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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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Thursday, 05 January 17
CAPE MARKET HAVE KEPT SURPRISINGLY FIRM AND ACTIVE DURING THE CHRISTMAS AND NEW YEAR HOLIDAYS - FEARNLEYS
Supramax
The first week after a slow Christmas break has started off with little activity and softening rates. Not surprisingly, the market is fi ...
Thursday, 05 January 17
COMPARISON OF HONG KONG AND LONDON ARBITRATION - SKULD
KNOWLEDGE TO ELEVATE
Whilst London arbitration is the most popular platform for resolution of charterparty disputes, where the parties involved a ...
Wednesday, 04 January 17
INDONESIA'S COAL PRODUCTION IS ESTIMATED TO REACH 434 MILLION TONS IN 2016 EXCEEDED THE GOVERNMENT'S INITIAL TARGET
Indonesia's coal production is estimated to reach 434 million tons in 2016 exceeded the government's initial target. The Ministry of Energy ...
Tuesday, 03 January 17
BENGKULU TO IMPOSE TOUGHER REGULATION FOR UNPROCESSED COAL AND MINERALS EXPORTS IN 2017 - MEDIA
Bengkulu provincial government is planning to impose tougher regulation for export of coal and mineral in 2017. According to liputan6 online portal ...
Monday, 02 January 17
PORT OF NEWCASTLE SHIPPED 13.62 MMT OF COAL IN NOVEMBER; UP 4.18% M/M
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $AU 1,201 Mil ...
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- The University of Queensland
- Makarim & Taira - Indonesia
- South Luzon Thermal Energy Corporation
- Latin American Coal - Colombia
- Salva Resources Pvt Ltd - India
- Heidelberg Cement - Germany
- Orica Mining Services - Indonesia
- Global Green Power PLC Corporation, Philippines
- Posco Energy - South Korea
- VISA Power Limited - India
- Antam Resourcindo - Indonesia
- Ambuja Cements Ltd - India
- Vedanta Resources Plc - India
- Bulk Trading Sa - Switzerland
- European Bulk Services B.V. - Netherlands
- Eastern Energy - Thailand
- Coastal Gujarat Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Wilmar Investment Holdings
- Manunggal Multi Energi - Indonesia
- Cement Manufacturers Association - India
- GAC Shipping (India) Pvt Ltd
- Indian Oil Corporation Limited
- Baramulti Group, Indonesia
- Krishnapatnam Port Company Ltd. - India
- Singapore Mercantile Exchange
- Jorong Barutama Greston.PT - Indonesia
- Carbofer General Trading SA - India
- Independent Power Producers Association of India
- SMG Consultants - Indonesia
- Sarangani Energy Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Coalindo Energy - Indonesia
- Uttam Galva Steels Limited - India
- Intertek Mineral Services - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Borneo Indobara - Indonesia
- Metalloyd Limited - United Kingdom
- Planning Commission, India
- Bayan Resources Tbk. - Indonesia
- Price Waterhouse Coopers - Russia
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Asam (Persero) Tbk - Indonesia
- IEA Clean Coal Centre - UK
- OPG Power Generation Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Central Java Power - Indonesia
- Kobexindo Tractors - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Economic Council, Georgia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indian Energy Exchange, India
- Cigading International Bulk Terminal - Indonesia
- GMR Energy Limited - India
- Mintek Dendrill Indonesia
- GVK Power & Infra Limited - India
- Kideco Jaya Agung - Indonesia
- Petron Corporation, Philippines
- Energy Development Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Australian Coal Association
- Altura Mining Limited, Indonesia
- Bharathi Cement Corporation - India
- Goldman Sachs - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Australian Commodity Traders Exchange
- Larsen & Toubro Limited - India
- Ministry of Mines - Canada
- Petrochimia International Co. Ltd.- Taiwan
- ICICI Bank Limited - India
- Iligan Light & Power Inc, Philippines
- Electricity Generating Authority of Thailand
- Tamil Nadu electricity Board
- Bangladesh Power Developement Board
- Parliament of New Zealand
- McConnell Dowell - Australia
- Karaikal Port Pvt Ltd - India
- Thai Mozambique Logistica
- Mercator Lines Limited - India
- Kumho Petrochemical, South Korea
- Sinarmas Energy and Mining - Indonesia
- Ceylon Electricity Board - Sri Lanka
- International Coal Ventures Pvt Ltd - India
- Mercuria Energy - Indonesia
- Indonesian Coal Mining Association
- Maheswari Brothers Coal Limited - India
- ASAPP Information Group - India
- CNBM International Corporation - China
- Port Waratah Coal Services - Australia
- London Commodity Brokers - England
- Bhushan Steel Limited - India
- Orica Australia Pty. Ltd.
