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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, 17 September 18
SMALL PERCENTAGE OF THE WORLD FLEET WILL FIT SCRUBBERS - FORECASTS : METTE KRONHOLM FRAENDE
In recent months, there have been numerous reports of a strong pick-up in demand for scrubbers. On 1 January 2020, however, the number of ships fit ...
Saturday, 15 September 18
POWERING SUSTAINABLE DEVELOPMENT WITH LOW EMISSION COAL TECHNOLOGIES - WCA
In its 5th Strategic Energy Plan this year (2018), the Japanese Cabinet recognised coal as an important energy resource, necessary for the country& ...
Friday, 14 September 18
10 YEARS ON FROM LEHMAN, HOW IS SHIPPING'S "HANGOVER"? - CLARKSONS RESEARCH
On 15th September 2008, the collapse of Lehman Brothers crystallised the financial crisis and the onset the worst economic downturn for a century. ...
Thursday, 13 September 18
OPEC SEES SLOWER 2019 OIL DEMAND GROWTH, WARNS ON ECONOMY
Crude Oil Price Movements
In August, the OPEC Reference Basket declined by $1.01 m-o-m, settling at $72.26/b. Crude oil futures were also down ...
Thursday, 13 September 18
SUPRAMAX: INDO-INDIA COAL RUN WAS FIXED CLOSE TO $16000 ON ULTRA - FEARNLEYS
Capesize
Rates took a further drop in the beginning of the week, to later find a floor around mid-week reaching mid USD 7 level for c5 and just ...
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- Alfred C Toepfer International GmbH - Germany
- Borneo Indobara - Indonesia
- Ministry of Finance - Indonesia
- Eastern Energy - Thailand
- Timah Investasi Mineral - Indoneisa
- Maheswari Brothers Coal Limited - India
- Aditya Birla Group - India
- Holcim Trading Pte Ltd - Singapore
- Vizag Seaport Private Limited - India
- OPG Power Generation Pvt Ltd - India
- Romanian Commodities Exchange
- PetroVietnam Power Coal Import and Supply Company
- McConnell Dowell - Australia
- Standard Chartered Bank - UAE
- Africa Commodities Group - South Africa
- Wood Mackenzie - Singapore
- Kepco SPC Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Attock Cement Pakistan Limited
- Chettinad Cement Corporation Ltd - India
- Ministry of Mines - Canada
- Altura Mining Limited, Indonesia
- New Zealand Coal & Carbon
- Independent Power Producers Association of India
- Sarangani Energy Corporation, Philippines
- ASAPP Information Group - India
- Bharathi Cement Corporation - India
- Ministry of Transport, Egypt
- Indogreen Group - Indonesia
- Rio Tinto Coal - Australia
- Port Waratah Coal Services - Australia
- Intertek Mineral Services - Indonesia
- Power Finance Corporation Ltd., India
- International Coal Ventures Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mercator Lines Limited - India
- Singapore Mercantile Exchange
- Bukit Baiduri Energy - Indonesia
- Semirara Mining Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Carbofer General Trading SA - India
- Grasim Industreis Ltd - India
- GVK Power & Infra Limited - India
- Directorate General of MIneral and Coal - Indonesia
- GMR Energy Limited - India
- South Luzon Thermal Energy Corporation
- Parliament of New Zealand
- Indika Energy - Indonesia
- Sojitz Corporation - Japan
- Karbindo Abesyapradhi - Indoneisa
- Coastal Gujarat Power Limited - India
- SMC Global Power, Philippines
- Central Java Power - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bank of Tokyo Mitsubishi UFJ Ltd
- Australian Coal Association
- Energy Development Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Bukit Makmur.PT - Indonesia
- Mjunction Services Limited - India
- Commonwealth Bank - Australia
- Kaltim Prima Coal - Indonesia
- The University of Queensland
- SN Aboitiz Power Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- GAC Shipping (India) Pvt Ltd
- Baramulti Group, Indonesia
- Interocean Group of Companies - India
- CNBM International Corporation - China
- San Jose City I Power Corp, Philippines
- Binh Thuan Hamico - Vietnam
- White Energy Company Limited
- Cement Manufacturers Association - India
- Neyveli Lignite Corporation Ltd, - India
- Riau Bara Harum - Indonesia
- TeaM Sual Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Samtan Co., Ltd - South Korea
- Merrill Lynch Commodities Europe
- Deloitte Consulting - India
- Bulk Trading Sa - Switzerland
- Dalmia Cement Bharat India
- Australian Commodity Traders Exchange
- Lanco Infratech Ltd - India
- Trasteel International SA, Italy
- India Bulls Power Limited - India
- Larsen & Toubro Limited - India
- Minerals Council of Australia
- Iligan Light & Power Inc, Philippines
- Electricity Authority, New Zealand
- Agrawal Coal Company - India
- Asmin Koalindo Tuhup - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Pipit Mutiara Jaya. PT, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Wilmar Investment Holdings
- Orica Australia Pty. Ltd.
