- Barasentosa Lestari - Indonesia
- Grasim Industreis Ltd - India
- Goldman Sachs - Singapore
- Chettinad Cement Corporation Ltd - India
- Timah Investasi Mineral - Indoneisa
- Riau Bara Harum - Indonesia
- India Bulls Power Limited - India
- The State Trading Corporation of India Ltd
- ICICI Bank Limited - India
- Miang Besar Coal Terminal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Petron Corporation, Philippines
- Heidelberg Cement - Germany
- Borneo Indobara - Indonesia
- Mercator Lines Limited - India
- Merrill Lynch Commodities Europe
- Chamber of Mines of South Africa
- Neyveli Lignite Corporation Ltd, - India
- Coal and Oil Company - UAE
- VISA Power Limited - India
- Directorate Of Revenue Intelligence - India
- SN Aboitiz Power Inc, Philippines
- Interocean Group of Companies - India
- GAC Shipping (India) Pvt Ltd
- GN Power Mariveles Coal Plant, Philippines
- SMC Global Power, Philippines
- Indo Tambangraya Megah - Indonesia
- Central Electricity Authority - India
- Trasteel International SA, Italy
- Maheswari Brothers Coal Limited - India
- London Commodity Brokers - England
- Ceylon Electricity Board - Sri Lanka
- Deloitte Consulting - India
- Australian Commodity Traders Exchange
- Leighton Contractors Pty Ltd - Australia
- Vedanta Resources Plc - India
- Medco Energi Mining Internasional
- Antam Resourcindo - Indonesia
- South Luzon Thermal Energy Corporation
- Star Paper Mills Limited - India
- Sinarmas Energy and Mining - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Mercuria Energy - Indonesia
- New Zealand Coal & Carbon
- SMG Consultants - Indonesia
- Port Waratah Coal Services - Australia
- Electricity Generating Authority of Thailand
- Salva Resources Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Mjunction Services Limited - India
- Indian Oil Corporation Limited
- Videocon Industries ltd - India
- ASAPP Information Group - India
- Asmin Koalindo Tuhup - Indonesia
- Sree Jayajothi Cements Limited - India
- Uttam Galva Steels Limited - India
- Simpson Spence & Young - Indonesia
- San Jose City I Power Corp, Philippines
- Altura Mining Limited, Indonesia
- Marubeni Corporation - India
- Standard Chartered Bank - UAE
- Romanian Commodities Exchange
- Kaltim Prima Coal - Indonesia
- Kobexindo Tractors - Indoneisa
- Karaikal Port Pvt Ltd - India
- Larsen & Toubro Limited - India
- Semirara Mining Corp, Philippines
- Global Business Power Corporation, Philippines
- PTC India Limited - India
- Straits Asia Resources Limited - Singapore
- PNOC Exploration Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Tamil Nadu electricity Board
- Carbofer General Trading SA - India
- Coastal Gujarat Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- CIMB Investment Bank - Malaysia
- Bhushan Steel Limited - India
- IHS Mccloskey Coal Group - USA
- White Energy Company Limited
- Ministry of Mines - Canada
- Bank of Tokyo Mitsubishi UFJ Ltd
- Planning Commission, India
- Global Coal Blending Company Limited - Australia
- Ministry of Transport, Egypt
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Malabar Cements Ltd - India
- Meenaskhi Energy Private Limited - India
- Georgia Ports Authority, United States
- Siam City Cement PLC, Thailand
- Cigading International Bulk Terminal - Indonesia
- Central Java Power - Indonesia
- Siam City Cement - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Economic Council, Georgia
- Indika Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Kumho Petrochemical, South Korea
- Sical Logistics Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Agrawal Coal Company - India
- Independent Power Producers Association of India
- Latin American Coal - Colombia
- Dalmia Cement Bharat India
- Makarim & Taira - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Globalindo Alam Lestari - Indonesia
- Parry Sugars Refinery, India
- TeaM Sual Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Sojitz Corporation - Japan
- Kepco SPC Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- GMR Energy Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Wood Mackenzie - Singapore
- Essar Steel Hazira Ltd - India
- Baramulti Group, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Wilmar Investment Holdings
- Petrochimia International Co. Ltd.- Taiwan
- Indonesian Coal Mining Association
- Africa Commodities Group - South Africa
- PetroVietnam Power Coal Import and Supply Company
- Aditya Birla Group - India
- Bharathi Cement Corporation - India
- GVK Power & Infra Limited - India
- Tata Chemicals Ltd - India
- Commonwealth Bank - Australia
- PowerSource Philippines DevCo
- Mintek Dendrill Indonesia
- Madhucon Powers Ltd - India
- Posco Energy - South Korea
- Metalloyd Limited - United Kingdom
- Orica Mining Services - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Power Finance Corporation Ltd., India
- Bangladesh Power Developement Board
- Edison Trading Spa - Italy
- Eastern Coal Council - USA
- Australian Coal Association
- Coalindo Energy - Indonesia
- Thai Mozambique Logistica
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