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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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Wednesday, 24 February 21
MARKET INSIGHT - INTERMODAL
With yields of up to 563%, the shares of Greek shipping companies listed on Wall Street are recorded. The Coronavirus pandemic has not significantl ...
Sunday, 21 February 21
ANZ DIVESTING FROM THE WORLD’S LARGEST COAL EXPORT PORT IS 'PRAGMATISM' - IEEFA
The biggest buyers of Australian thermal coal have committed to net-zero emissions
ANZ, Australia’s third largest bank, has decided to s ...
Sunday, 21 February 21
EDITORIAL: TIME FOR BANGLADESH TO FOCUS ON RENEWABLE ENERGY, NOT COAL - DHAKA TRIBUNE
Shifting away from coal is not only desirable, but absolutely necessary in these times.
In spite of being detrimental to environment ...
Wednesday, 17 February 21
STRANDED ASSETS A LONG-TERM RISK FOR MAJOR FOSSIL FUEL EXPORTERS - FITCH RATINGS
Fossil exporters face a loss of GDP, government revenue and export receipts from the transition to a lower-carbon economy over the coming decades. ...
Friday, 12 February 21
U.S: WIND SURPASSED COAL AS NO. 1 FUEL SOURCE IN 2020 FOR SOUTHWEST POWER POOL - IEEFA
Wind energy growth due to geography, design factors, and new installations
Wind surpassed coal as the primary power generation sourc ...
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- Antam Resourcindo - Indonesia
- Kepco SPC Power Corporation, Philippines
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- San Jose City I Power Corp, Philippines
- Planning Commission, India
- PetroVietnam Power Coal Import and Supply Company
- Trasteel International SA, Italy
- ASAPP Information Group - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Romanian Commodities Exchange
- Australian Commodity Traders Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Economic Council, Georgia
- SN Aboitiz Power Inc, Philippines
- Merrill Lynch Commodities Europe
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- Independent Power Producers Association of India
- Bhushan Steel Limited - India
- AsiaOL BioFuels Corp., Philippines
- Semirara Mining and Power Corporation, Philippines
- Thiess Contractors Indonesia
- IHS Mccloskey Coal Group - USA
- Krishnapatnam Port Company Ltd. - India
- Gujarat Mineral Development Corp Ltd - India
- Minerals Council of Australia
- Medco Energi Mining Internasional
- Sree Jayajothi Cements Limited - India
- Singapore Mercantile Exchange
- Commonwealth Bank - Australia
- Marubeni Corporation - India
- Global Coal Blending Company Limited - Australia
- Indian Oil Corporation Limited
- Chamber of Mines of South Africa
- Manunggal Multi Energi - Indonesia
- Banpu Public Company Limited - Thailand
- Toyota Tsusho Corporation, Japan
- Baramulti Group, Indonesia
- Goldman Sachs - Singapore
- Rio Tinto Coal - Australia
- Edison Trading Spa - Italy
- Tata Chemicals Ltd - India
- Orica Mining Services - Indonesia
- Riau Bara Harum - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Jindal Steel & Power Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Standard Chartered Bank - UAE
- International Coal Ventures Pvt Ltd - India
- Siam City Cement - Thailand
- Simpson Spence & Young - Indonesia
- Kaltim Prima Coal - Indonesia
- Sojitz Corporation - Japan
- Kideco Jaya Agung - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Rashtriya Ispat Nigam Limited - India
- White Energy Company Limited
- McConnell Dowell - Australia
- GVK Power & Infra Limited - India
- Cigading International Bulk Terminal - Indonesia
- Interocean Group of Companies - India
- London Commodity Brokers - England
- Mercuria Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Holcim Trading Pte Ltd - Singapore
- Kumho Petrochemical, South Korea
- Price Waterhouse Coopers - Russia
- Bulk Trading Sa - Switzerland
- Maheswari Brothers Coal Limited - India
- Mintek Dendrill Indonesia
- Sarangani Energy Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Parry Sugars Refinery, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Madhucon Powers Ltd - India
- OPG Power Generation Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Larsen & Toubro Limited - India
- Mjunction Services Limited - India
- Borneo Indobara - Indonesia
- Bharathi Cement Corporation - India
- Bukit Makmur.PT - Indonesia
- Bhoruka Overseas - Indonesia
- New Zealand Coal & Carbon
