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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, 03 February 17
U.S. WEEKLY COAL PRODUCTION DECLINED 3.9% W/W; ROSE 17.7% Y/Y
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.1 million short ton ...
Friday, 03 February 17
US - EXECUTIVE ORDER ON IMMIGRATION AFFECTS VESSEL CREWS - GARD
From 27 January 2017, crew members carrying Iraqi, Syrian, Sudanese, Iranian, Somalian, Libyan or Yemeni passports are temporarily barred from ente ...
Wednesday, 01 February 17
MARKET INSIGHT - PANOS TSILINGIRIS
The recent placement of LOIs for 208kdwt Newcastlemax Newbuildings at $38.5m at Private Chinese Yard identifies with the modern history low for dry ...
Tuesday, 31 January 17
A CASE OF NEW YEAR BLUES FOR THE FAR EAST? - GEORGE LAZARIDIS
Unlike the typical lull in the market that we note during the period just prior to the Chinese New Year, 2017 has proved to be fairly m ...
Monday, 30 January 17
DUE TO LUNAR YEAR HOLIDAYS, THE FREIGHT MARKET STAYED WEAK
COALspot.com: Due to Lunar year holidays and celebration, the Freight market was down in all segments this past week.
The Baltic Exchange, tra ...
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- Tata Chemicals Ltd - India
- Electricity Generating Authority of Thailand
- Bharathi Cement Corporation - India
- Gujarat Sidhee Cement - India
- PowerSource Philippines DevCo
- Kepco SPC Power Corporation, Philippines
- GVK Power & Infra Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Straits Asia Resources Limited - Singapore
- Trasteel International SA, Italy
- Kalimantan Lumbung Energi - Indonesia
- Jaiprakash Power Ventures ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Krishnapatnam Port Company Ltd. - India
- Port Waratah Coal Services - Australia
- Kohat Cement Company Ltd. - Pakistan
- Wilmar Investment Holdings
- Sojitz Corporation - Japan
- Bangladesh Power Developement Board
- Medco Energi Mining Internasional
- Altura Mining Limited, Indonesia
- Holcim Trading Pte Ltd - Singapore
- Anglo American - United Kingdom
- Pendopo Energi Batubara - Indonesia
- Sarangani Energy Corporation, Philippines
- Deloitte Consulting - India
- Siam City Cement - Thailand
- Simpson Spence & Young - Indonesia
- Ministry of Mines - Canada
- Global Green Power PLC Corporation, Philippines
- McConnell Dowell - Australia
- Ministry of Finance - Indonesia
- Intertek Mineral Services - Indonesia
- Essar Steel Hazira Ltd - India
- Ceylon Electricity Board - Sri Lanka
- CNBM International Corporation - China
- Orica Australia Pty. Ltd.
- The State Trading Corporation of India Ltd
- SMC Global Power, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Latin American Coal - Colombia
- Heidelberg Cement - Germany
- Videocon Industries ltd - India
- Carbofer General Trading SA - India
- Indika Energy - Indonesia
- Borneo Indobara - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Cigading International Bulk Terminal - Indonesia
- Independent Power Producers Association of India
- Banpu Public Company Limited - Thailand
- Economic Council, Georgia
- PNOC Exploration Corporation - Philippines
- Planning Commission, India
- Meenaskhi Energy Private Limited - India
- Bukit Makmur.PT - Indonesia
- GMR Energy Limited - India
- Parliament of New Zealand
- IEA Clean Coal Centre - UK
- Grasim Industreis Ltd - India
- Coal and Oil Company - UAE
- Therma Luzon, Inc, Philippines
- Barasentosa Lestari - Indonesia
- Makarim & Taira - Indonesia
- Toyota Tsusho Corporation, Japan
- Goldman Sachs - Singapore
- LBH Netherlands Bv - Netherlands
- Kobexindo Tractors - Indoneisa
- Wood Mackenzie - Singapore
- Ind-Barath Power Infra Limited - India
- Georgia Ports Authority, United States
- Directorate General of MIneral and Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Mercuria Energy - Indonesia
- Indian Oil Corporation Limited
- Directorate Of Revenue Intelligence - India
- Gujarat Mineral Development Corp Ltd - India
- Sindya Power Generating Company Private Ltd
- Kaltim Prima Coal - Indonesia
- Chamber of Mines of South Africa
- Energy Link Ltd, New Zealand
- Star Paper Mills Limited - India
- Savvy Resources Ltd - HongKong
- Thai Mozambique Logistica
- Marubeni Corporation - India
- Iligan Light & Power Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Posco Energy - South Korea
- Semirara Mining Corp, Philippines
