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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, 16 July 19
SUPRAMAX: THE ASIAN ARENA WAS SPLIT, WITH A BUILD-UP OF TONNAGE AND LACK OF ENQUIRY IN THE NORTH - BALTIC BRIEFING
Capesize
It was a Brazilian affair with a strong splash of bunkers characterising the Capesize market over the past week. Largely traded in Eur ...
Wednesday, 10 July 19
KOREA SOUTH-EAST POWER INVITES BIDS FOR HCV AND LCV COAL FOR AUGUST 2019 LOADING
COALspot.com: South Korea’s Korea South-East Power Co., Ltd. (KOEN) has issued an international tender for total 460,000 to 500,000 Metric To ...
Wednesday, 10 July 19
SHIPPING MARKET INSIGHT - INTERMODAL
In contrast with the general expectations for the dry bulk market, the sector was not positive or even stable during the past 6 months. The warning ...
Monday, 08 July 19
INDONESIAN COAL PRICE REFERENCE POSTS BIGGEST MONTHLY LOSS SINCE JANUARY 2017
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down again the benchmark price of Indonesian th ...
Monday, 08 July 19
ULTRAMAX: A 52,000-TONNER OPEN CJK FIXED FOR A TRIP VIA INDONESIA WITH RE-DELIVERY CHINA AT $6,100 - BALTIC BRIEFING
Capesize
The Capesize market surged over the past week, reaching highs not seen since August last year. Widespread activity in both basins saw ...
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- Ceylon Electricity Board - Sri Lanka
- Bahari Cakrawala Sebuku - Indonesia
- Simpson Spence & Young - Indonesia
- The State Trading Corporation of India Ltd
- Mintek Dendrill Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Tamil Nadu electricity Board
- Savvy Resources Ltd - HongKong
- Bayan Resources Tbk. - Indonesia
- European Bulk Services B.V. - Netherlands
- TNB Fuel Sdn Bhd - Malaysia
- Billiton Holdings Pty Ltd - Australia
- Kapuas Tunggal Persada - Indonesia
- Deloitte Consulting - India
- Coastal Gujarat Power Limited - India
- Edison Trading Spa - Italy
- Cigading International Bulk Terminal - Indonesia
- Grasim Industreis Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Kobexindo Tractors - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Mines - Canada
- Toyota Tsusho Corporation, Japan
- SN Aboitiz Power Inc, Philippines
- Siam City Cement PLC, Thailand
- Baramulti Group, Indonesia
- Mjunction Services Limited - India
- Semirara Mining and Power Corporation, Philippines
- Wilmar Investment Holdings
- SMG Consultants - Indonesia
- New Zealand Coal & Carbon
- CIMB Investment Bank - Malaysia
- McConnell Dowell - Australia
- Africa Commodities Group - South Africa
- Parliament of New Zealand
- Siam City Cement - Thailand
- Dalmia Cement Bharat India
- Marubeni Corporation - India
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Heidelberg Cement - Germany
- Thai Mozambique Logistica
- Riau Bara Harum - Indonesia
- Cement Manufacturers Association - India
- Port Waratah Coal Services - Australia
- Economic Council, Georgia
- Madhucon Powers Ltd - India
- Australian Commodity Traders Exchange
- Ministry of Finance - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Jaiprakash Power Ventures ltd
- Mercator Lines Limited - India
- Kepco SPC Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- GMR Energy Limited - India
- Jindal Steel & Power Ltd - India
- Salva Resources Pvt Ltd - India
- Borneo Indobara - Indonesia
- Therma Luzon, Inc, Philippines
- PTC India Limited - India
- Mercuria Energy - Indonesia
- Sical Logistics Limited - India
- Krishnapatnam Port Company Ltd. - India
- Ministry of Transport, Egypt
- Global Business Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Trasteel International SA, Italy
- Latin American Coal - Colombia
- Chamber of Mines of South Africa
- Kaltim Prima Coal - Indonesia
- Romanian Commodities Exchange
- Formosa Plastics Group - Taiwan
- Jorong Barutama Greston.PT - Indonesia
- Banpu Public Company Limited - Thailand
- Straits Asia Resources Limited - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Attock Cement Pakistan Limited
- IHS Mccloskey Coal Group - USA
- Aboitiz Power Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Indian Oil Corporation Limited
- Meenaskhi Energy Private Limited - India
- TeaM Sual Corporation - Philippines
- ICICI Bank Limited - India
- Globalindo Alam Lestari - Indonesia
- Sarangani Energy Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Central Electricity Authority - India
- CNBM International Corporation - China
