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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, 18 November 19
SUPRAMAX: IN THE INDONESIAN COAL BUSINESS, A 58KDWT VESSEL FIXED DELIVERY PHILIPPINES, REDELIVERY INDIA AT CLOSE TO $8,000 - BALTIC BRIEFING
Capesize
For most of the week the rates were nudging up under a flurry of activity in the Pacific as levels for the West Australia to China C5 ...
Saturday, 16 November 19
LIFE AFTER FOSSIL FUELS: THE DAYS OF OIL AND COAL TRANSPORTATION ARE NUMBERED - BALTIC EXCHANGE
With the world fiercely focused on a decarbonised future, fossil fuel movers and traders might rightly be reconsidering their future. But cast a wi ...
Saturday, 16 November 19
OIL MARKET REPORT: PAUSING TO REFLECT - IEA
Global oil demand in 3Q19 increased by 1.1 mb/d year-on-year (y-o-y), more than double the 435 kb/d seen in 2Q19. China’s demand increased by ...
Friday, 15 November 19
RISING ENERGY DEMAND IN SOUTHEAST ASIA TO BE MET AND SUPPORTED BY COAL - WORLD COAL
Last week the International Energy Agency (IEA) released its semi-annual Southeast Asia Energy Outlook report which outlines the latest insights in ...
Thursday, 14 November 19
EIA EXPECTS U.S. STEAM COAL EXPORTS TO FACE INCREASING COMPETITION FROM EASTERN EUROPEAN SOURCES
EIA expects total U.S. coal production in 2019 to total 698 million short tons (MMst), an 8% decrease from the 2018 level of 756 MMst. The decline ...
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- Bhatia International Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Parliament of New Zealand
- IHS Mccloskey Coal Group - USA
- Attock Cement Pakistan Limited
- Sinarmas Energy and Mining - Indonesia
- Vedanta Resources Plc - India
- Georgia Ports Authority, United States
- GAC Shipping (India) Pvt Ltd
- GVK Power & Infra Limited - India
- SN Aboitiz Power Inc, Philippines
- Simpson Spence & Young - Indonesia
- Bukit Baiduri Energy - Indonesia
- Makarim & Taira - Indonesia
- Minerals Council of Australia
- IEA Clean Coal Centre - UK
- Bayan Resources Tbk. - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Romanian Commodities Exchange
- Standard Chartered Bank - UAE
- Lanco Infratech Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Aditya Birla Group - India
- GN Power Mariveles Coal Plant, Philippines
- Global Green Power PLC Corporation, Philippines
- Central Electricity Authority - India
- Jaiprakash Power Ventures ltd
- Madhucon Powers Ltd - India
- Indonesian Coal Mining Association
- AsiaOL BioFuels Corp., Philippines
- Sindya Power Generating Company Private Ltd
- Independent Power Producers Association of India
- Ind-Barath Power Infra Limited - India
- VISA Power Limited - India
- Bhoruka Overseas - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- GMR Energy Limited - India
- Indo Tambangraya Megah - Indonesia
- Electricity Generating Authority of Thailand
- Intertek Mineral Services - Indonesia
- Essar Steel Hazira Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Kartika Selabumi Mining - Indonesia
- PowerSource Philippines DevCo
- McConnell Dowell - Australia
- Grasim Industreis Ltd - India
- Maheswari Brothers Coal Limited - India
- ASAPP Information Group - India
- Bulk Trading Sa - Switzerland
- Ministry of Mines - Canada
- Global Business Power Corporation, Philippines
- Posco Energy - South Korea
- Altura Mining Limited, Indonesia
- OPG Power Generation Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Electricity Authority, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Formosa Plastics Group - Taiwan
- Sarangani Energy Corporation, Philippines
- White Energy Company Limited
- Kaltim Prima Coal - Indonesia
- Baramulti Group, Indonesia
- Borneo Indobara - Indonesia
- Meenaskhi Energy Private Limited - India
- Energy Development Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Heidelberg Cement - Germany
- Iligan Light & Power Inc, Philippines
- Energy Link Ltd, New Zealand
- Kumho Petrochemical, South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Barasentosa Lestari - Indonesia
- Ministry of Transport, Egypt
- Bukit Makmur.PT - Indonesia
- Vizag Seaport Private Limited - India
- Medco Energi Mining Internasional
- Indogreen Group - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Maharashtra Electricity Regulatory Commission - India
- Bukit Asam (Persero) Tbk - Indonesia
- Coalindo Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- European Bulk Services B.V. - Netherlands
- Dalmia Cement Bharat India
- LBH Netherlands Bv - Netherlands
- Siam City Cement PLC, Thailand
- Aboitiz Power Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Finance - Indonesia
- Semirara Mining and Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Trasteel International SA, Italy
- Africa Commodities Group - South Africa
- Tamil Nadu electricity Board
- Marubeni Corporation - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Wood Mackenzie - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Videocon Industries ltd - India
- Wilmar Investment Holdings
- Interocean Group of Companies - India
- Riau Bara Harum - Indonesia
- Salva Resources Pvt Ltd - India
- Orica Mining Services - Indonesia
- Orica Australia Pty. Ltd.
