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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 February 19
THE BDI HAS EASED BACK TO 645 BP, ITS LOWEST LEVEL SINCE AUGUST 2016 - ALLIED
The dry bulk sector is in the doldrums, with most market participants seemingly left utterly perplexed, and simultaneously, in pursuit of any posit ...
Monday, 04 February 19
COAL STILL IN HIGH DEMAND GLOBALLY
Although the world is switching to renewable energy there is still a big demand for coal around the globe.
This is according to Cany ...
Friday, 01 February 19
ULTRAMAX WAS FIXED DELIVERY KALIMANTAN, FOR TRIP TO WEST COAST INDIA AT $7,000 - BALTIC BRIEFING
Capesize
The Vale dam tragedy sparked a sharp fall in rates across all regions even where tonnage remained tight. The potential loss of product ...
Friday, 01 February 19
SEMBCORP SELECTS NORDEN FOR LONG-TERM INDIAN CONTRACT
NORDEN A/S has signed a 10-year Panamax Contract of Affreightment (COA) with Indian utility firm Sembcorp Energy India Ltd.
From 1 A ...
Tuesday, 29 January 19
HARD COAL BEARS THE BRUNT OF THE RECOMMENDATIONS OF THE COMMISSION GROWTH STRUCTURAL CHANGE AND EMPLOYMENT - VDKI
Press Release: Hard coal bears the brunt of the recommendations of the Commission Growth Structural change and employment.
In its fi ...
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- Rio Tinto Coal - Australia
- Baramulti Group, Indonesia
- Manunggal Multi Energi - Indonesia
- San Jose City I Power Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- Kumho Petrochemical, South Korea
- Aboitiz Power Corporation - Philippines
- New Zealand Coal & Carbon
- Gujarat Electricity Regulatory Commission - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Orica Australia Pty. Ltd.
- Banpu Public Company Limited - Thailand
- Antam Resourcindo - Indonesia
- Samtan Co., Ltd - South Korea
- Standard Chartered Bank - UAE
- Ambuja Cements Ltd - India
- Chettinad Cement Corporation Ltd - India
- Sree Jayajothi Cements Limited - India
- Price Waterhouse Coopers - Russia
- GVK Power & Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- Siam City Cement - Thailand
- Energy Development Corp, Philippines
- Semirara Mining Corp, Philippines
- VISA Power Limited - India
- Indonesian Coal Mining Association
- Romanian Commodities Exchange
- Mercator Lines Limited - India
- Georgia Ports Authority, United States
- GN Power Mariveles Coal Plant, Philippines
- Kideco Jaya Agung - Indonesia
- Uttam Galva Steels Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Metalloyd Limited - United Kingdom
- The State Trading Corporation of India Ltd
- Kartika Selabumi Mining - Indonesia
- Bhatia International Limited - India
- Orica Mining Services - Indonesia
- Sojitz Corporation - Japan
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Transport, Egypt
- Agrawal Coal Company - India
- Oldendorff Carriers - Singapore
- Indogreen Group - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Iligan Light & Power Inc, Philippines
- ICICI Bank Limited - India
- Leighton Contractors Pty Ltd - Australia
- International Coal Ventures Pvt Ltd - India
- Central Electricity Authority - India
- Trasteel International SA, Italy
- IHS Mccloskey Coal Group - USA
- Port Waratah Coal Services - Australia
- Singapore Mercantile Exchange
- Merrill Lynch Commodities Europe
- Asmin Koalindo Tuhup - Indonesia
- SMC Global Power, Philippines
- Bhushan Steel Limited - India
- Sical Logistics Limited - India
- Alfred C Toepfer International GmbH - Germany
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Renaissance Capital - South Africa
- Coalindo Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Bukit Baiduri Energy - Indonesia
- McConnell Dowell - Australia
- Kalimantan Lumbung Energi - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Marubeni Corporation - India
- Pendopo Energi Batubara - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Videocon Industries ltd - India
- Lanco Infratech Ltd - India
- Altura Mining Limited, Indonesia
- Ministry of Mines - Canada
- TeaM Sual Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Sarangani Energy Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Intertek Mineral Services - Indonesia
- Vizag Seaport Private Limited - India
- Heidelberg Cement - Germany
- Jorong Barutama Greston.PT - Indonesia
- Coastal Gujarat Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Dalmia Cement Bharat India
- Minerals Council of Australia
- Karaikal Port Pvt Ltd - India
