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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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Wednesday, 03 July 19
SHIPPING MARKET INSIGHT - INTERMODAL
The global shipping industry is facing numerous challenges at a time when geopolitical turmoil has escalated in view of the recent tension in the M ...
Monday, 01 July 19
COAL DEMAND RISES, BUT REMAINS BELOW PEAK LEVELS - FORBES
This article is the third in a series on BP’s recently-released Statistical Review of World Energy 2019. The Review provides a comprehensive ...
Saturday, 29 June 19
ULTRAMAX: FROM SOUTHEAST ASIA MORE COAL WAS ENTERING THE MARKET - BALTIC BRIEFING
Capesize
The market showed variability over the past week, as most routes were active yet sentiment differed from region to region. The Pacific ...
Wednesday, 26 June 19
SHIPPING MARKET INSIGHT - INTERMODAL
As the first half of the year is almost over, it is worth looking back at the sale and purchase activity during these months, focusing on the segme ...
Tuesday, 25 June 19
THERMAL COAL FUTURES ON THE ZHENGSHOU EXCHANGE ROSE - DANIEL HYNES
Coal markets were buoyed by ongoing supply side issues.
According to Daniel Hynes, Senior Commodity Strategist of ANZ, the the ...
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- Jorong Barutama Greston.PT - Indonesia
- Mercuria Energy - Indonesia
- Agrawal Coal Company - India
- Siam City Cement - Thailand
- Ministry of Transport, Egypt
- Neyveli Lignite Corporation Ltd, - India
- Toyota Tsusho Corporation, Japan
- Directorate Of Revenue Intelligence - India
- Thai Mozambique Logistica
- Gujarat Electricity Regulatory Commission - India
- Petrochimia International Co. Ltd.- Taiwan
- Karbindo Abesyapradhi - Indoneisa
- Savvy Resources Ltd - HongKong
- GMR Energy Limited - India
- Commonwealth Bank - Australia
- Port Waratah Coal Services - Australia
- Orica Australia Pty. Ltd.
- Energy Development Corp, Philippines
- Baramulti Group, Indonesia
- Antam Resourcindo - Indonesia
- Sindya Power Generating Company Private Ltd
- Kepco SPC Power Corporation, Philippines
- MS Steel International - UAE
- Singapore Mercantile Exchange
- Ministry of Mines - Canada
- Electricity Generating Authority of Thailand
- Videocon Industries ltd - India
- Karaikal Port Pvt Ltd - India
- Larsen & Toubro Limited - India
- San Jose City I Power Corp, Philippines
- Eastern Energy - Thailand
- Economic Council, Georgia
- Rio Tinto Coal - Australia
- Formosa Plastics Group - Taiwan
- The Treasury - Australian Government
- Global Business Power Corporation, Philippines
- Chamber of Mines of South Africa
- Ministry of Finance - Indonesia
- Wilmar Investment Holdings
- TeaM Sual Corporation - Philippines
- Malabar Cements Ltd - India
- International Coal Ventures Pvt Ltd - India
- Petron Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Aditya Birla Group - India
- Bukit Baiduri Energy - Indonesia
- Bangladesh Power Developement Board
- Heidelberg Cement - Germany
- PetroVietnam Power Coal Import and Supply Company
- Sarangani Energy Corporation, Philippines
- Madhucon Powers Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Power Finance Corporation Ltd., India
- Timah Investasi Mineral - Indoneisa
- Posco Energy - South Korea
- Tata Chemicals Ltd - India
- London Commodity Brokers - England
- Bukit Makmur.PT - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kobexindo Tractors - Indoneisa
- Coal and Oil Company - UAE
- Globalindo Alam Lestari - Indonesia
- Parliament of New Zealand
- IHS Mccloskey Coal Group - USA
- McConnell Dowell - Australia
- Coastal Gujarat Power Limited - India
- Renaissance Capital - South Africa
- Merrill Lynch Commodities Europe
- Semirara Mining and Power Corporation, Philippines
- Indian Energy Exchange, India
- Eastern Coal Council - USA
- Gujarat Mineral Development Corp Ltd - India
- Jindal Steel & Power Ltd - India
- Essar Steel Hazira Ltd - India
- Georgia Ports Authority, United States
- Altura Mining Limited, Indonesia
- Australian Commodity Traders Exchange
- Interocean Group of Companies - India
- SN Aboitiz Power Inc, Philippines
- Romanian Commodities Exchange
- Vedanta Resources Plc - India
- Banpu Public Company Limited - Thailand
- GAC Shipping (India) Pvt Ltd
- ASAPP Information Group - India
- Meenaskhi Energy Private Limited - India
- VISA Power Limited - India
- Attock Cement Pakistan Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indogreen Group - Indonesia
