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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, 08 August 16
THE BALTIC EXCHANGE, TRACKING RATES FOR SHIPS CARRYING DRY BULK COMMODITIES SLIDE SLIGHTLY
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities slide slightly as Panamax and Supramax segments ending in ...
Monday, 08 August 16
ARE EXPENSES INCURRED DURING NEGOTIATION OF A PIRATE RANSOM RECOVERABLE IN GENERAL AVERAGE? - CLYDE&CO
KNOWLEDGE TO ELEVATE
Facts
The laden chemical tanker LONGCHAMP was transiting the Gulf of Aden on passage to Vietnam. The ship was subject t ...
Saturday, 06 August 16
DRY BULK SHIPPING CHARTER RATES TO RISE ON UNEXPECTED DEMAND GROWTH - DREWRY
Increasing trade and contracting supply will support a recovery in charter rates on major dry bulk shipping routes, with the prospect of China impo ...
Friday, 05 August 16
WEEKLY U.S. COAL OUTPUT TOTALED AN ESTIMATED 16.1 MMST IN THE WEEK ENDED JULY 30 - EIA
COALspot.com – U.S., the world’s second largest coal producers has produced approximately totalled an estimated 16.1 million short tons ...
Friday, 05 August 16
CAPESIZE : RATES ARE REMAINING AT DEPRESSING LEVELS DUE TO LACK OF FRESH CARGOES - FEARNLEYS
Supramax
Last week has been one of the slowest for some time with rates under pressure in most areas.
In its latest weekly report, shipbroke ...
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- Wilmar Investment Holdings
- Indonesian Coal Mining Association
- Merrill Lynch Commodities Europe
- White Energy Company Limited
- Antam Resourcindo - Indonesia
- Directorate Of Revenue Intelligence - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GVK Power & Infra Limited - India
- Kumho Petrochemical, South Korea
- The Treasury - Australian Government
- Semirara Mining Corp, Philippines
- Electricity Generating Authority of Thailand
- Madhucon Powers Ltd - India
- Orica Australia Pty. Ltd.
- Wood Mackenzie - Singapore
- Indogreen Group - Indonesia
- Romanian Commodities Exchange
- Kapuas Tunggal Persada - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Renaissance Capital - South Africa
- Bangladesh Power Developement Board
- Mintek Dendrill Indonesia
- Malabar Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Sojitz Corporation - Japan
- CNBM International Corporation - China
- Chettinad Cement Corporation Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Formosa Plastics Group - Taiwan
- Straits Asia Resources Limited - Singapore
- Mjunction Services Limited - India
- IEA Clean Coal Centre - UK
- Kaltim Prima Coal - Indonesia
- Coastal Gujarat Power Limited - India
- Interocean Group of Companies - India
- Aditya Birla Group - India
- Xindia Steels Limited - India
- Economic Council, Georgia
- Salva Resources Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GN Power Mariveles Coal Plant, Philippines
- TeaM Sual Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Australian Coal Association
- Energy Development Corp, Philippines
- Uttam Galva Steels Limited - India
- Barasentosa Lestari - Indonesia
- Ministry of Finance - Indonesia
- Carbofer General Trading SA - India
- Posco Energy - South Korea
- SN Aboitiz Power Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Goldman Sachs - Singapore
- Planning Commission, India
- Iligan Light & Power Inc, Philippines
- Mercator Lines Limited - India
- Attock Cement Pakistan Limited
- Vizag Seaport Private Limited - India
- Ministry of Mines - Canada
- Electricity Authority, New Zealand
- Parry Sugars Refinery, India
- Semirara Mining and Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Timah Investasi Mineral - Indoneisa
- The State Trading Corporation of India Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Global Coal Blending Company Limited - Australia
- Maheswari Brothers Coal Limited - India
- Simpson Spence & Young - Indonesia
- Parliament of New Zealand
- Leighton Contractors Pty Ltd - Australia
- Tamil Nadu electricity Board
- Port Waratah Coal Services - Australia
- Karbindo Abesyapradhi - Indoneisa
- Binh Thuan Hamico - Vietnam
- Aboitiz Power Corporation - Philippines
- Bhoruka Overseas - Indonesia
- CIMB Investment Bank - Malaysia
- Neyveli Lignite Corporation Ltd, - India
- PetroVietnam Power Coal Import and Supply Company
- Meralco Power Generation, Philippines
- Jindal Steel & Power Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Toyota Tsusho Corporation, Japan
