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