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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, 21 November 18
SHIPPING MARKET INSIGHT - DIMITRIS KOURTESIS
Halfway through the fourth and last quarter of the year, we spot a significant change in freight rates for tankers trading dirty, as well as on the ...
Tuesday, 20 November 18
FREIGHT RATES IN THE CRUDE OIL MARKET HAVE ALREADY PICKED UP OVER THE PAST COUPLE OF WEEKS - YIANNIS VAMVAKAS
Current geopolitical developments between Iran and the US, which have led the latter to re-impose its sanctions, have significantly affected oil pr ...
Tuesday, 20 November 18
GOLDEN ENERGY AND RESOURCES LEADS A$249M BID FOR AUSTRALIA-LISTED STANMORE COAL - THE STRAITS TIMES
Singapore-listed Golden Energy and Resources (GEAR) is leading deals worth up to A$249 million (S$250 million) to acquire Australia-listed Stanmore ...
Monday, 19 November 18
INDONESIA'S LEADING EIGHT COAL MINER'S COAL MINING CONTRACTS ARE EXPECTED TO EXPIRE BETWEEN YEAR 2019 - 2025
The Ministry of Energy and Mineral Resources (ESDM) said, eight Coal Contract of Works (CCoW) will expected to expire between 2019 to 2026, Liputan ...
Monday, 19 November 18
SUPRAMAX: THE BSI CONTINUED TO FALL LAST WEEK, ESPECIALLY THE ASIAN ROUTES - BALTIC BRIEFING
Capesize
After a cut throat couple of weeks, the market finally appeared to have found a floor and rates ticked up. Those analysts that predict ...
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- Carbofer General Trading SA - India
- Gujarat Electricity Regulatory Commission - India
- Interocean Group of Companies - India
- London Commodity Brokers - England
- Siam City Cement PLC, Thailand
- Commonwealth Bank - Australia
- Ceylon Electricity Board - Sri Lanka
- Minerals Council of Australia
- Siam City Cement - Thailand
- Iligan Light & Power Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Central Java Power - Indonesia
- Posco Energy - South Korea
- Australian Coal Association
- Bukit Asam (Persero) Tbk - Indonesia
- Singapore Mercantile Exchange
- PetroVietnam Power Coal Import and Supply Company
- Heidelberg Cement - Germany
- Coalindo Energy - Indonesia
- India Bulls Power Limited - India
- Parry Sugars Refinery, India
- Price Waterhouse Coopers - Russia
- Jaiprakash Power Ventures ltd
- The Treasury - Australian Government
- Maharashtra Electricity Regulatory Commission - India
- Barasentosa Lestari - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Indogreen Group - Indonesia
- Economic Council, Georgia
- Simpson Spence & Young - Indonesia
- Formosa Plastics Group - Taiwan
- GMR Energy Limited - India
- Sinarmas Energy and Mining - Indonesia
- Coal and Oil Company - UAE
- Aboitiz Power Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Energy Development Corp, Philippines
- Coastal Gujarat Power Limited - India
- Mjunction Services Limited - India
- Dalmia Cement Bharat India
- Bahari Cakrawala Sebuku - Indonesia
- Thai Mozambique Logistica
- Port Waratah Coal Services - Australia
- Vizag Seaport Private Limited - India
- Timah Investasi Mineral - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- SMG Consultants - Indonesia
- Medco Energi Mining Internasional
- Semirara Mining and Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Merrill Lynch Commodities Europe
- PNOC Exploration Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Trasteel International SA, Italy
- GAC Shipping (India) Pvt Ltd
- Semirara Mining Corp, Philippines
- SMC Global Power, Philippines
- Intertek Mineral Services - Indonesia
- Orica Australia Pty. Ltd.
