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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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Sunday, 26 January 20
SUPRAMAX: THE ASIAN BASIN SAW A 56,000DWT SHIP FIXING DELIVERY SAMARINDA TRIP TO WEST COAST INDIA AT $4,750 - BALTIC BRIEFING
Capesize
The market endured heavy losses throughout the past week, with the Capesize 5TC dropping from $8,352 to $4,772. In the lead up to Chin ...
Sunday, 26 January 20
SHIPPING NEEDS TO PREPARE FOR CORONAVIRUS RESTRICTIONS WARNS HILL DICKINSON
The shipping industry needs to be prepared for potential restrictions in order to prevent the further spread of the ‘Wuhan’ coronavirus ...
Friday, 24 January 20
LOW-SULPHUR FUEL OIL PRICES DROP USD 99 PER MT IN SINGAPORE - BIMCO
Singapore has seen one of the largest drops in the price of Very Low Sulphur Fuel Oil (VLSFO), which peaked on 7 January 2020 at USD 740 per metric ...
Friday, 24 January 20
CHINA'S BENCHMARK POWER COAL PRICE REMAINED FLAT DURING THE PAST WEEK - XINHUA
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of coal prices in north China’s major ports, stood at 553 yuan (about 80.1 U.S. dollars) ...
Thursday, 23 January 20
PANAMAX: ANOTHER DISAPPOINTING WEEK IN BOTH THE ATLANTIC AND THE PACIFIC BASIN - FEARNLEYS
Cape Size
From bad to worse for the biggest ships as prices for low-sulphur fuel oil remain high whilst freight rates deteriorate further. Aver ...
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- Port Waratah Coal Services - Australia
- Price Waterhouse Coopers - Russia
- Indian Oil Corporation Limited
- MS Steel International - UAE
- Rashtriya Ispat Nigam Limited - India
- Bhoruka Overseas - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- South Luzon Thermal Energy Corporation
- Bukit Asam (Persero) Tbk - Indonesia
- Ind-Barath Power Infra Limited - India
- Ceylon Electricity Board - Sri Lanka
- Minerals Council of Australia
- Maharashtra Electricity Regulatory Commission - India
- Savvy Resources Ltd - HongKong
- PTC India Limited - India
- Globalindo Alam Lestari - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Central Java Power - Indonesia
- Sarangani Energy Corporation, Philippines
- Power Finance Corporation Ltd., India
- Directorate Of Revenue Intelligence - India
- OPG Power Generation Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Attock Cement Pakistan Limited
- Banpu Public Company Limited - Thailand
- Energy Link Ltd, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- SMG Consultants - Indonesia
- Mintek Dendrill Indonesia
- Mjunction Services Limited - India
- Coastal Gujarat Power Limited - India
- Riau Bara Harum - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Goldman Sachs - Singapore
- GMR Energy Limited - India
- Therma Luzon, Inc, Philippines
- Samtan Co., Ltd - South Korea
- Vedanta Resources Plc - India
- Standard Chartered Bank - UAE
- Renaissance Capital - South Africa
- Jindal Steel & Power Ltd - India
- Star Paper Mills Limited - India
- Bangladesh Power Developement Board
- Kapuas Tunggal Persada - Indonesia
- Karaikal Port Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- India Bulls Power Limited - India
- Bulk Trading Sa - Switzerland
- Oldendorff Carriers - Singapore
- Larsen & Toubro Limited - India
- Rio Tinto Coal - Australia
- Ministry of Mines - Canada
- San Jose City I Power Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhatia International Limited - India
- Commonwealth Bank - Australia
- Holcim Trading Pte Ltd - Singapore
- Electricity Authority, New Zealand
- Manunggal Multi Energi - Indonesia
- Eastern Coal Council - USA
- Petron Corporation, Philippines
- Australian Commodity Traders Exchange
- Romanian Commodities Exchange
- Formosa Plastics Group - Taiwan
- Indogreen Group - Indonesia
- Sakthi Sugars Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Chamber of Mines of South Africa
- Kideco Jaya Agung - Indonesia
- Coalindo Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Electricity Generating Authority of Thailand
- IHS Mccloskey Coal Group - USA
- LBH Netherlands Bv - Netherlands
- Maheswari Brothers Coal Limited - India
- Sinarmas Energy and Mining - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Cigading International Bulk Terminal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Energy Development Corp, Philippines
- Dalmia Cement Bharat India
- Planning Commission, India
- Straits Asia Resources Limited - Singapore
- Marubeni Corporation - India
- Karbindo Abesyapradhi - Indoneisa
