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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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Friday, 02 February 24
DRY BULK MARKET: THE DOWNWARD REVISION IN THE GROWTH OF CAPESIZE TONNE DAYS IN JANUARY WITH THE BCI DROPPING - MARIA BERTZELETOU
In the last week of January, the dry freight market sustained weakness in the Capesize segment, while the number of ballasters in the Southeast (SE ...
Friday, 02 February 24
COAL INDIA ACHIEVES NEARLY 80% OF ITS FY24 PRODUCTION TARGET IN TEN MONTHS - CNBCTV18
For the month of January, the company’s production grew by 9.1% from the same period last year to 78.4 Million Tonnes (MT), from 71.9 MT last ...
Thursday, 01 February 24
CHINA'S WIND, SOLAR CAPACITY TO OVERTAKE COAL IN 2024 - INDUSTRY BODY, REUTERS REPORTED
China’s installed wind and solar capacity is expected to overtake coal for the first time this year, according to industry forecasts.
&nb ...
Thursday, 01 February 24
ANTI-DEDUCTION CLAUSES: CAN A CHARTERER WITHHOLD HIRE WITHOUT AN OWNER'S CONSENT? - SKULD
KNOWLEDGE TO ELEVATE
Summary
In The Anna Dorothea, the Court found that where a charterparty provides that no deduction from hire may be m ...
Thursday, 01 February 24
INDIA REBUILDS COAL STOCKS TO ENSURE ELECTRIC RELIABILITY - REUTERS
India’s electricity supply is much more comfortable at the start of 2024 than in either 2023 or 2022 as coal production has ramped up and the ...
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- PTC India Limited - India
- SN Aboitiz Power Inc, Philippines
- Medco Energi Mining Internasional
- Aboitiz Power Corporation - Philippines
- Ministry of Finance - Indonesia
- MS Steel International - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Makarim & Taira - Indonesia
- Australian Commodity Traders Exchange
- Sojitz Corporation - Japan
- Goldman Sachs - Singapore
- Sinarmas Energy and Mining - Indonesia
- Agrawal Coal Company - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- IEA Clean Coal Centre - UK
- International Coal Ventures Pvt Ltd - India
- PowerSource Philippines DevCo
- Siam City Cement - Thailand
- VISA Power Limited - India
- Toyota Tsusho Corporation, Japan
- Electricity Generating Authority of Thailand
- GN Power Mariveles Coal Plant, Philippines
- Indian Energy Exchange, India
- Sakthi Sugars Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Asmin Koalindo Tuhup - Indonesia
- Chettinad Cement Corporation Ltd - India
- Edison Trading Spa - Italy
- Semirara Mining Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- IHS Mccloskey Coal Group - USA
- Kideco Jaya Agung - Indonesia
- Carbofer General Trading SA - India
- Mercator Lines Limited - India
- Billiton Holdings Pty Ltd - Australia
- Price Waterhouse Coopers - Russia
- White Energy Company Limited
- South Luzon Thermal Energy Corporation
- Australian Coal Association
- Sical Logistics Limited - India
- Global Coal Blending Company Limited - Australia
- Larsen & Toubro Limited - India
- Binh Thuan Hamico - Vietnam
- Meenaskhi Energy Private Limited - India
- Thai Mozambique Logistica
- Bukit Baiduri Energy - Indonesia
- Bhushan Steel Limited - India
- ICICI Bank Limited - India
- The State Trading Corporation of India Ltd
- Orica Australia Pty. Ltd.
