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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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Tuesday, 26 January 16
OUTLOOK FOR GLOBAL OIL MARKETS - OPEC SECRETARY GENERAL
Opening address by HE Abdalla S. El-Badri, OPEC Secretary General, at the Chatham House Conference: Middle East and North Africa Energy 2016, Theme ...
Monday, 25 January 16
5700 GAR COAL INDEX CLOSED $ 50.08 PER TON, $0.20 LOWER FROM LAST WEEK
COALspot.com: Average 5000 GAR coal index of Indonesian origin decline 1.35 percent week over week to averaging $39.39 per ton on this past Friday, ...
Monday, 25 January 16
SHOULD A DEFAULTING PARTY BE ENTITLED TO AN INNOCENT PARTY'S SAVING, FOLLOWING THEIR BREACH OF CONTRACT? - THE NEW FLAMENCO REVISITED
KNOWLEDGE TO ELEVATE
This case was addressed by the club in our of January 2015, when the High Court decision became available. The background ...
Monday, 25 January 16
DRY BULK SHIPPING: A MISERABLE START TO A NEW YEAR, WHERE THE MARKET STRUGGLES TO GROW AT ALL - BIMCO
The global production of steel dropped in 2015 compared to 2014, to a larger extent outside China, as China exported its surplus of steel to destin ...
Sunday, 24 January 16
PANAMAX MARKET WEAKENS ACROSS THE BOARD
COALspot.com: The Baltic Dry Index, which gauges the cost of shipping dry bulk including iron ore, cement, grain, coal and fertiliser, fell ninetee ...
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- Latin American Coal - Colombia
- GMR Energy Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Riau Bara Harum - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Thiess Contractors Indonesia
- Ministry of Transport, Egypt
- Parry Sugars Refinery, India
- Baramulti Group, Indonesia
- Georgia Ports Authority, United States
- Semirara Mining and Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Xindia Steels Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Tamil Nadu electricity Board
- Edison Trading Spa - Italy
- Directorate General of MIneral and Coal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Indo Tambangraya Megah - Indonesia
- Vedanta Resources Plc - India
- Global Business Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Coastal Gujarat Power Limited - India
- Maheswari Brothers Coal Limited - India
- Mintek Dendrill Indonesia
- Agrawal Coal Company - India
- Alfred C Toepfer International GmbH - Germany
- Sree Jayajothi Cements Limited - India
- Interocean Group of Companies - India
- Rio Tinto Coal - Australia
- Vizag Seaport Private Limited - India
- Savvy Resources Ltd - HongKong
- Indonesian Coal Mining Association
- South Luzon Thermal Energy Corporation
- Price Waterhouse Coopers - Russia
- European Bulk Services B.V. - Netherlands
- PowerSource Philippines DevCo
- The University of Queensland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Antam Resourcindo - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Parliament of New Zealand
- VISA Power Limited - India
- Indika Energy - Indonesia
- Medco Energi Mining Internasional
- Banpu Public Company Limited - Thailand
- Bulk Trading Sa - Switzerland
- Aditya Birla Group - India
- Dalmia Cement Bharat India
- Vijayanagar Sugar Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- ASAPP Information Group - India
- Cigading International Bulk Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Therma Luzon, Inc, Philippines
- Makarim & Taira - Indonesia
- Ind-Barath Power Infra Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kartika Selabumi Mining - Indonesia
- Power Finance Corporation Ltd., India
- Australian Coal Association
- Kapuas Tunggal Persada - Indonesia
- Electricity Authority, New Zealand
- White Energy Company Limited
- Eastern Energy - Thailand
- Singapore Mercantile Exchange
- Videocon Industries ltd - India
- Krishnapatnam Port Company Ltd. - India
- Commonwealth Bank - Australia
- Ministry of Finance - Indonesia
- PNOC Exploration Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Tata Chemicals Ltd - India
- Carbofer General Trading SA - India
- Uttam Galva Steels Limited - India
- Deloitte Consulting - India
- Manunggal Multi Energi - Indonesia
- Globalindo Alam Lestari - Indonesia
- Planning Commission, India
- Kideco Jaya Agung - Indonesia
- Bhatia International Limited - India
- Formosa Plastics Group - Taiwan
- Cement Manufacturers Association - India
- Eastern Coal Council - USA
- Sarangani Energy Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Orica Australia Pty. Ltd.
