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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, 02 August 24
COAL MARKET DEVELOPMENTS: FALLING PRICES AMID RECORD-HIGH OUTPUT - WORLD BANK
Coal prices inched up in May (m/m) following an 8 percent decline in 2024Q1. The Australian and South African benchmarks have plummeted more ...
Friday, 26 July 24
FUELEU MARITME IS COMING. IS YOUR CHARTERPARTY READY? - GARD
With less than six months to implementation of FuelEU Maritime in EU and EEA trades, there has been little published advice regarding how to alloca ...
Thursday, 04 July 24
INDIA'S COAL PRODUCTION RISES 14% IN JUNE - PTI
The country’s coal production rose by 14.49% to 84.63 million tonne (MT) in June. The country’s coal output was 73.92 MT in June last f ...
Tuesday, 02 July 24
NTPC CAPTIVE COAL OUTPUT GROWS 15% IN Q1; DESPATCH RISES 17%
State-owned NTPC on Monday reported a 15 per cent year-on-year increase in the production of coal from captives mines to 9.862 metric million tonne ...
Friday, 28 June 24
KOSPO INVITED BIDS FOR 400,000 MT OF MINIMUM 4000 NCV COAL FOR FIVE YEARS
Korea Southern Power Co., Ltd. (KOSPO), is inviting bids for total 400,000 MT of Low Calorific Value Coal for 5 years starting from July 2024 until ...
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- Bhushan Steel Limited - India
- Banpu Public Company Limited - Thailand
- Videocon Industries ltd - India
- Indika Energy - Indonesia
- VISA Power Limited - India
- Global Coal Blending Company Limited - Australia
- Maharashtra Electricity Regulatory Commission - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Trasteel International SA, Italy
- Sinarmas Energy and Mining - Indonesia
- Sree Jayajothi Cements Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Vizag Seaport Private Limited - India
- Larsen & Toubro Limited - India
- Salva Resources Pvt Ltd - India
- Ministry of Finance - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bhatia International Limited - India
- PowerSource Philippines DevCo
- Iligan Light & Power Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Commonwealth Bank - Australia
- Africa Commodities Group - South Africa
- Chettinad Cement Corporation Ltd - India
- Central Electricity Authority - India
- Australian Coal Association
- Marubeni Corporation - India
- Grasim Industreis Ltd - India
- Eastern Energy - Thailand
- Port Waratah Coal Services - Australia
- Makarim & Taira - Indonesia
- Riau Bara Harum - Indonesia
- Aboitiz Power Corporation - Philippines
- Carbofer General Trading SA - India
- Siam City Cement - Thailand
- Tata Chemicals Ltd - India
- Planning Commission, India
- TNB Fuel Sdn Bhd - Malaysia
- Merrill Lynch Commodities Europe
- Globalindo Alam Lestari - Indonesia
- Renaissance Capital - South Africa
- Bukit Baiduri Energy - Indonesia
- Borneo Indobara - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Rio Tinto Coal - Australia
- ICICI Bank Limited - India
- Coastal Gujarat Power Limited - India
- Metalloyd Limited - United Kingdom
- Siam City Cement PLC, Thailand
- Bukit Makmur.PT - Indonesia
- Madhucon Powers Ltd - India
- PNOC Exploration Corporation - Philippines
- Sojitz Corporation - Japan
- Savvy Resources Ltd - HongKong
- San Jose City I Power Corp, Philippines
- Global Business Power Corporation, Philippines
- Baramulti Group, Indonesia
- Dalmia Cement Bharat India
- Uttam Galva Steels Limited - India
- Posco Energy - South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Edison Trading Spa - Italy
- Formosa Plastics Group - Taiwan
- LBH Netherlands Bv - Netherlands
- GVK Power & Infra Limited - India
- Bharathi Cement Corporation - India
- Directorate Of Revenue Intelligence - India
- Electricity Authority, New Zealand
- CNBM International Corporation - China
- Karaikal Port Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- OPG Power Generation Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- The University of Queensland
- SN Aboitiz Power Inc, Philippines
- Gujarat Sidhee Cement - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kepco SPC Power Corporation, Philippines
- Economic Council, Georgia
- Xindia Steels Limited - India
- AsiaOL BioFuels Corp., Philippines
- Manunggal Multi Energi - Indonesia
- Standard Chartered Bank - UAE
- Pendopo Energi Batubara - Indonesia
- Power Finance Corporation Ltd., India
- Indian Energy Exchange, India
- Bulk Trading Sa - Switzerland
- Vedanta Resources Plc - India
- Gujarat Electricity Regulatory Commission - India
- SMC Global Power, Philippines
- Rashtriya Ispat Nigam Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Sakthi Sugars Limited - India
- Interocean Group of Companies - India
- Indogreen Group - Indonesia
- Central Java Power - Indonesia
- Independent Power Producers Association of India
- Energy Development Corp, Philippines
- Intertek Mineral Services - Indonesia
- Therma Luzon, Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Agrawal Coal Company - India
- Thai Mozambique Logistica
- Australian Commodity Traders Exchange
- Maheswari Brothers Coal Limited - India
- Timah Investasi Mineral - Indoneisa
- Ind-Barath Power Infra Limited - India
- Minerals Council of Australia
- Energy Link Ltd, New Zealand
- Orica Australia Pty. Ltd.
