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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, 29 May 19
SHIPPING MARKET INSIGHT - INTERMODAL
Reflecting on the first quarter of 2019, the product tanker market was healthy, with average earnings significantly up compared to the first quarte ...
Sunday, 26 May 19
SUPRAMAX: A LIMITED ACTIVITY WAS REPORTED, WITH THE UPCOMING INDONESIAN HOLIDAYS SLOWING COAL MOVEMENTS - BALTIC BRIEFING
Capesize
The past week marked one of the busier periods for Capesizes this year. With a subdued start due to a public holiday in Singapore on M ...
Wednesday, 22 May 19
SHIPPING MARKET INSIGHT - INTERMODAL
The ship repair sector is showing a constant and gradual increase on the workload throughout the past months, with almost all the shipyards worldwi ...
Saturday, 18 May 19
SUPRAMAX: 56,000DWT OPEN PANJANG FIXING AT $10,500 FOR A TRIP VIA INDONESIA, AND REDELIVERY CHINA - BALTIC EXCHANGE
Capesize
The market continues to ebb and flow with a generally positive up trend. The Capesize 5TC opened with upward momentum from last week&r ...
Friday, 17 May 19
CHINA'S BENCHMARK POWER COAL PRICE REMAINS FLAT - XINHUA
China’s benchmark power coal price remained flat during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
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- Cigading International Bulk Terminal - Indonesia
- OPG Power Generation Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Semirara Mining and Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Indian Energy Exchange, India
- Timah Investasi Mineral - Indoneisa
- Global Green Power PLC Corporation, Philippines
- CIMB Investment Bank - Malaysia
- New Zealand Coal & Carbon
- Mercuria Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Aboitiz Power Corporation - Philippines
- Eastern Energy - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Riau Bara Harum - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- ASAPP Information Group - India
- Romanian Commodities Exchange
- Bukit Baiduri Energy - Indonesia
- SMC Global Power, Philippines
- Maheswari Brothers Coal Limited - India
- Dalmia Cement Bharat India
- Kepco SPC Power Corporation, Philippines
- Central Java Power - Indonesia
- Electricity Authority, New Zealand
- Meenaskhi Energy Private Limited - India
- MS Steel International - UAE
- Posco Energy - South Korea
- India Bulls Power Limited - India
- Petron Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Sical Logistics Limited - India
- LBH Netherlands Bv - Netherlands
- GVK Power & Infra Limited - India
- Antam Resourcindo - Indonesia
- SN Aboitiz Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Coalindo Energy - Indonesia
- ICICI Bank Limited - India
- Essar Steel Hazira Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mjunction Services Limited - India
- Meralco Power Generation, Philippines
- Cement Manufacturers Association - India
- Carbofer General Trading SA - India
- Global Coal Blending Company Limited - Australia
- Indogreen Group - Indonesia
- Australian Commodity Traders Exchange
- Medco Energi Mining Internasional
- Coal and Oil Company - UAE
- Madhucon Powers Ltd - India
- Goldman Sachs - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Australian Coal Association
- Bhushan Steel Limited - India
- Sojitz Corporation - Japan
- Salva Resources Pvt Ltd - India
- Heidelberg Cement - Germany
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Mineral Development Corp Ltd - India
- Krishnapatnam Port Company Ltd. - India
- PetroVietnam Power Coal Import and Supply Company
- Manunggal Multi Energi - Indonesia
- Global Business Power Corporation, Philippines
- Agrawal Coal Company - India
- Ceylon Electricity Board - Sri Lanka
- San Jose City I Power Corp, Philippines
- Energy Development Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Ministry of Transport, Egypt
- Bhoruka Overseas - Indonesia
- London Commodity Brokers - England
- Kumho Petrochemical, South Korea
- Sinarmas Energy and Mining - Indonesia
- Globalindo Alam Lestari - Indonesia
- Jindal Steel & Power Ltd - India
- Central Electricity Authority - India
- Pipit Mutiara Jaya. PT, Indonesia
- Trasteel International SA, Italy
- The Treasury - Australian Government
- Edison Trading Spa - Italy
- Directorate General of MIneral and Coal - Indonesia
- Simpson Spence & Young - Indonesia
- Interocean Group of Companies - India
- Gujarat Sidhee Cement - India
