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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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Tuesday, 26 February 19
THE RELATIVELY DISAPPOINTING SCENE PORTRAYED IN THE DRY BULK MARKET RIGHT NOW - ALLIED SHIPBROKING
The relatively disappointing scene portrayed in the dry bulk market right now (especially in the Capesize segment) is undoubtedly one of the prevai ...
Friday, 22 February 19
AUSTRALIAN HIGH CV THERMAL COAL PRICES AT 19-MONTH LOW, BUT NOT FOR LONG - WOOD MACKENZIE
The benchmark Newcastle high energy thermal coal price has fallen from US$100/tonne at the turn of the new year to US$88/tonne. Thermal coal has be ...
Wednesday, 20 February 19
EFFECTIVE NOTICES OF ARBITRATION - AVOIDING WASTED COSTS AND A POTENTIALLY TIME-BARRED CLAIM
KNOWLEDGE TO ELEVATE
In a recent case, The Amity [2017], charterers successfully set aside an arbitration award on the basis that ow ...
Wednesday, 20 February 19
SHIPPING MARKET INSIGHT - INERMODAL
Market experts mostly agree that the recent dry bulk market downtrend was caused by seasonal slowdown amid the Chinese New Year celebrations in com ...
Tuesday, 19 February 19
AUSTRALIA'S COAL FUTURE UNDER THREAT AS MORE CHANGES HIT FOSSIL FUELS GLOBALLY - ABC
Two disparate decisions from opposite corners of the world have sounded warnings for the future of Australia’s coal industry.
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- Chettinad Cement Corporation Ltd - India
- Standard Chartered Bank - UAE
- Borneo Indobara - Indonesia
- OPG Power Generation Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Posco Energy - South Korea
- Coalindo Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Global Business Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Agrawal Coal Company - India
- Salva Resources Pvt Ltd - India
- Sojitz Corporation - Japan
- Savvy Resources Ltd - HongKong
- Energy Development Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Binh Thuan Hamico - Vietnam
- Indogreen Group - Indonesia
- Ambuja Cements Ltd - India
- Mercator Lines Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Marubeni Corporation - India
- Planning Commission, India
- Larsen & Toubro Limited - India
- CNBM International Corporation - China
- Therma Luzon, Inc, Philippines
- Orica Mining Services - Indonesia
- Edison Trading Spa - Italy
- Bhoruka Overseas - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Kalimantan Lumbung Energi - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Indo Tambangraya Megah - Indonesia
- Samtan Co., Ltd - South Korea
- Holcim Trading Pte Ltd - Singapore
- Meralco Power Generation, Philippines
- Trasteel International SA, Italy
- Indonesian Coal Mining Association
- Wilmar Investment Holdings
- Sindya Power Generating Company Private Ltd
- Barasentosa Lestari - Indonesia
- Karaikal Port Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Sical Logistics Limited - India
- Dalmia Cement Bharat India
- Cigading International Bulk Terminal - Indonesia
- Siam City Cement PLC, Thailand
- Kideco Jaya Agung - Indonesia
- Electricity Generating Authority of Thailand
- Bhatia International Limited - India
- Meenaskhi Energy Private Limited - India
- Ind-Barath Power Infra Limited - India
- Singapore Mercantile Exchange
- Bulk Trading Sa - Switzerland
- Toyota Tsusho Corporation, Japan
- Krishnapatnam Port Company Ltd. - India
- Xindia Steels Limited - India
- Romanian Commodities Exchange
- Aditya Birla Group - India
- Semirara Mining Corp, Philippines
- Power Finance Corporation Ltd., India
- Gujarat Sidhee Cement - India
- Bukit Makmur.PT - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Asmin Koalindo Tuhup - Indonesia
- Indika Energy - Indonesia
- Goldman Sachs - Singapore
- Thai Mozambique Logistica
- Metalloyd Limited - United Kingdom
- Bukit Asam (Persero) Tbk - Indonesia
- McConnell Dowell - Australia
- Medco Energi Mining Internasional
- Madhucon Powers Ltd - India
- The State Trading Corporation of India Ltd
- Bayan Resources Tbk. - Indonesia
- San Jose City I Power Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- VISA Power Limited - India
- Lanco Infratech Ltd - India
- Pendopo Energi Batubara - Indonesia
- Mercuria Energy - Indonesia
- PTC India Limited - India
- Kapuas Tunggal Persada - Indonesia
- Uttam Galva Steels Limited - India
- Africa Commodities Group - South Africa
- Heidelberg Cement - Germany
- Offshore Bulk Terminal Pte Ltd, Singapore
- Malabar Cements Ltd - India
- SMG Consultants - Indonesia
- IHS Mccloskey Coal Group - USA
- LBH Netherlands Bv - Netherlands
- Wood Mackenzie - Singapore
- Ministry of Transport, Egypt
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Mjunction Services Limited - India
- Price Waterhouse Coopers - Russia
- Orica Australia Pty. Ltd.
