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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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Friday, 29 June 18
THE LBH GROUP AND RHENUS PLAN TO ESTABLISH A JOINT COMPANY
Press Release: The port services provider, the LBH Group, and the logistics specialist Rhenus, are planning to cooperate closely in the European in ...
Friday, 29 June 18
SUPRAMAX: INDO / CHINA COAL ROUNDS PAYING AROUND USD HIGH 11000 - FEARNLYS
Capesize
Its been an interesting week with a strong demand for ships out of Brazil, making C3 rates remain around USD 19 pmt said Fearnlys in i ...
Friday, 29 June 18
JAPAN'S TOHOKU ELEC, GLENCORE ABANDON APRIL-MARCH COAL CONTRACT TALKS - REUTERS
Japan’s Tohoku Electric Power Co Inc and Glencore Plc have abandoned talks on annual thermal coal supplies after failing to reach an agreemen ...
Wednesday, 27 June 18
SHIPPING MARKET INSIGHT - APOSTOLOS ROMPOPOULOS
After the abolishment of the trade embargo against Iran, there was a lot of optimism from the country’s side, as after quite some time a numb ...
Tuesday, 26 June 18
"ALWAYS ACCESSIBLE": ARRIVAL, DEPARTURE OR BOTH? - INCE & CO
KNOWLEDGE TO ELEVATE
An “always accessible” berth warranty is often used by an owner to transfer the risk of delays in berthing to ...
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- IEA Clean Coal Centre - UK
- Australian Coal Association
- LBH Netherlands Bv - Netherlands
- ASAPP Information Group - India
- Directorate Of Revenue Intelligence - India
- Barasentosa Lestari - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- PTC India Limited - India
- Gujarat Electricity Regulatory Commission - India
- VISA Power Limited - India
- Global Coal Blending Company Limited - Australia
- Kaltim Prima Coal - Indonesia
- Planning Commission, India
- Jaiprakash Power Ventures ltd
- Ministry of Transport, Egypt
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Therma Luzon, Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Xindia Steels Limited - India
- Tamil Nadu electricity Board
- Karaikal Port Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Sidhee Cement - India
- CIMB Investment Bank - Malaysia
- Bukit Asam (Persero) Tbk - Indonesia
- South Luzon Thermal Energy Corporation
- Kalimantan Lumbung Energi - Indonesia
- GVK Power & Infra Limited - India
- Sical Logistics Limited - India
- Heidelberg Cement - Germany
- Mintek Dendrill Indonesia
- Merrill Lynch Commodities Europe
- Semirara Mining Corp, Philippines
- Power Finance Corporation Ltd., India
- Energy Link Ltd, New Zealand
- Petron Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- SMG Consultants - Indonesia
- Global Green Power PLC Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Sakthi Sugars Limited - India
- Orica Mining Services - Indonesia
- Indian Oil Corporation Limited
- Mercuria Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- European Bulk Services B.V. - Netherlands
- Intertek Mineral Services - Indonesia
- Jindal Steel & Power Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Siam City Cement PLC, Thailand
- MS Steel International - UAE
- Savvy Resources Ltd - HongKong
- Pendopo Energi Batubara - Indonesia
- Maheswari Brothers Coal Limited - India
- Aboitiz Power Corporation - Philippines
- Electricity Generating Authority of Thailand
- Dalmia Cement Bharat India
- Anglo American - United Kingdom
- Goldman Sachs - Singapore
- ICICI Bank Limited - India
- Kumho Petrochemical, South Korea
- Bharathi Cement Corporation - India
- Lanco Infratech Ltd - India
- PowerSource Philippines DevCo
- Binh Thuan Hamico - Vietnam
- Kohat Cement Company Ltd. - Pakistan
- Siam City Cement - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Bhatia International Limited - India
- Ceylon Electricity Board - Sri Lanka
- Ministry of Mines - Canada
- Leighton Contractors Pty Ltd - Australia
- Agrawal Coal Company - India
- Wilmar Investment Holdings
- Directorate General of MIneral and Coal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Commodity Traders Exchange
- Rio Tinto Coal - Australia
- SMC Global Power, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Mineral Development Corp Ltd - India
- Aditya Birla Group - India
- Borneo Indobara - Indonesia
- Bulk Trading Sa - Switzerland
- Essar Steel Hazira Ltd - India
- Thai Mozambique Logistica
- Vizag Seaport Private Limited - India
- The State Trading Corporation of India Ltd
- Straits Asia Resources Limited - Singapore
