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