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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, 21 January 20
ASIA'S APPETITE FOR COAL GROWS, WITH CHINA THE KEY DECIDER - NIKKEI
Although renewable power generation is expected to rise significantly in Asia, India’s vast electricity needs will still underpin global dema ...
Tuesday, 21 January 20
THERMAL COAL PRICES SET FOR RECOVERY THIS YEAR AS OVERSUPPLY TIGHTENS - REUTERS
Thermal coal prices are expected to recover this year after losing around a third of their value last year as demand from some south-east Asian cou ...
Monday, 20 January 20
INDIA TO STOP SUBSTITUTABLE COAL IMPORT; CAN GO FOR AUCTION OF 100 FULLY EXPLORED NEW BLOCKS: JOSHI - PTI
The Cabinet recently approved promulgation of Mineral Laws (Amendment) Ordinance 2020 to amend Mines and Minerals (Development and Regulation ) Act ...
Monday, 20 January 20
CHINA DECEMBER COAL OUTPUT UP 2.4 PERCENT ON YEAR - STATS BUREAU: REUTERS
China produced 331.74 million tonnes of coal in December, up 2.4 percent on the year, the National Bureau of Statistics said on Friday.
...
Monday, 20 January 20
CHINA IMPORTED 124.4 MLN TONNES OF COAL FROM INDONESIA IN 2019, UP 15.1 PERCENT YOY - BANCHERO COSTA
China's coal imports raced ahead in 2019, surprising many who had expected that in the months of 2019 to come the government would clamp down s ...
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- Minerals Council of Australia
- Jorong Barutama Greston.PT - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Thiess Contractors Indonesia
- PowerSource Philippines DevCo
- Barasentosa Lestari - Indonesia
- Sindya Power Generating Company Private Ltd
- Oldendorff Carriers - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- McConnell Dowell - Australia
- GMR Energy Limited - India
- Pendopo Energi Batubara - Indonesia
- Bayan Resources Tbk. - Indonesia
- Global Green Power PLC Corporation, Philippines
- Latin American Coal - Colombia
- Siam City Cement PLC, Thailand
- Price Waterhouse Coopers - Russia
- Vizag Seaport Private Limited - India
- The University of Queensland
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kohat Cement Company Ltd. - Pakistan
- Toyota Tsusho Corporation, Japan
- The State Trading Corporation of India Ltd
- Energy Link Ltd, New Zealand
- Kepco SPC Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Iligan Light & Power Inc, Philippines
- Binh Thuan Hamico - Vietnam
- CIMB Investment Bank - Malaysia
- Xindia Steels Limited - India
- Kobexindo Tractors - Indoneisa
- Videocon Industries ltd - India
- Karaikal Port Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Baiduri Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Semirara Mining Corp, Philippines
- Riau Bara Harum - Indonesia
- Energy Development Corp, Philippines
- Madhucon Powers Ltd - India
- Essar Steel Hazira Ltd - India
- Sakthi Sugars Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Parliament of New Zealand
- Neyveli Lignite Corporation Ltd, - India
- Georgia Ports Authority, United States
- Bhatia International Limited - India
- Eastern Energy - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- SN Aboitiz Power Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Samtan Co., Ltd - South Korea
- PetroVietnam Power Coal Import and Supply Company
- Mintek Dendrill Indonesia
- Grasim Industreis Ltd - India
- Standard Chartered Bank - UAE
- Orica Mining Services - Indonesia
- Ministry of Mines - Canada
- Krishnapatnam Port Company Ltd. - India
- ASAPP Information Group - India
- Deloitte Consulting - India
- Mercator Lines Limited - India
- Directorate Of Revenue Intelligence - India
- Directorate General of MIneral and Coal - Indonesia
- Aboitiz Power Corporation - Philippines
- PTC India Limited - India
- Orica Australia Pty. Ltd.
