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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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Thursday, 07 January 16
FOB NEWCASTLE COAL SWAPS DELIVERY Q1'16 REMAIN FLAT W-O-W; UP M-O-M
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2016 delivery rose another $1.23 per ton (3.35%) this past week compared to the sam ...
Thursday, 07 January 16
SHIPPING WILL REMAIN VOLATILE AND INDISPENSABLE IN 2016 - MOORE STEPHENS
The ultimate definition of an optimist has been characterised as an accordion player with an answerphone. Such extreme optimism might be difficult ...
Wednesday, 06 January 16
NEW COAL PRICE PASS-THROUGH REGULATION BENEFITS CHINA IPPS - FITCH RATINGS
Fitch Ratings says the new Coal Price Pass-through Mechanism announced by the National Development and Reform Commission (NDRC) on 31 December ...
Tuesday, 05 January 16
BIG COAL MINERS PLAN HIGHER PRODUCTION THIS YEAR - THE JAKARTA POST
The country’s major coal miners plan to further boost production in 2016 although analysts estimate that an oversupply in the world’s c ...
Tuesday, 05 January 16
THE SHIPPING MARKET IN 2015 AND LOOKING FORWARD - BIMCO
Global economy: menacing clouds in the sky cast a shadow on global economic developments 2015 never really took off, even though the global economi ...
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- Aditya Birla Group - India
- Commonwealth Bank - Australia
- Goldman Sachs - Singapore
- Malabar Cements Ltd - India
- LBH Netherlands Bv - Netherlands
- Therma Luzon, Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Metalloyd Limited - United Kingdom
- Kohat Cement Company Ltd. - Pakistan
- Formosa Plastics Group - Taiwan
- Indika Energy - Indonesia
- Parliament of New Zealand
- Coastal Gujarat Power Limited - India
- Meenaskhi Energy Private Limited - India
- Barasentosa Lestari - Indonesia
- Timah Investasi Mineral - Indoneisa
- Petron Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Electricity Authority, New Zealand
- Global Green Power PLC Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Parry Sugars Refinery, India
- Posco Energy - South Korea
- Kartika Selabumi Mining - Indonesia
- Borneo Indobara - Indonesia
- OPG Power Generation Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Simpson Spence & Young - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Central Java Power - Indonesia
- IEA Clean Coal Centre - UK
- Mercuria Energy - Indonesia
- Lanco Infratech Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Electricity Generating Authority of Thailand
- Sree Jayajothi Cements Limited - India
- ASAPP Information Group - India
- Bhatia International Limited - India
- Orica Australia Pty. Ltd.
- Sical Logistics Limited - India
- Thiess Contractors Indonesia
- Deloitte Consulting - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Attock Cement Pakistan Limited
- Holcim Trading Pte Ltd - Singapore
- SMG Consultants - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- ICICI Bank Limited - India
- IHS Mccloskey Coal Group - USA
- Anglo American - United Kingdom
- Binh Thuan Hamico - Vietnam
- Alfred C Toepfer International GmbH - Germany
- Leighton Contractors Pty Ltd - Australia
- GMR Energy Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Uttam Galva Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Merrill Lynch Commodities Europe
- Bayan Resources Tbk. - Indonesia
- SMC Global Power, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Maheswari Brothers Coal Limited - India
- Global Business Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Romanian Commodities Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Rio Tinto Coal - Australia
- Kapuas Tunggal Persada - Indonesia
- Ministry of Mines - Canada
- Africa Commodities Group - South Africa
- GAC Shipping (India) Pvt Ltd
- Ceylon Electricity Board - Sri Lanka
- Riau Bara Harum - Indonesia
- Heidelberg Cement - Germany
- Georgia Ports Authority, United States
- Latin American Coal - Colombia
- Chettinad Cement Corporation Ltd - India
- International Coal Ventures Pvt Ltd - India
- Makarim & Taira - Indonesia
- Globalindo Alam Lestari - Indonesia
- Indian Energy Exchange, India
- Minerals Council of Australia
- McConnell Dowell - Australia
- Coal and Oil Company - UAE
- San Jose City I Power Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Samtan Co., Ltd - South Korea
