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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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Monday, 27 April 15
U.S. COAL PRODUCTION FELL BELOW ONE BILLION SHORT TONS IN 2013 - EIA
COALspot.com: For the first time in two decades, U.S. coal production fell below one billion short tons to 984.8 million short tons in 2013 from 1, ...
Monday, 27 April 15
Q3' 2015 FOB NEWCASTLE COAL SWAP CLOSED 3.69% LOWER THAN Q2' 2015 PRICE OF $46.36
COALspot.com: API 5 FOB Newcastle Coal swap for Q2’ 2015 delivery gained US$ 0.19 per MT (0.41%) month over month and US$ 0.78 week on week. ...
Monday, 27 April 15
CFR SOUTH CHINA COAL SWAP SLOWLY IMPROVED THIS PAST WEEK
COALspot.com: API 8 CFR South China Coal swap for Q2’ 2015 delivery declined US$ 0.74 (-1.41%) per MT month over month and increased US$ 0.43 ...
Sunday, 26 April 15
DRY BULK MARKET KEPT IMPROVING THIS WEEK; CAPES AND PANAMAXES SHOW A SLIGHT PICKUP IN RATES
COALspot.com: The freight market was stable this week as BDI closed at 600 points after improving 0.50 percent week over week.
The cape ...
Friday, 24 April 15
CHINA IRON ORE MINE CLOSURES TO SLOW ON GOVERNMENT SUPPORT - FITCH
Fitch Ratings expects fewer Chinese iron ore mine closures in 2015 as the government takes steps to support the industry, which has been struggling ...
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- IHS Mccloskey Coal Group - USA
- Ministry of Transport, Egypt
- MS Steel International - UAE
- Rio Tinto Coal - Australia
- Sindya Power Generating Company Private Ltd
- PowerSource Philippines DevCo
- Standard Chartered Bank - UAE
- Parliament of New Zealand
- Mercuria Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- The University of Queensland
- Vijayanagar Sugar Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- LBH Netherlands Bv - Netherlands
- White Energy Company Limited
- Electricity Generating Authority of Thailand
- Commonwealth Bank - Australia
- Straits Asia Resources Limited - Singapore
- GAC Shipping (India) Pvt Ltd
- London Commodity Brokers - England
- Ceylon Electricity Board - Sri Lanka
- Siam City Cement PLC, Thailand
- Bharathi Cement Corporation - India
- Semirara Mining and Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Altura Mining Limited, Indonesia
- Orica Australia Pty. Ltd.
- Kideco Jaya Agung - Indonesia
- SMG Consultants - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Interocean Group of Companies - India
- Petron Corporation, Philippines
- Port Waratah Coal Services - Australia
- Banpu Public Company Limited - Thailand
- Economic Council, Georgia
- Jorong Barutama Greston.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
- GVK Power & Infra Limited - India
- Thai Mozambique Logistica
- Malabar Cements Ltd - India
- Tamil Nadu electricity Board
- Energy Development Corp, Philippines
- TeaM Sual Corporation - Philippines
- Madhucon Powers Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Singapore Mercantile Exchange
- Borneo Indobara - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Samtan Co., Ltd - South Korea
- CIMB Investment Bank - Malaysia
- Vizag Seaport Private Limited - India
- Leighton Contractors Pty Ltd - Australia
- Bhoruka Overseas - Indonesia
- Wilmar Investment Holdings
- Medco Energi Mining Internasional
- Deloitte Consulting - India
- Lanco Infratech Ltd - India
- Eastern Energy - Thailand
- Indika Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Indian Energy Exchange, India
- TNB Fuel Sdn Bhd - Malaysia
- Heidelberg Cement - Germany
- Trasteel International SA, Italy
- Sinarmas Energy and Mining - Indonesia
- Intertek Mineral Services - Indonesia
- Eastern Coal Council - USA
- Videocon Industries ltd - India
- GMR Energy Limited - India
- Africa Commodities Group - South Africa
- Latin American Coal - Colombia
- Agrawal Coal Company - India
- Petrochimia International Co. Ltd.- Taiwan
- Parry Sugars Refinery, India
- Sical Logistics Limited - India
- Larsen & Toubro Limited - India
- Coastal Gujarat Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Edison Trading Spa - Italy
- Offshore Bulk Terminal Pte Ltd, Singapore
- Toyota Tsusho Corporation, Japan
- Gujarat Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Alfred C Toepfer International GmbH - Germany
- Meenaskhi Energy Private Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PNOC Exploration Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Marubeni Corporation - India
