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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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Tuesday, 16 October 18
A PRACTICAL OVERVIEW OF THE IMO 2020 SULPHUR CAP - CLYDE&CO
KNOWLEDGE TO ELEVATE
With less than eighteen months before Regulation 14.1.3 of Annex VI of the MARPOL Convention comes into effect, there are ...
Saturday, 13 October 18
SUPRAMAX: SIGNIFICANT ACTIVITY IN THE INDIAN OCEAN WAS EVIDENT AND RATES JUMPED - BALTIC BRIEFING
Capesize
A sharp reversal of fortunes for the big ships as the week closed after a depressed beginning. To start with drops were sudden, with t ...
Wednesday, 10 October 18
SHIPPING MARKET INSIGHT - ILIAS M. LALAOUNIS
During the end of last month the BHSI was hovering around 630 points, while the last observed sale on a 10-yr old Japanese Handy was the M/V Van Im ...
Monday, 08 October 18
INDONESIAN THERMAL COAL PRICE REFERENCE FELL 3.74% IN OCTOBER 2018
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
Monday, 08 October 18
KOMIPO INVITES BIDS FOR 520,000 TONS OF COLOMBIAN ORIGIN OF 5,700 NAR COAL
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a tender for 520,000 MT of min. 5700 NAR coal of Colombian origin ...
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- Asmin Koalindo Tuhup - Indonesia
- Bukit Baiduri Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- CNBM International Corporation - China
- Billiton Holdings Pty Ltd - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Madhucon Powers Ltd - India
- London Commodity Brokers - England
- Energy Link Ltd, New Zealand
- Essar Steel Hazira Ltd - India
- Indonesian Coal Mining Association
- Directorate Of Revenue Intelligence - India
- Chamber of Mines of South Africa
- Indo Tambangraya Megah - Indonesia
- Baramulti Group, Indonesia
- Bhatia International Limited - India
- The Treasury - Australian Government
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kumho Petrochemical, South Korea
- GAC Shipping (India) Pvt Ltd
- Sarangani Energy Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Globalindo Alam Lestari - Indonesia
- Global Business Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Aboitiz Power Corporation - Philippines
- Attock Cement Pakistan Limited
- Kobexindo Tractors - Indoneisa
- Riau Bara Harum - Indonesia
- Coal and Oil Company - UAE
- Global Green Power PLC Corporation, Philippines
- Oldendorff Carriers - Singapore
- Energy Development Corp, Philippines
- Carbofer General Trading SA - India
- Larsen & Toubro Limited - India
- Vizag Seaport Private Limited - India
- Orica Australia Pty. Ltd.
- Ceylon Electricity Board - Sri Lanka
- Commonwealth Bank - Australia
- New Zealand Coal & Carbon
- Economic Council, Georgia
- Orica Mining Services - Indonesia
- Marubeni Corporation - India
- India Bulls Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Deloitte Consulting - India
- Uttam Galva Steels Limited - India
- MS Steel International - UAE
- Mercuria Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Jorong Barutama Greston.PT - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Vedanta Resources Plc - India
- Anglo American - United Kingdom
- Bangladesh Power Developement Board
- Alfred C Toepfer International GmbH - Germany
- Australian Coal Association
- Central Electricity Authority - India
- Tata Chemicals Ltd - India
- Siam City Cement PLC, Thailand
- Price Waterhouse Coopers - Russia
- Gujarat Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- Romanian Commodities Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Bharathi Cement Corporation - India
- Altura Mining Limited, Indonesia
- Malabar Cements Ltd - India
- Standard Chartered Bank - UAE
- Trasteel International SA, Italy
- Kaltim Prima Coal - Indonesia
- Dalmia Cement Bharat India
- Petrochimia International Co. Ltd.- Taiwan
- OPG Power Generation Pvt Ltd - India
- GVK Power & Infra Limited - India
- Star Paper Mills Limited - India
- Formosa Plastics Group - Taiwan
- Bhushan Steel Limited - India
- Aditya Birla Group - India
- Indogreen Group - Indonesia
- Edison Trading Spa - Italy
- Rio Tinto Coal - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sojitz Corporation - Japan
- Chettinad Cement Corporation Ltd - India
- Therma Luzon, Inc, Philippines
- Simpson Spence & Young - Indonesia
- Holcim Trading Pte Ltd - Singapore
- International Coal Ventures Pvt Ltd - India
- Renaissance Capital - South Africa
