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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, 02 August 18
INDO / CHINA COAL RV'S IS PAYING AROUND USD 11,000 TO SUPRAS BSS DELIVERY SINGAPORE - FEARNLEYS
Capesize
The counter seasonally strong market during the summer months bodes well for the remainder of the year.
According ...
Wednesday, 01 August 18
JOKOWI CANCELS PLAN TO REVOKE COAL DMO - JP
President Joko "Jokowi" Widodo on Tuesday has canceled the government’s plan to revoke the domestic market obligation (DMO) for coa ...
Wednesday, 01 August 18
SHIPPING MARKET INSIGHT - GIANNIS ANDRITSOPOULOS
The dry bulk market activity over the past four weeks has remained stable when compared to the previous months. There are concerns with regards to ...
Tuesday, 31 July 18
INDONESIA UNLIKELY TO CHANGE COAL SUPPLY, PRICING RULES UNTIL 2019 - REUTERS
Indonesia is unlikely to change its rules on domestic coal supply and pricing until 2019, Coordinating Maritime Minister Luhut Pandjaitan said on M ...
Tuesday, 31 July 18
ENERGY MINISTRY REMAINS FIRM ON DMO POLICY FOR COAL - JP
The Energy and Mineral Resources Ministry has stressed that it will not cancel its policy on the domestic market obligation (DMO) for coal, as the ...
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- Iligan Light & Power Inc, Philippines
- Dalmia Cement Bharat India
- Africa Commodities Group - South Africa
- Cement Manufacturers Association - India
- Xindia Steels Limited - India
- Indian Energy Exchange, India
- GMR Energy Limited - India
- Tamil Nadu electricity Board
- Port Waratah Coal Services - Australia
- Power Finance Corporation Ltd., India
- Thiess Contractors Indonesia
- Price Waterhouse Coopers - Russia
- Maharashtra Electricity Regulatory Commission - India
- Timah Investasi Mineral - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Electricity Authority, New Zealand
- Anglo American - United Kingdom
- Semirara Mining Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Central Java Power - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Sindya Power Generating Company Private Ltd
- ASAPP Information Group - India
- Bulk Trading Sa - Switzerland
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coastal Gujarat Power Limited - India
- Bhushan Steel Limited - India
- Coal and Oil Company - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Energy Development Corp, Philippines
- Lanco Infratech Ltd - India
- South Luzon Thermal Energy Corporation
- Rio Tinto Coal - Australia
- SN Aboitiz Power Inc, Philippines
- Banpu Public Company Limited - Thailand
- Simpson Spence & Young - Indonesia
- Savvy Resources Ltd - HongKong
- PTC India Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jorong Barutama Greston.PT - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- Straits Asia Resources Limited - Singapore
- Parliament of New Zealand
- SMC Global Power, Philippines
- Meralco Power Generation, Philippines
- Vizag Seaport Private Limited - India
- Ambuja Cements Ltd - India
- Australian Coal Association
- Larsen & Toubro Limited - India
- Sojitz Corporation - Japan
- Eastern Energy - Thailand
- India Bulls Power Limited - India
- Bukit Makmur.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mercator Lines Limited - India
- Agrawal Coal Company - India
- New Zealand Coal & Carbon
- Essar Steel Hazira Ltd - India
- Aditya Birla Group - India
- Metalloyd Limited - United Kingdom
- Global Business Power Corporation, Philippines
- Bangladesh Power Developement Board
- Kartika Selabumi Mining - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Orica Mining Services - Indonesia
- Wilmar Investment Holdings
- Kohat Cement Company Ltd. - Pakistan
- McConnell Dowell - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Therma Luzon, Inc, Philippines
- Planning Commission, India
- GAC Shipping (India) Pvt Ltd
- Karaikal Port Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Siam City Cement PLC, Thailand
- Indogreen Group - Indonesia
- The University of Queensland
- Ind-Barath Power Infra Limited - India
- Siam City Cement - Thailand
- CIMB Investment Bank - Malaysia
- Petrochimia International Co. Ltd.- Taiwan
- Binh Thuan Hamico - Vietnam
- Pendopo Energi Batubara - Indonesia
- Wood Mackenzie - Singapore
- White Energy Company Limited
- Attock Cement Pakistan Limited
- Formosa Plastics Group - Taiwan
- ICICI Bank Limited - India
- Directorate General of MIneral and Coal - Indonesia
