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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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Thursday, 18 October 18
SUPRAMAX: INDO/WC INDIA SUPRAS ARE FIXING AROUND MID $14000S P/D BASIS SPORE DELIVERY
Capesize
The volatile Cape market continues this week, especially in the Pacific says Fearnleys in its latest weekly report.
...
Thursday, 18 October 18
COAL SHORTAGE HITS POWER SECTOR AGAIN; HOW INDIA CAN GET ITS PRODUCTION RIGHT - ANIL SWARUP
By convincing states of the value proposition of increased production, the record production of Fy15 & Fy16 can be emulated.
The ...
Thursday, 18 October 18
CHINA POWER REFORM NEUTRAL ON GRIDS, PRESSURES IPP MARGINS - FITCH RATINGS
China's power sector reform has a broadly neutral impact on transmission grids although it will pressure the power producers' margins, says ...
Wednesday, 17 October 18
ESCROW SERVICE FOR BALTIC MEMBERS NOW LIVE
The Baltic Exchange’s Escrow Service for its members to hold deposits for ship sale transactions goes live today (15 October). The service is ...
Wednesday, 17 October 18
SHIPPING MARKET INSIGHT - TIMOS PAPADIMITRIOU
In the last three months approximately 72 tankers changed hands involving ships larger than 33kdwt up to VLCC. 43 of those vessels had to do ...
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- Minerals Council of Australia
- Singapore Mercantile Exchange
- Power Finance Corporation Ltd., India
- Mercuria Energy - Indonesia
- Parry Sugars Refinery, India
- Mintek Dendrill Indonesia
- Central Java Power - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Indogreen Group - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Port Waratah Coal Services - Australia
- Interocean Group of Companies - India
- Sical Logistics Limited - India
- Posco Energy - South Korea
- Semirara Mining and Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Barasentosa Lestari - Indonesia
- Romanian Commodities Exchange
- London Commodity Brokers - England
- Kaltim Prima Coal - Indonesia
- Vedanta Resources Plc - India
- PowerSource Philippines DevCo
- Mercator Lines Limited - India
- VISA Power Limited - India
- CIMB Investment Bank - Malaysia
- TeaM Sual Corporation - Philippines
- Riau Bara Harum - Indonesia
- Orica Mining Services - Indonesia
- SMC Global Power, Philippines
- Miang Besar Coal Terminal - Indonesia
- Makarim & Taira - Indonesia
- OPG Power Generation Pvt Ltd - India
- Agrawal Coal Company - India
- Thiess Contractors Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Deloitte Consulting - India
- Georgia Ports Authority, United States
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Finance - Indonesia
- Eastern Energy - Thailand
- Marubeni Corporation - India
- San Jose City I Power Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Heidelberg Cement - Germany
- Jindal Steel & Power Ltd - India
- Straits Asia Resources Limited - Singapore
- Bhatia International Limited - India
- Globalindo Alam Lestari - Indonesia
- Timah Investasi Mineral - Indoneisa
- Global Business Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Malabar Cements Ltd - India
- Ministry of Transport, Egypt
- Kartika Selabumi Mining - Indonesia
- SN Aboitiz Power Inc, Philippines
- Indonesian Coal Mining Association
- Sarangani Energy Corporation, Philippines
- Antam Resourcindo - Indonesia
- Savvy Resources Ltd - HongKong
- Asmin Koalindo Tuhup - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Energy Link Ltd, New Zealand
- Bulk Trading Sa - Switzerland
- Electricity Authority, New Zealand
- GAC Shipping (India) Pvt Ltd
- Oldendorff Carriers - Singapore
- PNOC Exploration Corporation - Philippines
- IEA Clean Coal Centre - UK
- Intertek Mineral Services - Indonesia
- Aditya Birla Group - India
- Krishnapatnam Port Company Ltd. - India
- Price Waterhouse Coopers - Russia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Edison Trading Spa - Italy
- Gujarat Sidhee Cement - India
- Meralco Power Generation, Philippines
- ASAPP Information Group - India
- Planning Commission, India
- Sinarmas Energy and Mining - Indonesia
- Global Coal Blending Company Limited - Australia
- Standard Chartered Bank - UAE
- Rashtriya Ispat Nigam Limited - India
- PetroVietnam Power Coal Import and Supply Company
- The University of Queensland
- European Bulk Services B.V. - Netherlands
- Siam City Cement - Thailand
- International Coal Ventures Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Chettinad Cement Corporation Ltd - India
