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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, 13 February 19
SHIPPING MARKET INSIGHT - INTERMODAL
If there is one word that can describe the current shipping environment then that this word is most probably “volatility.” The sentimen ...
Saturday, 09 February 19
SUPRAMAX: A 63,000-TONNER WAS REPORTED FIXED DELIVERY FOR AN EAST KALIMANTAN TRIP, REDELIVERY WEST COAST INDIA, AT $9,250 - THE BALTIC BRIEFING
Cape
The Vale disaster weighed heavily on the market for big ships, with uncertainty about shipments/future exports leading to a sharp drop in ...
Friday, 08 February 19
LOWER-QUALITY INDONESIA EXPORTS ROSE 39 MT IN 2018 YOY PRIMARILY IN RESPONSE TO INCREASED DEMAND FROM CHINA AND INDIA - PEABODY
"Underlying seaborne met and thermal coal conditions remain quite positive and the pace of U.S. coal-fueled power plant retirements is expecte ...
Thursday, 07 February 19
QATAR CAN GAIN FROM DECLINING COAL - THE PENINSULA
With North America and Europe closing down their old coal and nuclear plants, major gas exporters like Qatar can and should gain market share. With ...
Wednesday, 06 February 19
FEBRUARY 2019 INDONESIA'S COAL REFERENCE PRICE FELL 8.83 PERCENT YOY
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down again the benchmark price of Indonesian th ...
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- Thai Mozambique Logistica
- Bukit Baiduri Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Marubeni Corporation - India
- Energy Link Ltd, New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Heidelberg Cement - Germany
- Pipit Mutiara Jaya. PT, Indonesia
- The Treasury - Australian Government
- Bharathi Cement Corporation - India
- Parry Sugars Refinery, India
- Toyota Tsusho Corporation, Japan
- Coalindo Energy - Indonesia
- Grasim Industreis Ltd - India
- Vedanta Resources Plc - India
- Essar Steel Hazira Ltd - India
- Pendopo Energi Batubara - Indonesia
- CIMB Investment Bank - Malaysia
- Riau Bara Harum - Indonesia
- Bhushan Steel Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Therma Luzon, Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Anglo American - United Kingdom
- Independent Power Producers Association of India
- Kapuas Tunggal Persada - Indonesia
- Simpson Spence & Young - Indonesia
- Globalindo Alam Lestari - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Thiess Contractors Indonesia
- Madhucon Powers Ltd - India
- Energy Development Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Georgia Ports Authority, United States
- Videocon Industries ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Dalmia Cement Bharat India
- Bhatia International Limited - India
- New Zealand Coal & Carbon
- PNOC Exploration Corporation - Philippines
- Australian Coal Association
- London Commodity Brokers - England
- Semirara Mining Corp, Philippines
- Port Waratah Coal Services - Australia
- SMC Global Power, Philippines
- Singapore Mercantile Exchange
- Xindia Steels Limited - India
- Sakthi Sugars Limited - India
- Edison Trading Spa - Italy
- Karaikal Port Pvt Ltd - India
- Latin American Coal - Colombia
- Borneo Indobara - Indonesia
- Bangladesh Power Developement Board
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Salva Resources Pvt Ltd - India
- India Bulls Power Limited - India
- Mintek Dendrill Indonesia
- Indian Oil Corporation Limited
- Timah Investasi Mineral - Indoneisa
- Wilmar Investment Holdings
- European Bulk Services B.V. - Netherlands
- White Energy Company Limited
- Australian Commodity Traders Exchange
- Kepco SPC Power Corporation, Philippines
- Deloitte Consulting - India
- Siam City Cement PLC, Thailand
- Binh Thuan Hamico - Vietnam
- Banpu Public Company Limited - Thailand
- Aditya Birla Group - India
- Kalimantan Lumbung Energi - Indonesia
- Manunggal Multi Energi - Indonesia
- Minerals Council of Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Star Paper Mills Limited - India
- Economic Council, Georgia
- Semirara Mining and Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Intertek Mineral Services - Indonesia
- Posco Energy - South Korea
- Baramulti Group, Indonesia
- Directorate Of Revenue Intelligence - India
- Vizag Seaport Private Limited - India
- Ministry of Transport, Egypt
- Samtan Co., Ltd - South Korea
- Makarim & Taira - Indonesia
- The State Trading Corporation of India Ltd
- Kaltim Prima Coal - Indonesia
