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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, 01 February 20
THERMAL COAL MARKETS: 5 TRENDS TO WATCH OUT FOR IN 2020 - MINING REVIEW
The seaborne thermal coal market entered the year challenged by low priced LNG in the Atlantic and rapidly increasing supply in the Pacific.
&n ...
Saturday, 01 February 20
COAL IS NOT GOING ANYWHERE - MINING REVIEW
The coal sector is living under the constant threat of being blamed by environmentalists as being responsible for a world disaster called global wa ...
Saturday, 01 February 20
CIL PRODUCTION TO NOT EXCEED 640 MILLION TON IN FY20: OFFICIAL - PTI
Hit by disruptions due to a prolonged monsoon, mining major Coal India Ltd’s production in the current fiscal will not exceed 640 million ton ...
Saturday, 01 February 20
WHO PAYS FOR IMO 2020? - FREIGHT WAVES
The United Nations’ International Maritime Organization (IMO) implemented its low-sulfur fuel mandate on January 1, 2020. Full enforcement be ...
Friday, 31 January 20
EIA EXPECTS U.S. ELECTRICITY GENERATION FROM RENEWABLES TO SOON SURPASS NUCLEAR AND COAL
In the latest long-term projections, the U.S Energy Information Administration (EIA) projects electricity generation from renewable sources such as ...
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- Ministry of Mines - Canada
- Larsen & Toubro Limited - India
- Mercator Lines Limited - India
- Independent Power Producers Association of India
- Commonwealth Bank - Australia
- Semirara Mining Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Altura Mining Limited, Indonesia
- Bharathi Cement Corporation - India
- The University of Queensland
- Bangladesh Power Developement Board
- PowerSource Philippines DevCo
- Indonesian Coal Mining Association
- European Bulk Services B.V. - Netherlands
- Coastal Gujarat Power Limited - India
- Metalloyd Limited - United Kingdom
- Essar Steel Hazira Ltd - India
- Ministry of Transport, Egypt
- SMC Global Power, Philippines
- Sree Jayajothi Cements Limited - India
- Semirara Mining and Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Mjunction Services Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Global Business Power Corporation, Philippines
- Eastern Energy - Thailand
- Lanco Infratech Ltd - India
- GVK Power & Infra Limited - India
- Africa Commodities Group - South Africa
- Price Waterhouse Coopers - Russia
- Salva Resources Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- The Treasury - Australian Government
- Vijayanagar Sugar Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Minerals Council of Australia
- Economic Council, Georgia
- Bukit Makmur.PT - Indonesia
- Uttam Galva Steels Limited - India
- IHS Mccloskey Coal Group - USA
- Ind-Barath Power Infra Limited - India
- Siam City Cement - Thailand
- Tata Chemicals Ltd - India
- Energy Development Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Coalindo Energy - Indonesia
- Star Paper Mills Limited - India
- Australian Commodity Traders Exchange
- Miang Besar Coal Terminal - Indonesia
- Straits Asia Resources Limited - Singapore
- Parry Sugars Refinery, India
- Global Coal Blending Company Limited - Australia
- Billiton Holdings Pty Ltd - Australia
- Renaissance Capital - South Africa
- Standard Chartered Bank - UAE
- Parliament of New Zealand
- Central Electricity Authority - India
- GMR Energy Limited - India
- Baramulti Group, Indonesia
- Deloitte Consulting - India
- Kobexindo Tractors - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Binh Thuan Hamico - Vietnam
- Oldendorff Carriers - Singapore
- Rio Tinto Coal - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Simpson Spence & Young - Indonesia
- Wilmar Investment Holdings
- Electricity Generating Authority of Thailand
- Heidelberg Cement - Germany
- Cement Manufacturers Association - India
- Madhucon Powers Ltd - India
- Bulk Trading Sa - Switzerland
- Holcim Trading Pte Ltd - Singapore
- Thiess Contractors Indonesia
- ASAPP Information Group - India
- Directorate Of Revenue Intelligence - India
- Banpu Public Company Limited - Thailand
- Videocon Industries ltd - India
- Interocean Group of Companies - India
- Eastern Coal Council - USA
- Gujarat Mineral Development Corp Ltd - India
- Georgia Ports Authority, United States
- Bukit Asam (Persero) Tbk - Indonesia
- Xindia Steels Limited - India
- India Bulls Power Limited - India
