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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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Monday, 28 November 16
BALTIC DRY INDEX FALLS TO 1181 POINT, DOWN 76 POINTS W/W
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities down slightly and ending in a negative note this past wee ...
Thursday, 24 November 16
SUPRAMAX: SOUTH AFRICA STILL STRONG WITH OWNERS ACHIEVING AROUND USD 14-15K FOR TRIPS EAST - FEARNLEYS
Supramax
A positive kick-off in both the Atlantic and the Pacific. Very healthy rates within USG, some supras receiving well over 20k for trips t ...
Wednesday, 23 November 16
MARKET INSIGHT - CHRISTOPHER THOMAS WHITTY
The Organization of the Petroleum Exporting Countries (OPEC) is due to finalize a reduction in total production at its next scheduled meeting in Vi ...
Tuesday, 22 November 16
ITALY'S STEAM COAL IMPORTS EXPECTED TO DECLINE 7% Y/Y TO 15 MILLION TONS IN 2017 - ITALIAN COAL ASSOCIATION
Italy’s steam coal imports expected to decline to 15 million tons in 2017, or 7% less imports compared to 2016. The coking coal imports are e ...
Tuesday, 22 November 16
THE COMMODITIES MARKETS HAD SHOWED GREATER PROMISE SINCE THE SUMMER PERIOD - GEORGE LAZARIDIS
We have all borne witness to the sluggish pace of trade growth witnessed during the course of the past 4 years as well as the even slower pace note ...
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- GVK Power & Infra Limited - India
- Global Green Power PLC Corporation, Philippines
- London Commodity Brokers - England
- IHS Mccloskey Coal Group - USA
- Krishnapatnam Port Company Ltd. - India
- PNOC Exploration Corporation - Philippines
- Parliament of New Zealand
- Ministry of Mines - Canada
- Indian Oil Corporation Limited
- GMR Energy Limited - India
- Global Business Power Corporation, Philippines
- Xindia Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Jindal Steel & Power Ltd - India
- ASAPP Information Group - India
- ICICI Bank Limited - India
- Leighton Contractors Pty Ltd - Australia
- Standard Chartered Bank - UAE
- Australian Coal Association
- GN Power Mariveles Coal Plant, Philippines
- Chettinad Cement Corporation Ltd - India
- Therma Luzon, Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- OPG Power Generation Pvt Ltd - India
- Wood Mackenzie - Singapore
- Billiton Holdings Pty Ltd - Australia
- PowerSource Philippines DevCo
- Gujarat Electricity Regulatory Commission - India
- Barasentosa Lestari - Indonesia
- Renaissance Capital - South Africa
- Globalindo Alam Lestari - Indonesia
- Petron Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Banpu Public Company Limited - Thailand
- Sakthi Sugars Limited - India
- Port Waratah Coal Services - Australia
- Siam City Cement PLC, Thailand
- Maheswari Brothers Coal Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Electricity Generating Authority of Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Meralco Power Generation, Philippines
- Africa Commodities Group - South Africa
- Orica Australia Pty. Ltd.
- Bayan Resources Tbk. - Indonesia
- European Bulk Services B.V. - Netherlands
- Kartika Selabumi Mining - Indonesia
- Borneo Indobara - Indonesia
- Riau Bara Harum - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- McConnell Dowell - Australia
- Global Coal Blending Company Limited - Australia
- Tamil Nadu electricity Board
- Mercuria Energy - Indonesia
- Central Electricity Authority - India
- Merrill Lynch Commodities Europe
- Bukit Baiduri Energy - Indonesia
- The University of Queensland
- Planning Commission, India
- Cement Manufacturers Association - India
- Makarim & Taira - Indonesia
- Antam Resourcindo - Indonesia
- Meenaskhi Energy Private Limited - India
- Gujarat Sidhee Cement - India
- Directorate General of MIneral and Coal - Indonesia
- Marubeni Corporation - India
- Timah Investasi Mineral - Indoneisa
- Mercator Lines Limited - India
- Salva Resources Pvt Ltd - India
- Latin American Coal - Colombia
- White Energy Company Limited
- Coalindo Energy - Indonesia
- Lanco Infratech Ltd - India
- Altura Mining Limited, Indonesia
- The Treasury - Australian Government
- CNBM International Corporation - China
- Petrochimia International Co. Ltd.- Taiwan
- IEA Clean Coal Centre - UK
- Karbindo Abesyapradhi - Indoneisa
- Attock Cement Pakistan Limited
- Vedanta Resources Plc - India
- Indo Tambangraya Megah - Indonesia
- Sindya Power Generating Company Private Ltd
- Indonesian Coal Mining Association
- Aboitiz Power Corporation - Philippines
- Australian Commodity Traders Exchange
