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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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Friday, 30 November 18
GOVT MULLS REQUIRING MINERS TO TURN COAL INTO GAS - THE JAKARTA POST
The government is considering requiring all coal miners to turn the raw commodity into dimethylether (DME) as a substitute for liquefied petroleum ...
Friday, 30 November 18
SUPRAMAX: N. CHINA TO INDIA OR SE ASIA SUPRAS ARE GETTING PAID AROUND US$ 6000 - FEARNLEYS
Capesize
Sharp rise in spot activity and income, admittedly from very low levels, for the big ships. West Australia/China and Brazil/Far East b ...
Thursday, 29 November 18
NEW IMSBC CODE REQUIREMENTS AIM TO CONTROL LIQUEFACTION OF COAL CARGOES - GARD
KNOWLEDGE TO ELEVATE
The International Maritime Solid Bulk Cargoes (IMSBC) Code describes coal as a natural, solid, combustible material consi ...
Wednesday, 28 November 18
SHIPPING MARKET INSIGHT - GEORGE LAIOS
Last week I had the privilege to attend the SingularityU Greece Summit, in Athens. It was a privilege because you do not often have the chance to s ...
Tuesday, 27 November 18
PANAMAX AND SUPRAMAX INDICES WITNESSED A DECLINE OF JUST BELOW 14% IN THEIR MEAN ON A MONTH-ON-MONTH COMPARISON - ALLIED SHIPPING
A month of sharp corrections and great asymmetries for the dry bulk sector, with the overall overview of the market shipping rapidly from a state o ...
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- Energy Development Corp, Philippines
- Riau Bara Harum - Indonesia
- PNOC Exploration Corporation - Philippines
- Australian Coal Association
- Cigading International Bulk Terminal - Indonesia
- Indika Energy - Indonesia
- Attock Cement Pakistan Limited
- Bukit Makmur.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
- CNBM International Corporation - China
- Parliament of New Zealand
- Rashtriya Ispat Nigam Limited - India
- Barasentosa Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- Manunggal Multi Energi - Indonesia
- Global Coal Blending Company Limited - Australia
- Wilmar Investment Holdings
- GAC Shipping (India) Pvt Ltd
- Ministry of Finance - Indonesia
- Orica Mining Services - Indonesia
- Coastal Gujarat Power Limited - India
- Parry Sugars Refinery, India
- Mintek Dendrill Indonesia
- Tamil Nadu electricity Board
- Aboitiz Power Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Renaissance Capital - South Africa
- Karbindo Abesyapradhi - Indoneisa
- Power Finance Corporation Ltd., India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- India Bulls Power Limited - India
- ICICI Bank Limited - India
- Malabar Cements Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- GVK Power & Infra Limited - India
- Thiess Contractors Indonesia
- Semirara Mining and Power Corporation, Philippines
- Economic Council, Georgia
- Meenaskhi Energy Private Limited - India
- Interocean Group of Companies - India
- Directorate Of Revenue Intelligence - India
- Central Electricity Authority - India
- Carbofer General Trading SA - India
- Star Paper Mills Limited - India
- European Bulk Services B.V. - Netherlands
- Bulk Trading Sa - Switzerland
- Kohat Cement Company Ltd. - Pakistan
- IEA Clean Coal Centre - UK
- GN Power Mariveles Coal Plant, Philippines
- Sindya Power Generating Company Private Ltd
- TNB Fuel Sdn Bhd - Malaysia
- New Zealand Coal & Carbon
- Bukit Baiduri Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Sree Jayajothi Cements Limited - India
- Global Business Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Mjunction Services Limited - India
- Sical Logistics Limited - India
- Anglo American - United Kingdom
- Energy Link Ltd, New Zealand
- Maheswari Brothers Coal Limited - India
- PowerSource Philippines DevCo
- Kapuas Tunggal Persada - Indonesia
- Bhatia International Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Miang Besar Coal Terminal - Indonesia
- Salva Resources Pvt Ltd - India
- Posco Energy - South Korea
- Aditya Birla Group - India
- Timah Investasi Mineral - Indoneisa
- Electricity Authority, New Zealand
- Straits Asia Resources Limited - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Sakthi Sugars Limited - India
- Medco Energi Mining Internasional
- Leighton Contractors Pty Ltd - Australia
- Port Waratah Coal Services - Australia
- Electricity Generating Authority of Thailand
- Merrill Lynch Commodities Europe
- Latin American Coal - Colombia
- International Coal Ventures Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Bayan Resources Tbk. - Indonesia
- The University of Queensland
