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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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Friday, 07 August 15
U.S. YEAR-TO-DATE COAL PRODUCTION TOTALED 528.1 MMST; DOWN 8.7% Y/Y - EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 17.7 million shor ...
Thursday, 06 August 15
THE RATES FOR CAPES SHOOT UP LAST WEEK; GIVING THIS RECENT RALLY SOME MUCH NEEDED LEGS - INTERMODAL
COALspot.com: The Dry Bulk market noted another positive closing last week, entirely supported by Capesize performance, which managed to balance th ...
Thursday, 06 August 15
HARD COAL AND COKE IMPORTS TO GERMANY REACH NEW ALL-TIME HIGH OF 56.2M TONES IN 2014
Demand for German and imported hard coal In 2014, in 2014 fell by almost 8%, or 4.8m TCE, to 56.2m TCE.
According to German Coal Importer ...
Thursday, 06 August 15
SEABORNE WORLD TRADE IN STEAM COAL GROWS BY 3% YOY - GERMAN COAL IMPORTER ASSOCIATION
Global trade with hard coal, at 1,272m tones in 2014, increased by 35m tonnes or 3% in comparison with the previous year.
According to associa ...
Wednesday, 05 August 15
SHIPPING MARKET INSIGHT - KATERINA RESTIS
On July 14th, 2015 a historical consensus was reached in Vienna between Iran and the five permanent members of the U.N. Security Council, plus Germ ...
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- Parliament of New Zealand
- Energy Link Ltd, New Zealand
- Simpson Spence & Young - Indonesia
- Merrill Lynch Commodities Europe
- Larsen & Toubro Limited - India
- OPG Power Generation Pvt Ltd - India
- Interocean Group of Companies - India
- Cigading International Bulk Terminal - Indonesia
- Sakthi Sugars Limited - India
- Jindal Steel & Power Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Grasim Industreis Ltd - India
- Bhoruka Overseas - Indonesia
- Carbofer General Trading SA - India
- Kohat Cement Company Ltd. - Pakistan
- Ambuja Cements Ltd - India
- Ministry of Finance - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Makmur.PT - Indonesia
- Metalloyd Limited - United Kingdom
- Indonesian Coal Mining Association
- ASAPP Information Group - India
- Orica Mining Services - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Gujarat Sidhee Cement - India
- Gujarat Electricity Regulatory Commission - India
- Planning Commission, India
- Australian Coal Association
- GVK Power & Infra Limited - India
- Sarangani Energy Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Bhushan Steel Limited - India
- India Bulls Power Limited - India
- Oldendorff Carriers - Singapore
- The State Trading Corporation of India Ltd
- New Zealand Coal & Carbon
- PowerSource Philippines DevCo
- Goldman Sachs - Singapore
- Meralco Power Generation, Philippines
- Videocon Industries ltd - India
- Mercuria Energy - Indonesia
- Bangladesh Power Developement Board
- Altura Mining Limited, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Aboitiz Power Corporation - Philippines
- Global Business Power Corporation, Philippines
- Ministry of Mines - Canada
- Iligan Light & Power Inc, Philippines
- Renaissance Capital - South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Power Finance Corporation Ltd., India
- Mjunction Services Limited - India
- IEA Clean Coal Centre - UK
- Madhucon Powers Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Indo Tambangraya Megah - Indonesia
- PTC India Limited - India
- Anglo American - United Kingdom
- Bhatia International Limited - India
- Miang Besar Coal Terminal - Indonesia
- Banpu Public Company Limited - Thailand
- Asmin Koalindo Tuhup - Indonesia
- LBH Netherlands Bv - Netherlands
- Essar Steel Hazira Ltd - India
- Formosa Plastics Group - Taiwan
- TeaM Sual Corporation - Philippines
- Mintek Dendrill Indonesia
- Posco Energy - South Korea
- Thai Mozambique Logistica
- Bayan Resources Tbk. - Indonesia
- Indika Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Independent Power Producers Association of India
- Trasteel International SA, Italy
- PetroVietnam Power Coal Import and Supply Company
- Kumho Petrochemical, South Korea
- Vijayanagar Sugar Pvt Ltd - India
- ICICI Bank Limited - India
- Semirara Mining Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- VISA Power Limited - India
- Ind-Barath Power Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Central Java Power - Indonesia
- Kartika Selabumi Mining - Indonesia
- Standard Chartered Bank - UAE
- Meenaskhi Energy Private Limited - India
- Malabar Cements Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Barasentosa Lestari - Indonesia
- Jaiprakash Power Ventures ltd
- SMG Consultants - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Indian Energy Exchange, India
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Baiduri Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- Energy Development Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Cement Manufacturers Association - India
- Ministry of Transport, Egypt
- Kideco Jaya Agung - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Global Coal Blending Company Limited - Australia
- White Energy Company Limited
- Orica Australia Pty. Ltd.
