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Wednesday, 22 September 21
MARKET INSIGHT - INTERMODAL
 The unfolding last week of a trilateral defence pact between the United States, Australia, the United Kingdom (AUKUS) envisages a wide range of collaboration, but at its core is an agreement to start consultations to help Australia acquire a fleet of nuclear-propelled submarines. Believe AUKUS is an interesting development in the context of the already intensified geopolitical tensions between Australia and China, which have already led to a shift in trading patterns, particularly as far as dry bulk trade is concerned.
In particular, China’s ban on Australian coal since Q42020 has triggered inefficiencies in coal trading, with wide price arbitrages developing between China and the rest of the world for both metallurgical coal used by the steel industry and thermal coal used in power generation. The supply tightness has been more severe on metallurgical coal, the price of which has surged to record high levels, with China scrambling for supplies simulateneously with the rest of the world, steel production of which continues to grow. Australia is the world’s largest met coal exporter (approx. 59.0% of global seaborne met coal exports) and 2nd thermal coal exporter (approx. 22.0% of global seaborne thermal coal exports). China’s coking coal imports from Australia have come down to zero YTD 2021 vs a more than 50% share in imports during the previous two years. Imports from Mongolia so far have failed to meet increased demand amid COVID related supply disruptions and China had to increase its met coal imports share from Russia and the West (particularly the US and Canada), the last traditionally being primariy origins of imports for Europe. On the other hand, Australia coking coal is absorbed by steel mills outside China, as global steel production excl. the latter is up 16.0+% y-o-y (YTD Jan-Jul) and Australia coking coal has turned out cheaper than US coking coal despite the overall price surge. This trade shift has increased ton-miles and dry bulk fleet inefficiencies supporting Atlantic freight rates higher for longer.
In the meantime, China’s policy pledge for emissions cuts seems to be further supporting ton-miles for dry bulk, despite the country’s crude steel production declining y-o-y over the past two months and iron ore price collapsing below $100/ton recently from $230/ton in mid-July. We believe that in the short term, the severe coking coal and coke shortage in China as a result of the above policies is forcing crude steel production to adjust downwards earlier, but is incentivizing purchases of cheaper iron ore particularly from the Atlantic.
Till recently, demand for cargoes of crucial raw materials like iron ore and coal have overall jumped this year, outpacing active fleet growth, particularly if congestion is factored in, as economies recover from the pandemic. As new market dynamics develop and shape a new post pandemic landscape, we want to believe that these will become new fundamentals that can continue to propel ultimately demand for seaborne transportation of dry bulk commodities in the long run.
By Christopher Whitty,
Director, Towage & Marine Port Services
Compiled by:
Intermodal Research & Valuations
Analysts:
Yiannis Parganas
Tamara Apostolou
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, 04 September 20
KOMIPO INVITED BIDS FOR AUSTRALIAN MIN 5,700 NCV COAL FOR NOVEMBER
COALspot.com: Korea Midland Power Co. Ltd, has issued an International tender for 260,000 MT Min.5,700 kcal/kg NCV coal November, 2020 loading. Acc ...
Thursday, 03 September 20
BRINGING SERVICES OF FTCCI CLOSER TO THE EXPORTERS AT GMR AIR CARGO COMPLEX AT SHAMSHABAD
Press Release: “FTCCI Trade Facilitation Services at your doorstep now” says J.S. Chandrashekar, IRS., Principal Commissioner of Custom ...
Thursday, 03 September 20
CHINA'S BENCHMARK POWER COAL PRICE REMAINS FLAT - XINHUA
China’s benchmark power coal price remained flat during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
Wednesday, 02 September 20
COAL PRODUCTION FALLS 7% IN APR-AUG; OFF TAKE DIPS 13.4% - FINANCIAL EXPRESS
In the month of August coal off take also increased 9.3% y-o-y to 44.34 MT as compared with 40.57 MT in the same period last year.
C ...
Wednesday, 02 September 20
MARKET INSIGHT - INTERMODAL
The imminent global shift towards eco-friendliness has caused divide among the shipping community because there is no outlined, clear-cut way via w ...
