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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, 03 December 15
PANAMAX BUSINESS REMAINED UNDER PRESSURE LAST WEEK
COALspot.com: Following the new record lows the Dry Bulk market witnessed the week prior, the BDI took a much needed breath during the past days.
...
Wednesday, 02 December 15
Q3' 16 FOB RICHARDS BAY COAL SWAP SLIGHTLY UP FOR THE THIRD STRAIGHT WEEK
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q1’ 2016 up month over month and fell week over week.
The Q1’ 2016 &nbs ...
Wednesday, 02 December 15
MARKET INSIGHT - VASSILIS LOGOTHETIS
Boom and bust cycles in commodity prices are not something rare, yet they have important implications both for the world economy in general and for ...
Tuesday, 01 December 15
FOB NEWCASTLE COAL SWAP UP THIS PAST WEEK
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2016 delivery slid $3.75 per ton (9.26%) month over month to US$ 36.75 per ton. The swap ...
Tuesday, 01 December 15
TANKERS VERSUS BULKERS - JUST PLAYING CATCH UP? - CLARKSONS
It’s now more than a year since the tanker market took off. In mid-2014 tanker earnings picked up and since then have been in the $30-$40,000 ...
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- Coastal Gujarat Power Limited - India
- Mercuria Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- Jindal Steel & Power Ltd - India
- Singapore Mercantile Exchange
- Bangladesh Power Developement Board
- Carbofer General Trading SA - India
- Toyota Tsusho Corporation, Japan
- Savvy Resources Ltd - HongKong
- Karaikal Port Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Kideco Jaya Agung - Indonesia
- International Coal Ventures Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Siam City Cement PLC, Thailand
- Karbindo Abesyapradhi - Indoneisa
- Makarim & Taira - Indonesia
- Deloitte Consulting - India
- Ind-Barath Power Infra Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Aboitiz Power Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Attock Cement Pakistan Limited
- Meralco Power Generation, Philippines
- Orica Australia Pty. Ltd.
- Bukit Baiduri Energy - Indonesia
- Wood Mackenzie - Singapore
- Larsen & Toubro Limited - India
- Anglo American - United Kingdom
- Antam Resourcindo - Indonesia
- Cigading International Bulk Terminal - Indonesia
- McConnell Dowell - Australia
- Kepco SPC Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- PNOC Exploration Corporation - Philippines
- Bhushan Steel Limited - India
- Leighton Contractors Pty Ltd - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Posco Energy - South Korea
- ASAPP Information Group - India
- Mintek Dendrill Indonesia
- PTC India Limited - India
- Kartika Selabumi Mining - Indonesia
- Samtan Co., Ltd - South Korea
- Coalindo Energy - Indonesia
- London Commodity Brokers - England
- Ministry of Finance - Indonesia
- Binh Thuan Hamico - Vietnam
- GMR Energy Limited - India
- AsiaOL BioFuels Corp., Philippines
- Australian Coal Association
- Medco Energi Mining Internasional
- Therma Luzon, Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Malabar Cements Ltd - India
- ICICI Bank Limited - India
- Mjunction Services Limited - India
- Indogreen Group - Indonesia
- Directorate Of Revenue Intelligence - India
- The Treasury - Australian Government
- Economic Council, Georgia
- Indian Oil Corporation Limited
- Pipit Mutiara Jaya. PT, Indonesia
- San Jose City I Power Corp, Philippines
- Salva Resources Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Grasim Industreis Ltd - India
- Latin American Coal - Colombia
- Chettinad Cement Corporation Ltd - India
- Intertek Mineral Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Holcim Trading Pte Ltd - Singapore
- Heidelberg Cement - Germany
- PowerSource Philippines DevCo
- Banpu Public Company Limited - Thailand
- Global Coal Blending Company Limited - Australia
- Commonwealth Bank - Australia
- Renaissance Capital - South Africa
- Ministry of Mines - Canada
- Coal and Oil Company - UAE
- Bhoruka Overseas - Indonesia
- Eastern Energy - Thailand
- MS Steel International - UAE
- The University of Queensland
- Sakthi Sugars Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mercator Lines Limited - India
- Electricity Generating Authority of Thailand
- Interocean Group of Companies - India
- Indonesian Coal Mining Association
