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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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Wednesday, 04 December 19
FITCH RATINGS: CASH FLOW GENERATION TO SLOW DOWN FOR INDONESIAN COAL MINERS
Fitch Ratings' negative outlook on the Indonesian coal-mining sector reflects our view of weaker cash flow generation on account of declining c ...
Wednesday, 04 December 19
SHIPPING MARKET INSIGHT - INTERMODAL
Dry bulk freight rates rebounded last week, a development that came as a relief following the recent negative sentiment that prevailed in the marke ...
Wednesday, 04 December 19
INDONESIA REVIEWING RULES MANDATING COAL SALES TO LOCAL BUYERS: OFFICIAL - REUTERS
Indonesia is reviewing rules that require coal miners to sell a portion of their coal to local buyers, a government official said on Monday, as sup ...
Tuesday, 03 December 19
STABILITY AND COMPATIBILITY OF VERY LOW SULPHUR FUEL OILS - GARD
In order to meet increasing restrictions on the sulphur content in marine fuel as defined by MARPOL Annex VI Regulation 14.1.3, the characteristics ...
Monday, 02 December 19
COAL PRODUCTION IN INDIA UP BY 164.58 MT IN 5 YEARS - BUSINESS LINE
Raw coal production in the country has increased from 567.77 million tons (MT) in 2013-14 to 730.35 MT in 2018-19, Union Coal and Parliamentary Aff ...
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- Sojitz Corporation - Japan
- Barasentosa Lestari - Indonesia
- Renaissance Capital - South Africa
- Ambuja Cements Ltd - India
- Indika Energy - Indonesia
- Altura Mining Limited, Indonesia
- Wood Mackenzie - Singapore
- New Zealand Coal & Carbon
- Uttam Galva Steels Limited - India
- Semirara Mining and Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Cigading International Bulk Terminal - Indonesia
- Petron Corporation, Philippines
- Antam Resourcindo - Indonesia
- Borneo Indobara - Indonesia
- OPG Power Generation Pvt Ltd - India
- Central Electricity Authority - India
- Siam City Cement PLC, Thailand
- Globalindo Alam Lestari - Indonesia
- Energy Link Ltd, New Zealand
- Riau Bara Harum - Indonesia
- Savvy Resources Ltd - HongKong
- Sinarmas Energy and Mining - Indonesia
- India Bulls Power Limited - India
- Lanco Infratech Ltd - India
- Medco Energi Mining Internasional
- Ministry of Transport, Egypt
- Bhatia International Limited - India
- Independent Power Producers Association of India
- PNOC Exploration Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Mjunction Services Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Economic Council, Georgia
- London Commodity Brokers - England
- Aditya Birla Group - India
- Miang Besar Coal Terminal - Indonesia
- Tata Chemicals Ltd - India
- Sindya Power Generating Company Private Ltd
- IEA Clean Coal Centre - UK
- TeaM Sual Corporation - Philippines
- Baramulti Group, Indonesia
- Larsen & Toubro Limited - India
- Vizag Seaport Private Limited - India
- Rashtriya Ispat Nigam Limited - India
- Salva Resources Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Cement Manufacturers Association - India
- Georgia Ports Authority, United States
- Samtan Co., Ltd - South Korea
- Commonwealth Bank - Australia
- Kideco Jaya Agung - Indonesia
- Agrawal Coal Company - India
- Heidelberg Cement - Germany
- Kumho Petrochemical, South Korea
- Australian Commodity Traders Exchange
- Krishnapatnam Port Company Ltd. - India
- Madhucon Powers Ltd - India
- South Luzon Thermal Energy Corporation
- Tamil Nadu electricity Board
- Goldman Sachs - Singapore
- SN Aboitiz Power Inc, Philippines
- Star Paper Mills Limited - India
- Sree Jayajothi Cements Limited - India
- Karaikal Port Pvt Ltd - India
- VISA Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- Edison Trading Spa - Italy
- Wilmar Investment Holdings
- Interocean Group of Companies - India
- Jorong Barutama Greston.PT - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Leighton Contractors Pty Ltd - Australia
- Bukit Makmur.PT - Indonesia
- Ministry of Finance - Indonesia
- Bhoruka Overseas - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Kartika Selabumi Mining - Indonesia
- Bharathi Cement Corporation - India
- Rio Tinto Coal - Australia
- Kepco SPC Power Corporation, Philippines
- Mercator Lines Limited - India
- The State Trading Corporation of India Ltd
- Coal and Oil Company - UAE
- Meralco Power Generation, Philippines
- International Coal Ventures Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Indo Tambangraya Megah - Indonesia
