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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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Tuesday, 13 February 24
WHAT IS THE OUTLOOK FOR THE NATURAL GAS SPOT PRICE IN 2024 AND 2025? EIA
We expect the U.S. benchmark Henry Hub natural gas spot price to average higher in 2024 and 2025 than in 2023, but to remain lower than $3.00 per m ...
Monday, 12 February 24
US THERMAL COAL EXPORTS HIT 5-YEAR HIGHS AND TOP $5 BLN IN 2023 - REUTERS
United States exporters of thermal coal earned more than $5 billion in 2023 as they shipped out more than 32.5 million metric tons of the high-poll ...
Tuesday, 06 February 24
NEW E-FUELS PROJECT TO MAKE INTERNATIONAL SHIPPING CLIMATE-NEUTRAL - RINA
Transport and trade on the ocean blue must be made much greener. This is the goal of the new €17 million European GAMMA project, where compani ...
Tuesday, 06 February 24
INDIA SEES ANNUAL COAL OUTPUT UP 10.9% IN 2024/25 - REUTERS
India expects domestic coal output to increase by 10.9% to 1.13 billion metric tons in the fiscal year ending March 2025, a senior government offic ...
Tuesday, 06 February 24
INDIA'S COAL PRODUCTION INCREASES BY 10.3% TO 99.73 MILLION TONNE IN JANUARY - PTI
The country’s coal output rose 10.3 per cent to 99.73 Million Tonne (MT) in January, over the same month in the previous fiscal.
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- Banpu Public Company Limited - Thailand
- Salva Resources Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Thiess Contractors Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Ind-Barath Power Infra Limited - India
- Marubeni Corporation - India
- Port Waratah Coal Services - Australia
- Edison Trading Spa - Italy
- Wood Mackenzie - Singapore
- Baramulti Group, Indonesia
- Indogreen Group - Indonesia
- Maheswari Brothers Coal Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Orica Australia Pty. Ltd.
- India Bulls Power Limited - India
- Sarangani Energy Corporation, Philippines
- Kumho Petrochemical, South Korea
- Bulk Trading Sa - Switzerland
- Kohat Cement Company Ltd. - Pakistan
- Lanco Infratech Ltd - India
- Planning Commission, India
- Economic Council, Georgia
- Minerals Council of Australia
- Mercuria Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- The University of Queensland
- Vijayanagar Sugar Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Sojitz Corporation - Japan
- ICICI Bank Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- ASAPP Information Group - India
- Directorate General of MIneral and Coal - Indonesia
- Antam Resourcindo - Indonesia
- Indian Oil Corporation Limited
- Thai Mozambique Logistica
- London Commodity Brokers - England
- Renaissance Capital - South Africa
- Parliament of New Zealand
- Heidelberg Cement - Germany
- Chamber of Mines of South Africa
- Standard Chartered Bank - UAE
- New Zealand Coal & Carbon
- Jaiprakash Power Ventures ltd
- Central Java Power - Indonesia
- Trasteel International SA, Italy
- The Treasury - Australian Government
- Bank of Tokyo Mitsubishi UFJ Ltd
- PetroVietnam Power Coal Import and Supply Company
- Indika Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Kideco Jaya Agung - Indonesia
- Petron Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Agrawal Coal Company - India
- Medco Energi Mining Internasional
- Formosa Plastics Group - Taiwan
- Metalloyd Limited - United Kingdom
- Tata Chemicals Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Africa Commodities Group - South Africa
- Savvy Resources Ltd - HongKong
- Madhucon Powers Ltd - India
- Commonwealth Bank - Australia
- Coal and Oil Company - UAE
- San Jose City I Power Corp, Philippines
- Singapore Mercantile Exchange
- Meenaskhi Energy Private Limited - India
- Global Business Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Borneo Indobara - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Gujarat Electricity Regulatory Commission - India
- Indonesian Coal Mining Association
- Iligan Light & Power Inc, Philippines
- Deloitte Consulting - India
- Mintek Dendrill Indonesia
- Karaikal Port Pvt Ltd - India
- Videocon Industries ltd - India
- Bangladesh Power Developement Board
- Xindia Steels Limited - India
- Posco Energy - South Korea
- Australian Commodity Traders Exchange
- VISA Power Limited - India
- Anglo American - United Kingdom
