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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, 23 February 24
STRONG OUTLOOK FOR THE TANKER MARKET IN 2024 AND BEYOND - DNV
Several factors have aligned over the past two years to create a robust and profitable market for tanker owners, which is expected to drive newbuil ...
Friday, 23 February 24
AUSTRALIAN COAL FLOWS TO ASIA HOVER ABOVE LAST YEAR’S VOLUME TONNES - SIGNAL GROUP
In the final days of February, the dry bulk freight market appeared to maintain a relatively stable momentum, particularly evident in the large ves ...
Friday, 23 February 24
RUSSIAN COAL SHIPMENTS FALL 14% AS SANCTIONS BITE - BIMCO
During the first seven weeks of 2024, Russian coal shipments have fallen 14% y/y. Volumes have gradually declined since October 2023 when logistica ...
Thursday, 22 February 24
BIMCO PUBLISHES SHIP FINANCING FORMS TO ENSURE UNINTERRUPTED USE OF SHIPS
BIMCO has published two standard Quiet Enjoyment Letters (QELs), the first standard form QELs available to the industry, to offer a tool that can e ...
Monday, 19 February 24
METALS INVESTMENT: THE DARKEST HOUR IS JUST BEFORE THE DAWN - WOOD MACKENZIE
Things often seem at their worst just before they get better. In terms of meeting our net zero 2050 scenario, we’ve reached a watershed momen ...
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Showing 31 to 35 news of total 6871 |
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- Mintek Dendrill Indonesia
- Bhushan Steel Limited - India
- GMR Energy Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Bharathi Cement Corporation - India
- GVK Power & Infra Limited - India
- Simpson Spence & Young - Indonesia
- Kideco Jaya Agung - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Videocon Industries ltd - India
- Romanian Commodities Exchange
- Independent Power Producers Association of India
- Sojitz Corporation - Japan
- Wood Mackenzie - Singapore
- Interocean Group of Companies - India
- MS Steel International - UAE
- Maharashtra Electricity Regulatory Commission - India
- Mercator Lines Limited - India
- Ind-Barath Power Infra Limited - India
- Parry Sugars Refinery, India
- Kumho Petrochemical, South Korea
- Mercuria Energy - Indonesia
- Baramulti Group, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Kepco SPC Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- White Energy Company Limited
- Central Java Power - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Bhatia International Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Coastal Gujarat Power Limited - India
- Sakthi Sugars Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Carbofer General Trading SA - India
- Goldman Sachs - Singapore
- Merrill Lynch Commodities Europe
- Price Waterhouse Coopers - Russia
- SMG Consultants - Indonesia
- PNOC Exploration Corporation - Philippines
- IEA Clean Coal Centre - UK
- SMC Global Power, Philippines
- Cement Manufacturers Association - India
- Kobexindo Tractors - Indoneisa
- Barasentosa Lestari - Indonesia
- London Commodity Brokers - England
- Agrawal Coal Company - India
- Petron Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Salva Resources Pvt Ltd - India
- Thiess Contractors Indonesia
- Trasteel International SA, Italy
- International Coal Ventures Pvt Ltd - India
- Thai Mozambique Logistica
- Energy Link Ltd, New Zealand
- Coalindo Energy - Indonesia
- Oldendorff Carriers - Singapore
- Aditya Birla Group - India
- Maheswari Brothers Coal Limited - India
- Sree Jayajothi Cements Limited - India
- Chamber of Mines of South Africa
- Energy Development Corp, Philippines
- Marubeni Corporation - India
- Jaiprakash Power Ventures ltd
- Globalindo Alam Lestari - Indonesia
- TeaM Sual Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Siam City Cement - Thailand
- Formosa Plastics Group - Taiwan
- Coal and Oil Company - UAE
- Planning Commission, India
- Commonwealth Bank - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Cigading International Bulk Terminal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Alfred C Toepfer International GmbH - Germany
- Central Electricity Authority - India
- Holcim Trading Pte Ltd - Singapore
- CIMB Investment Bank - Malaysia
- Indo Tambangraya Megah - Indonesia
- Meenaskhi Energy Private Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Metalloyd Limited - United Kingdom
- McConnell Dowell - Australia
- Africa Commodities Group - South Africa
- Ministry of Mines - Canada
- Riau Bara Harum - Indonesia
