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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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Thursday, 09 May 19
OFFSHORE CARIBBEAN CONGRESS 2019
Offshore Caribbean Congress 2019
Event Date: 4-5th July. 2019t
Location: Georgetown, Guyana
Hess announced a new d ...
Tuesday, 07 May 19
UNDOUBTEDLY A VERY TROUBLED YEAR FOR THE DRY BULK MARKET, SAYS ALLIED SHIPPING
Undoubtedly a very troubled year for the dry bulk market says Allied Shipping in its latest weekly report.
Thomas Chasapis, Re ...
Saturday, 04 May 19
HOW THE 'FAIR VALUE' OF COAL ASSETS IS AFFECTED BY COMMODITY CYCLES - CRU
As with any commodity, valuing coal assets can be tricky due to the cyclical nature of the market. In this insight, CRU discusses how commodity cyc ...
Friday, 03 May 19
SUPRAMAX: WITH WIDESPREAD HOLIDAYS DURING THE WEEK, THE MARKET LACKED IMPETUS - BALTIC BRIEFING
Capesize
The market last week was a tale of two halves, with substantial volatility. Beginning the week on a positive note the C5 West Australi ...
Friday, 03 May 19
COAL INDIA APRIL OUTPUT RISES 1% TO 45.29 MILLION TONNE - PTI
Coal India Ltd (CIL) Wednesday said its coal production in April 2019 rose by 1 per cent to 45.29 million tonne as compared with 44.86 million tonn ...
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- PetroVietnam Power Coal Import and Supply Company
- Antam Resourcindo - Indonesia
- Interocean Group of Companies - India
- Georgia Ports Authority, United States
- Sarangani Energy Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Bharathi Cement Corporation - India
- AsiaOL BioFuels Corp., Philippines
- Iligan Light & Power Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jaiprakash Power Ventures ltd
- Savvy Resources Ltd - HongKong
- GN Power Mariveles Coal Plant, Philippines
- Central Java Power - Indonesia
- Siam City Cement - Thailand
- Xindia Steels Limited - India
- Merrill Lynch Commodities Europe
- VISA Power Limited - India
- Kobexindo Tractors - Indoneisa
- CIMB Investment Bank - Malaysia
- Sinarmas Energy and Mining - Indonesia
- Makarim & Taira - Indonesia
- Toyota Tsusho Corporation, Japan
- SMG Consultants - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Altura Mining Limited, Indonesia
- SMC Global Power, Philippines
- Carbofer General Trading SA - India
- Ministry of Transport, Egypt
- IHS Mccloskey Coal Group - USA
- Bahari Cakrawala Sebuku - Indonesia
- Parry Sugars Refinery, India
- Banpu Public Company Limited - Thailand
- Jindal Steel & Power Ltd - India
- Grasim Industreis Ltd - India
- Australian Commodity Traders Exchange
- Central Electricity Authority - India
- Latin American Coal - Colombia
- The State Trading Corporation of India Ltd
- Price Waterhouse Coopers - Russia
- Ministry of Finance - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Orica Mining Services - Indonesia
- Australian Coal Association
- PowerSource Philippines DevCo
- Ind-Barath Power Infra Limited - India
- Simpson Spence & Young - Indonesia
- Planning Commission, India
- Kalimantan Lumbung Energi - Indonesia
- Standard Chartered Bank - UAE
- Global Coal Blending Company Limited - Australia
- Essar Steel Hazira Ltd - India
- Uttam Galva Steels Limited - India
- Alfred C Toepfer International GmbH - Germany
- Romanian Commodities Exchange
- Indika Energy - Indonesia
- Bhatia International Limited - India
- Minerals Council of Australia
- Orica Australia Pty. Ltd.
