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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, 25 July 16
THE BDI FELL ON WEAKER RATES FOR CAPESIZE & PANAMAX VESSELS
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities slide slightly as Cape and Panamax segments ending in neg ...
Friday, 22 July 16
U.S COAL OUTPUT ROSE 17.2% WEEK OVER WEEK - EIA
COALspot.com – U.S, world’s second largest coal producers has produced approximately totalled an estimated 15.1 million short tons (mms ...
Thursday, 21 July 16
WHAT TO DO WHEN YOU DON'T GET PAID - SHIPOWNERS CLUB
Present market conditions have led to an increase in claims related to unpaid hire. To recover unpaid hire, Owners need to fully understand who the ...
Thursday, 21 July 16
CONSTRUCTIVE TOTAL LOSS: WHAT GOES IN TO CALCULATING QUANTUM? - HILL DICKINSON
KNOWLEDGE TO ELEVATE
The Commercial Court recently delivered its judgment in an important case (Connect Shipping Inc and Machrimar Management ...
Wednesday, 20 July 16
EDIBLE OIL MARKETS ACROSS THE GLOBE REMAIN UNDER PRESSURE - STELIOS KOLLINTZAS
The edible oil markets across the globe remain under pressure on the back of lackluster demand. Some of the main factors causing the low activity a ...
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- Intertek Mineral Services - Indonesia
- Karaikal Port Pvt Ltd - India
- Lanco Infratech Ltd - India
- Romanian Commodities Exchange
- GN Power Mariveles Coal Plant, Philippines
- Sarangani Energy Corporation, Philippines
- Mintek Dendrill Indonesia
- Semirara Mining Corp, Philippines
- Central Java Power - Indonesia
- Agrawal Coal Company - India
- Cement Manufacturers Association - India
- Petron Corporation, Philippines
- Interocean Group of Companies - India
- Barasentosa Lestari - Indonesia
- ICICI Bank Limited - India
- Bukit Makmur.PT - Indonesia
- Vizag Seaport Private Limited - India
- The State Trading Corporation of India Ltd
- Global Green Power PLC Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Central Electricity Authority - India
- Electricity Generating Authority of Thailand
- Australian Commodity Traders Exchange
- Ambuja Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- Orica Australia Pty. Ltd.
- South Luzon Thermal Energy Corporation
- Energy Development Corp, Philippines
- Energy Link Ltd, New Zealand
- GVK Power & Infra Limited - India
- Kaltim Prima Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Price Waterhouse Coopers - Russia
- Ind-Barath Power Infra Limited - India
- Merrill Lynch Commodities Europe
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Indonesian Coal Mining Association
- Aditya Birla Group - India
- Karbindo Abesyapradhi - Indoneisa
- McConnell Dowell - Australia
- Jorong Barutama Greston.PT - Indonesia
- Salva Resources Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Billiton Holdings Pty Ltd - Australia
- LBH Netherlands Bv - Netherlands
- Ministry of Mines - Canada
- Leighton Contractors Pty Ltd - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SN Aboitiz Power Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Videocon Industries ltd - India
- PowerSource Philippines DevCo
- Antam Resourcindo - Indonesia
- Borneo Indobara - Indonesia
- Bhoruka Overseas - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Therma Luzon, Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- The University of Queensland
- Jaiprakash Power Ventures ltd
- GMR Energy Limited - India
- Bangladesh Power Developement Board
- Uttam Galva Steels Limited - India
- Kobexindo Tractors - Indoneisa
- White Energy Company Limited
- The Treasury - Australian Government
- Star Paper Mills Limited - India
- Siam City Cement - Thailand
- Kumho Petrochemical, South Korea
- Edison Trading Spa - Italy
- Ceylon Electricity Board - Sri Lanka
- Sical Logistics Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thai Mozambique Logistica
- Minerals Council of Australia
- Gujarat Mineral Development Corp Ltd - India
- IEA Clean Coal Centre - UK
- Mjunction Services Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Formosa Plastics Group - Taiwan
- Bharathi Cement Corporation - India
- SMC Global Power, Philippines
- Carbofer General Trading SA - India
- Indogreen Group - Indonesia
- Maheswari Brothers Coal Limited - India
- Posco Energy - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhushan Steel Limited - India
- Essar Steel Hazira Ltd - India
