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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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Thursday, 16 April 20
MARKET INSIGHT - INTERMODAL
As everyone anticipated the results of the OPEC + G20 meeting last week, it was very interesting to watch the reaction of tanker rates that were in ...
Monday, 13 April 20
SUPRAMAX: A 56,000DWT SHIP WAS FIXED DELIVERY PARADIP, REDELIVERY CHINA, AT $4,700 - BALTIC BRIEFING
Capesize
The Capesize market this past week looks to have come off life support and found some improved sentiment. The week began rather ordina ...
Saturday, 11 April 20
FAQ: COVID-19 AND CLUB COVER - UK P&I
KNOWLEDGE TO ELEVATE
The Coronavirus (COVID-19) pandemic has generated a significant number of enquiries and questions from Members in recent ...
Saturday, 11 April 20
KOEN POWER PLANTS INVITED BIDS FOR 1.5 -1.62 MMT OF STEAM COAL
COALspot.com: South Korea’s KOREA SOUTH-EAST POWER CO., LTD. (KOEN) has issued an international tender for 1,500,000-1,620,000 Metric Tons (M ...
Friday, 10 April 20
INDIA'S BULKS SUPPLY CHAIN TAKES A HIT DURING LOCKDOWN - WOOD MACKENZIE
India is under a three-week lockdown from 25 March to contain the spread of the coronavirus outbreak. Businesses are shut, and the supply chain is ...
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Showing 1016 to 1020 news of total 6871 |
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- Formosa Plastics Group - Taiwan
- Barasentosa Lestari - Indonesia
- Meenaskhi Energy Private Limited - India
- Baramulti Group, Indonesia
- IHS Mccloskey Coal Group - USA
- Salva Resources Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Star Paper Mills Limited - India
- Vedanta Resources Plc - India
- Krishnapatnam Port Company Ltd. - India
- Metalloyd Limited - United Kingdom
- Planning Commission, India
- European Bulk Services B.V. - Netherlands
- Chettinad Cement Corporation Ltd - India
- Lanco Infratech Ltd - India
- Kideco Jaya Agung - Indonesia
- Ind-Barath Power Infra Limited - India
- Vizag Seaport Private Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Kepco SPC Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Central Java Power - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Independent Power Producers Association of India
- Indonesian Coal Mining Association
- PNOC Exploration Corporation - Philippines
- PowerSource Philippines DevCo
- GMR Energy Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Romanian Commodities Exchange
- Africa Commodities Group - South Africa
- Latin American Coal - Colombia
- Kumho Petrochemical, South Korea
- Larsen & Toubro Limited - India
- Riau Bara Harum - Indonesia
- The Treasury - Australian Government
- Wood Mackenzie - Singapore
- Eastern Coal Council - USA
- Malabar Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- SMG Consultants - Indonesia
- Simpson Spence & Young - Indonesia
- Port Waratah Coal Services - Australia
- Bayan Resources Tbk. - Indonesia
- Wilmar Investment Holdings
- SMC Global Power, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Directorate Of Revenue Intelligence - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Rio Tinto Coal - Australia
- Iligan Light & Power Inc, Philippines
- Tata Chemicals Ltd - India
- Bhatia International Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Antam Resourcindo - Indonesia
- Standard Chartered Bank - UAE
- India Bulls Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Bharathi Cement Corporation - India
- Anglo American - United Kingdom
- Indogreen Group - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Medco Energi Mining Internasional
- CIMB Investment Bank - Malaysia
- Holcim Trading Pte Ltd - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Siam City Cement - Thailand
- Bhushan Steel Limited - India
- Jaiprakash Power Ventures ltd
- Thiess Contractors Indonesia
- GVK Power & Infra Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Interocean Group of Companies - India
- Georgia Ports Authority, United States
- Electricity Generating Authority of Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Banpu Public Company Limited - Thailand
- International Coal Ventures Pvt Ltd - India
- Parry Sugars Refinery, India
- Mercuria Energy - Indonesia
- Madhucon Powers Ltd - India
- Sakthi Sugars Limited - India
- Videocon Industries ltd - India
- Sojitz Corporation - Japan
- Karaikal Port Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Intertek Mineral Services - Indonesia
