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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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Wednesday, 14 February 18
SHIPPING MARKET INSIGHT - NASSOS SOULAKIS
The second month of the year is traditionally a particularly interesting one for the shipping industry as a whole and even more importantly for the ...
Monday, 12 February 18
PANAMAX: WITH LIMITED FRESH ENQUIRY IN ALL AREAS, SPOT MARKET RATES DRIFTED LOWER THROUGHOUT THE WEEK - BALTIC BRIEFING
Capesize
A switch to the Atlantic with rates firming as charterers seemed keen to fix and tonnage was tight, prompting a recovery in rates. Trans ...
Monday, 12 February 18
WORLDWIDE: 'DEMURRAGE CLAIMS' FOR THE PURPOSES OF DOCUMENTARY TIME BARS
KNOWLEDGE TO ELEVATE
On 2 February 2018 the Commercial Court allowed an appeal from a decision of the Arbitration Tribunal in Lukoil Asia Paci ...
Saturday, 10 February 18
COAL INDIA ON PATH OF SUSTAINABLE PRODUCTION GROWTH AND SUPPLY TO POWER AND NON POWER SECTOR - PIB
Supply of 371.8 MT of Coal to Power Sector and 103.1 MT Coal to Non-Power Sector Achieved in 2017-18 Till January,2018 Average Rake Loading To The ...
Saturday, 10 February 18
OIL PRICE USD 100/BARREL BY END OF 2018! - SAROJ MOHAPATRA
All demand supplies calculations are going wrong in oil market at present. US production is increasing at a good pace and set to topple Saudi comfo ...
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- Vizag Seaport Private Limited - India
- Edison Trading Spa - Italy
- Romanian Commodities Exchange
- Maheswari Brothers Coal Limited - India
- Global Business Power Corporation, Philippines
- Latin American Coal - Colombia
- Bayan Resources Tbk. - Indonesia
- White Energy Company Limited
- Merrill Lynch Commodities Europe
- Asmin Koalindo Tuhup - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Formosa Plastics Group - Taiwan
- Jaiprakash Power Ventures ltd
- Sakthi Sugars Limited - India
- Essar Steel Hazira Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Medco Energi Mining Internasional
- Kumho Petrochemical, South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhatia International Limited - India
- Eastern Coal Council - USA
- Kohat Cement Company Ltd. - Pakistan
- Iligan Light & Power Inc, Philippines
- Barasentosa Lestari - Indonesia
- SMC Global Power, Philippines
- TeaM Sual Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- The Treasury - Australian Government
- Intertek Mineral Services - Indonesia
- Attock Cement Pakistan Limited
- Trasteel International SA, Italy
- Savvy Resources Ltd - HongKong
- Indian Energy Exchange, India
- Global Coal Blending Company Limited - Australia
- Agrawal Coal Company - India
- Bhushan Steel Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Orica Australia Pty. Ltd.
- London Commodity Brokers - England
- Meenaskhi Energy Private Limited - India
- Ind-Barath Power Infra Limited - India
- Bangladesh Power Developement Board
- Indo Tambangraya Megah - Indonesia
- Bukit Baiduri Energy - Indonesia
- Power Finance Corporation Ltd., India
- Tata Chemicals Ltd - India
- Siam City Cement PLC, Thailand
- IHS Mccloskey Coal Group - USA
- Miang Besar Coal Terminal - Indonesia
- Deloitte Consulting - India
- ASAPP Information Group - India
- Jorong Barutama Greston.PT - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Karaikal Port Pvt Ltd - India
- Georgia Ports Authority, United States
- Energy Development Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Larsen & Toubro Limited - India
- European Bulk Services B.V. - Netherlands
- Posco Energy - South Korea
- PowerSource Philippines DevCo
- Electricity Authority, New Zealand
- Indika Energy - Indonesia
- Price Waterhouse Coopers - Russia
- PNOC Exploration Corporation - Philippines
- Siam City Cement - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Makarim & Taira - Indonesia
- ICICI Bank Limited - India
- Orica Mining Services - Indonesia
- India Bulls Power Limited - India
- Kaltim Prima Coal - Indonesia
- Marubeni Corporation - India
- Leighton Contractors Pty Ltd - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Economic Council, Georgia
- Rashtriya Ispat Nigam Limited - India
- Mintek Dendrill Indonesia
- Singapore Mercantile Exchange
- Indian Oil Corporation Limited
- CNBM International Corporation - China
- Timah Investasi Mineral - Indoneisa
- MS Steel International - UAE
- Borneo Indobara - Indonesia
- Aditya Birla Group - India
- The University of Queensland
