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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, 24 June 24
PHILIPPINES COAL SUPPLY ENOUGH UNTIL 2030 - PHILSTAR GLOBAL
The country’s existing coal-fired power plants are sufficient to ensure enough base load capacity in the next six years, Energy Secretary Rap ...
Friday, 14 June 24
NEXTDECADE, SAUDI ARAMCO SIGN 20-YEAR LNG SUPPLY DEAL - REUTERS
U.S. liquefied natural gas (LNG) provider NextDecade has signed a non-binding agreement with Saudi Aramco 2222.SE to supply 1.2 million tonnes per ...
Friday, 14 June 24
NEWBUILDING PRICES CLIMB 3% TO HIGHEST LEVEL IN 16 YEARS - NIELS RASMUSSEN
“Since the start of the year, newbuilding prices have risen 3% to their highest level since 2008. Compared to their most recent low in late 2 ...
Friday, 14 June 24
INDIA TARGETS HIGHER DOMESTIC COAL PRODUCTION, REDUCED IMPORTS: GOVT - REUTERS
India wants to reduce coal imports and increase domestic production, federal coal minister G. Kishan Reddy said on Thursday.
The cou ...
Thursday, 13 June 24
US LNG TO ASIA FOR POWER GENERATION EXPECTED TO CUT EMISSIONS VERSUS COAL - RYSTAD ENERGY
The value-chain emissions of liquified natural gas (LNG) are lower on average than for coal-fired power generation, even when the fuel is shipp ...
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- Kalimantan Lumbung Energi - Indonesia
- Price Waterhouse Coopers - Russia
- Sarangani Energy Corporation, Philippines
- Ministry of Finance - Indonesia
- Latin American Coal - Colombia
- Kideco Jaya Agung - Indonesia
- MS Steel International - UAE
- Electricity Authority, New Zealand
- Orica Mining Services - Indonesia
- Eastern Coal Council - USA
- ASAPP Information Group - India
- Bhushan Steel Limited - India
- Attock Cement Pakistan Limited
- Economic Council, Georgia
- Dalmia Cement Bharat India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Renaissance Capital - South Africa
- Tata Chemicals Ltd - India
- Bukit Makmur.PT - Indonesia
- Karaikal Port Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Australian Commodity Traders Exchange
- Bhoruka Overseas - Indonesia
- Global Business Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Edison Trading Spa - Italy
- Indian Energy Exchange, India
- Wilmar Investment Holdings
- Meenaskhi Energy Private Limited - India
- Goldman Sachs - Singapore
- Videocon Industries ltd - India
- San Jose City I Power Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Siam City Cement PLC, Thailand
- IHS Mccloskey Coal Group - USA
- Agrawal Coal Company - India
- Uttam Galva Steels Limited - India
- Ambuja Cements Ltd - India
- Samtan Co., Ltd - South Korea
- Indogreen Group - Indonesia
- CNBM International Corporation - China
- Barasentosa Lestari - Indonesia
- Indo Tambangraya Megah - Indonesia
- Mjunction Services Limited - India
- Cigading International Bulk Terminal - Indonesia
- Parliament of New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coastal Gujarat Power Limited - India
- Africa Commodities Group - South Africa
- Formosa Plastics Group - Taiwan
- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement - Thailand
- Trasteel International SA, Italy
- PTC India Limited - India
- Sindya Power Generating Company Private Ltd
- Standard Chartered Bank - UAE
- Energy Development Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- Thai Mozambique Logistica
- Bharathi Cement Corporation - India
- Rio Tinto Coal - Australia
- Energy Link Ltd, New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Pendopo Energi Batubara - Indonesia
- Orica Australia Pty. Ltd.
