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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.
The Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Monday, 04 April 16
CAPE INDEX JUMPED 70% WEEK ON WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities continued to rose this week.
The freight market was ...
Friday, 01 April 16
ASSESSING THE DRY BULK MARKET AT ROCK BOTTOM - CLARKSONS
While the opening months of the year are typically a weak period for the dry bulk market, the downturn so far this year has been severe. Earnings h ...
Friday, 01 April 16
NINE AM - TIME TO GET AN INDONESIAN LANGUAGE VERSION OF YOUR CHARTERPARTIES - CLYDE & CO
KNOWLEDGE TO ELEVATE
For several years, Indonesian law (Article 31, Law Number 24 of 2009) has required that memoranda of understanding (" ...
Friday, 01 April 16
U.S. COAL PRODUCTION UP SLIGHTLY WEEK OVER WEEK - EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 11.6 million shor ...
Thursday, 31 March 16
CAPE: ANOTHER UNEVENTFUL WEEK WITH FIXTURES CONCLUDED AT LAST DONE LEVELS - FEARNLEYS
Cape
Another uneventful week with fixtures concluded at last done levels, CS levels remain around the USD 3 mark, whilst C3 is still just short o ...
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- Bulk Trading Sa - Switzerland
- PTC India Limited - India
- International Coal Ventures Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Mercuria Energy - Indonesia
- Ministry of Mines - Canada
- Coalindo Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Star Paper Mills Limited - India
- Therma Luzon, Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- White Energy Company Limited
- Chettinad Cement Corporation Ltd - India
- Savvy Resources Ltd - HongKong
- Meralco Power Generation, Philippines
- Aditya Birla Group - India
- Economic Council, Georgia
- Neyveli Lignite Corporation Ltd, - India
- Kartika Selabumi Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- VISA Power Limited - India
- Bhushan Steel Limited - India
- Gujarat Electricity Regulatory Commission - India
- Xindia Steels Limited - India
- Indian Energy Exchange, India
- Leighton Contractors Pty Ltd - Australia
- Commonwealth Bank - Australia
- Cement Manufacturers Association - India
- Anglo American - United Kingdom
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bayan Resources Tbk. - Indonesia
- Australian Coal Association
- Attock Cement Pakistan Limited
- Global Business Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Metalloyd Limited - United Kingdom
- CIMB Investment Bank - Malaysia
- Indian Oil Corporation Limited
- Vijayanagar Sugar Pvt Ltd - India
- Chamber of Mines of South Africa
- Kaltim Prima Coal - Indonesia
- Thiess Contractors Indonesia
- Timah Investasi Mineral - Indoneisa
- Global Coal Blending Company Limited - Australia
- IHS Mccloskey Coal Group - USA
- Edison Trading Spa - Italy
- Makarim & Taira - Indonesia
- Borneo Indobara - Indonesia
- Interocean Group of Companies - India
- Romanian Commodities Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Toyota Tsusho Corporation, Japan
- Barasentosa Lestari - Indonesia
- Agrawal Coal Company - India
- Wood Mackenzie - Singapore
- Miang Besar Coal Terminal - Indonesia
- Aboitiz Power Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- Directorate Of Revenue Intelligence - India
- Petron Corporation, Philippines
- Central Electricity Authority - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Uttam Galva Steels Limited - India
- Vedanta Resources Plc - India
- Planning Commission, India
- Dalmia Cement Bharat India
- Manunggal Multi Energi - Indonesia
- The University of Queensland
- Siam City Cement PLC, Thailand
- Goldman Sachs - Singapore
- Indika Energy - Indonesia
- Malabar Cements Ltd - India
- European Bulk Services B.V. - Netherlands
- Banpu Public Company Limited - Thailand
- Straits Asia Resources Limited - Singapore
- Globalindo Alam Lestari - Indonesia
- SMG Consultants - Indonesia
- Rio Tinto Coal - Australia
- Central Java Power - Indonesia
- Jindal Steel & Power Ltd - India
- PowerSource Philippines DevCo
- GMR Energy Limited - India
- Simpson Spence & Young - Indonesia
- Gujarat Sidhee Cement - India
- Indonesian Coal Mining Association
- Australian Commodity Traders Exchange
- Kideco Jaya Agung - Indonesia
- Bhoruka Overseas - Indonesia
- Mintek Dendrill Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Maharashtra Electricity Regulatory Commission - India
- Binh Thuan Hamico - Vietnam
- Marubeni Corporation - India
- Ind-Barath Power Infra Limited - India
- Ministry of Transport, Egypt
- Kalimantan Lumbung Energi - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Independent Power Producers Association of India
- Cigading International Bulk Terminal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Medco Energi Mining Internasional
- Mercator Lines Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Altura Mining Limited, Indonesia
- Ambuja Cements Ltd - India
- Orica Australia Pty. Ltd.
