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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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Saturday, 30 March 19
KOEN INVITES BIDS FOR 450,000 TONS OF (SUB) BITUMINOUS COAL FOR H1 AND JUNE 2019
South Korea state-owned utility KOREA SOUTH-EAST POWER CO., LTD. (KOEN) issued a tender for total 450,000 MT of min. 4300, 3500 and 5600 NCV ...
Wednesday, 27 March 19
SHIPPING MARKET INSIGHT - INTERMODAL
Contrary to the December 2018 forecasts but in line with the expectations of the dry bulk market, the first quarter of the year closed negatively. ...
Saturday, 23 March 19
IT WAS A POSITIVE WEEK FOR THE HANDY SIZE MARKET - BALTIC BRIEFING
Capesize
The big ships endured heavy losses last week extinguishing any hopes from the recent minor rally. Negative sentiment gained pace throu ...
Friday, 22 March 19
CHINA MARKET: COAL OUT IN THE COLD - BUSINESS RECORDER
Though China maintains there is no ban, China-bound Australian coal shipments are looking for a new home. For the past few months, coal cargoes are ...
Thursday, 21 March 19
PRICE PLUNGE AS CHINESE LEAVE THERMAL COAL OUT IN THE COLD - AUSTRALIAN FINANCIAL REVIEW
Thermal coal exporter New Hope Corporation says China’s shipment squeeze on Australia is putting downward pressure on prices in all markets i ...
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- Vijayanagar Sugar Pvt Ltd - India
- Sojitz Corporation - Japan
- New Zealand Coal & Carbon
- Grasim Industreis Ltd - India
- Larsen & Toubro Limited - India
- Ministry of Transport, Egypt
- Edison Trading Spa - Italy
- Tata Chemicals Ltd - India
- Independent Power Producers Association of India
- Semirara Mining Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- PetroVietnam Power Coal Import and Supply Company
- Parliament of New Zealand
- India Bulls Power Limited - India
- Global Coal Blending Company Limited - Australia
- Directorate General of MIneral and Coal - Indonesia
- Georgia Ports Authority, United States
- Indogreen Group - Indonesia
- Sree Jayajothi Cements Limited - India
- Mercuria Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Malabar Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- Videocon Industries ltd - India
- Eastern Energy - Thailand
- Orica Australia Pty. Ltd.
- Australian Coal Association
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Essar Steel Hazira Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhushan Steel Limited - India
- Petron Corporation, Philippines
- Electricity Generating Authority of Thailand
- White Energy Company Limited
- Barasentosa Lestari - Indonesia
- Latin American Coal - Colombia
- McConnell Dowell - Australia
- Bulk Trading Sa - Switzerland
- Sical Logistics Limited - India
- LBH Netherlands Bv - Netherlands
- TNB Fuel Sdn Bhd - Malaysia
- Eastern Coal Council - USA
- Asmin Koalindo Tuhup - Indonesia
- Chamber of Mines of South Africa
- Bayan Resources Tbk. - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Kepco SPC Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Wilmar Investment Holdings
- Deloitte Consulting - India
- Agrawal Coal Company - India
- Global Green Power PLC Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Kideco Jaya Agung - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- IEA Clean Coal Centre - UK
- Riau Bara Harum - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Central Electricity Authority - India
- Sakthi Sugars Limited - India
- CIMB Investment Bank - Malaysia
- Dalmia Cement Bharat India
- ICICI Bank Limited - India
- Baramulti Group, Indonesia
- Xindia Steels Limited - India
- Toyota Tsusho Corporation, Japan
- Lanco Infratech Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Ministry of Mines - Canada
- Krishnapatnam Port Company Ltd. - India
- VISA Power Limited - India
- Power Finance Corporation Ltd., India
- Gujarat Mineral Development Corp Ltd - India
- Borneo Indobara - Indonesia
- Thiess Contractors Indonesia
- Kohat Cement Company Ltd. - Pakistan
- GAC Shipping (India) Pvt Ltd
- Gujarat Electricity Regulatory Commission - India
- London Commodity Brokers - England
- Anglo American - United Kingdom
- Simpson Spence & Young - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Vizag Seaport Private Limited - India
- Rashtriya Ispat Nigam Limited - India
- Vedanta Resources Plc - India
- Electricity Authority, New Zealand
