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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, 29 October 18
SUPRAMAX: THE ASIAN AREA SAW FALLING RATES, WITH A 61,000DWT FIXING DELIVERY KOHSICHANG TRIP VIA INDONESIA, REDELIVERY INDIA, AT $10,500 - BALTIC BRIEFING
Capesize
A market of two halves for most of the week with rates in the Atlantic firming and easing in the East for most of the week, but then, ...
Friday, 26 October 18
SHIP OPERATING COSTS EXPECTED TO RISE IN 2018 AND 2019 - MOORE STEPHENS
Total vessel operating costs in the shipping industry are expected to rise by 2.7% in 2018 and by 3.1% in 2019, according to our latest survey.
...
Friday, 26 October 18
SEVERAL CONTRACTIONS IN GLOBAL STEEL PRODUCTION - JEFFREY LANDSBERG
World Steel Association data released today shows that global crude steel production totaled approximately 151.7 million tons in September. T ...
Thursday, 25 October 18
WHAT DOES THE "IMO 2020" REGULATION REALLY SAY? A QUICK GUIDE - BIMCO
KNOWLEDGE TO ELEVATE
The shipping industry has all eyes firmly fixed on the topic, but what exactly do the “IMO 2020” global sulph ...
Wednesday, 24 October 18
MARKET INSIGHT - NASSOS SOULAKIS
Looking at 2018 SnP activity, it is evident that Greek, Chinese and North European (German and Norwegian) owners are the top buying nationalities, ...
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- Directorate General of MIneral and Coal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Xindia Steels Limited - India
- Coal and Oil Company - UAE
- Planning Commission, India
- Therma Luzon, Inc, Philippines
- Marubeni Corporation - India
- Sindya Power Generating Company Private Ltd
- Kapuas Tunggal Persada - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Mercuria Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Indo Tambangraya Megah - Indonesia
- Metalloyd Limited - United Kingdom
- Makarim & Taira - Indonesia
- Thiess Contractors Indonesia
- Central Electricity Authority - India
- San Jose City I Power Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Orica Mining Services - Indonesia
- Globalindo Alam Lestari - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Mercator Lines Limited - India
- Kartika Selabumi Mining - Indonesia
- New Zealand Coal & Carbon
- Trasteel International SA, Italy
- Gujarat Mineral Development Corp Ltd - India
- Iligan Light & Power Inc, Philippines
- Bhushan Steel Limited - India
- Bangladesh Power Developement Board
- Malabar Cements Ltd - India
- International Coal Ventures Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Holcim Trading Pte Ltd - Singapore
- Ministry of Transport, Egypt
- Mintek Dendrill Indonesia
- SMG Consultants - Indonesia
- Madhucon Powers Ltd - India
- Binh Thuan Hamico - Vietnam
- Attock Cement Pakistan Limited
- Coastal Gujarat Power Limited - India
- Indogreen Group - Indonesia
- Miang Besar Coal Terminal - Indonesia
- The University of Queensland
- CIMB Investment Bank - Malaysia
- Minerals Council of Australia
- Baramulti Group, Indonesia
- Siam City Cement - Thailand
- Eastern Coal Council - USA
- Sojitz Corporation - Japan
- European Bulk Services B.V. - Netherlands
- Cigading International Bulk Terminal - Indonesia
- Simpson Spence & Young - Indonesia
- Dalmia Cement Bharat India
- Gujarat Sidhee Cement - India
- OPG Power Generation Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Agrawal Coal Company - India
- Renaissance Capital - South Africa
- Singapore Mercantile Exchange
- Latin American Coal - Colombia
- The Treasury - Australian Government
- Global Coal Blending Company Limited - Australia
- Savvy Resources Ltd - HongKong
- ICICI Bank Limited - India
- Aboitiz Power Corporation - Philippines
- Oldendorff Carriers - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Cement Manufacturers Association - India
- Orica Australia Pty. Ltd.