- AsiaOL BioFuels Corp., Philippines
- Manunggal Multi Energi - Indonesia
- Ind-Barath Power Infra Limited - India
- Directorate General of MIneral and Coal - Indonesia
- PTC India Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- ICICI Bank Limited - India
- Videocon Industries ltd - India
- GMR Energy Limited - India
- Billiton Holdings Pty Ltd - Australia
- Bayan Resources Tbk. - Indonesia
- Therma Luzon, Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Essar Steel Hazira Ltd - India
- Metalloyd Limited - United Kingdom
- Bhushan Steel Limited - India
- Petron Corporation, Philippines
- Singapore Mercantile Exchange
- PowerSource Philippines DevCo
- India Bulls Power Limited - India
- Thai Mozambique Logistica
- Anglo American - United Kingdom
- Offshore Bulk Terminal Pte Ltd, Singapore
- VISA Power Limited - India
- Rio Tinto Coal - Australia
- Altura Mining Limited, Indonesia
- London Commodity Brokers - England
- SMC Global Power, Philippines
- Eastern Coal Council - USA
- Georgia Ports Authority, United States
- Bukit Baiduri Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Mercuria Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- PNOC Exploration Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Commonwealth Bank - Australia
- SMG Consultants - Indonesia
- Tata Chemicals Ltd - India
- Sical Logistics Limited - India
- Sakthi Sugars Limited - India
- Indian Oil Corporation Limited
- Jaiprakash Power Ventures ltd
- Power Finance Corporation Ltd., India
- Independent Power Producers Association of India
- Eastern Energy - Thailand
- Meenaskhi Energy Private Limited - India
- Marubeni Corporation - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Heidelberg Cement - Germany
- European Bulk Services B.V. - Netherlands
- Indo Tambangraya Megah - Indonesia
- Central Electricity Authority - India
- Gujarat Sidhee Cement - India
- Cement Manufacturers Association - India
- Edison Trading Spa - Italy
- LBH Netherlands Bv - Netherlands
- Bukit Asam (Persero) Tbk - Indonesia
- Chamber of Mines of South Africa
- Larsen & Toubro Limited - India
- Ceylon Electricity Board - Sri Lanka
- Borneo Indobara - Indonesia
- Star Paper Mills Limited - India
- Global Business Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Krishnapatnam Port Company Ltd. - India
- Coalindo Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Grasim Industreis Ltd - India
- Bhatia International Limited - India
- Samtan Co., Ltd - South Korea
- Riau Bara Harum - Indonesia
- Coal and Oil Company - UAE
- Indian Energy Exchange, India
- Deloitte Consulting - India
- Ministry of Transport, Egypt
- IHS Mccloskey Coal Group - USA
- Jorong Barutama Greston.PT - Indonesia
- Bharathi Cement Corporation - India
- OPG Power Generation Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Makarim & Taira - Indonesia
- ASAPP Information Group - India
- Pendopo Energi Batubara - Indonesia
- Vedanta Resources Plc - India
- Central Java Power - Indonesia
- Indika Energy - Indonesia
- Standard Chartered Bank - UAE
- Thiess Contractors Indonesia
- Sarangani Energy Corporation, Philippines
- Latin American Coal - Colombia
- South Luzon Thermal Energy Corporation
- Globalindo Alam Lestari - Indonesia
- McConnell Dowell - Australia
- Price Waterhouse Coopers - Russia
- Energy Link Ltd, New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- MS Steel International - UAE
- Sree Jayajothi Cements Limited - India
- Africa Commodities Group - South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- The University of Queensland
- Kartika Selabumi Mining - Indonesia
- Dalmia Cement Bharat India
- Medco Energi Mining Internasional
- Karaikal Port Pvt Ltd - India
- Agrawal Coal Company - India
- Holcim Trading Pte Ltd - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- New Zealand Coal & Carbon
- Australian Commodity Traders Exchange
- Ambuja Cements Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Siam City Cement - Thailand
- Minerals Council of Australia
- Savvy Resources Ltd - HongKong
- Kohat Cement Company Ltd. - Pakistan
- Siam City Cement PLC, Thailand
- Oldendorff Carriers - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Baramulti Group, Indonesia
- Bukit Makmur.PT - Indonesia
- Trasteel International SA, Italy
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