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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, 21 March 17
JAPAN'S RENEWED COMMITMENT TO COAL - BENJAMIN SPORTON
Japan is one of the largest economies in the world, and has long been a major consumer and importer of energy and a leader in energy technology dev ...
Monday, 20 March 17
IS THE DRY BULK INDUSTRY STILL ON TRACK FOR PROFITABILITY IN 2019? - PETER SAND
The industry remains well on target for profitable freight rates in 2019! This relies however, on the projected fleet supply growth rate of 0% in 2 ...
Friday, 17 March 17
U.S WEEKLY COAL OUTPUT VOLUME SLIDES 6.5 PERCENT WEEK OVER WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 14.7 million short ton ...
Thursday, 16 March 17
CHINA IMPOSING TOUGHER CONTROLS ON LOW-QUALITY COAL IMPORTS
China is ramping up controls on imports of low-quality coal due to concerns about smog and overcapacity in the world’s top coal consumer, a g ...
Thursday, 16 March 17
CAPESIZE: SHOWING STRENGTH; PANAMAX: VERY QUIET - FEARNLEYS
Supramax
The Atlantic market faced less activity from the USG whereas at the Cont tonnage seemed to tighten up with more cargoes emerging. Despit ...
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- Baramulti Group, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Chamber of Mines of South Africa
- Rashtriya Ispat Nigam Limited - India
- Parliament of New Zealand
- Bhushan Steel Limited - India
- Goldman Sachs - Singapore
- Thai Mozambique Logistica
- Tamil Nadu electricity Board
- Neyveli Lignite Corporation Ltd, - India
- Straits Asia Resources Limited - Singapore
- Billiton Holdings Pty Ltd - Australia
- ASAPP Information Group - India
- Planning Commission, India
- Sree Jayajothi Cements Limited - India
- CIMB Investment Bank - Malaysia
- Orica Australia Pty. Ltd.
- Energy Link Ltd, New Zealand
- Independent Power Producers Association of India
- Samtan Co., Ltd - South Korea
- Sakthi Sugars Limited - India
- Wilmar Investment Holdings
- Ind-Barath Power Infra Limited - India
- Antam Resourcindo - Indonesia
- Kartika Selabumi Mining - Indonesia
- Chettinad Cement Corporation Ltd - India
- Cement Manufacturers Association - India
- Karbindo Abesyapradhi - Indoneisa
- Riau Bara Harum - Indonesia
- Siam City Cement - Thailand
- Jindal Steel & Power Ltd - India
- Africa Commodities Group - South Africa
- Australian Commodity Traders Exchange
- Oldendorff Carriers - Singapore
- Semirara Mining Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Karaikal Port Pvt Ltd - India
- Electricity Authority, New Zealand
- Australian Coal Association
- Kobexindo Tractors - Indoneisa
- Economic Council, Georgia
- Altura Mining Limited, Indonesia
- Kideco Jaya Agung - Indonesia
- LBH Netherlands Bv - Netherlands
- Gujarat Sidhee Cement - India
- Salva Resources Pvt Ltd - India
- Wood Mackenzie - Singapore
- Global Green Power PLC Corporation, Philippines
- Bhatia International Limited - India
- Dalmia Cement Bharat India
- Standard Chartered Bank - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Parry Sugars Refinery, India
- Makarim & Taira - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Barasentosa Lestari - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Ceylon Electricity Board - Sri Lanka
- Intertek Mineral Services - Indonesia
- Formosa Plastics Group - Taiwan
- London Commodity Brokers - England
- Indika Energy - Indonesia
- Ministry of Finance - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Anglo American - United Kingdom
- Cigading International Bulk Terminal - Indonesia
- Essar Steel Hazira Ltd - India
- OPG Power Generation Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- GMR Energy Limited - India
- Mercator Lines Limited - India
- Xindia Steels Limited - India
- Edison Trading Spa - Italy
- Petron Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Bhoruka Overseas - Indonesia
- Star Paper Mills Limited - India
- Holcim Trading Pte Ltd - Singapore
- Jaiprakash Power Ventures ltd
- Commonwealth Bank - Australia
- CNBM International Corporation - China
- Coal and Oil Company - UAE
- Alfred C Toepfer International GmbH - Germany
- Semirara Mining and Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Larsen & Toubro Limited - India
- Sarangani Energy Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- The State Trading Corporation of India Ltd
