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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, 30 March 17
PANAMAX : ACTIVITY IN THE PANAMAX MARKET HAS INCREASED SUBSTANTIALLY IN BOTH HEMISPHERES - FEARNLEYS
Supramax
This week we were looking at prolonged activity from ECSA, mostly with grain cargoes to Far East and SE Asia, where Ultras to SE Asia fi ...
Thursday, 30 March 17
THE ROLE OF COAL IN THE ENERGY SUPPLY OF THE EU-28: HANS-WILHELM SCHIFFER
The European Union (EU-28) is one of the largest economies in the world, with a gross domestic product (GDP) of €14,635 billion in 2015. It ha ...
Wednesday, 29 March 17
MARKET INSIGHT - NASOS SOULAKIS
Shipowners will always look for market signals in order to gauge market perception and decide upon which strategy to follow next. And while owners ...
Monday, 27 March 17
THE FREIGHT MARKET CONTINUED TO FIRM WEEK OVER WEEK
COALspot.com: The Freight market was continuing to firming up.
The Baltic Exchange, tracking rates for ships carrying dry bulk commodities ros ...
Friday, 24 March 17
ADARO INDONESIA'S COAL SALES VOLUME INCREASED SLIGHTLY TO 54.1 MILLION TONES IN 2016
COALspot.com: PT. Adaro Indonesia, Indonesia’s second largest coal miner’s sales volume increased slightly to 54.1 million tones (Mt) i ...
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- Directorate General of MIneral and Coal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Indogreen Group - Indonesia
- Chettinad Cement Corporation Ltd - India
- Malabar Cements Ltd - India
- Bhoruka Overseas - Indonesia
- Borneo Indobara - Indonesia
- Australian Commodity Traders Exchange
- Ceylon Electricity Board - Sri Lanka
- India Bulls Power Limited - India
- Orica Australia Pty. Ltd.
- Wilmar Investment Holdings
- Electricity Authority, New Zealand
- PNOC Exploration Corporation - Philippines
- Renaissance Capital - South Africa
- Edison Trading Spa - Italy
- Makarim & Taira - Indonesia
- Simpson Spence & Young - Indonesia
- Attock Cement Pakistan Limited
- CIMB Investment Bank - Malaysia
- Africa Commodities Group - South Africa
- Aboitiz Power Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Bhatia International Limited - India
- Semirara Mining Corp, Philippines
- PTC India Limited - India
- TeaM Sual Corporation - Philippines
- Parry Sugars Refinery, India
- Parliament of New Zealand
- Intertek Mineral Services - Indonesia
- Eastern Energy - Thailand
- The State Trading Corporation of India Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- SMC Global Power, Philippines
- Tamil Nadu electricity Board
- Pipit Mutiara Jaya. PT, Indonesia
- Interocean Group of Companies - India
- Global Coal Blending Company Limited - Australia
- Indian Oil Corporation Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bharathi Cement Corporation - India
- Kumho Petrochemical, South Korea
- Wood Mackenzie - Singapore
- OPG Power Generation Pvt Ltd - India
- Posco Energy - South Korea
- Binh Thuan Hamico - Vietnam
- The Treasury - Australian Government
- SN Aboitiz Power Inc, Philippines
- Eastern Coal Council - USA
- Sical Logistics Limited - India
- Toyota Tsusho Corporation, Japan
- Banpu Public Company Limited - Thailand
- Tata Chemicals Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Economic Council, Georgia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Commonwealth Bank - Australia
- Timah Investasi Mineral - Indoneisa
- Rio Tinto Coal - Australia
- Coal and Oil Company - UAE
- Bayan Resources Tbk. - Indonesia
- Ministry of Finance - Indonesia
- Kartika Selabumi Mining - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- VISA Power Limited - India
- Sakthi Sugars Limited - India
- White Energy Company Limited
- Energy Development Corp, Philippines
- Ambuja Cements Ltd - India
- Uttam Galva Steels Limited - India
- Bangladesh Power Developement Board
- Vedanta Resources Plc - India
- Karaikal Port Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Directorate Of Revenue Intelligence - India
- Kideco Jaya Agung - Indonesia
- Siam City Cement PLC, Thailand
- Thiess Contractors Indonesia
- Planning Commission, India
- Baramulti Group, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Maharashtra Electricity Regulatory Commission - India
- Siam City Cement - Thailand
- IHS Mccloskey Coal Group - USA
- Leighton Contractors Pty Ltd - Australia
- Grasim Industreis Ltd - India
- Global Green Power PLC Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Cement Manufacturers Association - India
