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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, 03 November 16
CAPESIZE: BRAZIL/CHINA RATES MOVED TO THE $11 PMT LEVEL; WEST AUSTRALIA/CHINA ROUTE MOVED UP CLOSE TO MID $5 PMT LEVEL - FEARNLEYS
Supramax
In the Atlantic we see a bit more activity than in the eastern hemisphere, says Fearnleys in its latest weekly report. Fhauls via Black ...
Wednesday, 02 November 16
SHIPPING MARKET INSIGHT
A week before the U.S. presidential election, everyone is eager to see the socio-political effects that the result of these elections will have. As ...
Wednesday, 02 November 16
SHIP OPERATING COSTS ARE EXPECTED TO RISE IN BOTH 2016 AND 2017 - MOORE STEPHENS
Vessel operating costs are expected to rise in both 2016 and 2017. Repairs and maintenance and spares are the cost categories which are likely to i ...
Tuesday, 01 November 16
PANAMAX : A FAIR AMOUNT OF SIDEWAYS SHIPPING IN RATES - ALLIED SHIPPING
Capesize
A very sluggish start to the week, with rates dropping considerably as all optimism seems to have evaporated over the weekend. According ...
Tuesday, 01 November 16
IMPROVEMENT ON THE DEMAND SIDE ONLY BUT THE SUPPLY SIDE IS WORSE OFF - BIMCO
Back in May, BIMCO disclosed a projected “road to recovery” for the dry bulk shipping industry. The main message back then on what the ...
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- San Jose City I Power Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Mjunction Services Limited - India
- Simpson Spence & Young - Indonesia
- Port Waratah Coal Services - Australia
- TeaM Sual Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Petron Corporation, Philippines
- Larsen & Toubro Limited - India
- Renaissance Capital - South Africa
- Jindal Steel & Power Ltd - India
- Ambuja Cements Ltd - India
- The University of Queensland
- Parliament of New Zealand
- Madhucon Powers Ltd - India
- Minerals Council of Australia
- Rashtriya Ispat Nigam Limited - India
- Makarim & Taira - Indonesia
- Pendopo Energi Batubara - Indonesia
- McConnell Dowell - Australia
- Billiton Holdings Pty Ltd - Australia
- Rio Tinto Coal - Australia
- Ceylon Electricity Board - Sri Lanka
- Indika Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Indian Oil Corporation Limited
- Economic Council, Georgia
- Chettinad Cement Corporation Ltd - India
- Altura Mining Limited, Indonesia
- Ind-Barath Power Infra Limited - India
- Directorate Of Revenue Intelligence - India
- Jaiprakash Power Ventures ltd
- Eastern Energy - Thailand
- Maharashtra Electricity Regulatory Commission - India
- White Energy Company Limited
- Interocean Group of Companies - India
- Goldman Sachs - Singapore
- The Treasury - Australian Government
- Semirara Mining and Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Indo Tambangraya Megah - Indonesia
- Binh Thuan Hamico - Vietnam
- SMG Consultants - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Global Coal Blending Company Limited - Australia
- Malabar Cements Ltd - India
- Price Waterhouse Coopers - Russia
- Mercuria Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Deloitte Consulting - India
- GMR Energy Limited - India
- Bukit Makmur.PT - Indonesia
- Siam City Cement - Thailand
- Sinarmas Energy and Mining - Indonesia
- Tata Chemicals Ltd - India
- Kartika Selabumi Mining - Indonesia
- Thiess Contractors Indonesia
- Globalindo Alam Lestari - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Georgia Ports Authority, United States
- Aditya Birla Group - India
- Straits Asia Resources Limited - Singapore
- SMC Global Power, Philippines
- London Commodity Brokers - England
- PowerSource Philippines DevCo
- Gujarat Sidhee Cement - India
- Siam City Cement PLC, Thailand
- Australian Commodity Traders Exchange
- Gujarat Mineral Development Corp Ltd - India
- Central Java Power - Indonesia
- Cement Manufacturers Association - India
- Bharathi Cement Corporation - India
- Therma Luzon, Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Sical Logistics Limited - India
- Formosa Plastics Group - Taiwan
- Posco Energy - South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Meenaskhi Energy Private Limited - India
- Vizag Seaport Private Limited - India
- Anglo American - United Kingdom
- Standard Chartered Bank - UAE
- Coastal Gujarat Power Limited - India
- CNBM International Corporation - China
- GN Power Mariveles Coal Plant, Philippines
- Eastern Coal Council - USA
- TNB Fuel Sdn Bhd - Malaysia
- Singapore Mercantile Exchange
- Orica Mining Services - Indonesia
- VISA Power Limited - India
- Mercator Lines Limited - India
- Maheswari Brothers Coal Limited - India
- AsiaOL BioFuels Corp., Philippines
- LBH Netherlands Bv - Netherlands
- Riau Bara Harum - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Global Business Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Energy Development Corp, Philippines
- The State Trading Corporation of India Ltd
- Sindya Power Generating Company Private Ltd
- IEA Clean Coal Centre - UK
- Electricity Generating Authority of Thailand
- Trasteel International SA, Italy
- Edison Trading Spa - Italy
- Indogreen Group - Indonesia
- Wilmar Investment Holdings
- Electricity Authority, New Zealand
- Kumho Petrochemical, South Korea
- Borneo Indobara - Indonesia
- Ministry of Mines - Canada
- Karbindo Abesyapradhi - Indoneisa
- Central Electricity Authority - India
- Orica Australia Pty. Ltd.
