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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, 10 May 16
VOLATILITY? VARIATION NO ENIGMA TO SHIPPING..... - CLARKSONS
Along with cyclicality, the other characteristic of the shipping markets which receives frequent mention is volatility. This is so evident that the ...
Monday, 09 May 16
INDONESIAN CS COAL INDICES UP CONTINUES; POSITIVE DIRECTION
COALspot.com: Average 5000 GAR coal index of Indonesian origin up 0.10 percent week over week to averaging $38.82 per ton on this past Wednesday, a ...
Monday, 09 May 16
DRY BULK SHIPPING TO WITNESS STEADY PROGRESS MOVING FORWARD ON THE BACK OF GROWING TRADE VOLUMES - BIMCO
In its latest short-term analysis of the shipping markets, BIMCO reiterated its optimism on the prospects of the dry bulk market moving forward. Ac ...
Monday, 09 May 16
BALTIC DRY INDEX ENDS WEEK ON A NEGATIVE NOTE
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities decline this week.
The freight market was weak and a ...
Friday, 06 May 16
U.S. WEEKLY COAL PRODUCTION UP 9 PERCENT W/W; DOWN 35.3 PERCENT Y/Y - EIA
COALspot.com – U.S the world’s second largest coal producer has produced approximately totaled an estimated 11.3 million short to ...
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- GAC Shipping (India) Pvt Ltd
- Parliament of New Zealand
- Miang Besar Coal Terminal - Indonesia
- Renaissance Capital - South Africa
- Uttam Galva Steels Limited - India
- Kepco SPC Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Tamil Nadu electricity Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indian Energy Exchange, India
- Coastal Gujarat Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Barasentosa Lestari - Indonesia
- Port Waratah Coal Services - Australia
- GN Power Mariveles Coal Plant, Philippines
- Bharathi Cement Corporation - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Heidelberg Cement - Germany
- Ambuja Cements Ltd - India
- Deloitte Consulting - India
- Thai Mozambique Logistica
- Alfred C Toepfer International GmbH - Germany
- Iligan Light & Power Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Essar Steel Hazira Ltd - India
- ASAPP Information Group - India
- Sinarmas Energy and Mining - Indonesia
- Aboitiz Power Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Salva Resources Pvt Ltd - India
- Sical Logistics Limited - India
- Billiton Holdings Pty Ltd - Australia
- Mercuria Energy - Indonesia
- Central Electricity Authority - India
- New Zealand Coal & Carbon
- TeaM Sual Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Transport, Egypt
- Attock Cement Pakistan Limited
- Jindal Steel & Power Ltd - India
- SMG Consultants - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bhushan Steel Limited - India
- Wood Mackenzie - Singapore
- Makarim & Taira - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Indo Tambangraya Megah - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Electricity Generating Authority of Thailand
- European Bulk Services B.V. - Netherlands
- Marubeni Corporation - India
- Sree Jayajothi Cements Limited - India
- Holcim Trading Pte Ltd - Singapore
- Savvy Resources Ltd - HongKong
- Pendopo Energi Batubara - Indonesia
- Wilmar Investment Holdings
- Vedanta Resources Plc - India
- Vizag Seaport Private Limited - India
- AsiaOL BioFuels Corp., Philippines
- Energy Link Ltd, New Zealand
- Orica Australia Pty. Ltd.
