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