- IHS Mccloskey Coal Group - USA
- Sojitz Corporation - Japan
- Kalimantan Lumbung Energi - Indonesia
- Medco Energi Mining Internasional
- Directorate Of Revenue Intelligence - India
- Riau Bara Harum - Indonesia
- Bhoruka Overseas - Indonesia
- Georgia Ports Authority, United States
- Parry Sugars Refinery, India
- Pendopo Energi Batubara - Indonesia
- Oldendorff Carriers - Singapore
- SMC Global Power, Philippines
- Renaissance Capital - South Africa
- Siam City Cement - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The Treasury - Australian Government
- Miang Besar Coal Terminal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Jindal Steel & Power Ltd - India
- Edison Trading Spa - Italy
- Bahari Cakrawala Sebuku - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Electricity Authority - India
- Meralco Power Generation, Philippines
- Deloitte Consulting - India
- Formosa Plastics Group - Taiwan
- San Jose City I Power Corp, Philippines
- The State Trading Corporation of India Ltd
- Sakthi Sugars Limited - India
- Power Finance Corporation Ltd., India
- Grasim Industreis Ltd - India
- Minerals Council of Australia
- Siam City Cement PLC, Thailand
- Directorate General of MIneral and Coal - Indonesia
- Kaltim Prima Coal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Sidhee Cement - India
- Trasteel International SA, Italy
- Wood Mackenzie - Singapore
- Energy Link Ltd, New Zealand
- Dalmia Cement Bharat India
- Alfred C Toepfer International GmbH - Germany
- LBH Netherlands Bv - Netherlands
- Indika Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Transport, Egypt
- Chamber of Mines of South Africa
- White Energy Company Limited
- PTC India Limited - India
- Bhatia International Limited - India
- Binh Thuan Hamico - Vietnam
- Semirara Mining and Power Corporation, Philippines
- India Bulls Power Limited - India
- CIMB Investment Bank - Malaysia
- Global Business Power Corporation, Philippines
- Star Paper Mills Limited - India
- Neyveli Lignite Corporation Ltd, - India
- New Zealand Coal & Carbon
- Kepco SPC Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Sindya Power Generating Company Private Ltd
- Rashtriya Ispat Nigam Limited - India
- Vizag Seaport Private Limited - India
- Bukit Baiduri Energy - Indonesia
- Mjunction Services Limited - India
- Simpson Spence & Young - Indonesia
- Romanian Commodities Exchange
- SN Aboitiz Power Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Bukit Makmur.PT - Indonesia
- Barasentosa Lestari - Indonesia
- AsiaOL BioFuels Corp., Philippines
- PowerSource Philippines DevCo
- Electricity Authority, New Zealand
- Therma Luzon, Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Agrawal Coal Company - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Tata Chemicals Ltd - India
- Ind-Barath Power Infra Limited - India
- Madhucon Powers Ltd - India
- Ministry of Finance - Indonesia
- Standard Chartered Bank - UAE
- Meenaskhi Energy Private Limited - India
- Xindia Steels Limited - India
- Chettinad Cement Corporation Ltd - India
- Malabar Cements Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Rio Tinto Coal - Australia
- Toyota Tsusho Corporation, Japan
- Videocon Industries ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Globalindo Alam Lestari - Indonesia
- Sical Logistics Limited - India
- Banpu Public Company Limited - Thailand
- Indogreen Group - Indonesia
- Anglo American - United Kingdom
- Commonwealth Bank - Australia
- Essar Steel Hazira Ltd - India
- Eastern Coal Council - USA
- Marubeni Corporation - India
- Lanco Infratech Ltd - India
- Merrill Lynch Commodities Europe
- Thiess Contractors Indonesia
- Attock Cement Pakistan Limited
- Global Coal Blending Company Limited - Australia
- Interocean Group of Companies - India
- Africa Commodities Group - South Africa
- TeaM Sual Corporation - Philippines
- Coal and Oil Company - UAE
- Sree Jayajothi Cements Limited - India
- PNOC Exploration Corporation - Philippines
- MS Steel International - UAE
- Semirara Mining Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Aditya Birla Group - India
- Timah Investasi Mineral - Indoneisa
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