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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, 06 October 21
EUROPEAN COAL FUTURES CLIMB TO 13-YEAR PEAK - REUTERS
European coal futures rose to a 13-year high and physical thermal coal prices were at record highs as rallying gas prices and strong Asian demand f ...
Tuesday, 05 October 21
CAPESIZE MARKET WAS IN A STEEP CLIMB FOR MOST OF THIS WEEK - BALTIC EXCHANGE
Capesize
The Capesize market was in a steep climb for most of this week as it reached a pinnacle of $74,786 Wednesday before stalling, regather ...
Wednesday, 29 September 21
THE WRITING IS ON THE WALL: AUSTRALIA’S COAL ERA IS OVER - YAHOO!FINANCE
As the fringe of Australian politics strives to pump up the coal industry, facts show that coal production has started its long run decline.
&n ...
Wednesday, 29 September 21
SURGING COAL PRICES SPLIT ASIAN BUYERS INTO RICH AND POOR - REUTERS
As seaborne coal in Asia trades at, or near, record highs, there are early signs of demand destruction, especially among price-sensitive buyers suc ...
Wednesday, 29 September 21
MARKET INSIGHT - INTERMODAL
Tanker Asset values have surprised to the upside, despite the downward pressure on the freight market. Tanker rates have been hovering close to the ...
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- SN Aboitiz Power Inc, Philippines
- Grasim Industreis Ltd - India
- Oldendorff Carriers - Singapore
- Holcim Trading Pte Ltd - Singapore
- Uttam Galva Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Singapore Mercantile Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Finance - Indonesia
- OPG Power Generation Pvt Ltd - India
- ASAPP Information Group - India
- Vizag Seaport Private Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Siam City Cement - Thailand
- PTC India Limited - India
- Latin American Coal - Colombia
- McConnell Dowell - Australia
- Sarangani Energy Corporation, Philippines
- Commonwealth Bank - Australia
- Energy Link Ltd, New Zealand
- Straits Asia Resources Limited - Singapore
- Videocon Industries ltd - India
- GAC Shipping (India) Pvt Ltd
- Kalimantan Lumbung Energi - Indonesia
- Power Finance Corporation Ltd., India
- Trasteel International SA, Italy
- Formosa Plastics Group - Taiwan
- Thiess Contractors Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Heidelberg Cement - Germany
- Bharathi Cement Corporation - India
- Billiton Holdings Pty Ltd - Australia
- CNBM International Corporation - China
- Iligan Light & Power Inc, Philippines
- Ambuja Cements Ltd - India
- Simpson Spence & Young - Indonesia
- South Luzon Thermal Energy Corporation
- Independent Power Producers Association of India
- Sinarmas Energy and Mining - Indonesia
- Madhucon Powers Ltd - India
- Price Waterhouse Coopers - Russia
- Ministry of Mines - Canada
- Bayan Resources Tbk. - Indonesia
- Sakthi Sugars Limited - India
- Anglo American - United Kingdom
- Indogreen Group - Indonesia
- Chettinad Cement Corporation Ltd - India
- Pendopo Energi Batubara - Indonesia
- Antam Resourcindo - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- MS Steel International - UAE
- Rio Tinto Coal - Australia
- IHS Mccloskey Coal Group - USA
- Deloitte Consulting - India
- Metalloyd Limited - United Kingdom
- Central Electricity Authority - India
- Orica Australia Pty. Ltd.
