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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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Wednesday, 31 January 24
CHINA'S INNER MONGOLIA COAL OUTPUT HIT 1.21B TONS IN 2023 - XINHUA
North China’s Inner Mongolia autonomous region churned out 1.21 billion tons of coal in 2023 as it strives to guarantee the country’s e ...
Wednesday, 31 January 24
GAS EXPORTS COST U.S. CONSUMERS MORE THAN $100 BILLION OVER 16-MONTH PERIOD - IEEFA
Limited Demand Growth Could Dampen the Dry Bulk Market in the Coming Months BIMCOStarting in late 2021—before its invasion of Ukraine—R ...
Tuesday, 30 January 24
LIMITED DEMAND GROWTH COULD DAMPEN THE DRY BULK MARKET IN THE COMING MONTHS - BIMCO
Demand
In our base scenario, we expect cargo demand to grow by 0-1% in 2024 and 0.5-1.5% in 2025. This is a 0.5 percentage point reduction for ...
Friday, 26 January 24
RED SEA DIVERSIONS ADD NEARLY A MILLION DOLLARS PER VOYAGE TO SHIPPING COSTS WHILE DOUBLING TRANSIT TIME - LSEG
The incremental costs of diverting a tanker from Asia to NW Europe via the Cape of Good Hope is accounting for an extra $932,905 USD per voyage whi ...
Friday, 26 January 24
HARD COAL GUARDIAN ANGEL OF THE ENERGY SUPPLY - GERMANY COAL IMPORTERS ASSOCIATION
- No security of supply without hard coal
- The Substitute Power Plant Provision Act (EKBG) must be extended
- Higher grid fees due to the ...
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- Kapuas Tunggal Persada - Indonesia
- Africa Commodities Group - South Africa
- ASAPP Information Group - India
- Intertek Mineral Services - Indonesia
- Kumho Petrochemical, South Korea
- Standard Chartered Bank - UAE
- Indian Energy Exchange, India
- Aditya Birla Group - India
- Bukit Baiduri Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Georgia Ports Authority, United States
- The State Trading Corporation of India Ltd
- SN Aboitiz Power Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Wilmar Investment Holdings
- Bhushan Steel Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Indo Tambangraya Megah - Indonesia
- MS Steel International - UAE
- PetroVietnam Power Coal Import and Supply Company
- Wood Mackenzie - Singapore
- Bangladesh Power Developement Board
- Indogreen Group - Indonesia
- Deloitte Consulting - India
- Gujarat Electricity Regulatory Commission - India
- Meralco Power Generation, Philippines
- Anglo American - United Kingdom
- Power Finance Corporation Ltd., India
- TNB Fuel Sdn Bhd - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- Makarim & Taira - Indonesia
- Aboitiz Power Corporation - Philippines
- Edison Trading Spa - Italy
- Chettinad Cement Corporation Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Maheswari Brothers Coal Limited - India
- GVK Power & Infra Limited - India
- Semirara Mining Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Price Waterhouse Coopers - Russia
- GMR Energy Limited - India
- Petron Corporation, Philippines
- Central Java Power - Indonesia
- Goldman Sachs - Singapore
- Malabar Cements Ltd - India
- London Commodity Brokers - England
- Global Business Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Energy Development Corp, Philippines
- Electricity Authority, New Zealand
- Samtan Co., Ltd - South Korea
- CIMB Investment Bank - Malaysia
- Gujarat Sidhee Cement - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Banpu Public Company Limited - Thailand
- AsiaOL BioFuels Corp., Philippines
- Videocon Industries ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indika Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Ministry of Mines - Canada
- Mjunction Services Limited - India
- Simpson Spence & Young - Indonesia
- Tamil Nadu electricity Board
- Xindia Steels Limited - India
- Central Electricity Authority - India
- Bukit Makmur.PT - Indonesia
- Sarangani Energy Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- VISA Power Limited - India
- Siam City Cement PLC, Thailand
- Straits Asia Resources Limited - Singapore
- International Coal Ventures Pvt Ltd - India
- Attock Cement Pakistan Limited
- Riau Bara Harum - Indonesia
- Formosa Plastics Group - Taiwan
- Romanian Commodities Exchange
- Meenaskhi Energy Private Limited - India
- Australian Commodity Traders Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- White Energy Company Limited
- Port Waratah Coal Services - Australia
- ICICI Bank Limited - India
- Sojitz Corporation - Japan
- GAC Shipping (India) Pvt Ltd
- Sindya Power Generating Company Private Ltd
