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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, 25 August 15
INDONESIA MINERS' NPLS TO RISE FURTHER, BANK RISKS BUILD - FITCH
The NPLs of Indonesian mine and mine services companies are likely to rise further in the short term, says Fitch Ratings, after reaching multi-year ...
Tuesday, 25 August 15
MINER'S EARNINGS DROP ON FALLING COAL PRICES; Q2'16 FOB RICHARDS BAY COAL SWAP CLOSED AT $ 52.23 A TON
COALspot.com: API4 FOB Richards Bay Coal swap for delivery 4Q' 2015 declined month over month and week over week.
The 4Q swap was down US$ ...
Monday, 24 August 15
FOB NEWCASTLE COAL SWAPS HIT FRESH LOW, DIPPING BELOW $42 A TON
COALspot.com: API 5 FOB Newcastle Coal swap for 4Q’ 2015 delivery down $ 2.20 per MT (-5.01%) month over month to US$ 41.70 per mt. The swap ...
Monday, 24 August 15
Q1'16 CFR SOUTH CHINA COAL SWAP CLOSED AT $ 48.65 PMT
COALspot.com: API 8 CFR South China Coal swap for 4Q’ 2015 delivery declined just US$ 1.89 (3.74%) per MT month over month.
A commodity ...
Monday, 24 August 15
IS CHINA'S STEEL EXPORTS ENOUGH TO SUPPORT THE FREIGHT MARKET? - BIMCO
No, it’s not enough, you will need lower Chinese iron ore production too in order to keep growing imports of iron ore into China that will su ...
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- Petron Corporation, Philippines
- Mjunction Services Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Independent Power Producers Association of India
- Banpu Public Company Limited - Thailand
- Bhushan Steel Limited - India
- Ind-Barath Power Infra Limited - India
- SN Aboitiz Power Inc, Philippines
- Global Business Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Metalloyd Limited - United Kingdom
- Ministry of Transport, Egypt
- Cement Manufacturers Association - India
- Tamil Nadu electricity Board
- Indian Energy Exchange, India
- Ceylon Electricity Board - Sri Lanka
- Toyota Tsusho Corporation, Japan
- ASAPP Information Group - India
- PNOC Exploration Corporation - Philippines
- Vedanta Resources Plc - India
- New Zealand Coal & Carbon
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Parliament of New Zealand
- TeaM Sual Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- Coastal Gujarat Power Limited - India
- Baramulti Group, Indonesia
- OPG Power Generation Pvt Ltd - India
- Australian Commodity Traders Exchange
- Krishnapatnam Port Company Ltd. - India
- Semirara Mining and Power Corporation, Philippines
- Australian Coal Association
- Vizag Seaport Private Limited - India
- Globalindo Alam Lestari - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Sakthi Sugars Limited - India
- Singapore Mercantile Exchange
- Rio Tinto Coal - Australia
- Kumho Petrochemical, South Korea
- Larsen & Toubro Limited - India
- Edison Trading Spa - Italy
- Chettinad Cement Corporation Ltd - India
- Maheswari Brothers Coal Limited - India
- Ministry of Mines - Canada
- Antam Resourcindo - Indonesia
- Carbofer General Trading SA - India
- Price Waterhouse Coopers - Russia
- Cigading International Bulk Terminal - Indonesia
- Minerals Council of Australia
- PowerSource Philippines DevCo
- Samtan Co., Ltd - South Korea
- MS Steel International - UAE
- GAC Shipping (India) Pvt Ltd
- Simpson Spence & Young - Indonesia
- Wilmar Investment Holdings
- Thiess Contractors Indonesia
- Kobexindo Tractors - Indoneisa
- VISA Power Limited - India
- Makarim & Taira - Indonesia
- ICICI Bank Limited - India
- Eastern Energy - Thailand
- Indo Tambangraya Megah - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Intertek Mineral Services - Indonesia
- Standard Chartered Bank - UAE
- Deloitte Consulting - India
- Iligan Light & Power Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Ministry of Finance - Indonesia
- Heidelberg Cement - Germany
- SMC Global Power, Philippines
- Alfred C Toepfer International GmbH - Germany
- Jindal Steel & Power Ltd - India
- Aditya Birla Group - India
- Kalimantan Lumbung Energi - Indonesia
- International Coal Ventures Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Madhucon Powers Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Goldman Sachs - Singapore
- IHS Mccloskey Coal Group - USA
- CNBM International Corporation - China
- The University of Queensland
- Africa Commodities Group - South Africa
- Tata Chemicals Ltd - India
- Central Java Power - Indonesia
