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