- Sakthi Sugars Limited - India
- Star Paper Mills Limited - India
- AsiaOL BioFuels Corp., Philippines
- Semirara Mining Corp, Philippines
- Indogreen Group - Indonesia
- Ministry of Mines - Canada
- Salva Resources Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- LBH Netherlands Bv - Netherlands
- Independent Power Producers Association of India
- Bukit Asam (Persero) Tbk - Indonesia
- Straits Asia Resources Limited - Singapore
- Chamber of Mines of South Africa
- Economic Council, Georgia
- Jaiprakash Power Ventures ltd
- Gujarat Sidhee Cement - India
- SN Aboitiz Power Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Bangladesh Power Developement Board
- International Coal Ventures Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Africa Commodities Group - South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Madhucon Powers Ltd - India
- Meralco Power Generation, Philippines
- IHS Mccloskey Coal Group - USA
- Grasim Industreis Ltd - India
- Kobexindo Tractors - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Posco Energy - South Korea
- Karbindo Abesyapradhi - Indoneisa
- India Bulls Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Heidelberg Cement - Germany
- Attock Cement Pakistan Limited
- Samtan Co., Ltd - South Korea
- Indian Oil Corporation Limited
- Gujarat Electricity Regulatory Commission - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bukit Makmur.PT - Indonesia
- Marubeni Corporation - India
- Port Waratah Coal Services - Australia
- The Treasury - Australian Government
- Thai Mozambique Logistica
- Lanco Infratech Ltd - India
- Billiton Holdings Pty Ltd - Australia
- PetroVietnam Power Coal Import and Supply Company
- Renaissance Capital - South Africa
- SMC Global Power, Philippines
- Bharathi Cement Corporation - India
- CNBM International Corporation - China
- New Zealand Coal & Carbon
- ICICI Bank Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Simpson Spence & Young - Indonesia
- Romanian Commodities Exchange
- Binh Thuan Hamico - Vietnam
- Mercator Lines Limited - India
- Anglo American - United Kingdom
- Orica Mining Services - Indonesia
- Oldendorff Carriers - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Borneo Indobara - Indonesia
- Merrill Lynch Commodities Europe
- TeaM Sual Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Coal and Oil Company - UAE
- Sojitz Corporation - Japan
- Electricity Generating Authority of Thailand
- IEA Clean Coal Centre - UK
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Energy Link Ltd, New Zealand
- Miang Besar Coal Terminal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Altura Mining Limited, Indonesia
- San Jose City I Power Corp, Philippines
- Minerals Council of Australia
- Intertek Mineral Services - Indonesia
- Siam City Cement - Thailand
- Petron Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Wilmar Investment Holdings
- Mjunction Services Limited - India
- Central Java Power - Indonesia
- MS Steel International - UAE
- Sical Logistics Limited - India
- Bhushan Steel Limited - India
- Kaltim Prima Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Metalloyd Limited - United Kingdom
- Coalindo Energy - Indonesia
- Kumho Petrochemical, South Korea
- Wood Mackenzie - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Ambuja Cements Ltd - India
- Meenaskhi Energy Private Limited - India
- Pendopo Energi Batubara - Indonesia
- Siam City Cement PLC, Thailand
- London Commodity Brokers - England
- Karaikal Port Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Larsen & Toubro Limited - India
- Chettinad Cement Corporation Ltd - India
- PTC India Limited - India
- Indian Energy Exchange, India
- Global Green Power PLC Corporation, Philippines
- Central Electricity Authority - India
- Kalimantan Lumbung Energi - Indonesia
- Standard Chartered Bank - UAE
- GAC Shipping (India) Pvt Ltd
- Timah Investasi Mineral - Indoneisa
- Malabar Cements Ltd - India
- Aboitiz Power Corporation - Philippines
- Trasteel International SA, Italy
- SMG Consultants - Indonesia
- Australian Commodity Traders Exchange
- Sindya Power Generating Company Private Ltd
- Barasentosa Lestari - Indonesia
- Jindal Steel & Power Ltd - India
- Mercuria Energy - Indonesia
- Energy Development Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- McConnell Dowell - Australia
- Goldman Sachs - Singapore
- GVK Power & Infra Limited - India
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