- Oldendorff Carriers - Singapore
- Uttam Galva Steels Limited - India
- Billiton Holdings Pty Ltd - Australia
- Timah Investasi Mineral - Indoneisa
- Latin American Coal - Colombia
- New Zealand Coal & Carbon
- Minerals Council of Australia
- The Treasury - Australian Government
- Bank of Tokyo Mitsubishi UFJ Ltd
- Posco Energy - South Korea
- Edison Trading Spa - Italy
- GN Power Mariveles Coal Plant, Philippines
- Sindya Power Generating Company Private Ltd
- PNOC Exploration Corporation - Philippines
- Tata Chemicals Ltd - India
- Altura Mining Limited, Indonesia
- Semirara Mining and Power Corporation, Philippines
- Attock Cement Pakistan Limited
- Krishnapatnam Port Company Ltd. - India
- San Jose City I Power Corp, Philippines
- McConnell Dowell - Australia
- Bukit Makmur.PT - Indonesia
- SN Aboitiz Power Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Romanian Commodities Exchange
- Indo Tambangraya Megah - Indonesia
- Medco Energi Mining Internasional
- Cement Manufacturers Association - India
- Larsen & Toubro Limited - India
- Mercator Lines Limited - India
- Indian Energy Exchange, India
- Trasteel International SA, Italy
- Global Business Power Corporation, Philippines
- Deloitte Consulting - India
- Central Java Power - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Ambuja Cements Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Carbofer General Trading SA - India
- Commonwealth Bank - Australia
- Bayan Resources Tbk. - Indonesia
- White Energy Company Limited
- Baramulti Group, Indonesia
- Malabar Cements Ltd - India
- Coal and Oil Company - UAE
- GMR Energy Limited - India
- Grasim Industreis Ltd - India
- GAC Shipping (India) Pvt Ltd
- Indika Energy - Indonesia
- Star Paper Mills Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Globalindo Alam Lestari - Indonesia
- OPG Power Generation Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Parry Sugars Refinery, India
- Independent Power Producers Association of India
- Meenaskhi Energy Private Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Energy Development Corp, Philippines
- Georgia Ports Authority, United States
- Sojitz Corporation - Japan
- CNBM International Corporation - China
- London Commodity Brokers - England
- Sree Jayajothi Cements Limited - India
- Simpson Spence & Young - Indonesia
- Africa Commodities Group - South Africa
- Coalindo Energy - Indonesia
- Antam Resourcindo - Indonesia
- TeaM Sual Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Riau Bara Harum - Indonesia
- Economic Council, Georgia
- Madhucon Powers Ltd - India
- Marubeni Corporation - India
- Interocean Group of Companies - India
- Meralco Power Generation, Philippines
- Bhushan Steel Limited - India
- Formosa Plastics Group - Taiwan
- Salva Resources Pvt Ltd - India
- Chamber of Mines of South Africa
- Renaissance Capital - South Africa
- Kobexindo Tractors - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Singapore Mercantile Exchange
- Eastern Energy - Thailand
- Holcim Trading Pte Ltd - Singapore
- Manunggal Multi Energi - Indonesia
- Parliament of New Zealand
- Alfred C Toepfer International GmbH - Germany
- Vijayanagar Sugar Pvt Ltd - India
- Indogreen Group - Indonesia
- Metalloyd Limited - United Kingdom
- Eastern Coal Council - USA
- Banpu Public Company Limited - Thailand
- Kapuas Tunggal Persada - Indonesia
- Vedanta Resources Plc - India
- IHS Mccloskey Coal Group - USA
- The University of Queensland
- Port Waratah Coal Services - Australia
- Mjunction Services Limited - India
- Makarim & Taira - Indonesia
- Ind-Barath Power Infra Limited - India
- Kideco Jaya Agung - Indonesia
- Bangladesh Power Developement Board
- India Bulls Power Limited - India
- Ministry of Finance - Indonesia
- Sarangani Energy Corporation, Philippines
- Videocon Industries ltd - India
- Toyota Tsusho Corporation, Japan
- Indonesian Coal Mining Association
- AsiaOL BioFuels Corp., Philippines
- Price Waterhouse Coopers - Russia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Iligan Light & Power Inc, Philippines
- Standard Chartered Bank - UAE
- Samtan Co., Ltd - South Korea
- Thiess Contractors Indonesia
- Rashtriya Ispat Nigam Limited - India
- Electricity Authority, New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Wood Mackenzie - Singapore
- Cigading International Bulk Terminal - Indonesia
- Orica Australia Pty. Ltd.
- Central Electricity Authority - India
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