- Power Finance Corporation Ltd., India
- SN Aboitiz Power Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Siam City Cement PLC, Thailand
- Indogreen Group - Indonesia
- Central Java Power - Indonesia
- Bhushan Steel Limited - India
- GAC Shipping (India) Pvt Ltd
- Global Coal Blending Company Limited - Australia
- Vizag Seaport Private Limited - India
- Global Business Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mintek Dendrill Indonesia
- Sree Jayajothi Cements Limited - India
- Malabar Cements Ltd - India
- London Commodity Brokers - England
- Billiton Holdings Pty Ltd - Australia
- GN Power Mariveles Coal Plant, Philippines
- Leighton Contractors Pty Ltd - Australia
- Xindia Steels Limited - India
- SMG Consultants - Indonesia
- Antam Resourcindo - Indonesia
- Romanian Commodities Exchange
- Tamil Nadu electricity Board
- Oldendorff Carriers - Singapore
- Bhatia International Limited - India
- Singapore Mercantile Exchange
- Coalindo Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- CIMB Investment Bank - Malaysia
- Uttam Galva Steels Limited - India
- Samtan Co., Ltd - South Korea
- Lanco Infratech Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Dalmia Cement Bharat India
- Ambuja Cements Ltd - India
- Globalindo Alam Lestari - Indonesia
- Ministry of Transport, Egypt
- Bhoruka Overseas - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Price Waterhouse Coopers - Russia
- Indo Tambangraya Megah - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mjunction Services Limited - India
- Jindal Steel & Power Ltd - India
- TeaM Sual Corporation - Philippines
- Madhucon Powers Ltd - India
- Parry Sugars Refinery, India
- South Luzon Thermal Energy Corporation
- Baramulti Group, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Binh Thuan Hamico - Vietnam
- Cement Manufacturers Association - India
- Sical Logistics Limited - India
- Attock Cement Pakistan Limited
- Salva Resources Pvt Ltd - India
- Africa Commodities Group - South Africa
- The Treasury - Australian Government
- Sakthi Sugars Limited - India
- Timah Investasi Mineral - Indoneisa
- MS Steel International - UAE
- ASAPP Information Group - India
- Bayan Resources Tbk. - Indonesia
- White Energy Company Limited
- Formosa Plastics Group - Taiwan
- New Zealand Coal & Carbon
- Minerals Council of Australia
- Commonwealth Bank - Australia
- European Bulk Services B.V. - Netherlands
- PetroVietnam Power Coal Import and Supply Company
- Petron Corporation, Philippines
- Eastern Coal Council - USA
- Sinarmas Energy and Mining - Indonesia
- Kumho Petrochemical, South Korea
- Australian Commodity Traders Exchange
- Manunggal Multi Energi - Indonesia
- Chettinad Cement Corporation Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Indian Energy Exchange, India
- Kartika Selabumi Mining - Indonesia
- International Coal Ventures Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Thiess Contractors Indonesia
- Orica Mining Services - Indonesia
- Aditya Birla Group - India
- Eastern Energy - Thailand
- IHS Mccloskey Coal Group - USA
- Meralco Power Generation, Philippines
- PTC India Limited - India
- Rio Tinto Coal - Australia
- Semirara Mining and Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Renaissance Capital - South Africa
- Bukit Baiduri Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Riau Bara Harum - Indonesia
- Edison Trading Spa - Italy
- Interocean Group of Companies - India
- The University of Queensland
- Mercator Lines Limited - India
- Standard Chartered Bank - UAE
- ICICI Bank Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Indonesian Coal Mining Association
- Electricity Authority, New Zealand
- Merrill Lynch Commodities Europe
- Karbindo Abesyapradhi - Indoneisa
- Agrawal Coal Company - India
- Maharashtra Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- Central Electricity Authority - India
- Rashtriya Ispat Nigam Limited - India
- Australian Coal Association
- India Bulls Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Vedanta Resources Plc - India
- Bulk Trading Sa - Switzerland
- Aboitiz Power Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Metalloyd Limited - United Kingdom
- AsiaOL BioFuels Corp., Philippines
- VISA Power Limited - India
- Larsen & Toubro Limited - India
- Energy Development Corp, Philippines
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