- Kepco SPC Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- PNOC Exploration Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Singapore Mercantile Exchange
- Manunggal Multi Energi - Indonesia
- Vedanta Resources Plc - India
- Jindal Steel & Power Ltd - India
- Jaiprakash Power Ventures ltd
- Savvy Resources Ltd - HongKong
- Meralco Power Generation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Vizag Seaport Private Limited - India
- Intertek Mineral Services - Indonesia
- Bhatia International Limited - India
- Malabar Cements Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Formosa Plastics Group - Taiwan
- Global Green Power PLC Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Medco Energi Mining Internasional
- White Energy Company Limited
- VISA Power Limited - India
- Australian Coal Association
- Planning Commission, India
- Wood Mackenzie - Singapore
- Pendopo Energi Batubara - Indonesia
- Petron Corporation, Philippines
- Goldman Sachs - Singapore
- The State Trading Corporation of India Ltd
- Tamil Nadu electricity Board
- Central Java Power - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Therma Luzon, Inc, Philippines
- IEA Clean Coal Centre - UK
- Latin American Coal - Colombia
- Sical Logistics Limited - India
- Bhushan Steel Limited - India
- Siam City Cement PLC, Thailand
- Rashtriya Ispat Nigam Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Kideco Jaya Agung - Indonesia
- Posco Energy - South Korea
- Iligan Light & Power Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- South Luzon Thermal Energy Corporation
- Orica Mining Services - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Coal and Oil Company - UAE
- Agrawal Coal Company - India
- Ambuja Cements Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Edison Trading Spa - Italy
- Trasteel International SA, Italy
- Port Waratah Coal Services - Australia
- Thai Mozambique Logistica
- Toyota Tsusho Corporation, Japan
- Sinarmas Energy and Mining - Indonesia
- Sojitz Corporation - Japan
- Gujarat Sidhee Cement - India
- PTC India Limited - India
- Kapuas Tunggal Persada - Indonesia
- Carbofer General Trading SA - India
- Merrill Lynch Commodities Europe
- Indika Energy - Indonesia
- SMG Consultants - Indonesia
- Dalmia Cement Bharat India
- Chettinad Cement Corporation Ltd - India
- Anglo American - United Kingdom
- LBH Netherlands Bv - Netherlands
- Karaikal Port Pvt Ltd - India
- Makarim & Taira - Indonesia
- ICICI Bank Limited - India
- Orica Australia Pty. Ltd.
- Maheswari Brothers Coal Limited - India
- TeaM Sual Corporation - Philippines
- London Commodity Brokers - England
- Mercuria Energy - Indonesia
- Borneo Indobara - Indonesia
- Sakthi Sugars Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indian Oil Corporation Limited
- Marubeni Corporation - India
- Barasentosa Lestari - Indonesia
- Globalindo Alam Lestari - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Attock Cement Pakistan Limited
- SN Aboitiz Power Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kartika Selabumi Mining - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Krishnapatnam Port Company Ltd. - India
- Aboitiz Power Corporation - Philippines
- Kumho Petrochemical, South Korea
- CNBM International Corporation - China
- Indo Tambangraya Megah - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- MS Steel International - UAE
- Indogreen Group - Indonesia
- Antam Resourcindo - Indonesia
- Sindya Power Generating Company Private Ltd
- McConnell Dowell - Australia
- Sarangani Energy Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Kaltim Prima Coal - Indonesia
- Indian Energy Exchange, India
- Chamber of Mines of South Africa
- Romanian Commodities Exchange
- Meenaskhi Energy Private Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Electricity Authority, New Zealand
- Timah Investasi Mineral - Indoneisa
- Energy Link Ltd, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Grasim Industreis Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhoruka Overseas - Indonesia
- San Jose City I Power Corp, Philippines
- CIMB Investment Bank - Malaysia
- Ministry of Finance - Indonesia
- Power Finance Corporation Ltd., India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bayan Resources Tbk. - Indonesia
- Riau Bara Harum - Indonesia
- New Zealand Coal & Carbon
- GN Power Mariveles Coal Plant, Philippines
- Aditya Birla Group - India
- Mintek Dendrill Indonesia
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