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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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- CIMB Investment Bank - Malaysia
- Samtan Co., Ltd - South Korea
- Krishnapatnam Port Company Ltd. - India
- Kobexindo Tractors - Indoneisa
- Ministry of Transport, Egypt
- Offshore Bulk Terminal Pte Ltd, Singapore
- Orica Mining Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- OPG Power Generation Pvt Ltd - India
- Bharathi Cement Corporation - India
- Directorate General of MIneral and Coal - Indonesia
- Posco Energy - South Korea
- Indian Oil Corporation Limited
- Alfred C Toepfer International GmbH - Germany
- Aboitiz Power Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Makarim & Taira - Indonesia
- South Luzon Thermal Energy Corporation
- Kalimantan Lumbung Energi - Indonesia
- Interocean Group of Companies - India
- Sindya Power Generating Company Private Ltd
- Heidelberg Cement - Germany
- New Zealand Coal & Carbon
- Bahari Cakrawala Sebuku - Indonesia
- McConnell Dowell - Australia
- Simpson Spence & Young - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- The University of Queensland
- Tamil Nadu electricity Board
- Sical Logistics Limited - India
- Indonesian Coal Mining Association
- Anglo American - United Kingdom
- Intertek Mineral Services - Indonesia
- Coalindo Energy - Indonesia
- CNBM International Corporation - China
- Kaltim Prima Coal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Toyota Tsusho Corporation, Japan
- Africa Commodities Group - South Africa
- GVK Power & Infra Limited - India
- Bukit Baiduri Energy - Indonesia
- The Treasury - Australian Government
- Electricity Authority, New Zealand
- Mintek Dendrill Indonesia
- Barasentosa Lestari - Indonesia
- Ambuja Cements Ltd - India
- Renaissance Capital - South Africa
- Therma Luzon, Inc, Philippines
- Australian Commodity Traders Exchange
- SMG Consultants - Indonesia
- Trasteel International SA, Italy
- Grasim Industreis Ltd - India
- PNOC Exploration Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- London Commodity Brokers - England
- Bhoruka Overseas - Indonesia
- Minerals Council of Australia
- Ministry of Finance - Indonesia
- Planning Commission, India
- European Bulk Services B.V. - Netherlands
- Merrill Lynch Commodities Europe
- Coastal Gujarat Power Limited - India
- Marubeni Corporation - India
- Orica Australia Pty. Ltd.
- Indo Tambangraya Megah - Indonesia
- Larsen & Toubro Limited - India
- PowerSource Philippines DevCo
- Eastern Energy - Thailand
- Leighton Contractors Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- Kumho Petrochemical, South Korea
- ICICI Bank Limited - India
- Gujarat Sidhee Cement - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Miang Besar Coal Terminal - Indonesia
- Vizag Seaport Private Limited - India
- White Energy Company Limited
- Parry Sugars Refinery, India
- Salva Resources Pvt Ltd - India
- Standard Chartered Bank - UAE
- Attock Cement Pakistan Limited
- Mercuria Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Directorate Of Revenue Intelligence - India
- Petron Corporation, Philippines
- Star Paper Mills Limited - India
- Chettinad Cement Corporation Ltd - India
- Timah Investasi Mineral - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Indika Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Independent Power Producers Association of India
- LBH Netherlands Bv - Netherlands
- Cement Manufacturers Association - India
- Manunggal Multi Energi - Indonesia
- Energy Development Corp, Philippines
- Deloitte Consulting - India
- GMR Energy Limited - India
- Jindal Steel & Power Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Edison Trading Spa - Italy
- Bank of Tokyo Mitsubishi UFJ Ltd
- Rashtriya Ispat Nigam Limited - India
- Mjunction Services Limited - India
- Global Coal Blending Company Limited - Australia
- GAC Shipping (India) Pvt Ltd
- Bangladesh Power Developement Board
- IEA Clean Coal Centre - UK
- Coal and Oil Company - UAE
- Binh Thuan Hamico - Vietnam
- MS Steel International - UAE
- PetroVietnam Power Coal Import and Supply Company
- Semirara Mining Corp, Philippines
- Altura Mining Limited, Indonesia
- Central Java Power - Indonesia
- Kepco SPC Power Corporation, Philippines
- Xindia Steels Limited - India
- Goldman Sachs - Singapore
- Ceylon Electricity Board - Sri Lanka
- Chamber of Mines of South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Agrawal Coal Company - India
- Latin American Coal - Colombia
- Madhucon Powers Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Sinarmas Energy and Mining - Indonesia
- Price Waterhouse Coopers - Russia
- Meralco Power Generation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Central Electricity Authority - India
- SN Aboitiz Power Inc, Philippines
- Parliament of New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Energy Link Ltd, New Zealand
- Semirara Mining and Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Electricity Generating Authority of Thailand
- Carbofer General Trading SA - India
- Meenaskhi Energy Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Coal Association
- San Jose City I Power Corp, Philippines
- Bulk Trading Sa - Switzerland
- Medco Energi Mining Internasional
- Kapuas Tunggal Persada - Indonesia
- Port Waratah Coal Services - Australia
- Karbindo Abesyapradhi - Indoneisa
- Antam Resourcindo - Indonesia
- Rio Tinto Coal - Australia
- Lanco Infratech Ltd - India
- Globalindo Alam Lestari - Indonesia
- Eastern Coal Council - USA
- Essar Steel Hazira Ltd - India
- Thiess Contractors Indonesia
- Indian Energy Exchange, India
- The State Trading Corporation of India Ltd
- Siam City Cement PLC, Thailand
- Malabar Cements Ltd - India
- Bhushan Steel Limited - India
- Indogreen Group - Indonesia
- Karaikal Port Pvt Ltd - India
- Thai Mozambique Logistica
- Global Green Power PLC Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Ind-Barath Power Infra Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- VISA Power Limited - India
- Wilmar Investment Holdings
- Sojitz Corporation - Japan
- SMC Global Power, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Aditya Birla Group - India
- Baramulti Group, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Singapore Mercantile Exchange
- ASAPP Information Group - India
- Formosa Plastics Group - Taiwan
- Ministry of Mines - Canada
- Romanian Commodities Exchange
- Economic Council, Georgia
- Mercator Lines Limited - India
- India Bulls Power Limited - India
- Uttam Galva Steels Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Riau Bara Harum - Indonesia
- Bhatia International Limited - India
- Sarangani Energy Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Dalmia Cement Bharat India
- Siam City Cement - Thailand
- Videocon Industries ltd - India
- PTC India Limited - India
- Vedanta Resources Plc - India
- Georgia Ports Authority, United States
- AsiaOL BioFuels Corp., Philippines
- Banpu Public Company Limited - Thailand
- Borneo Indobara - Indonesia
- Savvy Resources Ltd - HongKong
- TNB Fuel Sdn Bhd - Malaysia
- Jaiprakash Power Ventures ltd
- Sakthi Sugars Limited - India
- Straits Asia Resources Limited - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Wood Mackenzie - Singapore
- TeaM Sual Corporation - Philippines
- Commonwealth Bank - Australia
- Sree Jayajothi Cements Limited - India
- Oldendorff Carriers - Singapore
- Tata Chemicals Ltd - India
- International Coal Ventures Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
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