- Karaikal Port Pvt Ltd - India
- The University of Queensland
- Sindya Power Generating Company Private Ltd
- SMG Consultants - Indonesia
- Trasteel International SA, Italy
- Ceylon Electricity Board - Sri Lanka
- Indian Energy Exchange, India
- Ambuja Cements Ltd - India
- Tamil Nadu electricity Board
- South Luzon Thermal Energy Corporation
- Interocean Group of Companies - India
- Coalindo Energy - Indonesia
- Kumho Petrochemical, South Korea
- Price Waterhouse Coopers - Russia
- Savvy Resources Ltd - HongKong
- Altura Mining Limited, Indonesia
- Salva Resources Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Siam City Cement - Thailand
- Samtan Co., Ltd - South Korea
- Miang Besar Coal Terminal - Indonesia
- Energy Link Ltd, New Zealand
- GVK Power & Infra Limited - India
- Central Java Power - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Orica Mining Services - Indonesia
- Meralco Power Generation, Philippines
- Mercator Lines Limited - India
- Jindal Steel & Power Ltd - India
- Renaissance Capital - South Africa
- Coastal Gujarat Power Limited - India
- Mintek Dendrill Indonesia
- Banpu Public Company Limited - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Indika Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Chettinad Cement Corporation Ltd - India
- PTC India Limited - India
- Star Paper Mills Limited - India
- Manunggal Multi Energi - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhoruka Overseas - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Port Waratah Coal Services - Australia
- Bhatia International Limited - India
- Romanian Commodities Exchange
- Aditya Birla Group - India
- Africa Commodities Group - South Africa
- OPG Power Generation Pvt Ltd - India
- GMR Energy Limited - India
- Indian Oil Corporation Limited
- Uttam Galva Steels Limited - India
- PowerSource Philippines DevCo
- Posco Energy - South Korea
- Indonesian Coal Mining Association
- Heidelberg Cement - Germany
- Marubeni Corporation - India
- Mjunction Services Limited - India
- Globalindo Alam Lestari - Indonesia
- Oldendorff Carriers - Singapore
- Jaiprakash Power Ventures ltd
- Coal and Oil Company - UAE
- Maheswari Brothers Coal Limited - India
- Ind-Barath Power Infra Limited - India
- Standard Chartered Bank - UAE
- Siam City Cement PLC, Thailand
- GN Power Mariveles Coal Plant, Philippines
- Kartika Selabumi Mining - Indonesia
- CNBM International Corporation - China
- Minerals Council of Australia
- Attock Cement Pakistan Limited
- Bangladesh Power Developement Board
- Straits Asia Resources Limited - Singapore
- Parry Sugars Refinery, India
- Indo Tambangraya Megah - Indonesia
- Gujarat Sidhee Cement - India
- Directorate Of Revenue Intelligence - India
- Cement Manufacturers Association - India
- Energy Development Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Pendopo Energi Batubara - Indonesia
- Singapore Mercantile Exchange
- Bukit Makmur.PT - Indonesia
- ASAPP Information Group - India
- Antam Resourcindo - Indonesia
- Bharathi Cement Corporation - India
- MS Steel International - UAE
- Meenaskhi Energy Private Limited - India
- Medco Energi Mining Internasional
- Kapuas Tunggal Persada - Indonesia
- Thai Mozambique Logistica
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Pipit Mutiara Jaya. PT, Indonesia
- IHS Mccloskey Coal Group - USA
- Bahari Cakrawala Sebuku - Indonesia
- PNOC Exploration Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Commonwealth Bank - Australia
- Makarim & Taira - Indonesia
- Timah Investasi Mineral - Indoneisa
- TeaM Sual Corporation - Philippines
- Therma Luzon, Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Rio Tinto Coal - Australia
- Kalimantan Lumbung Energi - Indonesia
- Madhucon Powers Ltd - India
- Kaltim Prima Coal - Indonesia
- Goldman Sachs - Singapore
- Iligan Light & Power Inc, Philippines
- Economic Council, Georgia
- Metalloyd Limited - United Kingdom
- Kobexindo Tractors - Indoneisa
- SMC Global Power, Philippines
- Planning Commission, India
- Carbofer General Trading SA - India
- International Coal Ventures Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Wood Mackenzie - Singapore
- Aboitiz Power Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- Ministry of Finance - Indonesia
- Intertek Mineral Services - Indonesia
- The Treasury - Australian Government
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