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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, 13 August 15
THE RATES FOR CAPES KEPT RALLYING LAST WEEK - INTERMODAL
COALspot.com: Strong Capesize performance kept supporting the Dry Bulk market last week, which noted another positive weekly closing, while rates f ...
Thursday, 13 August 15
FOB RICHARDS BAY COAL SWAPS CONTINUE FALLING
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$ ...
Wednesday, 12 August 15
DRY BULK MARKET: WITHOUT A DOUBT REACHED HEALTHIER LEVEL
A few weeks before the end of the summer season, the BDI is hovering around 1,200 points, providing some much needed optimism to all Dry Bulk marke ...
Wednesday, 12 August 15
REGULATION CURBS POWER OF LOCAL AUTHORITIES IN MINING SECTOR IN INDONESIA - FLORENCE G. SANTOSO
The Indonesian Government appears to be getting serious about stripping Regents of the authority to issue mining licenses. The Government took the ...
Wednesday, 12 August 15
FOB NEWCASTLE COAL SWAP FLAT WEEK OVER WEEK
COALspot.com: API 5 FOB Newcastle Coal swap for 4Q’ 2015 delivery down $ 0.98 per MT (-2.20%) month over month to US$ 43.65 per mt. The swap ...
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- Anglo American - United Kingdom
- Kaltim Prima Coal - Indonesia
- Mintek Dendrill Indonesia
- Pendopo Energi Batubara - Indonesia
- Aditya Birla Group - India
- Medco Energi Mining Internasional
- Minerals Council of Australia
- Iligan Light & Power Inc, Philippines
- Tamil Nadu electricity Board
- Ministry of Finance - Indonesia
- Bayan Resources Tbk. - Indonesia
- Wilmar Investment Holdings
- Global Green Power PLC Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Indogreen Group - Indonesia
- Ministry of Transport, Egypt
- Central Electricity Authority - India
- Karbindo Abesyapradhi - Indoneisa
- Oldendorff Carriers - Singapore
- Simpson Spence & Young - Indonesia
- Sakthi Sugars Limited - India
- SMG Consultants - Indonesia
- Edison Trading Spa - Italy
- Sinarmas Energy and Mining - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Planning Commission, India
- Indo Tambangraya Megah - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Semirara Mining Corp, Philippines
- Madhucon Powers Ltd - India
- MS Steel International - UAE
- Orica Mining Services - Indonesia
- Indian Energy Exchange, India
- Krishnapatnam Port Company Ltd. - India
- Wood Mackenzie - Singapore
- Sree Jayajothi Cements Limited - India
- Salva Resources Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Tata Chemicals Ltd - India
- PowerSource Philippines DevCo
- Mercator Lines Limited - India
- Timah Investasi Mineral - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Petrochimia International Co. Ltd.- Taiwan
- Therma Luzon, Inc, Philippines
- Samtan Co., Ltd - South Korea
- Globalindo Alam Lestari - Indonesia
- Ind-Barath Power Infra Limited - India
- Sojitz Corporation - Japan
- Global Business Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Orica Australia Pty. Ltd.
- Economic Council, Georgia
- Attock Cement Pakistan Limited
- Asmin Koalindo Tuhup - Indonesia
- Metalloyd Limited - United Kingdom
- Offshore Bulk Terminal Pte Ltd, Singapore
- Malabar Cements Ltd - India
- Lanco Infratech Ltd - India
- Thai Mozambique Logistica
- Parliament of New Zealand
- Kumho Petrochemical, South Korea
- Power Finance Corporation Ltd., India
- Savvy Resources Ltd - HongKong
- Kepco SPC Power Corporation, Philippines
- Posco Energy - South Korea
- Bhatia International Limited - India
- Binh Thuan Hamico - Vietnam
- Parry Sugars Refinery, India
- TeaM Sual Corporation - Philippines
- Goldman Sachs - Singapore
- Alfred C Toepfer International GmbH - Germany
- Meenaskhi Energy Private Limited - India
- India Bulls Power Limited - India
- Bhushan Steel Limited - India
- Altura Mining Limited, Indonesia
- Bukit Baiduri Energy - Indonesia
- Energy Link Ltd, New Zealand
- Kobexindo Tractors - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Toyota Tsusho Corporation, Japan
- Eastern Coal Council - USA
- San Jose City I Power Corp, Philippines
- Formosa Plastics Group - Taiwan
- Bharathi Cement Corporation - India
- Sindya Power Generating Company Private Ltd
- Siam City Cement - Thailand
- Chettinad Cement Corporation Ltd - India
- Chamber of Mines of South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Africa Commodities Group - South Africa