- Sinarmas Energy and Mining - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Mineral Development Corp Ltd - India
- Agrawal Coal Company - India
- Ministry of Transport, Egypt
- GMR Energy Limited - India
- Antam Resourcindo - Indonesia
- Thai Mozambique Logistica
- Vijayanagar Sugar Pvt Ltd - India
- Australian Commodity Traders Exchange
- Latin American Coal - Colombia
- Bukit Asam (Persero) Tbk - Indonesia
- Planning Commission, India
- Cement Manufacturers Association - India
- Coastal Gujarat Power Limited - India
- SMG Consultants - Indonesia
- SMC Global Power, Philippines
- Bhoruka Overseas - Indonesia
- IEA Clean Coal Centre - UK
- Georgia Ports Authority, United States
- Kepco SPC Power Corporation, Philippines
- PowerSource Philippines DevCo
- Metalloyd Limited - United Kingdom
- AsiaOL BioFuels Corp., Philippines
- McConnell Dowell - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Tamil Nadu electricity Board
- Semirara Mining Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Mines - Canada
- Bukit Makmur.PT - Indonesia
- Barasentosa Lestari - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Iligan Light & Power Inc, Philippines
- Heidelberg Cement - Germany
- Posco Energy - South Korea
- PNOC Exploration Corporation - Philippines
- Power Finance Corporation Ltd., India
- Independent Power Producers Association of India
- IHS Mccloskey Coal Group - USA
- Neyveli Lignite Corporation Ltd, - India
- Singapore Mercantile Exchange
- Xindia Steels Limited - India
- South Luzon Thermal Energy Corporation
- Sindya Power Generating Company Private Ltd
- PetroVietnam Power Coal Import and Supply Company
- Mjunction Services Limited - India
- Mintek Dendrill Indonesia
- Bayan Resources Tbk. - Indonesia
- ASAPP Information Group - India
- VISA Power Limited - India
- Electricity Authority, New Zealand
- Bulk Trading Sa - Switzerland
- Meenaskhi Energy Private Limited - India
- Global Coal Blending Company Limited - Australia
- Maharashtra Electricity Regulatory Commission - India
- Indika Energy - Indonesia
- CIMB Investment Bank - Malaysia
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Sidhee Cement - India
- Wilmar Investment Holdings
- Karaikal Port Pvt Ltd - India
- Meralco Power Generation, Philippines
- Videocon Industries ltd - India
- ICICI Bank Limited - India
- Semirara Mining and Power Corporation, Philippines
- Mercator Lines Limited - India
- Africa Commodities Group - South Africa
- Jaiprakash Power Ventures ltd
- Binh Thuan Hamico - Vietnam
- Kohat Cement Company Ltd. - Pakistan
- Kapuas Tunggal Persada - Indonesia
- Interocean Group of Companies - India
- Borneo Indobara - Indonesia
- Makarim & Taira - Indonesia
- Banpu Public Company Limited - Thailand
- Sakthi Sugars Limited - India
- Medco Energi Mining Internasional
- SN Aboitiz Power Inc, Philippines
- Parry Sugars Refinery, India
- GN Power Mariveles Coal Plant, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Cigading International Bulk Terminal - Indonesia
- Wood Mackenzie - Singapore
- Maheswari Brothers Coal Limited - India
- Intertek Mineral Services - Indonesia
- Straits Asia Resources Limited - Singapore
- Eastern Energy - Thailand
- TeaM Sual Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Grasim Industreis Ltd - India
- Savvy Resources Ltd - HongKong
- Salva Resources Pvt Ltd - India
- Sical Logistics Limited - India
- Port Waratah Coal Services - Australia
- The University of Queensland
- White Energy Company Limited
- The State Trading Corporation of India Ltd
- Eastern Coal Council - USA
- Ministry of Finance - Indonesia
- Parliament of New Zealand
- Krishnapatnam Port Company Ltd. - India
- Minerals Council of Australia
- Goldman Sachs - Singapore
- Indian Oil Corporation Limited
- Timah Investasi Mineral - Indoneisa
- LBH Netherlands Bv - Netherlands
- San Jose City I Power Corp, Philippines
- Siam City Cement - Thailand
- PTC India Limited - India
- Thiess Contractors Indonesia
- European Bulk Services B.V. - Netherlands
- Kalimantan Lumbung Energi - Indonesia
- Coalindo Energy - Indonesia
- Petron Corporation, Philippines
- Lanco Infratech Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Kartika Selabumi Mining - Indonesia
- Central Java Power - Indonesia
- Indian Energy Exchange, India
- Merrill Lynch Commodities Europe
- Sree Jayajothi Cements Limited - India
- Samtan Co., Ltd - South Korea
- Ambuja Cements Ltd - India
- Electricity Generating Authority of Thailand
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