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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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Friday, 24 February 17
US WEEKLY COAL OUTPUT ESTIMATED AT 16.8 MMST - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.8 million short ton ...
Thursday, 23 February 17
ULTRA SUPRAMAX: INDONESIA TO INDIA IS GETTING AROUND $10-11K BASIS SINGAPORE DELIVERY
Supramax
The week started off quietly in the Atlantic with more activity in the Pacific basin.
According to Fearnleys weekly report, frontha ...
Wednesday, 22 February 17
TANKER MARKET INSIGHT - KATERINA RESTIS
In 2016 a session of the IMO committee in London, set the new prerequisites effective from January 2020, which will necessitate global Sulphur cont ...
Tuesday, 21 February 17
INDIA'S JANUARY COAL IMPORTS DECLINE 21.7 PERCENT YEAR -ON-YEAR TO 14.31 MT - PTI
Coal imports declined by 21.7 per cent to 14.31 million tonnes in January as the power utilities did not lift much fuel due to abundant stock avail ...
Tuesday, 21 February 17
CHINESE EXPORTS SHOWED A YEAR-ON-YEAR RISE FOR THE FIRST TIME IN TEN MONTHS; S. KOREA'S EXPORTS UP FOR PAST THREE MONTHS IN A ROW - GEORGE LAZARIDIS
We have started to some sparks of life in the commodities markets these past weeks, with prices having shown a strong push during the past couple o ...
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- Gujarat Electricity Regulatory Commission - India
- Medco Energi Mining Internasional
- Vedanta Resources Plc - India
- Barasentosa Lestari - Indonesia
- Global Coal Blending Company Limited - Australia
- Orica Mining Services - Indonesia
- Australian Commodity Traders Exchange
- Bhushan Steel Limited - India
- OPG Power Generation Pvt Ltd - India
- Anglo American - United Kingdom
- Xindia Steels Limited - India
- Electricity Authority, New Zealand
- Chettinad Cement Corporation Ltd - India
- Indian Energy Exchange, India
- Central Java Power - Indonesia
- The Treasury - Australian Government
- Sinarmas Energy and Mining - Indonesia
- Directorate Of Revenue Intelligence - India
- Madhucon Powers Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Parliament of New Zealand
- Sarangani Energy Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Carbofer General Trading SA - India
- Trasteel International SA, Italy
- Oldendorff Carriers - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Formosa Plastics Group - Taiwan
- Global Green Power PLC Corporation, Philippines
- Cement Manufacturers Association - India
- Ministry of Mines - Canada
- Kalimantan Lumbung Energi - Indonesia
- Borneo Indobara - Indonesia
- Altura Mining Limited, Indonesia
- Bayan Resources Tbk. - Indonesia
- Tamil Nadu electricity Board
- ASAPP Information Group - India
- Meralco Power Generation, Philippines
- Australian Coal Association
- Africa Commodities Group - South Africa
- Kepco SPC Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Indian Oil Corporation Limited
- SMG Consultants - Indonesia
- Romanian Commodities Exchange
- Savvy Resources Ltd - HongKong
- Sree Jayajothi Cements Limited - India
- Rio Tinto Coal - Australia
- Karbindo Abesyapradhi - Indoneisa
- Riau Bara Harum - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Sojitz Corporation - Japan
- Salva Resources Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Malabar Cements Ltd - India
- Samtan Co., Ltd - South Korea
- Simpson Spence & Young - Indonesia
- Agrawal Coal Company - India
- Ministry of Transport, Egypt
- European Bulk Services B.V. - Netherlands
- Banpu Public Company Limited - Thailand
- McConnell Dowell - Australia
- GAC Shipping (India) Pvt Ltd
- GMR Energy Limited - India
- Marubeni Corporation - India
- Kohat Cement Company Ltd. - Pakistan
- Alfred C Toepfer International GmbH - Germany
- Mintek Dendrill Indonesia
- Thai Mozambique Logistica
- Kumho Petrochemical, South Korea
- Siam City Cement PLC, Thailand
- Toyota Tsusho Corporation, Japan
- Eastern Energy - Thailand
- Star Paper Mills Limited - India
- Merrill Lynch Commodities Europe
- Coastal Gujarat Power Limited - India
- India Bulls Power Limited - India
- Binh Thuan Hamico - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- Planning Commission, India
- The State Trading Corporation of India Ltd
- MS Steel International - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Eastern Coal Council - USA
- Price Waterhouse Coopers - Russia
- Sical Logistics Limited - India
- South Luzon Thermal Energy Corporation