- Videocon Industries ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Vijayanagar Sugar Pvt Ltd - India
- Mercuria Energy - Indonesia
- Coal and Oil Company - UAE
- PowerSource Philippines DevCo
- Kepco SPC Power Corporation, Philippines
- Mercator Lines Limited - India
- Heidelberg Cement - Germany
- Bhushan Steel Limited - India
- Deloitte Consulting - India
- Vizag Seaport Private Limited - India
- Altura Mining Limited, Indonesia
- Pendopo Energi Batubara - Indonesia
- Global Business Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Ministry of Finance - Indonesia
- Global Green Power PLC Corporation, Philippines
- Singapore Mercantile Exchange
- Kartika Selabumi Mining - Indonesia
- ICICI Bank Limited - India
- The University of Queensland
- AsiaOL BioFuels Corp., Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Kalimantan Lumbung Energi - Indonesia
- Uttam Galva Steels Limited - India
- Parliament of New Zealand
- Parry Sugars Refinery, India
- Baramulti Group, Indonesia
- Agrawal Coal Company - India
- Central Electricity Authority - India
- VISA Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Trasteel International SA, Italy
- McConnell Dowell - Australia
- Kohat Cement Company Ltd. - Pakistan
- Simpson Spence & Young - Indonesia
- Salva Resources Pvt Ltd - India
- Indika Energy - Indonesia
- Latin American Coal - Colombia
- Medco Energi Mining Internasional
- Cement Manufacturers Association - India
- GAC Shipping (India) Pvt Ltd
- Sical Logistics Limited - India
- GVK Power & Infra Limited - India
- Anglo American - United Kingdom
- Ministry of Transport, Egypt
- Georgia Ports Authority, United States
- Tata Chemicals Ltd - India
- International Coal Ventures Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Borneo Indobara - Indonesia
- Barasentosa Lestari - Indonesia
- The State Trading Corporation of India Ltd
- Essar Steel Hazira Ltd - India
- New Zealand Coal & Carbon
- Grasim Industreis Ltd - India
- Xindia Steels Limited - India
- Kumho Petrochemical, South Korea
- Carbofer General Trading SA - India
- Gujarat Electricity Regulatory Commission - India
- White Energy Company Limited
- Indian Energy Exchange, India
- Australian Coal Association
- Chettinad Cement Corporation Ltd - India
- Malabar Cements Ltd - India
- Global Coal Blending Company Limited - Australia
- London Commodity Brokers - England
- Ambuja Cements Ltd - India
- Metalloyd Limited - United Kingdom
- Bharathi Cement Corporation - India
- Miang Besar Coal Terminal - Indonesia
- Wood Mackenzie - Singapore
- Thiess Contractors Indonesia
- Orica Mining Services - Indonesia
- Jaiprakash Power Ventures ltd
- Independent Power Producers Association of India
- Timah Investasi Mineral - Indoneisa
- Tamil Nadu electricity Board
- Economic Council, Georgia
- Gujarat Mineral Development Corp Ltd - India
- Sree Jayajothi Cements Limited - India
- Wilmar Investment Holdings
- Aditya Birla Group - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- IEA Clean Coal Centre - UK
- Merrill Lynch Commodities Europe
- Thai Mozambique Logistica
- Offshore Bulk Terminal Pte Ltd, Singapore
- Siam City Cement PLC, Thailand
- Krishnapatnam Port Company Ltd. - India
- Siam City Cement - Thailand
- Alfred C Toepfer International GmbH - Germany
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Orica Australia Pty. Ltd.
- TeaM Sual Corporation - Philippines
- Edison Trading Spa - Italy
- Intertek Mineral Services - Indonesia
- Aboitiz Power Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Meralco Power Generation, Philippines
- Meenaskhi Energy Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The Treasury - Australian Government
- Bayan Resources Tbk. - Indonesia
- SN Aboitiz Power Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Madhucon Powers Ltd - India
- Semirara Mining Corp, Philippines
- Posco Energy - South Korea
- Sojitz Corporation - Japan
- Gujarat Sidhee Cement - India
- Eastern Energy - Thailand
- Lanco Infratech Ltd - India
- Sindya Power Generating Company Private Ltd
- Interocean Group of Companies - India
- Kaltim Prima Coal - Indonesia
- CNBM International Corporation - China
- SMC Global Power, Philippines
- European Bulk Services B.V. - Netherlands
- GN Power Mariveles Coal Plant, Philippines
- Antam Resourcindo - Indonesia
- Indonesian Coal Mining Association
- Indo Tambangraya Megah - Indonesia
- ASAPP Information Group - India
- Africa Commodities Group - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Binh Thuan Hamico - Vietnam
- PNOC Exploration Corporation - Philippines
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