- Global Business Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Carbofer General Trading SA - India
- Coalindo Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Indonesian Coal Mining Association
- Dalmia Cement Bharat India
- Power Finance Corporation Ltd., India
- Attock Cement Pakistan Limited
- Minerals Council of Australia
- Maheswari Brothers Coal Limited - India
- The University of Queensland
- Kaltim Prima Coal - Indonesia
- IHS Mccloskey Coal Group - USA
- Bukit Baiduri Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Formosa Plastics Group - Taiwan
- Global Green Power PLC Corporation, Philippines
- CIMB Investment Bank - Malaysia
- San Jose City I Power Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sakthi Sugars Limited - India
- Simpson Spence & Young - Indonesia
- PTC India Limited - India
- CNBM International Corporation - China
- Marubeni Corporation - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Directorate General of MIneral and Coal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Toyota Tsusho Corporation, Japan
- Port Waratah Coal Services - Australia
- Kohat Cement Company Ltd. - Pakistan
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Sidhee Cement - India
- Vedanta Resources Plc - India
- Jindal Steel & Power Ltd - India
- Meenaskhi Energy Private Limited - India
- Bhushan Steel Limited - India
- LBH Netherlands Bv - Netherlands
- Eastern Energy - Thailand
- Chamber of Mines of South Africa
- McConnell Dowell - Australia
- Anglo American - United Kingdom
- Thiess Contractors Indonesia
- ICICI Bank Limited - India
- Therma Luzon, Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Trasteel International SA, Italy
- Romanian Commodities Exchange
- Coastal Gujarat Power Limited - India
- GVK Power & Infra Limited - India
- Orica Australia Pty. Ltd.
- Gujarat Mineral Development Corp Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Binh Thuan Hamico - Vietnam
- Makarim & Taira - Indonesia
- ASAPP Information Group - India
- MS Steel International - UAE
- Indian Energy Exchange, India
- Electricity Authority, New Zealand
- Pendopo Energi Batubara - Indonesia
- Ministry of Mines - Canada
- Global Coal Blending Company Limited - Australia
- Orica Mining Services - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bangladesh Power Developement Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- Merrill Lynch Commodities Europe
- Mintek Dendrill Indonesia
- Xindia Steels Limited - India
- SMG Consultants - Indonesia
- Essar Steel Hazira Ltd - India
- Australian Coal Association
- Africa Commodities Group - South Africa
- European Bulk Services B.V. - Netherlands
- Timah Investasi Mineral - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Banpu Public Company Limited - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Siam City Cement - Thailand
- Directorate Of Revenue Intelligence - India
- Jaiprakash Power Ventures ltd
- Parliament of New Zealand
- Bulk Trading Sa - Switzerland
- Bayan Resources Tbk. - Indonesia
- Mercuria Energy - Indonesia
- Videocon Industries ltd - India
- Latin American Coal - Colombia
- Posco Energy - South Korea
- Singapore Mercantile Exchange
- Planning Commission, India
- Metalloyd Limited - United Kingdom
- Kalimantan Lumbung Energi - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Standard Chartered Bank - UAE
- Energy Development Corp, Philippines
- Eastern Coal Council - USA
- Malabar Cements Ltd - India
- PowerSource Philippines DevCo
- Parry Sugars Refinery, India
- GMR Energy Limited - India
- Semirara Mining Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- Thai Mozambique Logistica
- Deloitte Consulting - India
- TNB Fuel Sdn Bhd - Malaysia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Grasim Industreis Ltd - India
- Chettinad Cement Corporation Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Indian Oil Corporation Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The Treasury - Australian Government
- Aboitiz Power Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Intertek Mineral Services - Indonesia
- Kobexindo Tractors - Indoneisa
- SMC Global Power, Philippines
- Kapuas Tunggal Persada - Indonesia
- Indogreen Group - Indonesia
- Sical Logistics Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Central Java Power - Indonesia
- Sarangani Energy Corporation, Philippines
- White Energy Company Limited
- Electricity Generating Authority of Thailand
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