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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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Monday, 10 April 17
THE CAPE INDEX WAS DOWN BY 16.32% WEEK OVER WEEK
COALspot.com: The Freight market was steady week over a week except for Cape. The cape index was down 16.32 percent week over week.
The Baltic ...
Friday, 07 April 17
INDONESIAN GOVERNMENT DECLARED SPOT COAL PRICES STAGE FIRST INCREASE OF THE YEAR
COALspot.com: Indonesian government declared coal benchmark price rose slightly in April, government data showed.
The benchmark price of Indon ...
Friday, 07 April 17
U.S WEEKLY COAL OUTPUT ALMOST FLAT WEEK OVER WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 14.5 million short tons ...
Thursday, 06 April 17
PANAMAX: THE MARKET HAS CONTINUED THE FIRM SENTIMENT FROM LAST WEEK IN BOTH HEMISPHERES - FEARNLEYS
Supramax
With holidays in Asia, the week has started very slow in Pacific. Some fixtures have still been done and levels have remained quite stab ...
Wednesday, 05 April 17
THE AVERAGE SECOND HAND PANAMAXES AND CAPES PRICES FOR A 5-YR OLD VESSEL HAS INCREASED MORE THAN 19% AND 20% RESPECTIVELY M/M - INTERMODAL
With the help of what so far appears to be a very strong grain season together with the fact that imports from China have remained so far robust in ...
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- Wood Mackenzie - Singapore
- Sarangani Energy Corporation, Philippines
- Thai Mozambique Logistica
- Makarim & Taira - Indonesia
- Mintek Dendrill Indonesia
- VISA Power Limited - India
- Singapore Mercantile Exchange
- Rio Tinto Coal - Australia
- Gujarat Sidhee Cement - India
- New Zealand Coal & Carbon
- International Coal Ventures Pvt Ltd - India
- Sakthi Sugars Limited - India
- AsiaOL BioFuels Corp., Philippines
- Standard Chartered Bank - UAE
- Electricity Authority, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Toyota Tsusho Corporation, Japan
- Heidelberg Cement - Germany
- Anglo American - United Kingdom
- Ministry of Mines - Canada
- Chamber of Mines of South Africa
- Renaissance Capital - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Bulk Trading Sa - Switzerland
- Eastern Coal Council - USA
- Coal and Oil Company - UAE
- Independent Power Producers Association of India
- The Treasury - Australian Government
- Directorate General of MIneral and Coal - Indonesia
- Deloitte Consulting - India
- Maheswari Brothers Coal Limited - India
- Aditya Birla Group - India
- Antam Resourcindo - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Georgia Ports Authority, United States
- Kalimantan Lumbung Energi - Indonesia
- Orica Mining Services - Indonesia
- TeaM Sual Corporation - Philippines
- Videocon Industries ltd - India
- Indian Energy Exchange, India
- LBH Netherlands Bv - Netherlands
- Indogreen Group - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Jaiprakash Power Ventures ltd
- Dalmia Cement Bharat India
- Posco Energy - South Korea
- Globalindo Alam Lestari - Indonesia
- Ceylon Electricity Board - Sri Lanka
- GMR Energy Limited - India
- Savvy Resources Ltd - HongKong
- Grasim Industreis Ltd - India
- Parry Sugars Refinery, India
- Ind-Barath Power Infra Limited - India
- Chettinad Cement Corporation Ltd - India
- Mercuria Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Cement Manufacturers Association - India
- Madhucon Powers Ltd - India
- Riau Bara Harum - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The University of Queensland
- Holcim Trading Pte Ltd - Singapore
- The State Trading Corporation of India Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- McConnell Dowell - Australia
- Baramulti Group, Indonesia
- Samtan Co., Ltd - South Korea
- Therma Luzon, Inc, Philippines
- Kumho Petrochemical, South Korea
- Cigading International Bulk Terminal - Indonesia
- Kobexindo Tractors - Indoneisa
- Altura Mining Limited, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Central Java Power - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Borneo Indobara - Indonesia
- Sindya Power Generating Company Private Ltd
- Timah Investasi Mineral - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Minerals Council of Australia
- GAC Shipping (India) Pvt Ltd
- Metalloyd Limited - United Kingdom
- OPG Power Generation Pvt Ltd - India
- Larsen & Toubro Limited - India
- Marubeni Corporation - India
- Mjunction Services Limited - India
- SMC Global Power, Philippines
