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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, 20 January 17
U.S. WEEKLY COAL OUTPUT ESTIMATED 15.7 MMST; UP 14.1% W/W
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.7 million short ton ...
Thursday, 19 January 17
KOREAN POWER UTILITY BORYEONG POWER TO IMPORT 660K TONS OF BITUMINOUS COAL FOR MARCH 2017
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 590,000 Metric Tons of Bituminous coal and 7000 ...
Thursday, 19 January 17
PANAMAX RATES ARE UNDER PRESSURE IN BOTH HEMISPHERES - FEARNLEYS
Supramax
The market remained flat and the week continued at the same pace as last.
According to Fearnleys weekly dry bulk report, still more ...
Wednesday, 18 January 17
TANKER: THE CLEAN PRODUCT MARKET IS STILL NOT GIVING US ANY CLEAR SIGNS OF RECOVERY - GEORGE VASTARDIS
While we are approaching the Chinese New Year, the Clean Product market is still not giving us any clear signs of recovery, especially on The East ...
Monday, 16 January 17
WHY THE SOLUTION TO INDIA'S ENERGY CHALLENGE LIES IN COAL POWER PLANTS - BENJAMIN SPORTON
India’s huge development and energy challenges mean there are economic and development arguments for investing in new coal power plants for t ...
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- Samtan Co., Ltd - South Korea
- GAC Shipping (India) Pvt Ltd
- Chettinad Cement Corporation Ltd - India
- Romanian Commodities Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Madhucon Powers Ltd - India
- Meenaskhi Energy Private Limited - India
- Coalindo Energy - Indonesia
- Georgia Ports Authority, United States
- Miang Besar Coal Terminal - Indonesia
- Thai Mozambique Logistica
- PTC India Limited - India
- Eastern Energy - Thailand
- Directorate Of Revenue Intelligence - India
- PetroVietnam Power Coal Import and Supply Company
- Maheswari Brothers Coal Limited - India
- European Bulk Services B.V. - Netherlands
- Parry Sugars Refinery, India
- Medco Energi Mining Internasional
- New Zealand Coal & Carbon
- GMR Energy Limited - India
- South Luzon Thermal Energy Corporation
- Barasentosa Lestari - Indonesia
- Sakthi Sugars Limited - India
- Oldendorff Carriers - Singapore
- Agrawal Coal Company - India
- Gujarat Mineral Development Corp Ltd - India
- Sical Logistics Limited - India
- IHS Mccloskey Coal Group - USA
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Heidelberg Cement - Germany
- Kartika Selabumi Mining - Indonesia
- Parliament of New Zealand
- GN Power Mariveles Coal Plant, Philippines
- India Bulls Power Limited - India
- Bulk Trading Sa - Switzerland
- Goldman Sachs - Singapore
- Indonesian Coal Mining Association
- Coastal Gujarat Power Limited - India
- Renaissance Capital - South Africa
- Therma Luzon, Inc, Philippines
- Xindia Steels Limited - India
- Power Finance Corporation Ltd., India
- Simpson Spence & Young - Indonesia
- PNOC Exploration Corporation - Philippines
- Meralco Power Generation, Philippines
- VISA Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Thiess Contractors Indonesia
- Indian Oil Corporation Limited
- The State Trading Corporation of India Ltd
- Videocon Industries ltd - India
- Sojitz Corporation - Japan
- Kohat Cement Company Ltd. - Pakistan
- Kideco Jaya Agung - Indonesia
- The University of Queensland
- Latin American Coal - Colombia
- Indika Energy - Indonesia
- PowerSource Philippines DevCo
- Port Waratah Coal Services - Australia
- ICICI Bank Limited - India
- Orica Australia Pty. Ltd.
