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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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Thursday, 05 May 16
DRY BULK MARKET ON REVERSE MODE, AS HOLIDAYS AROUND THE WORLD HURT DEMAND - HELLENIC SHIPPING NEWS
The dry bulk market’s recent rally has been put on a temporary hold, as various holidays around the world have put a stop in it. In its lates ...
Wednesday, 04 May 16
COAL IMPORTS: A VOLATILE MATTER OR STILL POWERING DOWN? - CLARKSONS
Chinese coal imports decreased significantly in 2014-15, and so far in 2016 the pace of decline appears to have slowed, with imports even recording ...
Wednesday, 04 May 16
IS THE DRY BULK MARKET OUT OF THE WOODS YET, OR NOT? - HELLENIC SHIPPING NEWS
Things are beginning to brighten up in the beleaguered dry bulk market, which is riding on a multi-week rally to find itself around the “psyc ...
Wednesday, 04 May 16
POWER - WEEK: REAL EXAMPLES AND CASE STUDIES
POWER WEEK
7 - 11 November 2016, PARKROYAL on Beach Road Hotel, Singapore
www.power-week.com
Overview
Designed for the global e ...
Tuesday, 03 May 16
HOW TO AVOID THE LATEST CARGO FRAUDS - BIMCO
BIMCO receives regular reports from members around the world about cargo fraud. This week alone we have had two reports of cargoes being fixed (or ...
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- GAC Shipping (India) Pvt Ltd
- Jaiprakash Power Ventures ltd
- Orica Mining Services - Indonesia
- Anglo American - United Kingdom
- Bukit Baiduri Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Planning Commission, India
- Salva Resources Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- TeaM Sual Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Medco Energi Mining Internasional
- PNOC Exploration Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement - Thailand
- LBH Netherlands Bv - Netherlands
- Marubeni Corporation - India
- Neyveli Lignite Corporation Ltd, - India
- GN Power Mariveles Coal Plant, Philippines
- Cement Manufacturers Association - India
- Metalloyd Limited - United Kingdom
- Essar Steel Hazira Ltd - India
- London Commodity Brokers - England
- Global Coal Blending Company Limited - Australia
- Aboitiz Power Corporation - Philippines
- Petron Corporation, Philippines
- Vizag Seaport Private Limited - India
- Madhucon Powers Ltd - India
- Vedanta Resources Plc - India
- White Energy Company Limited
- International Coal Ventures Pvt Ltd - India
- Commonwealth Bank - Australia
- Krishnapatnam Port Company Ltd. - India
- Tamil Nadu electricity Board
- Jindal Steel & Power Ltd - India
- Power Finance Corporation Ltd., India
- Sree Jayajothi Cements Limited - India
- Wood Mackenzie - Singapore
- Edison Trading Spa - Italy
- Miang Besar Coal Terminal - Indonesia
- Minerals Council of Australia
- Alfred C Toepfer International GmbH - Germany
- Bhatia International Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Indika Energy - Indonesia
- Grasim Industreis Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Chamber of Mines of South Africa
- Kaltim Prima Coal - Indonesia
- GVK Power & Infra Limited - India
- Georgia Ports Authority, United States
- Indo Tambangraya Megah - Indonesia
- Eastern Coal Council - USA
- MS Steel International - UAE
- Cigading International Bulk Terminal - Indonesia
- Bukit Makmur.PT - Indonesia
- Orica Australia Pty. Ltd.
