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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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Tuesday, 20 December 16
TURNAROUND IN CHINESE ECONOMY HAS INTENSIFIED RECENTLY, SAYS COMMODORE RESEARCH
According to the most recent Weekly China Report published by Commodore Research, it has remained encouraging that the turnaround in China’s ...
Monday, 19 December 16
U.S. WEEKLY COAL PRODUCTION DOWN 3.1% PERCENT WEEK ON WEEK
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.8 million short ton ...
Monday, 19 December 16
THE FREIGHT MARKET WAS CONTINUING TO SOFTEN
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities continually decline this past week and ending on a negati ...
Thursday, 15 December 16
SUPRAMAXES ARE ACHIEVING AROUND HIGH USD 7K FOR INDO/CHINA COAL ROUNDS - FEARNLEY
Supramax
Pacific has been relatively quiet this week, with some softening signs.
Supramaxes are achieving around high USD 7k for Indo/China ...
Wednesday, 14 December 16
INTERNATIONAL TRIBUNAL DISMISSED CHURCHILL MINING'S DAMAGES CLAIM AGAINST REPUBLIC OF INDONESIA
The Directors of Churchill Mining plc advise that, the ICSID Tribunal (“Tribunal”) granted Indonesia’s application to dismiss the ...
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- Essar Steel Hazira Ltd - India
- Ministry of Finance - Indonesia
- Toyota Tsusho Corporation, Japan
- New Zealand Coal & Carbon
- Coastal Gujarat Power Limited - India
- Baramulti Group, Indonesia
- Thiess Contractors Indonesia
- Antam Resourcindo - Indonesia
- Meralco Power Generation, Philippines
- Electricity Authority, New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Global Green Power PLC Corporation, Philippines
- Parry Sugars Refinery, India
- Coalindo Energy - Indonesia
- White Energy Company Limited
- Maharashtra Electricity Regulatory Commission - India
- Madhucon Powers Ltd - India
- Globalindo Alam Lestari - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Altura Mining Limited, Indonesia
- Mjunction Services Limited - India
- Uttam Galva Steels Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Kaltim Prima Coal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- VISA Power Limited - India
- Australian Coal Association
- Interocean Group of Companies - India
- Romanian Commodities Exchange
- Aboitiz Power Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Banpu Public Company Limited - Thailand
- Carbofer General Trading SA - India
- Indika Energy - Indonesia
- Standard Chartered Bank - UAE
- Kobexindo Tractors - Indoneisa
- Indian Oil Corporation Limited
- Kapuas Tunggal Persada - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- The Treasury - Australian Government
- Ind-Barath Power Infra Limited - India
- Star Paper Mills Limited - India
- Lanco Infratech Ltd - India
- Economic Council, Georgia
- Gujarat Sidhee Cement - India
- Malabar Cements Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Ambuja Cements Ltd - India
- Indian Energy Exchange, India
- Central Electricity Authority - India
- Global Business Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Medco Energi Mining Internasional
- ASAPP Information Group - India
- Samtan Co., Ltd - South Korea
- GN Power Mariveles Coal Plant, Philippines
- Mercuria Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Riau Bara Harum - Indonesia
- Tata Chemicals Ltd - India
- Posco Energy - South Korea
- Indo Tambangraya Megah - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Simpson Spence & Young - Indonesia
- OPG Power Generation Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Port Waratah Coal Services - Australia
- European Bulk Services B.V. - Netherlands
- Jaiprakash Power Ventures ltd
- The University of Queensland
- Makarim & Taira - Indonesia
- Kumho Petrochemical, South Korea
- Aditya Birla Group - India
- Videocon Industries ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Parliament of New Zealand
- Minerals Council of Australia
- Larsen & Toubro Limited - India
- Georgia Ports Authority, United States
- Gujarat Electricity Regulatory Commission - India
- Eastern Energy - Thailand
- Deloitte Consulting - India
- Billiton Holdings Pty Ltd - Australia
- Meenaskhi Energy Private Limited - India
- LBH Netherlands Bv - Netherlands
- CIMB Investment Bank - Malaysia
- Vizag Seaport Private Limited - India
