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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, 18 June 19
TANKER SHIPPING: WHILE WE WAIT FOR 2020 TO KICK IN, IT'S ALL ABOUT POLITICS - BIMCO
Demand drivers and freight rates
Iran, Libya and Venezuela face export limitations because of sanctions and internal political troubles. At the s ...
Saturday, 15 June 19
SUPRAMAX: A 58,000-TONNER, OPEN QINGDAO, WAS BOOKED TO REDELIVER IN EAST COAST INDIA AT $6,500 - BALTIC BRIEFING
Capesize
The market closed on a quiet Friday last week after a few hectic days of mid-week trading. Trade routes from Brazil to the Far East we ...
Friday, 14 June 19
PANAMAX: OUTLOOK IS MIXED - FERNLEYS
Capesize
Sentiment changed to a more nervous tone as pacific cargo volumes failed to deliver as expected, however latest activity indicates res ...
Friday, 14 June 19
ELECTRONIC (PAPERLESS) TRADING - SKULD
KNOWLEDGE TO ELEVATE
Electronic Shipping Solutions: Bolero International Ltd, E-Title Authority Pte Ltd, Global Share S.A. (edoxOnline platfor ...
Wednesday, 12 June 19
KOSPO INVITES BIDS FOR 140,000 MT OF 4,600 NCV COAL FOR SEP. 2019 LOADING
COALspot.com: South Korea state-owned utility Korea Southern Power Co. Ltd (KOSPO) issued a tender for 140,000 MT of minimum 4,600 kcal/kg NCV coal ...
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- The University of Queensland
- India Bulls Power Limited - India
- Planning Commission, India
- Vedanta Resources Plc - India
- Energy Development Corp, Philippines
- Posco Energy - South Korea
- PNOC Exploration Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Romanian Commodities Exchange
- Commonwealth Bank - Australia
- Independent Power Producers Association of India
- ASAPP Information Group - India
- Krishnapatnam Port Company Ltd. - India
- Ministry of Mines - Canada
- Bahari Cakrawala Sebuku - Indonesia
- Antam Resourcindo - Indonesia
- Carbofer General Trading SA - India
- Attock Cement Pakistan Limited
- Renaissance Capital - South Africa
- Sindya Power Generating Company Private Ltd
- Meralco Power Generation, Philippines
- Eastern Coal Council - USA
- Bharathi Cement Corporation - India
- Samtan Co., Ltd - South Korea
- Cigading International Bulk Terminal - Indonesia
- Petron Corporation, Philippines
- Marubeni Corporation - India
- Dalmia Cement Bharat India
- Holcim Trading Pte Ltd - Singapore
- Trasteel International SA, Italy
- Karaikal Port Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Star Paper Mills Limited - India
- Altura Mining Limited, Indonesia
- Australian Coal Association
- Gujarat Mineral Development Corp Ltd - India
- Chettinad Cement Corporation Ltd - India
- Bhatia International Limited - India
- Bhushan Steel Limited - India
- Coastal Gujarat Power Limited - India
- Thai Mozambique Logistica
- Global Coal Blending Company Limited - Australia
- Malabar Cements Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Toyota Tsusho Corporation, Japan
- Bukit Baiduri Energy - Indonesia
- Cement Manufacturers Association - India
- Rashtriya Ispat Nigam Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Edison Trading Spa - Italy
- Meenaskhi Energy Private Limited - India
- TeaM Sual Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Directorate Of Revenue Intelligence - India
- ICICI Bank Limited - India
- GMR Energy Limited - India
- Makarim & Taira - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Kumho Petrochemical, South Korea
- Wood Mackenzie - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- Grasim Industreis Ltd - India
- Pendopo Energi Batubara - Indonesia
- Africa Commodities Group - South Africa
- Simpson Spence & Young - Indonesia
- Central Electricity Authority - India
- Tamil Nadu electricity Board
- Manunggal Multi Energi - Indonesia
- Mercuria Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Merrill Lynch Commodities Europe
- Power Finance Corporation Ltd., India
- Global Green Power PLC Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Alfred C Toepfer International GmbH - Germany
- IEA Clean Coal Centre - UK
- Asmin Koalindo Tuhup - Indonesia
- OPG Power Generation Pvt Ltd - India
- Siam City Cement - Thailand
- Oldendorff Carriers - Singapore
- Central Java Power - Indonesia
- PTC India Limited - India
- Georgia Ports Authority, United States
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Bulk Trading Sa - Switzerland
- Chamber of Mines of South Africa
