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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, 15 March 17
SHIPPING MARKET INSIGHT - GEORGE PANAGOPOULOS
Over the past two weeks, the Dry Baltic Index has been on an upward trend, breaking the 1000 point mark and creating a positive sentiment for the u ...
Tuesday, 14 March 17
ORDERBOOK-TO-FEET RATIO DECREASING; THE FREIGHT MARKET IMPROVING
It seems as though the renewed optimism that has arisen from the recent upward trends being noted in the freight market, the dry bulk market has be ...
Monday, 13 March 17
PORT OF NEWCASTLE HAS SHIPPED 11.563 MILLION TONS COAL IN FEBRUARY 2017; DECLINED 12.19 PERCENT M/M
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export ports has shipped $AU 1,4 ...
Monday, 13 March 17
INDO - INDIA COAL FREIGHT RATES STAY FIRM
COALspot.com: The Freight market was continuing to firming up.
The Baltic Exchange, tracking rates for ships carrying dry bulk commodities ros ...
Friday, 10 March 17
ESTIMATED U.S. COAL PRODUCTION ALMOST FLAT WEEK ENDED MARCH 4, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.7 million short ton ...
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- PNOC Exploration Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Siam City Cement - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Port Waratah Coal Services - Australia
- Eastern Energy - Thailand
- Pendopo Energi Batubara - Indonesia
- IEA Clean Coal Centre - UK
- Aboitiz Power Corporation - Philippines
- Gujarat Sidhee Cement - India
- Bhushan Steel Limited - India
- Global Coal Blending Company Limited - Australia
- Bangladesh Power Developement Board
- Price Waterhouse Coopers - Russia
- TeaM Sual Corporation - Philippines
- Wood Mackenzie - Singapore
- SMG Consultants - Indonesia
- Baramulti Group, Indonesia
- Vizag Seaport Private Limited - India
- Intertek Mineral Services - Indonesia
- Parliament of New Zealand
- Australian Coal Association
- Mjunction Services Limited - India
- Mercuria Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Anglo American - United Kingdom
- Kapuas Tunggal Persada - Indonesia
- Iligan Light & Power Inc, Philippines
- Australian Commodity Traders Exchange
- MS Steel International - UAE
- PowerSource Philippines DevCo
- Leighton Contractors Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
- Tamil Nadu electricity Board
- Altura Mining Limited, Indonesia
- Thai Mozambique Logistica
- Gujarat Mineral Development Corp Ltd - India
- San Jose City I Power Corp, Philippines
- Semirara Mining Corp, Philippines
- Bhoruka Overseas - Indonesia
- Larsen & Toubro Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Baiduri Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Bulk Trading Sa - Switzerland
- The State Trading Corporation of India Ltd
- Barasentosa Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- Kumho Petrochemical, South Korea
- Commonwealth Bank - Australia
- Central Electricity Authority - India
- Dalmia Cement Bharat India
- Sical Logistics Limited - India
- CNBM International Corporation - China
- Central Java Power - Indonesia
- Manunggal Multi Energi - Indonesia
- Metalloyd Limited - United Kingdom
- Neyveli Lignite Corporation Ltd, - India
- Orica Mining Services - Indonesia
- CIMB Investment Bank - Malaysia
- Grasim Industreis Ltd - India
- Africa Commodities Group - South Africa
- Ministry of Finance - Indonesia
- Indika Energy - Indonesia
- Energy Link Ltd, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Coalindo Energy - Indonesia
- Orica Australia Pty. Ltd.
