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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 February 17
SHIPPING MARKET INSIGHT - INTERMODAL
Looking at the state of the Dry Bulk market exactly a year ago, there is no doubt that there is a significant improvement and despite the fact that ...
Tuesday, 14 February 17
OPTIMISM HAS STARTED TO SLOWLY FLOW BACK INTO THE DRY BULK MARKET - GEORGE LAZARIDIS
Optimism has started to slowly flow back into the dry bulk market, with many in the market showing renewed optimism as the Pacific basin starts to ...
Monday, 13 February 17
COMBINED COAL SALES OF BUMI RESOURCES ROSE TO 87.7 MILLION TONS IN FY'16; UP 10.6 PERCENT Y/Y
COALspot.com: Combined Coal Sales of Bumi Resources rose to 87.7 million tons in FY’16 compared with 79.3 million tons in FY’15. ...
Monday, 13 February 17
THE FREIGHT MARKET CONTINUED TO TUMBLE IN FEBRUARY
COALspot.com: The Freight market was continued its downfall in all segments except Panamax for the week ending 10 February 2017.
The Balt ...
Friday, 10 February 17
U.S. COAL OUTPUT IS ESTIMATED TO HAVE DECLINED BY 158 MMST IN 2016 TO 739 MMST, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 17 million short tons ...
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- Bukit Baiduri Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Mines - Canada
- Chamber of Mines of South Africa
- GVK Power & Infra Limited - India
- IEA Clean Coal Centre - UK
- Electricity Generating Authority of Thailand
- Heidelberg Cement - Germany
- Energy Development Corp, Philippines
- Xindia Steels Limited - India
- Ministry of Finance - Indonesia
- Binh Thuan Hamico - Vietnam
- Mintek Dendrill Indonesia
- Makarim & Taira - Indonesia
- Globalindo Alam Lestari - Indonesia
- Vizag Seaport Private Limited - India
- Jindal Steel & Power Ltd - India
- Latin American Coal - Colombia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Singapore Mercantile Exchange
- Star Paper Mills Limited - India
- Standard Chartered Bank - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- CNBM International Corporation - China
- Sree Jayajothi Cements Limited - India
- Antam Resourcindo - Indonesia
- Wood Mackenzie - Singapore
- GAC Shipping (India) Pvt Ltd
- Ind-Barath Power Infra Limited - India
- Energy Link Ltd, New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Dalmia Cement Bharat India
- Orica Australia Pty. Ltd.
- Minerals Council of Australia
- Trasteel International SA, Italy
- Manunggal Multi Energi - Indonesia
- GMR Energy Limited - India
- Uttam Galva Steels Limited - India
- Indo Tambangraya Megah - Indonesia
- ICICI Bank Limited - India
- Vedanta Resources Plc - India
- Straits Asia Resources Limited - Singapore
- Price Waterhouse Coopers - Russia
- Karaikal Port Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Anglo American - United Kingdom
- Mercator Lines Limited - India
- AsiaOL BioFuels Corp., Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The State Trading Corporation of India Ltd
- McConnell Dowell - Australia
- Maheswari Brothers Coal Limited - India
- Renaissance Capital - South Africa
- Merrill Lynch Commodities Europe
- VISA Power Limited - India
- Bangladesh Power Developement Board
- Karbindo Abesyapradhi - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Thiess Contractors Indonesia
- Australian Coal Association
- PTC India Limited - India
- Kumho Petrochemical, South Korea
- Agrawal Coal Company - India
- Bhatia International Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- CIMB Investment Bank - Malaysia
- Kepco SPC Power Corporation, Philippines
- White Energy Company Limited
- Maharashtra Electricity Regulatory Commission - India
- Eastern Coal Council - USA
- Therma Luzon, Inc, Philippines
- Siam City Cement - Thailand
- Videocon Industries ltd - India
- Carbofer General Trading SA - India
- Kalimantan Lumbung Energi - Indonesia
- Wilmar Investment Holdings
- Mercuria Energy - Indonesia
- Petron Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Pendopo Energi Batubara - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Essar Steel Hazira Ltd - India
- European Bulk Services B.V. - Netherlands
- LBH Netherlands Bv - Netherlands
- Australian Commodity Traders Exchange
- Thai Mozambique Logistica
- Deloitte Consulting - India
- Meenaskhi Energy Private Limited - India
