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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, 18 January 20
BIMCO: LOW-SULPHUR FUEL SALE JUMPS TO A 70% SHARE IN SINGAPORE, AS THE IMO 2020 SULPHUR CAP KICKS IN
The final quarter of 2019 marked a massive decline of HSFO sales, as the industry transitioned into compliance of the IMO 2020 Sulphur Cap (IMO2020 ...
Saturday, 18 January 20
GERMAN STEAM COAL IMPORTS IN 2019 PLUMMETED BY 17 % - COAL IMPORTERS ASSOCIATION
Press Release: According to preliminary calculations by the German Coal Importers Association (Verein der Kohlenimporteure e. V.), world trade in h ...
Saturday, 18 January 20
A 61,400 DWT FIXED FROM SOUTH EAST ASIA DELIVERY EAST KALIMANTAN REDELIVERY WEST COAST INDIA IN THE LOW $7,000S - BALTIC BRIEFING
Capesize
The market was relatively stable over this past week putting an end to the past months of more extreme declines. While the Capesize 5T ...
Friday, 17 January 20
EIA ESTIMATES THAT U.S. COAL PRODUCTION DECLINED BY 65 MMST (9%) TO 690 MMST IN 2019. IN 2020, COAL PRODUCTION WILL DECLINE BY A FURTHER 14% TO 597 MMST
U.S. Coal Supply.
EIA estimates that U.S. coal production declined by 65 million short tons (MMst) (9%) to 690 MMst in 2019. In 2020, EIA ...
Friday, 17 January 20
CHINA'S BENCHMARK POWER COAL PRICE EDGES UP - XINHUA
China’s benchmark power coal price rose slightly during the past week.
The Bohai-Rim Steam-Coal Price Index, a gauge of coal p ...
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- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Lanco Infratech Ltd - India
- Binh Thuan Hamico - Vietnam
- Kaltim Prima Coal - Indonesia
- VISA Power Limited - India
- Meralco Power Generation, Philippines
- New Zealand Coal & Carbon
- Oldendorff Carriers - Singapore
- European Bulk Services B.V. - Netherlands
- Heidelberg Cement - Germany
- White Energy Company Limited
- PowerSource Philippines DevCo
- Billiton Holdings Pty Ltd - Australia
- Ministry of Mines - Canada
- Ambuja Cements Ltd - India
- Makarim & Taira - Indonesia
- Siam City Cement - Thailand
- Bhushan Steel Limited - India
- Planning Commission, India
- GAC Shipping (India) Pvt Ltd
- TeaM Sual Corporation - Philippines
- Africa Commodities Group - South Africa
- Commonwealth Bank - Australia
- Mjunction Services Limited - India
- The Treasury - Australian Government
- GN Power Mariveles Coal Plant, Philippines
- Simpson Spence & Young - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Bulk Trading Sa - Switzerland
- Globalindo Alam Lestari - Indonesia
- Chamber of Mines of South Africa
- Sarangani Energy Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Electricity Regulatory Commission - India
- Malabar Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Tata Chemicals Ltd - India
- Interocean Group of Companies - India
- Bayan Resources Tbk. - Indonesia
- Parry Sugars Refinery, India
- Krishnapatnam Port Company Ltd. - India
- Metalloyd Limited - United Kingdom
- Port Waratah Coal Services - Australia
- Bhoruka Overseas - Indonesia
- Bukit Makmur.PT - Indonesia
- Minerals Council of Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Orica Mining Services - Indonesia
- GVK Power & Infra Limited - India
- Sindya Power Generating Company Private Ltd
- International Coal Ventures Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Sical Logistics Limited - India
- Goldman Sachs - Singapore
- Directorate Of Revenue Intelligence - India
- Mercuria Energy - Indonesia
- Ministry of Finance - Indonesia
- ASAPP Information Group - India
- The University of Queensland
- Indonesian Coal Mining Association
- Tamil Nadu electricity Board
- Coalindo Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Borneo Indobara - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Thiess Contractors Indonesia
- Bhatia International Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Aditya Birla Group - India
- TNB Fuel Sdn Bhd - Malaysia
- Karbindo Abesyapradhi - Indoneisa
- Formosa Plastics Group - Taiwan
- Singapore Mercantile Exchange
- Energy Development Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Parliament of New Zealand
- Georgia Ports Authority, United States
- Cement Manufacturers Association - India
- Bangladesh Power Developement Board
- Pendopo Energi Batubara - Indonesia
- Ministry of Transport, Egypt
- Leighton Contractors Pty Ltd - Australia
- Energy Link Ltd, New Zealand
- LBH Netherlands Bv - Netherlands
- Indogreen Group - Indonesia
- Madhucon Powers Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Antam Resourcindo - Indonesia
- Semirara Mining Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Global Green Power PLC Corporation, Philippines
- Uttam Galva Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- CNBM International Corporation - China
- MS Steel International - UAE
- Agrawal Coal Company - India
- Bharathi Cement Corporation - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kapuas Tunggal Persada - Indonesia
- Vizag Seaport Private Limited - India
- Grasim Industreis Ltd - India
- San Jose City I Power Corp, Philippines
- Marubeni Corporation - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bahari Cakrawala Sebuku - Indonesia
- ICICI Bank Limited - India
- Orica Australia Pty. Ltd.
