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Wednesday, 23 December 20
MARKET INSIGHT - INTERMODAL
 As we all know, China forges more steel than the rest of the world combined, and even during this unprecedented pandemic, the nation is set to break a nine year record with iron ore imports increasing this year to above one billion tonnes. The outlook on the market price of iron ore is also strong, since apart from the effect of the underlying fundamentals and the current momentum driven by China, as a commodity it is now trading at the highest level since late 2011 up nearly 80% in 2020.
China’s iron ore imports, which are primarily from Australia and Brazil, are playing a significant role in seaborne trade dynamics and the Capesize freight market in particular. Despite the recent tensions between Australia and China and the results of that on coal trade in particular, we expect an intensive demand for both materials during the remainder of the year. Hopefully during the next year as well. In the first and second quarter of the new year, we are all also hoping at the same time for effective vaccines to allow global commerce to restart and return to a certain “new normal, hopefully boosting activity on an even more broader scope across all dry bulk segments.
On the coal trade front, Australia and Indonesia account for 78% of total Chinese imports. Both countries offer short sailing distances to China and the recent escalation of political tensions between China and Australia led to an unofficial ban on Australian coal entering China, which put in force in early November. This has essentially meant that all vessels loaded with Australian coal approaching Chinese ports are now anchored off Chinese ports, some stranded there even for months. Furthermore, it was reported that China recently inked a US$1.5 billion worth of thermal coal deal with Indonesia, which represents a significant volume of Indonesian coal expected to reach China within 2021.
Looking at iron ore demand, the main driver for the Capesize freight market, China's demand is expected to remain high over the next 12 months; although Chinese steelmakers may seek to reduce production slightly should the iron ore prices remain at such a high level that renders many of them unprofitable. Iron ore demand in many other countries of the world is expected to stay below its 2019 level, with a range of steelmakers in Europe and South Asia remaining closed or in a slowdown and not expected to return to production until iron ore prices drop.
China will release its five-year plan for the period 2021-2025 in March next year. The plan is expected to include a renewed focus on infrastructure rollouts and more rapid urbanisation, particularly in central and western China, which will in turn impact steel demand. By that time, in March, we will have a more positive outlook on the Covid-19 situation and more clear insight on the effect of the vaccine on the greater population and its economies. Interesting times ahead of us, let’s see how this will affect seaborne shipping in a new year where we are all expecting a much better landscape.
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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Thursday, 01 July 21
WHY INDIA’S SOLAR POWER TARIFFS ARE CLIMBING AFTER HITTING RECORD LOWS LAST YEAR - IEEFA
What’s behind the recent increase?
Solar tariffs are deflationary. Prices have fallen by 75% in seven years in India, and in 2 ...
Thursday, 01 July 21
END TO COAL POWER BROUGHT FORWARD TO OCTOBER 2024
Press Release: The deadline to phase out coal from Great Britain's energy system has been brought forward by a whole year, highlighting the UK& ...
Thursday, 01 July 21
WHY BUILD 600 NEW UNPROFITABLE COAL PLANTS? - DEUTSCHE WELLE
Governments in Asia are planning 600 new coal plants that could lose investors $150 billion and derail efforts to limit temperature rise in line wi ...
Thursday, 01 July 21
FIVE ASIAN COUNTRIES ACCOUNT FOR 80% OF NEW COAL POWER INVESTMENT - THE GUARDIAN
Five Asian countries are jeopardising global climate ambitions by investing in 80% of the world’s planned new coal plants, according to a rep ...
Wednesday, 30 June 21
DELTA DUNIA MAKMUR RECORDED AN IMPROVED REVENUE IN Q1 2021; REVENUE INCREASED BY 49% QOQ TO US$160 MILLION ON THE BACK OF COAL PRICE RECOVERY
PT Delta Dunia Makmur Tbk. (“DOID”) released its consolidated financial and operating results that include its primary and wholly-owned ...
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- Sical Logistics Limited - India
- Bayan Resources Tbk. - Indonesia
- Star Paper Mills Limited - India
- Mjunction Services Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Essar Steel Hazira Ltd - India
- Kartika Selabumi Mining - Indonesia
- Port Waratah Coal Services - Australia
- Standard Chartered Bank - UAE
- Malabar Cements Ltd - India
- Australian Commodity Traders Exchange
- Gujarat Sidhee Cement - India
- Indo Tambangraya Megah - Indonesia
- Marubeni Corporation - India
- PowerSource Philippines DevCo
- Grasim Industreis Ltd - India
- Medco Energi Mining Internasional
- Maharashtra Electricity Regulatory Commission - India
- Kumho Petrochemical, South Korea
- Electricity Authority, New Zealand
- Kobexindo Tractors - Indoneisa
- Heidelberg Cement - Germany
- Leighton Contractors Pty Ltd - Australia
- Global Business Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Miang Besar Coal Terminal - Indonesia
- Minerals Council of Australia
- Meenaskhi Energy Private Limited - India
- Ceylon Electricity Board - Sri Lanka
- Globalindo Alam Lestari - Indonesia
- Mercator Lines Limited - India
- Energy Link Ltd, New Zealand
- Mintek Dendrill Indonesia
- Kaltim Prima Coal - Indonesia
- Bhoruka Overseas - Indonesia
- Banpu Public Company Limited - Thailand
- Parliament of New Zealand
- Ministry of Transport, Egypt
- Attock Cement Pakistan Limited
- Coalindo Energy - Indonesia
- CIMB Investment Bank - Malaysia
- PetroVietnam Power Coal Import and Supply Company
- Bhatia International Limited - India
- Eastern Coal Council - USA
- Karaikal Port Pvt Ltd - India
- Bhushan Steel Limited - India
- AsiaOL BioFuels Corp., Philippines
- IEA Clean Coal Centre - UK
- Orica Australia Pty. Ltd.