- IHS Mccloskey Coal Group - USA
- Chamber of Mines of South Africa
- India Bulls Power Limited - India
- Riau Bara Harum - Indonesia
- Planning Commission, India
- Orica Mining Services - Indonesia
- Jaiprakash Power Ventures ltd
- Directorate General of MIneral and Coal - Indonesia
- Petron Corporation, Philippines
- Lanco Infratech Ltd - India
- VISA Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- Maheswari Brothers Coal Limited - India
- Cement Manufacturers Association - India
- Energy Development Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- SMC Global Power, Philippines
- Bukit Makmur.PT - Indonesia
- Dalmia Cement Bharat India
- White Energy Company Limited
- Indo Tambangraya Megah - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Baramulti Group, Indonesia
- Essar Steel Hazira Ltd - India
- Videocon Industries ltd - India
- OPG Power Generation Pvt Ltd - India
- Thiess Contractors Indonesia
- Bhatia International Limited - India
- Edison Trading Spa - Italy
- Iligan Light & Power Inc, Philippines
- Indian Energy Exchange, India
- Krishnapatnam Port Company Ltd. - India
- Formosa Plastics Group - Taiwan
- LBH Netherlands Bv - Netherlands
- Price Waterhouse Coopers - Russia
- Borneo Indobara - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Globalindo Alam Lestari - Indonesia
- GAC Shipping (India) Pvt Ltd
- Vizag Seaport Private Limited - India
- Sarangani Energy Corporation, Philippines
- Parry Sugars Refinery, India
- TeaM Sual Corporation - Philippines
- IEA Clean Coal Centre - UK
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Madhucon Powers Ltd - India
- Altura Mining Limited, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Global Business Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Minerals Council of Australia
- Thai Mozambique Logistica
- The State Trading Corporation of India Ltd
- CNBM International Corporation - China
- Ministry of Transport, Egypt
- Australian Commodity Traders Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Electricity Regulatory Commission - India
- Gujarat Sidhee Cement - India
- Tamil Nadu electricity Board
- Africa Commodities Group - South Africa
- Eastern Coal Council - USA
- Metalloyd Limited - United Kingdom
- Trasteel International SA, Italy
- Ambuja Cements Ltd - India
- Kobexindo Tractors - Indoneisa
- Straits Asia Resources Limited - Singapore
- Oldendorff Carriers - Singapore
- Energy Link Ltd, New Zealand
- Bayan Resources Tbk. - Indonesia
- SMG Consultants - Indonesia
- Pendopo Energi Batubara - Indonesia
- Goldman Sachs - Singapore
- Sinarmas Energy and Mining - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Power Finance Corporation Ltd., India
- Uttam Galva Steels Limited - India
- Kaltim Prima Coal - Indonesia
- Meenaskhi Energy Private Limited - India
- Georgia Ports Authority, United States
- Parliament of New Zealand
- Marubeni Corporation - India
- Semirara Mining Corp, Philippines
- Port Waratah Coal Services - Australia
- CIMB Investment Bank - Malaysia
- Sojitz Corporation - Japan
- Tata Chemicals Ltd - India
- Aditya Birla Group - India
- Sree Jayajothi Cements Limited - India
- Central Electricity Authority - India
- GVK Power & Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- New Zealand Coal & Carbon
- Indika Energy - Indonesia
- Star Paper Mills Limited - India
- Standard Chartered Bank - UAE
- Xindia Steels Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Rio Tinto Coal - Australia
- SN Aboitiz Power Inc, Philippines
- Bulk Trading Sa - Switzerland
- Independent Power Producers Association of India
- Electricity Authority, New Zealand
- Barasentosa Lestari - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Central Java Power - Indonesia
- Simpson Spence & Young - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vedanta Resources Plc - India
- Petrochimia International Co. Ltd.- Taiwan
- Agrawal Coal Company - India
- Maharashtra Electricity Regulatory Commission - India
- Kohat Cement Company Ltd. - Pakistan
- Asmin Koalindo Tuhup - Indonesia
- Global Green Power PLC Corporation, Philippines
- Romanian Commodities Exchange
- Sical Logistics Limited - India
- Siam City Cement - Thailand
- Bharathi Cement Corporation - India
- Kumho Petrochemical, South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Wilmar Investment Holdings
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