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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, 04 November 19
COAL INDIA'S OCTOBER PRODUCTION MAY FALL 20% - PTI
Coal India’s production in October is likely to be 19-20 per cent lower at about 40 million tonne, as compared to 49.77 million tonne produce ...
Monday, 04 November 19
PANAMAX: WEAKER SENTIMENTS CONTINUED FROM LAST WEEK, WITH RATES FURTHER SOFTENING IN BOTH BASINS - BALTIC BRIEFING
Capesize
The Capesize market meandered slightly upwards this week before giving back much of its gains mid-week. Opening the week at $24,945, t ...
Thursday, 31 October 19
U.S. COAL-FIRED POWER PLANTS SCHEDULED TO SHUT - REUTERS
U.S. power companies expect to retire or convert from coal to gas over 13,800 megawatts (MW) of coal-fired plants in 2019 after shutting over 13,30 ...
Thursday, 31 October 19
SE ASIA MAY BECOME NET FOSSIL FUEL IMPORTER IN COMING YEARS - IEA
Southeast Asia is set to become a key driver of world energy trends over the next 20 years as its energy demand grows at twice the global average, ...
Monday, 28 October 19
ULTRAMAX: ASIA RATES REMAINED UNDER PRESSURE WITH THE NORTH LACKING FRESH ENQUIRY - BALTIC BRIEFING
Capesize
The end of the week brought about a small increase in sentiment heading into a long weekend for some regions. After sustaining a drop ...
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- Economic Council, Georgia
- Madhucon Powers Ltd - India
- Kumho Petrochemical, South Korea
- Bahari Cakrawala Sebuku - Indonesia
- McConnell Dowell - Australia
- Dalmia Cement Bharat India
- Orica Australia Pty. Ltd.
- Commonwealth Bank - Australia
- Simpson Spence & Young - Indonesia
- Indian Oil Corporation Limited
- Ministry of Transport, Egypt
- Eastern Coal Council - USA
- Coalindo Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Chettinad Cement Corporation Ltd - India
- South Luzon Thermal Energy Corporation
- Rio Tinto Coal - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SMC Global Power, Philippines
- Krishnapatnam Port Company Ltd. - India
- Asmin Koalindo Tuhup - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Savvy Resources Ltd - HongKong
- Directorate Of Revenue Intelligence - India
- The Treasury - Australian Government
- International Coal Ventures Pvt Ltd - India
- Mintek Dendrill Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Georgia Ports Authority, United States
- Indian Energy Exchange, India
- Semirara Mining and Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Deloitte Consulting - India
- Intertek Mineral Services - Indonesia
- Bayan Resources Tbk. - Indonesia
- Jaiprakash Power Ventures ltd
- Standard Chartered Bank - UAE
- Mjunction Services Limited - India
- Therma Luzon, Inc, Philippines
- Sical Logistics Limited - India
- White Energy Company Limited
- Australian Coal Association
- Salva Resources Pvt Ltd - India
- Petron Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Trasteel International SA, Italy
- Globalindo Alam Lestari - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Coal and Oil Company - UAE
- Sojitz Corporation - Japan
- Bukit Makmur.PT - Indonesia
- Samtan Co., Ltd - South Korea
- Alfred C Toepfer International GmbH - Germany
- Karbindo Abesyapradhi - Indoneisa
- Bharathi Cement Corporation - India
- Mercator Lines Limited - India
- Goldman Sachs - Singapore
- IEA Clean Coal Centre - UK
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Sidhee Cement - India
- Mercuria Energy - Indonesia
- Essar Steel Hazira Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- PTC India Limited - India
- Miang Besar Coal Terminal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Wood Mackenzie - Singapore
- Singapore Mercantile Exchange
- Bhoruka Overseas - Indonesia
- Eastern Energy - Thailand
- Orica Mining Services - Indonesia
- PowerSource Philippines DevCo
- Energy Development Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Iligan Light & Power Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Vizag Seaport Private Limited - India
- Power Finance Corporation Ltd., India
- Bhushan Steel Limited - India
- Pendopo Energi Batubara - Indonesia
- Tamil Nadu electricity Board
- GAC Shipping (India) Pvt Ltd
- San Jose City I Power Corp, Philippines
- Parry Sugars Refinery, India
- Thai Mozambique Logistica
- Uttam Galva Steels Limited - India
- Sindya Power Generating Company Private Ltd
- Kideco Jaya Agung - Indonesia
- Bhatia International Limited - India
- Cigading International Bulk Terminal - Indonesia
