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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, 04 February 20
CAPE: THE AVERAGE EARNINGS PER DAY FELL BENEATH THE USD 4,000, A LEVEL CONSIDERABLY BELOW EVEN THE MOST CONSERVATIVE OPEX LEVELS - ALLIED
The recent slump in the dry bulk freight market may well have been expected to some degree, but despite this the shock was still overwhelming when ...
Monday, 03 February 20
KOWEPO INVITING BIDS FOR 2.46 MILLION TONS OF MIN.5700 AND MIN.5600 NCV COAL
COALspot.com: South Korea’s Korea Western Power Co., Ltd. (KOWEPO) has issued an international tender for total 2,460,000 tons of (Sub) Bitum ...
Sunday, 02 February 20
NOVEL CORONAVIRUS OUTBREAK IN CHINA - STANDARD CLUB
Members will be aware of the recent novel coronavirus outbreak in China, which has now been declared a global emergency by the World Health Organis ...
Sunday, 02 February 20
SUPRAMAX: A 52,000DWT SHIP WAS FIXED BASIS DELIVERY SOUTH KALIMANTAN TRIP TO INDIA, AT $6,000 - BALTIC BRIEFING
Capesize
The week proved conspicuous for all the wrong reasons. This was the week when the Baltic Capesize Index (BCI) turned negative, closing ...
Saturday, 01 February 20
50 MILLION PEOPLE QUARANTINED IN CHINA TO CONTAIN SPREAD OF CORONAVIRUS - HOW DOES IT AFFECT SHIPPING? - BIMCO
The outbreak of the novel coronavirus, declared a global health emergency by the WHO, has caused massive uncertainty across the global markets with ...
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- ICICI Bank Limited - India
- Agrawal Coal Company - India
- Simpson Spence & Young - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Karaikal Port Pvt Ltd - India
- Rio Tinto Coal - Australia
- Kumho Petrochemical, South Korea
- Sindya Power Generating Company Private Ltd
- Kideco Jaya Agung - Indonesia
- Romanian Commodities Exchange
- Kepco SPC Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Sojitz Corporation - Japan
- Kapuas Tunggal Persada - Indonesia
- Latin American Coal - Colombia
- Jorong Barutama Greston.PT - Indonesia
- Bhatia International Limited - India
- Banpu Public Company Limited - Thailand
- South Luzon Thermal Energy Corporation
- Meenaskhi Energy Private Limited - India
- Indika Energy - Indonesia
- Wilmar Investment Holdings
- Renaissance Capital - South Africa
- Wood Mackenzie - Singapore
- Kobexindo Tractors - Indoneisa
- VISA Power Limited - India
- TeaM Sual Corporation - Philippines
- Mercator Lines Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pendopo Energi Batubara - Indonesia
- Globalindo Alam Lestari - Indonesia
- Attock Cement Pakistan Limited
- Asmin Koalindo Tuhup - Indonesia
- PNOC Exploration Corporation - Philippines
- Ministry of Transport, Egypt
- London Commodity Brokers - England
- Miang Besar Coal Terminal - Indonesia
- Power Finance Corporation Ltd., India
- Gujarat Electricity Regulatory Commission - India
- Baramulti Group, Indonesia
- Vizag Seaport Private Limited - India
- Billiton Holdings Pty Ltd - Australia
- IHS Mccloskey Coal Group - USA
- Oldendorff Carriers - Singapore
- Alfred C Toepfer International GmbH - Germany
- Savvy Resources Ltd - HongKong
- AsiaOL BioFuels Corp., Philippines
- SMG Consultants - Indonesia
- Madhucon Powers Ltd - India
- Coastal Gujarat Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- SMC Global Power, Philippines
- Heidelberg Cement - Germany
- Thai Mozambique Logistica
- Sakthi Sugars Limited - India
- New Zealand Coal & Carbon
- Makarim & Taira - Indonesia
- McConnell Dowell - Australia
- Central Java Power - Indonesia
- Sree Jayajothi Cements Limited - India
- Merrill Lynch Commodities Europe
- Siam City Cement PLC, Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Star Paper Mills Limited - India
- Chamber of Mines of South Africa
- Carbofer General Trading SA - India
- Energy Link Ltd, New Zealand
- Cigading International Bulk Terminal - Indonesia
- Meralco Power Generation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Petrochimia International Co. Ltd.- Taiwan
- Xindia Steels Limited - India
- Siam City Cement - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Australian Commodity Traders Exchange
- Ministry of Mines - Canada
- Kartika Selabumi Mining - Indonesia
- Gujarat Sidhee Cement - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Samtan Co., Ltd - South Korea
- Africa Commodities Group - South Africa
- Planning Commission, India
- Bayan Resources Tbk. - Indonesia
- Salva Resources Pvt Ltd - India
- CNBM International Corporation - China
