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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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Tuesday, 10 March 15
FOB NEWCASTLE COAL SWAPS HEADING SOUTH
COALspot.com: API 5 FOB Newcastle Coal swap for Q2’ 2015 delivery declined US$ 0.24 per MT (-0.47%) month over month and US$ 1.52 (-2.93%) we ...
Tuesday, 10 March 15
CFR SOUTH CHINA POWER-STATION COAL SWAPS DECLINE
COALspot.com: API 8 CFR South China Coal swap for Q2’ 2015 delivery fell US$ 0.42 (-0.74%) per MT month over month and declined US$ 1.00 &nbs ...
Monday, 09 March 15
INDONESIA GREETS INDIA RATE CUT AS GOOD FOR EXPORTS - GLOBEASIA
Indonesian commodity producers and economists have hailed the Indian central bank’s rate cut as good for boosting exports from Southeast Asia ...
Monday, 09 March 15
CHINA'S SUPREME COURT ISSUES NEW JUDICIAL INTERPRETATION ON SHIP ARREST AND JUDICIAL SALE OF SHIPS - GARD
KNOWLEDGE TO ELEVATE
China is not traditionally a popular jurisdiction for ship arrest. However, Members and clients with ships calling at por ...
Monday, 09 March 15
CHINA'S IMPORTS - NEVER MORE IMPORTANT TO SHIPPING? - CLARKSONS
Over the last 15 years China has led maritime forecasters a right old dance. In 2002, rumours that Chinese iron ore imports were about to take off ...
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- Krishnapatnam Port Company Ltd. - India
- Indonesian Coal Mining Association
- Kobexindo Tractors - Indoneisa
- Coalindo Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Grasim Industreis Ltd - India
- Kideco Jaya Agung - Indonesia
- Samtan Co., Ltd - South Korea
- Chamber of Mines of South Africa
- India Bulls Power Limited - India
- Sindya Power Generating Company Private Ltd
- Essar Steel Hazira Ltd - India
- Mercuria Energy - Indonesia
- Goldman Sachs - Singapore
- Kartika Selabumi Mining - Indonesia
- Bhushan Steel Limited - India
- Indian Oil Corporation Limited
- White Energy Company Limited
- Asmin Koalindo Tuhup - Indonesia
- SMG Consultants - Indonesia
- Minerals Council of Australia
- Romanian Commodities Exchange
- Indika Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Eastern Coal Council - USA
- Singapore Mercantile Exchange
- Vizag Seaport Private Limited - India
- AsiaOL BioFuels Corp., Philippines
- Aditya Birla Group - India
- Interocean Group of Companies - India
- Ministry of Mines - Canada
- Billiton Holdings Pty Ltd - Australia
- Anglo American - United Kingdom
- Cigading International Bulk Terminal - Indonesia
- Central Electricity Authority - India
- Directorate General of MIneral and Coal - Indonesia
- Karaikal Port Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Jaiprakash Power Ventures ltd
- PowerSource Philippines DevCo
- Maheswari Brothers Coal Limited - India
- Pendopo Energi Batubara - Indonesia
- Ambuja Cements Ltd - India
- The Treasury - Australian Government
- Borneo Indobara - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Attock Cement Pakistan Limited
- Kapuas Tunggal Persada - Indonesia
- CIMB Investment Bank - Malaysia
- Tamil Nadu electricity Board
- PNOC Exploration Corporation - Philippines
- ASAPP Information Group - India
- Independent Power Producers Association of India
- CNBM International Corporation - China
- Malabar Cements Ltd - India
- Port Waratah Coal Services - Australia
- Renaissance Capital - South Africa
- ICICI Bank Limited - India
- Marubeni Corporation - India
- McConnell Dowell - Australia
- Vedanta Resources Plc - India
- Thiess Contractors Indonesia
- Parliament of New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Xindia Steels Limited - India
- Electricity Authority, New Zealand
- Simpson Spence & Young - Indonesia
- Heidelberg Cement - Germany
- Manunggal Multi Energi - Indonesia
- Electricity Generating Authority of Thailand
- Trasteel International SA, Italy
- Altura Mining Limited, Indonesia
- Meenaskhi Energy Private Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Offshore Bulk Terminal Pte Ltd, Singapore
- European Bulk Services B.V. - Netherlands
- Salva Resources Pvt Ltd - India
- New Zealand Coal & Carbon
- Lanco Infratech Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Miang Besar Coal Terminal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Coal and Oil Company - UAE
- Binh Thuan Hamico - Vietnam
- Neyveli Lignite Corporation Ltd, - India
- Agrawal Coal Company - India
- Barasentosa Lestari - Indonesia
