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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, 15 September 16
CAPESIZE: LAST WEEK ENDED ON A VERY STRONG NOTE MAINLY DRIVEN BY A ACTIVE BRAZIL MARKET - FEARNLYS
Supramax
With holidays in the eastern hemisphere beginning this week, the sentiment and activity level has been decreasing.
In the Pacific, ...
Wednesday, 14 September 16
THE DRY BULK MARKET REACHED LEVELS LAST SEEN BACK IN 2015 - INTERMODAL
In an earlier column we commented that we are undergoing “shipping’s new (ab)normal” with constrained financing, shift in demand ...
Wednesday, 14 September 16
THE PORT OF NEWCASTLE SHIPPED 12.48 MMT OF COAL IN AUGUST; AVERAGE SELLING PRICE WAS $AU 83.33
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $AU $1,040.4 ...
Tuesday, 13 September 16
CAPESIZE: BIG STRENGTH SEEN IN THE MARKET THIS WEEK - ALLIED
Capesize - Big strength seen in the market this week, with an upbeat in sentiment amongst owners helping pull up rates fairly quickly and many hold ...
Monday, 12 September 16
THE CAPE MARKET HAS GAINS ON WEEK; THE CAPE INDEX SETTLING AT 1566 POINTS ON FRIDAY
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose and ending in a positive note this past week. The BD ...
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- International Coal Ventures Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Indika Energy - Indonesia
- Attock Cement Pakistan Limited
- SN Aboitiz Power Inc, Philippines
- Banpu Public Company Limited - Thailand
- Straits Asia Resources Limited - Singapore
- Toyota Tsusho Corporation, Japan
- LBH Netherlands Bv - Netherlands
- GMR Energy Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- VISA Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Malabar Cements Ltd - India
- Indian Energy Exchange, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kaltim Prima Coal - Indonesia
- Australian Coal Association
- Aditya Birla Group - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- SMC Global Power, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Cigading International Bulk Terminal - Indonesia
- South Luzon Thermal Energy Corporation
- Uttam Galva Steels Limited - India
- Videocon Industries ltd - India
- Kapuas Tunggal Persada - Indonesia
- Bangladesh Power Developement Board
- Meralco Power Generation, Philippines
- Mercuria Energy - Indonesia
- Goldman Sachs - Singapore
- Bayan Resources Tbk. - Indonesia
- Merrill Lynch Commodities Europe
- Commonwealth Bank - Australia
- SMG Consultants - Indonesia
- Sical Logistics Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Sidhee Cement - India
- Global Green Power PLC Corporation, Philippines
- Posco Energy - South Korea
- The State Trading Corporation of India Ltd
- PowerSource Philippines DevCo
- Billiton Holdings Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- Bulk Trading Sa - Switzerland
- The University of Queensland
- Rashtriya Ispat Nigam Limited - India
- Ind-Barath Power Infra Limited - India
- OPG Power Generation Pvt Ltd - India
- Ministry of Transport, Egypt
- San Jose City I Power Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Coalindo Energy - Indonesia
- Power Finance Corporation Ltd., India
- White Energy Company Limited
- Indonesian Coal Mining Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- ICICI Bank Limited - India
- Eastern Coal Council - USA
- Antam Resourcindo - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Latin American Coal - Colombia
- Borneo Indobara - Indonesia
- Binh Thuan Hamico - Vietnam
- Ambuja Cements Ltd - India
- Maheswari Brothers Coal Limited - India
- Heidelberg Cement - Germany
- Renaissance Capital - South Africa
- Energy Development Corp, Philippines
- Coastal Gujarat Power Limited - India
- Parliament of New Zealand
- Globalindo Alam Lestari - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Simpson Spence & Young - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Formosa Plastics Group - Taiwan
- Holcim Trading Pte Ltd - Singapore
- Independent Power Producers Association of India
- Xindia Steels Limited - India
- Semirara Mining and Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Wood Mackenzie - Singapore
- Parry Sugars Refinery, India
- Cement Manufacturers Association - India
- Lanco Infratech Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Salva Resources Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Savvy Resources Ltd - HongKong