- Salva Resources Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Parliament of New Zealand
- Independent Power Producers Association of India
- Therma Luzon, Inc, Philippines
- Wilmar Investment Holdings
- Videocon Industries ltd - India
- Chamber of Mines of South Africa
- Bukit Makmur.PT - Indonesia
- Baramulti Group, Indonesia
- Sree Jayajothi Cements Limited - India
- The State Trading Corporation of India Ltd
- Jindal Steel & Power Ltd - India
- VISA Power Limited - India
- GVK Power & Infra Limited - India
- Madhucon Powers Ltd - India
- Wood Mackenzie - Singapore
- Star Paper Mills Limited - India
- Sinarmas Energy and Mining - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Rio Tinto Coal - Australia
- Directorate General of MIneral and Coal - Indonesia
- Antam Resourcindo - Indonesia
- Bhoruka Overseas - Indonesia
- McConnell Dowell - Australia
- Goldman Sachs - Singapore
- Sarangani Energy Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Globalindo Alam Lestari - Indonesia
- PTC India Limited - India
- GAC Shipping (India) Pvt Ltd
- Krishnapatnam Port Company Ltd. - India
- Pendopo Energi Batubara - Indonesia
- Malabar Cements Ltd - India
- Parry Sugars Refinery, India
- Planning Commission, India
- Directorate Of Revenue Intelligence - India
- Alfred C Toepfer International GmbH - Germany
- Semirara Mining Corp, Philippines
- Dalmia Cement Bharat India
- Vijayanagar Sugar Pvt Ltd - India
- Coal and Oil Company - UAE
- Samtan Co., Ltd - South Korea
- Indonesian Coal Mining Association
- Ambuja Cements Ltd - India
- Port Waratah Coal Services - Australia
- Chettinad Cement Corporation Ltd - India
- Mercator Lines Limited - India
- Australian Commodity Traders Exchange
- Minerals Council of Australia
- Uttam Galva Steels Limited - India
- Eastern Energy - Thailand
- Sojitz Corporation - Japan
- IEA Clean Coal Centre - UK
- Bharathi Cement Corporation - India
- AsiaOL BioFuels Corp., Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Neyveli Lignite Corporation Ltd, - India
- Petron Corporation, Philippines
- Ministry of Transport, Egypt
- Grasim Industreis Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Asam (Persero) Tbk - Indonesia
- New Zealand Coal & Carbon
- Commonwealth Bank - Australia
- Binh Thuan Hamico - Vietnam
- Holcim Trading Pte Ltd - Singapore
- Straits Asia Resources Limited - Singapore
- Australian Coal Association
- Energy Link Ltd, New Zealand
- Indogreen Group - Indonesia
- SN Aboitiz Power Inc, Philippines
- Mjunction Services Limited - India
- Aboitiz Power Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Thiess Contractors Indonesia
- Sical Logistics Limited - India
- Cigading International Bulk Terminal - Indonesia
- South Luzon Thermal Energy Corporation
- Coastal Gujarat Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Electricity Regulatory Commission - India
- Global Green Power PLC Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Simpson Spence & Young - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Metalloyd Limited - United Kingdom
- SMG Consultants - Indonesia
- Central Java Power - Indonesia
- Gujarat Sidhee Cement - India
- LBH Netherlands Bv - Netherlands
- GMR Energy Limited - India
- Lanco Infratech Ltd - India
- Ministry of Mines - Canada
- Thai Mozambique Logistica
- Kepco SPC Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- San Jose City I Power Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Heidelberg Cement - Germany
- Electricity Generating Authority of Thailand
- Toyota Tsusho Corporation, Japan
- Vedanta Resources Plc - India
- Banpu Public Company Limited - Thailand
- Xindia Steels Limited - India
- Ministry of Finance - Indonesia
- Standard Chartered Bank - UAE
- Kideco Jaya Agung - Indonesia
- Central Electricity Authority - India
- Oldendorff Carriers - Singapore
- Renaissance Capital - South Africa
- Bulk Trading Sa - Switzerland
- Cement Manufacturers Association - India
- Petrochimia International Co. Ltd.- Taiwan
- Meralco Power Generation, Philippines
- Anglo American - United Kingdom
- Manunggal Multi Energi - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Altura Mining Limited, Indonesia
- Coalindo Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Interocean Group of Companies - India
- International Coal Ventures Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- OPG Power Generation Pvt Ltd - India
- Tamil Nadu electricity Board
- Mercuria Energy - Indonesia
- Carbofer General Trading SA - India
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