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- Jaiprakash Power Ventures ltd
- Port Waratah Coal Services - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Global Business Power Corporation, Philippines
- Videocon Industries ltd - India
- SMG Consultants - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- GVK Power & Infra Limited - India
- Thiess Contractors Indonesia
- PNOC Exploration Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Australian Coal Association
- Samtan Co., Ltd - South Korea
- Cigading International Bulk Terminal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Xindia Steels Limited - India
- Miang Besar Coal Terminal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Kobexindo Tractors - Indoneisa
- Barasentosa Lestari - Indonesia
- Mjunction Services Limited - India
- Ind-Barath Power Infra Limited - India
- Neyveli Lignite Corporation Ltd, - India
- PetroVietnam Power Coal Import and Supply Company
- Salva Resources Pvt Ltd - India
- Altura Mining Limited, Indonesia
- TeaM Sual Corporation - Philippines
- Ambuja Cements Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Sree Jayajothi Cements Limited - India
- Bukit Baiduri Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- IEA Clean Coal Centre - UK
- Bahari Cakrawala Sebuku - Indonesia
- PTC India Limited - India
- Billiton Holdings Pty Ltd - Australia
- Bhushan Steel Limited - India
- Kartika Selabumi Mining - Indonesia
- CNBM International Corporation - China
- Posco Energy - South Korea
- LBH Netherlands Bv - Netherlands
- PowerSource Philippines DevCo
- MS Steel International - UAE
- Madhucon Powers Ltd - India
- Tata Chemicals Ltd - India
- Mercuria Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Formosa Plastics Group - Taiwan
- Edison Trading Spa - Italy
- Parliament of New Zealand
- Kaltim Prima Coal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Central Java Power - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- The Treasury - Australian Government
- Riau Bara Harum - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Parry Sugars Refinery, India
- Gujarat Sidhee Cement - India
- Indian Oil Corporation Limited
- South Luzon Thermal Energy Corporation
- Indogreen Group - Indonesia
- Power Finance Corporation Ltd., India
- Economic Council, Georgia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sojitz Corporation - Japan
- Singapore Mercantile Exchange
- Marubeni Corporation - India
- ASAPP Information Group - India
- Malabar Cements Ltd - India
- Banpu Public Company Limited - Thailand
- Minerals Council of Australia
- Larsen & Toubro Limited - India
- Essar Steel Hazira Ltd - India
- Merrill Lynch Commodities Europe
- London Commodity Brokers - England
- Jindal Steel & Power Ltd - India
- Global Coal Blending Company Limited - Australia
- Planning Commission, India
- AsiaOL BioFuels Corp., Philippines
- Global Green Power PLC Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Indonesian Coal Mining Association
- Directorate General of MIneral and Coal - Indonesia
- Borneo Indobara - Indonesia
- GMR Energy Limited - India
- Deloitte Consulting - India
- TNB Fuel Sdn Bhd - Malaysia
- Eastern Coal Council - USA
- Interocean Group of Companies - India
- SN Aboitiz Power Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Trasteel International SA, Italy
- GN Power Mariveles Coal Plant, Philippines
- Bukit Makmur.PT - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Cement Manufacturers Association - India
- Coastal Gujarat Power Limited - India
- Wood Mackenzie - Singapore
- Iligan Light & Power Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Sindya Power Generating Company Private Ltd
- Straits Asia Resources Limited - Singapore
- Uttam Galva Steels Limited - India
- Vedanta Resources Plc - India
- Metalloyd Limited - United Kingdom
- Timah Investasi Mineral - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Goldman Sachs - Singapore
- Manunggal Multi Energi - Indonesia
- Lanco Infratech Ltd - India
- Attock Cement Pakistan Limited
- Indo Tambangraya Megah - Indonesia
- Ministry of Mines - Canada
- Grasim Industreis Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Toyota Tsusho Corporation, Japan
- Bhoruka Overseas - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Sinarmas Energy and Mining - Indonesia
- VISA Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Australian Commodity Traders Exchange
- Meenaskhi Energy Private Limited - India
- Sical Logistics Limited - India
- Ministry of Finance - Indonesia
- Globalindo Alam Lestari - Indonesia
- Standard Chartered Bank - UAE
- Meralco Power Generation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Kideco Jaya Agung - Indonesia
- Ministry of Transport, Egypt
- Commonwealth Bank - Australia
- Rio Tinto Coal - Australia
- Agrawal Coal Company - India
- Bangladesh Power Developement Board
- Coal and Oil Company - UAE
- Directorate Of Revenue Intelligence - India
- Mintek Dendrill Indonesia
- Georgia Ports Authority, United States
- Romanian Commodities Exchange
- Independent Power Producers Association of India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kepco SPC Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Mercator Lines Limited - India
- Indian Energy Exchange, India
- Intertek Mineral Services - Indonesia
- San Jose City I Power Corp, Philippines
- Kumho Petrochemical, South Korea
- Anglo American - United Kingdom
- Chamber of Mines of South Africa
- IHS Mccloskey Coal Group - USA
- Oldendorff Carriers - Singapore
- Aditya Birla Group - India
- Binh Thuan Hamico - Vietnam
- Bukit Asam (Persero) Tbk - Indonesia
- Therma Luzon, Inc, Philippines
- New Zealand Coal & Carbon
- Aboitiz Power Corporation - Philippines
- Latin American Coal - Colombia
- Energy Link Ltd, New Zealand
- Bayan Resources Tbk. - Indonesia
- Sarangani Energy Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Savvy Resources Ltd - HongKong
- Central Electricity Authority - India
- ICICI Bank Limited - India
- Karaikal Port Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Electricity Authority, New Zealand
- White Energy Company Limited
- Orica Australia Pty. Ltd.
- Heidelberg Cement - Germany
- SMC Global Power, Philippines
- India Bulls Power Limited - India
- Semirara Mining Corp, Philippines
- Tamil Nadu electricity Board
- Star Paper Mills Limited - India
- Price Waterhouse Coopers - Russia
- Electricity Generating Authority of Thailand
- Thai Mozambique Logistica
- Carbofer General Trading SA - India
- Bhatia International Limited - India
- International Coal Ventures Pvt Ltd - India
- Orica Mining Services - Indonesia
- McConnell Dowell - Australia
- Sakthi Sugars Limited - India
- Petron Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Siam City Cement PLC, Thailand
- The University of Queensland
- Eastern Energy - Thailand
- Bharathi Cement Corporation - India
- Chettinad Cement Corporation Ltd - India
- Baramulti Group, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Africa Commodities Group - South Africa
- The State Trading Corporation of India Ltd
- Dalmia Cement Bharat India
- Energy Development Corp, Philippines
- Coalindo Energy - Indonesia
- Antam Resourcindo - Indonesia
- European Bulk Services B.V. - Netherlands
- Simpson Spence & Young - Indonesia
- Medco Energi Mining Internasional
- Vijayanagar Sugar Pvt Ltd - India
- Wilmar Investment Holdings
- Siam City Cement - Thailand
- OPG Power Generation Pvt Ltd - India
- Renaissance Capital - South Africa
- Indika Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
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