- PTC India Limited - India
- CIMB Investment Bank - Malaysia
- Kumho Petrochemical, South Korea
- Romanian Commodities Exchange
- Makarim & Taira - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Samtan Co., Ltd - South Korea
- ASAPP Information Group - India
- Heidelberg Cement - Germany
- VISA Power Limited - India
- MS Steel International - UAE
- LBH Netherlands Bv - Netherlands
- Coalindo Energy - Indonesia
- Grasim Industreis Ltd - India
- The State Trading Corporation of India Ltd
- Chamber of Mines of South Africa
- SN Aboitiz Power Inc, Philippines
- Indian Oil Corporation Limited
- London Commodity Brokers - England
- Wood Mackenzie - Singapore
- Georgia Ports Authority, United States
- Kaltim Prima Coal - Indonesia
- Gujarat Sidhee Cement - India
- Globalindo Alam Lestari - Indonesia
- Bangladesh Power Developement Board
- Mercuria Energy - Indonesia
- Bharathi Cement Corporation - India
- Agrawal Coal Company - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Madhucon Powers Ltd - India
- Metalloyd Limited - United Kingdom
- Simpson Spence & Young - Indonesia
- Holcim Trading Pte Ltd - Singapore
- IHS Mccloskey Coal Group - USA
- Vedanta Resources Plc - India
- Gujarat Electricity Regulatory Commission - India
- Gujarat Mineral Development Corp Ltd - India
- Therma Luzon, Inc, Philippines
- South Luzon Thermal Energy Corporation
- Iligan Light & Power Inc, Philippines
- Tata Chemicals Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Vizag Seaport Private Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Edison Trading Spa - Italy
- Marubeni Corporation - India
- San Jose City I Power Corp, Philippines
- Dalmia Cement Bharat India
- Banpu Public Company Limited - Thailand
- Thai Mozambique Logistica
- Intertek Mineral Services - Indonesia
- Kartika Selabumi Mining - Indonesia
- Independent Power Producers Association of India
- Ministry of Mines - Canada
- Indo Tambangraya Megah - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Sarangani Energy Corporation, Philippines
- Oldendorff Carriers - Singapore
- Indonesian Coal Mining Association
- Jindal Steel & Power Ltd - India
- Coal and Oil Company - UAE
- Sojitz Corporation - Japan
- Price Waterhouse Coopers - Russia
- Krishnapatnam Port Company Ltd. - India
- Planning Commission, India
- Neyveli Lignite Corporation Ltd, - India
- AsiaOL BioFuels Corp., Philippines
- Central Java Power - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bahari Cakrawala Sebuku - Indonesia
- Mercator Lines Limited - India
- Petron Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Xindia Steels Limited - India
- Cement Manufacturers Association - India
- Lanco Infratech Ltd - India
- The Treasury - Australian Government
- Global Green Power PLC Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Rio Tinto Coal - Australia
- Ind-Barath Power Infra Limited - India
- SMC Global Power, Philippines
- Commonwealth Bank - Australia
- Minerals Council of Australia
- Ministry of Transport, Egypt
- Directorate General of MIneral and Coal - Indonesia
- Binh Thuan Hamico - Vietnam
- Borneo Indobara - Indonesia
- Trasteel International SA, Italy
- Semirara Mining Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Indian Energy Exchange, India
- Ambuja Cements Ltd - India
- Videocon Industries ltd - India
- Kobexindo Tractors - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- GMR Energy Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Orica Australia Pty. Ltd.
- Standard Chartered Bank - UAE
- Antam Resourcindo - Indonesia
- Siam City Cement PLC, Thailand
- SMG Consultants - Indonesia
- Singapore Mercantile Exchange
- Toyota Tsusho Corporation, Japan
- Deloitte Consulting - India
- Eastern Energy - Thailand
- Kepco SPC Power Corporation, Philippines
- Indogreen Group - Indonesia
- Africa Commodities Group - South Africa
- McConnell Dowell - Australia
- Kideco Jaya Agung - Indonesia
- Goldman Sachs - Singapore
- Pendopo Energi Batubara - Indonesia
- Savvy Resources Ltd - HongKong
- Larsen & Toubro Limited - India
- Eastern Coal Council - USA
- Siam City Cement - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Ceylon Electricity Board - Sri Lanka
- White Energy Company Limited
- Australian Commodity Traders Exchange
- Bhoruka Overseas - Indonesia
- Bhushan Steel Limited - India
- OPG Power Generation Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Formosa Plastics Group - Taiwan
- Baramulti Group, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Karaikal Port Pvt Ltd - India
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