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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, 19 September 16
AFTER YEARS OF COMA, COAL BECOMES THE MOST ATTRACTIVE COMMODITY RIGHT NOW
COALspot.com: China boosted coal imports in recent months. The Chinese government’s drive to cut over capacity pushed up the demand for therm ...
Monday, 19 September 16
THE CAPE INDEX WAS UP 7.28% WEEK OVER WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities declined and ending in a slightly negative note this past ...
Friday, 16 September 16
GLOBAL SHIPBUILDING: THE CHALLENGE TO REMAIN 'ACTIVE' - CHRISTOPHER PEARCE, CLARKSONS
The number of ‘active’ shipyards globally has more than halved since the start of 2009, falling to around 400 shipyards at the start of ...
Friday, 16 September 16
U.S. WEEKLY COAL OUTPUT DECLINED 6.2% TO 15.1 MMST, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.1 million short ton ...
Thursday, 15 September 16
INDONESIA MAY FACE A COAL CRISIS BY 2035!
COALspot.com: Indonesia is the world’s fourth-largest coal producer and the world’s largest thermal coal exporter may face a coal crisi ...
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- Mjunction Services Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- ICICI Bank Limited - India
- Siam City Cement PLC, Thailand
- IEA Clean Coal Centre - UK
- Deloitte Consulting - India
- Wilmar Investment Holdings
- Altura Mining Limited, Indonesia
- Simpson Spence & Young - Indonesia
- Toyota Tsusho Corporation, Japan
- Kideco Jaya Agung - Indonesia
- Makarim & Taira - Indonesia
- Bhoruka Overseas - Indonesia
- Commonwealth Bank - Australia
- Barasentosa Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Trasteel International SA, Italy
- Jindal Steel & Power Ltd - India
- Agrawal Coal Company - India
- Interocean Group of Companies - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SMC Global Power, Philippines
- Parry Sugars Refinery, India
- Indogreen Group - Indonesia
- Chamber of Mines of South Africa
- Central Electricity Authority - India
- Alfred C Toepfer International GmbH - Germany
- SN Aboitiz Power Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Madhucon Powers Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Iligan Light & Power Inc, Philippines
- Aditya Birla Group - India
- Indonesian Coal Mining Association
- Gujarat Electricity Regulatory Commission - India
- LBH Netherlands Bv - Netherlands
- Maharashtra Electricity Regulatory Commission - India
- Sindya Power Generating Company Private Ltd
- Neyveli Lignite Corporation Ltd, - India
- Xindia Steels Limited - India
- TeaM Sual Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Australian Coal Association
- Uttam Galva Steels Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Videocon Industries ltd - India
- Edison Trading Spa - Italy
- Banpu Public Company Limited - Thailand
- Ind-Barath Power Infra Limited - India
- Vizag Seaport Private Limited - India
- Binh Thuan Hamico - Vietnam
- Coastal Gujarat Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Indian Energy Exchange, India
- Directorate Of Revenue Intelligence - India
- Romanian Commodities Exchange
- Straits Asia Resources Limited - Singapore
- Grasim Industreis Ltd - India
- Electricity Generating Authority of Thailand
- Sarangani Energy Corporation, Philippines
- Attock Cement Pakistan Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- The State Trading Corporation of India Ltd
- Meenaskhi Energy Private Limited - India
- Goldman Sachs - Singapore
- Anglo American - United Kingdom
- White Energy Company Limited
- PTC India Limited - India
- European Bulk Services B.V. - Netherlands
- Salva Resources Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Heidelberg Cement - Germany
- GAC Shipping (India) Pvt Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Sojitz Corporation - Japan
- Planning Commission, India
- Gujarat Sidhee Cement - India
- Price Waterhouse Coopers - Russia
- McConnell Dowell - Australia
- VISA Power Limited - India
- Merrill Lynch Commodities Europe
- IHS Mccloskey Coal Group - USA
- New Zealand Coal & Carbon
- Baramulti Group, Indonesia
- Bulk Trading Sa - Switzerland
- Leighton Contractors Pty Ltd - Australia
- Petron Corporation, Philippines
- Orica Australia Pty. Ltd.
