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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, 29 January 19
CHINA HAS BEEN THE TOP DRIVER OF GLOBAL GROWTH FOR NEARLY TWO DECADES - ALLIED
China has been the top driver of global growth for nearly two decades now, pushing demand for seaborne trade and being the key influencer for deman ...
Saturday, 26 January 19
SUPRAMAX: NICKEL ORE RUNS SAW A 56K DWT VESSEL, DELIVERY PHILIPPINES, FIXED FOR A TRIP TO CHINA AT $6K - BALTIC BRIEFING
Capesize
A week of dashed hopes for owners as the optimism evident the previous week evaporated. Rates slipped on all routes and underlying thr ...
Thursday, 24 January 19
ANOTHER DISAPPOINTING WEEK FOR PANAMAX OWNERS; MARKET CONTINUES DOWN IN BOTH BASINS - FEARNLEYS
Capesize
The week has been marked by low activity and dropping rates in both basins. As usual, supply additions have increased at the beginning ...
Thursday, 24 January 19
KOREA SOUTHERN POWER INVITED BIDS FOR 960K MT OF 4600 NCV COAL FOR THREE YEARS
COALspot.com: South Korea state-owned utility Korea Southern Power Co. Ltd (KOSPO) issued a tender for 320,000 MT of min 4,600 kcal/kg NCV low calo ...
Tuesday, 22 January 19
9TH GLOBAL MANUFACTURING SUPPLY CHAIN INNOVATION SUMMIT 2019
Rethinking the supply chain in manufacturing is a must at the digital era along with the industry transforming and innovating; new manufacturing is ...
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- Offshore Bulk Terminal Pte Ltd, Singapore
- Larsen & Toubro Limited - India
- London Commodity Brokers - England
- Sakthi Sugars Limited - India
- Indonesian Coal Mining Association
- Kalimantan Lumbung Energi - Indonesia
- Malabar Cements Ltd - India
- Electricity Generating Authority of Thailand
- Meralco Power Generation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Indogreen Group - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SN Aboitiz Power Inc, Philippines
- Eastern Energy - Thailand
- MS Steel International - UAE
- Karaikal Port Pvt Ltd - India
- CNBM International Corporation - China
- Manunggal Multi Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- PTC India Limited - India
- Kaltim Prima Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Vizag Seaport Private Limited - India
- Binh Thuan Hamico - Vietnam
- Sinarmas Energy and Mining - Indonesia
- Australian Coal Association
- VISA Power Limited - India
- SMC Global Power, Philippines
- White Energy Company Limited
- Grasim Industreis Ltd - India
- Straits Asia Resources Limited - Singapore
- Minerals Council of Australia
- Lanco Infratech Ltd - India
- Toyota Tsusho Corporation, Japan
- India Bulls Power Limited - India
- PowerSource Philippines DevCo
- Bank of Tokyo Mitsubishi UFJ Ltd
- South Luzon Thermal Energy Corporation
- Bahari Cakrawala Sebuku - Indonesia
- Antam Resourcindo - Indonesia
- Dalmia Cement Bharat India
- Kideco Jaya Agung - Indonesia
- Coastal Gujarat Power Limited - India
- Indika Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Timah Investasi Mineral - Indoneisa
- Price Waterhouse Coopers - Russia
- Ministry of Finance - Indonesia
- Sarangani Energy Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Aboitiz Power Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Bukit Makmur.PT - Indonesia
- Eastern Coal Council - USA
- Therma Luzon, Inc, Philippines
- Ambuja Cements Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Uttam Galva Steels Limited - India
- Chamber of Mines of South Africa
- TeaM Sual Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Cement Manufacturers Association - India
- Deloitte Consulting - India
- The University of Queensland
- Jindal Steel & Power Ltd - India
- Indo Tambangraya Megah - Indonesia
- Tamil Nadu electricity Board
- Vedanta Resources Plc - India
- Trasteel International SA, Italy
- Anglo American - United Kingdom
- Krishnapatnam Port Company Ltd. - India
- Port Waratah Coal Services - Australia
- GAC Shipping (India) Pvt Ltd
- Economic Council, Georgia
- Medco Energi Mining Internasional
- Wood Mackenzie - Singapore
- Ministry of Transport, Egypt
- Star Paper Mills Limited - India
- Gujarat Sidhee Cement - India
- OPG Power Generation Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Ind-Barath Power Infra Limited - India
- Thai Mozambique Logistica
- Central Java Power - Indonesia
- Bulk Trading Sa - Switzerland
- Global Coal Blending Company Limited - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Commodity Traders Exchange
