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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, 10 November 16
PANAMAX: NO TRUMP INFLUENCE YET, AND THE MARKET IS HEADING NORTH - FEARNLEYS
Supramax
Pacific Supra market still soft and falling this week, although seems to be in a somewhat slower pace compared to last week. According t ...
Wednesday, 09 November 16
SINGAPORE'S SGX COMPLETES ACQUISITION OF LONDON'S BALTIC EXCHANGE
COALspot.com: Singapore Exchange Limited and The Baltic Exchange Limited together announced that the acquisition of the Baltic Exchange by SGX has ...
Wednesday, 09 November 16
SUPRAMAX: 50% INCREASE ON AVERAGE SINCE THE FIRST QUARTER OF THE YEAR - GIANNIS ANDRITSOPOULOS
Last week was an interesting one for the tanker market, which following the explosion of the gas pipeline in Alabama witnessed a spike in Atlantic ...
Tuesday, 08 November 16
S.KOREA'S KOMIPO ISSUES TENDER TO BUY 390K TONS OF BITUMINOUS COAL FOR JAN-FEB 2017
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 390,000 Metric Tons of Bituminous Coal for its B ...
Monday, 07 November 16
INDONESIAN COAL PRICE REFERENCE ROSE 59.57 PER CENT YEAR TO MONTH
COALspot.com: The Indonesia coal benchmark price hits to its highest level since May 2013. The government declared benchmark prices for Indo ...
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- Meralco Power Generation, Philippines
- Bayan Resources Tbk. - Indonesia
- Formosa Plastics Group - Taiwan
- Parry Sugars Refinery, India
- Mercuria Energy - Indonesia
- Merrill Lynch Commodities Europe
- Indo Tambangraya Megah - Indonesia
- Riau Bara Harum - Indonesia
- Larsen & Toubro Limited - India
- Eastern Coal Council - USA
- Samtan Co., Ltd - South Korea
- Indian Energy Exchange, India
- Coal and Oil Company - UAE
- Bharathi Cement Corporation - India
- Australian Coal Association
- Kideco Jaya Agung - Indonesia
- SMC Global Power, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jaiprakash Power Ventures ltd
- Orica Mining Services - Indonesia
- Bukit Baiduri Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- Gujarat Electricity Regulatory Commission - India
- London Commodity Brokers - England
- Sindya Power Generating Company Private Ltd
- Neyveli Lignite Corporation Ltd, - India
- International Coal Ventures Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Altura Mining Limited, Indonesia
- IEA Clean Coal Centre - UK
- Sarangani Energy Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Asmin Koalindo Tuhup - Indonesia
- Energy Link Ltd, New Zealand
- Maheswari Brothers Coal Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Baramulti Group, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- White Energy Company Limited
- Global Green Power PLC Corporation, Philippines
- Siam City Cement PLC, Thailand
- Bhoruka Overseas - Indonesia
- Ministry of Finance - Indonesia
- Gujarat Sidhee Cement - India
- Maharashtra Electricity Regulatory Commission - India
- MS Steel International - UAE
- Vijayanagar Sugar Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Carbofer General Trading SA - India
- Kaltim Prima Coal - Indonesia
- Star Paper Mills Limited - India
- Energy Development Corp, Philippines
- Vedanta Resources Plc - India
- Oldendorff Carriers - Singapore
- Indonesian Coal Mining Association
- Grasim Industreis Ltd - India
- Semirara Mining Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Sojitz Corporation - Japan
- Bahari Cakrawala Sebuku - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Singapore Mercantile Exchange
- Rio Tinto Coal - Australia
- Jindal Steel & Power Ltd - India
- European Bulk Services B.V. - Netherlands
- Coalindo Energy - Indonesia
- PowerSource Philippines DevCo
- GAC Shipping (India) Pvt Ltd
- Central Java Power - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Minerals Council of Australia
- Karbindo Abesyapradhi - Indoneisa
- Karaikal Port Pvt Ltd - India
- Trasteel International SA, Italy
- Ind-Barath Power Infra Limited - India
- Parliament of New Zealand
- VISA Power Limited - India
- Iligan Light & Power Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- India Bulls Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Essar Steel Hazira Ltd - India
- Standard Chartered Bank - UAE
- Bangladesh Power Developement Board
- Kalimantan Lumbung Energi - Indonesia
- Ambuja Cements Ltd - India
- Romanian Commodities Exchange
- Vizag Seaport Private Limited - India
