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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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Tuesday, 17 May 16
CHINA THERMAL-POWER OVERSUPPLY TO WORSEN - FITCH
COALspot.com: The overcapacity in thermal-power generation in China is likely to worsen in 2016 to 2017, Fitch Ratings says in a new report.
F ...
Tuesday, 17 May 16
ON YOUR MARKS: TRACKING CHINESE TRADE - CLARKSONS
One of the major drivers behind the challenges currently facing many of the shipping markets has been slower demand growth. World seaborne trade gr ...
Monday, 16 May 16
INDONESIAN WEEKLY COAL INDICES AT POSITIVE LEVELS - CS (I) COAL INDEX
COALspot.com: Average 5000 GAR coal index of Indonesian origin up 0.31 percent week over week to averaging $38.94 per ton this past week, shows CS ...
Monday, 16 May 16
OPEC SEES RIVAL OIL PRODUCTION DECLINING
Crude Oil Price Movements
The OPEC Reference Basket averaged $37.86/b in April, a gain of $3.21 or 9.3%. This was 40% higher than the lows reache ...
Monday, 16 May 16
THE FREIGHT MARKET WAS WEAK AND ALL SEGMENTS EXCEPT PANAMAX WERE DOWN
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities decline this week.
The freight market was weak and a ...
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- Malabar Cements Ltd - India
- Banpu Public Company Limited - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bulk Trading Sa - Switzerland
- Manunggal Multi Energi - Indonesia
- Larsen & Toubro Limited - India
- Salva Resources Pvt Ltd - India
- Parliament of New Zealand
- Bhoruka Overseas - Indonesia
- Sojitz Corporation - Japan
- Central Java Power - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indian Oil Corporation Limited
- Georgia Ports Authority, United States
- SN Aboitiz Power Inc, Philippines
- CNBM International Corporation - China
- Xindia Steels Limited - India
- Thai Mozambique Logistica
- Australian Commodity Traders Exchange
- AsiaOL BioFuels Corp., Philippines
- Bhushan Steel Limited - India
- PTC India Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Sarangani Energy Corporation, Philippines
- Indogreen Group - Indonesia
- Ambuja Cements Ltd - India
- GMR Energy Limited - India
- Ind-Barath Power Infra Limited - India
- Deloitte Consulting - India
- Petrochimia International Co. Ltd.- Taiwan
- Global Business Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Africa Commodities Group - South Africa
- Romanian Commodities Exchange
- Posco Energy - South Korea
- Minerals Council of Australia
- Alfred C Toepfer International GmbH - Germany
- Standard Chartered Bank - UAE
- Asmin Koalindo Tuhup - Indonesia
- Trasteel International SA, Italy
- Mercuria Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Finance - Indonesia
- Coal and Oil Company - UAE
- Bukit Makmur.PT - Indonesia
- Gujarat Sidhee Cement - India
- Interocean Group of Companies - India
- Sinarmas Energy and Mining - Indonesia
- McConnell Dowell - Australia
- Makarim & Taira - Indonesia
- Jindal Steel & Power Ltd - India
- Renaissance Capital - South Africa
- Straits Asia Resources Limited - Singapore
- Bharathi Cement Corporation - India
- Miang Besar Coal Terminal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- India Bulls Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Semirara Mining Corp, Philippines
- Metalloyd Limited - United Kingdom
- Port Waratah Coal Services - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Siam City Cement PLC, Thailand
- White Energy Company Limited
- GAC Shipping (India) Pvt Ltd
- Gujarat Electricity Regulatory Commission - India
- Agrawal Coal Company - India
- Thiess Contractors Indonesia
- Directorate Of Revenue Intelligence - India
- Carbofer General Trading SA - India
- Kartika Selabumi Mining - Indonesia
- OPG Power Generation Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Videocon Industries ltd - India
- Goldman Sachs - Singapore
- Kepco SPC Power Corporation, Philippines
- Bhatia International Limited - India
- Krishnapatnam Port Company Ltd. - India
- Coalindo Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Merrill Lynch Commodities Europe
- Iligan Light & Power Inc, Philippines
- Savvy Resources Ltd - HongKong
- Wilmar Investment Holdings
- Dalmia Cement Bharat India
- CIMB Investment Bank - Malaysia
- Sree Jayajothi Cements Limited - India
- Latin American Coal - Colombia
- Vizag Seaport Private Limited - India
- Anglo American - United Kingdom