- Aboitiz Power Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Indika Energy - Indonesia
- Siam City Cement PLC, Thailand
- Iligan Light & Power Inc, Philippines
- Electricity Generating Authority of Thailand
- Chettinad Cement Corporation Ltd - India
- CIMB Investment Bank - Malaysia
- Posco Energy - South Korea
- Rio Tinto Coal - Australia
- Independent Power Producers Association of India
- McConnell Dowell - Australia
- Savvy Resources Ltd - HongKong
- Videocon Industries ltd - India
- Xindia Steels Limited - India
- SN Aboitiz Power Inc, Philippines
- Salva Resources Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Carbofer General Trading SA - India
- Vedanta Resources Plc - India
- Kartika Selabumi Mining - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- GMR Energy Limited - India
- Renaissance Capital - South Africa
- Kepco SPC Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Merrill Lynch Commodities Europe
- IEA Clean Coal Centre - UK
- Sojitz Corporation - Japan
- Mintek Dendrill Indonesia
- Attock Cement Pakistan Limited
- Vijayanagar Sugar Pvt Ltd - India
- Coal and Oil Company - UAE
- Indian Oil Corporation Limited
- PTC India Limited - India
- Kumho Petrochemical, South Korea
- Gujarat Sidhee Cement - India
- AsiaOL BioFuels Corp., Philippines
- Sakthi Sugars Limited - India
- Bukit Baiduri Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Altura Mining Limited, Indonesia
- Eastern Coal Council - USA
- Thai Mozambique Logistica
- Maheswari Brothers Coal Limited - India
- Samtan Co., Ltd - South Korea
- PNOC Exploration Corporation - Philippines
- Dalmia Cement Bharat India
- The State Trading Corporation of India Ltd
- Trasteel International SA, Italy
- Romanian Commodities Exchange
- Petron Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Latin American Coal - Colombia
- Alfred C Toepfer International GmbH - Germany
- Standard Chartered Bank - UAE
- Semirara Mining and Power Corporation, Philippines
- Deloitte Consulting - India
- Medco Energi Mining Internasional
- Edison Trading Spa - Italy
- Asmin Koalindo Tuhup - Indonesia
- IHS Mccloskey Coal Group - USA
- Holcim Trading Pte Ltd - Singapore
- Jindal Steel & Power Ltd - India
- Baramulti Group, Indonesia
- Wood Mackenzie - Singapore
- Sinarmas Energy and Mining - Indonesia
- Intertek Mineral Services - Indonesia
- Central Electricity Authority - India
- PetroVietnam Power Coal Import and Supply Company
- Global Business Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- SMG Consultants - Indonesia
- Therma Luzon, Inc, Philippines
- India Bulls Power Limited - India
- Kideco Jaya Agung - Indonesia
- London Commodity Brokers - England
- Star Paper Mills Limited - India
- Australian Coal Association
- Cigading International Bulk Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- Central Java Power - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Straits Asia Resources Limited - Singapore
- Riau Bara Harum - Indonesia
- Economic Council, Georgia
- Australian Commodity Traders Exchange
- Toyota Tsusho Corporation, Japan
- Coastal Gujarat Power Limited - India
- Sree Jayajothi Cements Limited - India
- Larsen & Toubro Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Banpu Public Company Limited - Thailand
- Mercator Lines Limited - India
- Essar Steel Hazira Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Authority, New Zealand
- Meenaskhi Energy Private Limited - India
- Kobexindo Tractors - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- SMC Global Power, Philippines
- Wilmar Investment Holdings
- Anglo American - United Kingdom
- Eastern Energy - Thailand
- Barasentosa Lestari - Indonesia
- Indian Energy Exchange, India
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