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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, 01 December 16
OIL PRICES MAY SEE LITTLE GROWTH BEFORE 2018, FITCH RATINGS SAYS
High inventories and the potential for US shale production to respond quickly to any market tightening mean oil prices may flat line in 2017 before ...
Thursday, 01 December 16
CHINA 2017 OIL, GAS OUTPUT DROP MAY WORSEN ON CAPEX CUT: FITCH
China's oil and gas production may shrink even more in 2017 than in 2016 after the country's leading oil companies cut exploration and prod ...
Thursday, 01 December 16
ANOTHER WONDERFUL WEEK FOR PANAMAX - FEARNLEY
Supramax
A slower start to the week in the Pacific compared to last Trips from N. China to S. China is paying in the range of low USD 5k, while I ...
Tuesday, 29 November 16
AUSTRALIA'S PORT OF NEWCASTLE SHIPPED 13.08 MT OF COAL IN OCTOBER; DOWN 10.39% M/M
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $AU1,124.7 Mi ...
Tuesday, 29 November 16
US WEEKLY COAL OUTPUT TOTALS 17.2 MMST, UP 2.8% : EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 17.2 million short ton ...
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- The University of Queensland
- MS Steel International - UAE
- Semirara Mining and Power Corporation, Philippines
- Agrawal Coal Company - India
- Leighton Contractors Pty Ltd - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Altura Mining Limited, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Commonwealth Bank - Australia
- Medco Energi Mining Internasional
- Ind-Barath Power Infra Limited - India
- Alfred C Toepfer International GmbH - Germany
- Cement Manufacturers Association - India
- Eastern Energy - Thailand
- Singapore Mercantile Exchange
- Kaltim Prima Coal - Indonesia
- CNBM International Corporation - China
- Formosa Plastics Group - Taiwan
- Sindya Power Generating Company Private Ltd
- PetroVietnam Power Coal Import and Supply Company
- India Bulls Power Limited - India
- Tata Chemicals Ltd - India
- Bhatia International Limited - India
- Heidelberg Cement - Germany
- Bukit Baiduri Energy - Indonesia
- Aditya Birla Group - India
- Power Finance Corporation Ltd., India
- Global Green Power PLC Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Parliament of New Zealand
- Meenaskhi Energy Private Limited - India
- Mercator Lines Limited - India
- Carbofer General Trading SA - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Posco Energy - South Korea
- Indian Energy Exchange, India
- Energy Link Ltd, New Zealand
- LBH Netherlands Bv - Netherlands
- Goldman Sachs - Singapore
- Essar Steel Hazira Ltd - India
- Ministry of Mines - Canada
- Toyota Tsusho Corporation, Japan
- Siam City Cement PLC, Thailand
- Kalimantan Lumbung Energi - Indonesia
- Tamil Nadu electricity Board
- Ceylon Electricity Board - Sri Lanka
- Indian Oil Corporation Limited
- Romanian Commodities Exchange
- Gujarat Mineral Development Corp Ltd - India
- Interocean Group of Companies - India
- Australian Commodity Traders Exchange
- Antam Resourcindo - Indonesia
- Maheswari Brothers Coal Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Uttam Galva Steels Limited - India
- Iligan Light & Power Inc, Philippines
- The Treasury - Australian Government
- Dalmia Cement Bharat India
- Makarim & Taira - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Port Waratah Coal Services - Australia
- Simpson Spence & Young - Indonesia
- Indo Tambangraya Megah - Indonesia
- Meralco Power Generation, Philippines
- Larsen & Toubro Limited - India
- Manunggal Multi Energi - Indonesia
- White Energy Company Limited
- European Bulk Services B.V. - Netherlands
- Star Paper Mills Limited - India
- Vizag Seaport Private Limited - India
- Independent Power Producers Association of India
- Jindal Steel & Power Ltd - India
- Timah Investasi Mineral - Indoneisa
- Siam City Cement - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Economic Council, Georgia
- Holcim Trading Pte Ltd - Singapore
- GMR Energy Limited - India
- Riau Bara Harum - Indonesia
- IEA Clean Coal Centre - UK
- Kideco Jaya Agung - Indonesia
- Rio Tinto Coal - Australia
- Borneo Indobara - Indonesia
- Sojitz Corporation - Japan
- Jorong Barutama Greston.PT - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Petron Corporation, Philippines
- Central Electricity Authority - India
- Edison Trading Spa - Italy
