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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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Tuesday, 17 September 19
THE DRY BULK FREIGHT MARKET IS ALREADY ON A DOWNWARD CORRECTION - ALLIED
Here we are again, just a breath before the final quarter of the year. Under typical circumstances and on the basis of what we have seen during the ...
Monday, 16 September 19
COLOMBIAN COAL PRODUCTION TO FALL 5% THIS YEAR, MINING GROUP SAYS - REUTERS
Colombia’s coal production will decline to around 80 million tonnes in 2019, nearly 5% below last year’s, because of low prices and dro ...
Monday, 16 September 19
THE COAL-D SHOULDER? - BALTIC EXCHANGE
Good fortune and the number 13 don’t usually go hand in hand, but when it comes to coal, 2013 actually seems to have been the commodity&rsquo ...
Monday, 16 September 19
SCRUBBERS AND FUEL PROFIT SHARE CLAUSES - CLYDE&CO
From 1 January 2020, Regulation 14 of MARPOL Annex VI provides that the sulphur content in fuel oil used on board ships shall be reduced from a max ...
Monday, 16 September 19
KOREA SOUTH-EAST POWER INVITES BIDS FOR MAX 1,290,000 METRIC TONS OF STEAMING COAL
COALspot.com: South Korea’s Korea East-West Power Co. Ltd has issued an international tender for total 1,290,000 Metric Tons steam coal.
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- Electricity Authority, New Zealand
- CNBM International Corporation - China
- Bukit Makmur.PT - Indonesia
- Samtan Co., Ltd - South Korea
- Timah Investasi Mineral - Indoneisa
- Tamil Nadu electricity Board
- Manunggal Multi Energi - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bhatia International Limited - India
- LBH Netherlands Bv - Netherlands
- Meralco Power Generation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Borneo Indobara - Indonesia
- Georgia Ports Authority, United States
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Price Waterhouse Coopers - Russia
- Parliament of New Zealand
- Kepco SPC Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Eastern Energy - Thailand
- Goldman Sachs - Singapore
- Ministry of Transport, Egypt
- Bank of Tokyo Mitsubishi UFJ Ltd
- Merrill Lynch Commodities Europe
- Bukit Asam (Persero) Tbk - Indonesia
- Savvy Resources Ltd - HongKong
- Cement Manufacturers Association - India
- Billiton Holdings Pty Ltd - Australia
- Baramulti Group, Indonesia
- Sakthi Sugars Limited - India
- Posco Energy - South Korea
- IHS Mccloskey Coal Group - USA
- Tata Chemicals Ltd - India
- Global Coal Blending Company Limited - Australia
- VISA Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Commonwealth Bank - Australia
- Simpson Spence & Young - Indonesia
- TeaM Sual Corporation - Philippines
- ASAPP Information Group - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Antam Resourcindo - Indonesia
- Central Java Power - Indonesia
- Attock Cement Pakistan Limited
- Xindia Steels Limited - India
- Carbofer General Trading SA - India
- CIMB Investment Bank - Malaysia
- Kaltim Prima Coal - Indonesia
- PNOC Exploration Corporation - Philippines
- Marubeni Corporation - India
- Gujarat Sidhee Cement - India
- Malabar Cements Ltd - India
- Salva Resources Pvt Ltd - India
- Minerals Council of Australia
- Iligan Light & Power Inc, Philippines
- IEA Clean Coal Centre - UK
- Aboitiz Power Corporation - Philippines
- Power Finance Corporation Ltd., India
- Sojitz Corporation - Japan
- PowerSource Philippines DevCo
- OPG Power Generation Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Singapore Mercantile Exchange
- Larsen & Toubro Limited - India
- Electricity Generating Authority of Thailand
- Australian Commodity Traders Exchange
- Kideco Jaya Agung - Indonesia
- Siam City Cement - Thailand
- Orica Australia Pty. Ltd.
