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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, 14 January 20
MABUX: BUNKER MARKET THIS MORNING, JAN.14
MABUX World Bunker Index (consists of a range of prices for 380 HSFO, 180 HSFO and MGO (Gasoil) in the main world hubs) changed insignificant and i ...
Tuesday, 14 January 20
SHIPPING MARKET ANALYSIS - ALLIED SHIPBROKING
Uncertainty in the global geopolitical sphere seems to have not come to an end along with 2019, as 2020 commenced with renewed tensions between the ...
Tuesday, 14 January 20
DRY BULK MARKET: "THIS IS NOT THE END OF COAL" SAYS IEA - BALTIC EXCHANGE
A historic drop in coal-fired electricity generation will not sway global coal demand from its upward trajectory through to 2024, though growth wil ...
Saturday, 11 January 20
ARE YOU 95% CONFIDENT THAT YOUR VERY LOW SULPHUR FUEL IS ON SPEC AND MARPOL COMPLIANT? - GARD
KNOWLEDGE TO ELEVATE
Bunker fuel is a commodity and, like all commodities, is produced and sold according to specifications. Bunkers are usual ...
Saturday, 11 January 20
NEW PRICING COULD SPELL TROUBLE FOR CHINA'S COAL SECTOR - CHINA DIALOGUE
Benchmark coal tariffs have been the foundation of China’s electricity pricing since 2004 but this mechanism was replaced on January 1 with a ...
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- Grasim Industreis Ltd - India
- Therma Luzon, Inc, Philippines
- Kumho Petrochemical, South Korea
- Videocon Industries ltd - India
- Kaltim Prima Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- Aboitiz Power Corporation - Philippines
- Romanian Commodities Exchange
- Globalindo Alam Lestari - Indonesia
- Mercator Lines Limited - India
- Timah Investasi Mineral - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Dalmia Cement Bharat India
- Barasentosa Lestari - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bayan Resources Tbk. - Indonesia
- Salva Resources Pvt Ltd - India
- ICICI Bank Limited - India
- Sinarmas Energy and Mining - Indonesia
- Semirara Mining and Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Thai Mozambique Logistica
- Wilmar Investment Holdings
- Indogreen Group - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Sojitz Corporation - Japan
- Parliament of New Zealand
- Interocean Group of Companies - India
- Kalimantan Lumbung Energi - Indonesia
- Central Electricity Authority - India
- Uttam Galva Steels Limited - India
- Power Finance Corporation Ltd., India
- Singapore Mercantile Exchange
- Global Business Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Antam Resourcindo - Indonesia
- TeaM Sual Corporation - Philippines
- Africa Commodities Group - South Africa
- Kobexindo Tractors - Indoneisa
- PowerSource Philippines DevCo
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Mineral Development Corp Ltd - India
- The University of Queensland
- Directorate General of MIneral and Coal - Indonesia
- Petron Corporation, Philippines
- MS Steel International - UAE
- Maharashtra Electricity Regulatory Commission - India
- Indian Oil Corporation Limited
- The Treasury - Australian Government
- Savvy Resources Ltd - HongKong
- Maheswari Brothers Coal Limited - India
- CNBM International Corporation - China
- Neyveli Lignite Corporation Ltd, - India
- Australian Commodity Traders Exchange
- Economic Council, Georgia
- Ambuja Cements Ltd - India
- Australian Coal Association
- Minerals Council of Australia
- Sakthi Sugars Limited - India
- Orica Mining Services - Indonesia
- Sindya Power Generating Company Private Ltd
- Kepco SPC Power Corporation, Philippines
- Anglo American - United Kingdom
- Krishnapatnam Port Company Ltd. - India
- AsiaOL BioFuels Corp., Philippines
- GMR Energy Limited - India
- Meenaskhi Energy Private Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Georgia Ports Authority, United States
- Alfred C Toepfer International GmbH - Germany
- Sree Jayajothi Cements Limited - India
- Independent Power Producers Association of India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Agrawal Coal Company - India
- SMG Consultants - Indonesia
- San Jose City I Power Corp, Philippines
- Standard Chartered Bank - UAE
- Vizag Seaport Private Limited - India
- Cement Manufacturers Association - India
- Heidelberg Cement - Germany
- Banpu Public Company Limited - Thailand
- Sical Logistics Limited - India
- Medco Energi Mining Internasional