- Ministry of Transport, Egypt
- Eastern Energy - Thailand
- Power Finance Corporation Ltd., India
- SN Aboitiz Power Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Planning Commission, India
- The State Trading Corporation of India Ltd
- Indian Energy Exchange, India
- Metalloyd Limited - United Kingdom
- Sical Logistics Limited - India
- Star Paper Mills Limited - India
- Price Waterhouse Coopers - Russia
- MS Steel International - UAE
- Posco Energy - South Korea
- Dalmia Cement Bharat India
- Iligan Light & Power Inc, Philippines
- Videocon Industries ltd - India
- Intertek Mineral Services - Indonesia
- Mintek Dendrill Indonesia
- Semirara Mining and Power Corporation, Philippines
- Parry Sugars Refinery, India
- PTC India Limited - India
- Straits Asia Resources Limited - Singapore
- Indogreen Group - Indonesia
- VISA Power Limited - India
- Energy Link Ltd, New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Sree Jayajothi Cements Limited - India
- South Luzon Thermal Energy Corporation
- Merrill Lynch Commodities Europe
- Therma Luzon, Inc, Philippines
- Carbofer General Trading SA - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Larsen & Toubro Limited - India
- Global Business Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Africa Commodities Group - South Africa
- Kumho Petrochemical, South Korea
- Economic Council, Georgia
- Semirara Mining Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Georgia Ports Authority, United States
- Ind-Barath Power Infra Limited - India
- Australian Coal Association
- Bangladesh Power Developement Board
- Toyota Tsusho Corporation, Japan
- Uttam Galva Steels Limited - India
- IHS Mccloskey Coal Group - USA
- OPG Power Generation Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Ministry of Finance - Indonesia
- Kaltim Prima Coal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Gujarat Electricity Regulatory Commission - India
- Indo Tambangraya Megah - Indonesia
- Rio Tinto Coal - Australia
- GN Power Mariveles Coal Plant, Philippines
- Sojitz Corporation - Japan
- Edison Trading Spa - Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Tata Chemicals Ltd - India
- London Commodity Brokers - England
- Latin American Coal - Colombia
- Orica Australia Pty. Ltd.
- Petrochimia International Co. Ltd.- Taiwan
- Riau Bara Harum - Indonesia
- Formosa Plastics Group - Taiwan
- Pipit Mutiara Jaya. PT, Indonesia
- LBH Netherlands Bv - Netherlands
- Sinarmas Energy and Mining - Indonesia
- Australian Commodity Traders Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- GVK Power & Infra Limited - India
- Commonwealth Bank - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Meralco Power Generation, Philippines
- Petron Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Antam Resourcindo - Indonesia
- Sakthi Sugars Limited - India
- Bukit Makmur.PT - Indonesia
- IEA Clean Coal Centre - UK
- Leighton Contractors Pty Ltd - Australia
- Makarim & Taira - Indonesia
- Cement Manufacturers Association - India
- Global Coal Blending Company Limited - Australia
- Oldendorff Carriers - Singapore
- Energy Development Corp, Philippines
- GMR Energy Limited - India
- Savvy Resources Ltd - HongKong
- Central Java Power - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement PLC, Thailand
- Chettinad Cement Corporation Ltd - India
- Bharathi Cement Corporation - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Sidhee Cement - India
- Medco Energi Mining Internasional
- Standard Chartered Bank - UAE
- Kepco SPC Power Corporation, Philippines
- Baramulti Group, Indonesia
- The University of Queensland
- Bhatia International Limited - India
- International Coal Ventures Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Deloitte Consulting - India
- Wilmar Investment Holdings
- Kohat Cement Company Ltd. - Pakistan
- TeaM Sual Corporation - Philippines
- Orica Mining Services - Indonesia
- Siam City Cement - Thailand
- Mercator Lines Limited - India
- Mjunction Services Limited - India
- Madhucon Powers Ltd - India
- Wood Mackenzie - Singapore
- Globalindo Alam Lestari - Indonesia
- Bhoruka Overseas - Indonesia
- Banpu Public Company Limited - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Gujarat Mineral Development Corp Ltd - India
- San Jose City I Power Corp, Philippines
- Thai Mozambique Logistica
- Timah Investasi Mineral - Indoneisa
- SMC Global Power, Philippines
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