- Eastern Coal Council - USA
- Rashtriya Ispat Nigam Limited - India
- International Coal Ventures Pvt Ltd - India
- Chamber of Mines of South Africa
- Samtan Co., Ltd - South Korea
- ICICI Bank Limited - India
- Indika Energy - Indonesia
- Port Waratah Coal Services - Australia
- Rio Tinto Coal - Australia
- Sakthi Sugars Limited - India
- CNBM International Corporation - China
- Globalindo Alam Lestari - Indonesia
- Mercator Lines Limited - India
- Larsen & Toubro Limited - India
- Banpu Public Company Limited - Thailand
- Meralco Power Generation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Mintek Dendrill Indonesia
- Antam Resourcindo - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Kobexindo Tractors - Indoneisa
- Savvy Resources Ltd - HongKong
- Cement Manufacturers Association - India
- Merrill Lynch Commodities Europe
- Singapore Mercantile Exchange
- Thai Mozambique Logistica
- The University of Queensland
- Power Finance Corporation Ltd., India
- SMC Global Power, Philippines
- Petron Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- London Commodity Brokers - England
- Karaikal Port Pvt Ltd - India
- Bharathi Cement Corporation - India
- Economic Council, Georgia
- Mercuria Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- India Bulls Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Central Java Power - Indonesia
- Mjunction Services Limited - India
- Kideco Jaya Agung - Indonesia
- Kepco SPC Power Corporation, Philippines
- Malabar Cements Ltd - India
- Metalloyd Limited - United Kingdom
- Therma Luzon, Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Straits Asia Resources Limited - Singapore
- Bhushan Steel Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Parry Sugars Refinery, India
- Thiess Contractors Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Semirara Mining Corp, Philippines
- Australian Coal Association
- Sical Logistics Limited - India
- PTC India Limited - India
- New Zealand Coal & Carbon
- Indian Oil Corporation Limited
- PNOC Exploration Corporation - Philippines
- Coal and Oil Company - UAE
- Indian Energy Exchange, India
- Anglo American - United Kingdom
- Goldman Sachs - Singapore
- Edison Trading Spa - Italy
- Karbindo Abesyapradhi - Indoneisa
- Planning Commission, India
- Sojitz Corporation - Japan
- Krishnapatnam Port Company Ltd. - India
- Agrawal Coal Company - India
- Bangladesh Power Developement Board
- Xindia Steels Limited - India
- Eastern Energy - Thailand
- Gujarat Sidhee Cement - India
- Ambuja Cements Ltd - India
- CIMB Investment Bank - Malaysia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Tata Chemicals Ltd - India
- Toyota Tsusho Corporation, Japan
- The Treasury - Australian Government
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pendopo Energi Batubara - Indonesia
- The State Trading Corporation of India Ltd
- Deloitte Consulting - India
- South Luzon Thermal Energy Corporation
- Directorate Of Revenue Intelligence - India
- Holcim Trading Pte Ltd - Singapore
- TeaM Sual Corporation - Philippines
- Australian Commodity Traders Exchange
- Coastal Gujarat Power Limited - India
- Uttam Galva Steels Limited - India
- Renaissance Capital - South Africa
- Jorong Barutama Greston.PT - Indonesia
- Latin American Coal - Colombia
- Commonwealth Bank - Australia
- Siam City Cement - Thailand
- Binh Thuan Hamico - Vietnam
- Gujarat Electricity Regulatory Commission - India
- Oldendorff Carriers - Singapore
- MS Steel International - UAE
- Carbofer General Trading SA - India
- Miang Besar Coal Terminal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Manunggal Multi Energi - Indonesia
- Jindal Steel & Power Ltd - India
- Star Paper Mills Limited - India
- Ceylon Electricity Board - Sri Lanka
- SMG Consultants - Indonesia
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