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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, 29 February 16
BALTIC INDEX INCHES UP THIS PAST WEEK AS SMALLER VESSELS LEND SUPPORT
COALspot.com: The freight markets rose slightly this past week.
The Baltic Dry Index (BDI) of dry-bulk shipping freights, a measure of global ...
Monday, 29 February 16
LOSS OF EARNINGS IN THE WAKE OF A COLLISION - GARD
KNOWLEDGE TO ELEVATE
A shipowner’s loss of earnings can form a significant part of a collision claim. Awareness of the ways of calculati ...
Friday, 26 February 16
U.S WEEKLY COAL PRODUCTION UP SLIGHTLY
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 13.4 million shor ...
Thursday, 25 February 16
DRY BULKERS ARE SCRAPPED AT RECORD PACE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The newbuilding market is at a lull these days, as ship owners are focusing on two fronts, getting rid of excess dry bulk tonnage and snapping up b ...
Wednesday, 24 February 16
HOW IS THE FUEL MIX FOR U.S. ELECTRICITY GENERATION CHANGING? - EIA
In recent years, there have been changes in the mix of fuels used to generate electricity in the United States. Natural gas and renewable energy so ...
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- Karaikal Port Pvt Ltd - India
- Anglo American - United Kingdom
- Sojitz Corporation - Japan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Videocon Industries ltd - India
- Coalindo Energy - Indonesia
- Australian Coal Association
- Chamber of Mines of South Africa
- Interocean Group of Companies - India
- Essar Steel Hazira Ltd - India
- Straits Asia Resources Limited - Singapore
- GMR Energy Limited - India
- Latin American Coal - Colombia
- Barasentosa Lestari - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Coal and Oil Company - UAE
- Vedanta Resources Plc - India
- Romanian Commodities Exchange
- International Coal Ventures Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Bank of Tokyo Mitsubishi UFJ Ltd
- India Bulls Power Limited - India
- Ministry of Mines - Canada
- Siam City Cement - Thailand
- Heidelberg Cement - Germany
- Georgia Ports Authority, United States
- Kideco Jaya Agung - Indonesia
- Mercuria Energy - Indonesia
- Bangladesh Power Developement Board
- Wood Mackenzie - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Bukit Makmur.PT - Indonesia
- Orica Australia Pty. Ltd.
- ICICI Bank Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Rio Tinto Coal - Australia
- Electricity Generating Authority of Thailand
- Meenaskhi Energy Private Limited - India
- Lanco Infratech Ltd - India
- Indika Energy - Indonesia
- Central Electricity Authority - India
- Larsen & Toubro Limited - India
- Malabar Cements Ltd - India
- McConnell Dowell - Australia
- Banpu Public Company Limited - Thailand
- Indian Energy Exchange, India
- Intertek Mineral Services - Indonesia
- GVK Power & Infra Limited - India
- European Bulk Services B.V. - Netherlands
- Petron Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Mjunction Services Limited - India
- PNOC Exploration Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Electricity Authority, New Zealand
- Sinarmas Energy and Mining - Indonesia
- Oldendorff Carriers - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Africa Commodities Group - South Africa
- Standard Chartered Bank - UAE
- Sree Jayajothi Cements Limited - India
- Indogreen Group - Indonesia
- Port Waratah Coal Services - Australia
- Trasteel International SA, Italy
- GN Power Mariveles Coal Plant, Philippines
- Kapuas Tunggal Persada - Indonesia
- Sakthi Sugars Limited - India
- Global Business Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- Iligan Light & Power Inc, Philippines
- Makarim & Taira - Indonesia
- New Zealand Coal & Carbon
- Tamil Nadu electricity Board
- Alfred C Toepfer International GmbH - Germany
- Cigading International Bulk Terminal - Indonesia
- Semirara Mining Corp, Philippines
- San Jose City I Power Corp, Philippines
- Posco Energy - South Korea
- Aboitiz Power Corporation - Philippines
- Australian Commodity Traders Exchange
- Carbofer General Trading SA - India
- SN Aboitiz Power Inc, Philippines
- Samtan Co., Ltd - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Xindia Steels Limited - India
