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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, 03 November 15
EU OIL MAJORS FACE FURTHER EARNINGS DECLINE IN Q415 - FITCH RATINGS
The sharp drop in major European oil companies' third-quarter profits is likely to be extended in the fourth quarter as refining margins, which ...
Monday, 02 November 15
DESPITE CHALLENGING MARKET CONDITIONS, ADARO LOWERS COSTS, DEBT AND DELIVERS STRONG FREE CASH FLOW
COALspot.com: Despite challenging market conditions, Adaro lowers costs, lowers debt and delivers strong free cash flow.
The Indonesia’s ...
Monday, 02 November 15
CFR SOUTH CHINA COAL SWAPS CLOSED ON A WEAK NOTE
COALspot.com: API 8 CFR South China Coal swap for 4Q’ 2015 delivery declined US$ 1.81(3.71 %) per ton month over month.
A commodity swap ...
Sunday, 01 November 15
THE FREIGHT MARKET SENTIMENT REMAINS WEAK
This week’s freight market sentiment remains weak compared to last week.
The Baltic Dry Index (BDI), an economic indicator issued daily ...
Saturday, 31 October 15
ADARO ENERGY'S CORE EARNINGS DECLINE 21 PER CENT FOR THE NINE MONTHS PERIOD TO SEPTEMBER 2015
COALspot.com: Adaro Energy's core earnings decline 21% to US$228 Million for first 9months of this year compared to the same period last year. ...
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- Ambuja Cements Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Goldman Sachs - Singapore
- Antam Resourcindo - Indonesia
- PTC India Limited - India
- Port Waratah Coal Services - Australia
- Deloitte Consulting - India
- Global Green Power PLC Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- CIMB Investment Bank - Malaysia
- Bahari Cakrawala Sebuku - Indonesia
- Independent Power Producers Association of India
- Commonwealth Bank - Australia
- Orica Australia Pty. Ltd.
- Bangladesh Power Developement Board
- Mercator Lines Limited - India
- Global Business Power Corporation, Philippines
- Posco Energy - South Korea
- Barasentosa Lestari - Indonesia
- AsiaOL BioFuels Corp., Philippines
- VISA Power Limited - India
- IEA Clean Coal Centre - UK
- Semirara Mining Corp, Philippines
- Malabar Cements Ltd - India
- GAC Shipping (India) Pvt Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Parliament of New Zealand
- Maheswari Brothers Coal Limited - India
- Chettinad Cement Corporation Ltd - India
- Wilmar Investment Holdings
- Pendopo Energi Batubara - Indonesia
- McConnell Dowell - Australia
- GMR Energy Limited - India
- Australian Coal Association
- Gujarat Electricity Regulatory Commission - India
- Heidelberg Cement - Germany
- Central Electricity Authority - India
- Standard Chartered Bank - UAE
- Tata Chemicals Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sakthi Sugars Limited - India
- PowerSource Philippines DevCo
- Ministry of Mines - Canada
- Renaissance Capital - South Africa
- Gujarat Sidhee Cement - India
- Central Java Power - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bulk Trading Sa - Switzerland
- Larsen & Toubro Limited - India
- Electricity Generating Authority of Thailand
- Therma Luzon, Inc, Philippines
- Banpu Public Company Limited - Thailand
- Xindia Steels Limited - India
- Star Paper Mills Limited - India
- International Coal Ventures Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Bhatia International Limited - India
- Kobexindo Tractors - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Bhoruka Overseas - Indonesia
- Riau Bara Harum - Indonesia
- Siam City Cement - Thailand
- Altura Mining Limited, Indonesia
- Electricity Authority, New Zealand
- The University of Queensland
- Global Coal Blending Company Limited - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Georgia Ports Authority, United States
- Siam City Cement PLC, Thailand
- London Commodity Brokers - England
- Alfred C Toepfer International GmbH - Germany
- Salva Resources Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Interocean Group of Companies - India
- Australian Commodity Traders Exchange
- Coal and Oil Company - UAE
- Madhucon Powers Ltd - India
- Kideco Jaya Agung - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Semirara Mining and Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- South Luzon Thermal Energy Corporation
- Savvy Resources Ltd - HongKong
- Grasim Industreis Ltd - India
- Meralco Power Generation, Philippines
- Coalindo Energy - Indonesia
- Mintek Dendrill Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Coastal Gujarat Power Limited - India
