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Wednesday, 10 April 19
SHIPPING MARKET INSIGHT - INTERMODAL
 The tragedy in Brazil’s Vale Brumadinho where a tailings dam collapsed in January ranks among the world’s worst mining disasters. It continues to this day as the effects of the disaster ripple through local communities and the shipping industry.
As most of us are aware, Vale is the world’s largest producer of iron ore, and runs several deep-draft ports in Brazil as well as Indonesia, Malaysia and Oman, equipped to receive Valemax ships, the biggest mineral vessels in the world, with capacity for 400,000 tonnes of ore. The company charters Capesizes and Very Large Ore Carriers (VLOCs) and its fleet primarily services the Asian energy needs.
This is actually the second dam collapse incident Vale saw in less than four years. Back in 2015 a larger dam, Samarco Mineracao SA, a joint venture between Vale and BHP, collapsed claiming the lives of 19 people and creating a major environmental disaster. So coming just a few years after a similar disaster in the same state, the Brumadinho collapse enraged many in Brazil, particularly when everyone found out that Vale had earlier received warnings about its fragile state.
The crisis at Vale is already rippling worldwide with strong effects on the iron ore markets and the Capesize segment. The price of iron ore last week surpassed $90 a tonne amid concerns that the closure of Vale’s dams could provoke a supply crunch. The company itself said it would sell a maximum of 330m tonnes of the raw material this year. Last year Vale produced 380m tonnes.
Tailings dams are cheap and obviously risky. The upstream sort have been banned in Chile and are very rare in America and Europe. Their widespread use in Brazil is one way the government helps mining firms. Miners such as Vale in particular, are obviously favoured because they often shoulder the responsibilities of governments in remote places, building schools and hospitals, for example. In Minas Gerais (literally, “General Mines”), the state where Brumadinho is located, Vale often dominates local economies as we can all understand.
This disaster weighed heavily on the market for big Capes, with still a lot of uncertainty about shipments/future exports leading to a sharp drop in rates. The miners had largely been absent from the market recently, with just a handful of other player in the region with large iron ore cargoes to move. Rates are expected to still experience a significant pressure moving forward. It is quite a unique situation and it is interesting to see it’s future dynamics in the Capesize sector.
By Christopher Whitty
Director, Towage and Port Agency Division
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms Eva Tzima
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, 06 September 24
REBOUND IN OIL DEMAND COULD LIFT MARKET IN LATTER HALF OF 2024 - BIMCO
Supply/demand
Based on a strong second half demand, the supply/balance is forecast to strengthen in 2024 but weaken slightly in 2025 as n ...
Friday, 06 September 24
GLOBAL SEABORNE LNG TRADE HAS CONTINUED TO INCREASE LAST YEAR - BANCHERO COSTA
Global seaborne LNG trade has continued to increase last year, helped also by the events in Ukraine which forced Europe to diversify away from Russ ...
Wednesday, 28 August 24
SEABORNE COAL IMPORTS INTO INDIA INCREASED BY +9.9% Y-O-Y TO 146.6 MLN T - BANCHERO COSTA
Global coal trade has really picked up pace over the past year, and is now fully back to pre-Covid levels said Banchero Costa Research in its lates ...
Tuesday, 06 August 24
EXERCISE CAUTION WITH AMMONIA SWITCH - BALTIC EXCHANGE
A new study from the Massachusetts Institute of Technology (MIT) has thrown a spanner into the plan to transition ships from diesel fuel to ammonia ...
Friday, 02 August 24
ENERGY MARKET DEVELOPMENTS: COAL AND NATURAL GAS PRICES REACH RECORD HIGHS - WORLD BANK
The recent surge in natural gas and coal prices has been so swift that the main benchmarks were roughly three times higher in 2022Q2 compared to a ...
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- Manunggal Multi Energi - Indonesia
- Bharathi Cement Corporation - India
- Bhushan Steel Limited - India
- Simpson Spence & Young - Indonesia
- Kaltim Prima Coal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Sojitz Corporation - Japan
- Carbofer General Trading SA - India
- Bulk Trading Sa - Switzerland
- Coalindo Energy - Indonesia
- Anglo American - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Electricity Regulatory Commission - India
- European Bulk Services B.V. - Netherlands
- Posco Energy - South Korea
- Videocon Industries ltd - India
- Indo Tambangraya Megah - Indonesia
- GMR Energy Limited - India
- Orica Australia Pty. Ltd.
