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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, 21 June 18
CHINESE REDUCED COAL IMPORT RESTRICTIONS - CAIXIN GLOBAL
Caixin Global reported that the Chinese government has reduced restrictions on coal imports at the nation’s major ports in response to concer ...
Thursday, 21 June 18
INDIAN GOVERNMENT ADMITS COAL SHORTAGE, ASKS DISCOMS TO IMPORT - TIMES OF INDIA
Times of India reported that the power ministry has advised all state governments and private power distribution companies to import coal as Coal I ...
Tuesday, 19 June 18
WCA RESPONDS TO BP STATISTICAL REVIEW OF WORLD ENERGY 2018
Responding to BP’s Statistical Review of World Energy 2018, Benjamin Sporton, Chief Executive of the World Coal Association (WCA) said, &ldqu ...
Wednesday, 13 June 18
U.S. COAL PRODUCTION TO DECLINE BY 2% TO 756 MILLION SHORT TONS MMST IN 2018 - EIA
EIA forecasts U.S. coal production to decline by 2% to 756 million short tons (MMst) in 2018.
According to EIA's Short-Term Ener ...
Wednesday, 13 June 18
SHIPPING MARKET INSIGHT - SOPHIE COTZIAS
2018 marks quite a few milestones for Greek Shipping. No need to detail again the greatness of Greek Shipping or the singular position that Greek s ...
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- Directorate Of Revenue Intelligence - India
- Semirara Mining Corp, Philippines
- Anglo American - United Kingdom
- London Commodity Brokers - England
- Cement Manufacturers Association - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Electricity Authority, New Zealand
- Orica Mining Services - Indonesia
- Global Business Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- CNBM International Corporation - China
- Makarim & Taira - Indonesia
- Banpu Public Company Limited - Thailand
- Kaltim Prima Coal - Indonesia
- Barasentosa Lestari - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Wood Mackenzie - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Formosa Plastics Group - Taiwan
- Orica Australia Pty. Ltd.
- Commonwealth Bank - Australia
- GVK Power & Infra Limited - India
- Heidelberg Cement - Germany
- Carbofer General Trading SA - India
- Singapore Mercantile Exchange
- Kartika Selabumi Mining - Indonesia
- SN Aboitiz Power Inc, Philippines
- PowerSource Philippines DevCo
- Minerals Council of Australia
- Indogreen Group - Indonesia
- Indika Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Essar Steel Hazira Ltd - India
- McConnell Dowell - Australia
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Finance - Indonesia
- Kobexindo Tractors - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Vizag Seaport Private Limited - India
- Jindal Steel & Power Ltd - India
- SMG Consultants - Indonesia
- Coal and Oil Company - UAE
- Central Electricity Authority - India
- Independent Power Producers Association of India
- Bangladesh Power Developement Board
- San Jose City I Power Corp, Philippines
- The State Trading Corporation of India Ltd
- Edison Trading Spa - Italy
- Electricity Generating Authority of Thailand
- Gujarat Sidhee Cement - India
- Tata Chemicals Ltd - India
- Global Green Power PLC Corporation, Philippines
- Borneo Indobara - Indonesia
- Deloitte Consulting - India
- Chamber of Mines of South Africa
- European Bulk Services B.V. - Netherlands
- Standard Chartered Bank - UAE
- PetroVietnam Power Coal Import and Supply Company
- Aboitiz Power Corporation - Philippines
- IEA Clean Coal Centre - UK
- Binh Thuan Hamico - Vietnam
- Romanian Commodities Exchange
- Energy Link Ltd, New Zealand
- Coalindo Energy - Indonesia
- Uttam Galva Steels Limited - India
- Billiton Holdings Pty Ltd - Australia
- Rashtriya Ispat Nigam Limited - India
- Chettinad Cement Corporation Ltd - India
- Planning Commission, India
- Coastal Gujarat Power Limited - India
- Aditya Birla Group - India
- Oldendorff Carriers - Singapore
- New Zealand Coal & Carbon
- Petrochimia International Co. Ltd.- Taiwan
- Pipit Mutiara Jaya. PT, Indonesia
- ICICI Bank Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Bharathi Cement Corporation - India
- Mercator Lines Limited - India
- PNOC Exploration Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- South Luzon Thermal Energy Corporation
- Economic Council, Georgia
- Ceylon Electricity Board - Sri Lanka
- Meenaskhi Energy Private Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- International Coal Ventures Pvt Ltd - India
