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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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Wednesday, 03 February 16
DRY BULK MARKET CONTINUES TO BE UNDER PRESSURE - INTERMODAL
The Dry Bulk market continues to be under pressure, with the BDI remaining in search of even the slightest support, which seems to be delaying more ...
Tuesday, 02 February 16
RECORD EXPORTS THROUGH SOUTH AFRICA'S RICHARDS BAY COAL TERMINAL MADE AT EXPENSE OF SMALLER RIVALS, IHS SAYS
Five percent increase in coal exports through South Africa’s dominant Richards Bay Coal Terminal in 2015 unlikely to accelerate country&rsquo ...
Tuesday, 02 February 16
SETTING ASIDE, STRIKING OUT AND APPEALS TO THE COURT OF APPEAL IN SHIP ARRESTS - RAJAH & TANN ASIA LLP
KNOWLEDGE TO ELEVATE
The Singapore Court of Appeal once again has had to grapple with ship arrest, setting aside and appeals to the Court unde ...
Monday, 01 February 16
DRY BULK SUFFERS FROM POSEIDON'S POTENT PRONGS - CLARKSONS
It has been a grim start to 2016 for the bulkcarrier market, with the Baltic Dry Index sliding to new record lows on almost every day of the year s ...
Monday, 01 February 16
INDONESIA'S SECOND LARGEST COAL MINER ADARO ENERGY HAS PRODUCED 51.46 MT IN 2015; 8% LOWER COMPARED TO FY14
COALspot.com: Adaro Energy, the Indonesia’s second largest coal producer by volume has produced 51.46 Mt in 2015, 8% lower compared to ...
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- Coastal Gujarat Power Limited - India
- Bangladesh Power Developement Board
- Mjunction Services Limited - India
- Bukit Baiduri Energy - Indonesia
- Ambuja Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Metalloyd Limited - United Kingdom
- Ministry of Mines - Canada
- Bank of Tokyo Mitsubishi UFJ Ltd
- CIMB Investment Bank - Malaysia
- Aboitiz Power Corporation - Philippines
- Xindia Steels Limited - India
- Makarim & Taira - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Ministry of Finance - Indonesia
- Economic Council, Georgia
- PNOC Exploration Corporation - Philippines
- Oldendorff Carriers - Singapore
- Thai Mozambique Logistica
- Anglo American - United Kingdom
- Lanco Infratech Ltd - India
- Grasim Industreis Ltd - India
- Kobexindo Tractors - Indoneisa
- Siam City Cement - Thailand
- Global Green Power PLC Corporation, Philippines
- Global Business Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- London Commodity Brokers - England
- Marubeni Corporation - India
- Georgia Ports Authority, United States
- Bhoruka Overseas - Indonesia
- Barasentosa Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Dalmia Cement Bharat India
- Star Paper Mills Limited - India
- GVK Power & Infra Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Jindal Steel & Power Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Sical Logistics Limited - India
- India Bulls Power Limited - India
- Kideco Jaya Agung - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indonesian Coal Mining Association
- Energy Development Corp, Philippines
- Australian Commodity Traders Exchange
- Deloitte Consulting - India
- Iligan Light & Power Inc, Philippines
- Energy Link Ltd, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Maheswari Brothers Coal Limited - India
- Power Finance Corporation Ltd., India
- Gujarat Sidhee Cement - India
- Kaltim Prima Coal - Indonesia
- Directorate Of Revenue Intelligence - India
- Globalindo Alam Lestari - Indonesia
- Romanian Commodities Exchange
- VISA Power Limited - India
- Vizag Seaport Private Limited - India
- Attock Cement Pakistan Limited
- PetroVietnam Power Coal Import and Supply Company
- Mercator Lines Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indian Oil Corporation Limited
- Sakthi Sugars Limited - India
- Meralco Power Generation, Philippines
- Orica Mining Services - Indonesia
- Timah Investasi Mineral - Indoneisa
- Heidelberg Cement - Germany
- Bulk Trading Sa - Switzerland
- Meenaskhi Energy Private Limited - India
- Eastern Coal Council - USA
- Trasteel International SA, Italy
- Mintek Dendrill Indonesia
- Bayan Resources Tbk. - Indonesia
- Riau Bara Harum - Indonesia
- LBH Netherlands Bv - Netherlands
- McConnell Dowell - Australia
- Madhucon Powers Ltd - India
- Sree Jayajothi Cements Limited - India
- Singapore Mercantile Exchange
- Bhushan Steel Limited - India
- Australian Coal Association
- Electricity Authority, New Zealand
- Indian Energy Exchange, India
- Kartika Selabumi Mining - Indonesia
