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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, 20 March 19
COAL EXPORT FEARS RESURFACE AS RESTRICTIONS HIT MORE CHINESE PORTS AND AUSTRALIAN PRICES COP A 'BELTING' - ABC
Australian thermal coal exports to China are under increasing pressure, with indications import restrictions are spreading to other key ports.
...
Monday, 18 March 19
A 56,000DWT SHIP FIXED DELIVERY FOR A SINGAPORE TRIP VIA INDONESIA, RE-DELIVERY CHINA, AT $10,000 - BALTIC BRIEFING
Capesize
The Baltic Capesize market shrugged off its recent negative sentiment to post daily incremental improvements over the last week. Pacif ...
Saturday, 16 March 19
AUSTRALIAN COAL STILL FACING CHINESE DELAY - AAP
Australian coal exports to China are still facing delays, with protectionism and environmental checks blamed for the slowdown.
Coal ...
Thursday, 14 March 19
SUPRAMAX: INDO COAL CARGOES GETTING FIXED AT AROUND US$ 12000 TO CHINA - FEARNLEYS
Capesize
Average daily earning still well below operating costs, and owners keep bleeding - but nevertheless finally some bright spots for the ...
Monday, 11 March 19
SUPRAMAX: A 61,000 DWT VESSEL WAS BOOKED SINGAPORE FOR A TRIP VIA INDONESIA TO CHINA AT $10,500 - BALTIC BRIEFING
Capesize
A faint glimmer of hope with the suggestion the market may have finally bottomed out, with owners attempting to resist further cuts in ...
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- Ceylon Electricity Board - Sri Lanka
- ICICI Bank Limited - India
- Wilmar Investment Holdings
- Larsen & Toubro Limited - India
- Petron Corporation, Philippines
- Vedanta Resources Plc - India
- Siam City Cement PLC, Thailand
- Price Waterhouse Coopers - Russia
- Bhushan Steel Limited - India
- Formosa Plastics Group - Taiwan
- GMR Energy Limited - India
- Merrill Lynch Commodities Europe
- The Treasury - Australian Government
- Riau Bara Harum - Indonesia
- Jindal Steel & Power Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Energy Development Corp, Philippines
- Romanian Commodities Exchange
- Kepco SPC Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Leighton Contractors Pty Ltd - Australia
- Neyveli Lignite Corporation Ltd, - India
- Bukit Makmur.PT - Indonesia
- Indogreen Group - Indonesia
- Aditya Birla Group - India
- Meenaskhi Energy Private Limited - India
- Eastern Energy - Thailand
- Global Business Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- White Energy Company Limited
- Baramulti Group, Indonesia
- Vizag Seaport Private Limited - India
- Deloitte Consulting - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Barasentosa Lestari - Indonesia
- Meralco Power Generation, Philippines
- Central Java Power - Indonesia
- Salva Resources Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- PTC India Limited - India
- Bulk Trading Sa - Switzerland
- TeaM Sual Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- New Zealand Coal & Carbon
- Ministry of Finance - Indonesia
- The University of Queensland
- Borneo Indobara - Indonesia
- Ind-Barath Power Infra Limited - India
- Karbindo Abesyapradhi - Indoneisa
- LBH Netherlands Bv - Netherlands
- Tamil Nadu electricity Board
- Thai Mozambique Logistica
- European Bulk Services B.V. - Netherlands
- Bank of Tokyo Mitsubishi UFJ Ltd
- India Bulls Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Posco Energy - South Korea
- International Coal Ventures Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- South Luzon Thermal Energy Corporation
- Bharathi Cement Corporation - India
- PNOC Exploration Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Mercator Lines Limited - India
- Anglo American - United Kingdom
- Videocon Industries ltd - India
- Trasteel International SA, Italy
- AsiaOL BioFuels Corp., Philippines
- Global Green Power PLC Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Bukit Baiduri Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Indian Energy Exchange, India
- Pendopo Energi Batubara - Indonesia
- Indonesian Coal Mining Association
- Aboitiz Power Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Essar Steel Hazira Ltd - India
- Sindya Power Generating Company Private Ltd
- GAC Shipping (India) Pvt Ltd
- Global Coal Blending Company Limited - Australia
- MS Steel International - UAE
- Coastal Gujarat Power Limited - India
- Heidelberg Cement - Germany
- Globalindo Alam Lestari - Indonesia
- Orica Mining Services - Indonesia
- Energy Link Ltd, New Zealand
- Wood Mackenzie - Singapore
- Indo Tambangraya Megah - Indonesia
- Australian Commodity Traders Exchange
- PetroVietnam Power Coal Import and Supply Company
- VISA Power Limited - India
- Parry Sugars Refinery, India
- Straits Asia Resources Limited - Singapore
- Sinarmas Energy and Mining - Indonesia
- Interocean Group of Companies - India
- Kideco Jaya Agung - Indonesia
- CNBM International Corporation - China
- Makarim & Taira - Indonesia
- Bhatia International Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Marubeni Corporation - India
- Bhoruka Overseas - Indonesia
- Renaissance Capital - South Africa
- Asmin Koalindo Tuhup - Indonesia
- Orica Australia Pty. Ltd.