- Tamil Nadu electricity Board
- Lanco Infratech Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Sarangani Energy Corporation, Philippines
- Parry Sugars Refinery, India
- Timah Investasi Mineral - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- San Jose City I Power Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Georgia Ports Authority, United States
- Vedanta Resources Plc - India
- Manunggal Multi Energi - Indonesia
- Dalmia Cement Bharat India
- Straits Asia Resources Limited - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Indonesian Coal Mining Association
- Central Electricity Authority - India
- Grasim Industreis Ltd - India
- Thiess Contractors Indonesia
- Minerals Council of Australia
- Posco Energy - South Korea
- Australian Coal Association
- The University of Queensland
- Global Coal Blending Company Limited - Australia
- Videocon Industries ltd - India
- Petron Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Ministry of Finance - Indonesia
- Interocean Group of Companies - India
- Economic Council, Georgia
- LBH Netherlands Bv - Netherlands
- Price Waterhouse Coopers - Russia
- MS Steel International - UAE
- European Bulk Services B.V. - Netherlands
- Kohat Cement Company Ltd. - Pakistan
- Bangladesh Power Developement Board
- Energy Development Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Marubeni Corporation - India
- Deloitte Consulting - India
- Orica Mining Services - Indonesia
- Electricity Authority, New Zealand
- PowerSource Philippines DevCo
- Krishnapatnam Port Company Ltd. - India
- Indian Oil Corporation Limited
- PetroVietnam Power Coal Import and Supply Company
- Chettinad Cement Corporation Ltd - India
- Essar Steel Hazira Ltd - India
- Goldman Sachs - Singapore
- Bhushan Steel Limited - India
- Semirara Mining and Power Corporation, Philippines
- Sical Logistics Limited - India
- The Treasury - Australian Government
- Port Waratah Coal Services - Australia
- Kalimantan Lumbung Energi - Indonesia
- Indogreen Group - Indonesia
- GVK Power & Infra Limited - India
- Toyota Tsusho Corporation, Japan
- Parliament of New Zealand
- Independent Power Producers Association of India
- Mintek Dendrill Indonesia
- Commonwealth Bank - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Riau Bara Harum - Indonesia
- Jaiprakash Power Ventures ltd
- Indo Tambangraya Megah - Indonesia
- Bharathi Cement Corporation - India
- Trasteel International SA, Italy
- Medco Energi Mining Internasional
- Cement Manufacturers Association - India
- Borneo Indobara - Indonesia
- Altura Mining Limited, Indonesia
- Standard Chartered Bank - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Edison Trading Spa - Italy
- Barasentosa Lestari - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Larsen & Toubro Limited - India
- Bukit Makmur.PT - Indonesia
- Mercuria Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- India Bulls Power Limited - India
- Maheswari Brothers Coal Limited - India
- PTC India Limited - India
- Holcim Trading Pte Ltd - Singapore
- Coal and Oil Company - UAE
- Eastern Coal Council - USA
- Kaltim Prima Coal - Indonesia
- Singapore Mercantile Exchange
- Mjunction Services Limited - India
- Eastern Energy - Thailand
- Anglo American - United Kingdom
- Global Business Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Global Green Power PLC Corporation, Philippines
- White Energy Company Limited
- Metalloyd Limited - United Kingdom
- Ambuja Cements Ltd - India
- Directorate Of Revenue Intelligence - India
- GMR Energy Limited - India
- Rashtriya Ispat Nigam Limited - India
- CIMB Investment Bank - Malaysia
- Semirara Mining Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- ASAPP Information Group - India
- GAC Shipping (India) Pvt Ltd
- Uttam Galva Steels Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Malabar Cements Ltd - India
- Bulk Trading Sa - Switzerland
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Australia Pty. Ltd.
- Vijayanagar Sugar Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Iligan Light & Power Inc, Philippines
- Therma Luzon, Inc, Philippines
- Tata Chemicals Ltd - India
- Electricity Generating Authority of Thailand
- Coalindo Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Aditya Birla Group - India
- Indian Energy Exchange, India
- IEA Clean Coal Centre - UK
- SN Aboitiz Power Inc, Philippines
- The State Trading Corporation of India Ltd
- Intertek Mineral Services - Indonesia
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