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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, 17 July 23
APPROVED AMMONIA-FUELED CONTAINERSHIP - BENEFITS AND RISKS: REED SMITH
Following the news in Offshore Energy that Korea Maritime Consultants has secured approval in principle from the American Bureau of Shipping for it ...
Friday, 14 July 23
CLEAN COAL USE KEY TO DEEP CUTS IN EMISSIONS, STABLE ELECTRICITY SUPPLY - CHINA DAILY
China must push for the clean use of coal and step up integration of the dirty fuel with carbon capture, utilization and storage to achieve sustain ...
Thursday, 13 July 23
VIETNAM'S COAL EMISSIONS PRIMED FOR SURGE AFTER IMPORTS JUMP - REUTERS
Vietnam’s thermal power emissions are primed for a steep climb this summer after the country’s imports of thermal coal soared to their ...
Monday, 26 June 23
COAL PRODUCTION AND CONSUMPTION UP IN 2022 - EUROSTAT
In 2022, EU coal production and consumption continued to increase, reaching 349 million tonnes (+5% compared with the previous year) and 454 millio ...
Wednesday, 21 June 23
QATAR STRIKES SECOND BIG LNG SUPPLY DEAL WITH CHINA - REUTERS
Qatar on Tuesday secured its second large gas supply deal with a Chinese state-controlled company in less than a year, putting Asia clearly ahead i ...
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- Altura Mining Limited, Indonesia
- Maheswari Brothers Coal Limited - India
- CNBM International Corporation - China
- Straits Asia Resources Limited - Singapore
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- Siam City Cement - Thailand
- Central Electricity Authority - India
- VISA Power Limited - India
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- MS Steel International - UAE
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- Ministry of Finance - Indonesia
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- Metalloyd Limited - United Kingdom
- San Jose City I Power Corp, Philippines
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- Latin American Coal - Colombia
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- Coalindo Energy - Indonesia
- Grasim Industreis Ltd - India
- Bhoruka Overseas - Indonesia
- Eastern Energy - Thailand
- Commonwealth Bank - Australia
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- Riau Bara Harum - Indonesia
- Globalindo Alam Lestari - Indonesia
- PNOC Exploration Corporation - Philippines
- Power Finance Corporation Ltd., India
- Semirara Mining and Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Wilmar Investment Holdings
- Vijayanagar Sugar Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Heidelberg Cement - Germany
- Makarim & Taira - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bangladesh Power Developement Board
- Orica Australia Pty. Ltd.
- GAC Shipping (India) Pvt Ltd
- Energy Development Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Kobexindo Tractors - Indoneisa
- Thiess Contractors Indonesia
- Eastern Coal Council - USA
- Sree Jayajothi Cements Limited - India
- GMR Energy Limited - India
- Mjunction Services Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Coastal Gujarat Power Limited - India
- Dalmia Cement Bharat India
- European Bulk Services B.V. - Netherlands
- Vedanta Resources Plc - India
- PetroVietnam Power Coal Import and Supply Company
- Sical Logistics Limited - India
- Attock Cement Pakistan Limited
- Planning Commission, India
- Kapuas Tunggal Persada - Indonesia
- Sarangani Energy Corporation, Philippines
- Bharathi Cement Corporation - India
- Goldman Sachs - Singapore
- Simpson Spence & Young - Indonesia
- Vizag Seaport Private Limited - India
- GVK Power & Infra Limited - India
- Alfred C Toepfer International GmbH - Germany
- Kartika Selabumi Mining - Indonesia
- Coal and Oil Company - UAE
- Bukit Baiduri Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mintek Dendrill Indonesia
- Meralco Power Generation, Philippines
- Sindya Power Generating Company Private Ltd
- Bhushan Steel Limited - India
- Toyota Tsusho Corporation, Japan
- Timah Investasi Mineral - Indoneisa
- Tamil Nadu electricity Board
- Carbofer General Trading SA - India
- Savvy Resources Ltd - HongKong
- Indonesian Coal Mining Association
- International Coal Ventures Pvt Ltd - India