- TeaM Sual Corporation - Philippines
- Dalmia Cement Bharat India
- Krishnapatnam Port Company Ltd. - India
- Port Waratah Coal Services - Australia
- Kobexindo Tractors - Indoneisa
- Orica Mining Services - Indonesia
- New Zealand Coal & Carbon
- Thai Mozambique Logistica
- Kumho Petrochemical, South Korea
- Independent Power Producers Association of India
- Videocon Industries ltd - India
- Global Coal Blending Company Limited - Australia
- Eastern Energy - Thailand
- Cement Manufacturers Association - India
- Pendopo Energi Batubara - Indonesia
- Gujarat Sidhee Cement - India
- London Commodity Brokers - England
- Australian Coal Association
- Savvy Resources Ltd - HongKong
- Edison Trading Spa - Italy
- Medco Energi Mining Internasional
- Mjunction Services Limited - India
- Mercator Lines Limited - India
- Xindia Steels Limited - India
- Semirara Mining and Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Iligan Light & Power Inc, Philippines
- Sakthi Sugars Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Singapore Mercantile Exchange
- PetroVietnam Power Coal Import and Supply Company
- Mintek Dendrill Indonesia
- MS Steel International - UAE
- Star Paper Mills Limited - India
- The Treasury - Australian Government
- Semirara Mining Corp, Philippines
- South Luzon Thermal Energy Corporation
- Jorong Barutama Greston.PT - Indonesia
- Ambuja Cements Ltd - India
- Sindya Power Generating Company Private Ltd
- Eastern Coal Council - USA
- Rashtriya Ispat Nigam Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Siam City Cement - Thailand
- PTC India Limited - India
- Wood Mackenzie - Singapore
- Toyota Tsusho Corporation, Japan
- Jaiprakash Power Ventures ltd
- Central Electricity Authority - India
- Intertek Mineral Services - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- European Bulk Services B.V. - Netherlands
- Indo Tambangraya Megah - Indonesia
- The State Trading Corporation of India Ltd
- Kalimantan Lumbung Energi - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bulk Trading Sa - Switzerland
- Petrochimia International Co. Ltd.- Taiwan
- White Energy Company Limited
- Sojitz Corporation - Japan
- Ind-Barath Power Infra Limited - India
- Vizag Seaport Private Limited - India
- Altura Mining Limited, Indonesia
- Chamber of Mines of South Africa
- Bharathi Cement Corporation - India
- Ministry of Transport, Egypt
- Asmin Koalindo Tuhup - Indonesia
- Bhushan Steel Limited - India
- Indonesian Coal Mining Association
- Trasteel International SA, Italy
- Price Waterhouse Coopers - Russia
- Planning Commission, India
- Sarangani Energy Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Grasim Industreis Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sinarmas Energy and Mining - Indonesia
- Oldendorff Carriers - Singapore
- Aboitiz Power Corporation - Philippines
- Economic Council, Georgia
- VISA Power Limited - India
- Indogreen Group - Indonesia
- Renaissance Capital - South Africa
- PNOC Exploration Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Energy Development Corp, Philippines
- Ministry of Finance - Indonesia
- Energy Link Ltd, New Zealand
- Carbofer General Trading SA - India
- Kideco Jaya Agung - Indonesia
- Wilmar Investment Holdings
- AsiaOL BioFuels Corp., Philippines
- Vedanta Resources Plc - India
- Bhoruka Overseas - Indonesia
- Marubeni Corporation - India
- SN Aboitiz Power Inc, Philippines
- Kaltim Prima Coal - Indonesia
- GVK Power & Infra Limited - India
- Indian Oil Corporation Limited
- Madhucon Powers Ltd - India
- Jindal Steel & Power Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Larsen & Toubro Limited - India
- Essar Steel Hazira Ltd - India
- The University of Queensland
- PowerSource Philippines DevCo
- Bangladesh Power Developement Board
- Australian Commodity Traders Exchange
- CNBM International Corporation - China
- Tata Chemicals Ltd - India
- India Bulls Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Tamil Nadu electricity Board
- Agrawal Coal Company - India
- Baramulti Group, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Manunggal Multi Energi - Indonesia
- CIMB Investment Bank - Malaysia
- Meralco Power Generation, Philippines
- Antam Resourcindo - Indonesia
- Standard Chartered Bank - UAE
- Interocean Group of Companies - India
- Banpu Public Company Limited - Thailand
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