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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, 08 April 16
COASTAL ENERGEN CROSSES GENERATION OF 1068 MW AND EXPORT OF 1004 MW FROM ITS 1200 MW IPP
COALspot.com: Coal & Oil (C&O) Group, an India centric Energy & Infrastructure company announced that their Coastal Energen' ...
Friday, 08 April 16
WEEKLY US COAL PRODUCTION ESTIMATES DIP 5.4% TO 11 MMST
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 11 million short ...
Friday, 08 April 16
MINISTER OF ENERGY AND MINERAL RESOURCES OF INDONESIA TO ISSUE REGULATION TO GUARANTEE THE COAL SUPPLY TO ITS 35K POWER PLANT PROJECTS
COALspot.com: In order to guarantee the supply of coal for 35,000 megawatt (mw) coal based power plants ( still in planning stage), the Minister of ...
Thursday, 07 April 16
CHINA STEEL CAPACITY CUTS FACE SOCIAL, FINANCIAL HURDLES - FITCH RATINGS
Fitch Ratings says today that the Chinese government's supply-side reform of the steel sector faces immense social and financial challenges. Th ...
Thursday, 07 April 16
PANAMAX RATES ARE FIRMING IN BOTH HEMISHEPHERES - FEARNLEYS
Capesize
With a great volume our of west Australia, rates were finally moving to upper 3's. and stabilizing towards the middle of the week in ...
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- Star Paper Mills Limited - India
- Independent Power Producers Association of India
- Baramulti Group, Indonesia
- Power Finance Corporation Ltd., India
- Bukit Makmur.PT - Indonesia
- Latin American Coal - Colombia
- Siam City Cement - Thailand
- Kepco SPC Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- White Energy Company Limited
- Timah Investasi Mineral - Indoneisa
- Goldman Sachs - Singapore
- Kartika Selabumi Mining - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- GN Power Mariveles Coal Plant, Philippines
- Intertek Mineral Services - Indonesia
- Bukit Baiduri Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Eastern Coal Council - USA
- Marubeni Corporation - India
- Xindia Steels Limited - India
- Semirara Mining and Power Corporation, Philippines
- Coal and Oil Company - UAE
- Jindal Steel & Power Ltd - India
- Tamil Nadu electricity Board
- Energy Development Corp, Philippines
- Bhushan Steel Limited - India
- Gujarat Sidhee Cement - India
- OPG Power Generation Pvt Ltd - India
- The University of Queensland
- Australian Commodity Traders Exchange
- TNB Fuel Sdn Bhd - Malaysia
- GVK Power & Infra Limited - India
- Grasim Industreis Ltd - India
- Bayan Resources Tbk. - Indonesia
- Bharathi Cement Corporation - India
- Kobexindo Tractors - Indoneisa
- Indogreen Group - Indonesia
- Lanco Infratech Ltd - India
- GAC Shipping (India) Pvt Ltd
- Edison Trading Spa - Italy
- PetroVietnam Power Coal Import and Supply Company
- Therma Luzon, Inc, Philippines
- New Zealand Coal & Carbon
- Bangladesh Power Developement Board
- Parry Sugars Refinery, India
- Economic Council, Georgia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Formosa Plastics Group - Taiwan
- Georgia Ports Authority, United States
- Chamber of Mines of South Africa
- Madhucon Powers Ltd - India
- Uttam Galva Steels Limited - India
- Parliament of New Zealand
- Rashtriya Ispat Nigam Limited - India
- Thai Mozambique Logistica
- Straits Asia Resources Limited - Singapore
- Agrawal Coal Company - India
- Siam City Cement PLC, Thailand
- London Commodity Brokers - England
- Ministry of Mines - Canada
- Banpu Public Company Limited - Thailand
- Iligan Light & Power Inc, Philippines
- Ambuja Cements Ltd - India
- India Bulls Power Limited - India
- Sical Logistics Limited - India
- Mercator Lines Limited - India
- Ind-Barath Power Infra Limited - India
- IEA Clean Coal Centre - UK
- Global Coal Blending Company Limited - Australia
- Coastal Gujarat Power Limited - India
- Salva Resources Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Anglo American - United Kingdom
- Cigading International Bulk Terminal - Indonesia
- ICICI Bank Limited - India
- Directorate Of Revenue Intelligence - India
- Indika Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Posco Energy - South Korea
- Singapore Mercantile Exchange
- International Coal Ventures Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Simpson Spence & Young - Indonesia
- Altura Mining Limited, Indonesia
- Holcim Trading Pte Ltd - Singapore
- Mintek Dendrill Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Savvy Resources Ltd - HongKong
