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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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Friday, 01 July 16
BREXIT SET TO HURT SHIPPING IN THE LONG-TERM AS IT WILL TAKE ITS TOLL IN THE GLOBAL ECONOMY'S GROWTH - HELLENIC SHIPPING
Setting aside the short-term negative impact of the Brexit, in terms of stock market and currency volatility, it’s more than evident that the ...
Friday, 01 July 16
U.S'S COAL EXPORTS HAVE DECLINED FOR TWELVE QUARTERS IN A ROW - EIA
COALspot.com – U.S, world’s one of the largest coal producers has produced approximately totalled an estimated 13.7 million short t ...
Thursday, 30 June 16
CAPE - THIS WEEK'S FREIGHT AND ACTIVITY LEVEL HAVE KEPT STABLE - FEARNLEYS
Cape
This week’s freight and activity level have kept stable. It is support at the present levels and despite a volatile market the freight ...
Thursday, 30 June 16
OIL PRODUCT TANKERS EARNINGS DECLINE AS STOCKBUILDING SLOWS DOWN - BIMCO
BIMCO’s expectations remain as the oil product tanker fleet continues to grow with earnings at the lowest since Q3 in 2014. But there is stil ...
Wednesday, 29 June 16
THE DRY BULK INDICES, OPPOSITE TO MOST GLOBAL MARKET INDICES, ROSE END OF LAST WEEK
Last week closed off with a massive shockwave for markets across the world following the British referendum, the result of which will mark the begi ...
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- Directorate General of MIneral and Coal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Independent Power Producers Association of India
- Cigading International Bulk Terminal - Indonesia
- South Luzon Thermal Energy Corporation
- PetroVietnam Power Coal Import and Supply Company
- Agrawal Coal Company - India
- Ind-Barath Power Infra Limited - India
- Romanian Commodities Exchange
- Orica Mining Services - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indian Energy Exchange, India
- Ministry of Mines - Canada
- Iligan Light & Power Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Jindal Steel & Power Ltd - India
- Star Paper Mills Limited - India
- Baramulti Group, Indonesia
- Anglo American - United Kingdom
- VISA Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Minerals Council of Australia
- Siam City Cement PLC, Thailand
- Salva Resources Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Central Java Power - Indonesia
- Larsen & Toubro Limited - India
- PTC India Limited - India
- Kobexindo Tractors - Indoneisa
- Vizag Seaport Private Limited - India
- Coal and Oil Company - UAE
- Oldendorff Carriers - Singapore
- TeaM Sual Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- Parliament of New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Deloitte Consulting - India
- Indonesian Coal Mining Association
- Meralco Power Generation, Philippines
- Chettinad Cement Corporation Ltd - India
- SMC Global Power, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Aditya Birla Group - India
- Thai Mozambique Logistica
- Meenaskhi Energy Private Limited - India
- Global Coal Blending Company Limited - Australia
- Malabar Cements Ltd - India
- Gujarat Sidhee Cement - India
- Gujarat Electricity Regulatory Commission - India
- India Bulls Power Limited - India
- The State Trading Corporation of India Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Central Electricity Authority - India
- Bhoruka Overseas - Indonesia
- Petron Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Bharathi Cement Corporation - India
- ICICI Bank Limited - India
- Mercator Lines Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- GMR Energy Limited - India
- Edison Trading Spa - Italy
- Grasim Industreis Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Carbofer General Trading SA - India
- Medco Energi Mining Internasional
- Price Waterhouse Coopers - Russia
- Samtan Co., Ltd - South Korea
- London Commodity Brokers - England
- Neyveli Lignite Corporation Ltd, - India
- Ceylon Electricity Board - Sri Lanka
- Sakthi Sugars Limited - India
- Interocean Group of Companies - India
- Goldman Sachs - Singapore
- Savvy Resources Ltd - HongKong
- Bank of Tokyo Mitsubishi UFJ Ltd
- Straits Asia Resources Limited - Singapore
- Parry Sugars Refinery, India
- Bukit Makmur.PT - Indonesia
- Bangladesh Power Developement Board
- Eastern Energy - Thailand
- Videocon Industries ltd - India
- Siam City Cement - Thailand
- Kalimantan Lumbung Energi - Indonesia
- Indogreen Group - Indonesia
- Trasteel International SA, Italy
