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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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Saturday, 15 February 20
CHEN ZHIDA: NOVEL CORONAVIRUS - IMPLICATIONS FOR CHARTERPARTIES - SHIPOWNERS' CLUB
KNOWLEDGE TO ELEVATE
Last month, the Club issued a bulletin on the 2019 Novel Coronavirus (COVID-19) which explained the origin of the virus a ...
Saturday, 15 February 20
AFRAMAX: A MORE POSITIVE ATTITUDE EXISTED IN THIS SECTOR WITH RATES IMPROVING ON ALL ROUTES - BALTIC BRIEFING
VLCC
The market in the Middle East was unmoved this week, with Chinese refiners continuing to slow imports, allied with the impact of the Coron ...
Saturday, 15 February 20
A 56,000DWT VESSEL WAS CONCLUDED BASIS DELIVERY SINGAPORE VIA INDONESIA REDELIVERY CHINA IN THE LOW $6,000S - BALTIC BRIEFING
Capesize
Riding the downward momentum of the previous week, the market was always going to be hard pressed to make any sort of revival. With mu ...
Saturday, 15 February 20
U.S. COAL PRODUCTION WILL TOTAL 595 MMST IN 2020, DOWN 14% FROM 2019 - EIA
EIA forecasts that U.S. coal production will total 595 million short tons (MMst) in 2020, down 95 MMst (14%) from 2019.
Lower ...
Friday, 14 February 20
WHY THE WORLD ECONOMY WILL BE FACING CHINA'S CORONAVIRUS FOR A LONG TIME - CNBC
Everywhere we look we see the headlines and commentators talking about the coronavirus and its impact on tourism, trade and investment between Chin ...
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- ICICI Bank Limited - India
- Krishnapatnam Port Company Ltd. - India
- Trasteel International SA, Italy
- Bukit Baiduri Energy - Indonesia
- SMC Global Power, Philippines
- Aditya Birla Group - India
- Posco Energy - South Korea
- Bhoruka Overseas - Indonesia
- McConnell Dowell - Australia
- SN Aboitiz Power Inc, Philippines
- Eastern Coal Council - USA
- Interocean Group of Companies - India
- Billiton Holdings Pty Ltd - Australia
- Commonwealth Bank - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sinarmas Energy and Mining - Indonesia
- Altura Mining Limited, Indonesia
- Uttam Galva Steels Limited - India
- Price Waterhouse Coopers - Russia
- PNOC Exploration Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Lanco Infratech Ltd - India
- White Energy Company Limited
- Aboitiz Power Corporation - Philippines
- Orica Australia Pty. Ltd.
- Neyveli Lignite Corporation Ltd, - India
- Wilmar Investment Holdings
- Central Electricity Authority - India
- Kartika Selabumi Mining - Indonesia
- CNBM International Corporation - China
- Rio Tinto Coal - Australia
- Makarim & Taira - Indonesia
- Pendopo Energi Batubara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Baramulti Group, Indonesia
- Goldman Sachs - Singapore
- Formosa Plastics Group - Taiwan
- Economic Council, Georgia
- Carbofer General Trading SA - India
- Cigading International Bulk Terminal - Indonesia
- San Jose City I Power Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- The Treasury - Australian Government
- Siam City Cement - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Kaltim Prima Coal - Indonesia
- Georgia Ports Authority, United States
- Karbindo Abesyapradhi - Indoneisa
- Independent Power Producers Association of India
- India Bulls Power Limited - India
- Ind-Barath Power Infra Limited - India
- Bulk Trading Sa - Switzerland
- Thiess Contractors Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Mines - Canada
- Electricity Authority, New Zealand
- Romanian Commodities Exchange
- PowerSource Philippines DevCo
- Jindal Steel & Power Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Australian Commodity Traders Exchange
- Sojitz Corporation - Japan
- Tamil Nadu electricity Board
- Kohat Cement Company Ltd. - Pakistan
- Riau Bara Harum - Indonesia
- Karaikal Port Pvt Ltd - India
- Mercator Lines Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Rashtriya Ispat Nigam Limited - India
- Malabar Cements Ltd - India
- Planning Commission, India
- Bangladesh Power Developement Board
- TeaM Sual Corporation - Philippines
- Semirara Mining Corp, Philippines
- Straits Asia Resources Limited - Singapore
- PTC India Limited - India
- Larsen & Toubro Limited - India
- Jaiprakash Power Ventures ltd
- Cement Manufacturers Association - India
- GN Power Mariveles Coal Plant, Philippines
- Semirara Mining and Power Corporation, Philippines
- GMR Energy Limited - India