- Bukit Asam (Persero) Tbk - Indonesia
- Simpson Spence & Young - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Pendopo Energi Batubara - Indonesia
- Karaikal Port Pvt Ltd - India
- Heidelberg Cement - Germany
- IHS Mccloskey Coal Group - USA
- Kalimantan Lumbung Energi - Indonesia
- Wood Mackenzie - Singapore
- Maharashtra Electricity Regulatory Commission - India
- TeaM Sual Corporation - Philippines
- Aditya Birla Group - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PowerSource Philippines DevCo
- Petron Corporation, Philippines
- Sical Logistics Limited - India
- GVK Power & Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- IEA Clean Coal Centre - UK
- Jaiprakash Power Ventures ltd
- Barasentosa Lestari - Indonesia
- Ministry of Mines - Canada
- Tata Chemicals Ltd - India
- Mercator Lines Limited - India
- Lanco Infratech Ltd - India
- Attock Cement Pakistan Limited
- Orica Mining Services - Indonesia
- Meenaskhi Energy Private Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Borneo Indobara - Indonesia
- Tamil Nadu electricity Board
- Globalindo Alam Lestari - Indonesia
- Toyota Tsusho Corporation, Japan
- LBH Netherlands Bv - Netherlands
- Kaltim Prima Coal - Indonesia
- New Zealand Coal & Carbon
- Rio Tinto Coal - Australia
- Therma Luzon, Inc, Philippines
- Formosa Plastics Group - Taiwan
- Neyveli Lignite Corporation Ltd, - India
- Global Green Power PLC Corporation, Philippines
- Oldendorff Carriers - Singapore
- Holcim Trading Pte Ltd - Singapore
- Australian Coal Association
- Edison Trading Spa - Italy
- Economic Council, Georgia
- Global Coal Blending Company Limited - Australia
- Cement Manufacturers Association - India
- San Jose City I Power Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- Parry Sugars Refinery, India
- Uttam Galva Steels Limited - India
- Commonwealth Bank - Australia
- PetroVietnam Power Coal Import and Supply Company
- Vedanta Resources Plc - India
- Riau Bara Harum - Indonesia
- Indo Tambangraya Megah - Indonesia
- Power Finance Corporation Ltd., India
- SMG Consultants - Indonesia
- Mjunction Services Limited - India
- Energy Link Ltd, New Zealand
- The Treasury - Australian Government
- Eastern Energy - Thailand
- VISA Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Billiton Holdings Pty Ltd - Australia
- Leighton Contractors Pty Ltd - Australia
- MS Steel International - UAE
- Bangladesh Power Developement Board
- Jorong Barutama Greston.PT - Indonesia
- Electricity Generating Authority of Thailand
- Kideco Jaya Agung - Indonesia
- Essar Steel Hazira Ltd - India
- Madhucon Powers Ltd - India
- Indian Energy Exchange, India
- The State Trading Corporation of India Ltd
- Star Paper Mills Limited - India
- SMC Global Power, Philippines
- Indika Energy - Indonesia
- Electricity Authority, New Zealand
- Baramulti Group, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Chamber of Mines of South Africa
- Meralco Power Generation, Philippines
- Chettinad Cement Corporation Ltd - India
- Indonesian Coal Mining Association
- Antam Resourcindo - Indonesia
- Medco Energi Mining Internasional
- ASAPP Information Group - India
- PNOC Exploration Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Marubeni Corporation - India
- Energy Development Corp, Philippines
- Grasim Industreis Ltd - India
- The University of Queensland
- Intertek Mineral Services - Indonesia
- Ministry of Transport, Egypt
- Samtan Co., Ltd - South Korea
- Bahari Cakrawala Sebuku - Indonesia
- London Commodity Brokers - England
- Orica Australia Pty. Ltd.
- Singapore Mercantile Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Central Electricity Authority - India
- ICICI Bank Limited - India
- Altura Mining Limited, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- European Bulk Services B.V. - Netherlands
- Eastern Coal Council - USA
- Binh Thuan Hamico - Vietnam
- Cigading International Bulk Terminal - Indonesia
- Sakthi Sugars Limited - India
- Aboitiz Power Corporation - Philippines
- Kumho Petrochemical, South Korea
- Ceylon Electricity Board - Sri Lanka
- Sindya Power Generating Company Private Ltd
- GN Power Mariveles Coal Plant, Philippines
- Independent Power Producers Association of India
- Price Waterhouse Coopers - Russia
- Siam City Cement - Thailand
- Mintek Dendrill Indonesia
- Coastal Gujarat Power Limited - India
- Planning Commission, India
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