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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, 18 August 15
DRY BULK: MARKETS HAVE CONTINUED TO BE SEVERELY CHALLENGED - CLARKSONS
The dry bulk markets have continued to be severely challenged with freight rates falling during the period to below operating expense. The Baltic D ...
Tuesday, 18 August 15
1Q'16 FOB RICHARDS BAY COAL SWAP FALLS BELOW $54 A TON
COALspot.com: API4 FOB Richards Bay Coal swap for delivery 4Q' 2015 declined month over month and week over week.
The 4Q swap was down US$ ...
Tuesday, 18 August 15
2Q' 16 FOB NEWCASTLE COAL SWAP CLOSED AT $43 PER MT W/E 14 AUGUST
COALspot.com: API 5 FOB Newcastle Coal swap for 4Q’ 2015 delivery down $ 1.08 per MT (-2.46%) month over month to US$ 42.82 per mt. The swap ...
Monday, 17 August 15
TROUBLED DRY BULK MARKET FACES TURMOIL AS CHINESE COAL IMPORTS REMAIN WEAK - BIMCO
The demand for coal in China continues to diminish. So much in fact that India is expected to succeed China as the world’s largest imp ...
Monday, 17 August 15
INDONESIAN THERMAL COAL REFERENCE PRICE HITS RECORD LOW AGAIN!
COALspot.com - The Director General of Mineral and Coal of Indonesia revised down Indonesian coal benchmark price once again to US$ 59.14 per MT fo ...
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- Cement Manufacturers Association - India
- Miang Besar Coal Terminal - Indonesia
- MS Steel International - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indonesian Coal Mining Association
- Electricity Generating Authority of Thailand
- Aditya Birla Group - India
- Port Waratah Coal Services - Australia
- European Bulk Services B.V. - Netherlands
- Krishnapatnam Port Company Ltd. - India
- GMR Energy Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- Ambuja Cements Ltd - India
- San Jose City I Power Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Mineral Development Corp Ltd - India
- LBH Netherlands Bv - Netherlands
- Borneo Indobara - Indonesia
- Standard Chartered Bank - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Marubeni Corporation - India
- Petrochimia International Co. Ltd.- Taiwan
- Posco Energy - South Korea
- Parliament of New Zealand
- Siam City Cement - Thailand
- Jindal Steel & Power Ltd - India
- Directorate Of Revenue Intelligence - India
- Essar Steel Hazira Ltd - India
- GVK Power & Infra Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Central Java Power - Indonesia
- Economic Council, Georgia
- Sree Jayajothi Cements Limited - India
- Planning Commission, India
- Cigading International Bulk Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Eastern Energy - Thailand
- Medco Energi Mining Internasional
- Merrill Lynch Commodities Europe
- Anglo American - United Kingdom
- Bukit Makmur.PT - Indonesia
- Chettinad Cement Corporation Ltd - India
- Jaiprakash Power Ventures ltd
- Meenaskhi Energy Private Limited - India
- Ministry of Transport, Egypt
- Bangladesh Power Developement Board
- Gujarat Electricity Regulatory Commission - India
- Coal and Oil Company - UAE
- CIMB Investment Bank - Malaysia
- TNB Fuel Sdn Bhd - Malaysia
- Ind-Barath Power Infra Limited - India
- Lanco Infratech Ltd - India
- Madhucon Powers Ltd - India
- Indian Energy Exchange, India
- Kideco Jaya Agung - Indonesia
- Mjunction Services Limited - India
- Straits Asia Resources Limited - Singapore
- London Commodity Brokers - England
- Petron Corporation, Philippines
- Global Business Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- South Luzon Thermal Energy Corporation
- Jorong Barutama Greston.PT - Indonesia
- The Treasury - Australian Government
- Tata Chemicals Ltd - India
- Formosa Plastics Group - Taiwan
- Mercuria Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Indogreen Group - Indonesia
- Intertek Mineral Services - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Carbofer General Trading SA - India
- Georgia Ports Authority, United States
- India Bulls Power Limited - India
- New Zealand Coal & Carbon
- Gujarat Sidhee Cement - India
- Sindya Power Generating Company Private Ltd
- Uttam Galva Steels Limited - India
- The State Trading Corporation of India Ltd
- Bukit Baiduri Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Savvy Resources Ltd - HongKong
- Neyveli Lignite Corporation Ltd, - India
- SMC Global Power, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Karbindo Abesyapradhi - Indoneisa