- CNBM International Corporation - China
- Electricity Generating Authority of Thailand
- Coal and Oil Company - UAE
- Timah Investasi Mineral - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Attock Cement Pakistan Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Tamil Nadu electricity Board
- Deloitte Consulting - India
- Energy Link Ltd, New Zealand
- Economic Council, Georgia
- OPG Power Generation Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Australian Coal Association
- CIMB Investment Bank - Malaysia
- Wood Mackenzie - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Commonwealth Bank - Australia
- MS Steel International - UAE
- Chamber of Mines of South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Vedanta Resources Plc - India
- Gujarat Sidhee Cement - India
- Parry Sugars Refinery, India
- Electricity Authority, New Zealand
- Carbofer General Trading SA - India
- Barasentosa Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Miang Besar Coal Terminal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Indian Oil Corporation Limited
- GAC Shipping (India) Pvt Ltd
- Thiess Contractors Indonesia
- Bukit Makmur.PT - Indonesia
- Australian Commodity Traders Exchange
- PTC India Limited - India
- Goldman Sachs - Singapore
- Africa Commodities Group - South Africa
- Global Green Power PLC Corporation, Philippines
- Aditya Birla Group - India
- Savvy Resources Ltd - HongKong
- Wilmar Investment Holdings
- Ministry of Finance - Indonesia
- Anglo American - United Kingdom
- Independent Power Producers Association of India
- Bharathi Cement Corporation - India
- Kobexindo Tractors - Indoneisa
- Essar Steel Hazira Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Ceylon Electricity Board - Sri Lanka
- Bayan Resources Tbk. - Indonesia
- LBH Netherlands Bv - Netherlands
- Eastern Coal Council - USA
- The Treasury - Australian Government
- Karbindo Abesyapradhi - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- The University of Queensland
- Kepco SPC Power Corporation, Philippines
- ASAPP Information Group - India
- White Energy Company Limited
- PNOC Exploration Corporation - Philippines
- Posco Energy - South Korea
- GMR Energy Limited - India
- Latin American Coal - Colombia
- Bhoruka Overseas - Indonesia
- Formosa Plastics Group - Taiwan
- Larsen & Toubro Limited - India
- Central Java Power - Indonesia
- Thai Mozambique Logistica
- Global Business Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Malabar Cements Ltd - India
- IEA Clean Coal Centre - UK
- Edison Trading Spa - Italy
- Cement Manufacturers Association - India
- Globalindo Alam Lestari - Indonesia
- PowerSource Philippines DevCo
- Mintek Dendrill Indonesia
- Siam City Cement PLC, Thailand
- AsiaOL BioFuels Corp., Philippines
- Star Paper Mills Limited - India
- South Luzon Thermal Energy Corporation
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kaltim Prima Coal - Indonesia
- Sakthi Sugars Limited - India
- Sindya Power Generating Company Private Ltd
- Bangladesh Power Developement Board
- Borneo Indobara - Indonesia
- Power Finance Corporation Ltd., India
- PetroVietnam Power Coal Import and Supply Company
- Meenaskhi Energy Private Limited - India
- Interocean Group of Companies - India
- Directorate Of Revenue Intelligence - India
- Indo Tambangraya Megah - Indonesia
- Maheswari Brothers Coal Limited - India
- Makarim & Taira - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Indika Energy - Indonesia
- Medco Energi Mining Internasional
- Binh Thuan Hamico - Vietnam
- India Bulls Power Limited - India
- Xindia Steels Limited - India
- Bulk Trading Sa - Switzerland
- Mjunction Services Limited - India
- Parliament of New Zealand
- Petron Corporation, Philippines
- Mercuria Energy - Indonesia
- SMG Consultants - Indonesia
- Straits Asia Resources Limited - Singapore
- Tata Chemicals Ltd - India
- Jindal Steel & Power Ltd - India
- SN Aboitiz Power Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Salva Resources Pvt Ltd - India
- Grasim Industreis Ltd - India
- Therma Luzon, Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- London Commodity Brokers - England
- Kohat Cement Company Ltd. - Pakistan
- Planning Commission, India
- Global Coal Blending Company Limited - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Riau Bara Harum - Indonesia
- Madhucon Powers Ltd - India
- Eastern Energy - Thailand
- Indian Energy Exchange, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
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