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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, 03 July 15
SHIPPING CONFIDENCE EQUALS SEVEN-YEAR LOW - MOORE STEPHENS
Overall confidence levels in the shipping industry fell during the three months to May 2015 to a level equal to the lowest rating recorded in the p ...
Thursday, 02 July 15
TECHNOLOGY AND INNOVATION IN MINING 2015 - IXG
Information Exchange Group’s Technology and Innovation in Mining 2015- International Summit on Mining
Press Release: The inaugural editi ...
Thursday, 02 July 15
THE PERFORMANCE OF THE CAPESIZE SEGMENT PUSHED DRY BULK MARKET TO UPWARD LAST WEEK
COALspot.com: The Dry Bulk market continued its upward movement last week, with the BDI closing off on Friday (26 June) in excess of 800 points, wh ...
Wednesday, 01 July 15
Q4'15 AND Q1'16 FOB RICHARDS BAY COAL SWAPS ROSE W-O-W AND M-O-M
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q3' 2015 rose month over month and down week over week.
The Q3 swap was up US$ ...
Wednesday, 01 July 15
BEIJING HAS OFFICIALLY EXTENDED BY TWO YEARS ITS SUBSIDY PROGRAM TO SUPPORT LOCAL SHIPPING COMPANIES IN SCRAPPING THEIR OLD TONNAGE - INTERMODAL
Last week, Beijing has officially extended by two years its subsidy program to support local shipping companies in scrapping their old tonnage in w ...
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- Coalindo Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Tata Chemicals Ltd - India
- Kartika Selabumi Mining - Indonesia
- VISA Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Global Green Power PLC Corporation, Philippines
- Carbofer General Trading SA - India
- Cigading International Bulk Terminal - Indonesia
- GMR Energy Limited - India
- Ministry of Finance - Indonesia
- Parry Sugars Refinery, India
- Aditya Birla Group - India
- Gujarat Mineral Development Corp Ltd - India
- Medco Energi Mining Internasional
- Uttam Galva Steels Limited - India
- Therma Luzon, Inc, Philippines
- Electricity Authority, New Zealand
- The State Trading Corporation of India Ltd
- Orica Mining Services - Indonesia
- Binh Thuan Hamico - Vietnam
- Simpson Spence & Young - Indonesia
- India Bulls Power Limited - India
- PNOC Exploration Corporation - Philippines
- Indonesian Coal Mining Association
- Kohat Cement Company Ltd. - Pakistan
- Barasentosa Lestari - Indonesia
- GAC Shipping (India) Pvt Ltd
- Wilmar Investment Holdings
- Rashtriya Ispat Nigam Limited - India
- South Luzon Thermal Energy Corporation
- TeaM Sual Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Renaissance Capital - South Africa
- Salva Resources Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Bharathi Cement Corporation - India
- Larsen & Toubro Limited - India
- Vizag Seaport Private Limited - India
- CNBM International Corporation - China
- Orica Australia Pty. Ltd.
- AsiaOL BioFuels Corp., Philippines
- Thai Mozambique Logistica
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Oldendorff Carriers - Singapore
- Billiton Holdings Pty Ltd - Australia
- Commonwealth Bank - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Meralco Power Generation, Philippines
- Toyota Tsusho Corporation, Japan
- Kobexindo Tractors - Indoneisa
- Semirara Mining Corp, Philippines
- Sindya Power Generating Company Private Ltd
- London Commodity Brokers - England
- Chettinad Cement Corporation Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bahari Cakrawala Sebuku - Indonesia
- Heidelberg Cement - Germany
- Petrochimia International Co. Ltd.- Taiwan
- Riau Bara Harum - Indonesia
- Ind-Barath Power Infra Limited - India
- Essar Steel Hazira Ltd - India
- Bhushan Steel Limited - India
- Tamil Nadu electricity Board
- Latin American Coal - Colombia
- Energy Development Corp, Philippines
- Formosa Plastics Group - Taiwan
- Kapuas Tunggal Persada - Indonesia
- San Jose City I Power Corp, Philippines
- Anglo American - United Kingdom
- Attock Cement Pakistan Limited
- GVK Power & Infra Limited - India
- Aboitiz Power Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Kepco SPC Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Baramulti Group, Indonesia
- Manunggal Multi Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- Interocean Group of Companies - India
- Energy Link Ltd, New Zealand
- Goldman Sachs - Singapore
- Altura Mining Limited, Indonesia
- Parliament of New Zealand
- Standard Chartered Bank - UAE
- Indian Energy Exchange, India