- Gujarat Mineral Development Corp Ltd - India
- Semirara Mining Corp, Philippines
- The Treasury - Australian Government
- Antam Resourcindo - Indonesia
- London Commodity Brokers - England
- Kepco SPC Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Manunggal Multi Energi - Indonesia
- Sical Logistics Limited - India
- Miang Besar Coal Terminal - Indonesia
- Carbofer General Trading SA - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Posco Energy - South Korea
- Sree Jayajothi Cements Limited - India
- Pendopo Energi Batubara - Indonesia
- Latin American Coal - Colombia
- Eastern Coal Council - USA
- Tamil Nadu electricity Board
- Independent Power Producers Association of India
- Ministry of Transport, Egypt
- Ministry of Finance - Indonesia
- Global Green Power PLC Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Coal and Oil Company - UAE
- Samtan Co., Ltd - South Korea
- Africa Commodities Group - South Africa
- GVK Power & Infra Limited - India
- Billiton Holdings Pty Ltd - Australia
- Thai Mozambique Logistica
- The University of Queensland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- South Luzon Thermal Energy Corporation
- Essar Steel Hazira Ltd - India
- Vedanta Resources Plc - India
- Minerals Council of Australia
- Dalmia Cement Bharat India
- Savvy Resources Ltd - HongKong
- Kumho Petrochemical, South Korea
- Malabar Cements Ltd - India
- Parliament of New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Timah Investasi Mineral - Indoneisa
- Chettinad Cement Corporation Ltd - India
- PNOC Exploration Corporation - Philippines
- Electricity Authority, New Zealand
- Wood Mackenzie - Singapore
- Maheswari Brothers Coal Limited - India
- Rio Tinto Coal - Australia
- Karaikal Port Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Borneo Indobara - Indonesia
- Power Finance Corporation Ltd., India
- Global Business Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Thiess Contractors Indonesia
- Formosa Plastics Group - Taiwan
- Coalindo Energy - Indonesia
- Economic Council, Georgia
- San Jose City I Power Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Tata Chemicals Ltd - India
- Meralco Power Generation, Philippines
- Orica Mining Services - Indonesia
- Energy Link Ltd, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Kobexindo Tractors - Indoneisa
- Bharathi Cement Corporation - India
- AsiaOL BioFuels Corp., Philippines
- Siam City Cement - Thailand
- Renaissance Capital - South Africa
- Marubeni Corporation - India
- Intertek Mineral Services - Indonesia
- Eastern Energy - Thailand
- Rashtriya Ispat Nigam Limited - India
- Mintek Dendrill Indonesia
- Jaiprakash Power Ventures ltd
- Riau Bara Harum - Indonesia
- Bayan Resources Tbk. - Indonesia
- Aboitiz Power Corporation - Philippines
- Indian Oil Corporation Limited
- Indika Energy - Indonesia
- Mercuria Energy - Indonesia
- Energy Development Corp, Philippines
- Central Java Power - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Singapore Mercantile Exchange
- Bukit Makmur.PT - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bhushan Steel Limited - India
- Australian Commodity Traders Exchange
- Ministry of Mines - Canada
- Kaltim Prima Coal - Indonesia
- Star Paper Mills Limited - India
- Bukit Baiduri Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Port Waratah Coal Services - Australia
- Larsen & Toubro Limited - India
- Indo Tambangraya Megah - Indonesia
- Cement Manufacturers Association - India
- Sakthi Sugars Limited - India
- Medco Energi Mining Internasional
- PowerSource Philippines DevCo
- CNBM International Corporation - China
- OPG Power Generation Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Therma Luzon, Inc, Philippines
- Bhatia International Limited - India
- Mercator Lines Limited - India
- Globalindo Alam Lestari - Indonesia
- MS Steel International - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Petrochimia International Co. Ltd.- Taiwan
- GN Power Mariveles Coal Plant, Philippines
- SMG Consultants - Indonesia
- Metalloyd Limited - United Kingdom
- TNB Fuel Sdn Bhd - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GMR Energy Limited - India
- ASAPP Information Group - India
- Semirara Mining and Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Georgia Ports Authority, United States
- India Bulls Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Standard Chartered Bank - UAE
- Ambuja Cements Ltd - India
- Lanco Infratech Ltd - India
- Bangladesh Power Developement Board
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