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