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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, 12 November 18
COAL BUSINESS REMAINS PROSPECTIVE - ANTARA
Coal business happened to be sluggish in the 2012-2015 period because coal prices in the world market fell sharply, but it has begun to crawl up si ...
Monday, 12 November 18
INDONESIA'S HBA ENDS DECLINE IN NOVEMBER
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
Wednesday, 07 November 18
SHIPPING MARKET INSIGHT - VASILIS MOIRIS
This has been another active week in the second-hand market for both the dry bulk and tanker sectors. Buying interest has recently increased, which ...
Monday, 05 November 18
TIGHTER FUEL RULES COULD RAISE SHIPOWNERS' COSTS AND CAPEX - FITCH RATINGS
More stringent fuel regulations regarding sulphur content could significantly increase global shipping companies’ operating costs and capex n ...
Friday, 02 November 18
COAL FETCHES 102% PREMIUM IN E-AUCTION, SURPASSING THE EARLIER HIGHEST OF 95% - FINANCIAL EXPRESS
Coal prices have received a premium of 102% in spot e-auction during September 2018, surpassing the earlier highest of 95% premium during the spot ...
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- Madhucon Powers Ltd - India
- Goldman Sachs - Singapore
- Directorate Of Revenue Intelligence - India
- Straits Asia Resources Limited - Singapore
- Wilmar Investment Holdings
- Bhushan Steel Limited - India
- Meralco Power Generation, Philippines
- LBH Netherlands Bv - Netherlands
- Tamil Nadu electricity Board
- Ministry of Mines - Canada
- Africa Commodities Group - South Africa
- PNOC Exploration Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Global Business Power Corporation, Philippines
- Romanian Commodities Exchange
- Chettinad Cement Corporation Ltd - India
- Power Finance Corporation Ltd., India
- Savvy Resources Ltd - HongKong
- Offshore Bulk Terminal Pte Ltd, Singapore
- Krishnapatnam Port Company Ltd. - India
- Trasteel International SA, Italy
- Indian Energy Exchange, India
- Renaissance Capital - South Africa
- Jindal Steel & Power Ltd - India
- McConnell Dowell - Australia
- Petron Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Anglo American - United Kingdom
- The Treasury - Australian Government
- Larsen & Toubro Limited - India
- Thai Mozambique Logistica
- Ministry of Transport, Egypt
- Cigading International Bulk Terminal - Indonesia
- Siam City Cement - Thailand
- Global Coal Blending Company Limited - Australia
- GAC Shipping (India) Pvt Ltd
- ICICI Bank Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Marubeni Corporation - India
- Planning Commission, India
- Georgia Ports Authority, United States
- Parry Sugars Refinery, India
- Metalloyd Limited - United Kingdom
- Salva Resources Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Grasim Industreis Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Simpson Spence & Young - Indonesia
- Thiess Contractors Indonesia
- Meenaskhi Energy Private Limited - India
- Chamber of Mines of South Africa
- GMR Energy Limited - India
- Orica Australia Pty. Ltd.
- Kalimantan Lumbung Energi - Indonesia
- Eastern Energy - Thailand
- Bukit Baiduri Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- IEA Clean Coal Centre - UK
- Jaiprakash Power Ventures ltd
- Timah Investasi Mineral - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- PTC India Limited - India
- Gujarat Sidhee Cement - India
- Edison Trading Spa - Italy
- Ceylon Electricity Board - Sri Lanka
- Kumho Petrochemical, South Korea
- International Coal Ventures Pvt Ltd - India
- Carbofer General Trading SA - India
- Economic Council, Georgia
- Pendopo Energi Batubara - Indonesia
- Coastal Gujarat Power Limited - India
- Aditya Birla Group - India
- Attock Cement Pakistan Limited
- Merrill Lynch Commodities Europe
- Kideco Jaya Agung - Indonesia
- Eastern Coal Council - USA
- Agrawal Coal Company - India
- Formosa Plastics Group - Taiwan
- South Luzon Thermal Energy Corporation
- Uttam Galva Steels Limited - India
- Australian Coal Association
- Asmin Koalindo Tuhup - Indonesia
- Mercator Lines Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Central Electricity Authority - India
- Banpu Public Company Limited - Thailand
- Bukit Makmur.PT - Indonesia
- Xindia Steels Limited - India
