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