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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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Monday, 16 December 19
THE OUTLOOK FOR U.S. THERMAL COAL IS INCREASINGLY STRESSED - MOODY'S
- Slowing global economic growth, trade tensions will continue to exert influence
- Coal's secular decline will persist in 2020
...
Thursday, 12 December 19
KOWEPO INVITING BIDS FOR 2.28 MILLION TONS OF MIN.4,400 NCV COAL
COALspot.com: South Korea’s Korea Western Power Co., Ltd. (KOWEPO) has issued an international tender for total 2,280,000 tons of (Sub) Bitum ...
Wednesday, 11 December 19
PANAMAX: THE MARKET REMAINED FIRM IN THE PACIFIC, WITH INCREASED ACTIVITY NOTED IN KEY AREAS, SUCH AS INDONESIA - ALLIED
Capesize – Positive momentum was resumed this past week, with earnings mak-ing some gains once again. This rising pattern was reflected in th ...
Tuesday, 10 December 19
PREPARATIONS INTENSIFY AS IMO 2020 GLOBAL SULPHUR CAP LOOMS - STANDARD CLUB
With less than a month to go for the impending IMO 2020 global sulphur cap, the club has started witnessing dispute cases relating to the measureme ...
Monday, 09 December 19
KOREA SOUTHERN POWER CO LTD IS INVITING OFFERS FOR MIN 3700 NCV COAL
COALspot.com: South Korea’s Korea East-West Power Co. Ltd has issued an international tender for 160,000 Tons steam coal.
Acco ...
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- Bhoruka Overseas - Indonesia
- TeaM Sual Corporation - Philippines
- Rio Tinto Coal - Australia
- GVK Power & Infra Limited - India
- MS Steel International - UAE
- International Coal Ventures Pvt Ltd - India
- Star Paper Mills Limited - India
- Madhucon Powers Ltd - India
- Therma Luzon, Inc, Philippines
- Kumho Petrochemical, South Korea
- Indian Energy Exchange, India
- Commonwealth Bank - Australia
- Petron Corporation, Philippines
- Agrawal Coal Company - India
- Binh Thuan Hamico - Vietnam
- Bulk Trading Sa - Switzerland
- Planning Commission, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Thai Mozambique Logistica
- Billiton Holdings Pty Ltd - Australia
- Cigading International Bulk Terminal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Standard Chartered Bank - UAE
- Alfred C Toepfer International GmbH - Germany
- Timah Investasi Mineral - Indoneisa
- Trasteel International SA, Italy
- Aditya Birla Group - India
- India Bulls Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Cement Manufacturers Association - India
- SMC Global Power, Philippines
- Tamil Nadu electricity Board
- CIMB Investment Bank - Malaysia
- Ceylon Electricity Board - Sri Lanka
- The Treasury - Australian Government
- Deloitte Consulting - India
- Globalindo Alam Lestari - Indonesia
- Independent Power Producers Association of India
- Vijayanagar Sugar Pvt Ltd - India
- Posco Energy - South Korea
- Salva Resources Pvt Ltd - India
- Anglo American - United Kingdom
- Uttam Galva Steels Limited - India
- Semirara Mining Corp, Philippines
- ICICI Bank Limited - India
- Vedanta Resources Plc - India
- Indian Oil Corporation Limited
- Sindya Power Generating Company Private Ltd
- McConnell Dowell - Australia
- Kaltim Prima Coal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Larsen & Toubro Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Latin American Coal - Colombia
- Coalindo Energy - Indonesia
- IEA Clean Coal Centre - UK
- Coastal Gujarat Power Limited - India
- Vizag Seaport Private Limited - India
- Maharashtra Electricity Regulatory Commission - India
- ASAPP Information Group - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Heidelberg Cement - Germany
- Interocean Group of Companies - India
- Ambuja Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- Simpson Spence & Young - Indonesia
- Banpu Public Company Limited - Thailand
- VISA Power Limited - India
- Barasentosa Lestari - Indonesia
- Malabar Cements Ltd - India
- Mercuria Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Aboitiz Power Corporation - Philippines
- Indogreen Group - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- GAC Shipping (India) Pvt Ltd
- Wood Mackenzie - Singapore
- Energy Link Ltd, New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Economic Council, Georgia
- Romanian Commodities Exchange
- Videocon Industries ltd - India
- New Zealand Coal & Carbon
- Orica Australia Pty. Ltd.