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Trasteel International SA, Italy
- Bayan Resources Tbk. - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- IHS Mccloskey Coal Group - USA
- San Jose City I Power Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Global Business Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Banpu Public Company Limited - Thailand
- Global Green Power PLC Corporation, Philippines
- Edison Trading Spa - Italy
- Central Java Power - Indonesia
- Essar Steel Hazira Ltd - India
- International Coal Ventures Pvt Ltd - India
- Indika Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Lanco Infratech Ltd - India
- Petron Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Kapuas Tunggal Persada - Indonesia
- Parry Sugars Refinery, India
- Sinarmas Energy and Mining - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- IEA Clean Coal Centre - UK
- Romanian Commodities Exchange
- Semirara Mining and Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- CIMB Investment Bank - Malaysia
- London Commodity Brokers - England
- Intertek Mineral Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Energy Link Ltd, New Zealand
- Ind-Barath Power Infra Limited - India
- Merrill Lynch Commodities Europe
- Parliament of New Zealand
- Formosa Plastics Group - Taiwan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Mintek Dendrill Indonesia
- Borneo Indobara - Indonesia
- Bangladesh Power Developement Board
- Wilmar Investment Holdings
- Maheswari Brothers Coal Limited - India
- Eastern Energy - Thailand
- South Luzon Thermal Energy Corporation
- PNOC Exploration Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Bukit Makmur.PT - Indonesia
- Indian Oil Corporation Limited
- Kalimantan Lumbung Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Georgia Ports Authority, United States
- Sarangani Energy Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- GVK Power & Infra Limited - India
- Holcim Trading Pte Ltd - Singapore
- Australian Commodity Traders Exchange
- CNBM International Corporation - China
- Latin American Coal - Colombia
- Antam Resourcindo - Indonesia
- Makarim & Taira - Indonesia
- Savvy Resources Ltd - HongKong
- Sakthi Sugars Limited - India
- Straits Asia Resources Limited - Singapore
- Mjunction Services Limited - India
- The University of Queensland
- White Energy Company Limited
- Directorate General of MIneral and Coal - Indonesia
- The State Trading Corporation of India Ltd
- Indonesian Coal Mining Association
- Tamil Nadu electricity Board
- MS Steel International - UAE
- Larsen & Toubro Limited - India
- SMG Consultants - Indonesia
- ASAPP Information Group - India
- Ministry of Finance - Indonesia
- PowerSource Philippines DevCo
- Alfred C Toepfer International GmbH - Germany
- Electricity Generating Authority of Thailand
- Cement Manufacturers Association - India
- GAC Shipping (India) Pvt Ltd
- Orica Mining Services - Indonesia
- Krishnapatnam Port Company Ltd. - India
- PetroVietnam Power Coal Import and Supply Company
- Aboitiz Power Corporation - Philippines
- Interocean Group of Companies - India
- Ministry of Mines - Canada
- Maharashtra Electricity Regulatory Commission - India
- Global Coal Blending Company Limited - Australia
- Baramulti Group, Indonesia
- Meenaskhi Energy Private Limited - India
- Agrawal Coal Company - India
- Renaissance Capital - South Africa
- Independent Power Producers Association of India
- Sindya Power Generating Company Private Ltd
- Mercator Lines Limited - India
- Marubeni Corporation - India
- Coal and Oil Company - UAE
- Gujarat Sidhee Cement - India
- Bukit Asam (Persero) Tbk - Indonesia
- Madhucon Powers Ltd - India
- Chamber of Mines of South Africa
- LBH Netherlands Bv - Netherlands
- Mercuria Energy - Indonesia
- Economic Council, Georgia
- Deloitte Consulting - India
- VISA Power Limited - India
- Samtan Co., Ltd - South Korea
- Thai Mozambique Logistica
- Iligan Light & Power Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Globalindo Alam Lestari - Indonesia
- Bhatia International Limited - India
- Africa Commodities Group - South Africa
- Sree Jayajothi Cements Limited - India
- Pendopo Energi Batubara - Indonesia
- Toyota Tsusho Corporation, Japan
- Miang Besar Coal Terminal - Indonesia
- SMC Global Power, Philippines
- Kumho Petrochemical, South Korea
- AsiaOL BioFuels Corp., Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vizag Seaport Private Limited - India
- Vedanta Resources Plc - India
- Commonwealth Bank - Australia
- Riau Bara Harum - Indonesia
- Energy Development Corp, Philippines
- Star Paper Mills Limited - India
- Price Waterhouse Coopers - Russia
- Australian Coal Association
- Rio Tinto Coal - Australia
- Goldman Sachs - Singapore
- McConnell Dowell - Australia
- Gujarat Mineral Development Corp Ltd - India
- Chettinad Cement Corporation Ltd - India
- Ministry of Transport, Egypt
- Indogreen Group - Indonesia
- Uttam Galva Steels Limited - India
- Medco Energi Mining Internasional
- Oldendorff Carriers - Singapore
- Meralco Power Generation, Philippines
- Barasentosa Lestari - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- Singapore Mercantile Exchange
- Central Electricity Authority - India
- Timah Investasi Mineral - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Bukit Baiduri Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Power Finance Corporation Ltd., India
- Rashtriya Ispat Nigam Limited - India
- The Treasury - Australian Government
- Indian Energy Exchange, India
- Heidelberg Cement - Germany
- ICICI Bank Limited - India
- Thiess Contractors Indonesia
- Siam City Cement PLC, Thailand
- Dalmia Cement Bharat India
- Eastern Coal Council - USA
- Directorate Of Revenue Intelligence - India
- Aditya Birla Group - India
- Therma Luzon, Inc, Philippines
- Planning Commission, India
- Ambuja Cements Ltd - India
- Kobexindo Tractors - Indoneisa
- SN Aboitiz Power Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Siam City Cement - Thailand
- India Bulls Power Limited - India
- Semirara Mining Corp, Philippines
- Jindal Steel & Power Ltd - India
- Electricity Authority, New Zealand
- Wood Mackenzie - Singapore
- Tata Chemicals Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Neyveli Lignite Corporation Ltd, - India
- Attock Cement Pakistan Limited
- New Zealand Coal & Carbon
- Jaiprakash Power Ventures ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Karaikal Port Pvt Ltd - India
- Sical Logistics Limited - India
- PTC India Limited - India
- Grasim Industreis Ltd - India
- Malabar Cements Ltd - India
- Xindia Steels Limited - India
- Altura Mining Limited, Indonesia
- Minerals Council of Australia
- Standard Chartered Bank - UAE
- Bhoruka Overseas - Indonesia
- Kepco SPC Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Binh Thuan Hamico - Vietnam
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