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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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Sunday, 18 November 18
COAL STOCKS IN A THIRD OF NTPC PLANTS CLOSE TO NIL - FINANCIAL EXPRESS
Coal supply shortage continues to haunt NTPC, the country’s largest power generator, with latest government data showing 31% of the company&r ...
Thursday, 15 November 18
OIL MARKET REPORT: HEEDING THE WARNINGS - IEA
In last month’s Report, we noted that since the middle of the year oil supply had increased sharply, with gains in the Middle East, Russia an ...
Wednesday, 14 November 18
BIMCO ADOPTS 2020 BUNKER CLAUSES
BIMCO has developed two 2020 bunker clauses that deal with general compliance and the transitional period for an early December release.
...
Wednesday, 14 November 18
SHIPPING MARKET INSIGHT - KONSTANTINOS KONTOMICHIS
The shipping industry is going through an interesting period across all markets. Since the end of last year, the Dry Baltic Index has been showing ...
Tuesday, 13 November 18
INDIA: POWER DEMAND UP; COAL STOCKS AT MINES AT A 5-YEAR LOW - FINANCIAL EXPRESS
Stocks at Coal India mines plunged to a five-year low of 21 million tonne (mt) in October, as a sudden surge in demand for the fuel from the power ...
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- PetroVietnam Power Coal Import and Supply Company
- Ambuja Cements Ltd - India
- Indonesian Coal Mining Association
- Kohat Cement Company Ltd. - Pakistan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Georgia Ports Authority, United States
- Economic Council, Georgia
- OPG Power Generation Pvt Ltd - India
- Parry Sugars Refinery, India
- Electricity Generating Authority of Thailand
- Minerals Council of Australia
- SMC Global Power, Philippines
- Edison Trading Spa - Italy
- Sojitz Corporation - Japan
- Power Finance Corporation Ltd., India
- Therma Luzon, Inc, Philippines
- Planning Commission, India
- Latin American Coal - Colombia
- Siam City Cement PLC, Thailand
- Gujarat Mineral Development Corp Ltd - India
- Bukit Makmur.PT - Indonesia
- Merrill Lynch Commodities Europe
- IHS Mccloskey Coal Group - USA
- Interocean Group of Companies - India
- Uttam Galva Steels Limited - India
- Mercator Lines Limited - India
- PTC India Limited - India
- Siam City Cement - Thailand
- Standard Chartered Bank - UAE
- ICICI Bank Limited - India
- Tamil Nadu electricity Board
- Central Java Power - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kapuas Tunggal Persada - Indonesia
- Altura Mining Limited, Indonesia
- Ind-Barath Power Infra Limited - India
- Ceylon Electricity Board - Sri Lanka
- Jorong Barutama Greston.PT - Indonesia
- Oldendorff Carriers - Singapore
- Indogreen Group - Indonesia
- Metalloyd Limited - United Kingdom
- The State Trading Corporation of India Ltd
- Goldman Sachs - Singapore
- Medco Energi Mining Internasional
- Mjunction Services Limited - India
- Sical Logistics Limited - India
- Meralco Power Generation, Philippines
- Indian Energy Exchange, India
- ASAPP Information Group - India
- Kideco Jaya Agung - Indonesia
- Bhushan Steel Limited - India
- Wilmar Investment Holdings
- Orica Mining Services - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Straits Asia Resources Limited - Singapore
- Essar Steel Hazira Ltd - India
- Chettinad Cement Corporation Ltd - India
- Binh Thuan Hamico - Vietnam
- Vizag Seaport Private Limited - India
- GMR Energy Limited - India
- Global Coal Blending Company Limited - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Trasteel International SA, Italy
- Kobexindo Tractors - Indoneisa
- Chamber of Mines of South Africa
- The Treasury - Australian Government
- Directorate Of Revenue Intelligence - India
- Mintek Dendrill Indonesia
- Xindia Steels Limited - India
- Global Business Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- International Coal Ventures Pvt Ltd - India
- Deloitte Consulting - India
- Bulk Trading Sa - Switzerland
- VISA Power Limited - India
- Sakthi Sugars Limited - India
- Karaikal Port Pvt Ltd - India
- Bhatia International Limited - India
- Salva Resources Pvt Ltd - India
- Anglo American - United Kingdom
- Maheswari Brothers Coal Limited - India
- Indo Tambangraya Megah - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Savvy Resources Ltd - HongKong
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Electricity Regulatory Commission - India
- Commonwealth Bank - Australia
- White Energy Company Limited
- Manunggal Multi Energi - Indonesia
- San Jose City I Power Corp, Philippines
- Heidelberg Cement - Germany
- Sinarmas Energy and Mining - Indonesia
- Globalindo Alam Lestari - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Orica Australia Pty. Ltd.