- SMC Global Power, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- India Bulls Power Limited - India
- Sakthi Sugars Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Indo Tambangraya Megah - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Posco Energy - South Korea
- Bhushan Steel Limited - India
- The Treasury - Australian Government
- Tamil Nadu electricity Board
- Baramulti Group, Indonesia
- Merrill Lynch Commodities Europe
- ASAPP Information Group - India
- Central Java Power - Indonesia
- Thiess Contractors Indonesia
- Altura Mining Limited, Indonesia
- Australian Commodity Traders Exchange
- Trasteel International SA, Italy
- PTC India Limited - India
- Sarangani Energy Corporation, Philippines
- Ambuja Cements Ltd - India
- Dalmia Cement Bharat India
- Gujarat Mineral Development Corp Ltd - India
- Miang Besar Coal Terminal - Indonesia
- TeaM Sual Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Star Paper Mills Limited - India
- GMR Energy Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Energy Development Corp, Philippines
- Sojitz Corporation - Japan
- Siam City Cement - Thailand
- Samtan Co., Ltd - South Korea
- VISA Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Manunggal Multi Energi - Indonesia
- Marubeni Corporation - India
- Ind-Barath Power Infra Limited - India
- Krishnapatnam Port Company Ltd. - India
- Medco Energi Mining Internasional
- OPG Power Generation Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Savvy Resources Ltd - HongKong
- Renaissance Capital - South Africa
- The University of Queensland
- White Energy Company Limited
- GAC Shipping (India) Pvt Ltd
- Sinarmas Energy and Mining - Indonesia
- Therma Luzon, Inc, Philippines
- Madhucon Powers Ltd - India
- Globalindo Alam Lestari - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Timah Investasi Mineral - Indoneisa
- Intertek Mineral Services - Indonesia
- Metalloyd Limited - United Kingdom
- Jaiprakash Power Ventures ltd
- Indian Energy Exchange, India
- Ministry of Transport, Egypt
- GN Power Mariveles Coal Plant, Philippines
- MS Steel International - UAE
- Australian Coal Association
- Rio Tinto Coal - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Semirara Mining and Power Corporation, Philippines
- Attock Cement Pakistan Limited
- Mjunction Services Limited - India
- Malabar Cements Ltd - India
- Grasim Industreis Ltd - India
- Goldman Sachs - Singapore
- Mintek Dendrill Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Simpson Spence & Young - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Ministry of Mines - Canada
- Kumho Petrochemical, South Korea
- Sree Jayajothi Cements Limited - India
- Meralco Power Generation, Philippines
- Bukit Makmur.PT - Indonesia
- Port Waratah Coal Services - Australia
- Bulk Trading Sa - Switzerland
- Pendopo Energi Batubara - Indonesia
- Larsen & Toubro Limited - India
- Salva Resources Pvt Ltd - India
- Petron Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Lanco Infratech Ltd - India
- Parry Sugars Refinery, India
- IHS Mccloskey Coal Group - USA
- Eastern Coal Council - USA
- Antam Resourcindo - Indonesia
- Agrawal Coal Company - India
- Bhoruka Overseas - Indonesia
- Indian Oil Corporation Limited
- Videocon Industries ltd - India
- Karaikal Port Pvt Ltd - India
- Parliament of New Zealand
- Sical Logistics Limited - India
- Mercuria Energy - Indonesia
- Xindia Steels Limited - India
- Georgia Ports Authority, United States
- Jorong Barutama Greston.PT - Indonesia
- Latin American Coal - Colombia
- Kideco Jaya Agung - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Thai Mozambique Logistica
- Holcim Trading Pte Ltd - Singapore
- Riau Bara Harum - Indonesia
- Straits Asia Resources Limited - Singapore
- Sindya Power Generating Company Private Ltd
- Vedanta Resources Plc - India
- Toyota Tsusho Corporation, Japan
- Kepco SPC Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Directorate General of MIneral and Coal - Indonesia
- Eastern Energy - Thailand
- Price Waterhouse Coopers - Russia
- Bhatia International Limited - India
- Bukit Baiduri Energy - Indonesia
- Interocean Group of Companies - India
- Power Finance Corporation Ltd., India
- Wilmar Investment Holdings
- Cigading International Bulk Terminal - Indonesia
- Indonesian Coal Mining Association
- TNB Fuel Sdn Bhd - Malaysia
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