- OPG Power Generation Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Vedanta Resources Plc - India
- Electricity Generating Authority of Thailand
- AsiaOL BioFuels Corp., Philippines
- Merrill Lynch Commodities Europe
- Global Business Power Corporation, Philippines
- Videocon Industries ltd - India
- South Luzon Thermal Energy Corporation
- Metalloyd Limited - United Kingdom
- Lanco Infratech Ltd - India
- Kumho Petrochemical, South Korea
- London Commodity Brokers - England
- Price Waterhouse Coopers - Russia
- Globalindo Alam Lestari - Indonesia
- Latin American Coal - Colombia
- Petrochimia International Co. Ltd.- Taiwan
- Jaiprakash Power Ventures ltd
- Maharashtra Electricity Regulatory Commission - India
- Cigading International Bulk Terminal - Indonesia
- Ministry of Transport, Egypt
- Krishnapatnam Port Company Ltd. - India
- Standard Chartered Bank - UAE
- Gujarat Sidhee Cement - India
- Miang Besar Coal Terminal - Indonesia
- Minerals Council of Australia
- Attock Cement Pakistan Limited
- Global Coal Blending Company Limited - Australia
- Chettinad Cement Corporation Ltd - India
- PTC India Limited - India
- SMC Global Power, Philippines
- Grasim Industreis Ltd - India
- Electricity Authority, New Zealand
- Salva Resources Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Coalindo Energy - Indonesia
- Banpu Public Company Limited - Thailand
- ICICI Bank Limited - India
- Mercuria Energy - Indonesia
- Coal and Oil Company - UAE
- Coastal Gujarat Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Indika Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Malabar Cements Ltd - India
- Thai Mozambique Logistica
- Billiton Holdings Pty Ltd - Australia
- Bhoruka Overseas - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- McConnell Dowell - Australia
- Pendopo Energi Batubara - Indonesia
- Marubeni Corporation - India
- Mintek Dendrill Indonesia
- Energy Development Corp, Philippines
- Eastern Coal Council - USA
- Bahari Cakrawala Sebuku - Indonesia
- International Coal Ventures Pvt Ltd - India
- Planning Commission, India
- Karbindo Abesyapradhi - Indoneisa
- Africa Commodities Group - South Africa
- Baramulti Group, Indonesia
- Xindia Steels Limited - India
- Sarangani Energy Corporation, Philippines
- Orica Mining Services - Indonesia
- Bulk Trading Sa - Switzerland
- Parry Sugars Refinery, India
- Savvy Resources Ltd - HongKong
- Mjunction Services Limited - India
- Central Java Power - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Sakthi Sugars Limited - India
- Aboitiz Power Corporation - Philippines
- Bangladesh Power Developement Board
- Semirara Mining Corp, Philippines
- PowerSource Philippines DevCo
- IHS Mccloskey Coal Group - USA
- Australian Coal Association
- Bhushan Steel Limited - India
- Trasteel International SA, Italy
- Kapuas Tunggal Persada - Indonesia
- Chamber of Mines of South Africa
- GN Power Mariveles Coal Plant, Philippines
- Georgia Ports Authority, United States
- Directorate Of Revenue Intelligence - India
- GVK Power & Infra Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Bayan Resources Tbk. - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Intertek Mineral Services - Indonesia
- The State Trading Corporation of India Ltd
- Orica Australia Pty. Ltd.
- Ministry of Finance - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- SN Aboitiz Power Inc, Philippines
- New Zealand Coal & Carbon
- Indonesian Coal Mining Association
- SMG Consultants - Indonesia
- Anglo American - United Kingdom
- Renaissance Capital - South Africa
- Sical Logistics Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Indogreen Group - Indonesia
- ASAPP Information Group - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Wood Mackenzie - Singapore
- CIMB Investment Bank - Malaysia
- GAC Shipping (India) Pvt Ltd
- Deloitte Consulting - India
- Barasentosa Lestari - Indonesia
- Kobexindo Tractors - Indoneisa
- Madhucon Powers Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- VISA Power Limited - India
- Thiess Contractors Indonesia
- Sree Jayajothi Cements Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- San Jose City I Power Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Bharathi Cement Corporation - India
- Sinarmas Energy and Mining - Indonesia
- Ambuja Cements Ltd - India
- Wilmar Investment Holdings
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