- Georgia Ports Authority, United States
- Cigading International Bulk Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Attock Cement Pakistan Limited
- Romanian Commodities Exchange
- Bhushan Steel Limited - India
- Ministry of Transport, Egypt
- Alfred C Toepfer International GmbH - Germany
- Electricity Authority, New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- South Luzon Thermal Energy Corporation
- Sinarmas Energy and Mining - Indonesia
- Interocean Group of Companies - India
- Goldman Sachs - Singapore
- Samtan Co., Ltd - South Korea
- Global Green Power PLC Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Kobexindo Tractors - Indoneisa
- Indonesian Coal Mining Association
- Kaltim Prima Coal - Indonesia
- Global Coal Blending Company Limited - Australia
- Indian Oil Corporation Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Port Waratah Coal Services - Australia
- Medco Energi Mining Internasional
- Borneo Indobara - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Kapuas Tunggal Persada - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indian Energy Exchange, India
- Gujarat Sidhee Cement - India
- Meralco Power Generation, Philippines
- PowerSource Philippines DevCo
- SN Aboitiz Power Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- TeaM Sual Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Edison Trading Spa - Italy
- Madhucon Powers Ltd - India
- Economic Council, Georgia
- Parry Sugars Refinery, India
- Grasim Industreis Ltd - India
- SMG Consultants - Indonesia
- Ambuja Cements Ltd - India
- Orica Mining Services - Indonesia
- Malabar Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- Bharathi Cement Corporation - India
- New Zealand Coal & Carbon
- Indika Energy - Indonesia
- Tamil Nadu electricity Board
- Larsen & Toubro Limited - India
- Intertek Mineral Services - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Timah Investasi Mineral - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Bulk Trading Sa - Switzerland
- Baramulti Group, Indonesia
- Cement Manufacturers Association - India
- Toyota Tsusho Corporation, Japan
- Gujarat Mineral Development Corp Ltd - India
- Riau Bara Harum - Indonesia
- Sarangani Energy Corporation, Philippines
- Barasentosa Lestari - Indonesia
- MS Steel International - UAE
- Rashtriya Ispat Nigam Limited - India
- Kideco Jaya Agung - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Eastern Energy - Thailand
- Marubeni Corporation - India
- London Commodity Brokers - England
- Metalloyd Limited - United Kingdom
- Siam City Cement PLC, Thailand
- OPG Power Generation Pvt Ltd - India
- Sical Logistics Limited - India
- Aditya Birla Group - India
- Formosa Plastics Group - Taiwan
- Indogreen Group - Indonesia
- Simpson Spence & Young - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- ASAPP Information Group - India
- Rio Tinto Coal - Australia
- Sojitz Corporation - Japan
- Directorate Of Revenue Intelligence - India
- The University of Queensland
- Sakthi Sugars Limited - India
- Commonwealth Bank - Australia
- Jorong Barutama Greston.PT - Indonesia
- Tata Chemicals Ltd - India
- PNOC Exploration Corporation - Philippines
- Posco Energy - South Korea
- Global Business Power Corporation, Philippines
- The Treasury - Australian Government
- Oldendorff Carriers - Singapore
- Semirara Mining Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Savvy Resources Ltd - HongKong
- International Coal Ventures Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Africa Commodities Group - South Africa
- India Bulls Power Limited - India
- IHS Mccloskey Coal Group - USA
- Power Finance Corporation Ltd., India
- Central Java Power - Indonesia
- Chettinad Cement Corporation Ltd - India
- Jaiprakash Power Ventures ltd
- Holcim Trading Pte Ltd - Singapore
- Coastal Gujarat Power Limited - India
- Independent Power Producers Association of India
- Planning Commission, India
- Mjunction Services Limited - India
- Parliament of New Zealand
- Lanco Infratech Ltd - India
- Altura Mining Limited, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- Coal and Oil Company - UAE
- SMC Global Power, Philippines
- Coalindo Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Central Electricity Authority - India
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