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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, 07 December 16
IT'S BEEN YET ANOTHER TURBULENT COUPLE OF DAYS..... - GEORGE LAZARIDIS
It’s been yet another turbulent couple of days, with a significant number of news headlines shaking up markets.
On Friday we had & ...
Monday, 05 December 16
INDIAN HYDROPOWER PRODUCTION AT LOWEST LEVEL SINCE 2012, SAYS COMMODORE RESEARCH
According to Commodore Research, the first eleven months of this year have seen India’s overall electricity production total approximately 1. ...
Monday, 05 December 16
THE DECEMBER 2016 HBA HITS TO ITS HIGHEST LEVEL SINCE MAY 2012
COALspot.com: The Indonesia coal benchmark price hits to its highest level since May 2012. The government declared benchmark prices for Indo ...
Monday, 05 December 16
BALTIC PANAMAX INDEX UP 5.98%; BALTIC CAPE INDEX FELL 2.52% W/W
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rally slightly continues this past week and ending on a s ...
Sunday, 04 December 16
U.S. WEEKLY COAL OUTPUT DECLINED 11.9% W/E 26 NOV; UP 1.4% Y/Y, EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.2 million short ton ...
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- Grasim Industreis Ltd - India
- Tata Chemicals Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Savvy Resources Ltd - HongKong
- Edison Trading Spa - Italy
- Lanco Infratech Ltd - India
- Energy Development Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Interocean Group of Companies - India
- Xindia Steels Limited - India
- Ambuja Cements Ltd - India
- Thai Mozambique Logistica
- Renaissance Capital - South Africa
- Antam Resourcindo - Indonesia
- Ministry of Transport, Egypt
- Sindya Power Generating Company Private Ltd
- Independent Power Producers Association of India
- TeaM Sual Corporation - Philippines
- Mercator Lines Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Mercuria Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Therma Luzon, Inc, Philippines
- Samtan Co., Ltd - South Korea
- Attock Cement Pakistan Limited
- Altura Mining Limited, Indonesia
- Salva Resources Pvt Ltd - India
- Baramulti Group, Indonesia
- Latin American Coal - Colombia
- Karaikal Port Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Holcim Trading Pte Ltd - Singapore
- Gujarat Electricity Regulatory Commission - India
- Intertek Mineral Services - Indonesia
- Iligan Light & Power Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Deloitte Consulting - India
- Commonwealth Bank - Australia
- Metalloyd Limited - United Kingdom
- Indian Oil Corporation Limited
- Siam City Cement - Thailand
- Indonesian Coal Mining Association
- Bhushan Steel Limited - India
- Mintek Dendrill Indonesia
- Merrill Lynch Commodities Europe
- Coalindo Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- San Jose City I Power Corp, Philippines
- Kumho Petrochemical, South Korea
- Indo Tambangraya Megah - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Petrochimia International Co. Ltd.- Taiwan
- Videocon Industries ltd - India
- Posco Energy - South Korea
- Malabar Cements Ltd - India
- Parry Sugars Refinery, India
- The Treasury - Australian Government
- Bukit Makmur.PT - Indonesia
- International Coal Ventures Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- CNBM International Corporation - China
- PTC India Limited - India
- Semirara Mining Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Meenaskhi Energy Private Limited - India
- Romanian Commodities Exchange
- Trasteel International SA, Italy
- Riau Bara Harum - Indonesia
- AsiaOL BioFuels Corp., Philippines
- SMC Global Power, Philippines
- Ind-Barath Power Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- Electricity Authority, New Zealand
- IHS Mccloskey Coal Group - USA
- Coastal Gujarat Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Parliament of New Zealand
- Bulk Trading Sa - Switzerland
- Sojitz Corporation - Japan
- Cigading International Bulk Terminal - Indonesia
- London Commodity Brokers - England
- Offshore Bulk Terminal Pte Ltd, Singapore
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Sidhee Cement - India
- SMG Consultants - Indonesia
- The State Trading Corporation of India Ltd
- Sree Jayajothi Cements Limited - India
- Kideco Jaya Agung - Indonesia
- Global Coal Blending Company Limited - Australia
