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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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Thursday, 25 January 24
THE RED SEA ESCALATION IMPLICATIONS ON GLOBAL SEABORNE TRADE - MARIA BERTZELETOU
In recent days, discussions have intensified about the potential impact on the seaborne trade and ton-miles due to the evolving dynamics of market ...
Thursday, 25 January 24
RED SEA SHIPPING DISRUPTIONS KEEP GEOPOLITICAL PREMIUM FOR COMMODITIES - FITCH RATINGS
Shipping disruptions and re-routing away from the Red Sea will maintain the geopolitical premium in the main commodity markets, including for oil a ...
Friday, 19 January 24
INDONESIA TARGETS 710 MLN METRIC TONS COAL OUTPUT IN 2024 AFTER RECORD 2023 - REUTERS
Indonesia, a major thermal coal exporter, aims to produce 710 million metric tons of coal in 2024, its mining minister said on Monday, after postin ...
Friday, 19 January 24
DRUMMOND COLOMBIA COAL OUTPUT ROSE 7.1% IN 2023 - REUTERS
Coal production from miner Drummond’s Colombia operations rose 7.1% in 2023 to 29.5 million metric tons, while exports declined by 2.6% to 27 ...
Friday, 19 January 24
CHINA'S 2023 COAL OUTPUT HITS RECORD HIGH - REUTERS
China’s coal output reached a record high in 2023, data from the statistics bureau showed on Wednesday, amid an ongoing focus on energy secur ...
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- Sical Logistics Limited - India
- SMG Consultants - Indonesia
- Straits Asia Resources Limited - Singapore
- Larsen & Toubro Limited - India
- Parry Sugars Refinery, India
- Electricity Authority, New Zealand
- PNOC Exploration Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Mines - Canada
- Savvy Resources Ltd - HongKong
- Indika Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Indogreen Group - Indonesia
- Banpu Public Company Limited - Thailand
- MS Steel International - UAE
- Ministry of Finance - Indonesia
- ICICI Bank Limited - India
- Energy Link Ltd, New Zealand
- Trasteel International SA, Italy
- Posco Energy - South Korea
- Attock Cement Pakistan Limited
- Georgia Ports Authority, United States
- AsiaOL BioFuels Corp., Philippines
- PowerSource Philippines DevCo
- Standard Chartered Bank - UAE
- Semirara Mining Corp, Philippines
- Mintek Dendrill Indonesia
- Essar Steel Hazira Ltd - India
- Indo Tambangraya Megah - Indonesia
- Vizag Seaport Private Limited - India
- Miang Besar Coal Terminal - Indonesia
- SMC Global Power, Philippines
- Xindia Steels Limited - India
- Therma Luzon, Inc, Philippines
- Jaiprakash Power Ventures ltd
- GN Power Mariveles Coal Plant, Philippines
- Sinarmas Energy and Mining - Indonesia
- Grasim Industreis Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Commonwealth Bank - Australia
- White Energy Company Limited
- Meralco Power Generation, Philippines
- Makarim & Taira - Indonesia
- Cement Manufacturers Association - India
- Holcim Trading Pte Ltd - Singapore
- Toyota Tsusho Corporation, Japan
- Petrochimia International Co. Ltd.- Taiwan
- Maharashtra Electricity Regulatory Commission - India
- The Treasury - Australian Government
- Kobexindo Tractors - Indoneisa
- Wood Mackenzie - Singapore
- Uttam Galva Steels Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kumho Petrochemical, South Korea
- Parliament of New Zealand
- Mercator Lines Limited - India
- Madhucon Powers Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Asmin Koalindo Tuhup - Indonesia
- Power Finance Corporation Ltd., India
- Kartika Selabumi Mining - Indonesia
- Bharathi Cement Corporation - India
- Chettinad Cement Corporation Ltd - India
- San Jose City I Power Corp, Philippines
- Port Waratah Coal Services - Australia
- Aditya Birla Group - India
- Coal and Oil Company - UAE
- Iligan Light & Power Inc, Philippines
- Latin American Coal - Colombia
- Jindal Steel & Power Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Lanco Infratech Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Baramulti Group, Indonesia
- Indonesian Coal Mining Association
- Samtan Co., Ltd - South Korea
- International Coal Ventures Pvt Ltd - India
- Ministry of Transport, Egypt
- Orica Australia Pty. Ltd.