- Interocean Group of Companies - India
- Independent Power Producers Association of India
- Goldman Sachs - Singapore
- Singapore Mercantile Exchange
- VISA Power Limited - India
- Posco Energy - South Korea
- GVK Power & Infra Limited - India
- Economic Council, Georgia
- CNBM International Corporation - China
- Mintek Dendrill Indonesia
- Binh Thuan Hamico - Vietnam
- Chamber of Mines of South Africa
- Agrawal Coal Company - India
- IEA Clean Coal Centre - UK
- Georgia Ports Authority, United States
- International Coal Ventures Pvt Ltd - India
- Australian Commodity Traders Exchange
- Dalmia Cement Bharat India
- Intertek Mineral Services - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Indika Energy - Indonesia
- The State Trading Corporation of India Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Price Waterhouse Coopers - Russia
- Medco Energi Mining Internasional
- Rio Tinto Coal - Australia
- PowerSource Philippines DevCo
- Krishnapatnam Port Company Ltd. - India
- Planning Commission, India
- Thiess Contractors Indonesia
- Videocon Industries ltd - India
- Carbofer General Trading SA - India
- South Luzon Thermal Energy Corporation
- Petron Corporation, Philippines
- Bulk Trading Sa - Switzerland
- CIMB Investment Bank - Malaysia
- Central Java Power - Indonesia
- MS Steel International - UAE
- Commonwealth Bank - Australia
- Baramulti Group, Indonesia
- ICICI Bank Limited - India
- Romanian Commodities Exchange
- Electricity Authority, New Zealand
- Global Green Power PLC Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Mercator Lines Limited - India
- Toyota Tsusho Corporation, Japan
- Semirara Mining Corp, Philippines
- Indonesian Coal Mining Association
- Borneo Indobara - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Pipit Mutiara Jaya. PT, Indonesia
- IHS Mccloskey Coal Group - USA
- India Bulls Power Limited - India
- Coalindo Energy - Indonesia
- Merrill Lynch Commodities Europe
- Grasim Industreis Ltd - India
- SN Aboitiz Power Inc, Philippines
- Eastern Energy - Thailand
- Ministry of Finance - Indonesia
- Coal and Oil Company - UAE
- Therma Luzon, Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Latin American Coal - Colombia
- Karaikal Port Pvt Ltd - India
- Energy Development Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Power Finance Corporation Ltd., India
- Madhucon Powers Ltd - India
- Meenaskhi Energy Private Limited - India
- Manunggal Multi Energi - Indonesia
- Leighton Contractors Pty Ltd - Australia
- GMR Energy Limited - India
- The University of Queensland
- Gujarat Mineral Development Corp Ltd - India
- Global Business Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Formosa Plastics Group - Taiwan
- Orica Mining Services - Indonesia
- Lanco Infratech Ltd - India
- Kaltim Prima Coal - Indonesia
- Tata Chemicals Ltd - India
- Globalindo Alam Lestari - Indonesia
- Ministry of Mines - Canada
- Star Paper Mills Limited - India
- Gujarat Sidhee Cement - India
- Edison Trading Spa - Italy
- Riau Bara Harum - Indonesia
- Mjunction Services Limited - India
- London Commodity Brokers - England
- Ceylon Electricity Board - Sri Lanka
- Rashtriya Ispat Nigam Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Aditya Birla Group - India
- Directorate General of MIneral and Coal - Indonesia
- Anglo American - United Kingdom
- San Jose City I Power Corp, Philippines
- Bhoruka Overseas - Indonesia
- Siam City Cement - Thailand
- Siam City Cement PLC, Thailand
- PetroVietnam Power Coal Import and Supply Company
- Australian Coal Association
- Straits Asia Resources Limited - Singapore
- Xindia Steels Limited - India
- Larsen & Toubro Limited - India
- Kideco Jaya Agung - Indonesia
- Simpson Spence & Young - Indonesia
- Jaiprakash Power Ventures ltd
- Global Coal Blending Company Limited - Australia
- LBH Netherlands Bv - Netherlands
- Indian Oil Corporation Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Cement Manufacturers Association - India
- White Energy Company Limited
- Bhatia International Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Meralco Power Generation, Philippines
- Ind-Barath Power Infra Limited - India
- Samtan Co., Ltd - South Korea
- Antam Resourcindo - Indonesia
- Indogreen Group - Indonesia
- Minerals Council of Australia
- Malabar Cements Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Kartika Selabumi Mining - Indonesia
- SMC Global Power, Philippines
- Metalloyd Limited - United Kingdom
- Altura Mining Limited, Indonesia
- Sakthi Sugars Limited - India
- Kalimantan Lumbung Energi - Indonesia
- PTC India Limited - India
- McConnell Dowell - Australia
- Oldendorff Carriers - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Standard Chartered Bank - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The Treasury - Australian Government
- Africa Commodities Group - South Africa
- Semirara Mining and Power Corporation, Philippines
- Sojitz Corporation - Japan
- Chettinad Cement Corporation Ltd - India
- Parry Sugars Refinery, India
- Bukit Baiduri Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Banpu Public Company Limited - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Sarangani Energy Corporation, Philippines
- Kumho Petrochemical, South Korea
- Bangladesh Power Developement Board
- Eastern Coal Council - USA
- OPG Power Generation Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Trasteel International SA, Italy
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