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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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Tuesday, 27 March 18
SHIPPING MARKET ANALYSIS - GERRY LATHROP
With the almost complete phase out of Tier II new-building slots on our door step, along with the plethora of emissions related articles seemingly ...
Friday, 23 March 18
RIO TINTO AGREES SALE OF HAIL CREEK AND VALERIA TO GLENCORE FOR $1.7 BILLION
Press Release: Rio Tinto has entered into a binding agreement with Glencore for the sale of its entire interests in the Hail Creek coal mine and th ...
Wednesday, 21 March 18
CHINA'S RAW COAL OUTPUT UP IN 2017, FIRST GROWTH SINCE 2014 - XINHUA
China’s raw coal output rose in 2017 due to rebounding demand and high-quality capacity, according to the National Bureau of Statistics (NBS) ...
Wednesday, 21 March 18
MARKET INSIGHT - CHRISTOPHER T. WHITTY
President’s Trump administration proposed tariffs on steel and aluminum imports in an attempt to target China and Europe among others. Earlie ...
Tuesday, 20 March 18
SHIPPING MARKET ANALYSIS - GEORGE LAZARIDIS
It has been a chilling start to the week for the global economy, with the vast majority of stock exchanges noting a fair drop, after a series of se ...
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- Semirara Mining Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Electricity Authority, New Zealand
- Kepco SPC Power Corporation, Philippines
- Bharathi Cement Corporation - India
- India Bulls Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Bhushan Steel Limited - India
- Romanian Commodities Exchange
- Latin American Coal - Colombia
- Globalindo Alam Lestari - Indonesia
- Eastern Energy - Thailand
- IHS Mccloskey Coal Group - USA
- Sinarmas Energy and Mining - Indonesia
- Medco Energi Mining Internasional
- PNOC Exploration Corporation - Philippines
- Australian Commodity Traders Exchange
- Malabar Cements Ltd - India
- New Zealand Coal & Carbon
- Mjunction Services Limited - India
- Sarangani Energy Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Borneo Indobara - Indonesia
- Sojitz Corporation - Japan
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Electricity Regulatory Commission - India
- SMC Global Power, Philippines
- Electricity Generating Authority of Thailand
- Leighton Contractors Pty Ltd - Australia
- Gujarat Mineral Development Corp Ltd - India
- Commonwealth Bank - Australia
- Orica Australia Pty. Ltd.
- Holcim Trading Pte Ltd - Singapore
- Carbofer General Trading SA - India
- Tamil Nadu electricity Board
- Petron Corporation, Philippines
- Sical Logistics Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Kumho Petrochemical, South Korea
- Deloitte Consulting - India
- Metalloyd Limited - United Kingdom
- Global Green Power PLC Corporation, Philippines
- Riau Bara Harum - Indonesia
- Thai Mozambique Logistica
- TeaM Sual Corporation - Philippines
- Marubeni Corporation - India
- CIMB Investment Bank - Malaysia
- SN Aboitiz Power Inc, Philippines
- Economic Council, Georgia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Georgia Ports Authority, United States
- Pipit Mutiara Jaya. PT, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Baramulti Group, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Indian Oil Corporation Limited
- London Commodity Brokers - England
- Formosa Plastics Group - Taiwan
- Central Java Power - Indonesia
- Goldman Sachs - Singapore
- Vedanta Resources Plc - India
- Toyota Tsusho Corporation, Japan
- Alfred C Toepfer International GmbH - Germany
- ICICI Bank Limited - India
- Krishnapatnam Port Company Ltd. - India
- White Energy Company Limited
- Port Waratah Coal Services - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Madhucon Powers Ltd - India
- Samtan Co., Ltd - South Korea
- Timah Investasi Mineral - Indoneisa
- Coastal Gujarat Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Lanco Infratech Ltd - India
- Orica Mining Services - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- TNB Fuel Sdn Bhd - Malaysia
- Agrawal Coal Company - India
- The University of Queensland
- Indonesian Coal Mining Association
- Antam Resourcindo - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Asam (Persero) Tbk - Indonesia
- Essar Steel Hazira Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- MS Steel International - UAE
- Intertek Mineral Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Business Power Corporation, Philippines