- Directorate General of MIneral and Coal - Indonesia
- Wood Mackenzie - Singapore
- Ministry of Transport, Egypt
- Renaissance Capital - South Africa
- Lanco Infratech Ltd - India
- Latin American Coal - Colombia
- Salva Resources Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Alfred C Toepfer International GmbH - Germany
- Banpu Public Company Limited - Thailand
- Rio Tinto Coal - Australia
- Mercuria Energy - Indonesia
- Romanian Commodities Exchange
- Global Green Power PLC Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- Energy Link Ltd, New Zealand
- VISA Power Limited - India
- Georgia Ports Authority, United States
- Larsen & Toubro Limited - India
- Maheswari Brothers Coal Limited - India
- Indian Energy Exchange, India
- Electricity Generating Authority of Thailand
- Directorate Of Revenue Intelligence - India
- Kideco Jaya Agung - Indonesia
- CNBM International Corporation - China
- Orica Mining Services - Indonesia
- Madhucon Powers Ltd - India
- ICICI Bank Limited - India
- Chamber of Mines of South Africa
- Vedanta Resources Plc - India
- The State Trading Corporation of India Ltd
- Ind-Barath Power Infra Limited - India
- Bangladesh Power Developement Board
- Attock Cement Pakistan Limited
- Global Coal Blending Company Limited - Australia
- Wilmar Investment Holdings
- Kaltim Prima Coal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Sical Logistics Limited - India
- Planning Commission, India
- Indo Tambangraya Megah - Indonesia
- Sindya Power Generating Company Private Ltd
- Savvy Resources Ltd - HongKong
- Chettinad Cement Corporation Ltd - India
- Marubeni Corporation - India
- Australian Commodity Traders Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Deloitte Consulting - India
- Sree Jayajothi Cements Limited - India
- GVK Power & Infra Limited - India
- CIMB Investment Bank - Malaysia
- Neyveli Lignite Corporation Ltd, - India
- Videocon Industries ltd - India
- Grasim Industreis Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indian Oil Corporation Limited
- Jorong Barutama Greston.PT - Indonesia
- Tamil Nadu electricity Board
- Makarim & Taira - Indonesia
- Petron Corporation, Philippines
- Edison Trading Spa - Italy
- GN Power Mariveles Coal Plant, Philippines
- Bayan Resources Tbk. - Indonesia
- The University of Queensland
- Oldendorff Carriers - Singapore
- Independent Power Producers Association of India
- Binh Thuan Hamico - Vietnam
- Goldman Sachs - Singapore
- Power Finance Corporation Ltd., India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- San Jose City I Power Corp, Philippines
- Central Electricity Authority - India
- MS Steel International - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Eastern Energy - Thailand
- New Zealand Coal & Carbon
- ASAPP Information Group - India
- Malabar Cements Ltd - India
- Therma Luzon, Inc, Philippines
- European Bulk Services B.V. - Netherlands
- White Energy Company Limited
- Karaikal Port Pvt Ltd - India
- Ministry of Mines - Canada
- Bharathi Cement Corporation - India
- Cement Manufacturers Association - India
- Thiess Contractors Indonesia
- Rashtriya Ispat Nigam Limited - India
- Jindal Steel & Power Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Tata Chemicals Ltd - India
- Samtan Co., Ltd - South Korea
- Sakthi Sugars Limited - India
- Xindia Steels Limited - India
- Sojitz Corporation - Japan
- Borneo Indobara - Indonesia
- Kepco SPC Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- SN Aboitiz Power Inc, Philippines
- IEA Clean Coal Centre - UK
- Billiton Holdings Pty Ltd - Australia
- Parliament of New Zealand
- Kartika Selabumi Mining - Indonesia
- Kumho Petrochemical, South Korea
- Star Paper Mills Limited - India
- TeaM Sual Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Kapuas Tunggal Persada - Indonesia
- Mercator Lines Limited - India
- Electricity Authority, New Zealand
- Gujarat Sidhee Cement - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Ambuja Cements Ltd - India
- Altura Mining Limited, Indonesia
- Aditya Birla Group - India
- Uttam Galva Steels Limited - India
- Riau Bara Harum - Indonesia
- Eastern Coal Council - USA
- McConnell Dowell - Australia
- Asmin Koalindo Tuhup - Indonesia
- Bhushan Steel Limited - India
- Anglo American - United Kingdom
- Africa Commodities Group - South Africa
- Gujarat Mineral Development Corp Ltd - India
- Essar Steel Hazira Ltd - India
- LBH Netherlands Bv - Netherlands
- Bukit Makmur.PT - Indonesia
- Straits Asia Resources Limited - Singapore
- PTC India Limited - India
- Indonesian Coal Mining Association
- Agrawal Coal Company - India
- Bukit Baiduri Energy - Indonesia
- Meralco Power Generation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Globalindo Alam Lestari - Indonesia
- PowerSource Philippines DevCo
- Indika Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bhatia International Limited - India
- Krishnapatnam Port Company Ltd. - India
- TNB Fuel Sdn Bhd - Malaysia
- Baramulti Group, Indonesia
- Kobexindo Tractors - Indoneisa
- Global Business Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Cigading International Bulk Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- Manunggal Multi Energi - Indonesia
- OPG Power Generation Pvt Ltd - India
- Standard Chartered Bank - UAE
- Sarangani Energy Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Mintek Dendrill Indonesia
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