- AsiaOL BioFuels Corp., Philippines
- Semirara Mining and Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- The State Trading Corporation of India Ltd
- Sree Jayajothi Cements Limited - India
- Jindal Steel & Power Ltd - India
- Bhatia International Limited - India
- Intertek Mineral Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vijayanagar Sugar Pvt Ltd - India
- London Commodity Brokers - England
- Chamber of Mines of South Africa
- Bulk Trading Sa - Switzerland
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Straits Asia Resources Limited - Singapore
- Cigading International Bulk Terminal - Indonesia
- Merrill Lynch Commodities Europe
- Indonesian Coal Mining Association
- Power Finance Corporation Ltd., India
- Global Coal Blending Company Limited - Australia
- Rashtriya Ispat Nigam Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- SMC Global Power, Philippines
- Petron Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Bharathi Cement Corporation - India
- Indogreen Group - Indonesia
- Agrawal Coal Company - India
- Mercator Lines Limited - India
- Oldendorff Carriers - Singapore
- Bhoruka Overseas - Indonesia
- Energy Development Corp, Philippines
- Metalloyd Limited - United Kingdom
- Australian Commodity Traders Exchange
- Binh Thuan Hamico - Vietnam
- Sical Logistics Limited - India
- Anglo American - United Kingdom
- GVK Power & Infra Limited - India
- GAC Shipping (India) Pvt Ltd
- Bhushan Steel Limited - India
- International Coal Ventures Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- MS Steel International - UAE
- Grasim Industreis Ltd - India
- McConnell Dowell - Australia
- Savvy Resources Ltd - HongKong
- Trasteel International SA, Italy
- Marubeni Corporation - India
- Heidelberg Cement - Germany
- Sinarmas Energy and Mining - Indonesia
- Wilmar Investment Holdings
- Goldman Sachs - Singapore
- Ministry of Transport, Egypt
- Iligan Light & Power Inc, Philippines
- Siam City Cement PLC, Thailand
- Singapore Mercantile Exchange
- PetroVietnam Power Coal Import and Supply Company
- Manunggal Multi Energi - Indonesia
- Ministry of Mines - Canada
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Tamil Nadu electricity Board
- CNBM International Corporation - China
- PowerSource Philippines DevCo
- Sakthi Sugars Limited - India
- Timah Investasi Mineral - Indoneisa
- Karaikal Port Pvt Ltd - India
- Cement Manufacturers Association - India
- IEA Clean Coal Centre - UK
- IHS Mccloskey Coal Group - USA
- Planning Commission, India
- Krishnapatnam Port Company Ltd. - India
- Eastern Coal Council - USA
- Sarangani Energy Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- SMG Consultants - Indonesia
- PTC India Limited - India
- Bayan Resources Tbk. - Indonesia
- Xindia Steels Limited - India
- Latin American Coal - Colombia
- TeaM Sual Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Orica Mining Services - Indonesia
- Coal and Oil Company - UAE
- Pendopo Energi Batubara - Indonesia
- Edison Trading Spa - Italy
- Dalmia Cement Bharat India
- Holcim Trading Pte Ltd - Singapore
- ICICI Bank Limited - India
- India Bulls Power Limited - India
- South Luzon Thermal Energy Corporation
- Wood Mackenzie - Singapore
- Orica Australia Pty. Ltd.
- Semirara Mining Corp, Philippines
- Mintek Dendrill Indonesia
- Salva Resources Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Maheswari Brothers Coal Limited - India
- Rio Tinto Coal - Australia
- Renaissance Capital - South Africa
- GMR Energy Limited - India
- Sojitz Corporation - Japan
- SN Aboitiz Power Inc, Philippines
- Therma Luzon, Inc, Philippines
- Electricity Generating Authority of Thailand
- Vedanta Resources Plc - India
- Central Java Power - Indonesia
- Formosa Plastics Group - Taiwan
- Commonwealth Bank - Australia
- Bangladesh Power Developement Board
- Africa Commodities Group - South Africa
- Siam City Cement - Thailand
- Energy Link Ltd, New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Thai Mozambique Logistica
- Miang Besar Coal Terminal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Price Waterhouse Coopers - Russia
- Independent Power Producers Association of India
- Borneo Indobara - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jorong Barutama Greston.PT - Indonesia
- Attock Cement Pakistan Limited
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