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