- Indogreen Group - Indonesia
- Banpu Public Company Limited - Thailand
- CNBM International Corporation - China
- Renaissance Capital - South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Lanco Infratech Ltd - India
- Meralco Power Generation, Philippines
- The State Trading Corporation of India Ltd
- Ministry of Finance - Indonesia
- Indika Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dalmia Cement Bharat India
- Singapore Mercantile Exchange
- PowerSource Philippines DevCo
- LBH Netherlands Bv - Netherlands
- Directorate Of Revenue Intelligence - India
- Aboitiz Power Corporation - Philippines
- Makarim & Taira - Indonesia
- The Treasury - Australian Government
- India Bulls Power Limited - India
- Straits Asia Resources Limited - Singapore
- Savvy Resources Ltd - HongKong
- Bangladesh Power Developement Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indian Oil Corporation Limited
- Asmin Koalindo Tuhup - Indonesia
- Kaltim Prima Coal - Indonesia
- Altura Mining Limited, Indonesia
- GAC Shipping (India) Pvt Ltd
- Standard Chartered Bank - UAE
- Global Business Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- New Zealand Coal & Carbon
- Mjunction Services Limited - India
- Binh Thuan Hamico - Vietnam
- South Luzon Thermal Energy Corporation
- Malabar Cements Ltd - India
- Larsen & Toubro Limited - India
- Essar Steel Hazira Ltd - India
- Orica Australia Pty. Ltd.
- Bukit Makmur.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Electricity Authority, New Zealand
- Economic Council, Georgia
- ASAPP Information Group - India
- San Jose City I Power Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Sical Logistics Limited - India
- Karaikal Port Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Eastern Energy - Thailand
- Intertek Mineral Services - Indonesia
- Star Paper Mills Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Posco Energy - South Korea
- Uttam Galva Steels Limited - India
- AsiaOL BioFuels Corp., Philippines
- Kapuas Tunggal Persada - Indonesia
- Bukit Baiduri Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Attock Cement Pakistan Limited
- Bhoruka Overseas - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Vizag Seaport Private Limited - India
- Gujarat Sidhee Cement - India
- Latin American Coal - Colombia
- Global Coal Blending Company Limited - Australia
- Tata Chemicals Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Orica Mining Services - Indonesia
- PTC India Limited - India
- Toyota Tsusho Corporation, Japan
- Miang Besar Coal Terminal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Borneo Indobara - Indonesia
- Medco Energi Mining Internasional
- Leighton Contractors Pty Ltd - Australia
- VISA Power Limited - India
- Madhucon Powers Ltd - India
- Edison Trading Spa - Italy
- Port Waratah Coal Services - Australia
- Global Green Power PLC Corporation, Philippines
- Parliament of New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Eastern Coal Council - USA
- Heidelberg Cement - Germany
- Vedanta Resources Plc - India
- Wilmar Investment Holdings
- Grasim Industreis Ltd - India
- Deloitte Consulting - India
- Australian Commodity Traders Exchange
- Semirara Mining Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Electricity Regulatory Commission - India
- Pipit Mutiara Jaya. PT, Indonesia
- Chettinad Cement Corporation Ltd - India
- Bulk Trading Sa - Switzerland
- Siam City Cement PLC, Thailand
- Tamil Nadu electricity Board
- Jindal Steel & Power Ltd - India
- Indonesian Coal Mining Association
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Rio Tinto Coal - Australia
- Indian Energy Exchange, India
- TNB Fuel Sdn Bhd - Malaysia
- Electricity Generating Authority of Thailand
- European Bulk Services B.V. - Netherlands
- Manunggal Multi Energi - Indonesia
- IHS Mccloskey Coal Group - USA
- Timah Investasi Mineral - Indoneisa
- Georgia Ports Authority, United States
- Bayan Resources Tbk. - Indonesia
- Kartika Selabumi Mining - Indonesia
- Ministry of Transport, Egypt
- Power Finance Corporation Ltd., India
- The University of Queensland
- Sarangani Energy Corporation, Philippines
- Australian Coal Association
- Bahari Cakrawala Sebuku - Indonesia
- Ambuja Cements Ltd - India
- Pendopo Energi Batubara - Indonesia
- Minerals Council of Australia
- Therma Luzon, Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Xindia Steels Limited - India
- ICICI Bank Limited - India
- Anglo American - United Kingdom
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