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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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- VISA Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Kaltim Prima Coal - Indonesia
- Chamber of Mines of South Africa
- Minerals Council of Australia
- Jaiprakash Power Ventures ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Rio Tinto Coal - Australia
- Oldendorff Carriers - Singapore
- Coalindo Energy - Indonesia
- Eastern Energy - Thailand
- ASAPP Information Group - India
- Kapuas Tunggal Persada - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Directorate Of Revenue Intelligence - India
- Bharathi Cement Corporation - India
- Gujarat Mineral Development Corp Ltd - India
- Pendopo Energi Batubara - Indonesia
- Parry Sugars Refinery, India
- Holcim Trading Pte Ltd - Singapore
- Bhushan Steel Limited - India
- Sojitz Corporation - Japan
- Indian Energy Exchange, India
- Vedanta Resources Plc - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Renaissance Capital - South Africa
- GN Power Mariveles Coal Plant, Philippines
- The Treasury - Australian Government
- Globalindo Alam Lestari - Indonesia
- London Commodity Brokers - England
- Electricity Generating Authority of Thailand
- GMR Energy Limited - India
- Energy Link Ltd, New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Ambuja Cements Ltd - India
- Sakthi Sugars Limited - India
- Kobexindo Tractors - Indoneisa
- LBH Netherlands Bv - Netherlands
- Karaikal Port Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Meenaskhi Energy Private Limited - India
- Central Electricity Authority - India
- Mercator Lines Limited - India
- International Coal Ventures Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Cement Manufacturers Association - India
- Global Coal Blending Company Limited - Australia
- Manunggal Multi Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Commonwealth Bank - Australia
- Binh Thuan Hamico - Vietnam
- Posco Energy - South Korea
- Ministry of Finance - Indonesia
- PowerSource Philippines DevCo
- Sarangani Energy Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Kohat Cement Company Ltd. - Pakistan
- Mjunction Services Limited - India
- Latin American Coal - Colombia
- Alfred C Toepfer International GmbH - Germany
- Riau Bara Harum - Indonesia
- Indika Energy - Indonesia
- Anglo American - United Kingdom
- Miang Besar Coal Terminal - Indonesia
- Ind-Barath Power Infra Limited - India
- Coastal Gujarat Power Limited - India
- Attock Cement Pakistan Limited
- TeaM Sual Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Siam City Cement PLC, Thailand
- Metalloyd Limited - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- CNBM International Corporation - China
- Salva Resources Pvt Ltd - India
- Madhucon Powers Ltd - India
- Orica Australia Pty. Ltd.
- Makarim & Taira - Indonesia
- Goldman Sachs - Singapore
- Banpu Public Company Limited - Thailand
- Chettinad Cement Corporation Ltd - India
- Port Waratah Coal Services - Australia
- Ministry of Mines - Canada
- Altura Mining Limited, Indonesia
- Barasentosa Lestari - Indonesia
- Mintek Dendrill Indonesia
- Bhatia International Limited - India
- White Energy Company Limited
- Wilmar Investment Holdings
- Global Business Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Therma Luzon, Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Billiton Holdings Pty Ltd - Australia
- South Luzon Thermal Energy Corporation
- Borneo Indobara - Indonesia
- Standard Chartered Bank - UAE
- Formosa Plastics Group - Taiwan
- Heidelberg Cement - Germany
- Simpson Spence & Young - Indonesia
- Tamil Nadu electricity Board
- Videocon Industries ltd - India
- GVK Power & Infra Limited - India
- Larsen & Toubro Limited - India
- Indogreen Group - Indonesia
- OPG Power Generation Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Kumho Petrochemical, South Korea
- Energy Development Corp, Philippines
- MS Steel International - UAE
- Eastern Coal Council - USA
- Carbofer General Trading SA - India
- Savvy Resources Ltd - HongKong
- Dalmia Cement Bharat India
- Sindya Power Generating Company Private Ltd
- SN Aboitiz Power Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Gujarat Sidhee Cement - India
- Australian Coal Association
- IEA Clean Coal Centre - UK
- Australian Commodity Traders Exchange
- Parliament of New Zealand
- Leighton Contractors Pty Ltd - Australia
- Kideco Jaya Agung - Indonesia
- India Bulls Power Limited - India
- Mercuria Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Electricity Regulatory Commission - India
- AsiaOL BioFuels Corp., Philippines
- Malabar Cements Ltd - India
- Price Waterhouse Coopers - Russia
- Meralco Power Generation, Philippines
- Economic Council, Georgia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Grasim Industreis Ltd - India
- Timah Investasi Mineral - Indoneisa
- Vizag Seaport Private Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhoruka Overseas - Indonesia
- Edison Trading Spa - Italy
- Essar Steel Hazira Ltd - India
- Trasteel International SA, Italy
- Baramulti Group, Indonesia
- Singapore Mercantile Exchange
- Maheswari Brothers Coal Limited - India
- Bangladesh Power Developement Board
- Kalimantan Lumbung Energi - Indonesia
- Thai Mozambique Logistica
- Uttam Galva Steels Limited - India
- SMG Consultants - Indonesia
- SMC Global Power, Philippines
- Petron Corporation, Philippines
- Agrawal Coal Company - India
- Iligan Light & Power Inc, Philippines
- Planning Commission, India
- Coal and Oil Company - UAE
- Indian Oil Corporation Limited
- Xindia Steels Limited - India
- PNOC Exploration Corporation - Philippines
- Independent Power Producers Association of India
- Lanco Infratech Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Aditya Birla Group - India
- Central Java Power - Indonesia
- GAC Shipping (India) Pvt Ltd
- Indo Tambangraya Megah - Indonesia
- Bayan Resources Tbk. - Indonesia
- ICICI Bank Limited - India
- The University of Queensland
- Intertek Mineral Services - Indonesia
- New Zealand Coal & Carbon
- Bulk Trading Sa - Switzerland
- Bukit Baiduri Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Aboitiz Power Corporation - Philippines
- Africa Commodities Group - South Africa
- The State Trading Corporation of India Ltd
- McConnell Dowell - Australia
- Semirara Mining Corp, Philippines
- Interocean Group of Companies - India
- Bahari Cakrawala Sebuku - Indonesia
- Jindal Steel & Power Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Marubeni Corporation - India
- Georgia Ports Authority, United States
- PetroVietnam Power Coal Import and Supply Company
- Star Paper Mills Limited - India
- Medco Energi Mining Internasional
- Karbindo Abesyapradhi - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Orica Mining Services - Indonesia
- Power Finance Corporation Ltd., India
- Romanian Commodities Exchange
- Sical Logistics Limited - India
- Ministry of Transport, Egypt
- Sree Jayajothi Cements Limited - India
- Toyota Tsusho Corporation, Japan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Deloitte Consulting - India
- San Jose City I Power Corp, Philippines
- PTC India Limited - India
- Bukit Makmur.PT - Indonesia
- CIMB Investment Bank - Malaysia
- European Bulk Services B.V. - Netherlands
- Siam City Cement - Thailand
- Wood Mackenzie - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Indonesian Coal Mining Association
- Neyveli Lignite Corporation Ltd, - India
- IHS Mccloskey Coal Group - USA
- Electricity Authority, New Zealand
- Thiess Contractors Indonesia
- Rashtriya Ispat Nigam Limited - India
- Cigading International Bulk Terminal - Indonesia
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