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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, 12 June 19
IMO 2020 - COUNTDOWN TO 1 JANUARY 2020 -HOW WILL THE CHANGES AFFECT REFINING AND SHIPPING? - WOOD MACKENZIE
We know that the IMO’s regulations represent the biggest step change the shipping industry has ever seen and the implications will be felt th ...
Wednesday, 12 June 19
SHIPPING MARKET INSIGHT - INTERMODAL
This year’s tanker S&P activity keeps edging higher compared to the same period in 2018. Year to date we have seen some 143 ships, rangin ...
Tuesday, 11 June 19
INDONESIAN COAL PRICE REFERENCE SET AT $81.48 PER TON IN JUNE, DOWN 15.66 PERCENT YEAR-ON-YEAR
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, 10 June 19
CONSECUTIVE OWNERS OF CARGO: WHO HOLDS TITLE AND THE RIGHT TO SUE? - COLIN BIGGERS & PAISLEY
KNOWLEDGE TO ELEVATE
In Tritton Resources Pty Ltd v Ever Rock Navigation S.A. [2019] FCA 276, the Federal Court considered the application of ...
Monday, 10 June 19
KOSPO INVITES BIDS FOR 1,305,000 MT OF MIN 5600 KCAL/KG NCV COAL FOR SEPT 2019 TO DEC 2021
COALspot.com: South Korea state-owned utility Korea Southern Power Co. Ltd (KOSPO) issued a tender for 435,000 MT (per year) of max 5,600 kcal/kg N ...
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- Carbofer General Trading SA - India
- The State Trading Corporation of India Ltd
- Tata Chemicals Ltd - India
- Interocean Group of Companies - India
- Medco Energi Mining Internasional
- Ceylon Electricity Board - Sri Lanka
- Meralco Power Generation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Ambuja Cements Ltd - India
- PNOC Exploration Corporation - Philippines
- Wilmar Investment Holdings
- VISA Power Limited - India
- Kideco Jaya Agung - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Essar Steel Hazira Ltd - India
- Georgia Ports Authority, United States
- Simpson Spence & Young - Indonesia
- Global Business Power Corporation, Philippines
- Australian Coal Association
- Riau Bara Harum - Indonesia
- Salva Resources Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Power Finance Corporation Ltd., India
- Standard Chartered Bank - UAE
- Ind-Barath Power Infra Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Savvy Resources Ltd - HongKong
- Petrochimia International Co. Ltd.- Taiwan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Madhucon Powers Ltd - India
- Indian Energy Exchange, India
- Latin American Coal - Colombia
- Eastern Coal Council - USA
- Globalindo Alam Lestari - Indonesia
- Price Waterhouse Coopers - Russia
- PowerSource Philippines DevCo
- Heidelberg Cement - Germany
- International Coal Ventures Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Coalindo Energy - Indonesia
- Mintek Dendrill Indonesia
- Kapuas Tunggal Persada - Indonesia
- Samtan Co., Ltd - South Korea
- Chamber of Mines of South Africa
- Minerals Council of Australia
- Coastal Gujarat Power Limited - India
- Indian Oil Corporation Limited
- Manunggal Multi Energi - Indonesia
- SMG Consultants - Indonesia
- Baramulti Group, Indonesia
- Mjunction Services Limited - India
- Siam City Cement PLC, Thailand
- Mercator Lines Limited - India
- Trasteel International SA, Italy
- Mercuria Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Orica Mining Services - Indonesia
- Vizag Seaport Private Limited - India
- Formosa Plastics Group - Taiwan
- Sakthi Sugars Limited - India
- Holcim Trading Pte Ltd - Singapore
- Malabar Cements Ltd - India
- White Energy Company Limited
- Renaissance Capital - South Africa
- Karbindo Abesyapradhi - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Miang Besar Coal Terminal - Indonesia
- Australian Commodity Traders Exchange
- SN Aboitiz Power Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- TeaM Sual Corporation - Philippines
- Grasim Industreis Ltd - India
- Borneo Indobara - Indonesia
- Cement Manufacturers Association - India
- Binh Thuan Hamico - Vietnam
- Sree Jayajothi Cements Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Makarim & Taira - Indonesia
- Karaikal Port Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Xindia Steels Limited - India
- Sinarmas Energy and Mining - Indonesia
- Banpu Public Company Limited - Thailand
- Attock Cement Pakistan Limited
- Jindal Steel & Power Ltd - India
- PTC India Limited - India
- Timah Investasi Mineral - Indoneisa
