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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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Sunday, 06 December 15
DESPITE TEMPTING NEWBUILDING PRICES, CONTRACTING IN DRY BULK REMAINS LOW - BIMCO
The current newbuilding prices for dry bulk ships has dropped so much that they just passed the lows of 2012 heading downwards and are now at the l ...
Friday, 04 December 15
FOB INDONESIA COAL SWAPS ARE ALMOST FLAT OVER WEAK DEMAND
COALspot.com: Indonesian coal swaps for delivery Q1 2016 declined month on month and rose slightly week over week. Coal prices seen very margi ...
Friday, 04 December 15
COAL PRODUCTION IN THE U.S. FOR W/E NOVEMBER 28TH FELL SLIGHTLY FROM THE PREVIOUS WEEK
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 15.0 million shor ...
Friday, 04 December 15
MINING OUTLOOK WEAKENS FURTHER ON FALLING CHINESE DEMAND - FITCH
COALspot.com: Fitch Ratings' outlook for the global mining sector in 2016 is firmly negative, reflecting our view that Chinese demand will cont ...
Thursday, 03 December 15
DRY BULK: THERMAL COAL LOWER USAGE UNDER A POTENTIAL NEW CLIMATE DEAL WILL ADVERSELY IMPACT THE MARKET'S RECOVERY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
In direct contrast to the tanker market, the dry bulk one has seen demand for key commodities, such a coal, dwindling down over the course of the p ...
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- Samtan Co., Ltd - South Korea
- Neyveli Lignite Corporation Ltd, - India
- Aboitiz Power Corporation - Philippines
- Commonwealth Bank - Australia
- Kobexindo Tractors - Indoneisa
- Eastern Coal Council - USA
- Larsen & Toubro Limited - India
- Kumho Petrochemical, South Korea
- South Luzon Thermal Energy Corporation
- Ceylon Electricity Board - Sri Lanka
- Eastern Energy - Thailand
- New Zealand Coal & Carbon
- Jorong Barutama Greston.PT - Indonesia
- Indian Oil Corporation Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ind-Barath Power Infra Limited - India
- Goldman Sachs - Singapore
- Vedanta Resources Plc - India
- GN Power Mariveles Coal Plant, Philippines
- Port Waratah Coal Services - Australia
- Leighton Contractors Pty Ltd - Australia
- Aditya Birla Group - India
- SMC Global Power, Philippines
- Iligan Light & Power Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Star Paper Mills Limited - India
- Antam Resourcindo - Indonesia
- PowerSource Philippines DevCo
- The Treasury - Australian Government
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Power Finance Corporation Ltd., India
- Edison Trading Spa - Italy
- Marubeni Corporation - India
- Vijayanagar Sugar Pvt Ltd - India
- Standard Chartered Bank - UAE
- Global Business Power Corporation, Philippines
- Planning Commission, India
- Mercuria Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Salva Resources Pvt Ltd - India
- Orica Mining Services - Indonesia
- Xindia Steels Limited - India
- Singapore Mercantile Exchange
- Straits Asia Resources Limited - Singapore
- Borneo Indobara - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Rashtriya Ispat Nigam Limited - India
- Sakthi Sugars Limited - India
- SMG Consultants - Indonesia
- Videocon Industries ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Bahari Cakrawala Sebuku - Indonesia
- Therma Luzon, Inc, Philippines
- Dalmia Cement Bharat India
- Tata Chemicals Ltd - India
- Kaltim Prima Coal - Indonesia
- Coal and Oil Company - UAE
- Directorate Of Revenue Intelligence - India
- Indonesian Coal Mining Association
- Electricity Generating Authority of Thailand
- Kapuas Tunggal Persada - Indonesia
- Medco Energi Mining Internasional
- India Bulls Power Limited - India
- Energy Development Corp, Philippines
- Energy Link Ltd, New Zealand
- Anglo American - United Kingdom
- Sree Jayajothi Cements Limited - India
- Global Coal Blending Company Limited - Australia
- Banpu Public Company Limited - Thailand
- Ambuja Cements Ltd - India
- Latin American Coal - Colombia
- Meenaskhi Energy Private Limited - India
- Interocean Group of Companies - India
- The State Trading Corporation of India Ltd
- MS Steel International - UAE
- CNBM International Corporation - China
- Parliament of New Zealand
- Thai Mozambique Logistica
- Romanian Commodities Exchange
- Ministry of Finance - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- TeaM Sual Corporation - Philippines
- Bangladesh Power Developement Board
- McConnell Dowell - Australia
- Posco Energy - South Korea
- Central Electricity Authority - India