- White Energy Company Limited
- Globalindo Alam Lestari - Indonesia
- Indian Oil Corporation Limited
- Directorate Of Revenue Intelligence - India
- Indogreen Group - Indonesia
- Indo Tambangraya Megah - Indonesia
- Agrawal Coal Company - India
- McConnell Dowell - Australia
- Global Business Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Kepco SPC Power Corporation, Philippines
- Trasteel International SA, Italy
- Uttam Galva Steels Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kaltim Prima Coal - Indonesia
- Orica Mining Services - Indonesia
- Metalloyd Limited - United Kingdom
- South Luzon Thermal Energy Corporation
- Borneo Indobara - Indonesia
- Electricity Generating Authority of Thailand
- Toyota Tsusho Corporation, Japan
- Posco Energy - South Korea
- Sindya Power Generating Company Private Ltd
- The University of Queensland
- Aboitiz Power Corporation - Philippines
- Carbofer General Trading SA - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Georgia Ports Authority, United States
- Ministry of Mines - Canada
- Grasim Industreis Ltd - India
- Mercuria Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Bharathi Cement Corporation - India
- Sojitz Corporation - Japan
- Manunggal Multi Energi - Indonesia
- Central Electricity Authority - India
- Meralco Power Generation, Philippines
- Kumho Petrochemical, South Korea
- Energy Development Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Lanco Infratech Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Renaissance Capital - South Africa
- New Zealand Coal & Carbon
- Videocon Industries ltd - India
- Bangladesh Power Developement Board
- International Coal Ventures Pvt Ltd - India
- Romanian Commodities Exchange
- Kohat Cement Company Ltd. - Pakistan
- Port Waratah Coal Services - Australia
- Mintek Dendrill Indonesia
- Simpson Spence & Young - Indonesia
- Medco Energi Mining Internasional
- Indian Energy Exchange, India
- Interocean Group of Companies - India
- India Bulls Power Limited - India
- Indonesian Coal Mining Association
- Heidelberg Cement - Germany
- Central Java Power - Indonesia
- Bukit Makmur.PT - Indonesia
- PTC India Limited - India
- SMC Global Power, Philippines
- Price Waterhouse Coopers - Russia
- SN Aboitiz Power Inc, Philippines
- Aditya Birla Group - India
- Singapore Mercantile Exchange
- TeaM Sual Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GAC Shipping (India) Pvt Ltd
- Mjunction Services Limited - India
- VISA Power Limited - India
- Rio Tinto Coal - Australia
- Eastern Coal Council - USA
- Leighton Contractors Pty Ltd - Australia
- Gujarat Mineral Development Corp Ltd - India
- Malabar Cements Ltd - India
- Siam City Cement PLC, Thailand
- MS Steel International - UAE
- PowerSource Philippines DevCo
- Power Finance Corporation Ltd., India
- Sical Logistics Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Therma Luzon, Inc, Philippines
- Minerals Council of Australia
- Vedanta Resources Plc - India
- Bulk Trading Sa - Switzerland
- Madhucon Powers Ltd - India
- Deloitte Consulting - India
- San Jose City I Power Corp, Philippines
- ICICI Bank Limited - India
- Bukit Baiduri Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Iligan Light & Power Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Latin American Coal - Colombia
- Krishnapatnam Port Company Ltd. - India
- Bahari Cakrawala Sebuku - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Ministry of Transport, Egypt
- Pendopo Energi Batubara - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- GVK Power & Infra Limited - India
- Tata Chemicals Ltd - India
- Vizag Seaport Private Limited - India
- Binh Thuan Hamico - Vietnam
- Ambuja Cements Ltd - India
- Merrill Lynch Commodities Europe
- SMG Consultants - Indonesia
- Eastern Energy - Thailand
- Kapuas Tunggal Persada - Indonesia
- European Bulk Services B.V. - Netherlands
- Thiess Contractors Indonesia
- Global Coal Blending Company Limited - Australia
- Marubeni Corporation - India
- Attock Cement Pakistan Limited
- Petrochimia International Co. Ltd.- Taiwan
- Coalindo Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- IEA Clean Coal Centre - UK
- The Treasury - Australian Government
- Banpu Public Company Limited - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Meenaskhi Energy Private Limited - India
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