- Planning Commission, India
- Petrochimia International Co. Ltd.- Taiwan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Carbofer General Trading SA - India
- The Treasury - Australian Government
- Jindal Steel & Power Ltd - India
- Antam Resourcindo - Indonesia
- Essar Steel Hazira Ltd - India
- Australian Coal Association
- Ambuja Cements Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- TeaM Sual Corporation - Philippines
- Grasim Industreis Ltd - India
- Marubeni Corporation - India
- Ministry of Transport, Egypt
- Semirara Mining Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Indo Tambangraya Megah - Indonesia
- White Energy Company Limited
- Australian Commodity Traders Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Larsen & Toubro Limited - India
- Trasteel International SA, Italy
- San Jose City I Power Corp, Philippines
- Borneo Indobara - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Independent Power Producers Association of India
- Altura Mining Limited, Indonesia
- Vizag Seaport Private Limited - India
- Central Java Power - Indonesia
- Coal and Oil Company - UAE
- Bhatia International Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Malabar Cements Ltd - India
- Economic Council, Georgia
- Riau Bara Harum - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Eastern Coal Council - USA
- Timah Investasi Mineral - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Deloitte Consulting - India
- SN Aboitiz Power Inc, Philippines
- Metalloyd Limited - United Kingdom
- Sinarmas Energy and Mining - Indonesia
- Mercuria Energy - Indonesia
- Electricity Authority, New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Manunggal Multi Energi - Indonesia
- Ind-Barath Power Infra Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Global Green Power PLC Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Tamil Nadu electricity Board
- Bukit Baiduri Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Siam City Cement PLC, Thailand
- Bharathi Cement Corporation - India
- Leighton Contractors Pty Ltd - Australia
- Global Business Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Gujarat Sidhee Cement - India
- Indogreen Group - Indonesia
- Bhoruka Overseas - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Bangladesh Power Developement Board
- Anglo American - United Kingdom
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kaltim Prima Coal - Indonesia
- Wilmar Investment Holdings
- London Commodity Brokers - England
- Electricity Generating Authority of Thailand
- Vedanta Resources Plc - India
- Iligan Light & Power Inc, Philippines
- Dalmia Cement Bharat India
- Ceylon Electricity Board - Sri Lanka
- Singapore Mercantile Exchange
- Indian Energy Exchange, India
- Ministry of Mines - Canada
- Karbindo Abesyapradhi - Indoneisa
- Baramulti Group, Indonesia
- Chamber of Mines of South Africa
- Sindya Power Generating Company Private Ltd
- Merrill Lynch Commodities Europe
- Tata Chemicals Ltd - India
- McConnell Dowell - Australia
- Savvy Resources Ltd - HongKong
- Uttam Galva Steels Limited - India
- Wood Mackenzie - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Kumho Petrochemical, South Korea
- Rashtriya Ispat Nigam Limited - India
- Kapuas Tunggal Persada - Indonesia
- Kobexindo Tractors - Indoneisa
- Africa Commodities Group - South Africa
- Orica Mining Services - Indonesia
- ASAPP Information Group - India
- Bhushan Steel Limited - India
- Cigading International Bulk Terminal - Indonesia
- Ministry of Finance - Indonesia
- LBH Netherlands Bv - Netherlands
- Gujarat Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- Karaikal Port Pvt Ltd - India
- Cement Manufacturers Association - India
- SMG Consultants - Indonesia
- International Coal Ventures Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Lanco Infratech Ltd - India
- Binh Thuan Hamico - Vietnam
- Rio Tinto Coal - Australia
- Mjunction Services Limited - India
- Sarangani Energy Corporation, Philippines
- Siam City Cement - Thailand
- Energy Link Ltd, New Zealand
- Minerals Council of Australia
- Petron Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Energy Development Corp, Philippines
- Attock Cement Pakistan Limited
- Banpu Public Company Limited - Thailand
- SMC Global Power, Philippines
- Sree Jayajothi Cements Limited - India
- Straits Asia Resources Limited - Singapore
- Edison Trading Spa - Italy
- Global Coal Blending Company Limited - Australia
- Globalindo Alam Lestari - Indonesia
- CIMB Investment Bank - Malaysia
- Aboitiz Power Corporation - Philippines
- Central Electricity Authority - India
- IEA Clean Coal Centre - UK
- Aditya Birla Group - India
- Kepco SPC Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Maharashtra Electricity Regulatory Commission - India
- MS Steel International - UAE
- Star Paper Mills Limited - India
- Standard Chartered Bank - UAE
- Mintek Dendrill Indonesia
- Jaiprakash Power Ventures ltd
- Krishnapatnam Port Company Ltd. - India
- Jorong Barutama Greston.PT - Indonesia
- Interocean Group of Companies - India
- Mercator Lines Limited - India
- Pendopo Energi Batubara - Indonesia
- Bayan Resources Tbk. - Indonesia
- CNBM International Corporation - China
- Posco Energy - South Korea
- Commonwealth Bank - Australia
- Formosa Plastics Group - Taiwan
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