- Makarim & Taira - Indonesia
- Price Waterhouse Coopers - Russia
- European Bulk Services B.V. - Netherlands
- Oldendorff Carriers - Singapore
- Trasteel International SA, Italy
- IHS Mccloskey Coal Group - USA
- Global Green Power PLC Corporation, Philippines
- IEA Clean Coal Centre - UK
- Bukit Baiduri Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Wood Mackenzie - Singapore
- Riau Bara Harum - Indonesia
- Malabar Cements Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Maheswari Brothers Coal Limited - India
- Renaissance Capital - South Africa
- Jindal Steel & Power Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Sindya Power Generating Company Private Ltd
- Wilmar Investment Holdings
- SN Aboitiz Power Inc, Philippines
- Madhucon Powers Ltd - India
- Manunggal Multi Energi - Indonesia
- Intertek Mineral Services - Indonesia
- Bhoruka Overseas - Indonesia
- Merrill Lynch Commodities Europe
- Lanco Infratech Ltd - India
- Indogreen Group - Indonesia
- Mjunction Services Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Agrawal Coal Company - India
- Toyota Tsusho Corporation, Japan
- Chamber of Mines of South Africa
- Chettinad Cement Corporation Ltd - India
- CIMB Investment Bank - Malaysia
- Orica Australia Pty. Ltd.
- OPG Power Generation Pvt Ltd - India
- Indian Energy Exchange, India
- Gujarat Sidhee Cement - India
- PTC India Limited - India
- Siam City Cement - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Thiess Contractors Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Minerals Council of Australia
- San Jose City I Power Corp, Philippines
- Sojitz Corporation - Japan
- GMR Energy Limited - India
- Karaikal Port Pvt Ltd - India
- London Commodity Brokers - England
- Deloitte Consulting - India
- Grasim Industreis Ltd - India
- Kideco Jaya Agung - Indonesia
- ICICI Bank Limited - India
- Electricity Authority, New Zealand
- Holcim Trading Pte Ltd - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Pendopo Energi Batubara - Indonesia
- Baramulti Group, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Indika Energy - Indonesia
- Australian Commodity Traders Exchange
- LBH Netherlands Bv - Netherlands
- Attock Cement Pakistan Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- ASAPP Information Group - India
- Gujarat Electricity Regulatory Commission - India
- Gujarat Mineral Development Corp Ltd - India
- Georgia Ports Authority, United States
- Bharathi Cement Corporation - India
- Jaiprakash Power Ventures ltd
- Independent Power Producers Association of India
- Economic Council, Georgia
- Sical Logistics Limited - India
- Petron Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Parry Sugars Refinery, India
- Meralco Power Generation, Philippines
- Central Java Power - Indonesia
- Bukit Makmur.PT - Indonesia
- Barasentosa Lestari - Indonesia
- Mintek Dendrill Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vizag Seaport Private Limited - India
- Uttam Galva Steels Limited - India
- Semirara Mining and Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Indo Tambangraya Megah - Indonesia
- Tamil Nadu electricity Board
- Africa Commodities Group - South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Mercator Lines Limited - India
- Bhushan Steel Limited - India
- Cement Manufacturers Association - India
- Bulk Trading Sa - Switzerland
- Binh Thuan Hamico - Vietnam
- Savvy Resources Ltd - HongKong
- Timah Investasi Mineral - Indoneisa
- Metalloyd Limited - United Kingdom
- Ministry of Transport, Egypt
- Coalindo Energy - Indonesia
- Semirara Mining Corp, Philippines
- Carbofer General Trading SA - India
- The University of Queensland
- Australian Coal Association
- Simpson Spence & Young - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Coastal Gujarat Power Limited - India
- Essar Steel Hazira Ltd - India
- Kartika Selabumi Mining - Indonesia
- Ministry of Mines - Canada
- Rio Tinto Coal - Australia
- VISA Power Limited - India
- Bhatia International Limited - India
- Heidelberg Cement - Germany
- Pipit Mutiara Jaya. PT, Indonesia
- Siam City Cement PLC, Thailand
- Sarangani Energy Corporation, Philippines
- GVK Power & Infra Limited - India
- Sinarmas Energy and Mining - Indonesia
- Altura Mining Limited, Indonesia
- White Energy Company Limited
- Miang Besar Coal Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- International Coal Ventures Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Globalindo Alam Lestari - Indonesia
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