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