- Bahari Cakrawala Sebuku - Indonesia
- India Bulls Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- Malabar Cements Ltd - India
- ASAPP Information Group - India
- Eastern Coal Council - USA
- Tamil Nadu electricity Board
- Essar Steel Hazira Ltd - India
- Mercator Lines Limited - India
- GN Power Mariveles Coal Plant, Philippines
- IEA Clean Coal Centre - UK
- Bukit Asam (Persero) Tbk - Indonesia
- Straits Asia Resources Limited - Singapore
- Krishnapatnam Port Company Ltd. - India
- Kumho Petrochemical, South Korea
- White Energy Company Limited
- MS Steel International - UAE
- Orica Mining Services - Indonesia
- Coal and Oil Company - UAE
- Anglo American - United Kingdom
- Antam Resourcindo - Indonesia
- Parliament of New Zealand
- Kartika Selabumi Mining - Indonesia
- Attock Cement Pakistan Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kapuas Tunggal Persada - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- CIMB Investment Bank - Malaysia
- Chamber of Mines of South Africa
- Ministry of Transport, Egypt
- New Zealand Coal & Carbon
- McConnell Dowell - Australia
- SMG Consultants - Indonesia
- Simpson Spence & Young - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Parry Sugars Refinery, India
- Directorate General of MIneral and Coal - Indonesia
- Wood Mackenzie - Singapore
- Oldendorff Carriers - Singapore
- Wilmar Investment Holdings
- Bhoruka Overseas - Indonesia
- Barasentosa Lestari - Indonesia
- Toyota Tsusho Corporation, Japan
- Jindal Steel & Power Ltd - India
- Thiess Contractors Indonesia
- Holcim Trading Pte Ltd - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Jaiprakash Power Ventures ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Singapore Mercantile Exchange
- Sarangani Energy Corporation, Philippines
- Lanco Infratech Ltd - India
- Meenaskhi Energy Private Limited - India
- Mjunction Services Limited - India
- Ministry of Mines - Canada
- Georgia Ports Authority, United States
- Ambuja Cements Ltd - India
- Aditya Birla Group - India
- Kobexindo Tractors - Indoneisa
- TeaM Sual Corporation - Philippines
- Heidelberg Cement - Germany
- London Commodity Brokers - England
- Bangladesh Power Developement Board
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Mineral Development Corp Ltd - India
- Indonesian Coal Mining Association
- The Treasury - Australian Government
- GMR Energy Limited - India
- Kideco Jaya Agung - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Deloitte Consulting - India
- Asmin Koalindo Tuhup - Indonesia
- Indian Oil Corporation Limited
- Cigading International Bulk Terminal - Indonesia
- PTC India Limited - India
- Sical Logistics Limited - India
- Romanian Commodities Exchange
- Coalindo Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Kaltim Prima Coal - Indonesia
- Petron Corporation, Philippines
- Cement Manufacturers Association - India
- Medco Energi Mining Internasional
- Indo Tambangraya Megah - Indonesia
- Meralco Power Generation, Philippines
- European Bulk Services B.V. - Netherlands
- Latin American Coal - Colombia
- Global Green Power PLC Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Star Paper Mills Limited - India
- IHS Mccloskey Coal Group - USA
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Electricity Generating Authority of Thailand
- Mercuria Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Altura Mining Limited, Indonesia
- The State Trading Corporation of India Ltd
- Mintek Dendrill Indonesia
- Goldman Sachs - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sindya Power Generating Company Private Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
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