- SMG Consultants - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bhoruka Overseas - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Star Paper Mills Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Oldendorff Carriers - Singapore
- Bhushan Steel Limited - India
- Wilmar Investment Holdings
- Miang Besar Coal Terminal - Indonesia
- Simpson Spence & Young - Indonesia
- GVK Power & Infra Limited - India
- Commonwealth Bank - Australia
- India Bulls Power Limited - India
- Bangladesh Power Developement Board
- Eastern Energy - Thailand
- Energy Development Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Green Power PLC Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Alfred C Toepfer International GmbH - Germany
- Bukit Makmur.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Pendopo Energi Batubara - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indian Oil Corporation Limited
- GN Power Mariveles Coal Plant, Philippines
- Vizag Seaport Private Limited - India
- Malabar Cements Ltd - India
- ICICI Bank Limited - India
- Tamil Nadu electricity Board
- Bukit Baiduri Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Lanco Infratech Ltd - India
- Uttam Galva Steels Limited - India
- Ministry of Finance - Indonesia
- Medco Energi Mining Internasional
- Price Waterhouse Coopers - Russia
- Tata Chemicals Ltd - India
- Banpu Public Company Limited - Thailand
- PowerSource Philippines DevCo
- Sical Logistics Limited - India
- Essar Steel Hazira Ltd - India
- Orica Australia Pty. Ltd.
- Attock Cement Pakistan Limited
- Kohat Cement Company Ltd. - Pakistan
- Meralco Power Generation, Philippines
- Ambuja Cements Ltd - India
- Energy Link Ltd, New Zealand
- Global Business Power Corporation, Philippines
- London Commodity Brokers - England
- MS Steel International - UAE
- Manunggal Multi Energi - Indonesia
- Karaikal Port Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Directorate Of Revenue Intelligence - India
- Bahari Cakrawala Sebuku - Indonesia
- Sojitz Corporation - Japan
- Port Waratah Coal Services - Australia
- Aboitiz Power Corporation - Philippines
- Romanian Commodities Exchange
- Parliament of New Zealand
- Iligan Light & Power Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Coastal Gujarat Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- ASAPP Information Group - India
- South Luzon Thermal Energy Corporation
- Maharashtra Electricity Regulatory Commission - India
- Kideco Jaya Agung - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Goldman Sachs - Singapore
- Neyveli Lignite Corporation Ltd, - India
- CIMB Investment Bank - Malaysia
- Siam City Cement PLC, Thailand
- Meenaskhi Energy Private Limited - India
- Petron Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Trasteel International SA, Italy
- Mercator Lines Limited - India
- Central Electricity Authority - India
- IEA Clean Coal Centre - UK
- Planning Commission, India
- Electricity Generating Authority of Thailand
- European Bulk Services B.V. - Netherlands
- Australian Coal Association
- Merrill Lynch Commodities Europe
- Thiess Contractors Indonesia
- Siam City Cement - Thailand
- Leighton Contractors Pty Ltd - Australia
- Agrawal Coal Company - India
- Bhatia International Limited - India
- Sree Jayajothi Cements Limited - India
- Global Coal Blending Company Limited - Australia
- Interocean Group of Companies - India
- Semirara Mining and Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Power Finance Corporation Ltd., India
- Africa Commodities Group - South Africa
- Edison Trading Spa - Italy
- Latin American Coal - Colombia
- Australian Commodity Traders Exchange
- PTC India Limited - India
- PNOC Exploration Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Indonesian Coal Mining Association
- SN Aboitiz Power Inc, Philippines
- CNBM International Corporation - China
- Carbofer General Trading SA - India
- Formosa Plastics Group - Taiwan
- Xindia Steels Limited - India
- White Energy Company Limited
- Barasentosa Lestari - Indonesia
- Coalindo Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bharathi Cement Corporation - India
- Bayan Resources Tbk. - Indonesia
- Indika Energy - Indonesia
- Ministry of Transport, Egypt
- Kartika Selabumi Mining - Indonesia
- Vedanta Resources Plc - India
- Economic Council, Georgia
- San Jose City I Power Corp, Philippines
- Salva Resources Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
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