- PTC India Limited - India
- Siam City Cement PLC, Thailand
- Rio Tinto Coal - Australia
- Aditya Birla Group - India
- Antam Resourcindo - Indonesia
- Directorate Of Revenue Intelligence - India
- Xindia Steels Limited - India
- International Coal Ventures Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Tata Chemicals Ltd - India
- Romanian Commodities Exchange
- Straits Asia Resources Limited - Singapore
- Bayan Resources Tbk. - Indonesia
- Agrawal Coal Company - India
- Goldman Sachs - Singapore
- Kartika Selabumi Mining - Indonesia
- Carbofer General Trading SA - India
- Mercator Lines Limited - India
- New Zealand Coal & Carbon
- Ind-Barath Power Infra Limited - India
- Indian Energy Exchange, India
- Maheswari Brothers Coal Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Edison Trading Spa - Italy
- Indian Oil Corporation Limited
- European Bulk Services B.V. - Netherlands
- Oldendorff Carriers - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Binh Thuan Hamico - Vietnam
- Trasteel International SA, Italy
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kobexindo Tractors - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- Merrill Lynch Commodities Europe
- Riau Bara Harum - Indonesia
- Posco Energy - South Korea
- Coal and Oil Company - UAE
- London Commodity Brokers - England
- Global Business Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Sindya Power Generating Company Private Ltd
- Electricity Generating Authority of Thailand
- SMC Global Power, Philippines
- Ministry of Mines - Canada
- Singapore Mercantile Exchange
- Ceylon Electricity Board - Sri Lanka
- Georgia Ports Authority, United States
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sinarmas Energy and Mining - Indonesia
- Standard Chartered Bank - UAE
- AsiaOL BioFuels Corp., Philippines
- ASAPP Information Group - India
- Sojitz Corporation - Japan
- Bukit Asam (Persero) Tbk - Indonesia
- Malabar Cements Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Parry Sugars Refinery, India
- Heidelberg Cement - Germany
- Eastern Coal Council - USA
- Bhatia International Limited - India
- Sarangani Energy Corporation, Philippines
- Bharathi Cement Corporation - India
- The University of Queensland
- Toyota Tsusho Corporation, Japan
- GVK Power & Infra Limited - India
- Chamber of Mines of South Africa
- Interocean Group of Companies - India
- Savvy Resources Ltd - HongKong
- VISA Power Limited - India
- Uttam Galva Steels Limited - India
- Energy Development Corp, Philippines
- The Treasury - Australian Government
- Latin American Coal - Colombia
- Ministry of Transport, Egypt
- SN Aboitiz Power Inc, Philippines
- Sakthi Sugars Limited - India
- Cigading International Bulk Terminal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kideco Jaya Agung - Indonesia
- Independent Power Producers Association of India
- Thiess Contractors Indonesia
- Videocon Industries ltd - India
- OPG Power Generation Pvt Ltd - India
- India Bulls Power Limited - India
- GMR Energy Limited - India
- Bukit Makmur.PT - Indonesia
- Power Finance Corporation Ltd., India
- Jindal Steel & Power Ltd - India
- IHS Mccloskey Coal Group - USA
- Lanco Infratech Ltd - India
- Global Green Power PLC Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Kepco SPC Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Coastal Gujarat Power Limited - India
- LBH Netherlands Bv - Netherlands
- Cement Manufacturers Association - India
- Therma Luzon, Inc, Philippines
- Essar Steel Hazira Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Petron Corporation, Philippines
- Meralco Power Generation, Philippines
- Timah Investasi Mineral - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- Mintek Dendrill Indonesia
- Sree Jayajothi Cements Limited - India
- Planning Commission, India
- Alfred C Toepfer International GmbH - Germany
- Economic Council, Georgia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Salva Resources Pvt Ltd - India
- Marubeni Corporation - India
- Medco Energi Mining Internasional
- White Energy Company Limited
- Indonesian Coal Mining Association
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kaltim Prima Coal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Attock Cement Pakistan Limited
- Vedanta Resources Plc - India
- Madhucon Powers Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Makarim & Taira - Indonesia
- Wilmar Investment Holdings
- Gujarat Electricity Regulatory Commission - India
- Miang Besar Coal Terminal - Indonesia
- ICICI Bank Limited - India
- Ambuja Cements Ltd - India
- Simpson Spence & Young - Indonesia
- McConnell Dowell - Australia
- Jaiprakash Power Ventures ltd
- TNB Fuel Sdn Bhd - Malaysia
- Meenaskhi Energy Private Limited - India
- Deloitte Consulting - India
- Indogreen Group - Indonesia
- Minerals Council of Australia
- Vijayanagar Sugar Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Star Paper Mills Limited - India
- Electricity Authority, New Zealand
- Renaissance Capital - South Africa
- Chettinad Cement Corporation Ltd - India
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