- Energy Link Ltd, New Zealand
- Bhatia International Limited - India
- Agrawal Coal Company - India
- Bukit Baiduri Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Australian Coal Association
- Offshore Bulk Terminal Pte Ltd, Singapore
- Essar Steel Hazira Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Commonwealth Bank - Australia
- Kalimantan Lumbung Energi - Indonesia
- New Zealand Coal & Carbon
- Uttam Galva Steels Limited - India
- Manunggal Multi Energi - Indonesia
- Antam Resourcindo - Indonesia
- Videocon Industries ltd - India
- Lanco Infratech Ltd - India
- Salva Resources Pvt Ltd - India
- Chamber of Mines of South Africa
- Indian Energy Exchange, India
- Coal and Oil Company - UAE
- Bangladesh Power Developement Board
- International Coal Ventures Pvt Ltd - India
- India Bulls Power Limited - India
- Dalmia Cement Bharat India
- Petrochimia International Co. Ltd.- Taiwan
- Latin American Coal - Colombia
- Savvy Resources Ltd - HongKong
- Bulk Trading Sa - Switzerland
- Bhoruka Overseas - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Tamil Nadu electricity Board
- GAC Shipping (India) Pvt Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Medco Energi Mining Internasional
- Bukit Asam (Persero) Tbk - Indonesia
- Star Paper Mills Limited - India
- Barasentosa Lestari - Indonesia
- Baramulti Group, Indonesia
- IHS Mccloskey Coal Group - USA
- Kideco Jaya Agung - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Kobexindo Tractors - Indoneisa
- Merrill Lynch Commodities Europe
- MS Steel International - UAE
- Power Finance Corporation Ltd., India
- Carbofer General Trading SA - India
- Oldendorff Carriers - Singapore
- Global Green Power PLC Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Grasim Industreis Ltd - India
- Thai Mozambique Logistica
- ICICI Bank Limited - India
- Romanian Commodities Exchange
- Ministry of Transport, Egypt
- Karaikal Port Pvt Ltd - India
- Sojitz Corporation - Japan
- Semirara Mining Corp, Philippines
- Bhushan Steel Limited - India
- Sarangani Energy Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Xindia Steels Limited - India
- Metalloyd Limited - United Kingdom
- Heidelberg Cement - Germany
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Timah Investasi Mineral - Indoneisa
- Sakthi Sugars Limited - India
- Coalindo Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Alfred C Toepfer International GmbH - Germany
- Kaltim Prima Coal - Indonesia
- ASAPP Information Group - India
- Iligan Light & Power Inc, Philippines
- Attock Cement Pakistan Limited
- Ministry of Finance - Indonesia
- Africa Commodities Group - South Africa
- Holcim Trading Pte Ltd - Singapore
- Mintek Dendrill Indonesia
- Vedanta Resources Plc - India
- Parry Sugars Refinery, India
- GVK Power & Infra Limited - India
- European Bulk Services B.V. - Netherlands
- Kepco SPC Power Corporation, Philippines
- PTC India Limited - India
- Banpu Public Company Limited - Thailand
- Independent Power Producers Association of India
- CIMB Investment Bank - Malaysia
- South Luzon Thermal Energy Corporation
- Wood Mackenzie - Singapore
- Samtan Co., Ltd - South Korea
- Toyota Tsusho Corporation, Japan
- Directorate General of MIneral and Coal - Indonesia
- Indonesian Coal Mining Association
- Intertek Mineral Services - Indonesia
- Marubeni Corporation - India
- Bahari Cakrawala Sebuku - Indonesia
- Sree Jayajothi Cements Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Planning Commission, India
- Miang Besar Coal Terminal - Indonesia
- Aboitiz Power Corporation - Philippines
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