- Banpu Public Company Limited - Thailand
- Sojitz Corporation - Japan
- Maheswari Brothers Coal Limited - India
- Ambuja Cements Ltd - India
- Star Paper Mills Limited - India
- Heidelberg Cement - Germany
- Romanian Commodities Exchange
- Kalimantan Lumbung Energi - Indonesia
- IHS Mccloskey Coal Group - USA
- Chamber of Mines of South Africa
- London Commodity Brokers - England
- Kaltim Prima Coal - Indonesia
- Malabar Cements Ltd - India
- Manunggal Multi Energi - Indonesia
- GVK Power & Infra Limited - India
- Coastal Gujarat Power Limited - India
- Trasteel International SA, Italy
- PNOC Exploration Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Interocean Group of Companies - India
- Lanco Infratech Ltd - India
- LBH Netherlands Bv - Netherlands
- Indian Oil Corporation Limited
- New Zealand Coal & Carbon
- Wood Mackenzie - Singapore
- Parry Sugars Refinery, India
- Electricity Generating Authority of Thailand
- Posco Energy - South Korea
- Wilmar Investment Holdings
- The Treasury - Australian Government
- TeaM Sual Corporation - Philippines
- Goldman Sachs - Singapore
- Jaiprakash Power Ventures ltd
- Thai Mozambique Logistica
- Maharashtra Electricity Regulatory Commission - India
- Makarim & Taira - Indonesia
- Antam Resourcindo - Indonesia
- Africa Commodities Group - South Africa
- Miang Besar Coal Terminal - Indonesia
- Ministry of Transport, Egypt
- Attock Cement Pakistan Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- Alfred C Toepfer International GmbH - Germany
- Kartika Selabumi Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Rio Tinto Coal - Australia
- Indika Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Indonesian Coal Mining Association
- Aditya Birla Group - India
- GAC Shipping (India) Pvt Ltd
- Salva Resources Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Bukit Makmur.PT - Indonesia
- Bangladesh Power Developement Board
- Metalloyd Limited - United Kingdom
- South Luzon Thermal Energy Corporation
- Vedanta Resources Plc - India
- Bhushan Steel Limited - India
- Indian Energy Exchange, India
- Indogreen Group - Indonesia
- Marubeni Corporation - India
- Coalindo Energy - Indonesia
- Ministry of Finance - Indonesia
- Uttam Galva Steels Limited - India
- Carbofer General Trading SA - India
- Port Waratah Coal Services - Australia
- IEA Clean Coal Centre - UK
- Central Electricity Authority - India
- Dalmia Cement Bharat India
- Billiton Holdings Pty Ltd - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- ICICI Bank Limited - India
- SMC Global Power, Philippines
- Rashtriya Ispat Nigam Limited - India
- Global Business Power Corporation, Philippines
- MS Steel International - UAE
- European Bulk Services B.V. - Netherlands
- Cement Manufacturers Association - India
- Mjunction Services Limited - India
- Mercuria Energy - Indonesia
- Larsen & Toubro Limited - India
- Merrill Lynch Commodities Europe
- Independent Power Producers Association of India
- Therma Luzon, Inc, Philippines
- Bharathi Cement Corporation - India
- Kideco Jaya Agung - Indonesia
- Baramulti Group, Indonesia
- Economic Council, Georgia
- Edison Trading Spa - Italy
- Petron Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Agrawal Coal Company - India
- Renaissance Capital - South Africa
- Singapore Mercantile Exchange
- Timah Investasi Mineral - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Indo Tambangraya Megah - Indonesia
- Globalindo Alam Lestari - Indonesia
- Ind-Barath Power Infra Limited - India
- Eastern Coal Council - USA
- Jindal Steel & Power Ltd - India
- SMG Consultants - Indonesia
- Bulk Trading Sa - Switzerland
- Sical Logistics Limited - India
- Bhoruka Overseas - Indonesia
- Intertek Mineral Services - Indonesia
- Anglo American - United Kingdom
- Tamil Nadu electricity Board
- Kapuas Tunggal Persada - Indonesia
- White Energy Company Limited
- Tata Chemicals Ltd - India
- OPG Power Generation Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Electricity Authority, New Zealand
- VISA Power Limited - India
- CNBM International Corporation - China
- Ceylon Electricity Board - Sri Lanka
- Planning Commission, India
- Australian Coal Association
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Borneo Indobara - Indonesia
- Leighton Contractors Pty Ltd - Australia
- TNB Fuel Sdn Bhd - Malaysia
- GN Power Mariveles Coal Plant, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kumho Petrochemical, South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Medco Energi Mining Internasional
- Formosa Plastics Group - Taiwan
- Power Finance Corporation Ltd., India
- India Bulls Power Limited - India
- Central Java Power - Indonesia
- Commonwealth Bank - Australia
- Straits Asia Resources Limited - Singapore
- Coal and Oil Company - UAE
- Australian Commodity Traders Exchange
- Gujarat Mineral Development Corp Ltd - India
- Global Coal Blending Company Limited - Australia
- Siam City Cement - Thailand
- Savvy Resources Ltd - HongKong
- Gujarat Electricity Regulatory Commission - India
- Meenaskhi Energy Private Limited - India
- Meralco Power Generation, Philippines
- Gujarat Sidhee Cement - India
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