- Edison Trading Spa - Italy
- Independent Power Producers Association of India
- Kartika Selabumi Mining - Indonesia
- Binh Thuan Hamico - Vietnam
- Gujarat Electricity Regulatory Commission - India
- Electricity Generating Authority of Thailand
- Alfred C Toepfer International GmbH - Germany
- Metalloyd Limited - United Kingdom
- Dalmia Cement Bharat India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Billiton Holdings Pty Ltd - Australia
- ASAPP Information Group - India
- Altura Mining Limited, Indonesia
- Mjunction Services Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Holcim Trading Pte Ltd - Singapore
- Indika Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Sarangani Energy Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- SMG Consultants - Indonesia
- Sakthi Sugars Limited - India
- Rashtriya Ispat Nigam Limited - India
- Madhucon Powers Ltd - India
- Siam City Cement - Thailand
- Indian Oil Corporation Limited
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Transport, Egypt
- Economic Council, Georgia
- Bayan Resources Tbk. - Indonesia
- Africa Commodities Group - South Africa
- SN Aboitiz Power Inc, Philippines
- Simpson Spence & Young - Indonesia
- Standard Chartered Bank - UAE
- The State Trading Corporation of India Ltd
- Samtan Co., Ltd - South Korea
- Ministry of Mines - Canada
- Eastern Coal Council - USA
- London Commodity Brokers - England
- Star Paper Mills Limited - India
- Gujarat Sidhee Cement - India
- Electricity Authority, New Zealand
- Coalindo Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Latin American Coal - Colombia
- Xindia Steels Limited - India
- Chamber of Mines of South Africa
- Savvy Resources Ltd - HongKong
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Coal and Oil Company - UAE
- Rio Tinto Coal - Australia
- Ambuja Cements Ltd - India
- San Jose City I Power Corp, Philippines
- Mercuria Energy - Indonesia
- Thiess Contractors Indonesia
- Commonwealth Bank - Australia
- Maheswari Brothers Coal Limited - India
- CIMB Investment Bank - Malaysia
- Mintek Dendrill Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Toyota Tsusho Corporation, Japan
- Georgia Ports Authority, United States
- Planning Commission, India
- Minerals Council of Australia
- GN Power Mariveles Coal Plant, Philippines
- Miang Besar Coal Terminal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Tata Chemicals Ltd - India
- Antam Resourcindo - Indonesia
- Iligan Light & Power Inc, Philippines
- Therma Luzon, Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Bangladesh Power Developement Board
- IEA Clean Coal Centre - UK
- Semirara Mining Corp, Philippines
- Sojitz Corporation - Japan
- Kaltim Prima Coal - Indonesia
- Medco Energi Mining Internasional
- Parliament of New Zealand
- Australian Coal Association
- Kumho Petrochemical, South Korea
- Grasim Industreis Ltd - India
- McConnell Dowell - Australia
- Sical Logistics Limited - India
- Oldendorff Carriers - Singapore
- Cement Manufacturers Association - India
- Carbofer General Trading SA - India
- Malabar Cements Ltd - India
- GVK Power & Infra Limited - India
- IHS Mccloskey Coal Group - USA
- Jaiprakash Power Ventures ltd
- Timah Investasi Mineral - Indoneisa
- Singapore Mercantile Exchange
- Uttam Galva Steels Limited - India
- Cigading International Bulk Terminal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Agrawal Coal Company - India
- Lanco Infratech Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Port Waratah Coal Services - Australia
- Attock Cement Pakistan Limited
- SMC Global Power, Philippines
- Goldman Sachs - Singapore
- PowerSource Philippines DevCo
- Intertek Mineral Services - Indonesia
- Central Electricity Authority - India
- Manunggal Multi Energi - Indonesia
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