- Bangladesh Power Developement Board
- Indo Tambangraya Megah - Indonesia
- Coastal Gujarat Power Limited - India
- Georgia Ports Authority, United States
- Alfred C Toepfer International GmbH - Germany
- PetroVietnam Power Coal Import and Supply Company
- LBH Netherlands Bv - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- Larsen & Toubro Limited - India
- Karaikal Port Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Eastern Coal Council - USA
- Kobexindo Tractors - Indoneisa
- Sree Jayajothi Cements Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Videocon Industries ltd - India
- Wilmar Investment Holdings
- Port Waratah Coal Services - Australia
- India Bulls Power Limited - India
- The State Trading Corporation of India Ltd
- Sojitz Corporation - Japan
- Tamil Nadu electricity Board
- TeaM Sual Corporation - Philippines
- IEA Clean Coal Centre - UK
- Electricity Generating Authority of Thailand
- Heidelberg Cement - Germany
- Semirara Mining Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Tata Chemicals Ltd - India
- Jaiprakash Power Ventures ltd
- Kohat Cement Company Ltd. - Pakistan
- Siam City Cement - Thailand
- Merrill Lynch Commodities Europe
- Trasteel International SA, Italy
- Latin American Coal - Colombia
- Petrochimia International Co. Ltd.- Taiwan
- Meenaskhi Energy Private Limited - India
- The Treasury - Australian Government
- Coal and Oil Company - UAE
- Ministry of Finance - Indonesia
- South Luzon Thermal Energy Corporation
- SMC Global Power, Philippines
- Sarangani Energy Corporation, Philippines
- Vizag Seaport Private Limited - India
- Carbofer General Trading SA - India
- Baramulti Group, Indonesia
- PNOC Exploration Corporation - Philippines
- Deloitte Consulting - India
- San Jose City I Power Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Pendopo Energi Batubara - Indonesia
- Lanco Infratech Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Rashtriya Ispat Nigam Limited - India
- Krishnapatnam Port Company Ltd. - India
- AsiaOL BioFuels Corp., Philippines
- New Zealand Coal & Carbon
- Orica Mining Services - Indonesia
- McConnell Dowell - Australia
- Madhucon Powers Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Mjunction Services Limited - India
- GVK Power & Infra Limited - India
- Parry Sugars Refinery, India
- Energy Development Corp, Philippines
- CNBM International Corporation - China
- OPG Power Generation Pvt Ltd - India
- Bharathi Cement Corporation - India
- GAC Shipping (India) Pvt Ltd
- Global Green Power PLC Corporation, Philippines
- Thai Mozambique Logistica
- MS Steel International - UAE
- Sindya Power Generating Company Private Ltd
- Energy Link Ltd, New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Renaissance Capital - South Africa
- Indogreen Group - Indonesia
- Sical Logistics Limited - India
- Oldendorff Carriers - Singapore
- Kumho Petrochemical, South Korea
- Bukit Makmur.PT - Indonesia
- London Commodity Brokers - England
- Africa Commodities Group - South Africa
- Holcim Trading Pte Ltd - Singapore
- Minerals Council of Australia
- Posco Energy - South Korea
- Iligan Light & Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Intertek Mineral Services - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GN Power Mariveles Coal Plant, Philippines
- Sakthi Sugars Limited - India
- Salva Resources Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- ICICI Bank Limited - India
- Parliament of New Zealand
- ASAPP Information Group - India
- Antam Resourcindo - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Grasim Industreis Ltd - India
- Standard Chartered Bank - UAE
- Bhatia International Limited - India
- Eastern Energy - Thailand
- Riau Bara Harum - Indonesia
- Singapore Mercantile Exchange
- Electricity Authority, New Zealand
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