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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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Monday, 11 April 16
ON THE TIGHTROPE, IT CAN BE HARD TO KEEP YOUR BALANCE.... - CLARKSONS
Today’s headlines often point towards the impact of the demand side on the state of health of the shipping markets. But despite the fact that ...
Monday, 11 April 16
WEEKLY CS (I) COAL INDEX FOR 5700 GAR COAL UP 0.03 CENTS, OR ABOUT 0.06 PERCENT, TO $48.21 A TON
COALspot.com: Average 5000 GAR coal index of Indonesian origin fell 0.15 percent week over week to averaging $38.82 per ton on this past Friday, ac ...
Monday, 11 April 16
COAL IS NOT THE ENEMY TO FIGHT - ANDREA CLAVARINO, ASSOCARBONI
COALspot.com: “Coal is not the enemy to fight and electricity production from coal has an environmental impact in its lifecycle similar to na ...
Monday, 11 April 16
FORTY INDIAN COAL IMPORTERS UNDER THE DRI SCANNER FOR OVER-INVOICING : HINDU BUSINESS LINE
The Finance Ministry and the Directorate of Revenue Intelligence (DRI) of India are said to have stepped up investigations into the alleged over-in ...
Monday, 11 April 16
BDI ROSE TO ITS HIGHEST LEVEL IN FOUR MONTHS
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities continued to rose this week.
The freight market was ...
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- Uttam Galva Steels Limited - India
- Minerals Council of Australia
- Maheswari Brothers Coal Limited - India
- Essar Steel Hazira Ltd - India
- Samtan Co., Ltd - South Korea
- GMR Energy Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Indika Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Aboitiz Power Corporation - Philippines
- Parry Sugars Refinery, India
- Grasim Industreis Ltd - India
- Altura Mining Limited, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Riau Bara Harum - Indonesia
- Central Electricity Authority - India
- Wilmar Investment Holdings
- SMC Global Power, Philippines
- Manunggal Multi Energi - Indonesia
- Timah Investasi Mineral - Indoneisa
- Heidelberg Cement - Germany
- Maharashtra Electricity Regulatory Commission - India
- Leighton Contractors Pty Ltd - Australia
- Sakthi Sugars Limited - India
- PowerSource Philippines DevCo
- Coalindo Energy - Indonesia
- Deloitte Consulting - India
- Coastal Gujarat Power Limited - India
- Medco Energi Mining Internasional
- Price Waterhouse Coopers - Russia
- PTC India Limited - India
- Orica Mining Services - Indonesia
- Siam City Cement - Thailand
- Jaiprakash Power Ventures ltd
- GN Power Mariveles Coal Plant, Philippines
- Miang Besar Coal Terminal - Indonesia
- Kideco Jaya Agung - Indonesia
- Sical Logistics Limited - India
- Sindya Power Generating Company Private Ltd
- Africa Commodities Group - South Africa
- Pendopo Energi Batubara - Indonesia
- Eastern Coal Council - USA
- Madhucon Powers Ltd - India
- Eastern Energy - Thailand
- Meralco Power Generation, Philippines
- Energy Development Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Interocean Group of Companies - India
- Marubeni Corporation - India
- Bangladesh Power Developement Board
- Renaissance Capital - South Africa
- Rashtriya Ispat Nigam Limited - India
- Thiess Contractors Indonesia
- Bukit Makmur.PT - Indonesia
- Vizag Seaport Private Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- OPG Power Generation Pvt Ltd - India
- Bharathi Cement Corporation - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Mines - Canada
- LBH Netherlands Bv - Netherlands
- Salva Resources Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Ministry of Transport, Egypt
- Parliament of New Zealand
- Carbofer General Trading SA - India
- Kumho Petrochemical, South Korea
- MS Steel International - UAE
- Anglo American - United Kingdom
- Tata Chemicals Ltd - India
- Oldendorff Carriers - Singapore
- Billiton Holdings Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Intertek Mineral Services - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- South Luzon Thermal Energy Corporation
- Asmin Koalindo Tuhup - Indonesia
- Kepco SPC Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- New Zealand Coal & Carbon
- Independent Power Producers Association of India
- Semirara Mining and Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The Treasury - Australian Government
- Kartika Selabumi Mining - Indonesia
- VISA Power Limited - India
