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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, 30 March 15
Q3' 15 CFR SOUTH CHINA COAL SWAP: DECLINED 8.7% M-M; 12.77% Y-TO-D
COALspot.com: API 8 CFR South China Coal swap for Q2’ 2015 delivery declined US$ 5.00 (-8.70%) per MT month over month and US$ 1.33 (-2 ...
Monday, 30 March 15
Q2' FOB NEWCASTLE COAL SWAP CLOSED 4.47% HIGHER THAN Q4' CLOSING PRICE
COALspot.com: API 5 FOB Newcastle Coal swap for Q2’ 2015 delivery declined US$ 5.42 per MT (-10.43%) month over month and US$ 1.60 (-3.32%) w ...
Sunday, 29 March 15
INDO - INDIA: SUPRAMAX & PANAMAX FREIGHT MARKET STEADY
COALspot.com: The freight market was almost stable as all segments slightly up except Panamax sector.
The BDI was up by just 0.85% week over w ...
Saturday, 28 March 15
IS NORTHERN EUROPE THE NEW MINING ELDORADO?
The Europe Mining 2015 Summit, organised by Global Summits organizer IRN on 17-18 June in Amsterdam, The Netherlands, will gather senior level repr ...
Saturday, 28 March 15
THE DRY BULK FLEET AT BREAKING POINT - CLARKSONS
The severe oversupply in the bulkcarrier fleet has contributed to the current trough in the dry bulk market, putting considerable financial pressur ...
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- Standard Chartered Bank - UAE
- Kartika Selabumi Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Krishnapatnam Port Company Ltd. - India
- Kohat Cement Company Ltd. - Pakistan
- Sindya Power Generating Company Private Ltd
- Asmin Koalindo Tuhup - Indonesia
- Anglo American - United Kingdom
- Agrawal Coal Company - India
- MS Steel International - UAE
- Simpson Spence & Young - Indonesia
- Minerals Council of Australia
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Bharathi Cement Corporation - India
- GAC Shipping (India) Pvt Ltd
- Energy Development Corp, Philippines
- Gujarat Sidhee Cement - India
- Goldman Sachs - Singapore
- London Commodity Brokers - England
- Georgia Ports Authority, United States
- Price Waterhouse Coopers - Russia
- The State Trading Corporation of India Ltd
- IEA Clean Coal Centre - UK
- Wood Mackenzie - Singapore
- Singapore Mercantile Exchange
- Indogreen Group - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Therma Luzon, Inc, Philippines
- Star Paper Mills Limited - India
- GMR Energy Limited - India
- Attock Cement Pakistan Limited
- Tata Chemicals Ltd - India
- Medco Energi Mining Internasional
- Ministry of Transport, Egypt
- GVK Power & Infra Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Malabar Cements Ltd - India
- PNOC Exploration Corporation - Philippines
- Cement Manufacturers Association - India
- Sree Jayajothi Cements Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Timah Investasi Mineral - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Central Electricity Authority - India
- PetroVietnam Power Coal Import and Supply Company
- Australian Coal Association
- Power Finance Corporation Ltd., India
- Grasim Industreis Ltd - India
- Indika Energy - Indonesia
- Sical Logistics Limited - India
- White Energy Company Limited
- Sakthi Sugars Limited - India
- Leighton Contractors Pty Ltd - Australia
- Parliament of New Zealand
- Bayan Resources Tbk. - Indonesia
- The University of Queensland
- Sojitz Corporation - Japan
- Global Business Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Heidelberg Cement - Germany
- Central Java Power - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Uttam Galva Steels Limited - India
- Vizag Seaport Private Limited - India
- Ministry of Mines - Canada
- Madhucon Powers Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- India Bulls Power Limited - India
- Merrill Lynch Commodities Europe
- SN Aboitiz Power Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Sarangani Energy Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Iligan Light & Power Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Directorate Of Revenue Intelligence - India
- Samtan Co., Ltd - South Korea
- Latin American Coal - Colombia
- ICICI Bank Limited - India
- Riau Bara Harum - Indonesia
- Ambuja Cements Ltd - India
- Vedanta Resources Plc - India
- Thai Mozambique Logistica
- Alfred C Toepfer International GmbH - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Makmur.PT - Indonesia
- Indo Tambangraya Megah - Indonesia
- Ind-Barath Power Infra Limited - India