- Star Paper Mills Limited - India
- Kapuas Tunggal Persada - Indonesia
- Metalloyd Limited - United Kingdom
- AsiaOL BioFuels Corp., Philippines
- Miang Besar Coal Terminal - Indonesia
- Chamber of Mines of South Africa
- TeaM Sual Corporation - Philippines
- Ambuja Cements Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coastal Gujarat Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Essar Steel Hazira Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Pendopo Energi Batubara - Indonesia
- Toyota Tsusho Corporation, Japan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bulk Trading Sa - Switzerland
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jaiprakash Power Ventures ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Eastern Coal Council - USA
- Singapore Mercantile Exchange
- Kepco SPC Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Sical Logistics Limited - India
- Mintek Dendrill Indonesia
- Karaikal Port Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Ind-Barath Power Infra Limited - India
- Indian Energy Exchange, India
- SN Aboitiz Power Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Finance - Indonesia
- Goldman Sachs - Singapore
- Deloitte Consulting - India
- Thai Mozambique Logistica
- Energy Development Corp, Philippines
- Grasim Industreis Ltd - India
- Minerals Council of Australia
- Romanian Commodities Exchange
- Kohat Cement Company Ltd. - Pakistan
- Rio Tinto Coal - Australia
- Edison Trading Spa - Italy
- Jorong Barutama Greston.PT - Indonesia
- Orica Mining Services - Indonesia
- The State Trading Corporation of India Ltd
- India Bulls Power Limited - India
- Georgia Ports Authority, United States
- Thiess Contractors Indonesia
- San Jose City I Power Corp, Philippines
- Eastern Energy - Thailand
- Ministry of Transport, Egypt
- Heidelberg Cement - Germany
- Vijayanagar Sugar Pvt Ltd - India
- Indogreen Group - Indonesia
- CIMB Investment Bank - Malaysia
- Siam City Cement - Thailand
- Iligan Light & Power Inc, Philippines
- Sojitz Corporation - Japan
- Sarangani Energy Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Trasteel International SA, Italy
- Rashtriya Ispat Nigam Limited - India
- Anglo American - United Kingdom
- South Luzon Thermal Energy Corporation
- Alfred C Toepfer International GmbH - Germany
- Price Waterhouse Coopers - Russia
- Binh Thuan Hamico - Vietnam
- Bhoruka Overseas - Indonesia
- Kideco Jaya Agung - Indonesia
- Directorate Of Revenue Intelligence - India
- Vizag Seaport Private Limited - India
- New Zealand Coal & Carbon
- Parry Sugars Refinery, India
- Wilmar Investment Holdings
- SMG Consultants - Indonesia
- VISA Power Limited - India
- Samtan Co., Ltd - South Korea
- Carbofer General Trading SA - India
- Power Finance Corporation Ltd., India
- Semirara Mining and Power Corporation, Philippines
- Medco Energi Mining Internasional
- Interocean Group of Companies - India
- Kalimantan Lumbung Energi - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Indika Energy - Indonesia
- Oldendorff Carriers - Singapore
- LBH Netherlands Bv - Netherlands
- Manunggal Multi Energi - Indonesia
- Sinarmas Energy and Mining - Indonesia
- GAC Shipping (India) Pvt Ltd
- Independent Power Producers Association of India
- Bangladesh Power Developement Board
- Kumho Petrochemical, South Korea
- Kobexindo Tractors - Indoneisa
- Energy Link Ltd, New Zealand
- Tata Chemicals Ltd - India
- Commonwealth Bank - Australia
- Bhatia International Limited - India
- Malabar Cements Ltd - India
- Bharathi Cement Corporation - India
- International Coal Ventures Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Straits Asia Resources Limited - Singapore
- SMC Global Power, Philippines
- MS Steel International - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Dalmia Cement Bharat India
- Formosa Plastics Group - Taiwan
- Semirara Mining Corp, Philippines
- Mjunction Services Limited - India
- Coal and Oil Company - UAE
- Bhushan Steel Limited - India
- Baramulti Group, Indonesia
- Larsen & Toubro Limited - India
- Aditya Birla Group - India
- Posco Energy - South Korea
- Savvy Resources Ltd - HongKong
- Pipit Mutiara Jaya. PT, Indonesia
- Sree Jayajothi Cements Limited - India
- PTC India Limited - India
- Madhucon Powers Ltd - India
- Videocon Industries ltd - India
- Uttam Galva Steels Limited - India
- Cigading International Bulk Terminal - Indonesia
- Central Java Power - Indonesia
- Agrawal Coal Company - India
- Electricity Authority, New Zealand
- Economic Council, Georgia
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