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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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- Globalindo Alam Lestari - Indonesia
- Petron Corporation, Philippines
- London Commodity Brokers - England
- Bhoruka Overseas - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Toyota Tsusho Corporation, Japan
- MS Steel International - UAE
- Indian Oil Corporation Limited
- Independent Power Producers Association of India
- Baramulti Group, Indonesia
- Anglo American - United Kingdom
- Global Green Power PLC Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Star Paper Mills Limited - India
- CNBM International Corporation - China
- Latin American Coal - Colombia
- Indo Tambangraya Megah - Indonesia
- Riau Bara Harum - Indonesia
- Central Electricity Authority - India
- Jaiprakash Power Ventures ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Minerals Council of Australia
- Cement Manufacturers Association - India
- The Treasury - Australian Government
- PowerSource Philippines DevCo
- Power Finance Corporation Ltd., India
- Barasentosa Lestari - Indonesia
- Standard Chartered Bank - UAE
- Mintek Dendrill Indonesia
- Formosa Plastics Group - Taiwan
- Bulk Trading Sa - Switzerland
- Trasteel International SA, Italy
- SN Aboitiz Power Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Siam City Cement - Thailand
- Coal and Oil Company - UAE
- Medco Energi Mining Internasional
- Altura Mining Limited, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Australian Coal Association
- Posco Energy - South Korea
- Indonesian Coal Mining Association
- Coastal Gujarat Power Limited - India
- Dalmia Cement Bharat India
- Sindya Power Generating Company Private Ltd
- Thiess Contractors Indonesia
- Carbofer General Trading SA - India
- Bukit Asam (Persero) Tbk - Indonesia
- Iligan Light & Power Inc, Philippines
- San Jose City I Power Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Lanco Infratech Ltd - India
- Intertek Mineral Services - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Sical Logistics Limited - India
- Tamil Nadu electricity Board
- Xindia Steels Limited - India
- Bukit Makmur.PT - Indonesia
- Ministry of Transport, Egypt
- Africa Commodities Group - South Africa
- PetroVietnam Power Coal Import and Supply Company
- Tata Chemicals Ltd - India
- Bhushan Steel Limited - India
- Aditya Birla Group - India
- Chamber of Mines of South Africa
- Indika Energy - Indonesia
- Parry Sugars Refinery, India
- GMR Energy Limited - India
- Bhatia International Limited - India
- Cigading International Bulk Terminal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Planning Commission, India
- Semirara Mining Corp, Philippines
- Mercuria Energy - Indonesia
- ICICI Bank Limited - India
- Miang Besar Coal Terminal - Indonesia
- Commonwealth Bank - Australia
- Eastern Coal Council - USA
- Banpu Public Company Limited - Thailand
- Orica Mining Services - Indonesia
- Therma Luzon, Inc, Philippines
- Coalindo Energy - Indonesia
- Energy Development Corp, Philippines
- The State Trading Corporation of India Ltd
- Parliament of New Zealand
- Economic Council, Georgia
- Ministry of Finance - Indonesia
- LBH Netherlands Bv - Netherlands
- Georgia Ports Authority, United States
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Wood Mackenzie - Singapore
- Borneo Indobara - Indonesia
- Larsen & Toubro Limited - India
- Indian Energy Exchange, India
- Kumho Petrochemical, South Korea
- Oldendorff Carriers - Singapore
- Electricity Authority, New Zealand
- Sree Jayajothi Cements Limited - India
- Bharathi Cement Corporation - India
- IHS Mccloskey Coal Group - USA
- Madhucon Powers Ltd - India
- Mjunction Services Limited - India
- Agrawal Coal Company - India
- SMG Consultants - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Electricity Regulatory Commission - India
- Rashtriya Ispat Nigam Limited - India
- Antam Resourcindo - Indonesia
- CIMB Investment Bank - Malaysia
- Samtan Co., Ltd - South Korea
- Kalimantan Lumbung Energi - Indonesia
- Manunggal Multi Energi - Indonesia
- Sojitz Corporation - Japan
- Kohat Cement Company Ltd. - Pakistan
- Krishnapatnam Port Company Ltd. - India
- Singapore Mercantile Exchange
- Sinarmas Energy and Mining - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Eastern Energy - Thailand
- Siam City Cement PLC, Thailand
- PTC India Limited - India
- Ambuja Cements Ltd - India
- International Coal Ventures Pvt Ltd - India
- Wilmar Investment Holdings
- Kideco Jaya Agung - Indonesia
- Bayan Resources Tbk. - Indonesia
- Heidelberg Cement - Germany
- Romanian Commodities Exchange
- Grasim Industreis Ltd - India
- Uttam Galva Steels Limited - India
- Leighton Contractors Pty Ltd - Australia
- Simpson Spence & Young - Indonesia
- Orica Australia Pty. Ltd.
- Sarangani Energy Corporation, Philippines
- The University of Queensland
- Essar Steel Hazira Ltd - India
- Merrill Lynch Commodities Europe
- IEA Clean Coal Centre - UK
- Global Coal Blending Company Limited - Australia
- Malabar Cements Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Vizag Seaport Private Limited - India
- Attock Cement Pakistan Limited
- VISA Power Limited - India
- Deloitte Consulting - India
- Neyveli Lignite Corporation Ltd, - India
- Rio Tinto Coal - Australia
- New Zealand Coal & Carbon
- Goldman Sachs - Singapore
- GN Power Mariveles Coal Plant, Philippines
- ASAPP Information Group - India
- Ceylon Electricity Board - Sri Lanka
- GVK Power & Infra Limited - India
- Bangladesh Power Developement Board
- Karaikal Port Pvt Ltd - India
- McConnell Dowell - Australia
- SMC Global Power, Philippines
- Kartika Selabumi Mining - Indonesia
- India Bulls Power Limited - India
- Kobexindo Tractors - Indoneisa
- Marubeni Corporation - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Aboitiz Power Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Salva Resources Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Energy Link Ltd, New Zealand
- Edison Trading Spa - Italy
- Ind-Barath Power Infra Limited - India
- Ministry of Mines - Canada
- Binh Thuan Hamico - Vietnam
- Australian Commodity Traders Exchange
- Global Business Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- TeaM Sual Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Directorate Of Revenue Intelligence - India
- White Energy Company Limited
- Makarim & Taira - Indonesia
- Central Java Power - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Kaltim Prima Coal - Indonesia
- Renaissance Capital - South Africa
- Maheswari Brothers Coal Limited - India
- Jindal Steel & Power Ltd - India
- Price Waterhouse Coopers - Russia
- Sakthi Sugars Limited - India
- Videocon Industries ltd - India
- Timah Investasi Mineral - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Meralco Power Generation, Philippines
- Thai Mozambique Logistica
- Straits Asia Resources Limited - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Jorong Barutama Greston.PT - Indonesia
- Mercator Lines Limited - India
- Interocean Group of Companies - India
- Vedanta Resources Plc - India
- Kepco SPC Power Corporation, Philippines
- Indogreen Group - Indonesia
- Gujarat Sidhee Cement - India
- Gujarat Mineral Development Corp Ltd - India
- Port Waratah Coal Services - Australia
- Meenaskhi Energy Private Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- PNOC Exploration Corporation - Philippines
- Electricity Generating Authority of Thailand
- OPG Power Generation Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- South Luzon Thermal Energy Corporation
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