- Bhatia International Limited - India
- Holcim Trading Pte Ltd - Singapore
- The University of Queensland
- Bukit Asam (Persero) Tbk - Indonesia
- ASAPP Information Group - India
- Baramulti Group, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Therma Luzon, Inc, Philippines
- Indian Energy Exchange, India
- Gujarat Electricity Regulatory Commission - India
- Pendopo Energi Batubara - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- South Luzon Thermal Energy Corporation
- Karbindo Abesyapradhi - Indoneisa
- Jaiprakash Power Ventures ltd
- Global Green Power PLC Corporation, Philippines
- PTC India Limited - India
- Uttam Galva Steels Limited - India
- Thai Mozambique Logistica
- Bulk Trading Sa - Switzerland
- Port Waratah Coal Services - Australia
- Madhucon Powers Ltd - India
- Electricity Generating Authority of Thailand
- Semirara Mining Corp, Philippines
- Australian Coal Association
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Chettinad Cement Corporation Ltd - India
- Global Business Power Corporation, Philippines
- Indian Oil Corporation Limited
- Wood Mackenzie - Singapore
- Jorong Barutama Greston.PT - Indonesia
- PowerSource Philippines DevCo
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Independent Power Producers Association of India
- Binh Thuan Hamico - Vietnam
- Sojitz Corporation - Japan
- Jindal Steel & Power Ltd - India
- Mercuria Energy - Indonesia
- Parry Sugars Refinery, India
- New Zealand Coal & Carbon
- Romanian Commodities Exchange
- Bukit Makmur.PT - Indonesia
- TeaM Sual Corporation - Philippines
- Mercator Lines Limited - India
- The State Trading Corporation of India Ltd
- Kaltim Prima Coal - Indonesia
- Essar Steel Hazira Ltd - India
- Samtan Co., Ltd - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Petrochimia International Co. Ltd.- Taiwan
- Bayan Resources Tbk. - Indonesia
- Trasteel International SA, Italy
- Sakthi Sugars Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Karaikal Port Pvt Ltd - India
- Economic Council, Georgia
- Renaissance Capital - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Antam Resourcindo - Indonesia
- India Bulls Power Limited - India
- SMG Consultants - Indonesia
- IHS Mccloskey Coal Group - USA
- Iligan Light & Power Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Rio Tinto Coal - Australia
- Anglo American - United Kingdom
- Borneo Indobara - Indonesia
- Barasentosa Lestari - Indonesia
- Indika Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Standard Chartered Bank - UAE
- Formosa Plastics Group - Taiwan
- CIMB Investment Bank - Malaysia
- Ministry of Mines - Canada
- Marubeni Corporation - India
- Global Coal Blending Company Limited - Australia
- Central Java Power - Indonesia
- Minerals Council of Australia
- Pipit Mutiara Jaya. PT, Indonesia
- McConnell Dowell - Australia
- IEA Clean Coal Centre - UK
- Directorate General of MIneral and Coal - Indonesia
- Lanco Infratech Ltd - India
- Petron Corporation, Philippines
- Medco Energi Mining Internasional
- White Energy Company Limited
- Kepco SPC Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Salva Resources Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Krishnapatnam Port Company Ltd. - India
- Cigading International Bulk Terminal - Indonesia
- SMC Global Power, Philippines
- Larsen & Toubro Limited - India
- Billiton Holdings Pty Ltd - Australia
- Singapore Mercantile Exchange
- Electricity Authority, New Zealand
- Posco Energy - South Korea
- LBH Netherlands Bv - Netherlands
- Kumho Petrochemical, South Korea
- Directorate Of Revenue Intelligence - India
- Rashtriya Ispat Nigam Limited - India
- Ministry of Transport, Egypt
- Aditya Birla Group - India
- Leighton Contractors Pty Ltd - Australia
- Edison Trading Spa - Italy
- Parliament of New Zealand
- Chamber of Mines of South Africa
- Malabar Cements Ltd - India
- London Commodity Brokers - England
- Ind-Barath Power Infra Limited - India
- Africa Commodities Group - South Africa
- SN Aboitiz Power Inc, Philippines
- Interocean Group of Companies - India
- Videocon Industries ltd - India
- Deloitte Consulting - India
- Price Waterhouse Coopers - Russia
- Orica Mining Services - Indonesia
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