- Ministry of Finance - Indonesia
- Bayan Resources Tbk. - Indonesia
- Attock Cement Pakistan Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Malabar Cements Ltd - India
- Mjunction Services Limited - India
- Baramulti Group, Indonesia
- Savvy Resources Ltd - HongKong
- TeaM Sual Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Edison Trading Spa - Italy
- Mercator Lines Limited - India
- Aditya Birla Group - India
- Simpson Spence & Young - Indonesia
- Chamber of Mines of South Africa
- Larsen & Toubro Limited - India
- Sree Jayajothi Cements Limited - India
- Sojitz Corporation - Japan
- Bukit Asam (Persero) Tbk - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Romanian Commodities Exchange
- Thai Mozambique Logistica
- Singapore Mercantile Exchange
- India Bulls Power Limited - India
- Commonwealth Bank - Australia
- GAC Shipping (India) Pvt Ltd
- Electricity Authority, New Zealand
- Planning Commission, India
- Antam Resourcindo - Indonesia
- Bhatia International Limited - India
- SN Aboitiz Power Inc, Philippines
- Energy Link Ltd, New Zealand
- Indonesian Coal Mining Association
- Economic Council, Georgia
- GVK Power & Infra Limited - India
- SMG Consultants - Indonesia
- Indogreen Group - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Therma Luzon, Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kobexindo Tractors - Indoneisa
- Gujarat Sidhee Cement - India
- Standard Chartered Bank - UAE
- Mercuria Energy - Indonesia
- Petron Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Posco Energy - South Korea
- Siam City Cement PLC, Thailand
- Straits Asia Resources Limited - Singapore
- Formosa Plastics Group - Taiwan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Agrawal Coal Company - India
- Jorong Barutama Greston.PT - Indonesia
- Central Java Power - Indonesia
- Makarim & Taira - Indonesia
- The State Trading Corporation of India Ltd
- Bhoruka Overseas - Indonesia
- McConnell Dowell - Australia
- Star Paper Mills Limited - India
- San Jose City I Power Corp, Philippines
- Cement Manufacturers Association - India
- Australian Coal Association
- ICICI Bank Limited - India
- CIMB Investment Bank - Malaysia
- PNOC Exploration Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Krishnapatnam Port Company Ltd. - India
- Rio Tinto Coal - Australia
- Power Finance Corporation Ltd., India
- Jindal Steel & Power Ltd - India
- Latin American Coal - Colombia
- London Commodity Brokers - England
- European Bulk Services B.V. - Netherlands
- The University of Queensland
- Kohat Cement Company Ltd. - Pakistan
- Mintek Dendrill Indonesia
- Indian Energy Exchange, India
- Sinarmas Energy and Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Merrill Lynch Commodities Europe
- Holcim Trading Pte Ltd - Singapore
- Dalmia Cement Bharat India
- Coal and Oil Company - UAE
- Ambuja Cements Ltd - India
- Georgia Ports Authority, United States
- Tamil Nadu electricity Board
- White Energy Company Limited
- Global Business Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Trasteel International SA, Italy
- Videocon Industries ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Ind-Barath Power Infra Limited - India
- Bukit Baiduri Energy - Indonesia
- Port Waratah Coal Services - Australia
- Wood Mackenzie - Singapore
- International Coal Ventures Pvt Ltd - India
- Australian Commodity Traders Exchange
- Gujarat Electricity Regulatory Commission - India
- Kaltim Prima Coal - Indonesia
- Meenaskhi Energy Private Limited - India
- Global Coal Blending Company Limited - Australia
- Directorate Of Revenue Intelligence - India
- ASAPP Information Group - India
- Alfred C Toepfer International GmbH - Germany
- Goldman Sachs - Singapore
- Xindia Steels Limited - India
- Lanco Infratech Ltd - India
- IEA Clean Coal Centre - UK
- IHS Mccloskey Coal Group - USA
- Borneo Indobara - Indonesia
- Sarangani Energy Corporation, Philippines
- Semirara Mining Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Metalloyd Limited - United Kingdom
- Indian Oil Corporation Limited
- Banpu Public Company Limited - Thailand
- Bhushan Steel Limited - India
- Globalindo Alam Lestari - Indonesia
- Vedanta Resources Plc - India
- Electricity Generating Authority of Thailand
- Bulk Trading Sa - Switzerland
- CNBM International Corporation - China
- Iligan Light & Power Inc, Philippines
- Chettinad Cement Corporation Ltd - India
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