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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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Monday, 26 November 18
SUPRAMAX: THE ASIAN MARKET STALLED THIS WEEK WITH A BUILD-UP OF TONNAGE - BALTIC BRIEFING
Capesize
It was a positive end to the week, with West Australia/China making significant gains and firing owners’ resolve. There was talk ...
Friday, 23 November 18
GOLDEN ENERGY'S POTENTIAL ACQUISITION OF STANMORE CREDIT POSITIVE - FITCH RATINGS
Golden Energy and Resources Limited's (GEAR, B+/Positive) potential acquisition of Stanmore Coal will help the company diversify its coal opera ...
Friday, 23 November 18
ASSOCIATION CALLS FOR REVISION OF DMO SCHEME FOR COAL - JP
The Indonesian Coal Mining Association (APBI) has called on the government to revise the domestic market obligation (DMO) scheme for coal, which re ...
Friday, 23 November 18
INDONESIA'S REVENUES FROM MINERAL AND COAL INCREASE TO US$ 2.858 BILLION - ANTARA
Indonesia`s non-tax state revenues from the mineral and coal sub-sector reached Rp 41.77 trillion (approximately US$ 2.858 Billion) as of Nov 16, 2 ...
Thursday, 22 November 18
SHUT OUT OF CHINA, U.S. COAL EXPORTERS FIND FAVOUR IN INDIA, FOR NOW - REUTERS
U.S. coal exporters have effectively lost a promising market in China since the imposition of tariffs as part of the ongoing trade dispute, but so ...
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- Sarangani Energy Corporation, Philippines
- Economic Council, Georgia
- Merrill Lynch Commodities Europe
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Cement Manufacturers Association - India
- Billiton Holdings Pty Ltd - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Banpu Public Company Limited - Thailand
- Global Green Power PLC Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Chamber of Mines of South Africa
- Independent Power Producers Association of India
- Gujarat Electricity Regulatory Commission - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- TeaM Sual Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Eastern Energy - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Toyota Tsusho Corporation, Japan
- Oldendorff Carriers - Singapore
- Samtan Co., Ltd - South Korea
- Jorong Barutama Greston.PT - Indonesia
- Bhoruka Overseas - Indonesia
- Bhatia International Limited - India
- Deloitte Consulting - India
- The Treasury - Australian Government
- Indian Energy Exchange, India
- Medco Energi Mining Internasional
- PowerSource Philippines DevCo
- Siam City Cement PLC, Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The University of Queensland
- Lanco Infratech Ltd - India
- New Zealand Coal & Carbon
- Bangladesh Power Developement Board
- Rashtriya Ispat Nigam Limited - India
- Xindia Steels Limited - India
- Formosa Plastics Group - Taiwan
- SMC Global Power, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- PNOC Exploration Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Indogreen Group - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Simpson Spence & Young - Indonesia
- Therma Luzon, Inc, Philippines
- Bhushan Steel Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Intertek Mineral Services - Indonesia
- Eastern Coal Council - USA
- Riau Bara Harum - Indonesia
- IEA Clean Coal Centre - UK
- Star Paper Mills Limited - India
- Kapuas Tunggal Persada - Indonesia
- Bayan Resources Tbk. - Indonesia
- International Coal Ventures Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Sree Jayajothi Cements Limited - India
- Rio Tinto Coal - Australia
- Power Finance Corporation Ltd., India
- Electricity Authority, New Zealand
- Jindal Steel & Power Ltd - India
- European Bulk Services B.V. - Netherlands
- Siam City Cement - Thailand
- Mercator Lines Limited - India
- Barasentosa Lestari - Indonesia
- Electricity Generating Authority of Thailand
- Kartika Selabumi Mining - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Kumho Petrochemical, South Korea
- Makarim & Taira - Indonesia
- San Jose City I Power Corp, Philippines
- The State Trading Corporation of India Ltd
- Australian Coal Association
- London Commodity Brokers - England
- Chettinad Cement Corporation Ltd - India
- Antam Resourcindo - Indonesia
- Energy Development Corp, Philippines
- PTC India Limited - India
- Wood Mackenzie - Singapore
- Malabar Cements Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Coalindo Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Larsen & Toubro Limited - India
- OPG Power Generation Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Thiess Contractors Indonesia
- Parliament of New Zealand
- Karaikal Port Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- PetroVietnam Power Coal Import and Supply Company
- Central Electricity Authority - India
- LBH Netherlands Bv - Netherlands
- Manunggal Multi Energi - Indonesia
- Tata Chemicals Ltd - India
- Ind-Barath Power Infra Limited - India
- Coastal Gujarat Power Limited - India
- Energy Link Ltd, New Zealand
- Indo Tambangraya Megah - Indonesia
- White Energy Company Limited
- Directorate Of Revenue Intelligence - India
- Indika Energy - Indonesia
- Indian Oil Corporation Limited
- Videocon Industries ltd - India
- South Luzon Thermal Energy Corporation
- ICICI Bank Limited - India
- Kobexindo Tractors - Indoneisa
- Madhucon Powers Ltd - India
- CIMB Investment Bank - Malaysia
- Global Business Power Corporation, Philippines
- Singapore Mercantile Exchange
- Mjunction Services Limited - India
- Tamil Nadu electricity Board
- Mintek Dendrill Indonesia
- Central Java Power - Indonesia
- Attock Cement Pakistan Limited
- Kaltim Prima Coal - Indonesia
- McConnell Dowell - Australia
- Planning Commission, India
- Vedanta Resources Plc - India
- Agrawal Coal Company - India
- India Bulls Power Limited - India
- Meenaskhi Energy Private Limited - India
- Petron Corporation, Philippines
- Orica Australia Pty. Ltd.