- Toyota Tsusho Corporation, Japan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coastal Gujarat Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Coalindo Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Eastern Coal Council - USA
- Formosa Plastics Group - Taiwan
- Rio Tinto Coal - Australia
- Bharathi Cement Corporation - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- South Luzon Thermal Energy Corporation
- Chamber of Mines of South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Deloitte Consulting - India
- Renaissance Capital - South Africa
- Vedanta Resources Plc - India
- The State Trading Corporation of India Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Oldendorff Carriers - Singapore
- Indian Energy Exchange, India
- McConnell Dowell - Australia
- Makarim & Taira - Indonesia
- Aditya Birla Group - India
- Jindal Steel & Power Ltd - India
- Metalloyd Limited - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- CIMB Investment Bank - Malaysia
- Essar Steel Hazira Ltd - India
- Latin American Coal - Colombia
- Energy Link Ltd, New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Meralco Power Generation, Philippines
- Indo Tambangraya Megah - Indonesia
- Bukit Makmur.PT - Indonesia
- Binh Thuan Hamico - Vietnam
- Global Coal Blending Company Limited - Australia
- PNOC Exploration Corporation - Philippines
- Attock Cement Pakistan Limited
- Larsen & Toubro Limited - India
- London Commodity Brokers - England
- Global Green Power PLC Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Mines - Canada
- International Coal Ventures Pvt Ltd - India
- Parry Sugars Refinery, India
- Coal and Oil Company - UAE
- Star Paper Mills Limited - India
- Madhucon Powers Ltd - India
- PTC India Limited - India
- Sarangani Energy Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Lanco Infratech Ltd - India
- New Zealand Coal & Carbon
- Bahari Cakrawala Sebuku - Indonesia
- Bhushan Steel Limited - India
- Carbofer General Trading SA - India
- SMC Global Power, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- GVK Power & Infra Limited - India
- Bangladesh Power Developement Board
- Wood Mackenzie - Singapore
- Cigading International Bulk Terminal - Indonesia
- Marubeni Corporation - India
- Siam City Cement - Thailand
- VISA Power Limited - India
- Altura Mining Limited, Indonesia
- Holcim Trading Pte Ltd - Singapore
- Orica Australia Pty. Ltd.
- Borneo Indobara - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Trasteel International SA, Italy
- Siam City Cement PLC, Thailand
- Tamil Nadu electricity Board
- White Energy Company Limited
- Bukit Baiduri Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Malabar Cements Ltd - India
- Electricity Generating Authority of Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Semirara Mining Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Samtan Co., Ltd - South Korea
- European Bulk Services B.V. - Netherlands
- Billiton Holdings Pty Ltd - Australia
- IEA Clean Coal Centre - UK
- Merrill Lynch Commodities Europe
- Petrochimia International Co. Ltd.- Taiwan
- Mjunction Services Limited - India
- Bhoruka Overseas - Indonesia
- Central Java Power - Indonesia
- Bhatia International Limited - India
- Indika Energy - Indonesia
- Ministry of Transport, Egypt
- Karaikal Port Pvt Ltd - India
- Baramulti Group, Indonesia
- Eastern Energy - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Intertek Mineral Services - Indonesia
- India Bulls Power Limited - India
- Indonesian Coal Mining Association
- Price Waterhouse Coopers - Russia
- Jaiprakash Power Ventures ltd
- Pendopo Energi Batubara - Indonesia
- Mintek Dendrill Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Gujarat Sidhee Cement - India
- Thiess Contractors Indonesia
- Posco Energy - South Korea
- Straits Asia Resources Limited - Singapore
- Manunggal Multi Energi - Indonesia
- Simpson Spence & Young - Indonesia
- Port Waratah Coal Services - Australia
- Energy Development Corp, Philippines
- Commonwealth Bank - Australia
- ASAPP Information Group - India
- Electricity Authority, New Zealand
- Bulk Trading Sa - Switzerland
- Goldman Sachs - Singapore
- LBH Netherlands Bv - Netherlands
- Planning Commission, India
- Edison Trading Spa - Italy
- Riau Bara Harum - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Mercuria Energy - Indonesia
- Ministry of Finance - Indonesia
- Tata Chemicals Ltd - India
- Kideco Jaya Agung - Indonesia
- Xindia Steels Limited - India
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