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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, 11 March 16
US WEEKLY COAL PRODUCTION DOWN BY 0.5 MMST
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 12.6 million shor ...
Friday, 11 March 16
FORTESCUE'S MOU WITH VALE COULD STRENGTHEN ITS BUSINESS PROFILE - FITCH
COALspot.com: Fitch Ratings says that Australia-based Fortescue Metals Group Limited's (BB+/Negative) memorandum of understanding (MOU) with Br ...
Thursday, 10 March 16
CHINA'S NEW POLICY PLAN COULD BE POSITIVE FOR SHIPPING, BUT TARGETS SEEM RATHER AMBITIOUS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
China set out its new policy plan during the course of the past weekend, but it seems to have set some very ambitious goals, which could be difficu ...
Thursday, 10 March 16
U.S. COAL EXPORTS DECLINED 23% IN 2015, AS COAL IMPORTS REMAINED STEADY
COALspot.com: The United States remains a net exporter of coal, exporting 74.0 million short tons (MMst) and importing 11 MMst in 2015.
Accord ...
Thursday, 10 March 16
IT FEELS SAFE TO SAY THAT THE MARKET IS SLOWLY AND PAINFULLY REGAINING ITS BALANCE
With the BDI marking its third consecutive positive weekly closing, it feels safe to say that the market is regaining its balance; slowly and painf ...
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- Vijayanagar Sugar Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Sinarmas Energy and Mining - Indonesia
- Ministry of Transport, Egypt
- Medco Energi Mining Internasional
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bulk Trading Sa - Switzerland
- Rashtriya Ispat Nigam Limited - India
- Wood Mackenzie - Singapore
- Bhoruka Overseas - Indonesia
- Essar Steel Hazira Ltd - India
- Siam City Cement - Thailand
- Uttam Galva Steels Limited - India
- Coalindo Energy - Indonesia
- GVK Power & Infra Limited - India
- Sakthi Sugars Limited - India
- Gujarat Sidhee Cement - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Australian Coal Association
- Jorong Barutama Greston.PT - Indonesia
- India Bulls Power Limited - India
- Bukit Makmur.PT - Indonesia
- Vedanta Resources Plc - India
- Indonesian Coal Mining Association
- Semirara Mining Corp, Philippines
- Renaissance Capital - South Africa
- Therma Luzon, Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Meralco Power Generation, Philippines
- Indian Oil Corporation Limited
- Wilmar Investment Holdings
- Metalloyd Limited - United Kingdom
- Anglo American - United Kingdom
- PTC India Limited - India
- Salva Resources Pvt Ltd - India
- Carbofer General Trading SA - India
- Dalmia Cement Bharat India
- Toyota Tsusho Corporation, Japan
- PowerSource Philippines DevCo
- Pipit Mutiara Jaya. PT, Indonesia
- Indian Energy Exchange, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Timah Investasi Mineral - Indoneisa
- Oldendorff Carriers - Singapore
- Alfred C Toepfer International GmbH - Germany
- Riau Bara Harum - Indonesia
- Baramulti Group, Indonesia
- Videocon Industries ltd - India
- Minerals Council of Australia
- Bhushan Steel Limited - India
- Mercator Lines Limited - India
- Marubeni Corporation - India
- Leighton Contractors Pty Ltd - Australia
- Cigading International Bulk Terminal - Indonesia
- Banpu Public Company Limited - Thailand
- Krishnapatnam Port Company Ltd. - India
- Mjunction Services Limited - India
- Antam Resourcindo - Indonesia
- Standard Chartered Bank - UAE
- European Bulk Services B.V. - Netherlands
- Meenaskhi Energy Private Limited - India
- Energy Link Ltd, New Zealand
- San Jose City I Power Corp, Philippines
- Tamil Nadu electricity Board
- Bahari Cakrawala Sebuku - Indonesia
- Bayan Resources Tbk. - Indonesia
- TeaM Sual Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- CIMB Investment Bank - Malaysia
- GMR Energy Limited - India
- Sarangani Energy Corporation, Philippines
- CNBM International Corporation - China
- Ceylon Electricity Board - Sri Lanka
- The State Trading Corporation of India Ltd
- Chettinad Cement Corporation Ltd - India
- New Zealand Coal & Carbon
- Ministry of Finance - Indonesia
- London Commodity Brokers - England
- Latin American Coal - Colombia
- Kalimantan Lumbung Energi - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
- Madhucon Powers Ltd - India
- Economic Council, Georgia
- Altura Mining Limited, Indonesia
- Chamber of Mines of South Africa
- PetroVietnam Power Coal Import and Supply Company