- Larsen & Toubro Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Indian Energy Exchange, India
- Medco Energi Mining Internasional
- The State Trading Corporation of India Ltd
- Essar Steel Hazira Ltd - India
- Kideco Jaya Agung - Indonesia
- Wood Mackenzie - Singapore
- Formosa Plastics Group - Taiwan
- Central Electricity Authority - India
- Latin American Coal - Colombia
- Australian Coal Association
- Eastern Coal Council - USA
- Uttam Galva Steels Limited - India
- Madhucon Powers Ltd - India
- Carbofer General Trading SA - India
- Ind-Barath Power Infra Limited - India
- Banpu Public Company Limited - Thailand
- Ceylon Electricity Board - Sri Lanka
- GVK Power & Infra Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Economic Council, Georgia
- South Luzon Thermal Energy Corporation
- Toyota Tsusho Corporation, Japan
- Attock Cement Pakistan Limited
- Trasteel International SA, Italy
- Aboitiz Power Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- Bhushan Steel Limited - India
- Samtan Co., Ltd - South Korea
- Baramulti Group, Indonesia
- Manunggal Multi Energi - Indonesia
- Pendopo Energi Batubara - Indonesia
- White Energy Company Limited
- AsiaOL BioFuels Corp., Philippines
- MS Steel International - UAE
- ICICI Bank Limited - India
- CNBM International Corporation - China
- Meenaskhi Energy Private Limited - India
- Energy Development Corp, Philippines
- Grasim Industreis Ltd - India
- Parliament of New Zealand
- Africa Commodities Group - South Africa
- Kohat Cement Company Ltd. - Pakistan
- IHS Mccloskey Coal Group - USA
- Petrochimia International Co. Ltd.- Taiwan
- PTC India Limited - India
- Coastal Gujarat Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Kumho Petrochemical, South Korea
- India Bulls Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Sakthi Sugars Limited - India
- Xindia Steels Limited - India
- Gujarat Electricity Regulatory Commission - India
- Mjunction Services Limited - India
- Petron Corporation, Philippines
- Dalmia Cement Bharat India
- Orica Australia Pty. Ltd.
- Rio Tinto Coal - Australia
- Sojitz Corporation - Japan
- Cement Manufacturers Association - India
- Coal and Oil Company - UAE
- Bangladesh Power Developement Board
- SMG Consultants - Indonesia
- Bharathi Cement Corporation - India
- Global Green Power PLC Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Altura Mining Limited, Indonesia
- Sindya Power Generating Company Private Ltd
- Binh Thuan Hamico - Vietnam
- Maheswari Brothers Coal Limited - India
- Indian Oil Corporation Limited
- TNB Fuel Sdn Bhd - Malaysia
- Ambuja Cements Ltd - India
- Lanco Infratech Ltd - India
- Salva Resources Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Indika Energy - Indonesia
- Vizag Seaport Private Limited - India
- Merrill Lynch Commodities Europe
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Anglo American - United Kingdom
- Bhoruka Overseas - Indonesia
- Ministry of Mines - Canada
- GN Power Mariveles Coal Plant, Philippines
- Coalindo Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Videocon Industries ltd - India
- Siam City Cement PLC, Thailand
- Kobexindo Tractors - Indoneisa
- McConnell Dowell - Australia
- Iligan Light & Power Inc, Philippines
- Goldman Sachs - Singapore
- Cigading International Bulk Terminal - Indonesia
- Directorate Of Revenue Intelligence - India
- Thai Mozambique Logistica
- Star Paper Mills Limited - India
- Bukit Makmur.PT - Indonesia
- Australian Commodity Traders Exchange
- Tamil Nadu electricity Board
- Wilmar Investment Holdings
- Tata Chemicals Ltd - India
- Independent Power Producers Association of India
- New Zealand Coal & Carbon
- Jorong Barutama Greston.PT - Indonesia
- Renaissance Capital - South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Leighton Contractors Pty Ltd - Australia
- GMR Energy Limited - India
- Commonwealth Bank - Australia
- Electricity Generating Authority of Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Metalloyd Limited - United Kingdom
- Alfred C Toepfer International GmbH - Germany
- Therma Luzon, Inc, Philippines
- The Treasury - Australian Government
- Bukit Baiduri Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Borneo Indobara - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Chamber of Mines of South Africa
- Jaiprakash Power Ventures ltd
- Semirara Mining Corp, Philippines
- Sree Jayajothi Cements Limited - India
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