- Africa Commodities Group - South Africa
- Energy Link Ltd, New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Globalindo Alam Lestari - Indonesia
- Attock Cement Pakistan Limited
- Bhoruka Overseas - Indonesia
- IEA Clean Coal Centre - UK
- Intertek Mineral Services - Indonesia
- Ambuja Cements Ltd - India
- Deloitte Consulting - India
- Therma Luzon, Inc, Philippines
- Gujarat Sidhee Cement - India
- Tamil Nadu electricity Board
- Bayan Resources Tbk. - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Cigading International Bulk Terminal - Indonesia
- Aboitiz Power Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Siam City Cement PLC, Thailand
- Barasentosa Lestari - Indonesia
- Tata Chemicals Ltd - India
- Chamber of Mines of South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Goldman Sachs - Singapore
- Ceylon Electricity Board - Sri Lanka
- Sakthi Sugars Limited - India
- Port Waratah Coal Services - Australia
- Renaissance Capital - South Africa
- The Treasury - Australian Government
- Borneo Indobara - Indonesia
- Thiess Contractors Indonesia
- Eastern Coal Council - USA
- Vedanta Resources Plc - India
- LBH Netherlands Bv - Netherlands
- Economic Council, Georgia
- ICICI Bank Limited - India
- MS Steel International - UAE
- Thai Mozambique Logistica
- Star Paper Mills Limited - India
- Meenaskhi Energy Private Limited - India
- Samtan Co., Ltd - South Korea
- Videocon Industries ltd - India
- Directorate Of Revenue Intelligence - India
- Anglo American - United Kingdom
- San Jose City I Power Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Coastal Gujarat Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Singapore Mercantile Exchange
- Oldendorff Carriers - Singapore
- Cement Manufacturers Association - India
- Maharashtra Electricity Regulatory Commission - India
- Semirara Mining and Power Corporation, Philippines
- ASAPP Information Group - India
- Parliament of New Zealand
- Chettinad Cement Corporation Ltd - India
- Bulk Trading Sa - Switzerland
- Kartika Selabumi Mining - Indonesia
- GVK Power & Infra Limited - India
- Bukit Baiduri Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Straits Asia Resources Limited - Singapore
- McConnell Dowell - Australia
- Petron Corporation, Philippines
- GMR Energy Limited - India
- Riau Bara Harum - Indonesia
- Dalmia Cement Bharat India
- Kideco Jaya Agung - Indonesia
- Edison Trading Spa - Italy
- GAC Shipping (India) Pvt Ltd
- Coalindo Energy - Indonesia
- Coal and Oil Company - UAE
- Krishnapatnam Port Company Ltd. - India
- Wood Mackenzie - Singapore
- Leighton Contractors Pty Ltd - Australia
- Sindya Power Generating Company Private Ltd
- Jorong Barutama Greston.PT - Indonesia
- Bhushan Steel Limited - India
- Global Business Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Indian Energy Exchange, India
- Indonesian Coal Mining Association
- Sical Logistics Limited - India
- Electricity Generating Authority of Thailand
- Kohat Cement Company Ltd. - Pakistan
- Rashtriya Ispat Nigam Limited - India
- Kaltim Prima Coal - Indonesia
- Bukit Makmur.PT - Indonesia
- Pendopo Energi Batubara - Indonesia
- India Bulls Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Marubeni Corporation - India
- Energy Development Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- White Energy Company Limited
- Asmin Koalindo Tuhup - Indonesia
- Sree Jayajothi Cements Limited - India
- European Bulk Services B.V. - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- Semirara Mining Corp, Philippines
- South Luzon Thermal Energy Corporation
- CNBM International Corporation - China
- Bangladesh Power Developement Board
- Gujarat Mineral Development Corp Ltd - India
- OPG Power Generation Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Indian Oil Corporation Limited
- Eastern Energy - Thailand
- Mintek Dendrill Indonesia
- New Zealand Coal & Carbon
- Power Finance Corporation Ltd., India
- Kapuas Tunggal Persada - Indonesia
- Indogreen Group - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Agrawal Coal Company - India
- Mjunction Services Limited - India
- Heidelberg Cement - Germany
- Commonwealth Bank - Australia
- Aditya Birla Group - India
- The University of Queensland
- Manunggal Multi Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Formosa Plastics Group - Taiwan
- Medco Energi Mining Internasional
- Maheswari Brothers Coal Limited - India
- Larsen & Toubro Limited - India
- Global Green Power PLC Corporation, Philippines
- Rio Tinto Coal - Australia
- TeaM Sual Corporation - Philippines
- Electricity Authority, New Zealand
- Trasteel International SA, Italy
- Metalloyd Limited - United Kingdom
- Salva Resources Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PTC India Limited - India
- Mercator Lines Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Sojitz Corporation - Japan
- PNOC Exploration Corporation - Philippines
- London Commodity Brokers - England
- Bank of Tokyo Mitsubishi UFJ Ltd
- Karaikal Port Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Wilmar Investment Holdings
- Mercuria Energy - Indonesia
- Lanco Infratech Ltd - India
- Baramulti Group, Indonesia
- Vizag Seaport Private Limited - India
- Independent Power Producers Association of India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Malabar Cements Ltd - India
- Ministry of Mines - Canada
- Posco Energy - South Korea
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