- IHS Mccloskey Coal Group - USA
- TeaM Sual Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Independent Power Producers Association of India
- CIMB Investment Bank - Malaysia
- Siam City Cement - Thailand
- Salva Resources Pvt Ltd - India
- Eastern Coal Council - USA
- Kideco Jaya Agung - Indonesia
- GVK Power & Infra Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Wilmar Investment Holdings
- Antam Resourcindo - Indonesia
- Meenaskhi Energy Private Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Singapore Mercantile Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Petron Corporation, Philippines
- The University of Queensland
- Bahari Cakrawala Sebuku - Indonesia
- Aboitiz Power Corporation - Philippines
- Gujarat Sidhee Cement - India
- Indian Oil Corporation Limited
- London Commodity Brokers - England
- Heidelberg Cement - Germany
- Ambuja Cements Ltd - India
- Altura Mining Limited, Indonesia
- Sarangani Energy Corporation, Philippines
- New Zealand Coal & Carbon
- OPG Power Generation Pvt Ltd - India
- Bhushan Steel Limited - India
- Central Java Power - Indonesia
- Maheswari Brothers Coal Limited - India
- Chamber of Mines of South Africa
- Anglo American - United Kingdom
- Malabar Cements Ltd - India
- Minerals Council of Australia
- Metalloyd Limited - United Kingdom
- Planning Commission, India
- Billiton Holdings Pty Ltd - Australia
- Bhatia International Limited - India
- European Bulk Services B.V. - Netherlands
- Price Waterhouse Coopers - Russia
- Rio Tinto Coal - Australia
- Bayan Resources Tbk. - Indonesia
- The State Trading Corporation of India Ltd
- Bukit Baiduri Energy - Indonesia
- Eastern Energy - Thailand
- Semirara Mining and Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate Of Revenue Intelligence - India
- Kaltim Prima Coal - Indonesia
- Renaissance Capital - South Africa
- Karaikal Port Pvt Ltd - India
- Mjunction Services Limited - India
- Australian Coal Association
- Energy Development Corp, Philippines
- Sojitz Corporation - Japan
- Economic Council, Georgia
- Marubeni Corporation - India
- TNB Fuel Sdn Bhd - Malaysia
- Tata Chemicals Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Merrill Lynch Commodities Europe
- Tamil Nadu electricity Board
- Formosa Plastics Group - Taiwan
- Coastal Gujarat Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Mercuria Energy - Indonesia
- Interocean Group of Companies - India
- Oldendorff Carriers - Singapore
- Globalindo Alam Lestari - Indonesia
- Goldman Sachs - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Africa Commodities Group - South Africa
- Agrawal Coal Company - India
- Thiess Contractors Indonesia
- South Luzon Thermal Energy Corporation
- Sindya Power Generating Company Private Ltd
- Jorong Barutama Greston.PT - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- India Bulls Power Limited - India
- ASAPP Information Group - India
- Australian Commodity Traders Exchange
- Krishnapatnam Port Company Ltd. - India
- Edison Trading Spa - Italy
- VISA Power Limited - India
- Ind-Barath Power Infra Limited - India
- Global Business Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Intertek Mineral Services - Indonesia
- Indian Energy Exchange, India
- Simpson Spence & Young - Indonesia
- GMR Energy Limited - India
- PTC India Limited - India
- Binh Thuan Hamico - Vietnam
- Gujarat Mineral Development Corp Ltd - India
- Bangladesh Power Developement Board
- Siam City Cement PLC, Thailand
- Bhoruka Overseas - Indonesia
- Pendopo Energi Batubara - Indonesia
- Orica Mining Services - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Neyveli Lignite Corporation Ltd, - India
- Kepco SPC Power Corporation, Philippines
- Dalmia Cement Bharat India
- Carbofer General Trading SA - India
- Riau Bara Harum - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Star Paper Mills Limited - India
- Kapuas Tunggal Persada - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Deloitte Consulting - India
- Borneo Indobara - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Medco Energi Mining Internasional
- GAC Shipping (India) Pvt Ltd
- Videocon Industries ltd - India
- Electricity Generating Authority of Thailand
- Bulk Trading Sa - Switzerland
- Romanian Commodities Exchange
- Global Green Power PLC Corporation, Philippines
- Vedanta Resources Plc - India
- Sakthi Sugars Limited - India
- Thai Mozambique Logistica
- Barasentosa Lestari - Indonesia
- Central Electricity Authority - India
- Pipit Mutiara Jaya. PT, Indonesia
- CNBM International Corporation - China
- McConnell Dowell - Australia
- Timah Investasi Mineral - Indoneisa
- IEA Clean Coal Centre - UK
- SN Aboitiz Power Inc, Philippines
- Coalindo Energy - Indonesia
- LBH Netherlands Bv - Netherlands
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