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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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Thursday, 24 October 19
AUSTRALIA'S HOPES TO EXPAND COAL EXPORTS IN SOUTH-EAST ASIA 'DELUSIONAL', EXPERTS SAY - THE GUARDIAN
The number of new coal-fired power plants starting construction across south-east Asia has fallen markedly over the past two years as Australia has ...
Thursday, 24 October 19
PANAMAX: NEGATIVE SENTIMENT IN THE MARKET AS IT CONTINUES TO WEAKEN - FEARNLEYS
Capesize
The market has continued to slide the last week, as lack of fresh requirements and a slight oversupply of tonnage heading towards Sout ...
Wednesday, 23 October 19
CHINA'S 2019 COAL IMPORTS SET TO RISE MORE THAN 10%: ANALYSTS - REUTERS
China, the world’s top coal buyer, is on track to boost imports of the fuel by more than 10% this year, traders and analysts said on Tuesday, ...
Wednesday, 23 October 19
SHIPPING MARKET INSIGHT - INTERMODAL
Moving closer to the end of the year, we are facing what the market was expecting for quite a while, the ship repair sector booming with the shipya ...
Tuesday, 22 October 19
DRY BULK: DESPITE THE DOWNWARD CORRECTION NOTED OVER THE PAST MONTH, RATES ARE STILL HOLDING OFF AT FAVORABLE LEVELS - ALLIED SHIPPING
Despite the downward correction that has been noted in the dry bulk market over the past month, rates are still holding off at favorable levels. Ev ...
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- Electricity Generating Authority of Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Miang Besar Coal Terminal - Indonesia
- PowerSource Philippines DevCo
- MS Steel International - UAE
- GVK Power & Infra Limited - India
- Siam City Cement - Thailand
- Riau Bara Harum - Indonesia
- SN Aboitiz Power Inc, Philippines
- Karaikal Port Pvt Ltd - India
- PTC India Limited - India
- Tata Chemicals Ltd - India
- Carbofer General Trading SA - India
- Sojitz Corporation - Japan
- New Zealand Coal & Carbon
- ASAPP Information Group - India
- Iligan Light & Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Gujarat Mineral Development Corp Ltd - India
- India Bulls Power Limited - India
- Central Java Power - Indonesia
- Coal and Oil Company - UAE
- Mercator Lines Limited - India
- Standard Chartered Bank - UAE
- Rio Tinto Coal - Australia
- Ministry of Finance - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Goldman Sachs - Singapore
- Heidelberg Cement - Germany
- Indo Tambangraya Megah - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Banpu Public Company Limited - Thailand
- Price Waterhouse Coopers - Russia
- Australian Coal Association
- Ceylon Electricity Board - Sri Lanka
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Merrill Lynch Commodities Europe
- Sindya Power Generating Company Private Ltd
- Edison Trading Spa - Italy
- Bukit Baiduri Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Kapuas Tunggal Persada - Indonesia
- Global Business Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Manunggal Multi Energi - Indonesia
- Sakthi Sugars Limited - India
- OPG Power Generation Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Borneo Indobara - Indonesia
- Wood Mackenzie - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Posco Energy - South Korea
- CIMB Investment Bank - Malaysia
- Tamil Nadu electricity Board
- Altura Mining Limited, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Malabar Cements Ltd - India
- GMR Energy Limited - India
- Chettinad Cement Corporation Ltd - India
- Orica Mining Services - Indonesia
- Indonesian Coal Mining Association
- IHS Mccloskey Coal Group - USA
- VISA Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Dalmia Cement Bharat India
- Indogreen Group - Indonesia
- Mercuria Energy - Indonesia
- Wilmar Investment Holdings
- CNBM International Corporation - China
- Samtan Co., Ltd - South Korea
- Parry Sugars Refinery, India
- European Bulk Services B.V. - Netherlands
- TeaM Sual Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Central Electricity Authority - India
- Gujarat Sidhee Cement - India
- Sarangani Energy Corporation, Philippines
- Latin American Coal - Colombia
- Marubeni Corporation - India
- Minerals Council of Australia
- Energy Link Ltd, New Zealand
- The University of Queensland
- Star Paper Mills Limited - India
- SMG Consultants - Indonesia
- Semirara Mining Corp, Philippines
- Medco Energi Mining Internasional
- Meenaskhi Energy Private Limited - India
- Barasentosa Lestari - Indonesia