- Kalimantan Lumbung Energi - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Africa Commodities Group - South Africa
- European Bulk Services B.V. - Netherlands
- Asmin Koalindo Tuhup - Indonesia
- TeaM Sual Corporation - Philippines
- Eastern Energy - Thailand
- Kaltim Prima Coal - Indonesia
- Videocon Industries ltd - India
- Eastern Coal Council - USA
- Independent Power Producers Association of India
- Star Paper Mills Limited - India
- Thai Mozambique Logistica
- Wood Mackenzie - Singapore
- Coastal Gujarat Power Limited - India
- Grasim Industreis Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Jaiprakash Power Ventures ltd
- Indika Energy - Indonesia
- Posco Energy - South Korea
- Neyveli Lignite Corporation Ltd, - India
- PowerSource Philippines DevCo
- Marubeni Corporation - India
- Ministry of Transport, Egypt
- Parliament of New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Madhucon Powers Ltd - India
- Makarim & Taira - Indonesia
- Energy Link Ltd, New Zealand
- Energy Development Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Indian Oil Corporation Limited
- GN Power Mariveles Coal Plant, Philippines
- Samtan Co., Ltd - South Korea
- Attock Cement Pakistan Limited
- Singapore Mercantile Exchange
- Dalmia Cement Bharat India
- Australian Commodity Traders Exchange
- Jindal Steel & Power Ltd - India
- CIMB Investment Bank - Malaysia
- Pendopo Energi Batubara - Indonesia
- London Commodity Brokers - England
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Aboitiz Power Corporation - Philippines
- Tata Chemicals Ltd - India
- Bukit Baiduri Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bukit Asam (Persero) Tbk - Indonesia
- Petron Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Meenaskhi Energy Private Limited - India
- Bangladesh Power Developement Board
- Bharathi Cement Corporation - India
- PNOC Exploration Corporation - Philippines
- Electricity Authority, New Zealand
- Lanco Infratech Ltd - India
- Intertek Mineral Services - Indonesia
- MS Steel International - UAE
- Alfred C Toepfer International GmbH - Germany
- Renaissance Capital - South Africa
- Thiess Contractors Indonesia
- Semirara Mining and Power Corporation, Philippines
- Ministry of Mines - Canada
- India Bulls Power Limited - India
- Sarangani Energy Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- SMG Consultants - Indonesia
- Bayan Resources Tbk. - Indonesia
- Banpu Public Company Limited - Thailand
- Rashtriya Ispat Nigam Limited - India
- Vedanta Resources Plc - India
- Gujarat Sidhee Cement - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- McConnell Dowell - Australia
- Central Electricity Authority - India
- Barasentosa Lestari - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Riau Bara Harum - Indonesia
- Coalindo Energy - Indonesia
- Australian Coal Association
- Carbofer General Trading SA - India
- Miang Besar Coal Terminal - Indonesia
- Kepco SPC Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Formosa Plastics Group - Taiwan
- Global Green Power PLC Corporation, Philippines
- Ministry of Finance - Indonesia
- Sree Jayajothi Cements Limited - India
- Directorate General of MIneral and Coal - Indonesia
- GVK Power & Infra Limited - India
- Rio Tinto Coal - Australia
- Bhoruka Overseas - Indonesia
- Malabar Cements Ltd - India
- Mercuria Energy - Indonesia
- Borneo Indobara - Indonesia
- Port Waratah Coal Services - Australia
- New Zealand Coal & Carbon
- Simpson Spence & Young - Indonesia
- Aditya Birla Group - India
- Agrawal Coal Company - India
- GAC Shipping (India) Pvt Ltd
- Kartika Selabumi Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Baramulti Group, Indonesia
- Cement Manufacturers Association - India
- Antam Resourcindo - Indonesia
- CNBM International Corporation - China
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coal and Oil Company - UAE
- Kumho Petrochemical, South Korea
- Iligan Light & Power Inc, Philippines
- Sindya Power Generating Company Private Ltd
- IEA Clean Coal Centre - UK
- Larsen & Toubro Limited - India
- South Luzon Thermal Energy Corporation
- Toyota Tsusho Corporation, Japan
- The University of Queensland
- Romanian Commodities Exchange
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