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Wednesday, 28 April 21
MARKET INSIGHT - INTERMODAL
 Despite the current challenges as a result of the global pandemic, 2021 is turning out to be a landmark year for the iron ore market with spot prices for the steel making commodity last week surpassing their February 2011 high of $US188 per tonne. Better Chinese steel prices have also allowed iron ore prices to float higher recently and they appear well supported by rising steel production in the Asian nation. Market experts support that prices could keep climbing and continue to believe that iron ore prices will stay elevated as long as steel mill margins in the world’s largest consumer, China, remain high. From a maritime perspective for seaborne transportation demand, we are overall very glad to see such strong fundamentals leading and driving these important markets, in what appears to be a broad positive sentiment for a key ingredient carried predominantly by Capesizes and very large ore carriers. The Baltic Exchange’s main sea freight index that tracks rates for ships carrying dry bulk commodities extended gains, rising to its highest since late 2010 on Thursday as Capesize rates jumped on strong Chinese iron ore demand. The Capesize market last week reached rate levels equivalent of last year’s highs. The 5TC rose $6,242 to settle at the end of the week at $34,762.
Looking further down the supply chain and at the steel production level, Chinese steel plants are also very active and currently receiving around $US780 per tonne for their steel reinforcing bar product which is used in construction projects for everything from bridges and buildings to infrastructure. This price for the end product, represents a 12-year high and low inventory levels in China are in general adding to the upward pressure on prices for steel products including rebar and hot rolled coil. Prices of rebar and hot-rolled coil in China, the world’s top steel producer, also continued the momentum and rose to record highs last week, underpinned by strong demand.
In the meantime we did notice reports of Beijing taking drastic actions to curb steel production to tackle air pollution around its industrial centres, which raised certain concerns in the market on what the actual effect might be ultimately. However, at least at the moment these actions seem quite unrealistic and perhaps linked to short-term pollution related issues. Furthermore there are headlines regarding China capping its steel production due to the high price of iron ore, but again it is only reasonable and evident that these steel mills are going to continue to produce a lot of steel if they can still sell it and generate good profits on it even though prices of the raw iron ore ingredient are high at around $US180 per tonne. This is another testament that the market dynamics for steel in China is pretty robust at the moment. A lot of the country’s steel production finds its way into the domestic local market where it is used in heavy construction and development for new cities and transport infrastructure that links these together. As a matter of fact, China’s government has set ambitious targets in its latest five-year plan, including a pledge to build 160 new airports and 32,000km of high-speed railway by 2035.
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, 02 December 20
MARKET INSIGHT - INTERMODAL
It has been another busy week in the dry bulk secondhand market; a healthy number of sales reported predominantly from Japanese owners while owner& ...
Thursday, 26 November 20
DECLINE IN COAL EXPORTS ADDS TO NAVAJO-OWNED COMPANY'S PROBLEMS - IEEFA U.S.
Weak demand and low prices are likely creating steep losses for NTEC
U.S. coal exports to Asia—once heralded as the saving gra ...
Thursday, 26 November 20
COAL FINANCING QUICKLY DRYING UP WORLDWIDE - ANALYSTS : REUTERS
Financing for coal projects is drying up at ever increasing rates as more countries target zero carbon emissions amid an energy transition sweeping ...
Wednesday, 25 November 20
LIBOR REPLACEMENT AND SHIP FINANCE - WHERE IS IT HEADING? - WFW
The likely replacement of the LIBOR at the end of 2021 creates difficult technical and practical issues for all sectors of business and finance. Th ...
Wednesday, 25 November 20
DRY BULK SHIPPING: CHINA REMAINS THE DRIVING FACTOR, BUT COAL POLICY IS DISRUPTING THE MARKET - PETER SAND, BIMCO
The second half of the year has provided some cheer for the dry bulk market, with all ships in the spot market averaging earnings above the break-e ...
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- Meralco Power Generation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Africa Commodities Group - South Africa
- Dalmia Cement Bharat India
- Energy Link Ltd, New Zealand
- Jaiprakash Power Ventures ltd
- Indian Oil Corporation Limited
- Energy Development Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- SN Aboitiz Power Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Baramulti Group, Indonesia
- Tata Chemicals Ltd - India
- Straits Asia Resources Limited - Singapore
- Leighton Contractors Pty Ltd - Australia
- Neyveli Lignite Corporation Ltd, - India
- European Bulk Services B.V. - Netherlands
- London Commodity Brokers - England
- Coalindo Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Pendopo Energi Batubara - Indonesia
- Barasentosa Lestari - Indonesia
- Star Paper Mills Limited - India
- New Zealand Coal & Carbon
- Planning Commission, India
- Videocon Industries ltd - India
- Australian Coal Association
- Maharashtra Electricity Regulatory Commission - India
- Kideco Jaya Agung - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Therma Luzon, Inc, Philippines
- Renaissance Capital - South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Aditya Birla Group - India
- Sojitz Corporation - Japan
- Alfred C Toepfer International GmbH - Germany
- Attock Cement Pakistan Limited
- Holcim Trading Pte Ltd - Singapore
- Kumho Petrochemical, South Korea
- Kohat Cement Company Ltd. - Pakistan