- Gujarat Sidhee Cement - India
- Marubeni Corporation - India
- GVK Power & Infra Limited - India
- Port Waratah Coal Services - Australia
- Thai Mozambique Logistica
- VISA Power Limited - India
- Metalloyd Limited - United Kingdom
- Kohat Cement Company Ltd. - Pakistan
- Africa Commodities Group - South Africa
- Aboitiz Power Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Grasim Industreis Ltd - India
- Borneo Indobara - Indonesia
- Alfred C Toepfer International GmbH - Germany
- TNB Fuel Sdn Bhd - Malaysia
- Global Coal Blending Company Limited - Australia
- Interocean Group of Companies - India
- CNBM International Corporation - China
- Georgia Ports Authority, United States
- Binh Thuan Hamico - Vietnam
- Altura Mining Limited, Indonesia
- Pendopo Energi Batubara - Indonesia
- Vizag Seaport Private Limited - India
- AsiaOL BioFuels Corp., Philippines
- Straits Asia Resources Limited - Singapore
- Dalmia Cement Bharat India
- GAC Shipping (India) Pvt Ltd
- Sakthi Sugars Limited - India
- Indonesian Coal Mining Association
- Jaiprakash Power Ventures ltd
- Latin American Coal - Colombia
- Edison Trading Spa - Italy
- Salva Resources Pvt Ltd - India
- Standard Chartered Bank - UAE
- Ministry of Finance - Indonesia
- GMR Energy Limited - India
- Semirara Mining and Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Goldman Sachs - Singapore
- Bharathi Cement Corporation - India
- Uttam Galva Steels Limited - India
- Romanian Commodities Exchange
- Wilmar Investment Holdings
- Globalindo Alam Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- Baramulti Group, Indonesia
- Orica Mining Services - Indonesia
- Ministry of Mines - Canada
- IHS Mccloskey Coal Group - USA
- SN Aboitiz Power Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Aditya Birla Group - India
- SMG Consultants - Indonesia
- Sojitz Corporation - Japan
- Kideco Jaya Agung - Indonesia
- Kepco SPC Power Corporation, Philippines
- Ministry of Transport, Egypt
- Cigading International Bulk Terminal - Indonesia
- Bulk Trading Sa - Switzerland
- Leighton Contractors Pty Ltd - Australia
- Anglo American - United Kingdom
- Renaissance Capital - South Africa
- Gujarat Mineral Development Corp Ltd - India
- Sindya Power Generating Company Private Ltd
- Australian Commodity Traders Exchange
- Asmin Koalindo Tuhup - Indonesia
- MS Steel International - UAE
- Coal and Oil Company - UAE
- Minerals Council of Australia
- Mercuria Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Trasteel International SA, Italy
- Timah Investasi Mineral - Indoneisa
- Savvy Resources Ltd - HongKong
- Pipit Mutiara Jaya. PT, Indonesia
- Meralco Power Generation, Philippines
- Commonwealth Bank - Australia
- Carbofer General Trading SA - India
- Ambuja Cements Ltd - India
- Sical Logistics Limited - India
- Posco Energy - South Korea
- Semirara Mining Corp, Philippines
- Parry Sugars Refinery, India
- ASAPP Information Group - India
- GN Power Mariveles Coal Plant, Philippines
- Heidelberg Cement - Germany
- Vijayanagar Sugar Pvt Ltd - India
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