- SMC Global Power, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Ambuja Cements Ltd - India
- Latin American Coal - Colombia
- Gujarat Sidhee Cement - India
- Bhoruka Overseas - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sical Logistics Limited - India
- White Energy Company Limited
- Australian Commodity Traders Exchange
- VISA Power Limited - India
- ASAPP Information Group - India
- Makarim & Taira - Indonesia
- New Zealand Coal & Carbon
- Star Paper Mills Limited - India
- Merrill Lynch Commodities Europe
- Videocon Industries ltd - India
- Holcim Trading Pte Ltd - Singapore
- Independent Power Producers Association of India
- Baramulti Group, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Electricity Authority, New Zealand
- Price Waterhouse Coopers - Russia
- Kartika Selabumi Mining - Indonesia
- PTC India Limited - India
- Bulk Trading Sa - Switzerland
- Deloitte Consulting - India
- Dalmia Cement Bharat India
- Banpu Public Company Limited - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Vijayanagar Sugar Pvt Ltd - India
- McConnell Dowell - Australia
- Xindia Steels Limited - India
- IHS Mccloskey Coal Group - USA
- Bahari Cakrawala Sebuku - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Borneo Indobara - Indonesia
- Carbofer General Trading SA - India
- Kideco Jaya Agung - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coastal Gujarat Power Limited - India
- Manunggal Multi Energi - Indonesia
- GAC Shipping (India) Pvt Ltd
- Meralco Power Generation, Philippines
- Energy Development Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Antam Resourcindo - Indonesia
- South Luzon Thermal Energy Corporation
- Vedanta Resources Plc - India
- LBH Netherlands Bv - Netherlands
- Port Waratah Coal Services - Australia
- Petron Corporation, Philippines
- GMR Energy Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Sarangani Energy Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Maheswari Brothers Coal Limited - India
- Ministry of Mines - Canada
- London Commodity Brokers - England
- Bukit Asam (Persero) Tbk - Indonesia
- Rio Tinto Coal - Australia
- Singapore Mercantile Exchange
- Leighton Contractors Pty Ltd - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- International Coal Ventures Pvt Ltd - India
- Mjunction Services Limited - India
- Indian Oil Corporation Limited
- Essar Steel Hazira Ltd - India
- Gujarat Electricity Regulatory Commission - India
- CNBM International Corporation - China
- The Treasury - Australian Government
- Coalindo Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- IEA Clean Coal Centre - UK
- AsiaOL BioFuels Corp., Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mercuria Energy - Indonesia
- Interocean Group of Companies - India
- Renaissance Capital - South Africa
- European Bulk Services B.V. - Netherlands
- Ceylon Electricity Board - Sri Lanka
- Vizag Seaport Private Limited - India
- The University of Queensland
- GN Power Mariveles Coal Plant, Philippines
- Standard Chartered Bank - UAE
- Georgia Ports Authority, United States
- Eastern Energy - Thailand
- Central Java Power - Indonesia
- Riau Bara Harum - Indonesia
- Romanian Commodities Exchange
- Australian Coal Association
- Bukit Makmur.PT - Indonesia
- Commonwealth Bank - Australia
- Indika Energy - Indonesia
- ICICI Bank Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Mineral Development Corp Ltd - India
- Marubeni Corporation - India
- GVK Power & Infra Limited - India
- OPG Power Generation Pvt Ltd - India
- Larsen & Toubro Limited - India
- Siam City Cement PLC, Thailand
- Jindal Steel & Power Ltd - India
- Electricity Generating Authority of Thailand
- Global Coal Blending Company Limited - Australia
- Intertek Mineral Services - Indonesia
- SN Aboitiz Power Inc, Philippines
- Agrawal Coal Company - India
- Barasentosa Lestari - Indonesia
- Coal and Oil Company - UAE
- Thiess Contractors Indonesia
- Cement Manufacturers Association - India
- Trasteel International SA, Italy
- Indonesian Coal Mining Association
- Bangladesh Power Developement Board
- Grasim Industreis Ltd - India
- Directorate Of Revenue Intelligence - India
- Karaikal Port Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Straits Asia Resources Limited - Singapore
- PNOC Exploration Corporation - Philippines
- Heidelberg Cement - Germany
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