- Attock Cement Pakistan Limited
- Global Green Power PLC Corporation, Philippines
- Star Paper Mills Limited - India
- Energy Development Corp, Philippines
- Mercator Lines Limited - India
- Independent Power Producers Association of India
- Savvy Resources Ltd - HongKong
- Bulk Trading Sa - Switzerland
- Formosa Plastics Group - Taiwan
- Tata Chemicals Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- MS Steel International - UAE
- Wilmar Investment Holdings
- Pendopo Energi Batubara - Indonesia
- Kumho Petrochemical, South Korea
- Uttam Galva Steels Limited - India
- Renaissance Capital - South Africa
- Madhucon Powers Ltd - India
- LBH Netherlands Bv - Netherlands
- Economic Council, Georgia
- TNB Fuel Sdn Bhd - Malaysia
- Merrill Lynch Commodities Europe
- Goldman Sachs - Singapore
- Sarangani Energy Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Meralco Power Generation, Philippines
- Minerals Council of Australia
- Marubeni Corporation - India
- Commonwealth Bank - Australia
- AsiaOL BioFuels Corp., Philippines
- Metalloyd Limited - United Kingdom
- Jorong Barutama Greston.PT - Indonesia
- Therma Luzon, Inc, Philippines
- White Energy Company Limited
- Ambuja Cements Ltd - India
- Sindya Power Generating Company Private Ltd
- Krishnapatnam Port Company Ltd. - India
- Thai Mozambique Logistica
- Siam City Cement PLC, Thailand
- Deloitte Consulting - India
- Bukit Baiduri Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Orica Mining Services - Indonesia
- Aditya Birla Group - India
- Antam Resourcindo - Indonesia
- CIMB Investment Bank - Malaysia
- IEA Clean Coal Centre - UK
- Power Finance Corporation Ltd., India
- Bhushan Steel Limited - India
- The Treasury - Australian Government
- The State Trading Corporation of India Ltd
- Vizag Seaport Private Limited - India
- Leighton Contractors Pty Ltd - Australia
- Kartika Selabumi Mining - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Bayan Resources Tbk. - Indonesia
- Global Coal Blending Company Limited - Australia
- Bharathi Cement Corporation - India
- Pipit Mutiara Jaya. PT, Indonesia
- Agrawal Coal Company - India
- GAC Shipping (India) Pvt Ltd
- Mintek Dendrill Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Grasim Industreis Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Binh Thuan Hamico - Vietnam
- Gujarat Sidhee Cement - India
- Eastern Energy - Thailand
- Thiess Contractors Indonesia
- PowerSource Philippines DevCo
- Timah Investasi Mineral - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Salva Resources Pvt Ltd - India
- ASAPP Information Group - India
- Baramulti Group, Indonesia
- Price Waterhouse Coopers - Russia
- Dalmia Cement Bharat India
- CNBM International Corporation - China
- Borneo Indobara - Indonesia
- Edison Trading Spa - Italy
- Indian Oil Corporation Limited
- Energy Link Ltd, New Zealand
- PTC India Limited - India
- Altura Mining Limited, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Kobexindo Tractors - Indoneisa
- Maheswari Brothers Coal Limited - India
- Kaltim Prima Coal - Indonesia
- Indo Tambangraya Megah - Indonesia
- London Commodity Brokers - England
- Asmin Koalindo Tuhup - Indonesia
- Sical Logistics Limited - India
- Indonesian Coal Mining Association
- South Luzon Thermal Energy Corporation
- Jindal Steel & Power Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Ministry of Finance - Indonesia
- The University of Queensland
- Toyota Tsusho Corporation, Japan
- Miang Besar Coal Terminal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Simpson Spence & Young - Indonesia
- Cement Manufacturers Association - India
- Riau Bara Harum - Indonesia
- Parry Sugars Refinery, India
- Jaiprakash Power Ventures ltd
- Parliament of New Zealand
- Bhoruka Overseas - Indonesia
- Eastern Coal Council - USA
- SMG Consultants - Indonesia
- Medco Energi Mining Internasional
- VISA Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- SMC Global Power, Philippines
- Planning Commission, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coastal Gujarat Power Limited - India
- Singapore Mercantile Exchange
- Central Java Power - Indonesia
- Bhatia International Limited - India
- OPG Power Generation Pvt Ltd - India
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