- Salva Resources Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Wood Mackenzie - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Central Java Power - Indonesia
- Kepco SPC Power Corporation, Philippines
- ASAPP Information Group - India
- Altura Mining Limited, Indonesia
- Carbofer General Trading SA - India
- Leighton Contractors Pty Ltd - Australia
- Kohat Cement Company Ltd. - Pakistan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhatia International Limited - India
- Straits Asia Resources Limited - Singapore
- San Jose City I Power Corp, Philippines
- The University of Queensland
- Simpson Spence & Young - Indonesia
- GAC Shipping (India) Pvt Ltd
- IHS Mccloskey Coal Group - USA
- Kapuas Tunggal Persada - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Jaiprakash Power Ventures ltd
- Cigading International Bulk Terminal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Medco Energi Mining Internasional
- Goldman Sachs - Singapore
- Kalimantan Lumbung Energi - Indonesia
- New Zealand Coal & Carbon
- Indogreen Group - Indonesia
- ICICI Bank Limited - India
- Essar Steel Hazira Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- CNBM International Corporation - China
- Sindya Power Generating Company Private Ltd
- Indo Tambangraya Megah - Indonesia
- Price Waterhouse Coopers - Russia
- Billiton Holdings Pty Ltd - Australia
- Tata Chemicals Ltd - India
- Independent Power Producers Association of India
- IEA Clean Coal Centre - UK
- Semirara Mining Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Krishnapatnam Port Company Ltd. - India
- PTC India Limited - India
- Coal and Oil Company - UAE
- Holcim Trading Pte Ltd - Singapore
- AsiaOL BioFuels Corp., Philippines
- Antam Resourcindo - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Renaissance Capital - South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Tamil Nadu electricity Board
- Rio Tinto Coal - Australia
- Sinarmas Energy and Mining - Indonesia
- Central Electricity Authority - India
- Siam City Cement PLC, Thailand
- Borneo Indobara - Indonesia
- Aditya Birla Group - India
- Kumho Petrochemical, South Korea
- Commonwealth Bank - Australia
- Interocean Group of Companies - India
- Wilmar Investment Holdings
- Malabar Cements Ltd - India
- MS Steel International - UAE
- Larsen & Toubro Limited - India
- Manunggal Multi Energi - Indonesia
- The Treasury - Australian Government
- Standard Chartered Bank - UAE
- Neyveli Lignite Corporation Ltd, - India
- SMC Global Power, Philippines
- Mercuria Energy - Indonesia
- Port Waratah Coal Services - Australia
- PowerSource Philippines DevCo
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- Bukit Makmur.PT - Indonesia
- Parliament of New Zealand
- European Bulk Services B.V. - Netherlands
- Africa Commodities Group - South Africa
- GMR Energy Limited - India
- Cement Manufacturers Association - India
- Therma Luzon, Inc, Philippines
- Orica Australia Pty. Ltd.
- Maharashtra Electricity Regulatory Commission - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thiess Contractors Indonesia
- OPG Power Generation Pvt Ltd - India
- Chamber of Mines of South Africa
- Karaikal Port Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Coalindo Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Parry Sugars Refinery, India
- Savvy Resources Ltd - HongKong
- Minerals Council of Australia
- Pendopo Energi Batubara - Indonesia
- Uttam Galva Steels Limited - India
- SMG Consultants - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Binh Thuan Hamico - Vietnam
- Sojitz Corporation - Japan
- Petron Corporation, Philippines
- Agrawal Coal Company - India
- Posco Energy - South Korea
- Toyota Tsusho Corporation, Japan
- Semirara Mining and Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- The State Trading Corporation of India Ltd
- Gujarat Mineral Development Corp Ltd - India
- Vedanta Resources Plc - India
- Sarangani Energy Corporation, Philippines
- Latin American Coal - Colombia
- Edison Trading Spa - Italy
- Ministry of Transport, Egypt
- Ind-Barath Power Infra Limited - India
- Indika Energy - Indonesia
- Electricity Generating Authority of Thailand
- Global Coal Blending Company Limited - Australia
- Petrochimia International Co. Ltd.- Taiwan
- White Energy Company Limited
- Eastern Energy - Thailand
- SN Aboitiz Power Inc, Philippines
- Baramulti Group, Indonesia
- Merrill Lynch Commodities Europe
- Intertek Mineral Services - Indonesia
- Videocon Industries ltd - India
- Planning Commission, India
- Bharathi Cement Corporation - India
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