- Deloitte Consulting - India
- Manunggal Multi Energi - Indonesia
- PowerSource Philippines DevCo
- Goldman Sachs - Singapore
- Ministry of Finance - Indonesia
- Grasim Industreis Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- CIMB Investment Bank - Malaysia
- Indika Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Medco Energi Mining Internasional
- Bangladesh Power Developement Board
- Ministry of Transport, Egypt
- Thai Mozambique Logistica
- Mercator Lines Limited - India
- Maheswari Brothers Coal Limited - India
- Mintek Dendrill Indonesia
- ICICI Bank Limited - India
- Indian Energy Exchange, India
- Marubeni Corporation - India
- Minerals Council of Australia
- McConnell Dowell - Australia
- SMC Global Power, Philippines
- Siam City Cement PLC, Thailand
- Metalloyd Limited - United Kingdom
- Chettinad Cement Corporation Ltd - India
- Petron Corporation, Philippines
- Edison Trading Spa - Italy
- Semirara Mining Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Simpson Spence & Young - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Timah Investasi Mineral - Indoneisa
- Coastal Gujarat Power Limited - India
- Chamber of Mines of South Africa
- Samtan Co., Ltd - South Korea
- Bhatia International Limited - India
- Kaltim Prima Coal - Indonesia
- Tamil Nadu electricity Board
- Electricity Authority, New Zealand
- Sinarmas Energy and Mining - Indonesia
- Riau Bara Harum - Indonesia
- Rio Tinto Coal - Australia
- Karaikal Port Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Romanian Commodities Exchange
- OPG Power Generation Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Thiess Contractors Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Ind-Barath Power Infra Limited - India
- Rashtriya Ispat Nigam Limited - India
- Sakthi Sugars Limited - India
- Eastern Coal Council - USA
- International Coal Ventures Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Ambuja Cements Ltd - India
- Billiton Holdings Pty Ltd - Australia
- The Treasury - Australian Government
- Electricity Generating Authority of Thailand
- Antam Resourcindo - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Agrawal Coal Company - India
- Kapuas Tunggal Persada - Indonesia
- Kartika Selabumi Mining - Indonesia
- Vizag Seaport Private Limited - India
- Merrill Lynch Commodities Europe
- Gujarat Mineral Development Corp Ltd - India
- Bulk Trading Sa - Switzerland
- Madhucon Powers Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Georgia Ports Authority, United States
- Jindal Steel & Power Ltd - India
- Orica Australia Pty. Ltd.
- Standard Chartered Bank - UAE
- Orica Mining Services - Indonesia
- Salva Resources Pvt Ltd - India
- Wood Mackenzie - Singapore
- Ministry of Mines - Canada
- Makarim & Taira - Indonesia
- Bhushan Steel Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- The State Trading Corporation of India Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- VISA Power Limited - India
- ASAPP Information Group - India
- IEA Clean Coal Centre - UK
- Central Java Power - Indonesia
- Banpu Public Company Limited - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- PTC India Limited - India
- Globalindo Alam Lestari - Indonesia
- Parry Sugars Refinery, India
- Interocean Group of Companies - India
- Ceylon Electricity Board - Sri Lanka
- Bahari Cakrawala Sebuku - Indonesia
- Indogreen Group - Indonesia
- Siam City Cement - Thailand
- Singapore Mercantile Exchange
- Bharathi Cement Corporation - India
- Sical Logistics Limited - India
- Semirara Mining and Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Wilmar Investment Holdings
- Carbofer General Trading SA - India
- Formosa Plastics Group - Taiwan
- MS Steel International - UAE
- Directorate Of Revenue Intelligence - India
- South Luzon Thermal Energy Corporation
- Lanco Infratech Ltd - India
- Mercuria Energy - Indonesia
- Latin American Coal - Colombia
- Economic Council, Georgia
- Trasteel International SA, Italy
- GMR Energy Limited - India
- Sree Jayajothi Cements Limited - India
- GAC Shipping (India) Pvt Ltd
- Central Electricity Authority - India
- Xindia Steels Limited - India
- Meenaskhi Energy Private Limited - India
- Altura Mining Limited, Indonesia
- Mjunction Services Limited - India
- Global Business Power Corporation, Philippines
- Vedanta Resources Plc - India
- Port Waratah Coal Services - Australia
- Sindya Power Generating Company Private Ltd
- Anglo American - United Kingdom
- White Energy Company Limited
- The University of Queensland
- Power Finance Corporation Ltd., India
- Parliament of New Zealand
- Cement Manufacturers Association - India
- AsiaOL BioFuels Corp., Philippines
- Heidelberg Cement - Germany
- Indonesian Coal Mining Association
- Gujarat Electricity Regulatory Commission - India
- Borneo Indobara - Indonesia
- LBH Netherlands Bv - Netherlands
- Essar Steel Hazira Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Posco Energy - South Korea
- Coal and Oil Company - UAE
- Intertek Mineral Services - Indonesia
- TeaM Sual Corporation - Philippines
- Aboitiz Power Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Oldendorff Carriers - Singapore
- SMG Consultants - Indonesia
- Uttam Galva Steels Limited - India
- Australian Commodity Traders Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Kepco SPC Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- India Bulls Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- CNBM International Corporation - China
- PNOC Exploration Corporation - Philippines
- Eastern Energy - Thailand
- Bukit Makmur.PT - Indonesia
- GVK Power & Infra Limited - India
- Bhoruka Overseas - Indonesia
- Malabar Cements Ltd - India
- Bayan Resources Tbk. - Indonesia
- Gujarat Sidhee Cement - India
- Kobexindo Tractors - Indoneisa
- Commonwealth Bank - Australia
- Sarangani Energy Corporation, Philippines
- Independent Power Producers Association of India
- Price Waterhouse Coopers - Russia
- Larsen & Toubro Limited - India
- Binh Thuan Hamico - Vietnam
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