- Mintek Dendrill Indonesia
- Baramulti Group, Indonesia
- Singapore Mercantile Exchange
- Globalindo Alam Lestari - Indonesia
- Coalindo Energy - Indonesia
- SMC Global Power, Philippines
- Siam City Cement PLC, Thailand
- Toyota Tsusho Corporation, Japan
- London Commodity Brokers - England
- Kartika Selabumi Mining - Indonesia
- Sree Jayajothi Cements Limited - India
- Kalimantan Lumbung Energi - Indonesia
- White Energy Company Limited
- Bharathi Cement Corporation - India
- Romanian Commodities Exchange
- Larsen & Toubro Limited - India
- Parliament of New Zealand
- Makarim & Taira - Indonesia
- Bhushan Steel Limited - India
- The Treasury - Australian Government
- Karbindo Abesyapradhi - Indoneisa
- Vedanta Resources Plc - India
- Semirara Mining and Power Corporation, Philippines
- Petron Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Global Green Power PLC Corporation, Philippines
- Planning Commission, India
- Electricity Authority, New Zealand
- Videocon Industries ltd - India
- Bangladesh Power Developement Board
- Timah Investasi Mineral - Indoneisa
- The State Trading Corporation of India Ltd
- PNOC Exploration Corporation - Philippines
- Port Waratah Coal Services - Australia
- Chamber of Mines of South Africa
- Bhoruka Overseas - Indonesia
- ICICI Bank Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kepco SPC Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Kideco Jaya Agung - Indonesia
- Eastern Energy - Thailand
- South Luzon Thermal Energy Corporation
- Sinarmas Energy and Mining - Indonesia
- Anglo American - United Kingdom
- Independent Power Producers Association of India
- Bayan Resources Tbk. - Indonesia
- LBH Netherlands Bv - Netherlands
- Salva Resources Pvt Ltd - India
- Ministry of Mines - Canada
- Orica Australia Pty. Ltd.
- Kohat Cement Company Ltd. - Pakistan
- Uttam Galva Steels Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Renaissance Capital - South Africa
- Petrochimia International Co. Ltd.- Taiwan
- Leighton Contractors Pty Ltd - Australia
- Aboitiz Power Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Jindal Steel & Power Ltd - India
- Madhucon Powers Ltd - India
- Intertek Mineral Services - Indonesia
- Grasim Industreis Ltd - India
- Pendopo Energi Batubara - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Thai Mozambique Logistica
- Therma Luzon, Inc, Philippines
- Jaiprakash Power Ventures ltd
- Kumho Petrochemical, South Korea
- Coastal Gujarat Power Limited - India
- Vizag Seaport Private Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- International Coal Ventures Pvt Ltd - India
- Indika Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Meralco Power Generation, Philippines
- San Jose City I Power Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Indian Energy Exchange, India
- Neyveli Lignite Corporation Ltd, - India
- Ambuja Cements Ltd - India
- Indian Oil Corporation Limited
- Alfred C Toepfer International GmbH - Germany
- Georgia Ports Authority, United States
- Sical Logistics Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bhatia International Limited - India
- McConnell Dowell - Australia
- Kobexindo Tractors - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Trasteel International SA, Italy
- Directorate Of Revenue Intelligence - India
- Metalloyd Limited - United Kingdom
- Oldendorff Carriers - Singapore
- Interocean Group of Companies - India
- Commonwealth Bank - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Xindia Steels Limited - India
- Thiess Contractors Indonesia
- Antam Resourcindo - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Cement Manufacturers Association - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Australian Commodity Traders Exchange
- AsiaOL BioFuels Corp., Philippines
- Essar Steel Hazira Ltd - India
- Energy Development Corp, Philippines
- Savvy Resources Ltd - HongKong
- Bulk Trading Sa - Switzerland
- Attock Cement Pakistan Limited
- Economic Council, Georgia
- Lanco Infratech Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Global Coal Blending Company Limited - Australia
- Eastern Coal Council - USA
- Agrawal Coal Company - India
- Simpson Spence & Young - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Deloitte Consulting - India
- Power Finance Corporation Ltd., India
- Bukit Makmur.PT - Indonesia
- Africa Commodities Group - South Africa
- Aditya Birla Group - India
- Mjunction Services Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Transport, Egypt
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