- Cement Manufacturers Association - India
- Aditya Birla Group - India
- Mercator Lines Limited - India
- PTC India Limited - India
- Siam City Cement PLC, Thailand
- Samtan Co., Ltd - South Korea
- Indo Tambangraya Megah - Indonesia
- Dalmia Cement Bharat India
- Oldendorff Carriers - Singapore
- Merrill Lynch Commodities Europe
- Central Electricity Authority - India
- Sinarmas Energy and Mining - Indonesia
- Latin American Coal - Colombia
- Kaltim Prima Coal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Intertek Mineral Services - Indonesia
- Ambuja Cements Ltd - India
- Indian Energy Exchange, India
- OPG Power Generation Pvt Ltd - India
- Vedanta Resources Plc - India
- Eastern Coal Council - USA
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Power Finance Corporation Ltd., India
- Directorate Of Revenue Intelligence - India
- Alfred C Toepfer International GmbH - Germany
- Global Coal Blending Company Limited - Australia
- Binh Thuan Hamico - Vietnam
- Romanian Commodities Exchange
- Sical Logistics Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Star Paper Mills Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Bhoruka Overseas - Indonesia
- Orica Mining Services - Indonesia
- Meralco Power Generation, Philippines
- Barasentosa Lestari - Indonesia
- GVK Power & Infra Limited - India
- Mjunction Services Limited - India
- Independent Power Producers Association of India
- MS Steel International - UAE
- Georgia Ports Authority, United States
- Interocean Group of Companies - India
- GMR Energy Limited - India
- Ministry of Transport, Egypt
- Ministry of Finance - Indonesia
- Grasim Industreis Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Makarim & Taira - Indonesia
- Wilmar Investment Holdings
- TeaM Sual Corporation - Philippines
- SMC Global Power, Philippines
- Sindya Power Generating Company Private Ltd
- Altura Mining Limited, Indonesia
- South Luzon Thermal Energy Corporation
- Uttam Galva Steels Limited - India
- IEA Clean Coal Centre - UK
- Ministry of Mines - Canada
- Asmin Koalindo Tuhup - Indonesia
- Australian Coal Association
- Attock Cement Pakistan Limited
- Essar Steel Hazira Ltd - India
- Simpson Spence & Young - Indonesia
- Tamil Nadu electricity Board
- Pendopo Energi Batubara - Indonesia
- Riau Bara Harum - Indonesia
- CNBM International Corporation - China
- Kartika Selabumi Mining - Indonesia
- Goldman Sachs - Singapore
- European Bulk Services B.V. - Netherlands
- Bhatia International Limited - India
- Manunggal Multi Energi - Indonesia
- Sakthi Sugars Limited - India
- Carbofer General Trading SA - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Parry Sugars Refinery, India
- GAC Shipping (India) Pvt Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Neyveli Lignite Corporation Ltd, - India
- Miang Besar Coal Terminal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Timah Investasi Mineral - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Bhushan Steel Limited - India
- McConnell Dowell - Australia
- The State Trading Corporation of India Ltd
- Vizag Seaport Private Limited - India
- Energy Link Ltd, New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bahari Cakrawala Sebuku - Indonesia
- Aboitiz Power Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Electricity Authority, New Zealand
- Kobexindo Tractors - Indoneisa
- Sree Jayajothi Cements Limited - India
- SMG Consultants - Indonesia
- Larsen & Toubro Limited - India
- Global Green Power PLC Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Malabar Cements Ltd - India
- PowerSource Philippines DevCo
- Jindal Steel & Power Ltd - India
- CIMB Investment Bank - Malaysia
- Petrochimia International Co. Ltd.- Taiwan
- Coalindo Energy - Indonesia
- Eastern Energy - Thailand
- LBH Netherlands Bv - Netherlands
- Gujarat Sidhee Cement - India
- Bayan Resources Tbk. - Indonesia
- SN Aboitiz Power Inc, Philippines
- Electricity Generating Authority of Thailand
- Energy Development Corp, Philippines
- Rio Tinto Coal - Australia
- White Energy Company Limited
- Gujarat Mineral Development Corp Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Leighton Contractors Pty Ltd - Australia
- Bukit Makmur.PT - Indonesia
- Bharathi Cement Corporation - India
- Siam City Cement - Thailand
- Chettinad Cement Corporation Ltd - India
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