- TeaM Sual Corporation - Philippines
- Cement Manufacturers Association - India
- Antam Resourcindo - Indonesia
- Riau Bara Harum - Indonesia
- Binh Thuan Hamico - Vietnam
- Carbofer General Trading SA - India
- OPG Power Generation Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Chamber of Mines of South Africa
- Parliament of New Zealand
- Bulk Trading Sa - Switzerland
- Tata Chemicals Ltd - India
- Indika Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Formosa Plastics Group - Taiwan
- Bukit Asam (Persero) Tbk - Indonesia
- Global Coal Blending Company Limited - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- London Commodity Brokers - England
- Ambuja Cements Ltd - India
- Wilmar Investment Holdings
- Edison Trading Spa - Italy
- Gujarat Electricity Regulatory Commission - India
- Toyota Tsusho Corporation, Japan
- Videocon Industries ltd - India
- Straits Asia Resources Limited - Singapore
- Central Java Power - Indonesia
- Minerals Council of Australia
- Xindia Steels Limited - India
- Interocean Group of Companies - India
- GMR Energy Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bangladesh Power Developement Board
- Thiess Contractors Indonesia
- Central Electricity Authority - India
- Anglo American - United Kingdom
- Timah Investasi Mineral - Indoneisa
- Manunggal Multi Energi - Indonesia
- Attock Cement Pakistan Limited
- Romanian Commodities Exchange
- Kalimantan Lumbung Energi - Indonesia
- India Bulls Power Limited - India
- PNOC Exploration Corporation - Philippines
- ASAPP Information Group - India
- Kaltim Prima Coal - Indonesia
- Merrill Lynch Commodities Europe
- Sarangani Energy Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- MS Steel International - UAE
- Electricity Generating Authority of Thailand
- Ceylon Electricity Board - Sri Lanka
- Makarim & Taira - Indonesia
- SMG Consultants - Indonesia
- European Bulk Services B.V. - Netherlands
- Gujarat Mineral Development Corp Ltd - India
- Aditya Birla Group - India
- Kepco SPC Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Grasim Industreis Ltd - India
- Ind-Barath Power Infra Limited - India
- AsiaOL BioFuels Corp., Philippines
- Rashtriya Ispat Nigam Limited - India
- Billiton Holdings Pty Ltd - Australia
- Renaissance Capital - South Africa
- Lanco Infratech Ltd - India
- Global Business Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Meralco Power Generation, Philippines
- Sree Jayajothi Cements Limited - India
- Indogreen Group - Indonesia
- New Zealand Coal & Carbon
- Port Waratah Coal Services - Australia
- Electricity Authority, New Zealand
- Oldendorff Carriers - Singapore
- Kobexindo Tractors - Indoneisa
- Australian Commodity Traders Exchange
- Ministry of Finance - Indonesia
- The State Trading Corporation of India Ltd
- VISA Power Limited - India
- Jindal Steel & Power Ltd - India
- Heidelberg Cement - Germany
- Banpu Public Company Limited - Thailand
- Malabar Cements Ltd - India
- Aboitiz Power Corporation - Philippines
- Baramulti Group, Indonesia
- Metalloyd Limited - United Kingdom
- The University of Queensland
- Coastal Gujarat Power Limited - India
- Meenaskhi Energy Private Limited - India
- Sinarmas Energy and Mining - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Marubeni Corporation - India
- SN Aboitiz Power Inc, Philippines
- CNBM International Corporation - China
- ICICI Bank Limited - India
- Siam City Cement PLC, Thailand
- Semirara Mining Corp, Philippines
- Larsen & Toubro Limited - India
- Independent Power Producers Association of India
- Planning Commission, India
- GVK Power & Infra Limited - India
- Posco Energy - South Korea
- Agrawal Coal Company - India
- Kohat Cement Company Ltd. - Pakistan
- Barasentosa Lestari - Indonesia
- Siam City Cement - Thailand
- CIMB Investment Bank - Malaysia
- Price Waterhouse Coopers - Russia
- Indo Tambangraya Megah - Indonesia
- Energy Link Ltd, New Zealand
- Indonesian Coal Mining Association
- Vedanta Resources Plc - India
- Pipit Mutiara Jaya. PT, Indonesia
- IHS Mccloskey Coal Group - USA
- Ministry of Mines - Canada
- Leighton Contractors Pty Ltd - Australia
- Latin American Coal - Colombia
- Medco Energi Mining Internasional
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Borneo Indobara - Indonesia
- Africa Commodities Group - South Africa
- Star Paper Mills Limited - India
- Bukit Baiduri Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Green Power PLC Corporation, Philippines
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