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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, 06 March 19
SHIPPING MARKET INSIGHT - INERMODAL
In a downward moving market, softer SnP activity is usually a given, as the gap between Sellers’ and Buyers’ ideas widens, especially w ...
Saturday, 02 March 19
A 60,500-TONNER WAS BOOKED DELIVERY SINGAPORE, VIA INDONESIA, REDELIVERY WEST COAST INDIA, AT $11,250 - BALTIC BRIEFING
Capesize
Vale’s ongoing absence from the Brazil spot market continued to have a negative impact on sentiment, with rates falling in all a ...
Thursday, 28 February 19
COAL'S PERFECT STORM HITS $70 BILLION AUSTRALIAN PROJECTS - BLOOMBERG
It’s been a tough few weeks for our coal industry.
First there was a court ruling blocking a new mine on climate change ground ...
Wednesday, 27 February 19
SHIPPING MARKET INSIGHT - INTERMODAL
With the IMO 2020 approaching, it becomes challenging for the market to accurately explore the run-up to the deadline given that marine fuel-oil of ...
Tuesday, 26 February 19
CHINA RESTRICTS SEABORNE COAL IMPORTS - WOOD MACKENZIE
In response to news on China's Dalian port restricting seaborne coal imports, Wood Mackenzie's experts provide the following commentary.
...
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- Antam Resourcindo - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Essar Steel Hazira Ltd - India
- Australian Commodity Traders Exchange
- Maharashtra Electricity Regulatory Commission - India
- Wood Mackenzie - Singapore
- India Bulls Power Limited - India
- Parry Sugars Refinery, India
- Tamil Nadu electricity Board
- Barasentosa Lestari - Indonesia
- Kideco Jaya Agung - Indonesia
- Medco Energi Mining Internasional
- Indonesian Coal Mining Association
- Borneo Indobara - Indonesia
- Latin American Coal - Colombia
- Attock Cement Pakistan Limited
- Baramulti Group, Indonesia
- South Luzon Thermal Energy Corporation
- White Energy Company Limited
- Deloitte Consulting - India
- Coastal Gujarat Power Limited - India
- Bhoruka Overseas - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Altura Mining Limited, Indonesia
- San Jose City I Power Corp, Philippines
- Lanco Infratech Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Jaiprakash Power Ventures ltd
- Siam City Cement - Thailand
- Alfred C Toepfer International GmbH - Germany
- Cement Manufacturers Association - India
- Port Waratah Coal Services - Australia
- Eastern Coal Council - USA
- GAC Shipping (India) Pvt Ltd
- Bangladesh Power Developement Board
- Carbofer General Trading SA - India
- Straits Asia Resources Limited - Singapore
- Dalmia Cement Bharat India
- Karaikal Port Pvt Ltd - India
- Agrawal Coal Company - India
- Holcim Trading Pte Ltd - Singapore
- Global Coal Blending Company Limited - Australia
- Romanian Commodities Exchange
- Electricity Authority, New Zealand
- Coalindo Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coal and Oil Company - UAE
- Sarangani Energy Corporation, Philippines
- Eastern Energy - Thailand
- LBH Netherlands Bv - Netherlands
- Independent Power Producers Association of India
- Bayan Resources Tbk. - Indonesia
- Ministry of Finance - Indonesia
- Binh Thuan Hamico - Vietnam
- IHS Mccloskey Coal Group - USA
- Mintek Dendrill Indonesia
- Samtan Co., Ltd - South Korea
- TeaM Sual Corporation - Philippines
- Oldendorff Carriers - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Bhatia International Limited - India
- Kartika Selabumi Mining - Indonesia
- Central Electricity Authority - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Banpu Public Company Limited - Thailand
- Kumho Petrochemical, South Korea
- Formosa Plastics Group - Taiwan
- Economic Council, Georgia
- MS Steel International - UAE
- Indian Energy Exchange, India
- Directorate Of Revenue Intelligence - India
- Africa Commodities Group - South Africa
- Sojitz Corporation - Japan
- Renaissance Capital - South Africa
- New Zealand Coal & Carbon
- Neyveli Lignite Corporation Ltd, - India
- Intertek Mineral Services - Indonesia
- Price Waterhouse Coopers - Russia
- PNOC Exploration Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Meenaskhi Energy Private Limited - India
- Mercuria Energy - Indonesia
- Central Java Power - Indonesia
- Vedanta Resources Plc - India
- The University of Queensland
- Vizag Seaport Private Limited - India
- Sindya Power Generating Company Private Ltd
- Indika Energy - Indonesia