- Gujarat Mineral Development Corp Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- The University of Queensland
- Coalindo Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Marubeni Corporation - India
- Semirara Mining and Power Corporation, Philippines
- CNBM International Corporation - China
- Power Finance Corporation Ltd., India
- GVK Power & Infra Limited - India
- Rashtriya Ispat Nigam Limited - India
- Indika Energy - Indonesia
- Economic Council, Georgia
- CIMB Investment Bank - Malaysia
- Bayan Resources Tbk. - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Maheswari Brothers Coal Limited - India
- Ambuja Cements Ltd - India
- Planning Commission, India
- Mercuria Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Therma Luzon, Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Africa Commodities Group - South Africa
- Pendopo Energi Batubara - Indonesia
- Wood Mackenzie - Singapore
- MS Steel International - UAE
- Indian Oil Corporation Limited
- Sinarmas Energy and Mining - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Alfred C Toepfer International GmbH - Germany
- Simpson Spence & Young - Indonesia
- Jaiprakash Power Ventures ltd
- Globalindo Alam Lestari - Indonesia
- Eastern Coal Council - USA
- Krishnapatnam Port Company Ltd. - India
- Australian Commodity Traders Exchange
- Electricity Authority, New Zealand
- Riau Bara Harum - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Semirara Mining Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Dalmia Cement Bharat India
- Lanco Infratech Ltd - India
- Sarangani Energy Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Chamber of Mines of South Africa
- The Treasury - Australian Government
- San Jose City I Power Corp, Philippines
- Singapore Mercantile Exchange
- Tamil Nadu electricity Board
- TNB Fuel Sdn Bhd - Malaysia
- Intertek Mineral Services - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Manunggal Multi Energi - Indonesia
- Merrill Lynch Commodities Europe
- Energy Development Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Renaissance Capital - South Africa
- Karaikal Port Pvt Ltd - India
- Mintek Dendrill Indonesia
- Cement Manufacturers Association - India
- Georgia Ports Authority, United States
- Bulk Trading Sa - Switzerland
- Sree Jayajothi Cements Limited - India
- Australian Coal Association
- Antam Resourcindo - Indonesia
- Bukit Baiduri Energy - Indonesia
- Thiess Contractors Indonesia
- ASAPP Information Group - India
- Directorate Of Revenue Intelligence - India
- McConnell Dowell - Australia
- Orica Australia Pty. Ltd.
- Madhucon Powers Ltd - India
- White Energy Company Limited
- PowerSource Philippines DevCo
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Banpu Public Company Limited - Thailand
- Electricity Generating Authority of Thailand
- Ministry of Finance - Indonesia
- Heidelberg Cement - Germany
- Jorong Barutama Greston.PT - Indonesia
- GAC Shipping (India) Pvt Ltd
- Miang Besar Coal Terminal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Xindia Steels Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Holcim Trading Pte Ltd - Singapore
- Formosa Plastics Group - Taiwan
- Bhatia International Limited - India
- Essar Steel Hazira Ltd - India
- OPG Power Generation Pvt Ltd - India
- Wilmar Investment Holdings
- Metalloyd Limited - United Kingdom
- New Zealand Coal & Carbon
- Port Waratah Coal Services - Australia
- Uttam Galva Steels Limited - India
- Global Business Power Corporation, Philippines
- Bhushan Steel Limited - India
- Attock Cement Pakistan Limited
- Energy Link Ltd, New Zealand
- International Coal Ventures Pvt Ltd - India
- Rio Tinto Coal - Australia
- Ministry of Transport, Egypt
- Kaltim Prima Coal - Indonesia
- SMG Consultants - Indonesia
- Tata Chemicals Ltd - India
- Makarim & Taira - Indonesia
- IHS Mccloskey Coal Group - USA
- Commonwealth Bank - Australia
- Mjunction Services Limited - India
- Sojitz Corporation - Japan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Barasentosa Lestari - Indonesia
- Sical Logistics Limited - India
- Timah Investasi Mineral - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Standard Chartered Bank - UAE
- Latin American Coal - Colombia
- Posco Energy - South Korea
- Borneo Indobara - Indonesia
- Kumho Petrochemical, South Korea
- Altura Mining Limited, Indonesia
- Kartika Selabumi Mining - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- IEA Clean Coal Centre - UK
- Vedanta Resources Plc - India
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