- European Bulk Services B.V. - Netherlands
- Simpson Spence & Young - Indonesia
- Mjunction Services Limited - India
- Binh Thuan Hamico - Vietnam
- Independent Power Producers Association of India
- OPG Power Generation Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Chettinad Cement Corporation Ltd - India
- Kepco SPC Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Sojitz Corporation - Japan
- The State Trading Corporation of India Ltd
- Global Coal Blending Company Limited - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bhatia International Limited - India
- Cement Manufacturers Association - India
- Global Business Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Karaikal Port Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Salva Resources Pvt Ltd - India
- ASAPP Information Group - India
- Globalindo Alam Lestari - Indonesia
- Xindia Steels Limited - India
- Merrill Lynch Commodities Europe
- Sakthi Sugars Limited - India
- Anglo American - United Kingdom
- Mercator Lines Limited - India
- Bulk Trading Sa - Switzerland
- Posco Energy - South Korea
- SN Aboitiz Power Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Pendopo Energi Batubara - Indonesia
- McConnell Dowell - Australia
- Sree Jayajothi Cements Limited - India
- India Bulls Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- San Jose City I Power Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- New Zealand Coal & Carbon
- Iligan Light & Power Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Star Paper Mills Limited - India
- Billiton Holdings Pty Ltd - Australia
- Price Waterhouse Coopers - Russia
- Goldman Sachs - Singapore
- Kartika Selabumi Mining - Indonesia
- Kumho Petrochemical, South Korea
- Meralco Power Generation, Philippines
- Ministry of Finance - Indonesia
- Australian Commodity Traders Exchange
- Renaissance Capital - South Africa
- Miang Besar Coal Terminal - Indonesia
- Bangladesh Power Developement Board
- Central Java Power - Indonesia
- PTC India Limited - India
- Baramulti Group, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Planning Commission, India
- South Luzon Thermal Energy Corporation
- Energy Link Ltd, New Zealand
- Orica Mining Services - Indonesia
- Indian Oil Corporation Limited
- Oldendorff Carriers - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Directorate Of Revenue Intelligence - India
- Carbofer General Trading SA - India
- Makarim & Taira - Indonesia
- Antam Resourcindo - Indonesia
- Kaltim Prima Coal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Ambuja Cements Ltd - India
- Tata Chemicals Ltd - India
- Romanian Commodities Exchange
- Bhushan Steel Limited - India
- Power Finance Corporation Ltd., India
- IEA Clean Coal Centre - UK
- CNBM International Corporation - China
- Dalmia Cement Bharat India
- Wood Mackenzie - Singapore
- Indo Tambangraya Megah - Indonesia
- SMC Global Power, Philippines
- Essar Steel Hazira Ltd - India
- Semirara Mining Corp, Philippines
- Riau Bara Harum - Indonesia
- Mintek Dendrill Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Aditya Birla Group - India
- Kohat Cement Company Ltd. - Pakistan
- Bayan Resources Tbk. - Indonesia
- Siam City Cement - Thailand
- Coalindo Energy - Indonesia
- Indogreen Group - Indonesia
- Indonesian Coal Mining Association
- Chamber of Mines of South Africa
- Holcim Trading Pte Ltd - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Savvy Resources Ltd - HongKong
- Gujarat Sidhee Cement - India
- Coal and Oil Company - UAE
- Maheswari Brothers Coal Limited - India
- Uttam Galva Steels Limited - India
- Attock Cement Pakistan Limited
- Thiess Contractors Indonesia
- Georgia Ports Authority, United States
- Metalloyd Limited - United Kingdom
- Jaiprakash Power Ventures ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- VISA Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Sarangani Energy Corporation, Philippines
- Grasim Industreis Ltd - India
- Ministry of Mines - Canada
- International Coal Ventures Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Electricity Authority, New Zealand
- Central Electricity Authority - India
- Ind-Barath Power Infra Limited - India
- Jindal Steel & Power Ltd - India
- Minerals Council of Australia
- The Treasury - Australian Government
- ICICI Bank Limited - India
- Rashtriya Ispat Nigam Limited - India
- Formosa Plastics Group - Taiwan
- Vedanta Resources Plc - India
- Australian Coal Association
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