- Sakthi Sugars Limited - India
- Sree Jayajothi Cements Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Bhoruka Overseas - Indonesia
- Binh Thuan Hamico - Vietnam
- Planning Commission, India
- Cement Manufacturers Association - India
- San Jose City I Power Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Semirara Mining Corp, Philippines
- CIMB Investment Bank - Malaysia
- Coalindo Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Transport, Egypt
- Vedanta Resources Plc - India
- Metalloyd Limited - United Kingdom
- Global Business Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Eastern Energy - Thailand
- Maheswari Brothers Coal Limited - India
- Jaiprakash Power Ventures ltd
- MS Steel International - UAE
- European Bulk Services B.V. - Netherlands
- Gujarat Mineral Development Corp Ltd - India
- CNBM International Corporation - China
- Toyota Tsusho Corporation, Japan
- The State Trading Corporation of India Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Trasteel International SA, Italy
- Sojitz Corporation - Japan
- Petrochimia International Co. Ltd.- Taiwan
- Carbofer General Trading SA - India
- Directorate General of MIneral and Coal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Electricity Regulatory Commission - India
- Attock Cement Pakistan Limited
- Orica Mining Services - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Orica Australia Pty. Ltd.
- South Luzon Thermal Energy Corporation
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Port Waratah Coal Services - Australia
- Barasentosa Lestari - Indonesia
- Deloitte Consulting - India
- Australian Coal Association
- Karaikal Port Pvt Ltd - India
- Larsen & Toubro Limited - India
- Electricity Generating Authority of Thailand
- ASAPP Information Group - India
- Africa Commodities Group - South Africa
- AsiaOL BioFuels Corp., Philippines
- Makarim & Taira - Indonesia
- Interocean Group of Companies - India
- Kaltim Prima Coal - Indonesia
- Borneo Indobara - Indonesia
- Videocon Industries ltd - India
- Electricity Authority, New Zealand
- Leighton Contractors Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- Romanian Commodities Exchange
- PowerSource Philippines DevCo
- Meralco Power Generation, Philippines
- Price Waterhouse Coopers - Russia
- PTC India Limited - India
- Merrill Lynch Commodities Europe
- Manunggal Multi Energi - Indonesia
- Energy Link Ltd, New Zealand
- LBH Netherlands Bv - Netherlands
- Mercuria Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Thiess Contractors Indonesia
- Petron Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- SMC Global Power, Philippines
- GMR Energy Limited - India
- McConnell Dowell - Australia
- PNOC Exploration Corporation - Philippines
- Mjunction Services Limited - India
- Indian Energy Exchange, India
- Indian Oil Corporation Limited
- Kalimantan Lumbung Energi - Indonesia
- Heidelberg Cement - Germany
- Tata Chemicals Ltd - India
- Dalmia Cement Bharat India
- Minerals Council of Australia
- Indonesian Coal Mining Association
- Alfred C Toepfer International GmbH - Germany
- Maharashtra Electricity Regulatory Commission - India
- Antam Resourcindo - Indonesia
- Indo Tambangraya Megah - Indonesia
- Malabar Cements Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kumho Petrochemical, South Korea
- Commonwealth Bank - Australia
- Wood Mackenzie - Singapore
- Globalindo Alam Lestari - Indonesia
- Central Java Power - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Kideco Jaya Agung - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Ministry of Finance - Indonesia
- Medco Energi Mining Internasional
- Kapuas Tunggal Persada - Indonesia
- Standard Chartered Bank - UAE
- SMG Consultants - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Bulk Trading Sa - Switzerland
- Vizag Seaport Private Limited - India
- Renaissance Capital - South Africa
- TeaM Sual Corporation - Philippines
- Bhatia International Limited - India
- SN Aboitiz Power Inc, Philippines
- Central Electricity Authority - India
- The Treasury - Australian Government
- Pendopo Energi Batubara - Indonesia
- Aditya Birla Group - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Rio Tinto Coal - Australia
- Wilmar Investment Holdings
- VISA Power Limited - India
- Aboitiz Power Corporation - Philippines
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