- The State Trading Corporation of India Ltd
- Asmin Koalindo Tuhup - Indonesia
- Barasentosa Lestari - Indonesia
- Eastern Coal Council - USA
- Central Electricity Authority - India
- Tata Chemicals Ltd - India
- Sakthi Sugars Limited - India
- International Coal Ventures Pvt Ltd - India
- Sical Logistics Limited - India
- Coalindo Energy - Indonesia
- Gujarat Sidhee Cement - India
- CNBM International Corporation - China
- Marubeni Corporation - India
- Bahari Cakrawala Sebuku - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Standard Chartered Bank - UAE
- Georgia Ports Authority, United States
- Global Coal Blending Company Limited - Australia
- Medco Energi Mining Internasional
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Miang Besar Coal Terminal - Indonesia
- Grasim Industreis Ltd - India
- Sree Jayajothi Cements Limited - India
- Madhucon Powers Ltd - India
- Kaltim Prima Coal - Indonesia
- IEA Clean Coal Centre - UK
- Vijayanagar Sugar Pvt Ltd - India
- SMG Consultants - Indonesia
- Kepco SPC Power Corporation, Philippines
- Videocon Industries ltd - India
- Globalindo Alam Lestari - Indonesia
- OPG Power Generation Pvt Ltd - India
- Parry Sugars Refinery, India
- Bharathi Cement Corporation - India
- Minerals Council of Australia
- Petron Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Latin American Coal - Colombia
- Kapuas Tunggal Persada - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Semirara Mining and Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Sinarmas Energy and Mining - Indonesia
- European Bulk Services B.V. - Netherlands
- Vedanta Resources Plc - India
- Bukit Baiduri Energy - Indonesia
- Singapore Mercantile Exchange
- Trasteel International SA, Italy
- Oldendorff Carriers - Singapore
- LBH Netherlands Bv - Netherlands
- TeaM Sual Corporation - Philippines
- Romanian Commodities Exchange
- Altura Mining Limited, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Commonwealth Bank - Australia
- Jaiprakash Power Ventures ltd
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Finance - Indonesia
- Heidelberg Cement - Germany
- Cigading International Bulk Terminal - Indonesia
- PNOC Exploration Corporation - Philippines
- Interocean Group of Companies - India
- Star Paper Mills Limited - India
- Australian Commodity Traders Exchange
- Mercuria Energy - Indonesia
- Posco Energy - South Korea
- Borneo Indobara - Indonesia
- Carbofer General Trading SA - India
- Kumho Petrochemical, South Korea
- San Jose City I Power Corp, Philippines
- Bhoruka Overseas - Indonesia
- PowerSource Philippines DevCo
- Aboitiz Power Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Deloitte Consulting - India
- Indo Tambangraya Megah - Indonesia
- MS Steel International - UAE
- Indonesian Coal Mining Association
- Holcim Trading Pte Ltd - Singapore
- Kobexindo Tractors - Indoneisa
- Riau Bara Harum - Indonesia
- AsiaOL BioFuels Corp., Philippines
- IHS Mccloskey Coal Group - USA
- Uttam Galva Steels Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Edison Trading Spa - Italy
- GN Power Mariveles Coal Plant, Philippines
- Antam Resourcindo - Indonesia
- Indian Oil Corporation Limited
- Baramulti Group, Indonesia
- Makarim & Taira - Indonesia
- Mintek Dendrill Indonesia
- Kideco Jaya Agung - Indonesia
- GVK Power & Infra Limited - India
- Meenaskhi Energy Private Limited - India
- Intertek Mineral Services - Indonesia
- Chamber of Mines of South Africa
- Independent Power Producers Association of India
- Bhatia International Limited - India
- Toyota Tsusho Corporation, Japan
- Electricity Generating Authority of Thailand
- Gujarat Electricity Regulatory Commission - India
- Orica Australia Pty. Ltd.
- Indika Energy - Indonesia
- Merrill Lynch Commodities Europe
- Goldman Sachs - Singapore
- Energy Link Ltd, New Zealand
- Mjunction Services Limited - India
- Ministry of Mines - Canada
- Sarangani Energy Corporation, Philippines
- Salva Resources Pvt Ltd - India
- The Treasury - Australian Government
- Malabar Cements Ltd - India
- Thai Mozambique Logistica
- Ceylon Electricity Board - Sri Lanka
- VISA Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- Economic Council, Georgia
- Renaissance Capital - South Africa
- Directorate Of Revenue Intelligence - India
- Pipit Mutiara Jaya. PT, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Ministry of Transport, Egypt
- Bukit Asam (Persero) Tbk - Indonesia
- London Commodity Brokers - England
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