- Port Waratah Coal Services - Australia
- White Energy Company Limited
- Ministry of Finance - Indonesia
- Baramulti Group, Indonesia
- Therma Luzon, Inc, Philippines
- Latin American Coal - Colombia
- Jaiprakash Power Ventures ltd
- Georgia Ports Authority, United States
- Iligan Light & Power Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Energy Link Ltd, New Zealand
- Independent Power Producers Association of India
- Tata Chemicals Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Pendopo Energi Batubara - Indonesia
- Wilmar Investment Holdings
- Mercuria Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- CIMB Investment Bank - Malaysia
- Vijayanagar Sugar Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Coal and Oil Company - UAE
- Indika Energy - Indonesia
- Central Electricity Authority - India
- Semirara Mining Corp, Philippines
- Gujarat Sidhee Cement - India
- IHS Mccloskey Coal Group - USA
- Neyveli Lignite Corporation Ltd, - India
- ICICI Bank Limited - India
- Attock Cement Pakistan Limited
- SN Aboitiz Power Inc, Philippines
- PowerSource Philippines DevCo
- Aditya Birla Group - India
- Krishnapatnam Port Company Ltd. - India
- Dalmia Cement Bharat India
- Rashtriya Ispat Nigam Limited - India
- Indogreen Group - Indonesia
- Bulk Trading Sa - Switzerland
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Edison Trading Spa - Italy
- Bukit Makmur.PT - Indonesia
- TeaM Sual Corporation - Philippines
- Makarim & Taira - Indonesia
- Sindya Power Generating Company Private Ltd
- Mjunction Services Limited - India
- Standard Chartered Bank - UAE
- Holcim Trading Pte Ltd - Singapore
- San Jose City I Power Corp, Philippines
- Bhoruka Overseas - Indonesia
- Coalindo Energy - Indonesia
- Bharathi Cement Corporation - India
- Kaltim Prima Coal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Gujarat Mineral Development Corp Ltd - India
- Renaissance Capital - South Africa
- Maharashtra Electricity Regulatory Commission - India
- Billiton Holdings Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- Karaikal Port Pvt Ltd - India
- Energy Development Corp, Philippines
- PTC India Limited - India
- Electricity Generating Authority of Thailand
- Mercator Lines Limited - India
- Singapore Mercantile Exchange
- Bhatia International Limited - India
- Leighton Contractors Pty Ltd - Australia
- Kapuas Tunggal Persada - Indonesia
- Jindal Steel & Power Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Wood Mackenzie - Singapore
- International Coal Ventures Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Bangladesh Power Developement Board
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Uttam Galva Steels Limited - India
- Heidelberg Cement - Germany
- Global Business Power Corporation, Philippines
- Videocon Industries ltd - India
- Commonwealth Bank - Australia
- Indonesian Coal Mining Association
- Chamber of Mines of South Africa
- Ambuja Cements Ltd - India
- Economic Council, Georgia
- IEA Clean Coal Centre - UK
- Posco Energy - South Korea
- Orica Australia Pty. Ltd.
- Essar Steel Hazira Ltd - India
- Aboitiz Power Corporation - Philippines
- Deloitte Consulting - India
- Minerals Council of Australia
- Vizag Seaport Private Limited - India
- Metalloyd Limited - United Kingdom
- VISA Power Limited - India
- Manunggal Multi Energi - Indonesia
- Globalindo Alam Lestari - Indonesia
- Antam Resourcindo - Indonesia
- Straits Asia Resources Limited - Singapore
- The University of Queensland
- Timah Investasi Mineral - Indoneisa
- CNBM International Corporation - China
- Siam City Cement - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Power Finance Corporation Ltd., India
- Interocean Group of Companies - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- London Commodity Brokers - England
- LBH Netherlands Bv - Netherlands
- Jorong Barutama Greston.PT - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Lanco Infratech Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Maheswari Brothers Coal Limited - India
- Grasim Industreis Ltd - India
- Larsen & Toubro Limited - India
- New Zealand Coal & Carbon
- Parry Sugars Refinery, India
- Kobexindo Tractors - Indoneisa
- Petron Corporation, Philippines
- Sakthi Sugars Limited - India
- GVK Power & Infra Limited - India
- Goldman Sachs - Singapore
- SMC Global Power, Philippines
- Thiess Contractors Indonesia
- Ind-Barath Power Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
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