- Latin American Coal - Colombia
- Eastern Energy - Thailand
- Sakthi Sugars Limited - India
- Deloitte Consulting - India
- Australian Coal Association
- Commonwealth Bank - Australia
- Gujarat Electricity Regulatory Commission - India
- Bahari Cakrawala Sebuku - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Kartika Selabumi Mining - Indonesia
- Global Coal Blending Company Limited - Australia
- Cement Manufacturers Association - India
- Intertek Mineral Services - Indonesia
- Grasim Industreis Ltd - India
- Formosa Plastics Group - Taiwan
- Attock Cement Pakistan Limited
- Banpu Public Company Limited - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- SN Aboitiz Power Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Economic Council, Georgia
- Vedanta Resources Plc - India
- Kaltim Prima Coal - Indonesia
- Ministry of Finance - Indonesia
- London Commodity Brokers - England
- Gujarat Mineral Development Corp Ltd - India
- MS Steel International - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- New Zealand Coal & Carbon
- Merrill Lynch Commodities Europe
- Port Waratah Coal Services - Australia
- White Energy Company Limited
- Straits Asia Resources Limited - Singapore
- Videocon Industries ltd - India
- Australian Commodity Traders Exchange
- TeaM Sual Corporation - Philippines
- Carbofer General Trading SA - India
- Coal and Oil Company - UAE
- Global Green Power PLC Corporation, Philippines
- GMR Energy Limited - India
- Tamil Nadu electricity Board
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Altura Mining Limited, Indonesia
- Directorate Of Revenue Intelligence - India
- Indian Oil Corporation Limited
- Siam City Cement - Thailand
- AsiaOL BioFuels Corp., Philippines
- Georgia Ports Authority, United States
- Sarangani Energy Corporation, Philippines
- Independent Power Producers Association of India
- Kohat Cement Company Ltd. - Pakistan
- Maharashtra Electricity Regulatory Commission - India
- Parry Sugars Refinery, India
- Eastern Coal Council - USA
- Jindal Steel & Power Ltd - India
- Central Java Power - Indonesia
- Rio Tinto Coal - Australia
- GAC Shipping (India) Pvt Ltd
- Renaissance Capital - South Africa
- Kepco SPC Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Minerals Council of Australia
- ICICI Bank Limited - India
- Leighton Contractors Pty Ltd - Australia
- Antam Resourcindo - Indonesia
- Rashtriya Ispat Nigam Limited - India
- The University of Queensland
- Electricity Authority, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Petron Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Parliament of New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Iligan Light & Power Inc, Philippines
- PowerSource Philippines DevCo
- Miang Besar Coal Terminal - Indonesia
- The Treasury - Australian Government
- Makarim & Taira - Indonesia
- Anglo American - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- PNOC Exploration Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Kumho Petrochemical, South Korea
- Chamber of Mines of South Africa
- Maheswari Brothers Coal Limited - India
- Thiess Contractors Indonesia
- Energy Link Ltd, New Zealand
- India Bulls Power Limited - India
- GVK Power & Infra Limited - India
- European Bulk Services B.V. - Netherlands
- Vijayanagar Sugar Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Manunggal Multi Energi - Indonesia
- Tata Chemicals Ltd - India
- Interocean Group of Companies - India
- GN Power Mariveles Coal Plant, Philippines
- CIMB Investment Bank - Malaysia
- Jorong Barutama Greston.PT - Indonesia
- Star Paper Mills Limited - India
- Mintek Dendrill Indonesia
- Essar Steel Hazira Ltd - India
- Coastal Gujarat Power Limited - India
- Indian Energy Exchange, India
- ASAPP Information Group - India
- SMC Global Power, Philippines
- Baramulti Group, Indonesia
- Central Electricity Authority - India
- Ministry of Mines - Canada
- Bharathi Cement Corporation - India
- IEA Clean Coal Centre - UK
- Vizag Seaport Private Limited - India
- Jaiprakash Power Ventures ltd
- Riau Bara Harum - Indonesia
- Bangladesh Power Developement Board
- Bhushan Steel Limited - India
- Simpson Spence & Young - Indonesia
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