- Electricity Generating Authority of Thailand
- Globalindo Alam Lestari - Indonesia
- Kideco Jaya Agung - Indonesia
- Meenaskhi Energy Private Limited - India
- Coastal Gujarat Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- IHS Mccloskey Coal Group - USA
- Bulk Trading Sa - Switzerland
- ASAPP Information Group - India
- Kumho Petrochemical, South Korea
- Jorong Barutama Greston.PT - Indonesia
- Siam City Cement - Thailand
- Grasim Industreis Ltd - India
- Global Business Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Mjunction Services Limited - India
- Iligan Light & Power Inc, Philippines
- Price Waterhouse Coopers - Russia
- Pendopo Energi Batubara - Indonesia
- CIMB Investment Bank - Malaysia
- SN Aboitiz Power Inc, Philippines
- Mercuria Energy - Indonesia
- Economic Council, Georgia
- Posco Energy - South Korea
- Ministry of Mines - Canada
- GN Power Mariveles Coal Plant, Philippines
- Siam City Cement PLC, Thailand
- Mintek Dendrill Indonesia
- Ambuja Cements Ltd - India
- Bangladesh Power Developement Board
- Indogreen Group - Indonesia
- Mercator Lines Limited - India
- Marubeni Corporation - India
- Jindal Steel & Power Ltd - India
- Georgia Ports Authority, United States
- Ministry of Transport, Egypt
- European Bulk Services B.V. - Netherlands
- Kaltim Prima Coal - Indonesia
- Africa Commodities Group - South Africa
- Cement Manufacturers Association - India
- Sakthi Sugars Limited - India
- OPG Power Generation Pvt Ltd - India
- Petron Corporation, Philippines
- ICICI Bank Limited - India
- Intertek Mineral Services - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- New Zealand Coal & Carbon
- PetroVietnam Power Coal Import and Supply Company
- Indian Oil Corporation Limited
- PowerSource Philippines DevCo
- Coal and Oil Company - UAE
- Vedanta Resources Plc - India
- Agrawal Coal Company - India
- Pipit Mutiara Jaya. PT, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Independent Power Producers Association of India
- Edison Trading Spa - Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Antam Resourcindo - Indonesia
- The Treasury - Australian Government
- Australian Coal Association
- Merrill Lynch Commodities Europe
- Bhatia International Limited - India
- Eastern Energy - Thailand
- Wood Mackenzie - Singapore
- Bayan Resources Tbk. - Indonesia
- Karaikal Port Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sarangani Energy Corporation, Philippines
- Chamber of Mines of South Africa
- Deloitte Consulting - India
- Dalmia Cement Bharat India
- Trasteel International SA, Italy
- White Energy Company Limited
- Port Waratah Coal Services - Australia
- Samtan Co., Ltd - South Korea
- Alfred C Toepfer International GmbH - Germany
- Metalloyd Limited - United Kingdom
- Central Electricity Authority - India
- MS Steel International - UAE
- IEA Clean Coal Centre - UK
- Central Java Power - Indonesia
- Planning Commission, India
- Sree Jayajothi Cements Limited - India
- Singapore Mercantile Exchange
- Star Paper Mills Limited - India
- Savvy Resources Ltd - HongKong
- Minerals Council of Australia
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- Xindia Steels Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- McConnell Dowell - Australia
- SMC Global Power, Philippines
- SMG Consultants - Indonesia
- Bhoruka Overseas - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bukit Makmur.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Sical Logistics Limited - India
- Krishnapatnam Port Company Ltd. - India
- Borneo Indobara - Indonesia
- Romanian Commodities Exchange
- Indika Energy - Indonesia
- PTC India Limited - India
- Jaiprakash Power Ventures ltd
- Eastern Coal Council - USA
- Thiess Contractors Indonesia
- LBH Netherlands Bv - Netherlands
- Malabar Cements Ltd - India
- The University of Queensland
- Directorate Of Revenue Intelligence - India
- Straits Asia Resources Limited - Singapore
- Madhucon Powers Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Power Finance Corporation Ltd., India
- Global Coal Blending Company Limited - Australia
- Makarim & Taira - Indonesia
- Banpu Public Company Limited - Thailand
- Miang Besar Coal Terminal - Indonesia
- Sojitz Corporation - Japan
- Videocon Industries ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Lanco Infratech Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Sidhee Cement - India
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