- Alfred C Toepfer International GmbH - Germany
- Miang Besar Coal Terminal - Indonesia
- PowerSource Philippines DevCo
- Karaikal Port Pvt Ltd - India
- Bharathi Cement Corporation - India
- TeaM Sual Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Global Coal Blending Company Limited - Australia
- Eastern Coal Council - USA
- OPG Power Generation Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- The Treasury - Australian Government
- Orica Mining Services - Indonesia
- Trasteel International SA, Italy
- European Bulk Services B.V. - Netherlands
- CNBM International Corporation - China
- Eastern Energy - Thailand
- South Luzon Thermal Energy Corporation
- Maharashtra Electricity Regulatory Commission - India
- Bhatia International Limited - India
- Lanco Infratech Ltd - India
- Singapore Mercantile Exchange
- Australian Coal Association
- Dalmia Cement Bharat India
- Cigading International Bulk Terminal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Ambuja Cements Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Mintek Dendrill Indonesia
- New Zealand Coal & Carbon
- Timah Investasi Mineral - Indoneisa
- Oldendorff Carriers - Singapore
- Independent Power Producers Association of India
- Jaiprakash Power Ventures ltd
- Semirara Mining and Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Coal and Oil Company - UAE
- SMC Global Power, Philippines
- Mercator Lines Limited - India
- Siam City Cement - Thailand
- India Bulls Power Limited - India
- Mercuria Energy - Indonesia
- Baramulti Group, Indonesia
- Sical Logistics Limited - India
- Ind-Barath Power Infra Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Parry Sugars Refinery, India
- Orica Australia Pty. Ltd.
- Renaissance Capital - South Africa
- Kartika Selabumi Mining - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Salva Resources Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Interocean Group of Companies - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SMG Consultants - Indonesia
- McConnell Dowell - Australia
- Kideco Jaya Agung - Indonesia
- Grasim Industreis Ltd - India
- Economic Council, Georgia
- Tata Chemicals Ltd - India
- Carbofer General Trading SA - India
- IEA Clean Coal Centre - UK
- Toyota Tsusho Corporation, Japan
- Heidelberg Cement - Germany
- Kepco SPC Power Corporation, Philippines
- Indonesian Coal Mining Association
- Vedanta Resources Plc - India
- Krishnapatnam Port Company Ltd. - India
- Altura Mining Limited, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Kobexindo Tractors - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Marubeni Corporation - India
- Holcim Trading Pte Ltd - Singapore
- Coalindo Energy - Indonesia
- Madhucon Powers Ltd - India
- Chamber of Mines of South Africa
- Sree Jayajothi Cements Limited - India
- Uttam Galva Steels Limited - India
- Barasentosa Lestari - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kalimantan Lumbung Energi - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Savvy Resources Ltd - HongKong
- Electricity Generating Authority of Thailand
- Ministry of Transport, Egypt
- Energy Link Ltd, New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Parliament of New Zealand
- Metalloyd Limited - United Kingdom
- Medco Energi Mining Internasional
- Thai Mozambique Logistica
- The University of Queensland
- LBH Netherlands Bv - Netherlands
- Borneo Indobara - Indonesia
- Rio Tinto Coal - Australia
- Kaltim Prima Coal - Indonesia
- IHS Mccloskey Coal Group - USA
- PTC India Limited - India
- Essar Steel Hazira Ltd - India
- Vizag Seaport Private Limited - India
- Star Paper Mills Limited - India
- Larsen & Toubro Limited - India
- Bayan Resources Tbk. - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Finance - Indonesia
- Sakthi Sugars Limited - India
- Agrawal Coal Company - India
- Directorate General of MIneral and Coal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Commonwealth Bank - Australia
- Cement Manufacturers Association - India
- PNOC Exploration Corporation - Philippines
- Minerals Council of Australia
- Thiess Contractors Indonesia
- Bulk Trading Sa - Switzerland
- Directorate Of Revenue Intelligence - India
- Latin American Coal - Colombia
- Planning Commission, India
- Globalindo Alam Lestari - Indonesia
- Posco Energy - South Korea
- Jindal Steel & Power Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Manunggal Multi Energi - Indonesia
- Indian Oil Corporation Limited
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