- Sical Logistics Limited - India
- Essar Steel Hazira Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Heidelberg Cement - Germany
- Wood Mackenzie - Singapore
- Bhatia International Limited - India
- Rio Tinto Coal - Australia
- Port Waratah Coal Services - Australia
- Indika Energy - Indonesia
- GVK Power & Infra Limited - India
- Australian Commodity Traders Exchange
- Star Paper Mills Limited - India
- Carbofer General Trading SA - India
- Jaiprakash Power Ventures ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Rashtriya Ispat Nigam Limited - India
- Minerals Council of Australia
- IEA Clean Coal Centre - UK
- TNB Fuel Sdn Bhd - Malaysia
- Krishnapatnam Port Company Ltd. - India
- Bhoruka Overseas - Indonesia
- Coal and Oil Company - UAE
- Marubeni Corporation - India
- Indian Energy Exchange, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Aboitiz Power Corporation - Philippines
- Eastern Energy - Thailand
- Manunggal Multi Energi - Indonesia
- Simpson Spence & Young - Indonesia
- Power Finance Corporation Ltd., India
- Meralco Power Generation, Philippines
- Georgia Ports Authority, United States
- White Energy Company Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Coal Association
- Alfred C Toepfer International GmbH - Germany
- Ministry of Mines - Canada
- Kapuas Tunggal Persada - Indonesia
- Barasentosa Lestari - Indonesia
- Larsen & Toubro Limited - India
- Kalimantan Lumbung Energi - Indonesia
- GMR Energy Limited - India
- Chamber of Mines of South Africa
- South Luzon Thermal Energy Corporation
- Cement Manufacturers Association - India
- Siam City Cement PLC, Thailand
- Global Business Power Corporation, Philippines
- Makarim & Taira - Indonesia
- European Bulk Services B.V. - Netherlands
- Bangladesh Power Developement Board
- India Bulls Power Limited - India
- Electricity Generating Authority of Thailand
- Chettinad Cement Corporation Ltd - India
- ICICI Bank Limited - India
- VISA Power Limited - India
- PNOC Exploration Corporation - Philippines
- Borneo Indobara - Indonesia
- Standard Chartered Bank - UAE
- Indogreen Group - Indonesia
- Petron Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Orica Mining Services - Indonesia
- Planning Commission, India
- Pendopo Energi Batubara - Indonesia
- Banpu Public Company Limited - Thailand
- Billiton Holdings Pty Ltd - Australia
- Agrawal Coal Company - India
- Kepco SPC Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Medco Energi Mining Internasional
- Kobexindo Tractors - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Timah Investasi Mineral - Indoneisa
- Wilmar Investment Holdings
- The University of Queensland
- Toyota Tsusho Corporation, Japan
- Miang Besar Coal Terminal - Indonesia
- Energy Link Ltd, New Zealand
- Thiess Contractors Indonesia
- Anglo American - United Kingdom
- Vedanta Resources Plc - India
- Bukit Baiduri Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- CIMB Investment Bank - Malaysia
- Central Java Power - Indonesia
- Tamil Nadu electricity Board
- Leighton Contractors Pty Ltd - Australia
- Mjunction Services Limited - India
- SN Aboitiz Power Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Kartika Selabumi Mining - Indonesia
- ASAPP Information Group - India
- Eastern Coal Council - USA
- Sakthi Sugars Limited - India
- PowerSource Philippines DevCo
- Africa Commodities Group - South Africa
- Madhucon Powers Ltd - India
- Oldendorff Carriers - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Aditya Birla Group - India
- Vizag Seaport Private Limited - India
- MS Steel International - UAE
- Ceylon Electricity Board - Sri Lanka
- Neyveli Lignite Corporation Ltd, - India
- Jindal Steel & Power Ltd - India
- Central Electricity Authority - India
- Bharathi Cement Corporation - India
- Singapore Mercantile Exchange
- McConnell Dowell - Australia
- Sarangani Energy Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Dalmia Cement Bharat India
- Uttam Galva Steels Limited - India
- Formosa Plastics Group - Taiwan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- New Zealand Coal & Carbon
- Economic Council, Georgia
- Goldman Sachs - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Maheswari Brothers Coal Limited - India
- Ministry of Finance - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Orica Australia Pty. Ltd.
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