- Chettinad Cement Corporation Ltd - India
- Economic Council, Georgia
- GVK Power & Infra Limited - India
- European Bulk Services B.V. - Netherlands
- Petrochimia International Co. Ltd.- Taiwan
- McConnell Dowell - Australia
- Semirara Mining Corp, Philippines
- Central Java Power - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Offshore Bulk Terminal Pte Ltd, Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Deloitte Consulting - India
- Holcim Trading Pte Ltd - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Romanian Commodities Exchange
- Baramulti Group, Indonesia
- Africa Commodities Group - South Africa
- Salva Resources Pvt Ltd - India
- Meralco Power Generation, Philippines
- Parry Sugars Refinery, India
- ASAPP Information Group - India
- Riau Bara Harum - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Australian Coal Association
- Bukit Makmur.PT - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Electricity Generating Authority of Thailand
- Sarangani Energy Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- MS Steel International - UAE
- Sakthi Sugars Limited - India
- Aditya Birla Group - India
- Tamil Nadu electricity Board
- Power Finance Corporation Ltd., India
- Rashtriya Ispat Nigam Limited - India
- Bukit Baiduri Energy - Indonesia
- The State Trading Corporation of India Ltd
- Cement Manufacturers Association - India
- Tata Chemicals Ltd - India
- Bulk Trading Sa - Switzerland
- Lanco Infratech Ltd - India
- TeaM Sual Corporation - Philippines
- Wood Mackenzie - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Interocean Group of Companies - India
- TNB Fuel Sdn Bhd - Malaysia
- The Treasury - Australian Government
- GAC Shipping (India) Pvt Ltd
- Jaiprakash Power Ventures ltd
- Wilmar Investment Holdings
- Chamber of Mines of South Africa
- San Jose City I Power Corp, Philippines
- Ministry of Finance - Indonesia
- Latin American Coal - Colombia
- Agrawal Coal Company - India
- Gujarat Electricity Regulatory Commission - India
- Krishnapatnam Port Company Ltd. - India
- Thai Mozambique Logistica
- Mercuria Energy - Indonesia
- PTC India Limited - India
- Price Waterhouse Coopers - Russia
- SMC Global Power, Philippines
- Global Green Power PLC Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Timah Investasi Mineral - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Commonwealth Bank - Australia
- Madhucon Powers Ltd - India
- Posco Energy - South Korea
- LBH Netherlands Bv - Netherlands
- Savvy Resources Ltd - HongKong
- Therma Luzon, Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Larsen & Toubro Limited - India
- Jindal Steel & Power Ltd - India
- Edison Trading Spa - Italy
- Bangladesh Power Developement Board
- Simpson Spence & Young - Indonesia
- Ind-Barath Power Infra Limited - India
- Oldendorff Carriers - Singapore
- International Coal Ventures Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Ambuja Cements Ltd - India
- ICICI Bank Limited - India
- OPG Power Generation Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Indika Energy - Indonesia
- White Energy Company Limited
- Georgia Ports Authority, United States
- Orica Mining Services - Indonesia
- Dalmia Cement Bharat India
- Bharathi Cement Corporation - India
- The University of Queensland
- Rio Tinto Coal - Australia
- Indian Energy Exchange, India
- IHS Mccloskey Coal Group - USA
- Trasteel International SA, Italy
- Coastal Gujarat Power Limited - India
- GMR Energy Limited - India
- Eastern Energy - Thailand
- Xindia Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Intertek Mineral Services - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Maheswari Brothers Coal Limited - India
- Siam City Cement PLC, Thailand
- Singapore Mercantile Exchange
- Iligan Light & Power Inc, Philippines
- Antam Resourcindo - Indonesia
- Videocon Industries ltd - India
- Renaissance Capital - South Africa
- Formosa Plastics Group - Taiwan
- Vijayanagar Sugar Pvt Ltd - India
- Indogreen Group - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Toyota Tsusho Corporation, Japan
- CNBM International Corporation - China
- Sojitz Corporation - Japan
- Thiess Contractors Indonesia
- Directorate Of Revenue Intelligence - India
- Borneo Indobara - Indonesia
- SN Aboitiz Power Inc, Philippines
- Planning Commission, India
- Independent Power Producers Association of India
- Sindya Power Generating Company Private Ltd
- VISA Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Makarim & Taira - Indonesia
- Pendopo Energi Batubara - Indonesia
- Siam City Cement - Thailand
- Global Coal Blending Company Limited - Australia
- Indian Oil Corporation Limited
- Samtan Co., Ltd - South Korea
- Energy Development Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Anglo American - United Kingdom
- New Zealand Coal & Carbon
- Gujarat Mineral Development Corp Ltd - India
- Goldman Sachs - Singapore
- Aboitiz Power Corporation - Philippines
- Vizag Seaport Private Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Metalloyd Limited - United Kingdom
- SMG Consultants - Indonesia
- Vedanta Resources Plc - India
- Ministry of Mines - Canada
- Barasentosa Lestari - Indonesia
- Kepco SPC Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Central Electricity Authority - India
- Coal and Oil Company - UAE
- Indonesian Coal Mining Association
- Manunggal Multi Energi - Indonesia
- Straits Asia Resources Limited - Singapore
- Carbofer General Trading SA - India
- Binh Thuan Hamico - Vietnam
- Petron Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Kapuas Tunggal Persada - Indonesia
- South Luzon Thermal Energy Corporation
- Kalimantan Lumbung Energi - Indonesia
- London Commodity Brokers - England
- Kideco Jaya Agung - Indonesia
- India Bulls Power Limited - India
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