- The University of Queensland
- Coalindo Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Orica Mining Services - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Standard Chartered Bank - UAE
- Leighton Contractors Pty Ltd - Australia
- Kaltim Prima Coal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Kapuas Tunggal Persada - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Cigading International Bulk Terminal - Indonesia
- Mercator Lines Limited - India
- CNBM International Corporation - China
- Barasentosa Lestari - Indonesia
- Central Java Power - Indonesia
- European Bulk Services B.V. - Netherlands
- PTC India Limited - India
- Indonesian Coal Mining Association
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sojitz Corporation - Japan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dalmia Cement Bharat India
- GVK Power & Infra Limited - India
- Therma Luzon, Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Aboitiz Power Corporation - Philippines
- Parry Sugars Refinery, India
- Riau Bara Harum - Indonesia
- Oldendorff Carriers - Singapore
- Semirara Mining Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Xindia Steels Limited - India
- Uttam Galva Steels Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Metalloyd Limited - United Kingdom
- Krishnapatnam Port Company Ltd. - India
- Independent Power Producers Association of India
- Deloitte Consulting - India
- Sree Jayajothi Cements Limited - India
- South Luzon Thermal Energy Corporation
- Tamil Nadu electricity Board
- Indika Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Latin American Coal - Colombia
- Salva Resources Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- The State Trading Corporation of India Ltd
- Edison Trading Spa - Italy
- Bulk Trading Sa - Switzerland
- Kalimantan Lumbung Energi - Indonesia
- New Zealand Coal & Carbon
- PowerSource Philippines DevCo
- Binh Thuan Hamico - Vietnam
- Energy Link Ltd, New Zealand
- Maheswari Brothers Coal Limited - India
- Borneo Indobara - Indonesia
- Africa Commodities Group - South Africa
- Rashtriya Ispat Nigam Limited - India
- Electricity Authority, New Zealand
- Bharathi Cement Corporation - India
- Wood Mackenzie - Singapore
- Anglo American - United Kingdom
- Jaiprakash Power Ventures ltd
- IEA Clean Coal Centre - UK
- Pendopo Energi Batubara - Indonesia
- CIMB Investment Bank - Malaysia
- Sical Logistics Limited - India
- Central Electricity Authority - India
- Intertek Mineral Services - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Planning Commission, India
- Ceylon Electricity Board - Sri Lanka
- Ind-Barath Power Infra Limited - India
- LBH Netherlands Bv - Netherlands
- OPG Power Generation Pvt Ltd - India
- ICICI Bank Limited - India
- Marubeni Corporation - India
- SMG Consultants - Indonesia
- Cement Manufacturers Association - India
- Bhatia International Limited - India
- Simpson Spence & Young - Indonesia
- PNOC Exploration Corporation - Philippines
- Trasteel International SA, Italy
- Goldman Sachs - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Ambuja Cements Ltd - India
- Bhushan Steel Limited - India
- Meralco Power Generation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Minerals Council of Australia
- Global Coal Blending Company Limited - Australia
- Carbofer General Trading SA - India
- Gujarat Sidhee Cement - India
- Bhoruka Overseas - Indonesia
- White Energy Company Limited
- Vizag Seaport Private Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Sakthi Sugars Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Australian Coal Association
- Kumho Petrochemical, South Korea
- Thiess Contractors Indonesia
- Makarim & Taira - Indonesia
- Siam City Cement PLC, Thailand
- Straits Asia Resources Limited - Singapore
- Star Paper Mills Limited - India
- Indo Tambangraya Megah - Indonesia
- Kartika Selabumi Mining - Indonesia
- Samtan Co., Ltd - South Korea
- Kideco Jaya Agung - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Indian Oil Corporation Limited
- Maharashtra Electricity Regulatory Commission - India
- Medco Energi Mining Internasional
- Mintek Dendrill Indonesia
- Mjunction Services Limited - India
- Price Waterhouse Coopers - Russia
- Grasim Industreis Ltd - India
- SMC Global Power, Philippines
- Lanco Infratech Ltd - India
- India Bulls Power Limited - India
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