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