- Tata Chemicals Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Indian Energy Exchange, India
- Formosa Plastics Group - Taiwan
- Bhatia International Limited - India
- The Treasury - Australian Government
- Rio Tinto Coal - Australia
- Bangladesh Power Developement Board
- Directorate Of Revenue Intelligence - India
- Kapuas Tunggal Persada - Indonesia
- Bayan Resources Tbk. - Indonesia
- GMR Energy Limited - India
- Holcim Trading Pte Ltd - Singapore
- Alfred C Toepfer International GmbH - Germany
- Madhucon Powers Ltd - India
- Sindya Power Generating Company Private Ltd
- Salva Resources Pvt Ltd - India
- Edison Trading Spa - Italy
- Commonwealth Bank - Australia
- Semirara Mining Corp, Philippines
- Posco Energy - South Korea
- Africa Commodities Group - South Africa
- PNOC Exploration Corporation - Philippines
- Carbofer General Trading SA - India
- Kobexindo Tractors - Indoneisa
- Mercuria Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Altura Mining Limited, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Aditya Birla Group - India
- Thiess Contractors Indonesia
- LBH Netherlands Bv - Netherlands
- GVK Power & Infra Limited - India
- Siam City Cement - Thailand
- CIMB Investment Bank - Malaysia
- Renaissance Capital - South Africa
- Merrill Lynch Commodities Europe
- AsiaOL BioFuels Corp., Philippines
- Cigading International Bulk Terminal - Indonesia
- Wilmar Investment Holdings
- Bhoruka Overseas - Indonesia
- Standard Chartered Bank - UAE
- Global Green Power PLC Corporation, Philippines
- ASAPP Information Group - India
- SMG Consultants - Indonesia
- Meenaskhi Energy Private Limited - India
- IEA Clean Coal Centre - UK
- Electricity Authority, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Independent Power Producers Association of India
- McConnell Dowell - Australia
- Jaiprakash Power Ventures ltd
- Bukit Asam (Persero) Tbk - Indonesia
- IHS Mccloskey Coal Group - USA
- Riau Bara Harum - Indonesia
- Essar Steel Hazira Ltd - India
- Globalindo Alam Lestari - Indonesia
- New Zealand Coal & Carbon
- Orica Australia Pty. Ltd.
- Metalloyd Limited - United Kingdom
- Mintek Dendrill Indonesia
- Orica Mining Services - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Attock Cement Pakistan Limited
- Bhushan Steel Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Heidelberg Cement - Germany
- Samtan Co., Ltd - South Korea
- Kartika Selabumi Mining - Indonesia
- Sical Logistics Limited - India
- Banpu Public Company Limited - Thailand
- Romanian Commodities Exchange
- Makarim & Taira - Indonesia
- Energy Development Corp, Philippines
- Interocean Group of Companies - India
- Mercator Lines Limited - India
- Simpson Spence & Young - Indonesia
- Intertek Mineral Services - Indonesia
- Marubeni Corporation - India
- Xindia Steels Limited - India
- Kepco SPC Power Corporation, Philippines
- Planning Commission, India
- Oldendorff Carriers - Singapore
- Chettinad Cement Corporation Ltd - India
- Ministry of Mines - Canada
- Georgia Ports Authority, United States
- Videocon Industries ltd - India
- Power Finance Corporation Ltd., India
- Parliament of New Zealand
- Maheswari Brothers Coal Limited - India
- Petron Corporation, Philippines
- Coalindo Energy - Indonesia
- Energy Link Ltd, New Zealand
- Singapore Mercantile Exchange
- Latin American Coal - Colombia
- Directorate General of MIneral and Coal - Indonesia
- San Jose City I Power Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Bharathi Cement Corporation - India
- Pipit Mutiara Jaya. PT, Indonesia
- Sojitz Corporation - Japan
- Parry Sugars Refinery, India
- The State Trading Corporation of India Ltd
- ICICI Bank Limited - India
- Goldman Sachs - Singapore
- Coal and Oil Company - UAE
- European Bulk Services B.V. - Netherlands
- Barasentosa Lestari - Indonesia
- Mjunction Services Limited - India
- Central Electricity Authority - India
- Siam City Cement PLC, Thailand
- Baramulti Group, Indonesia
- International Coal Ventures Pvt Ltd - India
- Indian Oil Corporation Limited
- Ceylon Electricity Board - Sri Lanka
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Gujarat Mineral Development Corp Ltd - India
- Iligan Light & Power Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Agrawal Coal Company - India
- Borneo Indobara - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
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