- Grasim Industreis Ltd - India
- Marubeni Corporation - India
- OPG Power Generation Pvt Ltd - India
- Meralco Power Generation, Philippines
- Power Finance Corporation Ltd., India
- Bulk Trading Sa - Switzerland
- Sinarmas Energy and Mining - Indonesia
- Kideco Jaya Agung - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Indian Energy Exchange, India
- Coal and Oil Company - UAE
- Malabar Cements Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Alfred C Toepfer International GmbH - Germany
- Cigading International Bulk Terminal - Indonesia
- Chamber of Mines of South Africa
- Commonwealth Bank - Australia
- Krishnapatnam Port Company Ltd. - India
- Mercator Lines Limited - India
- Chettinad Cement Corporation Ltd - India
- India Bulls Power Limited - India
- Electricity Authority, New Zealand
- Anglo American - United Kingdom
- Kalimantan Lumbung Energi - Indonesia
- Siam City Cement PLC, Thailand
- Makarim & Taira - Indonesia
- London Commodity Brokers - England
- Planning Commission, India
- Bayan Resources Tbk. - Indonesia
- Sakthi Sugars Limited - India
- MS Steel International - UAE
- New Zealand Coal & Carbon
- Tamil Nadu electricity Board
- Goldman Sachs - Singapore
- Indian Oil Corporation Limited
- Riau Bara Harum - Indonesia
- Bukit Baiduri Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Medco Energi Mining Internasional
- SMG Consultants - Indonesia
- Toyota Tsusho Corporation, Japan
- Madhucon Powers Ltd - India
- Parry Sugars Refinery, India
- Coalindo Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Kepco SPC Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Directorate General of MIneral and Coal - Indonesia
- San Jose City I Power Corp, Philippines
- Gujarat Sidhee Cement - India
- Straits Asia Resources Limited - Singapore
- ASAPP Information Group - India
- Oldendorff Carriers - Singapore
- Kohat Cement Company Ltd. - Pakistan
- CNBM International Corporation - China
- GAC Shipping (India) Pvt Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Finance - Indonesia
- Meenaskhi Energy Private Limited - India
- Eastern Coal Council - USA
- Eastern Energy - Thailand
- Georgia Ports Authority, United States
- Larsen & Toubro Limited - India
- Standard Chartered Bank - UAE
- Sojitz Corporation - Japan
- Bhatia International Limited - India
- Xindia Steels Limited - India
- Coastal Gujarat Power Limited - India
- Independent Power Producers Association of India
- Wood Mackenzie - Singapore
- Port Waratah Coal Services - Australia
- Metalloyd Limited - United Kingdom
- Directorate Of Revenue Intelligence - India
- Binh Thuan Hamico - Vietnam
- Aboitiz Power Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Economic Council, Georgia
- Baramulti Group, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Rio Tinto Coal - Australia
- Simpson Spence & Young - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Mercuria Energy - Indonesia
- Africa Commodities Group - South Africa
- Sindya Power Generating Company Private Ltd
- Manunggal Multi Energi - Indonesia
- Pendopo Energi Batubara - Indonesia
- Rashtriya Ispat Nigam Limited - India
- VISA Power Limited - India
- Global Coal Blending Company Limited - Australia
- Jindal Steel & Power Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- CIMB Investment Bank - Malaysia
- Tata Chemicals Ltd - India
- IHS Mccloskey Coal Group - USA
- PTC India Limited - India
- Deloitte Consulting - India
- TeaM Sual Corporation - Philippines
- Orica Mining Services - Indonesia
- Iligan Light & Power Inc, Philippines
- Samtan Co., Ltd - South Korea
- Indika Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Dalmia Cement Bharat India
- Vedanta Resources Plc - India
- Attock Cement Pakistan Limited
- Ministry of Transport, Egypt
- Altura Mining Limited, Indonesia
- Singapore Mercantile Exchange
- Australian Coal Association
- Trasteel International SA, Italy
- International Coal Ventures Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Latin American Coal - Colombia
- Wilmar Investment Holdings
- Maharashtra Electricity Regulatory Commission - India
- Semirara Mining and Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Heidelberg Cement - Germany
- Bahari Cakrawala Sebuku - Indonesia
- Thiess Contractors Indonesia
- Kartika Selabumi Mining - Indonesia
- Renaissance Capital - South Africa
- Parliament of New Zealand
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