- Tamil Nadu electricity Board
- Port Waratah Coal Services - Australia
- Posco Energy - South Korea
- Coal and Oil Company - UAE
- Kobexindo Tractors - Indoneisa
- Vizag Seaport Private Limited - India
- Orica Mining Services - Indonesia
- Iligan Light & Power Inc, Philippines
- Ministry of Mines - Canada
- Indika Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Indonesian Coal Mining Association
- Miang Besar Coal Terminal - Indonesia
- Uttam Galva Steels Limited - India
- Parry Sugars Refinery, India
- Maharashtra Electricity Regulatory Commission - India
- Central Java Power - Indonesia
- Globalindo Alam Lestari - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- LBH Netherlands Bv - Netherlands
- Bangladesh Power Developement Board
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Timah Investasi Mineral - Indoneisa
- Central Electricity Authority - India
- Wilmar Investment Holdings
- Aditya Birla Group - India
- Ind-Barath Power Infra Limited - India
- Singapore Mercantile Exchange
- Rio Tinto Coal - Australia
- AsiaOL BioFuels Corp., Philippines
- India Bulls Power Limited - India
- Coalindo Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Intertek Mineral Services - Indonesia
- Dalmia Cement Bharat India
- Salva Resources Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Kapuas Tunggal Persada - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Savvy Resources Ltd - HongKong
- Manunggal Multi Energi - Indonesia
- Indogreen Group - Indonesia
- Thiess Contractors Indonesia
- Minerals Council of Australia
- Cement Manufacturers Association - India
- Ambuja Cements Ltd - India
- Kepco SPC Power Corporation, Philippines
- Chamber of Mines of South Africa
- Electricity Authority, New Zealand
- Heidelberg Cement - Germany
- TNB Fuel Sdn Bhd - Malaysia
- Commonwealth Bank - Australia
- Mjunction Services Limited - India
- San Jose City I Power Corp, Philippines
- CIMB Investment Bank - Malaysia
- Mintek Dendrill Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Sree Jayajothi Cements Limited - India
- Rashtriya Ispat Nigam Limited - India
- Metalloyd Limited - United Kingdom
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Transport, Egypt
- Banpu Public Company Limited - Thailand
- Bhatia International Limited - India
- GVK Power & Infra Limited - India
- Krishnapatnam Port Company Ltd. - India
- Vedanta Resources Plc - India
- Bahari Cakrawala Sebuku - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sindya Power Generating Company Private Ltd
- Jindal Steel & Power Ltd - India
- Anglo American - United Kingdom
- The University of Queensland
- Latin American Coal - Colombia
- Bulk Trading Sa - Switzerland
- Pendopo Energi Batubara - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Karaikal Port Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Bharathi Cement Corporation - India
- Eastern Coal Council - USA
- McConnell Dowell - Australia
- Energy Development Corp, Philippines
- Star Paper Mills Limited - India
- Coastal Gujarat Power Limited - India
- Africa Commodities Group - South Africa
- GAC Shipping (India) Pvt Ltd
- Alfred C Toepfer International GmbH - Germany
- Economic Council, Georgia
- Indo Tambangraya Megah - Indonesia
- New Zealand Coal & Carbon
- Madhucon Powers Ltd - India
- Mercuria Energy - Indonesia
- Wood Mackenzie - Singapore
- European Bulk Services B.V. - Netherlands
- Formosa Plastics Group - Taiwan
- Gujarat Sidhee Cement - India
- Simpson Spence & Young - Indonesia
- PNOC Exploration Corporation - Philippines
- Parliament of New Zealand
- Antam Resourcindo - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Videocon Industries ltd - India
- Power Finance Corporation Ltd., India
- Borneo Indobara - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Standard Chartered Bank - UAE
- Bhoruka Overseas - Indonesia
- OPG Power Generation Pvt Ltd - India
- Petron Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Siam City Cement PLC, Thailand
- Deloitte Consulting - India
- Planning Commission, India
- ASAPP Information Group - India
- GMR Energy Limited - India
- Holcim Trading Pte Ltd - Singapore
- Directorate Of Revenue Intelligence - India
- SMG Consultants - Indonesia
- Riau Bara Harum - Indonesia
- Meralco Power Generation, Philippines
- Straits Asia Resources Limited - Singapore
- Oldendorff Carriers - Singapore
- Merrill Lynch Commodities Europe
- Bukit Asam (Persero) Tbk - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Romanian Commodities Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Attock Cement Pakistan Limited
- Georgia Ports Authority, United States
- Kartika Selabumi Mining - Indonesia
- Trasteel International SA, Italy
- Tata Chemicals Ltd - India
- Lanco Infratech Ltd - India
- Baramulti Group, Indonesia
- Jaiprakash Power Ventures ltd
- London Commodity Brokers - England
- Altura Mining Limited, Indonesia
- Global Business Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Renaissance Capital - South Africa
- Grasim Industreis Ltd - India
- Essar Steel Hazira Ltd - India
- Energy Link Ltd, New Zealand
- CNBM International Corporation - China
- Indian Oil Corporation Limited
- The Treasury - Australian Government
- Barasentosa Lestari - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Independent Power Producers Association of India
- SMC Global Power, Philippines
- Cigading International Bulk Terminal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kumho Petrochemical, South Korea
- Leighton Contractors Pty Ltd - Australia
- Xindia Steels Limited - India
- Eastern Energy - Thailand
- Interocean Group of Companies - India
- Malabar Cements Ltd - India
- Marubeni Corporation - India
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