- Ind-Barath Power Infra Limited - India
- Mercuria Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- The State Trading Corporation of India Ltd
- VISA Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Agrawal Coal Company - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mintek Dendrill Indonesia
- Indian Energy Exchange, India
- San Jose City I Power Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Indonesian Coal Mining Association
- Marubeni Corporation - India
- Alfred C Toepfer International GmbH - Germany
- GN Power Mariveles Coal Plant, Philippines
- Planning Commission, India
- Manunggal Multi Energi - Indonesia
- Baramulti Group, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Ministry of Transport, Egypt
- The University of Queensland
- Neyveli Lignite Corporation Ltd, - India
- Barasentosa Lestari - Indonesia
- Eastern Energy - Thailand
- Indo Tambangraya Megah - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Australian Commodity Traders Exchange
- White Energy Company Limited
- Vedanta Resources Plc - India
- The Treasury - Australian Government
- Coalindo Energy - Indonesia
- Indian Oil Corporation Limited
- Kideco Jaya Agung - Indonesia
- Global Green Power PLC Corporation, Philippines
- New Zealand Coal & Carbon
- Petron Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Chamber of Mines of South Africa
- Australian Coal Association
- Minerals Council of Australia
- Borneo Indobara - Indonesia
- CIMB Investment Bank - Malaysia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Edison Trading Spa - Italy
- Rashtriya Ispat Nigam Limited - India
- Miang Besar Coal Terminal - Indonesia
- Meenaskhi Energy Private Limited - India
- Samtan Co., Ltd - South Korea
- Lanco Infratech Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Intertek Mineral Services - Indonesia
- Jaiprakash Power Ventures ltd
- Siam City Cement PLC, Thailand
- Semirara Mining Corp, Philippines
- Aditya Birla Group - India
- AsiaOL BioFuels Corp., Philippines
- Salva Resources Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Kepco SPC Power Corporation, Philippines
- India Bulls Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Romanian Commodities Exchange
- Posco Energy - South Korea
- Mjunction Services Limited - India
- Electricity Generating Authority of Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Orica Mining Services - Indonesia
- Jindal Steel & Power Ltd - India
- Coal and Oil Company - UAE
- Bukit Baiduri Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Larsen & Toubro Limited - India
- Port Waratah Coal Services - Australia
- Sojitz Corporation - Japan
- LBH Netherlands Bv - Netherlands
- Aboitiz Power Corporation - Philippines
- Wilmar Investment Holdings
- Binh Thuan Hamico - Vietnam
- Central Java Power - Indonesia
- Merrill Lynch Commodities Europe
- Altura Mining Limited, Indonesia
- GVK Power & Infra Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Goldman Sachs - Singapore
- Sical Logistics Limited - India
- Parliament of New Zealand
- PNOC Exploration Corporation - Philippines
- Attock Cement Pakistan Limited
- International Coal Ventures Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- ICICI Bank Limited - India
- Sindya Power Generating Company Private Ltd
- Kobexindo Tractors - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- IEA Clean Coal Centre - UK
- Medco Energi Mining Internasional
- Energy Development Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- TNB Fuel Sdn Bhd - Malaysia
- Kaltim Prima Coal - Indonesia
- TeaM Sual Corporation - Philippines
- Riau Bara Harum - Indonesia
- Thai Mozambique Logistica
- Xindia Steels Limited - India
- Standard Chartered Bank - UAE
- GMR Energy Limited - India
- Indika Energy - Indonesia
- Kumho Petrochemical, South Korea
- Coastal Gujarat Power Limited - India
- Africa Commodities Group - South Africa
- Meralco Power Generation, Philippines
- Dalmia Cement Bharat India
- Directorate General of MIneral and Coal - Indonesia
- Karaikal Port Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Sree Jayajothi Cements Limited - India
- Carbofer General Trading SA - India
- Tata Chemicals Ltd - India
- European Bulk Services B.V. - Netherlands
- SMC Global Power, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Timah Investasi Mineral - Indoneisa
- Economic Council, Georgia
- Eastern Coal Council - USA
- SMG Consultants - Indonesia
- Malabar Cements Ltd - India
- Renaissance Capital - South Africa
- Electricity Authority, New Zealand
- Tamil Nadu electricity Board
- Global Business Power Corporation, Philippines
- Wood Mackenzie - Singapore
- London Commodity Brokers - England
- Semirara Mining and Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Maharashtra Electricity Regulatory Commission - India
- Parry Sugars Refinery, India
- Bhatia International Limited - India
- Gujarat Sidhee Cement - India
- Star Paper Mills Limited - India
- Cement Manufacturers Association - India
- Bangladesh Power Developement Board
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Banpu Public Company Limited - Thailand
- Mercator Lines Limited - India
- Bhoruka Overseas - Indonesia
- Bhushan Steel Limited - India
- Interocean Group of Companies - India
- Essar Steel Hazira Ltd - India
- Bulk Trading Sa - Switzerland
- Makarim & Taira - Indonesia
- PowerSource Philippines DevCo
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Georgia Ports Authority, United States
- Gujarat Mineral Development Corp Ltd - India
- Therma Luzon, Inc, Philippines
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