- Videocon Industries ltd - India
- Bhushan Steel Limited - India
- Leighton Contractors Pty Ltd - Australia
- Jindal Steel & Power Ltd - India
- Semirara Mining Corp, Philippines
- Edison Trading Spa - Italy
- Eastern Coal Council - USA
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PetroVietnam Power Coal Import and Supply Company
- ICICI Bank Limited - India
- Sindya Power Generating Company Private Ltd
- Oldendorff Carriers - Singapore
- Renaissance Capital - South Africa
- Star Paper Mills Limited - India
- Maheswari Brothers Coal Limited - India
- South Luzon Thermal Energy Corporation
- SMC Global Power, Philippines
- Intertek Mineral Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Uttam Galva Steels Limited - India
- Alfred C Toepfer International GmbH - Germany
- Metalloyd Limited - United Kingdom
- Sical Logistics Limited - India
- International Coal Ventures Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Agrawal Coal Company - India
- Kalimantan Lumbung Energi - Indonesia
- Madhucon Powers Ltd - India
- Indogreen Group - Indonesia
- Semirara Mining and Power Corporation, Philippines
- India Bulls Power Limited - India
- Essar Steel Hazira Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Global Green Power PLC Corporation, Philippines
- Chamber of Mines of South Africa
- Directorate Of Revenue Intelligence - India
- Coastal Gujarat Power Limited - India
- Makarim & Taira - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bulk Trading Sa - Switzerland
- GAC Shipping (India) Pvt Ltd
- Africa Commodities Group - South Africa
- Planning Commission, India
- Vedanta Resources Plc - India
- Wood Mackenzie - Singapore
- Central Electricity Authority - India
- Mintek Dendrill Indonesia
- Australian Coal Association
- Port Waratah Coal Services - Australia
- Heidelberg Cement - Germany
- SMG Consultants - Indonesia
- Ministry of Finance - Indonesia
- London Commodity Brokers - England
- GN Power Mariveles Coal Plant, Philippines
- Miang Besar Coal Terminal - Indonesia
- Medco Energi Mining Internasional
- MS Steel International - UAE
- Altura Mining Limited, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Petron Corporation, Philippines
- Siam City Cement PLC, Thailand
- GMR Energy Limited - India
- Krishnapatnam Port Company Ltd. - India
- Mercuria Energy - Indonesia
- Standard Chartered Bank - UAE
- San Jose City I Power Corp, Philippines
- White Energy Company Limited
- Cigading International Bulk Terminal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Romanian Commodities Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The State Trading Corporation of India Ltd
- Coal and Oil Company - UAE
- Mercator Lines Limited - India
- Aditya Birla Group - India
- PTC India Limited - India
- Economic Council, Georgia
- Mjunction Services Limited - India
- Kapuas Tunggal Persada - Indonesia
- Parry Sugars Refinery, India
- Ambuja Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Energy Development Corp, Philippines
- Rio Tinto Coal - Australia
- McConnell Dowell - Australia
- Thai Mozambique Logistica
- Anglo American - United Kingdom
- Pendopo Energi Batubara - Indonesia
- Indian Oil Corporation Limited
- Bukit Baiduri Energy - Indonesia
- Coalindo Energy - Indonesia
- Vizag Seaport Private Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Kumho Petrochemical, South Korea
- AsiaOL BioFuels Corp., Philippines
- Bharathi Cement Corporation - India
- Maharashtra Electricity Regulatory Commission - India
- Indonesian Coal Mining Association
- Thiess Contractors Indonesia
- European Bulk Services B.V. - Netherlands
- Lanco Infratech Ltd - India
- Latin American Coal - Colombia
- Therma Luzon, Inc, Philippines
- Grasim Industreis Ltd - India
- Sarangani Energy Corporation, Philippines
- Indika Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Toyota Tsusho Corporation, Japan
- New Zealand Coal & Carbon
- Indian Energy Exchange, India
- Global Business Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- The University of Queensland
- Independent Power Producers Association of India
- GVK Power & Infra Limited - India
- Formosa Plastics Group - Taiwan
- Energy Link Ltd, New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Bhoruka Overseas - Indonesia
- Orica Mining Services - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Dalmia Cement Bharat India
- Deloitte Consulting - India
- Ministry of Mines - Canada
- SN Aboitiz Power Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Karaikal Port Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Bangladesh Power Developement Board
- Riau Bara Harum - Indonesia
- Meenaskhi Energy Private Limited - India
- Straits Asia Resources Limited - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Globalindo Alam Lestari - Indonesia
- The Treasury - Australian Government
- Ind-Barath Power Infra Limited - India
- Ceylon Electricity Board - Sri Lanka
- Trasteel International SA, Italy
- Bahari Cakrawala Sebuku - Indonesia
- Wilmar Investment Holdings
- Interocean Group of Companies - India
- Chettinad Cement Corporation Ltd - India
- Kobexindo Tractors - Indoneisa
- Binh Thuan Hamico - Vietnam
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