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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, 19 December 18
GLOBAL SHIPPING SCOUTS FOR FUTURE GROWTH - PETER SAND, BIMCO
Where do we go to find economic growth that spurs shipping demand in the next five years? According to the International Monetary Fund (IMF), we sh ...
Wednesday, 19 December 18
SHIPPING MARKET INSIGHT - INTERMODAL
As another year is coming to an end, it is interesting to look at the main shipping markets and how these performed compared to 2017.
&nb ...
Tuesday, 18 December 18
COAL DEMAND WILL REMAIN STEADY THROUGH 2023, INTERNATIONAL ENERGY AGENCY SAYS - TOM DICHRISTOPHER, CNBC
Coal consumption is on the rise but will remain roughly stable over the next five years, the International Energy Agency forecasts.
...
Tuesday, 18 December 18
DRY BULK: IN ABSOLUTE TERMS, ALL MAIN SIZE SEGMENTS SAW THEIR ACTUAL VOLATILITY FIGURES DECREASE - ALLIED
Since the beginning of 2016, when the dry bulk market reached its absolute bottom, freight rates have been ever since on an upward trajectory. Taki ...
Tuesday, 18 December 18
COAL OUTLOOK BULLISH DESPITE WEAK CHINESE IMPORT DATA - HEREN, ICIS
Coal prices may appreciate over the remainder of 2018 even despite recent data showing falling imports from the world’s largest producer and ...
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- Videocon Industries ltd - India
- Bukit Baiduri Energy - Indonesia
- Meralco Power Generation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Kumho Petrochemical, South Korea
- Trasteel International SA, Italy
- New Zealand Coal & Carbon
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ceylon Electricity Board - Sri Lanka
- Sree Jayajothi Cements Limited - India
- Sarangani Energy Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Maheswari Brothers Coal Limited - India
- Price Waterhouse Coopers - Russia
- South Luzon Thermal Energy Corporation
- IHS Mccloskey Coal Group - USA
- Renaissance Capital - South Africa
- Singapore Mercantile Exchange
- Bhushan Steel Limited - India
- Global Business Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Ambuja Cements Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Semirara Mining Corp, Philippines
- Indonesian Coal Mining Association
- Wilmar Investment Holdings
- Mintek Dendrill Indonesia
- ICICI Bank Limited - India
- Jaiprakash Power Ventures ltd
- Orica Australia Pty. Ltd.
- Attock Cement Pakistan Limited
- The University of Queensland
- AsiaOL BioFuels Corp., Philippines
- Antam Resourcindo - Indonesia
- Binh Thuan Hamico - Vietnam
- Aditya Birla Group - India
- Australian Coal Association
- Electricity Generating Authority of Thailand
- Ministry of Transport, Egypt
- Latin American Coal - Colombia
- Sinarmas Energy and Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Indogreen Group - Indonesia
- Bukit Makmur.PT - Indonesia
- Toyota Tsusho Corporation, Japan
- Grasim Industreis Ltd - India
- OPG Power Generation Pvt Ltd - India
- India Bulls Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- IEA Clean Coal Centre - UK
- London Commodity Brokers - England
- Wood Mackenzie - Singapore
- Cigading International Bulk Terminal - Indonesia
- Indika Energy - Indonesia
- Baramulti Group, Indonesia
- Simpson Spence & Young - Indonesia
- CNBM International Corporation - China
- Xindia Steels Limited - India
- Sical Logistics Limited - India
- Indian Oil Corporation Limited
- Deloitte Consulting - India
- Globalindo Alam Lestari - Indonesia
- TeaM Sual Corporation - Philippines
- Gujarat Sidhee Cement - India
- Indian Energy Exchange, India
- Sindya Power Generating Company Private Ltd
- Coastal Gujarat Power Limited - India
- Bhatia International Limited - India
- Intertek Mineral Services - Indonesia
- Bharathi Cement Corporation - India
- Mjunction Services Limited - India
- Directorate Of Revenue Intelligence - India
- Chettinad Cement Corporation Ltd - India
- The State Trading Corporation of India Ltd
- CIMB Investment Bank - Malaysia
- Parry Sugars Refinery, India
- Thai Mozambique Logistica
- Romanian Commodities Exchange
- Power Finance Corporation Ltd., India
- Chamber of Mines of South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Medco Energi Mining Internasional
- Siam City Cement - Thailand
- Aboitiz Power Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Petron Corporation, Philippines
- Australian Commodity Traders Exchange
- Edison Trading Spa - Italy
- Makarim & Taira - Indonesia
- Minerals Council of Australia
