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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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Wednesday, 06 July 16
MARKET INSIGHT - VASSILIS VASSILIOU
After a fairly silent first half of the year in the ship repair sector, we have finally a harmonized workload in the shipyards around the world. Ma ...
Tuesday, 05 July 16
DRY BULK SHIPPING'S RECOVERY NOT SEEN UNTIL 2018 - SGX
SGX freight derivative volumes totaled 36,542 contracts in June (-28% m/m; +52% y/y), while open interest averaged 121,189 contracts during the mon ...
Tuesday, 05 July 16
SPOT COAL INDEXES FOR INDONESIAN COAL CONTINUE TO HOLD FIRM - CS COAL INDEX
COALspot.com: Average 5000 GAR coal index of Indonesian origin was up by 0.83 percent week over week to averaging $39.98 per ton this past week, sh ...
Monday, 04 July 16
INDONESIA COAL PRICE REFERENCE CLIMBED 2.30% IN JULY
COALspot.com: The Indonesia Coal Benchmark Price increased in July 2016.
The Director General of Mineral and Coal of Indonesia, the r ...
Monday, 04 July 16
BDI ROSE ON STRONGER DEMAND ACROSS ALL VESSEL SEGMENTS
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose this past week. The BDI was up 11.16 percent from la ...
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- Australian Coal Association
- Vizag Seaport Private Limited - India
- Africa Commodities Group - South Africa
- PTC India Limited - India
- ICICI Bank Limited - India
- Baramulti Group, Indonesia
- Bharathi Cement Corporation - India
- Wilmar Investment Holdings
- Kaltim Prima Coal - Indonesia
- Singapore Mercantile Exchange
- Eastern Coal Council - USA
- Cement Manufacturers Association - India
- India Bulls Power Limited - India
- Minerals Council of Australia
- Renaissance Capital - South Africa
- Carbofer General Trading SA - India
- Straits Asia Resources Limited - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Economic Council, Georgia
- SN Aboitiz Power Inc, Philippines
- South Luzon Thermal Energy Corporation
- San Jose City I Power Corp, Philippines
- Jaiprakash Power Ventures ltd
- Binh Thuan Hamico - Vietnam
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Ind-Barath Power Infra Limited - India
- Therma Luzon, Inc, Philippines
- TeaM Sual Corporation - Philippines
- Dalmia Cement Bharat India
- Siam City Cement PLC, Thailand
- Kepco SPC Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- PNOC Exploration Corporation - Philippines
- Semirara Mining Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Sakthi Sugars Limited - India
- Deloitte Consulting - India
- Ministry of Transport, Egypt
- Bhoruka Overseas - Indonesia
- Merrill Lynch Commodities Europe
- Posco Energy - South Korea
- Indonesian Coal Mining Association
- Iligan Light & Power Inc, Philippines
- Electricity Generating Authority of Thailand
- Larsen & Toubro Limited - India
- CNBM International Corporation - China
- Makarim & Taira - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coastal Gujarat Power Limited - India
- Aditya Birla Group - India
- Sical Logistics Limited - India
- Indian Oil Corporation Limited
- Miang Besar Coal Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Mercuria Energy - Indonesia
- Port Waratah Coal Services - Australia
- Indo Tambangraya Megah - Indonesia
- Gujarat Sidhee Cement - India
- Bulk Trading Sa - Switzerland
- Billiton Holdings Pty Ltd - Australia
- Chamber of Mines of South Africa
- International Coal Ventures Pvt Ltd - India
- Edison Trading Spa - Italy
- Goldman Sachs - Singapore
- Planning Commission, India
- Simpson Spence & Young - Indonesia
- Orica Australia Pty. Ltd.