- OPG Power Generation Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Borneo Indobara - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Energy Development Corp, Philippines
- Deloitte Consulting - India
- Indogreen Group - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Ceylon Electricity Board - Sri Lanka
- Salva Resources Pvt Ltd - India
- New Zealand Coal & Carbon
- Parliament of New Zealand
- Coal and Oil Company - UAE
- Videocon Industries ltd - India
- Therma Luzon, Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Attock Cement Pakistan Limited
- Indo Tambangraya Megah - Indonesia
- Bhatia International Limited - India
- Manunggal Multi Energi - Indonesia
- Vedanta Resources Plc - India
- Bharathi Cement Corporation - India
- Electricity Generating Authority of Thailand
- Gujarat Sidhee Cement - India
- Ministry of Transport, Egypt
- Standard Chartered Bank - UAE
- Bhushan Steel Limited - India
- Latin American Coal - Colombia
- Minerals Council of Australia
- LBH Netherlands Bv - Netherlands
- Ambuja Cements Ltd - India
- CIMB Investment Bank - Malaysia
- Central Java Power - Indonesia
- Kideco Jaya Agung - Indonesia
- Petron Corporation, Philippines
- Marubeni Corporation - India
- Merrill Lynch Commodities Europe
- IEA Clean Coal Centre - UK
- South Luzon Thermal Energy Corporation
- Indonesian Coal Mining Association
- Metalloyd Limited - United Kingdom
- Intertek Mineral Services - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kepco SPC Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Samtan Co., Ltd - South Korea
- Oldendorff Carriers - Singapore
- Medco Energi Mining Internasional
- Timah Investasi Mineral - Indoneisa
- Simpson Spence & Young - Indonesia
- Orica Mining Services - Indonesia
- Madhucon Powers Ltd - India
- SMG Consultants - Indonesia
- Kumho Petrochemical, South Korea
- Parry Sugars Refinery, India
- Anglo American - United Kingdom
- European Bulk Services B.V. - Netherlands
- Port Waratah Coal Services - Australia
- International Coal Ventures Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Meenaskhi Energy Private Limited - India
- GVK Power & Infra Limited - India
- Agrawal Coal Company - India
- Energy Link Ltd, New Zealand
- London Commodity Brokers - England
- Power Finance Corporation Ltd., India
- Heidelberg Cement - Germany
- Mercuria Energy - Indonesia
- Grasim Industreis Ltd - India
- Banpu Public Company Limited - Thailand
- Chamber of Mines of South Africa
- Thai Mozambique Logistica
- The University of Queensland
- Edison Trading Spa - Italy
- Asmin Koalindo Tuhup - Indonesia
- Coalindo Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Indian Oil Corporation Limited
- Vizag Seaport Private Limited - India
- Singapore Mercantile Exchange
- Binh Thuan Hamico - Vietnam
- Sree Jayajothi Cements Limited - India
- Dalmia Cement Bharat India
- Kapuas Tunggal Persada - Indonesia
- Star Paper Mills Limited - India
- Meralco Power Generation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Savvy Resources Ltd - HongKong
- GAC Shipping (India) Pvt Ltd
- Barasentosa Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Siam City Cement PLC, Thailand
- Renaissance Capital - South Africa
- Essar Steel Hazira Ltd - India
- Mjunction Services Limited - India
- Global Business Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Sical Logistics Limited - India
- VISA Power Limited - India
- Sindya Power Generating Company Private Ltd
- Sakthi Sugars Limited - India
- Global Coal Blending Company Limited - Australia
- Gujarat Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Directorate Of Revenue Intelligence - India
- Wood Mackenzie - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bayan Resources Tbk. - Indonesia
- Mintek Dendrill Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indian Energy Exchange, India
- Ministry of Finance - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Antam Resourcindo - Indonesia
- Kobexindo Tractors - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Africa Commodities Group - South Africa
- Australian Coal Association
- IHS Mccloskey Coal Group - USA
- Eastern Energy - Thailand
- Bukit Makmur.PT - Indonesia
- Iligan Light & Power Inc, Philippines
- Indika Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Xindia Steels Limited - India
- MS Steel International - UAE
- ASAPP Information Group - India
- Coastal Gujarat Power Limited - India
- Global Green Power PLC Corporation, Philippines
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