- Ind-Barath Power Infra Limited - India
- Port Waratah Coal Services - Australia
- PowerSource Philippines DevCo
- GVK Power & Infra Limited - India
- Tata Chemicals Ltd - India
- Deloitte Consulting - India
- Maheswari Brothers Coal Limited - India
- Ceylon Electricity Board - Sri Lanka
- Singapore Mercantile Exchange
- Kideco Jaya Agung - Indonesia
- Goldman Sachs - Singapore
- Bangladesh Power Developement Board
- Interocean Group of Companies - India
- Sojitz Corporation - Japan
- Savvy Resources Ltd - HongKong
- Indian Oil Corporation Limited
- Mintek Dendrill Indonesia
- Barasentosa Lestari - Indonesia
- Medco Energi Mining Internasional
- VISA Power Limited - India
- Madhucon Powers Ltd - India
- Electricity Generating Authority of Thailand
- The State Trading Corporation of India Ltd
- SMG Consultants - Indonesia
- Aboitiz Power Corporation - Philippines
- Australian Commodity Traders Exchange
- Rio Tinto Coal - Australia
- Jindal Steel & Power Ltd - India
- Sakthi Sugars Limited - India
- Karbindo Abesyapradhi - Indoneisa
- White Energy Company Limited
- Larsen & Toubro Limited - India
- Videocon Industries ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Minerals Council of Australia
- Metalloyd Limited - United Kingdom
- Indogreen Group - Indonesia
- Thiess Contractors Indonesia
- South Luzon Thermal Energy Corporation
- Intertek Mineral Services - Indonesia
- Uttam Galva Steels Limited - India
- Bhoruka Overseas - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Riau Bara Harum - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Aditya Birla Group - India
- Borneo Indobara - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Wilmar Investment Holdings
- Miang Besar Coal Terminal - Indonesia
- Orica Australia Pty. Ltd.
- MS Steel International - UAE
- Straits Asia Resources Limited - Singapore
- Global Business Power Corporation, Philippines
- SMC Global Power, Philippines
- Vizag Seaport Private Limited - India
- Bukit Makmur.PT - Indonesia
- Economic Council, Georgia
- McConnell Dowell - Australia
- Essar Steel Hazira Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Vijayanagar Sugar Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Sical Logistics Limited - India
- Orica Mining Services - Indonesia
- Formosa Plastics Group - Taiwan
- Standard Chartered Bank - UAE
- Latin American Coal - Colombia
- Price Waterhouse Coopers - Russia
- Directorate General of MIneral and Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Eastern Energy - Thailand
- Kapuas Tunggal Persada - Indonesia
- The Treasury - Australian Government
- Mercator Lines Limited - India
- Mjunction Services Limited - India
- Siam City Cement PLC, Thailand
- Ministry of Transport, Egypt
- Agrawal Coal Company - India
- Kobexindo Tractors - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- London Commodity Brokers - England
- Heidelberg Cement - Germany
- Indian Energy Exchange, India
- Billiton Holdings Pty Ltd - Australia
- Semirara Mining and Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Therma Luzon, Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Anglo American - United Kingdom
- Coal and Oil Company - UAE
- New Zealand Coal & Carbon
- Baramulti Group, Indonesia
- Ambuja Cements Ltd - India
- Ministry of Finance - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Semirara Mining Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Xindia Steels Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- GAC Shipping (India) Pvt Ltd
- San Jose City I Power Corp, Philippines
- Binh Thuan Hamico - Vietnam
- CNBM International Corporation - China
- IHS Mccloskey Coal Group - USA
- Bukit Asam (Persero) Tbk - Indonesia
- Coalindo Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indonesian Coal Mining Association
- Banpu Public Company Limited - Thailand
- Parry Sugars Refinery, India
- Parliament of New Zealand
- Gujarat Sidhee Cement - India
- Jaiprakash Power Ventures ltd
- Sree Jayajothi Cements Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Indo Tambangraya Megah - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Electricity Authority, New Zealand
- Salva Resources Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- International Coal Ventures Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Indika Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
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