- Kaltim Prima Coal - Indonesia
- Makarim & Taira - Indonesia
- Central Electricity Authority - India
- Heidelberg Cement - Germany
- Africa Commodities Group - South Africa
- International Coal Ventures Pvt Ltd - India
- Sojitz Corporation - Japan
- Xindia Steels Limited - India
- Bharathi Cement Corporation - India
- Savvy Resources Ltd - HongKong
- Holcim Trading Pte Ltd - Singapore
- Wood Mackenzie - Singapore
- Wilmar Investment Holdings
- Global Green Power PLC Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Indian Oil Corporation Limited
- Borneo Indobara - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Mineral Development Corp Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Parry Sugars Refinery, India
- Thiess Contractors Indonesia
- Star Paper Mills Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Tamil Nadu electricity Board
- Coalindo Energy - Indonesia
- Coal and Oil Company - UAE
- Australian Commodity Traders Exchange
- Singapore Mercantile Exchange
- Billiton Holdings Pty Ltd - Australia
- CNBM International Corporation - China
- Kapuas Tunggal Persada - Indonesia
- Deloitte Consulting - India
- Mercator Lines Limited - India
- Sindya Power Generating Company Private Ltd
- Electricity Generating Authority of Thailand
- Siam City Cement PLC, Thailand
- GN Power Mariveles Coal Plant, Philippines
- Uttam Galva Steels Limited - India
- Binh Thuan Hamico - Vietnam
- Karaikal Port Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Tata Chemicals Ltd - India
- Dalmia Cement Bharat India
- Siam City Cement - Thailand
- Electricity Authority, New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Aditya Birla Group - India
- Eastern Coal Council - USA
- Therma Luzon, Inc, Philippines
- Vizag Seaport Private Limited - India
- Chettinad Cement Corporation Ltd - India
- Indogreen Group - Indonesia
- IHS Mccloskey Coal Group - USA
- London Commodity Brokers - England
- Medco Energi Mining Internasional
- Agrawal Coal Company - India
- PNOC Exploration Corporation - Philippines
- Commonwealth Bank - Australia
- Latin American Coal - Colombia
- Maheswari Brothers Coal Limited - India
- The University of Queensland
- Sree Jayajothi Cements Limited - India
- Minerals Council of Australia
- GMR Energy Limited - India
- Timah Investasi Mineral - Indoneisa
- Eastern Energy - Thailand
- Marubeni Corporation - India
- AsiaOL BioFuels Corp., Philippines
- Rio Tinto Coal - Australia
- Toyota Tsusho Corporation, Japan
- Coastal Gujarat Power Limited - India
- Intertek Mineral Services - Indonesia
- Sical Logistics Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- MS Steel International - UAE
- Directorate Of Revenue Intelligence - India
- Samtan Co., Ltd - South Korea
- Chamber of Mines of South Africa
- Salva Resources Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Antam Resourcindo - Indonesia
- Straits Asia Resources Limited - Singapore
- Port Waratah Coal Services - Australia
- Georgia Ports Authority, United States
- Vedanta Resources Plc - India
- Economic Council, Georgia
- SMC Global Power, Philippines
- Edison Trading Spa - Italy
- Romanian Commodities Exchange
- Kobexindo Tractors - Indoneisa
- Kepco SPC Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- South Luzon Thermal Energy Corporation
- McConnell Dowell - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Bulk Trading Sa - Switzerland
- The Treasury - Australian Government
- Riau Bara Harum - Indonesia
- European Bulk Services B.V. - Netherlands
- Attock Cement Pakistan Limited
- GAC Shipping (India) Pvt Ltd
- Baramulti Group, Indonesia
- Price Waterhouse Coopers - Russia
- Leighton Contractors Pty Ltd - Australia
- Petron Corporation, Philippines
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