- Aboitiz Power Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- Merrill Lynch Commodities Europe
- Central Electricity Authority - India
- Malabar Cements Ltd - India
- Petron Corporation, Philippines
- Kumho Petrochemical, South Korea
- Global Coal Blending Company Limited - Australia
- Mercuria Energy - Indonesia
- Coal and Oil Company - UAE
- Essar Steel Hazira Ltd - India
- Globalindo Alam Lestari - Indonesia
- Parry Sugars Refinery, India
- Meralco Power Generation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Indian Oil Corporation Limited
- Kaltim Prima Coal - Indonesia
- Electricity Generating Authority of Thailand
- GAC Shipping (India) Pvt Ltd
- GVK Power & Infra Limited - India
- Kepco SPC Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Asmin Koalindo Tuhup - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Deloitte Consulting - India
- Romanian Commodities Exchange
- Independent Power Producers Association of India
- Thiess Contractors Indonesia
- Antam Resourcindo - Indonesia
- Chettinad Cement Corporation Ltd - India
- Sakthi Sugars Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Bulk Trading Sa - Switzerland
- SN Aboitiz Power Inc, Philippines
- Eastern Energy - Thailand
- Miang Besar Coal Terminal - Indonesia
- Posco Energy - South Korea
- Riau Bara Harum - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Medco Energi Mining Internasional
- Cement Manufacturers Association - India
- GMR Energy Limited - India
- CIMB Investment Bank - Malaysia
- Bayan Resources Tbk. - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Planning Commission, India
- Jindal Steel & Power Ltd - India
- Singapore Mercantile Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- AsiaOL BioFuels Corp., Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- International Coal Ventures Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Gujarat Mineral Development Corp Ltd - India
- The Treasury - Australian Government
- Madhucon Powers Ltd - India
- Australian Coal Association
- Iligan Light & Power Inc, Philippines
- Commonwealth Bank - Australia
- Interocean Group of Companies - India
- Port Waratah Coal Services - Australia
- IEA Clean Coal Centre - UK
- ICICI Bank Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Coalindo Energy - Indonesia
- Oldendorff Carriers - Singapore
- Star Paper Mills Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Maheswari Brothers Coal Limited - India
- Heidelberg Cement - Germany
- Sinarmas Energy and Mining - Indonesia
- Lanco Infratech Ltd - India
- London Commodity Brokers - England
- New Zealand Coal & Carbon
- Metalloyd Limited - United Kingdom
- Sree Jayajothi Cements Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Transport, Egypt
- Mintek Dendrill Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- India Bulls Power Limited - India
- Semirara Mining Corp, Philippines
- Manunggal Multi Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- Central Java Power - Indonesia
- Indika Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Leighton Contractors Pty Ltd - Australia
- Indonesian Coal Mining Association
- Jaiprakash Power Ventures ltd
- Timah Investasi Mineral - Indoneisa
- Chamber of Mines of South Africa
- South Luzon Thermal Energy Corporation
- Banpu Public Company Limited - Thailand
- Holcim Trading Pte Ltd - Singapore
- Marubeni Corporation - India
- Mercator Lines Limited - India
- Billiton Holdings Pty Ltd - Australia
- PowerSource Philippines DevCo
- Bhatia International Limited - India
- Altura Mining Limited, Indonesia
- McConnell Dowell - Australia
- The State Trading Corporation of India Ltd
- Sojitz Corporation - Japan
- SMC Global Power, Philippines
- Rashtriya Ispat Nigam Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Global Green Power PLC Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Anglo American - United Kingdom
- Ind-Barath Power Infra Limited - India
- TeaM Sual Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Makarim & Taira - Indonesia
- VISA Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Vijayanagar Sugar Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Bangladesh Power Developement Board
- PetroVietnam Power Coal Import and Supply Company
- Sical Logistics Limited - India
- Vedanta Resources Plc - India
- Directorate Of Revenue Intelligence - India
- SMG Consultants - Indonesia
- Vizag Seaport Private Limited - India
- Aditya Birla Group - India
- Xindia Steels Limited - India
- Minerals Council of Australia
- Wood Mackenzie - Singapore
- Simpson Spence & Young - Indonesia
- Tamil Nadu electricity Board
- Ministry of Mines - Canada
- White Energy Company Limited
- Carbofer General Trading SA - India
- Borneo Indobara - Indonesia
- Toyota Tsusho Corporation, Japan
- Baramulti Group, Indonesia
- Gujarat Sidhee Cement - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Savvy Resources Ltd - HongKong
- LBH Netherlands Bv - Netherlands
- Power Finance Corporation Ltd., India
- Grasim Industreis Ltd - India
- Therma Luzon, Inc, Philippines
- The University of Queensland
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