- Minerals Council of Australia
- Bulk Trading Sa - Switzerland
- Tata Chemicals Ltd - India
- Aboitiz Power Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Siam City Cement PLC, Thailand
- Oldendorff Carriers - Singapore
- Malabar Cements Ltd - India
- SN Aboitiz Power Inc, Philippines
- Mjunction Services Limited - India
- Coalindo Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Wood Mackenzie - Singapore
- Mercuria Energy - Indonesia
- Independent Power Producers Association of India
- Energy Development Corp, Philippines
- Binh Thuan Hamico - Vietnam
- San Jose City I Power Corp, Philippines
- Altura Mining Limited, Indonesia
- Latin American Coal - Colombia
- India Bulls Power Limited - India
- Indika Energy - Indonesia
- Ambuja Cements Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Australian Commodity Traders Exchange
- Baramulti Group, Indonesia
- Barasentosa Lestari - Indonesia
- Sindya Power Generating Company Private Ltd
- Electricity Authority, New Zealand
- Sinarmas Energy and Mining - Indonesia
- Karaikal Port Pvt Ltd - India
- Posco Energy - South Korea
- Indian Oil Corporation Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sakthi Sugars Limited - India
- CIMB Investment Bank - Malaysia
- Port Waratah Coal Services - Australia
- Therma Luzon, Inc, Philippines
- Essar Steel Hazira Ltd - India
- The State Trading Corporation of India Ltd
- Semirara Mining Corp, Philippines
- VISA Power Limited - India
- Heidelberg Cement - Germany
- Iligan Light & Power Inc, Philippines
- Riau Bara Harum - Indonesia
- Indonesian Coal Mining Association
- Dalmia Cement Bharat India
- Bukit Asam (Persero) Tbk - Indonesia
- CNBM International Corporation - China
- White Energy Company Limited
- Bayan Resources Tbk. - Indonesia
- MS Steel International - UAE
- Parliament of New Zealand
- Kartika Selabumi Mining - Indonesia
- Energy Link Ltd, New Zealand
- Toyota Tsusho Corporation, Japan
- Bharathi Cement Corporation - India
- Kepco SPC Power Corporation, Philippines
- Sojitz Corporation - Japan
- Deloitte Consulting - India
- Videocon Industries ltd - India
- ASAPP Information Group - India
- Electricity Generating Authority of Thailand
- OPG Power Generation Pvt Ltd - India
- GVK Power & Infra Limited - India
- Coal and Oil Company - UAE
- Borneo Indobara - Indonesia
- AsiaOL BioFuels Corp., Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Rashtriya Ispat Nigam Limited - India
- Sical Logistics Limited - India
- Manunggal Multi Energi - Indonesia
- Mintek Dendrill Indonesia
- Ind-Barath Power Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- Medco Energi Mining Internasional
- Alfred C Toepfer International GmbH - Germany
- Bhatia International Limited - India
- PowerSource Philippines DevCo
- Rio Tinto Coal - Australia
- Standard Chartered Bank - UAE
- Leighton Contractors Pty Ltd - Australia
- Makarim & Taira - Indonesia
- Commonwealth Bank - Australia
- Gujarat Electricity Regulatory Commission - India
- Bahari Cakrawala Sebuku - Indonesia
- Price Waterhouse Coopers - Russia
- Ministry of Finance - Indonesia
- London Commodity Brokers - England
- Vijayanagar Sugar Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cement Manufacturers Association - India
- Sarangani Energy Corporation, Philippines
- SMG Consultants - Indonesia
- SMC Global Power, Philippines
- Singapore Mercantile Exchange
- Billiton Holdings Pty Ltd - Australia
- Bhoruka Overseas - Indonesia
- Star Paper Mills Limited - India
- Kapuas Tunggal Persada - Indonesia
- Orica Mining Services - Indonesia
- Central Java Power - Indonesia
- Interocean Group of Companies - India
- Lanco Infratech Ltd - India
- Samtan Co., Ltd - South Korea
- New Zealand Coal & Carbon
- Neyveli Lignite Corporation Ltd, - India
- Antam Resourcindo - Indonesia
- European Bulk Services B.V. - Netherlands
- Kaltim Prima Coal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Indogreen Group - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Vedanta Resources Plc - India
- PetroVietnam Power Coal Import and Supply Company
- Bangladesh Power Developement Board
- Gujarat Mineral Development Corp Ltd - India
- Vizag Seaport Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The University of Queensland
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