- South Luzon Thermal Energy Corporation
- Holcim Trading Pte Ltd - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMG Consultants - Indonesia
- Aboitiz Power Corporation - Philippines
- Dalmia Cement Bharat India
- Orica Mining Services - Indonesia
- Indonesian Coal Mining Association
- Mintek Dendrill Indonesia
- CIMB Investment Bank - Malaysia
- Posco Energy - South Korea
- Indika Energy - Indonesia
- Medco Energi Mining Internasional
- Pendopo Energi Batubara - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Attock Cement Pakistan Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Georgia Ports Authority, United States
- London Commodity Brokers - England
- Mercuria Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Sojitz Corporation - Japan
- Energy Development Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Sindya Power Generating Company Private Ltd
- Siam City Cement - Thailand
- Parry Sugars Refinery, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Anglo American - United Kingdom
- Sical Logistics Limited - India
- Coalindo Energy - Indonesia
- Wood Mackenzie - Singapore
- Mercator Lines Limited - India
- Kapuas Tunggal Persada - Indonesia
- Central Electricity Authority - India
- IEA Clean Coal Centre - UK
- Electricity Generating Authority of Thailand
- Trasteel International SA, Italy
- European Bulk Services B.V. - Netherlands
- Planning Commission, India
- LBH Netherlands Bv - Netherlands
- Kideco Jaya Agung - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Indogreen Group - Indonesia
- Economic Council, Georgia
- Coal and Oil Company - UAE
- Global Green Power PLC Corporation, Philippines
- Bangladesh Power Developement Board
- Ambuja Cements Ltd - India
- Altura Mining Limited, Indonesia
- Romanian Commodities Exchange
- Port Waratah Coal Services - Australia
- Leighton Contractors Pty Ltd - Australia
- Videocon Industries ltd - India
- GVK Power & Infra Limited - India
- Power Finance Corporation Ltd., India
- Manunggal Multi Energi - Indonesia
- The Treasury - Australian Government
- The State Trading Corporation of India Ltd
- Orica Australia Pty. Ltd.
- Malabar Cements Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- Lanco Infratech Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Riau Bara Harum - Indonesia
- Formosa Plastics Group - Taiwan
- Semirara Mining Corp, Philippines
- Bhatia International Limited - India
- Eastern Coal Council - USA
- Kaltim Prima Coal - Indonesia
- Directorate Of Revenue Intelligence - India
- Siam City Cement PLC, Thailand
- Straits Asia Resources Limited - Singapore
- Interocean Group of Companies - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Latin American Coal - Colombia
- Gujarat Sidhee Cement - India
- White Energy Company Limited
- Karaikal Port Pvt Ltd - India
- Meralco Power Generation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Sinarmas Energy and Mining - Indonesia
- Bukit Baiduri Energy - Indonesia
- Renaissance Capital - South Africa
- McConnell Dowell - Australia
- Indian Oil Corporation Limited
- Merrill Lynch Commodities Europe
- Bhoruka Overseas - Indonesia
- Electricity Authority, New Zealand
- Binh Thuan Hamico - Vietnam
- Barasentosa Lestari - Indonesia
- Uttam Galva Steels Limited - India
- GMR Energy Limited - India
- Grasim Industreis Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Thai Mozambique Logistica
- AsiaOL BioFuels Corp., Philippines
- Maharashtra Electricity Regulatory Commission - India
- Savvy Resources Ltd - HongKong
- Marubeni Corporation - India
- Commonwealth Bank - Australia
- Bulk Trading Sa - Switzerland
- Bukit Makmur.PT - Indonesia
- Energy Link Ltd, New Zealand
- Star Paper Mills Limited - India
- Chamber of Mines of South Africa
- Bharathi Cement Corporation - India
- Kepco SPC Power Corporation, Philippines
- PTC India Limited - India
- Borneo Indobara - Indonesia
- Xindia Steels Limited - India
- Global Coal Blending Company Limited - Australia
- PetroVietnam Power Coal Import and Supply Company
- Neyveli Lignite Corporation Ltd, - India
- Oldendorff Carriers - Singapore
- Meenaskhi Energy Private Limited - India
- Jaiprakash Power Ventures ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Agrawal Coal Company - India
- Petrochimia International Co. Ltd.- Taiwan
- India Bulls Power Limited - India
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