- Posco Energy - South Korea
- London Commodity Brokers - England
- Banpu Public Company Limited - Thailand
- AsiaOL BioFuels Corp., Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Alfred C Toepfer International GmbH - Germany
- Manunggal Multi Energi - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ambuja Cements Ltd - India
- Energy Link Ltd, New Zealand
- Intertek Mineral Services - Indonesia
- Romanian Commodities Exchange
- PetroVietnam Power Coal Import and Supply Company
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jaiprakash Power Ventures ltd
- Parliament of New Zealand
- White Energy Company Limited
- VISA Power Limited - India
- Straits Asia Resources Limited - Singapore
- Kaltim Prima Coal - Indonesia
- Independent Power Producers Association of India
- Ind-Barath Power Infra Limited - India
- Economic Council, Georgia
- Chamber of Mines of South Africa
- Coalindo Energy - Indonesia
- Sakthi Sugars Limited - India
- Mjunction Services Limited - India
- Commonwealth Bank - Australia
- Bharathi Cement Corporation - India
- Riau Bara Harum - Indonesia
- Wilmar Investment Holdings
- Tata Chemicals Ltd - India
- Vedanta Resources Plc - India
- Indian Oil Corporation Limited
- SMC Global Power, Philippines
- Thai Mozambique Logistica
- Heidelberg Cement - Germany
- Energy Development Corp, Philippines
- Standard Chartered Bank - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Electricity Generating Authority of Thailand
- Lanco Infratech Ltd - India
- IEA Clean Coal Centre - UK
- Global Business Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Ministry of Finance - Indonesia
- GMR Energy Limited - India
- Bukit Makmur.PT - Indonesia
- Antam Resourcindo - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Barasentosa Lestari - Indonesia
- Semirara Mining Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Vizag Seaport Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parry Sugars Refinery, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Petron Corporation, Philippines
- Wood Mackenzie - Singapore
- Aditya Birla Group - India
- Africa Commodities Group - South Africa
- Port Waratah Coal Services - Australia
- Jindal Steel & Power Ltd - India
- Goldman Sachs - Singapore
- Sarangani Energy Corporation, Philippines
- Tamil Nadu electricity Board
- Directorate Of Revenue Intelligence - India
- Altura Mining Limited, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Rio Tinto Coal - Australia
- Borneo Indobara - Indonesia
- Eastern Energy - Thailand
- Salva Resources Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Formosa Plastics Group - Taiwan
- IHS Mccloskey Coal Group - USA
- ASAPP Information Group - India
- Power Finance Corporation Ltd., India
- Essar Steel Hazira Ltd - India
- PNOC Exploration Corporation - Philippines
- Australian Coal Association
- Billiton Holdings Pty Ltd - Australia
- Edison Trading Spa - Italy
- Australian Commodity Traders Exchange
- Central Java Power - Indonesia
- Videocon Industries ltd - India
- Sinarmas Energy and Mining - Indonesia
- McConnell Dowell - Australia
- Jorong Barutama Greston.PT - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Grasim Industreis Ltd - India
- Ministry of Mines - Canada
- Indian Energy Exchange, India
- Toyota Tsusho Corporation, Japan
- Semirara Mining and Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- Timah Investasi Mineral - Indoneisa
- Kobexindo Tractors - Indoneisa
- Medco Energi Mining Internasional
- Sree Jayajothi Cements Limited - India
- Kohat Cement Company Ltd. - Pakistan
- GVK Power & Infra Limited - India
- Merrill Lynch Commodities Europe
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GN Power Mariveles Coal Plant, Philippines
- Ceylon Electricity Board - Sri Lanka
- Bhatia International Limited - India
- PTC India Limited - India
- Uttam Galva Steels Limited - India
- Meenaskhi Energy Private Limited - India
- TeaM Sual Corporation - Philippines
- MS Steel International - UAE
- Anglo American - United Kingdom
- Bukit Baiduri Energy - Indonesia
- Carbofer General Trading SA - India
- Deloitte Consulting - India
- Indika Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Bayan Resources Tbk. - Indonesia
- Larsen & Toubro Limited - India
- Bulk Trading Sa - Switzerland
- Georgia Ports Authority, United States
- Electricity Authority, New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- Interocean Group of Companies - India
- PowerSource Philippines DevCo
- Indonesian Coal Mining Association
- LBH Netherlands Bv - Netherlands
- Chettinad Cement Corporation Ltd - India
- Bhoruka Overseas - Indonesia
- Kumho Petrochemical, South Korea
- Pendopo Energi Batubara - Indonesia
- Price Waterhouse Coopers - Russia
- Sical Logistics Limited - India
- South Luzon Thermal Energy Corporation
- India Bulls Power Limited - India
- CNBM International Corporation - China
- Star Paper Mills Limited - India
- Meralco Power Generation, Philippines
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