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