- Oldendorff Carriers - Singapore
- Semirara Mining Corp, Philippines
- Ambuja Cements Ltd - India
- London Commodity Brokers - England
- Parry Sugars Refinery, India
- Videocon Industries ltd - India
- South Luzon Thermal Energy Corporation
- International Coal Ventures Pvt Ltd - India
- MS Steel International - UAE
- Petron Corporation, Philippines
- Meralco Power Generation, Philippines
- Coalindo Energy - Indonesia
- Coal and Oil Company - UAE
- ASAPP Information Group - India
- Bulk Trading Sa - Switzerland
- Uttam Galva Steels Limited - India
- IEA Clean Coal Centre - UK
- Altura Mining Limited, Indonesia
- Wood Mackenzie - Singapore
- Malabar Cements Ltd - India
- GAC Shipping (India) Pvt Ltd
- Ind-Barath Power Infra Limited - India
- White Energy Company Limited
- Maharashtra Electricity Regulatory Commission - India
- Asmin Koalindo Tuhup - Indonesia
- Sree Jayajothi Cements Limited - India
- Metalloyd Limited - United Kingdom
- Larsen & Toubro Limited - India
- Agrawal Coal Company - India
- Makarim & Taira - Indonesia
- India Bulls Power Limited - India
- Vedanta Resources Plc - India
- Kideco Jaya Agung - Indonesia
- Eastern Coal Council - USA
- PetroVietnam Power Coal Import and Supply Company
- VISA Power Limited - India
- Georgia Ports Authority, United States
- Sinarmas Energy and Mining - Indonesia
- Vizag Seaport Private Limited - India
- Star Paper Mills Limited - India
- Indika Energy - Indonesia
- Electricity Generating Authority of Thailand
- Energy Development Corp, Philippines
- Gujarat Sidhee Cement - India
- Bharathi Cement Corporation - India
- The Treasury - Australian Government
- Indian Energy Exchange, India
- Antam Resourcindo - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GVK Power & Infra Limited - India
- Kartika Selabumi Mining - Indonesia
- Sojitz Corporation - Japan
- Lanco Infratech Ltd - India
- Independent Power Producers Association of India
- Goldman Sachs - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Orica Australia Pty. Ltd.
- Global Coal Blending Company Limited - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Renaissance Capital - South Africa
- Xindia Steels Limited - India
- Rashtriya Ispat Nigam Limited - India
- Commonwealth Bank - Australia
- AsiaOL BioFuels Corp., Philippines
- Carbofer General Trading SA - India
- Planning Commission, India
- Chettinad Cement Corporation Ltd - India
- SMC Global Power, Philippines
- Central Java Power - Indonesia
- Aditya Birla Group - India
- GN Power Mariveles Coal Plant, Philippines
- Orica Mining Services - Indonesia
- Sakthi Sugars Limited - India
- Merrill Lynch Commodities Europe
- Indogreen Group - Indonesia
- San Jose City I Power Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Tata Chemicals Ltd - India
- Thiess Contractors Indonesia
- Manunggal Multi Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bhushan Steel Limited - India
- Price Waterhouse Coopers - Russia
- Alfred C Toepfer International GmbH - Germany
- Posco Energy - South Korea
- Intertek Mineral Services - Indonesia
- Minerals Council of Australia
- Pendopo Energi Batubara - Indonesia
- Maheswari Brothers Coal Limited - India
- Iligan Light & Power Inc, Philippines
- Barasentosa Lestari - Indonesia
- Bangladesh Power Developement Board
- Leighton Contractors Pty Ltd - Australia
- Essar Steel Hazira Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Binh Thuan Hamico - Vietnam
- Timah Investasi Mineral - Indoneisa
- Directorate Of Revenue Intelligence - India
- Vijayanagar Sugar Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Anglo American - United Kingdom
- LBH Netherlands Bv - Netherlands
- Global Green Power PLC Corporation, Philippines
- Standard Chartered Bank - UAE
- Singapore Mercantile Exchange
- Miang Besar Coal Terminal - Indonesia
- Australian Coal Association
- Rio Tinto Coal - Australia
- Bhoruka Overseas - Indonesia
- Bukit Makmur.PT - Indonesia
- The University of Queensland
- Holcim Trading Pte Ltd - Singapore
- Electricity Authority, New Zealand
- Bukit Baiduri Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Sindya Power Generating Company Private Ltd
- PowerSource Philippines DevCo
- Bhatia International Limited - India
- Eastern Energy - Thailand
- Medco Energi Mining Internasional
- Indonesian Coal Mining Association
- Interocean Group of Companies - India
- Indo Tambangraya Megah - Indonesia
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