- GAC Shipping (India) Pvt Ltd
- Karaikal Port Pvt Ltd - India
- Wilmar Investment Holdings
- Agrawal Coal Company - India
- Africa Commodities Group - South Africa
- Power Finance Corporation Ltd., India
- Kartika Selabumi Mining - Indonesia
- Energy Link Ltd, New Zealand
- Iligan Light & Power Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Sical Logistics Limited - India
- Videocon Industries ltd - India
- Parliament of New Zealand
- PowerSource Philippines DevCo
- Vijayanagar Sugar Pvt Ltd - India
- Star Paper Mills Limited - India
- Metalloyd Limited - United Kingdom
- Attock Cement Pakistan Limited
- Indonesian Coal Mining Association
- Indogreen Group - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Globalindo Alam Lestari - Indonesia
- VISA Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Latin American Coal - Colombia
- Central Java Power - Indonesia
- Chettinad Cement Corporation Ltd - India
- Vedanta Resources Plc - India
- PTC India Limited - India
- Anglo American - United Kingdom
- Georgia Ports Authority, United States
- Billiton Holdings Pty Ltd - Australia
- GMR Energy Limited - India
- European Bulk Services B.V. - Netherlands
- Maharashtra Electricity Regulatory Commission - India
- ICICI Bank Limited - India
- Orica Australia Pty. Ltd.
- The Treasury - Australian Government
- Formosa Plastics Group - Taiwan
- Ministry of Transport, Egypt
- Ceylon Electricity Board - Sri Lanka
- Ministry of Mines - Canada
- Altura Mining Limited, Indonesia
- Electricity Authority, New Zealand
- Lanco Infratech Ltd - India
- Grasim Industreis Ltd - India
- IEA Clean Coal Centre - UK
- The State Trading Corporation of India Ltd
- Essar Steel Hazira Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Xindia Steels Limited - India
- Binh Thuan Hamico - Vietnam
- Bukit Baiduri Energy - Indonesia
- India Bulls Power Limited - India
- Coalindo Energy - Indonesia
- Carbofer General Trading SA - India
- Renaissance Capital - South Africa
- SMC Global Power, Philippines
- PNOC Exploration Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Barasentosa Lestari - Indonesia
- Port Waratah Coal Services - Australia
- Coal and Oil Company - UAE
- Dalmia Cement Bharat India
- Thai Mozambique Logistica
- Therma Luzon, Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coastal Gujarat Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Indika Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Cement Manufacturers Association - India
- Uttam Galva Steels Limited - India
- Eastern Coal Council - USA
- Salva Resources Pvt Ltd - India
- Ambuja Cements Ltd - India
- Global Green Power PLC Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Heidelberg Cement - Germany
- Jaiprakash Power Ventures ltd
- Pendopo Energi Batubara - Indonesia
- Mercator Lines Limited - India
- Petron Corporation, Philippines
- Deloitte Consulting - India
- Indian Energy Exchange, India
- Sindya Power Generating Company Private Ltd
- Tamil Nadu electricity Board
- Kobexindo Tractors - Indoneisa
- Ministry of Finance - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- CIMB Investment Bank - Malaysia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Aditya Birla Group - India
- Kohat Cement Company Ltd. - Pakistan
- Meenaskhi Energy Private Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Leighton Contractors Pty Ltd - Australia
- Intertek Mineral Services - Indonesia
- Eastern Energy - Thailand
- MS Steel International - UAE
- Bhatia International Limited - India
- Meralco Power Generation, Philippines
- Global Business Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- Posco Energy - South Korea
- TeaM Sual Corporation - Philippines
- Wood Mackenzie - Singapore
- CNBM International Corporation - China
- Electricity Generating Authority of Thailand
- Alfred C Toepfer International GmbH - Germany
- Bukit Asam (Persero) Tbk - Indonesia
- Central Electricity Authority - India
- Directorate General of MIneral and Coal - Indonesia
- Sakthi Sugars Limited - India
- Directorate Of Revenue Intelligence - India
- Timah Investasi Mineral - Indoneisa
- Aboitiz Power Corporation - Philippines
- Australian Coal Association
- Bangladesh Power Developement Board
- Energy Development Corp, Philippines
- Samtan Co., Ltd - South Korea
- LBH Netherlands Bv - Netherlands
- Makarim & Taira - Indonesia
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