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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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Monday, 08 January 24
KOSPO TO BUY 80000 MT OF INDONESIAN LOW CALORIFIC VALUE COAL FOR FEB 2024
Korea Southern Power Co., Ltd. (KOSPO), is inviting bids for the supply of Indonesian Low Calorific Value Coal from qualified suppliers for Korean ...
Monday, 08 January 24
SEABORNE TRADE REACHES 12.4BN TONNES - CLARKSONS
China will establish a back-up coal production system by 2027 to stabilise prices and secure coal supply, the state planner said on Wednesday, even ...
Monday, 08 January 24
CAPESIZES START THE NEW YEAR ON POSITIVE NOTE - BALTIC EXCHANGE
Capesize
This week the capsize market has been marked by a mix of activities and challenges. Despite a slow start following the Christmas and N ...
Friday, 05 January 24
MORGAN STANLEY SEES LOWER OIL PRICES IN 2024 ON OVERSUPPLY CONCERNS - REUTERS
Morgan Stanley sees Brent crude prices anchored near $80 per barrel in the first half in 2024 before declining towards the end of the year as it ex ...
Friday, 05 January 24
INDIA'S COAL OUTPUT RISES NEARLY 11 PC IN DEC TO 92.87 MT - PTI
India’s coal production increased by 10.75 per cent to 92.87 million tonne in December 2023 as compared to the year-ago period, an official s ...
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- International Coal Ventures Pvt Ltd - India
- Lanco Infratech Ltd - India
- Cigading International Bulk Terminal - Indonesia
- GVK Power & Infra Limited - India
- Orica Australia Pty. Ltd.
- Interocean Group of Companies - India
- Eastern Energy - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- IHS Mccloskey Coal Group - USA
- Kepco SPC Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Thai Mozambique Logistica
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Heidelberg Cement - Germany
- Baramulti Group, Indonesia
- The State Trading Corporation of India Ltd
- Makarim & Taira - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Rashtriya Ispat Nigam Limited - India
- Attock Cement Pakistan Limited
- Rio Tinto Coal - Australia
- Dalmia Cement Bharat India
- Independent Power Producers Association of India
- Standard Chartered Bank - UAE
- Tata Chemicals Ltd - India
- Star Paper Mills Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Indo Tambangraya Megah - Indonesia
- Kumho Petrochemical, South Korea
- Deloitte Consulting - India
- OPG Power Generation Pvt Ltd - India
- Australian Commodity Traders Exchange
- Banpu Public Company Limited - Thailand
- CIMB Investment Bank - Malaysia
- Karbindo Abesyapradhi - Indoneisa
- Malabar Cements Ltd - India
- Central Electricity Authority - India
- MS Steel International - UAE
- TeaM Sual Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- New Zealand Coal & Carbon
- Commonwealth Bank - Australia
- Cement Manufacturers Association - India
- Wood Mackenzie - Singapore
- Essar Steel Hazira Ltd - India
- Energy Development Corp, Philippines
- San Jose City I Power Corp, Philippines
- Goldman Sachs - Singapore
- ICICI Bank Limited - India
- Metalloyd Limited - United Kingdom
- Therma Luzon, Inc, Philippines
- Bhatia International Limited - India
- Oldendorff Carriers - Singapore
- Barasentosa Lestari - Indonesia
- Straits Asia Resources Limited - Singapore
- Mjunction Services Limited - India
- Bukit Baiduri Energy - Indonesia
- Agrawal Coal Company - India
- Bukit Asam (Persero) Tbk - Indonesia
- Indogreen Group - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Parliament of New Zealand
- Larsen & Toubro Limited - India
- Indian Energy Exchange, India
- Electricity Generating Authority of Thailand
- Sakthi Sugars Limited - India
- Coastal Gujarat Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- PetroVietnam Power Coal Import and Supply Company
- Iligan Light & Power Inc, Philippines
- Meralco Power Generation, Philippines
- Petron Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Global Coal Blending Company Limited - Australia
- White Energy Company Limited
- Holcim Trading Pte Ltd - Singapore
- GAC Shipping (India) Pvt Ltd
- Anglo American - United Kingdom
- Maheswari Brothers Coal Limited - India
- Edison Trading Spa - Italy
- Mintek Dendrill Indonesia
- Mercuria Energy - Indonesia
- Indian Oil Corporation Limited
- Leighton Contractors Pty Ltd - Australia
- Madhucon Powers Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Economic Council, Georgia