- Bharathi Cement Corporation - India
- SN Aboitiz Power Inc, Philippines
- Indika Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Mintek Dendrill Indonesia
- Electricity Authority, New Zealand
- Bukit Makmur.PT - Indonesia
- Edison Trading Spa - Italy
- London Commodity Brokers - England
- Carbofer General Trading SA - India
- Global Green Power PLC Corporation, Philippines
- SMG Consultants - Indonesia
- Marubeni Corporation - India
- LBH Netherlands Bv - Netherlands
- Medco Energi Mining Internasional
- Lanco Infratech Ltd - India
- Central Electricity Authority - India
- The University of Queensland
- Sojitz Corporation - Japan
- Riau Bara Harum - Indonesia
- Price Waterhouse Coopers - Russia
- Coal and Oil Company - UAE
- The State Trading Corporation of India Ltd
- Merrill Lynch Commodities Europe
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Mineral Development Corp Ltd - India
- Thiess Contractors Indonesia
- CNBM International Corporation - China
- Xindia Steels Limited - India
- GMR Energy Limited - India
- Bhushan Steel Limited - India
- Toyota Tsusho Corporation, Japan
- Attock Cement Pakistan Limited
- Gujarat Electricity Regulatory Commission - India
- Power Finance Corporation Ltd., India
- Bayan Resources Tbk. - Indonesia
- Parry Sugars Refinery, India
- Sakthi Sugars Limited - India
- Mjunction Services Limited - India
- Intertek Mineral Services - Indonesia
- Baramulti Group, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Sree Jayajothi Cements Limited - India
- Ministry of Transport, Egypt
- Port Waratah Coal Services - Australia
- Meenaskhi Energy Private Limited - India
- White Energy Company Limited
- European Bulk Services B.V. - Netherlands
- Bukit Baiduri Energy - Indonesia
- Wilmar Investment Holdings
- Altura Mining Limited, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Ind-Barath Power Infra Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Oldendorff Carriers - Singapore
- PowerSource Philippines DevCo
- Petrochimia International Co. Ltd.- Taiwan
- Bangladesh Power Developement Board
- Africa Commodities Group - South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- South Luzon Thermal Energy Corporation
- Sinarmas Energy and Mining - Indonesia
- Ministry of Finance - Indonesia
- IHS Mccloskey Coal Group - USA
- Gujarat Sidhee Cement - India
- Karaikal Port Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Iligan Light & Power Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Indo Tambangraya Megah - Indonesia
- PTC India Limited - India
- Siam City Cement PLC, Thailand
- Parliament of New Zealand
- Singapore Mercantile Exchange
- Goldman Sachs - Singapore
- Chettinad Cement Corporation Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Eastern Coal Council - USA
- Australian Coal Association
- Miang Besar Coal Terminal - Indonesia
- Australian Commodity Traders Exchange
- Siam City Cement - Thailand
- Chamber of Mines of South Africa
- PNOC Exploration Corporation - Philippines
- Bhatia International Limited - India
- Samtan Co., Ltd - South Korea
- Renaissance Capital - South Africa
- Kepco SPC Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Georgia Ports Authority, United States
- Orica Mining Services - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Essar Steel Hazira Ltd - India
- Minerals Council of Australia
- Straits Asia Resources Limited - Singapore
- OPG Power Generation Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Kohat Cement Company Ltd. - Pakistan
- Manunggal Multi Energi - Indonesia
- Borneo Indobara - Indonesia
- Savvy Resources Ltd - HongKong
- Meralco Power Generation, Philippines
- Global Business Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Ministry of Mines - Canada
- Kideco Jaya Agung - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Rashtriya Ispat Nigam Limited - India
- Central Java Power - Indonesia
- Antam Resourcindo - Indonesia
- Sical Logistics Limited - India
- Pendopo Energi Batubara - Indonesia
- Mercator Lines Limited - India
- Energy Development Corp, Philippines
- Electricity Generating Authority of Thailand
- Eastern Energy - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Krishnapatnam Port Company Ltd. - India
- Grasim Industreis Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Dalmia Cement Bharat India
- San Jose City I Power Corp, Philippines
- Metalloyd Limited - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- Makarim & Taira - Indonesia
- Indonesian Coal Mining Association
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