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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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- Ind-Barath Power Infra Limited - India
- Latin American Coal - Colombia
- PetroVietnam Power Coal Import and Supply Company
- Sree Jayajothi Cements Limited - India
- Pendopo Energi Batubara - Indonesia
- Timah Investasi Mineral - Indoneisa
- Commonwealth Bank - Australia
- Videocon Industries ltd - India
- Kepco SPC Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Orica Australia Pty. Ltd.
- Orica Mining Services - Indonesia
- Coastal Gujarat Power Limited - India
- The University of Queensland
- Coal and Oil Company - UAE
- Dalmia Cement Bharat India
- Aboitiz Power Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Kartika Selabumi Mining - Indonesia
- Independent Power Producers Association of India
- Bharathi Cement Corporation - India
- Vijayanagar Sugar Pvt Ltd - India
- Posco Energy - South Korea
- Larsen & Toubro Limited - India
- Indo Tambangraya Megah - Indonesia
- Indogreen Group - Indonesia
- Sical Logistics Limited - India
- Energy Link Ltd, New Zealand
- Formosa Plastics Group - Taiwan
- Power Finance Corporation Ltd., India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thai Mozambique Logistica
- CIMB Investment Bank - Malaysia
- Electricity Authority, New Zealand
- MS Steel International - UAE
- Neyveli Lignite Corporation Ltd, - India
- Vedanta Resources Plc - India
- Bukit Baiduri Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Maheswari Brothers Coal Limited - India
- Simpson Spence & Young - Indonesia
- Renaissance Capital - South Africa
- Global Coal Blending Company Limited - Australia
- SMC Global Power, Philippines
- LBH Netherlands Bv - Netherlands
- Ministry of Finance - Indonesia
- Carbofer General Trading SA - India
- Standard Chartered Bank - UAE
- Metalloyd Limited - United Kingdom
- GAC Shipping (India) Pvt Ltd
- Vizag Seaport Private Limited - India
- Central Electricity Authority - India
- Bhushan Steel Limited - India
- Indian Oil Corporation Limited
- Kumho Petrochemical, South Korea
- Bayan Resources Tbk. - Indonesia
- Barasentosa Lestari - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Australian Coal Association
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mintek Dendrill Indonesia
- Salva Resources Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Kaltim Prima Coal - Indonesia
- GMR Energy Limited - India
- Oldendorff Carriers - Singapore
- Star Paper Mills Limited - India
- Electricity Generating Authority of Thailand
- Romanian Commodities Exchange
- Indian Energy Exchange, India
- Kalimantan Lumbung Energi - Indonesia
- Bukit Makmur.PT - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Meenaskhi Energy Private Limited - India
- Semirara Mining and Power Corporation, Philippines
- Global Business Power Corporation, Philippines
- Eastern Coal Council - USA
- Kideco Jaya Agung - Indonesia
- Australian Commodity Traders Exchange
- ICICI Bank Limited - India
- Wilmar Investment Holdings
- Kobexindo Tractors - Indoneisa
- Eastern Energy - Thailand
- Ambuja Cements Ltd - India
- Africa Commodities Group - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Banpu Public Company Limited - Thailand
- Cigading International Bulk Terminal - Indonesia
- Lanco Infratech Ltd - India
- Minerals Council of Australia
- TeaM Sual Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Iligan Light & Power Inc, Philippines
- Borneo Indobara - Indonesia
- International Coal Ventures Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- SN Aboitiz Power Inc, Philippines
- Cement Manufacturers Association - India
- Miang Besar Coal Terminal - Indonesia
- Grasim Industreis Ltd - India
- Baramulti Group, Indonesia
- Parliament of New Zealand
- Jindal Steel & Power Ltd - India
- New Zealand Coal & Carbon
- IEA Clean Coal Centre - UK
- Aditya Birla Group - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sarangani Energy Corporation, Philippines
- Singapore Mercantile Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Agrawal Coal Company - India
- GN Power Mariveles Coal Plant, Philippines
- Heidelberg Cement - Germany
- Anglo American - United Kingdom
- Bulk Trading Sa - Switzerland
- Bhatia International Limited - India
- Siam City Cement PLC, Thailand
- Rashtriya Ispat Nigam Limited - India
- White Energy Company Limited
- South Luzon Thermal Energy Corporation
- Kapuas Tunggal Persada - Indonesia
- Directorate Of Revenue Intelligence - India
- Bhoruka Overseas - Indonesia
- PNOC Exploration Corporation - Philippines
- Uttam Galva Steels Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sakthi Sugars Limited - India
- Madhucon Powers Ltd - India
- Jaiprakash Power Ventures ltd
- Bangladesh Power Developement Board
- Antam Resourcindo - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Sojitz Corporation - Japan
- SMG Consultants - Indonesia
- Parry Sugars Refinery, India
- Medco Energi Mining Internasional
- Gujarat Mineral Development Corp Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Meralco Power Generation, Philippines
- VISA Power Limited - India
- Energy Development Corp, Philippines
- Makarim & Taira - Indonesia
- Xindia Steels Limited - India
- Mercuria Energy - Indonesia
- Semirara Mining Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Rio Tinto Coal - Australia
- Kohat Cement Company Ltd. - Pakistan
- Price Waterhouse Coopers - Russia
- Economic Council, Georgia
- Krishnapatnam Port Company Ltd. - India
- Mercator Lines Limited - India
- Manunggal Multi Energi - Indonesia
- Mjunction Services Limited - India
- McConnell Dowell - Australia
- London Commodity Brokers - England
- Bukit Asam (Persero) Tbk - Indonesia
- GVK Power & Infra Limited - India
- AsiaOL BioFuels Corp., Philippines
- Indonesian Coal Mining Association
- European Bulk Services B.V. - Netherlands
- Intertek Mineral Services - Indonesia
- Deloitte Consulting - India
- PowerSource Philippines DevCo
- Siam City Cement - Thailand
- Essar Steel Hazira Ltd - India
- The Treasury - Australian Government
- Samtan Co., Ltd - South Korea
- Petron Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Ministry of Transport, Egypt
- Trasteel International SA, Italy
- India Bulls Power Limited - India
- The State Trading Corporation of India Ltd
- Edison Trading Spa - Italy
- Asmin Koalindo Tuhup - Indonesia
- ASAPP Information Group - India
- Sindya Power Generating Company Private Ltd
- Global Green Power PLC Corporation, Philippines
- Riau Bara Harum - Indonesia
- Coalindo Energy - Indonesia
- Tamil Nadu electricity Board
- Therma Luzon, Inc, Philippines
- Goldman Sachs - Singapore
- Planning Commission, India
- Altura Mining Limited, Indonesia
- Toyota Tsusho Corporation, Japan
- CNBM International Corporation - China
- Ceylon Electricity Board - Sri Lanka
- Pipit Mutiara Jaya. PT, Indonesia
- Globalindo Alam Lestari - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Central Java Power - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Port Waratah Coal Services - Australia
- Thiess Contractors Indonesia
- Straits Asia Resources Limited - Singapore
- San Jose City I Power Corp, Philippines
- PTC India Limited - India
- Georgia Ports Authority, United States
- Malabar Cements Ltd - India
- Marubeni Corporation - India
- Chamber of Mines of South Africa
- Gujarat Sidhee Cement - India
- Karaikal Port Pvt Ltd - India
- Interocean Group of Companies - India
- Wood Mackenzie - Singapore
- Chettinad Cement Corporation Ltd - India
- Indika Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Attock Cement Pakistan Limited
- Ministry of Mines - Canada
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