- Indika Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Timah Investasi Mineral - Indoneisa
- White Energy Company Limited
- Bharathi Cement Corporation - India
- Sakthi Sugars Limited - India
- Africa Commodities Group - South Africa
- Ceylon Electricity Board - Sri Lanka
- Barasentosa Lestari - Indonesia
- Xindia Steels Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Chamber of Mines of South Africa
- Karaikal Port Pvt Ltd - India
- CNBM International Corporation - China
- Global Green Power PLC Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Riau Bara Harum - Indonesia
- Renaissance Capital - South Africa
- Billiton Holdings Pty Ltd - Australia
- Kaltim Prima Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- PTC India Limited - India
- Singapore Mercantile Exchange
- Sical Logistics Limited - India
- Antam Resourcindo - Indonesia
- Bulk Trading Sa - Switzerland
- Therma Luzon, Inc, Philippines
- Attock Cement Pakistan Limited
- Manunggal Multi Energi - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Indian Oil Corporation Limited
- Trasteel International SA, Italy
- Star Paper Mills Limited - India
- Asmin Koalindo Tuhup - Indonesia
- VISA Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Semirara Mining and Power Corporation, Philippines
- Romanian Commodities Exchange
- Aboitiz Power Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Coalindo Energy - Indonesia
- Baramulti Group, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Kapuas Tunggal Persada - Indonesia
- Bhatia International Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Kartika Selabumi Mining - Indonesia
- International Coal Ventures Pvt Ltd - India
- Ministry of Finance - Indonesia
- SN Aboitiz Power Inc, Philippines
- Heidelberg Cement - Germany
- Parry Sugars Refinery, India
- Kepco SPC Power Corporation, Philippines
- Independent Power Producers Association of India
- SMG Consultants - Indonesia
- Mintek Dendrill Indonesia
- Energy Link Ltd, New Zealand
- Dalmia Cement Bharat India
- The University of Queensland
- TeaM Sual Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- IHS Mccloskey Coal Group - USA
- Global Coal Blending Company Limited - Australia
- Iligan Light & Power Inc, Philippines
- Malabar Cements Ltd - India
- Globalindo Alam Lestari - Indonesia
- Bhushan Steel Limited - India
- Semirara Mining Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Bhoruka Overseas - Indonesia
- Grasim Industreis Ltd - India
- Orica Australia Pty. Ltd.
- Orica Mining Services - Indonesia
- Wilmar Investment Holdings
- Deloitte Consulting - India
- Minerals Council of Australia
- Siam City Cement PLC, Thailand
- Thai Mozambique Logistica
- Wood Mackenzie - Singapore
- Interocean Group of Companies - India
- ASAPP Information Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kobexindo Tractors - Indoneisa
- Commonwealth Bank - Australia
- PNOC Exploration Corporation - Philippines
- Mercator Lines Limited - India
- Goldman Sachs - Singapore
- Meralco Power Generation, Philippines
- McConnell Dowell - Australia
- Metalloyd Limited - United Kingdom
- Ministry of Mines - Canada
- Electricity Authority, New Zealand
- Kumho Petrochemical, South Korea
- IEA Clean Coal Centre - UK
- Rio Tinto Coal - Australia
- Energy Development Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Agrawal Coal Company - India
- Sarangani Energy Corporation, Philippines
- Vizag Seaport Private Limited - India
- Tamil Nadu electricity Board
- Thiess Contractors Indonesia
- Makarim & Taira - Indonesia
- Latin American Coal - Colombia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Videocon Industries ltd - India
- GAC Shipping (India) Pvt Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- OPG Power Generation Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- ICICI Bank Limited - India
- Central Electricity Authority - India
- Australian Commodity Traders Exchange
- Edison Trading Spa - Italy
- Oldendorff Carriers - Singapore
- Larsen & Toubro Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Australian Coal Association
- Eastern Coal Council - USA
- Altura Mining Limited, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Banpu Public Company Limited - Thailand
- Sojitz Corporation - Japan
- Vedanta Resources Plc - India
- Power Finance Corporation Ltd., India
- PowerSource Philippines DevCo
- Simpson Spence & Young - Indonesia
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