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