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