- Meenaskhi Energy Private Limited - India
- Binh Thuan Hamico - Vietnam
- Jorong Barutama Greston.PT - Indonesia
- European Bulk Services B.V. - Netherlands
- Power Finance Corporation Ltd., India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Tamil Nadu electricity Board
- Bukit Baiduri Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Indogreen Group - Indonesia
- ASAPP Information Group - India
- TeaM Sual Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Africa Commodities Group - South Africa
- Uttam Galva Steels Limited - India
- Cement Manufacturers Association - India
- PetroVietnam Power Coal Import and Supply Company
- Singapore Mercantile Exchange
- Indian Oil Corporation Limited
- New Zealand Coal & Carbon
- Karbindo Abesyapradhi - Indoneisa
- LBH Netherlands Bv - Netherlands
- India Bulls Power Limited - India
- Attock Cement Pakistan Limited
- Lanco Infratech Ltd - India
- Marubeni Corporation - India
- CNBM International Corporation - China
- Eastern Energy - Thailand
- Minerals Council of Australia
- Holcim Trading Pte Ltd - Singapore
- SMG Consultants - Indonesia
- Energy Development Corp, Philippines
- Sojitz Corporation - Japan
- GVK Power & Infra Limited - India
- Bukit Makmur.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- Mjunction Services Limited - India
- Edison Trading Spa - Italy
- Videocon Industries ltd - India
- Mercuria Energy - Indonesia
- Orica Mining Services - Indonesia
- Sree Jayajothi Cements Limited - India
- Indika Energy - Indonesia
- Indian Energy Exchange, India
- Ministry of Transport, Egypt
- Price Waterhouse Coopers - Russia
- Vedanta Resources Plc - India
- Directorate General of MIneral and Coal - Indonesia
- Intertek Mineral Services - Indonesia
- Toyota Tsusho Corporation, Japan
- Bhushan Steel Limited - India
- SN Aboitiz Power Inc, Philippines
- Economic Council, Georgia
- Sarangani Energy Corporation, Philippines
- Wood Mackenzie - Singapore
- Thai Mozambique Logistica
- The State Trading Corporation of India Ltd
- MS Steel International - UAE
- Essar Steel Hazira Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Petrochimia International Co. Ltd.- Taiwan
- Jindal Steel & Power Ltd - India
- OPG Power Generation Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Bharathi Cement Corporation - India
- Kaltim Prima Coal - Indonesia
- Jaiprakash Power Ventures ltd
- Baramulti Group, Indonesia
- Petron Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Merrill Lynch Commodities Europe
- Trasteel International SA, Italy
- Anglo American - United Kingdom
- Ceylon Electricity Board - Sri Lanka
- San Jose City I Power Corp, Philippines
- Sical Logistics Limited - India
- Energy Link Ltd, New Zealand
- Eastern Coal Council - USA
- Bayan Resources Tbk. - Indonesia
- Iligan Light & Power Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Romanian Commodities Exchange
- Simpson Spence & Young - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Indonesian Coal Mining Association
- Oldendorff Carriers - Singapore
- Vizag Seaport Private Limited - India
- Billiton Holdings Pty Ltd - Australia
- Thiess Contractors Indonesia
- Chamber of Mines of South Africa
- Borneo Indobara - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Formosa Plastics Group - Taiwan
- Rio Tinto Coal - Australia
- SMC Global Power, Philippines
- Carbofer General Trading SA - India
- Maharashtra Electricity Regulatory Commission - India
- PNOC Exploration Corporation - Philippines
- Aboitiz Power Corporation - Philippines
- Planning Commission, India
- The Treasury - Australian Government
- Samtan Co., Ltd - South Korea
- Aditya Birla Group - India
- Gujarat Mineral Development Corp Ltd - India
- Dalmia Cement Bharat India
- Krishnapatnam Port Company Ltd. - India
- Kumho Petrochemical, South Korea
- Timah Investasi Mineral - Indoneisa
- Agrawal Coal Company - India
- Directorate Of Revenue Intelligence - India
- Ind-Barath Power Infra Limited - India
- Manunggal Multi Energi - Indonesia
- Makarim & Taira - Indonesia
- Ministry of Finance - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Parry Sugars Refinery, India
- Latin American Coal - Colombia
- Medco Energi Mining Internasional
- White Energy Company Limited
- Vijayanagar Sugar Pvt Ltd - India
- ICICI Bank Limited - India
- Globalindo Alam Lestari - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Kepco SPC Power Corporation, Philippines
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