- Power Finance Corporation Ltd., India
- Kohat Cement Company Ltd. - Pakistan
- Australian Commodity Traders Exchange
- Sical Logistics Limited - India
- Africa Commodities Group - South Africa
- Port Waratah Coal Services - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Tata Chemicals Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Thai Mozambique Logistica
- Barasentosa Lestari - Indonesia
- South Luzon Thermal Energy Corporation
- MS Steel International - UAE
- Ambuja Cements Ltd - India
- Formosa Plastics Group - Taiwan
- Savvy Resources Ltd - HongKong
- Binh Thuan Hamico - Vietnam
- Central Electricity Authority - India
- Billiton Holdings Pty Ltd - Australia
- Intertek Mineral Services - Indonesia
- Ministry of Mines - Canada
- Coastal Gujarat Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Grasim Industreis Ltd - India
- Xindia Steels Limited - India
- Globalindo Alam Lestari - Indonesia
- Kartika Selabumi Mining - Indonesia
- SMC Global Power, Philippines
- Attock Cement Pakistan Limited
- Eastern Coal Council - USA
- Manunggal Multi Energi - Indonesia
- The University of Queensland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Heidelberg Cement - Germany
- Makarim & Taira - Indonesia
- Electricity Authority, New Zealand
- Coal and Oil Company - UAE
- Global Coal Blending Company Limited - Australia
- ASAPP Information Group - India
- IEA Clean Coal Centre - UK
- Semirara Mining and Power Corporation, Philippines
- Trasteel International SA, Italy
- Borneo Indobara - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Planning Commission, India
- Star Paper Mills Limited - India
- Simpson Spence & Young - Indonesia
- Central Java Power - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Singapore Mercantile Exchange
- GAC Shipping (India) Pvt Ltd
- Directorate General of MIneral and Coal - Indonesia
- Interocean Group of Companies - India
- Malabar Cements Ltd - India
- Rio Tinto Coal - Australia
- McConnell Dowell - Australia
- Thiess Contractors Indonesia
- LBH Netherlands Bv - Netherlands
- Independent Power Producers Association of India
- Kumho Petrochemical, South Korea
- Jindal Steel & Power Ltd - India
- Aboitiz Power Corporation - Philippines
- Posco Energy - South Korea
- PNOC Exploration Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Bharathi Cement Corporation - India
- Eastern Energy - Thailand
- International Coal Ventures Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kaltim Prima Coal - Indonesia
- Petron Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Lanco Infratech Ltd - India
- Samtan Co., Ltd - South Korea
- Gujarat Mineral Development Corp Ltd - India
- The Treasury - Australian Government
- Directorate Of Revenue Intelligence - India
- SMG Consultants - Indonesia
- VISA Power Limited - India
- Kideco Jaya Agung - Indonesia
- Jaiprakash Power Ventures ltd
- Pendopo Energi Batubara - Indonesia
- Siam City Cement PLC, Thailand
- Deloitte Consulting - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Price Waterhouse Coopers - Russia
- Goldman Sachs - Singapore
- Commonwealth Bank - Australia
- Edison Trading Spa - Italy
- Sojitz Corporation - Japan
- Sree Jayajothi Cements Limited - India
- Parry Sugars Refinery, India
- Agrawal Coal Company - India
- Mintek Dendrill Indonesia
- Energy Development Corp, Philippines
- Iligan Light & Power Inc, Philippines
- White Energy Company Limited
- Global Business Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Karaikal Port Pvt Ltd - India
- Larsen & Toubro Limited - India
- Aditya Birla Group - India
- Merrill Lynch Commodities Europe
- Kobexindo Tractors - Indoneisa
- Romanian Commodities Exchange
- Miang Besar Coal Terminal - Indonesia
- Maheswari Brothers Coal Limited - India
- Orica Mining Services - Indonesia
- Electricity Generating Authority of Thailand
- Cement Manufacturers Association - India
- ICICI Bank Limited - India
- Ind-Barath Power Infra Limited - India
- Parliament of New Zealand
- Global Green Power PLC Corporation, Philippines
- Vizag Seaport Private Limited - India
- Bukit Baiduri Energy - Indonesia
- Indika Energy - Indonesia
- Bangladesh Power Developement Board
- Georgia Ports Authority, United States
- Asmin Koalindo Tuhup - Indonesia
- Bhatia International Limited - India
- Indogreen Group - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Straits Asia Resources Limited - Singapore
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