- Goldman Sachs - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhoruka Overseas - Indonesia
- Cement Manufacturers Association - India
- Power Finance Corporation Ltd., India
- Altura Mining Limited, Indonesia
- The State Trading Corporation of India Ltd
- Mintek Dendrill Indonesia
- Samtan Co., Ltd - South Korea
- MS Steel International - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Finance - Indonesia
- Kaltim Prima Coal - Indonesia
- Bukit Makmur.PT - Indonesia
- Savvy Resources Ltd - HongKong
- Australian Coal Association
- Leighton Contractors Pty Ltd - Australia
- Gujarat Sidhee Cement - India
- Straits Asia Resources Limited - Singapore
- Toyota Tsusho Corporation, Japan
- Manunggal Multi Energi - Indonesia
- Coastal Gujarat Power Limited - India
- Dalmia Cement Bharat India
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Electricity Regulatory Commission - India
- London Commodity Brokers - England
- Ceylon Electricity Board - Sri Lanka
- Bukit Asam (Persero) Tbk - Indonesia
- Maheswari Brothers Coal Limited - India
- Marubeni Corporation - India
- New Zealand Coal & Carbon
- Jindal Steel & Power Ltd - India
- Merrill Lynch Commodities Europe
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coalindo Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Australian Commodity Traders Exchange
- Trasteel International SA, Italy
- Siam City Cement PLC, Thailand
- Borneo Indobara - Indonesia
- Heidelberg Cement - Germany
- Ambuja Cements Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sical Logistics Limited - India
- LBH Netherlands Bv - Netherlands
- Parliament of New Zealand
- TeaM Sual Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Edison Trading Spa - Italy
- Carbofer General Trading SA - India
- Agrawal Coal Company - India
- Sindya Power Generating Company Private Ltd
- Karbindo Abesyapradhi - Indoneisa
- Semirara Mining Corp, Philippines
- Energy Link Ltd, New Zealand
- Bangladesh Power Developement Board
- VISA Power Limited - India
- Eastern Energy - Thailand
- Commonwealth Bank - Australia
- Minerals Council of Australia
- ASAPP Information Group - India
- Xindia Steels Limited - India
- Price Waterhouse Coopers - Russia
- Bukit Baiduri Energy - Indonesia
- Energy Development Corp, Philippines
- Attock Cement Pakistan Limited
- Essar Steel Hazira Ltd - India
- Global Green Power PLC Corporation, Philippines
- PTC India Limited - India
- Economic Council, Georgia
- McConnell Dowell - Australia
- GAC Shipping (India) Pvt Ltd
- ICICI Bank Limited - India
- Ministry of Mines - Canada
- San Jose City I Power Corp, Philippines
- Singapore Mercantile Exchange
- Petron Corporation, Philippines
- Aditya Birla Group - India
- Billiton Holdings Pty Ltd - Australia
- South Luzon Thermal Energy Corporation
- Oldendorff Carriers - Singapore
- Bulk Trading Sa - Switzerland
- Indian Oil Corporation Limited
- IEA Clean Coal Centre - UK
- Kapuas Tunggal Persada - Indonesia
- Orica Mining Services - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Indika Energy - Indonesia
- Posco Energy - South Korea
- Electricity Authority, New Zealand
- Coal and Oil Company - UAE
- Miang Besar Coal Terminal - Indonesia
- Central Electricity Authority - India
- Chamber of Mines of South Africa
- AsiaOL BioFuels Corp., Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Aboitiz Power Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Global Business Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Deloitte Consulting - India
- Mjunction Services Limited - India
- Renaissance Capital - South Africa
- CNBM International Corporation - China
- Thai Mozambique Logistica
- The University of Queensland
- Cigading International Bulk Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- White Energy Company Limited
- OPG Power Generation Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Uttam Galva Steels Limited - India
- Tamil Nadu electricity Board
- Makarim & Taira - Indonesia
- Pendopo Energi Batubara - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Kartika Selabumi Mining - Indonesia
- Indian Energy Exchange, India
- Sree Jayajothi Cements Limited - India
- Alfred C Toepfer International GmbH - Germany
- Gujarat Mineral Development Corp Ltd - India
- Meralco Power Generation, Philippines
- Kobexindo Tractors - Indoneisa
- Timah Investasi Mineral - Indoneisa
- Mercator Lines Limited - India
- Ministry of Transport, Egypt
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