- Agrawal Coal Company - India
- Barasentosa Lestari - Indonesia
- IHS Mccloskey Coal Group - USA
- PTC India Limited - India
- Semirara Mining Corp, Philippines
- Minerals Council of Australia
- CNBM International Corporation - China
- Karaikal Port Pvt Ltd - India
- Georgia Ports Authority, United States
- Edison Trading Spa - Italy
- Directorate Of Revenue Intelligence - India
- TeaM Sual Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Trasteel International SA, Italy
- Sarangani Energy Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Planning Commission, India
- Bukit Makmur.PT - Indonesia
- Electricity Generating Authority of Thailand
- Leighton Contractors Pty Ltd - Australia
- Energy Link Ltd, New Zealand
- Tata Chemicals Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Madhucon Powers Ltd - India
- Bhushan Steel Limited - India
- GAC Shipping (India) Pvt Ltd
- Economic Council, Georgia
- Bahari Cakrawala Sebuku - Indonesia
- Global Business Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Carbofer General Trading SA - India
- Iligan Light & Power Inc, Philippines
- Mercator Lines Limited - India
- Siam City Cement PLC, Thailand
- Essar Steel Hazira Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Kideco Jaya Agung - Indonesia
- MS Steel International - UAE
- London Commodity Brokers - England
- Indian Oil Corporation Limited
- Chamber of Mines of South Africa
- Dalmia Cement Bharat India
- Orica Australia Pty. Ltd.
- Romanian Commodities Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indogreen Group - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Rio Tinto Coal - Australia
- Marubeni Corporation - India
- GVK Power & Infra Limited - India
- Ceylon Electricity Board - Sri Lanka
- Electricity Authority, New Zealand
- Jindal Steel & Power Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Aboitiz Power Corporation - Philippines
- IEA Clean Coal Centre - UK
- Eastern Energy - Thailand
- Kobexindo Tractors - Indoneisa
- Sakthi Sugars Limited - India
- Krishnapatnam Port Company Ltd. - India
- Baramulti Group, Indonesia
- PNOC Exploration Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Mjunction Services Limited - India
- Thiess Contractors Indonesia
- The Treasury - Australian Government
- Star Paper Mills Limited - India
- Riau Bara Harum - Indonesia
- European Bulk Services B.V. - Netherlands
- Sree Jayajothi Cements Limited - India
- Interocean Group of Companies - India
- Vizag Seaport Private Limited - India
- Mintek Dendrill Indonesia
- Grasim Industreis Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Petron Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Neyveli Lignite Corporation Ltd, - India
- Kepco SPC Power Corporation, Philippines
- ASAPP Information Group - India
- Meenaskhi Energy Private Limited - India
- Sindya Power Generating Company Private Ltd
- Kalimantan Lumbung Energi - Indonesia
- Singapore Mercantile Exchange
- Jaiprakash Power Ventures ltd
- Port Waratah Coal Services - Australia
- Ministry of Mines - Canada
- Anglo American - United Kingdom
- Bhoruka Overseas - Indonesia
- Kumho Petrochemical, South Korea
- New Zealand Coal & Carbon
- Larsen & Toubro Limited - India
- Manunggal Multi Energi - Indonesia
- Pendopo Energi Batubara - Indonesia
- McConnell Dowell - Australia
- Standard Chartered Bank - UAE
- Wilmar Investment Holdings
- Timah Investasi Mineral - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Sojitz Corporation - Japan
- Medco Energi Mining Internasional
- Bhatia International Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Australian Commodity Traders Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Oldendorff Carriers - Singapore
- Siam City Cement - Thailand
- Vedanta Resources Plc - India
- Coal and Oil Company - UAE
- Tamil Nadu electricity Board
- Deloitte Consulting - India
- Samtan Co., Ltd - South Korea
- Africa Commodities Group - South Africa
- Intertek Mineral Services - Indonesia
- Thai Mozambique Logistica
- Ministry of Finance - Indonesia
- Price Waterhouse Coopers - Russia
- CIMB Investment Bank - Malaysia
- India Bulls Power Limited - India
- Central Electricity Authority - India
- Orica Mining Services - Indonesia
- Central Java Power - Indonesia
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