- LBH Netherlands Bv - Netherlands
- Aboitiz Power Corporation - Philippines
- Indika Energy - Indonesia
- Larsen & Toubro Limited - India
- OPG Power Generation Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Ministry of Transport, Egypt
- SMC Global Power, Philippines
- Kobexindo Tractors - Indoneisa
- Meenaskhi Energy Private Limited - India
- Gujarat Sidhee Cement - India
- Bangladesh Power Developement Board
- Chettinad Cement Corporation Ltd - India
- Posco Energy - South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Petron Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- ASAPP Information Group - India
- Sindya Power Generating Company Private Ltd
- Ministry of Mines - Canada
- Energy Link Ltd, New Zealand
- Gujarat Mineral Development Corp Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Therma Luzon, Inc, Philippines
- Wood Mackenzie - Singapore
- Kepco SPC Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- MS Steel International - UAE
- Bhatia International Limited - India
- Pendopo Energi Batubara - Indonesia
- South Luzon Thermal Energy Corporation
- Africa Commodities Group - South Africa
- Rio Tinto Coal - Australia
- Toyota Tsusho Corporation, Japan
- Commonwealth Bank - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kalimantan Lumbung Energi - Indonesia
- Planning Commission, India
- San Jose City I Power Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Lanco Infratech Ltd - India
- Barasentosa Lestari - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Neyveli Lignite Corporation Ltd, - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Central Electricity Authority - India
- GMR Energy Limited - India
- IHS Mccloskey Coal Group - USA
- Merrill Lynch Commodities Europe
- Parliament of New Zealand
- Jaiprakash Power Ventures ltd
- Indogreen Group - Indonesia
- Independent Power Producers Association of India
- GN Power Mariveles Coal Plant, Philippines
- Aditya Birla Group - India
- Dalmia Cement Bharat India
- Krishnapatnam Port Company Ltd. - India
- Marubeni Corporation - India
- Iligan Light & Power Inc, Philippines
- CIMB Investment Bank - Malaysia
- Coal and Oil Company - UAE
- Deloitte Consulting - India
- Bulk Trading Sa - Switzerland
- Videocon Industries ltd - India
- IEA Clean Coal Centre - UK
- Global Coal Blending Company Limited - Australia
- Directorate General of MIneral and Coal - Indonesia
- Singapore Mercantile Exchange
- Agrawal Coal Company - India
- Bukit Asam (Persero) Tbk - Indonesia
- Electricity Authority, New Zealand
- Sical Logistics Limited - India
- Gujarat Electricity Regulatory Commission - India
- Semirara Mining Corp, Philippines
- Ministry of Finance - Indonesia
- The University of Queensland
- Straits Asia Resources Limited - Singapore
- GVK Power & Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Edison Trading Spa - Italy
- Thai Mozambique Logistica
- Intertek Mineral Services - Indonesia
- Goldman Sachs - Singapore
- McConnell Dowell - Australia
- CNBM International Corporation - China
- Uttam Galva Steels Limited - India
- Indonesian Coal Mining Association
- Offshore Bulk Terminal Pte Ltd, Singapore
- ICICI Bank Limited - India
- Vedanta Resources Plc - India
- Metalloyd Limited - United Kingdom
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Java Power - Indonesia
- Star Paper Mills Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Bhushan Steel Limited - India
- Romanian Commodities Exchange
- Bukit Makmur.PT - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Billiton Holdings Pty Ltd - Australia
- India Bulls Power Limited - India
- Eastern Energy - Thailand
- The Treasury - Australian Government
- Siam City Cement - Thailand
- Economic Council, Georgia
- Thiess Contractors Indonesia
- Port Waratah Coal Services - Australia
- Bhoruka Overseas - Indonesia
- Parry Sugars Refinery, India
- Indo Tambangraya Megah - Indonesia
- New Zealand Coal & Carbon
- Orica Australia Pty. Ltd.
- Maheswari Brothers Coal Limited - India
- Bharathi Cement Corporation - India
- Asmin Koalindo Tuhup - Indonesia
- Energy Development Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- Tamil Nadu electricity Board
- Kumho Petrochemical, South Korea
- Sojitz Corporation - Japan
- Anglo American - United Kingdom
- Altura Mining Limited, Indonesia
- London Commodity Brokers - England
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