- GMR Energy Limited - India
- Uttam Galva Steels Limited - India
- Mjunction Services Limited - India
- Krishnapatnam Port Company Ltd. - India
- Kobexindo Tractors - Indoneisa
- Xindia Steels Limited - India
- Medco Energi Mining Internasional
- Banpu Public Company Limited - Thailand
- Wilmar Investment Holdings
- Billiton Holdings Pty Ltd - Australia
- Tamil Nadu electricity Board
- Pendopo Energi Batubara - Indonesia
- Barasentosa Lestari - Indonesia
- Bhatia International Limited - India
- Makarim & Taira - Indonesia
- Chamber of Mines of South Africa
- Bhushan Steel Limited - India
- Therma Luzon, Inc, Philippines
- Africa Commodities Group - South Africa
- Economic Council, Georgia
- GVK Power & Infra Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Latin American Coal - Colombia
- Port Waratah Coal Services - Australia
- Deloitte Consulting - India
- Sree Jayajothi Cements Limited - India
- Toyota Tsusho Corporation, Japan
- Cement Manufacturers Association - India
- Aditya Birla Group - India
- Semirara Mining and Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Global Coal Blending Company Limited - Australia
- Manunggal Multi Energi - Indonesia
- Ministry of Mines - Canada
- Cigading International Bulk Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- Attock Cement Pakistan Limited
- Simpson Spence & Young - Indonesia
- McConnell Dowell - Australia
- Petron Corporation, Philippines
- Indogreen Group - Indonesia
- SMG Consultants - Indonesia
- Australian Commodity Traders Exchange
- Metalloyd Limited - United Kingdom
- Georgia Ports Authority, United States
- Renaissance Capital - South Africa
- Kumho Petrochemical, South Korea
- Electricity Authority, New Zealand
- The State Trading Corporation of India Ltd
- Bukit Makmur.PT - Indonesia
- New Zealand Coal & Carbon
- Planning Commission, India
- Mercator Lines Limited - India
- Directorate Of Revenue Intelligence - India
- Chettinad Cement Corporation Ltd - India
- ASAPP Information Group - India
- Intertek Mineral Services - Indonesia
- Commonwealth Bank - Australia
- Bulk Trading Sa - Switzerland
- ICICI Bank Limited - India
- Kartika Selabumi Mining - Indonesia
- SN Aboitiz Power Inc, Philippines
- Coastal Gujarat Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indian Oil Corporation Limited
- Dalmia Cement Bharat India
- OPG Power Generation Pvt Ltd - India
- Lanco Infratech Ltd - India
- Anglo American - United Kingdom
- Meenaskhi Energy Private Limited - India
- Posco Energy - South Korea
- Salva Resources Pvt Ltd - India
- Heidelberg Cement - Germany
- Central Electricity Authority - India
- Wood Mackenzie - Singapore
- Edison Trading Spa - Italy
- Eastern Energy - Thailand
- TeaM Sual Corporation - Philippines
- Agrawal Coal Company - India
- Aboitiz Power Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- South Luzon Thermal Energy Corporation
- Videocon Industries ltd - India
- Marubeni Corporation - India
- Leighton Contractors Pty Ltd - Australia
- Sical Logistics Limited - India
- Siam City Cement - Thailand
- Sinarmas Energy and Mining - Indonesia
- Binh Thuan Hamico - Vietnam
- Electricity Generating Authority of Thailand
- Thai Mozambique Logistica
- Mintek Dendrill Indonesia
- Goldman Sachs - Singapore
- PTC India Limited - India
- Independent Power Producers Association of India
- Global Business Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Antam Resourcindo - Indonesia
- Straits Asia Resources Limited - Singapore
- Thiess Contractors Indonesia
- AsiaOL BioFuels Corp., Philippines
- Rashtriya Ispat Nigam Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Sakthi Sugars Limited - India
- The Treasury - Australian Government
- Indika Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Madhucon Powers Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Alfred C Toepfer International GmbH - Germany
- Malabar Cements Ltd - India
- Holcim Trading Pte Ltd - Singapore
- CIMB Investment Bank - Malaysia
- Interocean Group of Companies - India
- Borneo Indobara - Indonesia
- Power Finance Corporation Ltd., India
- Tata Chemicals Ltd - India
- Orica Australia Pty. Ltd.
- The University of Queensland
- LBH Netherlands Bv - Netherlands
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- CNBM International Corporation - China
- Ministry of Transport, Egypt
- Petrochimia International Co. Ltd.- Taiwan
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