- Videocon Industries ltd - India
- Global Business Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Petrochimia International Co. Ltd.- Taiwan
- Maheswari Brothers Coal Limited - India
- Kumho Petrochemical, South Korea
- AsiaOL BioFuels Corp., Philippines
- Asmin Koalindo Tuhup - Indonesia
- GMR Energy Limited - India
- Simpson Spence & Young - Indonesia
- Globalindo Alam Lestari - Indonesia
- Makarim & Taira - Indonesia
- Sical Logistics Limited - India
- Borneo Indobara - Indonesia
- Port Waratah Coal Services - Australia
- Deloitte Consulting - India
- Bharathi Cement Corporation - India
- Banpu Public Company Limited - Thailand
- Global Green Power PLC Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Iligan Light & Power Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Bahari Cakrawala Sebuku - Indonesia
- Oldendorff Carriers - Singapore
- Posco Energy - South Korea
- Energy Development Corp, Philippines
- McConnell Dowell - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Thai Mozambique Logistica
- Price Waterhouse Coopers - Russia
- Timah Investasi Mineral - Indoneisa
- Standard Chartered Bank - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Xindia Steels Limited - India
- Kapuas Tunggal Persada - Indonesia
- Baramulti Group, Indonesia
- CNBM International Corporation - China
- Interocean Group of Companies - India
- Larsen & Toubro Limited - India
- Riau Bara Harum - Indonesia
- CIMB Investment Bank - Malaysia
- Ambuja Cements Ltd - India
- Indian Oil Corporation Limited
- South Luzon Thermal Energy Corporation
- Vijayanagar Sugar Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Australian Commodity Traders Exchange
- Ministry of Finance - Indonesia
- Binh Thuan Hamico - Vietnam
- ICICI Bank Limited - India
- Karaikal Port Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Rio Tinto Coal - Australia
- Rashtriya Ispat Nigam Limited - India
- Ceylon Electricity Board - Sri Lanka
- Africa Commodities Group - South Africa
- Singapore Mercantile Exchange
- Semirara Mining Corp, Philippines
- Coal and Oil Company - UAE
- Thiess Contractors Indonesia
- Sindya Power Generating Company Private Ltd
- Kalimantan Lumbung Energi - Indonesia
- SMG Consultants - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Chettinad Cement Corporation Ltd - India
- Australian Coal Association
- Renaissance Capital - South Africa
- Star Paper Mills Limited - India
- Bangladesh Power Developement Board
- Kepco SPC Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bulk Trading Sa - Switzerland
- Electricity Generating Authority of Thailand
- Indonesian Coal Mining Association
- Central Electricity Authority - India
- Intertek Mineral Services - Indonesia
- Heidelberg Cement - Germany
- IEA Clean Coal Centre - UK
- Indian Energy Exchange, India
- SN Aboitiz Power Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Altura Mining Limited, Indonesia
- Ind-Barath Power Infra Limited - India
- The University of Queensland
- Straits Asia Resources Limited - Singapore
- Romanian Commodities Exchange
- Attock Cement Pakistan Limited
- Sakthi Sugars Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Lanco Infratech Ltd - India
- Energy Link Ltd, New Zealand
- Mjunction Services Limited - India
- Indogreen Group - Indonesia
- Merrill Lynch Commodities Europe
- Kideco Jaya Agung - Indonesia
- The State Trading Corporation of India Ltd
- Malabar Cements Ltd - India
- Manunggal Multi Energi - Indonesia
- Ministry of Mines - Canada
- Kobexindo Tractors - Indoneisa
- Goldman Sachs - Singapore
- Tata Chemicals Ltd - India
- Mintek Dendrill Indonesia
- Savvy Resources Ltd - HongKong
- India Bulls Power Limited - India
- Eastern Energy - Thailand
- VISA Power Limited - India
- Coalindo Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- SMC Global Power, Philippines
- Mercator Lines Limited - India
- IHS Mccloskey Coal Group - USA
- Sojitz Corporation - Japan
- Uttam Galva Steels Limited - India
- Semirara Mining and Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Mercuria Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Gujarat Sidhee Cement - India
- Coastal Gujarat Power Limited - India
- Therma Luzon, Inc, Philippines
- Aditya Birla Group - India
- Siam City Cement PLC, Thailand
- Carbofer General Trading SA - India
- ASAPP Information Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- Latin American Coal - Colombia
- Pipit Mutiara Jaya. PT, Indonesia
- San Jose City I Power Corp, Philippines
- Parliament of New Zealand
- Parry Sugars Refinery, India
- Central Java Power - Indonesia
- Antam Resourcindo - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Pendopo Energi Batubara - Indonesia
- Bhoruka Overseas - Indonesia
- Bayan Resources Tbk. - Indonesia
- PTC India Limited - India
- Ministry of Transport, Egypt
- Sarangani Energy Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- New Zealand Coal & Carbon
- European Bulk Services B.V. - Netherlands
- Electricity Authority, New Zealand
- Economic Council, Georgia
- Wilmar Investment Holdings
- Sinarmas Energy and Mining - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- The Treasury - Australian Government
- Trasteel International SA, Italy
- Dalmia Cement Bharat India
- PowerSource Philippines DevCo
- Independent Power Producers Association of India
- Agrawal Coal Company - India
- Bhushan Steel Limited - India
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