- Siam City Cement PLC, Thailand
- Karaikal Port Pvt Ltd - India
- SMG Consultants - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Indika Energy - Indonesia
- Merrill Lynch Commodities Europe
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- European Bulk Services B.V. - Netherlands
- Romanian Commodities Exchange
- Sical Logistics Limited - India
- Ministry of Finance - Indonesia
- LBH Netherlands Bv - Netherlands
- Sinarmas Energy and Mining - Indonesia
- VISA Power Limited - India
- Sojitz Corporation - Japan
- Orica Mining Services - Indonesia
- Coal and Oil Company - UAE
- Price Waterhouse Coopers - Russia
- Kaltim Prima Coal - Indonesia
- Bulk Trading Sa - Switzerland
- Sarangani Energy Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Planning Commission, India
- Jaiprakash Power Ventures ltd
- Bhushan Steel Limited - India
- Meenaskhi Energy Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Formosa Plastics Group - Taiwan
- Global Green Power PLC Corporation, Philippines
- Wilmar Investment Holdings
- Simpson Spence & Young - Indonesia
- Kobexindo Tractors - Indoneisa
- Siam City Cement - Thailand
- Altura Mining Limited, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- South Luzon Thermal Energy Corporation
- Videocon Industries ltd - India
- Sree Jayajothi Cements Limited - India
- CNBM International Corporation - China
- Georgia Ports Authority, United States
- Ind-Barath Power Infra Limited - India
- Ministry of Mines - Canada
- Posco Energy - South Korea
- Kideco Jaya Agung - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- McConnell Dowell - Australia
- Aditya Birla Group - India
- Singapore Mercantile Exchange
- Kartika Selabumi Mining - Indonesia
- Vizag Seaport Private Limited - India
- Marubeni Corporation - India
- Billiton Holdings Pty Ltd - Australia
- Bhoruka Overseas - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Chamber of Mines of South Africa
- Bukit Makmur.PT - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Timah Investasi Mineral - Indoneisa
- Directorate Of Revenue Intelligence - India
- The University of Queensland
- Minerals Council of Australia
- Directorate General of MIneral and Coal - Indonesia
- PNOC Exploration Corporation - Philippines
- Australian Coal Association
- Electricity Authority, New Zealand
- Neyveli Lignite Corporation Ltd, - India
- Xindia Steels Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- London Commodity Brokers - England
- Gujarat Sidhee Cement - India
- IEA Clean Coal Centre - UK
- Globalindo Alam Lestari - Indonesia
- Renaissance Capital - South Africa
- PTC India Limited - India
- Borneo Indobara - Indonesia
- The Treasury - Australian Government
- Antam Resourcindo - Indonesia
- Carbofer General Trading SA - India
- Bayan Resources Tbk. - Indonesia
- PowerSource Philippines DevCo
- Parry Sugars Refinery, India
- Trasteel International SA, Italy
- Thiess Contractors Indonesia
- Ministry of Transport, Egypt
- Central Java Power - Indonesia
- Global Business Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Vedanta Resources Plc - India
- Pendopo Energi Batubara - Indonesia
- India Bulls Power Limited - India
- Africa Commodities Group - South Africa
- Uttam Galva Steels Limited - India
- Latin American Coal - Colombia
- Kalimantan Lumbung Energi - Indonesia
- Manunggal Multi Energi - Indonesia
- Ambuja Cements Ltd - India
- Bharathi Cement Corporation - India
- Indonesian Coal Mining Association
- Coalindo Energy - Indonesia
- Mercator Lines Limited - India
- Bangladesh Power Developement Board
- Vijayanagar Sugar Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- ASAPP Information Group - India
- GMR Energy Limited - India
- Port Waratah Coal Services - Australia
- Savvy Resources Ltd - HongKong
- Salva Resources Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Eastern Coal Council - USA
- Toyota Tsusho Corporation, Japan
- Semirara Mining Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Grasim Industreis Ltd - India
- Chettinad Cement Corporation Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Energy Link Ltd, New Zealand
- SN Aboitiz Power Inc, Philippines
- Tamil Nadu electricity Board
- Intertek Mineral Services - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Medco Energi Mining Internasional
- Power Finance Corporation Ltd., India
- SMC Global Power, Philippines
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