- Ambuja Cements Ltd - India
- McConnell Dowell - Australia
- Mintek Dendrill Indonesia
- Iligan Light & Power Inc, Philippines
- Indian Energy Exchange, India
- Africa Commodities Group - South Africa
- Merrill Lynch Commodities Europe
- SMG Consultants - Indonesia
- Aboitiz Power Corporation - Philippines
- Attock Cement Pakistan Limited
- Kobexindo Tractors - Indoneisa
- Bhatia International Limited - India
- Bhoruka Overseas - Indonesia
- Bangladesh Power Developement Board
- Bukit Baiduri Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Meralco Power Generation, Philippines
- Eastern Coal Council - USA
- Binh Thuan Hamico - Vietnam
- Pendopo Energi Batubara - Indonesia
- Price Waterhouse Coopers - Russia
- Videocon Industries ltd - India
- Australian Coal Association
- Vizag Seaport Private Limited - India
- IEA Clean Coal Centre - UK
- Sakthi Sugars Limited - India
- Star Paper Mills Limited - India
- Sindya Power Generating Company Private Ltd
- Mercator Lines Limited - India
- Xindia Steels Limited - India
- Grasim Industreis Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Maharashtra Electricity Regulatory Commission - India
- OPG Power Generation Pvt Ltd - India
- Ministry of Finance - Indonesia
- Coal and Oil Company - UAE
- Power Finance Corporation Ltd., India
- Coalindo Energy - Indonesia
- ASAPP Information Group - India
- Indogreen Group - Indonesia
- Edison Trading Spa - Italy
- Oldendorff Carriers - Singapore
- San Jose City I Power Corp, Philippines
- Uttam Galva Steels Limited - India
- Dalmia Cement Bharat India
- PTC India Limited - India
- Energy Link Ltd, New Zealand
- Therma Luzon, Inc, Philippines
- CNBM International Corporation - China
- The Treasury - Australian Government
- Renaissance Capital - South Africa
- Tata Chemicals Ltd - India
- Singapore Mercantile Exchange
- Aditya Birla Group - India
- Siam City Cement - Thailand
- Altura Mining Limited, Indonesia
- Maheswari Brothers Coal Limited - India
- Minerals Council of Australia
- Ministry of Mines - Canada
- Cement Manufacturers Association - India
- Savvy Resources Ltd - HongKong
- Neyveli Lignite Corporation Ltd, - India
- Kideco Jaya Agung - Indonesia
- Parry Sugars Refinery, India
- Salva Resources Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Ministry of Transport, Egypt
- Jindal Steel & Power Ltd - India
- Trasteel International SA, Italy
- Ceylon Electricity Board - Sri Lanka
- Directorate Of Revenue Intelligence - India
- Jaiprakash Power Ventures ltd
- Meenaskhi Energy Private Limited - India
- Thiess Contractors Indonesia
- Energy Development Corp, Philippines
- South Luzon Thermal Energy Corporation
- Heidelberg Cement - Germany
- Simpson Spence & Young - Indonesia
- Planning Commission, India
- Kohat Cement Company Ltd. - Pakistan
- PetroVietnam Power Coal Import and Supply Company
- Bahari Cakrawala Sebuku - Indonesia
- LBH Netherlands Bv - Netherlands
- Independent Power Producers Association of India
- Posco Energy - South Korea
- Parliament of New Zealand
- Asmin Koalindo Tuhup - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Makarim & Taira - Indonesia
- PowerSource Philippines DevCo
- Ind-Barath Power Infra Limited - India
- VISA Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Anglo American - United Kingdom
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mercuria Energy - Indonesia
- Siam City Cement PLC, Thailand
- Banpu Public Company Limited - Thailand
- The State Trading Corporation of India Ltd
- GAC Shipping (India) Pvt Ltd
- Kapuas Tunggal Persada - Indonesia
- Chamber of Mines of South Africa
- Rio Tinto Coal - Australia
- Miang Besar Coal Terminal - Indonesia
- GVK Power & Infra Limited - India
- Gujarat Sidhee Cement - India
- Wilmar Investment Holdings
- Kartika Selabumi Mining - Indonesia
- Barasentosa Lestari - Indonesia
- Kaltim Prima Coal - Indonesia
- Global Coal Blending Company Limited - Australia
- European Bulk Services B.V. - Netherlands
- Billiton Holdings Pty Ltd - Australia
- GMR Energy Limited - India
- Indo Tambangraya Megah - Indonesia
- Standard Chartered Bank - UAE
- Straits Asia Resources Limited - Singapore
- Central Electricity Authority - India
- Larsen & Toubro Limited - India
- Sree Jayajothi Cements Limited - India
- Interocean Group of Companies - India
- Bayan Resources Tbk. - Indonesia
- Indika Energy - Indonesia
- Wood Mackenzie - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
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