- Lanco Infratech Ltd - India
- Dalmia Cement Bharat India
- LBH Netherlands Bv - Netherlands
- AsiaOL BioFuels Corp., Philippines
- Altura Mining Limited, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Indian Energy Exchange, India
- Kapuas Tunggal Persada - Indonesia
- Baramulti Group, Indonesia
- Mercuria Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Orica Mining Services - Indonesia
- Electricity Authority, New Zealand
- SMG Consultants - Indonesia
- Energy Link Ltd, New Zealand
- Eastern Energy - Thailand
- Billiton Holdings Pty Ltd - Australia
- Ministry of Finance - Indonesia
- European Bulk Services B.V. - Netherlands
- Thiess Contractors Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Xindia Steels Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Economic Council, Georgia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kepco SPC Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Global Coal Blending Company Limited - Australia
- Romanian Commodities Exchange
- Toyota Tsusho Corporation, Japan
- Vijayanagar Sugar Pvt Ltd - India
- Bangladesh Power Developement Board
- Formosa Plastics Group - Taiwan
- Savvy Resources Ltd - HongKong
- San Jose City I Power Corp, Philippines
- Salva Resources Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Kobexindo Tractors - Indoneisa
- SMC Global Power, Philippines
- Coal and Oil Company - UAE
- Indonesian Coal Mining Association
- Electricity Generating Authority of Thailand
- VISA Power Limited - India
- Australian Commodity Traders Exchange
- Makarim & Taira - Indonesia
- Posco Energy - South Korea
- ASAPP Information Group - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jindal Steel & Power Ltd - India
- Chamber of Mines of South Africa
- TeaM Sual Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Maheswari Brothers Coal Limited - India
- Marubeni Corporation - India
- Bulk Trading Sa - Switzerland
- McConnell Dowell - Australia
- Borneo Indobara - Indonesia
- Straits Asia Resources Limited - Singapore
- Renaissance Capital - South Africa
- Intertek Mineral Services - Indonesia
- Carbofer General Trading SA - India
- Mintek Dendrill Indonesia
- CNBM International Corporation - China
- Chettinad Cement Corporation Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Barasentosa Lestari - Indonesia
- Edison Trading Spa - Italy
- PTC India Limited - India
- Tamil Nadu electricity Board
- The Treasury - Australian Government
- Bahari Cakrawala Sebuku - Indonesia
- Independent Power Producers Association of India
- Rio Tinto Coal - Australia
- GN Power Mariveles Coal Plant, Philippines
- Bhatia International Limited - India
- Meralco Power Generation, Philippines
- Coalindo Energy - Indonesia
- Bhushan Steel Limited - India
- Interocean Group of Companies - India
- New Zealand Coal & Carbon
- Kaltim Prima Coal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Indian Oil Corporation Limited
- Banpu Public Company Limited - Thailand
- Manunggal Multi Energi - Indonesia
- Mjunction Services Limited - India
- Semirara Mining Corp, Philippines
- South Luzon Thermal Energy Corporation
- Jaiprakash Power Ventures ltd
- Essar Steel Hazira Ltd - India
- Petron Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- CIMB Investment Bank - Malaysia
- Gujarat Electricity Regulatory Commission - India
- Kumho Petrochemical, South Korea
- IHS Mccloskey Coal Group - USA
- Aditya Birla Group - India
- Coastal Gujarat Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Karaikal Port Pvt Ltd - India
- Eastern Coal Council - USA
- Binh Thuan Hamico - Vietnam
- Port Waratah Coal Services - Australia
- Larsen & Toubro Limited - India
- Orica Australia Pty. Ltd.
- Deloitte Consulting - India
- Africa Commodities Group - South Africa
- Antam Resourcindo - Indonesia
- Aboitiz Power Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Videocon Industries ltd - India
- Wilmar Investment Holdings
- Commonwealth Bank - Australia
- Jorong Barutama Greston.PT - Indonesia
- Mercator Lines Limited - India
- PowerSource Philippines DevCo
- Planning Commission, India
- Siam City Cement PLC, Thailand
- Parry Sugars Refinery, India
- Kideco Jaya Agung - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Trasteel International SA, Italy
- Meenaskhi Energy Private Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
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