- Thiess Contractors Indonesia
- Rio Tinto Coal - Australia
- Mjunction Services Limited - India
- London Commodity Brokers - England
- Power Finance Corporation Ltd., India
- CIMB Investment Bank - Malaysia
- Jindal Steel & Power Ltd - India
- Bharathi Cement Corporation - India
- Larsen & Toubro Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Bhushan Steel Limited - India
- Mercator Lines Limited - India
- McConnell Dowell - Australia
- Sinarmas Energy and Mining - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Aboitiz Power Corporation - Philippines
- PowerSource Philippines DevCo
- International Coal Ventures Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Chettinad Cement Corporation Ltd - India
- Anglo American - United Kingdom
- Bulk Trading Sa - Switzerland
- Kaltim Prima Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Chamber of Mines of South Africa
- Merrill Lynch Commodities Europe
- Ministry of Transport, Egypt
- Maheswari Brothers Coal Limited - India
- Miang Besar Coal Terminal - Indonesia
- Videocon Industries ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Savvy Resources Ltd - HongKong
- Orica Mining Services - Indonesia
- Posco Energy - South Korea
- Semirara Mining Corp, Philippines
- Sakthi Sugars Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Parliament of New Zealand
- GMR Energy Limited - India
- GVK Power & Infra Limited - India
- Siam City Cement PLC, Thailand
- Singapore Mercantile Exchange
- SMC Global Power, Philippines
- Trasteel International SA, Italy
- Sical Logistics Limited - India
- Indogreen Group - Indonesia
- Indo Tambangraya Megah - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Marubeni Corporation - India
- VISA Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Semirara Mining and Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- PTC India Limited - India
- Ceylon Electricity Board - Sri Lanka
- Timah Investasi Mineral - Indoneisa
- Georgia Ports Authority, United States
- Indian Oil Corporation Limited
- Sree Jayajothi Cements Limited - India
- Global Green Power PLC Corporation, Philippines
- Star Paper Mills Limited - India
- Kobexindo Tractors - Indoneisa
- SMG Consultants - Indonesia
- Toyota Tsusho Corporation, Japan
- Gujarat Sidhee Cement - India
- Simpson Spence & Young - Indonesia
- Planning Commission, India
- Jorong Barutama Greston.PT - Indonesia
- Petron Corporation, Philippines
- Riau Bara Harum - Indonesia
- Meralco Power Generation, Philippines
- Makarim & Taira - Indonesia
- ICICI Bank Limited - India
- Metalloyd Limited - United Kingdom
- Edison Trading Spa - Italy
- Madhucon Powers Ltd - India
- Electricity Generating Authority of Thailand
- Standard Chartered Bank - UAE
- Global Business Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Tata Chemicals Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Goldman Sachs - Singapore
- Commonwealth Bank - Australia
- Heidelberg Cement - Germany
- Australian Coal Association
- Orica Australia Pty. Ltd.
- Directorate General of MIneral and Coal - Indonesia
- Ambuja Cements Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Wilmar Investment Holdings
- Cigading International Bulk Terminal - Indonesia
- Thai Mozambique Logistica
- Billiton Holdings Pty Ltd - Australia
- Uttam Galva Steels Limited - India
- SN Aboitiz Power Inc, Philippines
- The State Trading Corporation of India Ltd
- Bukit Baiduri Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Minerals Council of Australia
- IEA Clean Coal Centre - UK
- Bahari Cakrawala Sebuku - Indonesia
- Aditya Birla Group - India
- Iligan Light & Power Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Malabar Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Interocean Group of Companies - India
- ASAPP Information Group - India
- Bukit Makmur.PT - Indonesia
- European Bulk Services B.V. - Netherlands
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ind-Barath Power Infra Limited - India
- The Treasury - Australian Government
- TNB Fuel Sdn Bhd - Malaysia
- Xindia Steels Limited - India
- Kapuas Tunggal Persada - Indonesia
- CNBM International Corporation - China
- Karbindo Abesyapradhi - Indoneisa
- Energy Development Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Grasim Industreis Ltd - India
- Manunggal Multi Energi - Indonesia
- Ministry of Mines - Canada
- Salva Resources Pvt Ltd - India
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