- AsiaOL BioFuels Corp., Philippines
- Sindya Power Generating Company Private Ltd
- European Bulk Services B.V. - Netherlands
- Karaikal Port Pvt Ltd - India
- Indonesian Coal Mining Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Directorate Of Revenue Intelligence - India
- Jindal Steel & Power Ltd - India
- Banpu Public Company Limited - Thailand
- Ceylon Electricity Board - Sri Lanka
- Marubeni Corporation - India
- Thai Mozambique Logistica
- Coalindo Energy - Indonesia
- Renaissance Capital - South Africa
- Georgia Ports Authority, United States
- Straits Asia Resources Limited - Singapore
- Bhushan Steel Limited - India
- Kideco Jaya Agung - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Edison Trading Spa - Italy
- Eastern Coal Council - USA
- Bahari Cakrawala Sebuku - Indonesia
- Economic Council, Georgia
- Electricity Generating Authority of Thailand
- Bayan Resources Tbk. - Indonesia
- Energy Link Ltd, New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Pendopo Energi Batubara - Indonesia
- Thiess Contractors Indonesia
- Coal and Oil Company - UAE
- Siam City Cement - Thailand
- Indian Energy Exchange, India
- Sree Jayajothi Cements Limited - India
- Posco Energy - South Korea
- Global Coal Blending Company Limited - Australia
- Toyota Tsusho Corporation, Japan
- Siam City Cement PLC, Thailand
- Planning Commission, India
- Goldman Sachs - Singapore
- Meenaskhi Energy Private Limited - India
- MS Steel International - UAE
- Global Green Power PLC Corporation, Philippines
- Bhatia International Limited - India
- Sakthi Sugars Limited - India
- Metalloyd Limited - United Kingdom
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- London Commodity Brokers - England
- Manunggal Multi Energi - Indonesia
- Salva Resources Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Bhoruka Overseas - Indonesia
- Heidelberg Cement - Germany
- Kobexindo Tractors - Indoneisa
- Ambuja Cements Ltd - India
- Sical Logistics Limited - India
- SMG Consultants - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Aboitiz Power Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- VISA Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Simpson Spence & Young - Indonesia
- Latin American Coal - Colombia
- Star Paper Mills Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Sinarmas Energy and Mining - Indonesia
- Makarim & Taira - Indonesia
- Jaiprakash Power Ventures ltd
- Rashtriya Ispat Nigam Limited - India
- Malabar Cements Ltd - India
- Bangladesh Power Developement Board
- Barasentosa Lestari - Indonesia
- Savvy Resources Ltd - HongKong
- LBH Netherlands Bv - Netherlands
- PTC India Limited - India
- Central Electricity Authority - India
- Ind-Barath Power Infra Limited - India
- Leighton Contractors Pty Ltd - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Parry Sugars Refinery, India
- Global Business Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Mintek Dendrill Indonesia
- Antam Resourcindo - Indonesia
- Chamber of Mines of South Africa
- Uttam Galva Steels Limited - India
- Gujarat Sidhee Cement - India
- Cigading International Bulk Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- IEA Clean Coal Centre - UK
- Petrochimia International Co. Ltd.- Taiwan
- Madhucon Powers Ltd - India
- Tata Chemicals Ltd - India
- Videocon Industries ltd - India
- Xindia Steels Limited - India
- Kartika Selabumi Mining - Indonesia
- Vedanta Resources Plc - India
- Meralco Power Generation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Petron Corporation, Philippines
- CIMB Investment Bank - Malaysia
- The State Trading Corporation of India Ltd
- Kalimantan Lumbung Energi - Indonesia
- Tamil Nadu electricity Board
- The Treasury - Australian Government
- Anglo American - United Kingdom
- ICICI Bank Limited - India
- Oldendorff Carriers - Singapore
- PowerSource Philippines DevCo
- Orica Mining Services - Indonesia
- Indian Oil Corporation Limited
- Formosa Plastics Group - Taiwan
- Mercuria Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Medco Energi Mining Internasional
- PNOC Exploration Corporation - Philippines
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