- Savvy Resources Ltd - HongKong
- Directorate General of MIneral and Coal - Indonesia
- Posco Energy - South Korea
- Commonwealth Bank - Australia
- Leighton Contractors Pty Ltd - Australia
- Carbofer General Trading SA - India
- GVK Power & Infra Limited - India
- San Jose City I Power Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Tata Chemicals Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Georgia Ports Authority, United States
- Holcim Trading Pte Ltd - Singapore
- Mercuria Energy - Indonesia
- SMG Consultants - Indonesia
- Ind-Barath Power Infra Limited - India
- Larsen & Toubro Limited - India
- Formosa Plastics Group - Taiwan
- Global Coal Blending Company Limited - Australia
- Agrawal Coal Company - India
- Petrochimia International Co. Ltd.- Taiwan
- VISA Power Limited - India
- Metalloyd Limited - United Kingdom
- International Coal Ventures Pvt Ltd - India
- Ministry of Finance - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- White Energy Company Limited
- European Bulk Services B.V. - Netherlands
- Kepco SPC Power Corporation, Philippines
- PTC India Limited - India
- ASAPP Information Group - India
- Goldman Sachs - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Jindal Steel & Power Ltd - India
- Siam City Cement PLC, Thailand
- Vizag Seaport Private Limited - India
- Pendopo Energi Batubara - Indonesia
- Dalmia Cement Bharat India
- Heidelberg Cement - Germany
- Bhoruka Overseas - Indonesia
- Independent Power Producers Association of India
- Star Paper Mills Limited - India
- Salva Resources Pvt Ltd - India
- Economic Council, Georgia
- Rio Tinto Coal - Australia
- Marubeni Corporation - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Samtan Co., Ltd - South Korea
- Sojitz Corporation - Japan
- Kohat Cement Company Ltd. - Pakistan
- Pipit Mutiara Jaya. PT, Indonesia
- The Treasury - Australian Government
- Merrill Lynch Commodities Europe
- SN Aboitiz Power Inc, Philippines
- Oldendorff Carriers - Singapore
- Eastern Energy - Thailand
- Electricity Authority, New Zealand
- Essar Steel Hazira Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Standard Chartered Bank - UAE
- Central Electricity Authority - India
- Banpu Public Company Limited - Thailand
- Planning Commission, India
- Altura Mining Limited, Indonesia
- Manunggal Multi Energi - Indonesia
- Uttam Galva Steels Limited - India
- Coalindo Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Orica Mining Services - Indonesia
- Meenaskhi Energy Private Limited - India
- Kartika Selabumi Mining - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Asmin Koalindo Tuhup - Indonesia
- Thiess Contractors Indonesia
- Indo Tambangraya Megah - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Riau Bara Harum - Indonesia
- Kobexindo Tractors - Indoneisa
- PowerSource Philippines DevCo
- Borneo Indobara - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Barasentosa Lestari - Indonesia
- Africa Commodities Group - South Africa
- Sakthi Sugars Limited - India
- Coal and Oil Company - UAE
- Global Green Power PLC Corporation, Philippines
- Tamil Nadu electricity Board
- Bayan Resources Tbk. - Indonesia
- Lanco Infratech Ltd - India
- Vedanta Resources Plc - India
- McConnell Dowell - Australia
- Parliament of New Zealand
- Timah Investasi Mineral - Indoneisa
- PNOC Exploration Corporation - Philippines
- Interocean Group of Companies - India
- Malabar Cements Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Alfred C Toepfer International GmbH - Germany
- Miang Besar Coal Terminal - Indonesia
- Central Java Power - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Anglo American - United Kingdom
- Ministry of Mines - Canada
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Bulk Trading Sa - Switzerland
- PetroVietnam Power Coal Import and Supply Company
- Therma Luzon, Inc, Philippines
- Mercator Lines Limited - India
- Port Waratah Coal Services - Australia
- Energy Link Ltd, New Zealand
- Straits Asia Resources Limited - Singapore
- Kideco Jaya Agung - Indonesia
- Madhucon Powers Ltd - India
- Bangladesh Power Developement Board
- Billiton Holdings Pty Ltd - Australia
- GMR Energy Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- SMC Global Power, Philippines
- Energy Development Corp, Philippines
- Cement Manufacturers Association - India
- LBH Netherlands Bv - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- MS Steel International - UAE
- Eastern Coal Council - USA
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