- Star Paper Mills Limited - India
- Chamber of Mines of South Africa
- Standard Chartered Bank - UAE
- Sinarmas Energy and Mining - Indonesia
- Central Electricity Authority - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- MS Steel International - UAE
- Indian Energy Exchange, India
- GVK Power & Infra Limited - India
- Merrill Lynch Commodities Europe
- Mjunction Services Limited - India
- Goldman Sachs - Singapore
- Gujarat Sidhee Cement - India
- Madhucon Powers Ltd - India
- Meenaskhi Energy Private Limited - India
- Petron Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Maheswari Brothers Coal Limited - India
- Asmin Koalindo Tuhup - Indonesia
- IEA Clean Coal Centre - UK
- Gujarat Electricity Regulatory Commission - India
- Riau Bara Harum - Indonesia
- Larsen & Toubro Limited - India
- Minerals Council of Australia
- Vizag Seaport Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Australian Coal Association
- Essar Steel Hazira Ltd - India
- Romanian Commodities Exchange
- Thai Mozambique Logistica
- Sojitz Corporation - Japan
- Jindal Steel & Power Ltd - India
- Orica Mining Services - Indonesia
- Central Java Power - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Iligan Light & Power Inc, Philippines
- Antam Resourcindo - Indonesia
- McConnell Dowell - Australia
- Therma Luzon, Inc, Philippines
- Port Waratah Coal Services - Australia
- Barasentosa Lestari - Indonesia
- Aditya Birla Group - India
- Salva Resources Pvt Ltd - India
- Independent Power Producers Association of India
- Medco Energi Mining Internasional
- Electricity Generating Authority of Thailand
- Trasteel International SA, Italy
- Indo Tambangraya Megah - Indonesia
- Videocon Industries ltd - India
- Rashtriya Ispat Nigam Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- ICICI Bank Limited - India
- Bukit Baiduri Energy - Indonesia
- Oldendorff Carriers - Singapore
- Metalloyd Limited - United Kingdom
- Georgia Ports Authority, United States
- Formosa Plastics Group - Taiwan
- The University of Queensland
- Kobexindo Tractors - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Dalmia Cement Bharat India
- Power Finance Corporation Ltd., India
- Sree Jayajothi Cements Limited - India
- Altura Mining Limited, Indonesia
- Bukit Makmur.PT - Indonesia
- Agrawal Coal Company - India
- Marubeni Corporation - India
- Bhushan Steel Limited - India
- Latin American Coal - Colombia
- European Bulk Services B.V. - Netherlands
- Kaltim Prima Coal - Indonesia
- New Zealand Coal & Carbon
- Savvy Resources Ltd - HongKong
- SMG Consultants - Indonesia
- Straits Asia Resources Limited - Singapore
- Sarangani Energy Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Bulk Trading Sa - Switzerland
- Price Waterhouse Coopers - Russia
- AsiaOL BioFuels Corp., Philippines
- Sindya Power Generating Company Private Ltd
- Indika Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- International Coal Ventures Pvt Ltd - India
- Coalindo Energy - Indonesia
- Deloitte Consulting - India
- Ministry of Transport, Egypt
- Cigading International Bulk Terminal - Indonesia
- PowerSource Philippines DevCo
- GN Power Mariveles Coal Plant, Philippines
- Indonesian Coal Mining Association
- Ind-Barath Power Infra Limited - India
- Holcim Trading Pte Ltd - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Lanco Infratech Ltd - India
- Mercuria Energy - Indonesia
- Singapore Mercantile Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Anglo American - United Kingdom
- Neyveli Lignite Corporation Ltd, - India
- CNBM International Corporation - China
- Kalimantan Lumbung Energi - Indonesia
- Global Business Power Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- GMR Energy Limited - India
- London Commodity Brokers - England
- ASAPP Information Group - India
- South Luzon Thermal Energy Corporation
- Samtan Co., Ltd - South Korea
- Ministry of Mines - Canada
- Coastal Gujarat Power Limited - India
- Meralco Power Generation, Philippines
- Carbofer General Trading SA - India
- Manunggal Multi Energi - Indonesia
- Xindia Steels Limited - India
- Mercator Lines Limited - India
- Alfred C Toepfer International GmbH - Germany
- Globalindo Alam Lestari - Indonesia
- Mintek Dendrill Indonesia
- LBH Netherlands Bv - Netherlands
- GAC Shipping (India) Pvt Ltd
- Heidelberg Cement - Germany
- Energy Link Ltd, New Zealand
- Semirara Mining and Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
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