- Cement Manufacturers Association - India
- Tata Chemicals Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- PowerSource Philippines DevCo
- Planning Commission, India
- GMR Energy Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mercator Lines Limited - India
- Electricity Authority, New Zealand
- Straits Asia Resources Limited - Singapore
- Ministry of Mines - Canada
- Formosa Plastics Group - Taiwan
- South Luzon Thermal Energy Corporation
- IHS Mccloskey Coal Group - USA
- Orica Mining Services - Indonesia
- Tamil Nadu electricity Board
- PTC India Limited - India
- Kideco Jaya Agung - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Rashtriya Ispat Nigam Limited - India
- Alfred C Toepfer International GmbH - Germany
- McConnell Dowell - Australia
- MS Steel International - UAE
- Sical Logistics Limited - India
- Africa Commodities Group - South Africa
- Sojitz Corporation - Japan
- Iligan Light & Power Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Ambuja Cements Ltd - India
- Antam Resourcindo - Indonesia
- Jaiprakash Power Ventures ltd
- Aboitiz Power Corporation - Philippines
- VISA Power Limited - India
- Gujarat Sidhee Cement - India
- Global Business Power Corporation, Philippines
- Renaissance Capital - South Africa
- Altura Mining Limited, Indonesia
- Medco Energi Mining Internasional
- Trasteel International SA, Italy
- Lanco Infratech Ltd - India
- Orica Australia Pty. Ltd.
- Kohat Cement Company Ltd. - Pakistan
- Eastern Energy - Thailand
- Chettinad Cement Corporation Ltd - India
- Indonesian Coal Mining Association
- Sarangani Energy Corporation, Philippines
- Agrawal Coal Company - India
- Mercuria Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Krishnapatnam Port Company Ltd. - India
- Kobexindo Tractors - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Makmur.PT - Indonesia
- ASAPP Information Group - India
- Rio Tinto Coal - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Coal Blending Company Limited - Australia
- Kumho Petrochemical, South Korea
- TeaM Sual Corporation - Philippines
- GVK Power & Infra Limited - India
- Leighton Contractors Pty Ltd - Australia
- Indogreen Group - Indonesia
- Ministry of Finance - Indonesia
- GAC Shipping (India) Pvt Ltd
- Larsen & Toubro Limited - India
- Malabar Cements Ltd - India
- Bhoruka Overseas - Indonesia
- Uttam Galva Steels Limited - India
- Coal and Oil Company - UAE
- Power Finance Corporation Ltd., India
- Gujarat Mineral Development Corp Ltd - India
- Merrill Lynch Commodities Europe
- Barasentosa Lestari - Indonesia
- LBH Netherlands Bv - Netherlands
- Central Electricity Authority - India
- Gujarat Electricity Regulatory Commission - India
- Indika Energy - Indonesia
- Jindal Steel & Power Ltd - India
- The University of Queensland
- Global Green Power PLC Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Metalloyd Limited - United Kingdom
- Standard Chartered Bank - UAE
- Maheswari Brothers Coal Limited - India
- ICICI Bank Limited - India
- IEA Clean Coal Centre - UK
- Mjunction Services Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Miang Besar Coal Terminal - Indonesia
- Goldman Sachs - Singapore
- Sree Jayajothi Cements Limited - India
- Siam City Cement - Thailand
- Petron Corporation, Philippines
- Oldendorff Carriers - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Indo Tambangraya Megah - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Meralco Power Generation, Philippines
- Central Java Power - Indonesia
- CNBM International Corporation - China
- Parliament of New Zealand
- Kartika Selabumi Mining - Indonesia
- International Coal Ventures Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Savvy Resources Ltd - HongKong
- Karbindo Abesyapradhi - Indoneisa
- Chamber of Mines of South Africa
- Carbofer General Trading SA - India
- Ind-Barath Power Infra Limited - India
- Eastern Coal Council - USA
- Romanian Commodities Exchange
- Meenaskhi Energy Private Limited - India
- Interocean Group of Companies - India
- Sinarmas Energy and Mining - Indonesia
- San Jose City I Power Corp, Philippines
- SMG Consultants - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Attock Cement Pakistan Limited
- Sindya Power Generating Company Private Ltd
- Commonwealth Bank - Australia
- Indian Energy Exchange, India
- PetroVietnam Power Coal Import and Supply Company
- Bulk Trading Sa - Switzerland
- Wood Mackenzie - Singapore
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