- Intertek Mineral Services - Indonesia
- Price Waterhouse Coopers - Russia
- Indika Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Iligan Light & Power Inc, Philippines
- McConnell Dowell - Australia
- Makarim & Taira - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- TeaM Sual Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Vizag Seaport Private Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Thai Mozambique Logistica
- Parry Sugars Refinery, India
- TNB Fuel Sdn Bhd - Malaysia
- Mintek Dendrill Indonesia
- Anglo American - United Kingdom
- Electricity Generating Authority of Thailand
- Star Paper Mills Limited - India
- Ind-Barath Power Infra Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Directorate Of Revenue Intelligence - India
- AsiaOL BioFuels Corp., Philippines
- Neyveli Lignite Corporation Ltd, - India
- Wood Mackenzie - Singapore
- Rio Tinto Coal - Australia
- Energy Link Ltd, New Zealand
- Holcim Trading Pte Ltd - Singapore
- Uttam Galva Steels Limited - India
- Siam City Cement PLC, Thailand
- SMG Consultants - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Oldendorff Carriers - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Singapore Mercantile Exchange
- South Luzon Thermal Energy Corporation
- Toyota Tsusho Corporation, Japan
- Aditya Birla Group - India
- Power Finance Corporation Ltd., India
- Mercator Lines Limited - India
- Leighton Contractors Pty Ltd - Australia
- Billiton Holdings Pty Ltd - Australia
- GAC Shipping (India) Pvt Ltd
- Africa Commodities Group - South Africa
- Economic Council, Georgia
- Kartika Selabumi Mining - Indonesia
- Binh Thuan Hamico - Vietnam
- Chamber of Mines of South Africa
- Eastern Coal Council - USA
- Merrill Lynch Commodities Europe
- PNOC Exploration Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Metalloyd Limited - United Kingdom
- Jaiprakash Power Ventures ltd
- Ambuja Cements Ltd - India
- Straits Asia Resources Limited - Singapore
- Port Waratah Coal Services - Australia
- Georgia Ports Authority, United States
- Parliament of New Zealand
- Orica Australia Pty. Ltd.
- Vedanta Resources Plc - India
- Larsen & Toubro Limited - India
- Attock Cement Pakistan Limited
- Bulk Trading Sa - Switzerland
- Ministry of Mines - Canada
- Deloitte Consulting - India
- Therma Luzon, Inc, Philippines
- Semirara Mining Corp, Philippines
- Tata Chemicals Ltd - India
- Siam City Cement - Thailand
- GMR Energy Limited - India
- Karaikal Port Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Malabar Cements Ltd - India
- Sakthi Sugars Limited - India
- CNBM International Corporation - China
- International Coal Ventures Pvt Ltd - India
- Borneo Indobara - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Lanco Infratech Ltd - India
- Indonesian Coal Mining Association
- Bhatia International Limited - India
- Minerals Council of Australia
- Ministry of Finance - Indonesia
- European Bulk Services B.V. - Netherlands
- Offshore Bulk Terminal Pte Ltd, Singapore
- Xindia Steels Limited - India
- Commonwealth Bank - Australia
- Wilmar Investment Holdings
- Sindya Power Generating Company Private Ltd
- Independent Power Producers Association of India
- Orica Mining Services - Indonesia
- Tamil Nadu electricity Board
- Indo Tambangraya Megah - Indonesia
- The State Trading Corporation of India Ltd
- Standard Chartered Bank - UAE
- Bharathi Cement Corporation - India
- Bayan Resources Tbk. - Indonesia
- Formosa Plastics Group - Taiwan
- VISA Power Limited - India
- Marubeni Corporation - India
- Baramulti Group, Indonesia
- Planning Commission, India
- Indian Oil Corporation Limited
- Bahari Cakrawala Sebuku - Indonesia
- Thiess Contractors Indonesia
- Samtan Co., Ltd - South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Banpu Public Company Limited - Thailand
- Barasentosa Lestari - Indonesia
- PTC India Limited - India
- Altura Mining Limited, Indonesia
- Renaissance Capital - South Africa
- IEA Clean Coal Centre - UK
- Sree Jayajothi Cements Limited - India
- The University of Queensland
- Savvy Resources Ltd - HongKong
- Kapuas Tunggal Persada - Indonesia
- Grasim Industreis Ltd - India
- Videocon Industries ltd - India
- Miang Besar Coal Terminal - Indonesia
- PowerSource Philippines DevCo
- White Energy Company Limited
- Latin American Coal - Colombia
- Chettinad Cement Corporation Ltd - India
- Bangladesh Power Developement Board
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