- Eastern Energy - Thailand
- Georgia Ports Authority, United States
- Formosa Plastics Group - Taiwan
- Central Java Power - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Manunggal Multi Energi - Indonesia
- Coal and Oil Company - UAE
- Ministry of Finance - Indonesia
- Borneo Indobara - Indonesia
- Independent Power Producers Association of India
- Neyveli Lignite Corporation Ltd, - India
- Grasim Industreis Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Kideco Jaya Agung - Indonesia
- Parliament of New Zealand
- Mintek Dendrill Indonesia
- Savvy Resources Ltd - HongKong
- Agrawal Coal Company - India
- Salva Resources Pvt Ltd - India
- Medco Energi Mining Internasional
- Rashtriya Ispat Nigam Limited - India
- Bhushan Steel Limited - India
- Standard Chartered Bank - UAE
- Kohat Cement Company Ltd. - Pakistan
- Electricity Authority, New Zealand
- Meenaskhi Energy Private Limited - India
- AsiaOL BioFuels Corp., Philippines
- IEA Clean Coal Centre - UK
- TNB Fuel Sdn Bhd - Malaysia
- Thiess Contractors Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Petron Corporation, Philippines
- Videocon Industries ltd - India
- Anglo American - United Kingdom
- PetroVietnam Power Coal Import and Supply Company
- ASAPP Information Group - India
- Star Paper Mills Limited - India
- Kobexindo Tractors - Indoneisa
- Malabar Cements Ltd - India
- Jindal Steel & Power Ltd - India
- GMR Energy Limited - India
- Sojitz Corporation - Japan
- Kalimantan Lumbung Energi - Indonesia
- Kumho Petrochemical, South Korea
- Banpu Public Company Limited - Thailand
- Intertek Mineral Services - Indonesia
- Indian Energy Exchange, India
- Vijayanagar Sugar Pvt Ltd - India
- SMC Global Power, Philippines
- Mjunction Services Limited - India
- The Treasury - Australian Government
- Semirara Mining and Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Chettinad Cement Corporation Ltd - India
- Uttam Galva Steels Limited - India
- Global Business Power Corporation, Philippines
- Central Electricity Authority - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- White Energy Company Limited
- Commonwealth Bank - Australia
- Karaikal Port Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Essar Steel Hazira Ltd - India
- European Bulk Services B.V. - Netherlands
- Romanian Commodities Exchange
- Latin American Coal - Colombia
- Aboitiz Power Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Meralco Power Generation, Philippines
- New Zealand Coal & Carbon
- Coalindo Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Holcim Trading Pte Ltd - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- VISA Power Limited - India
- SMG Consultants - Indonesia
- Globalindo Alam Lestari - Indonesia
- Madhucon Powers Ltd - India
- Mercator Lines Limited - India
- Indogreen Group - Indonesia
- Sindya Power Generating Company Private Ltd
- Jorong Barutama Greston.PT - Indonesia
- Bangladesh Power Developement Board
- London Commodity Brokers - England
- The University of Queensland
- Cigading International Bulk Terminal - Indonesia
- Marubeni Corporation - India
- Sree Jayajothi Cements Limited - India
- Directorate Of Revenue Intelligence - India
- LBH Netherlands Bv - Netherlands
- Antam Resourcindo - Indonesia
- Bukit Baiduri Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Attock Cement Pakistan Limited
- Karbindo Abesyapradhi - Indoneisa
- Energy Link Ltd, New Zealand
- Price Waterhouse Coopers - Russia
- Global Green Power PLC Corporation, Philippines
- Parry Sugars Refinery, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- GVK Power & Infra Limited - India
- Krishnapatnam Port Company Ltd. - India
- Ambuja Cements Ltd - India
- Lanco Infratech Ltd - India
- Xindia Steels Limited - India
- Tamil Nadu electricity Board
- Ministry of Mines - Canada
- Indika Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Pendopo Energi Batubara - Indonesia
- Metalloyd Limited - United Kingdom
- Toyota Tsusho Corporation, Japan
- Bukit Asam (Persero) Tbk - Indonesia
- CIMB Investment Bank - Malaysia
- Australian Commodity Traders Exchange
- PowerSource Philippines DevCo
- Thai Mozambique Logistica
- Orica Mining Services - Indonesia
- Interocean Group of Companies - India
- Vedanta Resources Plc - India
- Alfred C Toepfer International GmbH - Germany
- Riau Bara Harum - Indonesia
- Oldendorff Carriers - Singapore
- MS Steel International - UAE
- Trasteel International SA, Italy
- Bhatia International Limited - India
- Gujarat Mineral Development Corp Ltd - India
- McConnell Dowell - Australia
- IHS Mccloskey Coal Group - USA
- GN Power Mariveles Coal Plant, Philippines
- Sarangani Energy Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Makmur.PT - Indonesia
- GAC Shipping (India) Pvt Ltd
- Global Coal Blending Company Limited - Australia
- Kartika Selabumi Mining - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Power Finance Corporation Ltd., India
- Energy Development Corp, Philippines
- The State Trading Corporation of India Ltd
- Gujarat Electricity Regulatory Commission - India
- Heidelberg Cement - Germany
- Siam City Cement - Thailand
- Tata Chemicals Ltd - India
- Altura Mining Limited, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Rio Tinto Coal - Australia
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