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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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Thursday, 05 March 15
BUKIT ASAM BOOKED US$ 1 BILLION REVENUE IN 2014
COALspot.com: Indonesian publicly listed and state owned coal miner PT. Bukit Asam, has announced that, the revenue of the company for the period J ...
Wednesday, 04 March 15
AN AGENDA FOR CHANGE - FITCH INDONESIA CONFERENCE
Fitch Indonesia Conference - 5 March 2015
Fitch Ratings will host its annual Indonesia conference on 5 March 2015.
The theme of this year ...
Wednesday, 04 March 15
KEEP CALM AND INVEST IN DRY - THEODORE NTALAKOS
Keep Calm and Carry On was originally a motivational poster, intended to raise the morale of the British public, produced by the British government ...
Tuesday, 03 March 15
INDONESIAN COAL EXPORT VOLUME TO DECLINE 50% BY 2019
COALspot.com: The Indonesian government is planning to reduce coal export volume by 50% within the next five years while keeping its coal productio ...
Tuesday, 03 March 15
INDIAN THERMAL COAL IMPORTS: STEAMING FORWARD - CLARKSONS
Coal-fired power stations comprise around 60% of India’s power output, and with domestic supply issues and favourable international coal pric ...
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- Jaiprakash Power Ventures ltd
- PTC India Limited - India
- IEA Clean Coal Centre - UK
- Global Green Power PLC Corporation, Philippines
- Rio Tinto Coal - Australia
- Asmin Koalindo Tuhup - Indonesia
- Central Electricity Authority - India
- Attock Cement Pakistan Limited
- Semirara Mining and Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Timah Investasi Mineral - Indoneisa
- Barasentosa Lestari - Indonesia
- Intertek Mineral Services - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Deloitte Consulting - India
- LBH Netherlands Bv - Netherlands
- Larsen & Toubro Limited - India
- GAC Shipping (India) Pvt Ltd
- Toyota Tsusho Corporation, Japan
- Ministry of Transport, Egypt
- Gujarat Mineral Development Corp Ltd - India
- Australian Commodity Traders Exchange
- Ministry of Finance - Indonesia
- Madhucon Powers Ltd - India
- Bhushan Steel Limited - India
- Binh Thuan Hamico - Vietnam
- Power Finance Corporation Ltd., India
- Gujarat Electricity Regulatory Commission - India
- Leighton Contractors Pty Ltd - Australia
- CNBM International Corporation - China
- Jindal Steel & Power Ltd - India
- PowerSource Philippines DevCo
- Mercator Lines Limited - India
- Sakthi Sugars Limited - India
- PNOC Exploration Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- MS Steel International - UAE
- Indika Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Indo Tambangraya Megah - Indonesia
- Dalmia Cement Bharat India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The State Trading Corporation of India Ltd
- Xindia Steels Limited - India
- Electricity Authority, New Zealand
- Iligan Light & Power Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Altura Mining Limited, Indonesia
- Ambuja Cements Ltd - India
- Chamber of Mines of South Africa
- Merrill Lynch Commodities Europe
- Central Java Power - Indonesia
- Energy Development Corp, Philippines
- Metalloyd Limited - United Kingdom
- Carbofer General Trading SA - India
- Siam City Cement - Thailand
- Ceylon Electricity Board - Sri Lanka
- Meralco Power Generation, Philippines
- Cement Manufacturers Association - India
- Maheswari Brothers Coal Limited - India
- GVK Power & Infra Limited - India
- Star Paper Mills Limited - India
- Renaissance Capital - South Africa
- South Luzon Thermal Energy Corporation
- Energy Link Ltd, New Zealand
- Holcim Trading Pte Ltd - Singapore
- Banpu Public Company Limited - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bayan Resources Tbk. - Indonesia
- San Jose City I Power Corp, Philippines
- The University of Queensland
- Bhoruka Overseas - Indonesia
- Baramulti Group, Indonesia
- Bukit Makmur.PT - Indonesia
- McConnell Dowell - Australia
- Global Coal Blending Company Limited - Australia
- Ind-Barath Power Infra Limited - India
- Petron Corporation, Philippines
- Vedanta Resources Plc - India
- Kideco Jaya Agung - Indonesia
- TeaM Sual Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bangladesh Power Developement Board
- GMR Energy Limited - India
- Manunggal Multi Energi - Indonesia
- Ministry of Mines - Canada
- Kepco SPC Power Corporation, Philippines
- Marubeni Corporation - India
- Coastal Gujarat Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Aboitiz Power Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bulk Trading Sa - Switzerland
- Romanian Commodities Exchange
- Mjunction Services Limited - India
- Miang Besar Coal Terminal - Indonesia
- Latin American Coal - Colombia
- Anglo American - United Kingdom
- Indian Oil Corporation Limited
- TNB Fuel Sdn Bhd - Malaysia
- Africa Commodities Group - South Africa
- Simpson Spence & Young - Indonesia
- Independent Power Producers Association of India
- Siam City Cement PLC, Thailand
- Sree Jayajothi Cements Limited - India
- White Energy Company Limited
- Orica Mining Services - Indonesia
- Vizag Seaport Private Limited - India
- AsiaOL BioFuels Corp., Philippines
- ICICI Bank Limited - India
- Indonesian Coal Mining Association
- Coal and Oil Company - UAE
- Wood Mackenzie - Singapore
- Kartika Selabumi Mining - Indonesia
- London Commodity Brokers - England
- SN Aboitiz Power Inc, Philippines
- Tamil Nadu electricity Board
- Parliament of New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- VISA Power Limited - India
- Trasteel International SA, Italy
- Posco Energy - South Korea
- Kapuas Tunggal Persada - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Goldman Sachs - Singapore
- Oldendorff Carriers - Singapore
- Price Waterhouse Coopers - Russia
- Commonwealth Bank - Australia
- Heidelberg Cement - Germany
- Eastern Energy - Thailand
- Tata Chemicals Ltd - India
- Borneo Indobara - Indonesia
- Sojitz Corporation - Japan
- Electricity Generating Authority of Thailand
- Kohat Cement Company Ltd. - Pakistan
- Orica Australia Pty. Ltd.
- Standard Chartered Bank - UAE
- Port Waratah Coal Services - Australia
- Kalimantan Lumbung Energi - Indonesia
- Directorate Of Revenue Intelligence - India
- Bukit Baiduri Energy - Indonesia
- Global Business Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Minerals Council of Australia
- Medco Energi Mining Internasional
- Alfred C Toepfer International GmbH - Germany
- Georgia Ports Authority, United States
- Economic Council, Georgia
- Sinarmas Energy and Mining - Indonesia
- Indogreen Group - Indonesia
- OPG Power Generation Pvt Ltd - India
- Edison Trading Spa - Italy
- Parry Sugars Refinery, India
- Jorong Barutama Greston.PT - Indonesia
- Straits Asia Resources Limited - Singapore
- Samtan Co., Ltd - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Sidhee Cement - India
- New Zealand Coal & Carbon
- Salva Resources Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Bharathi Cement Corporation - India
- Karaikal Port Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Agrawal Coal Company - India
- Planning Commission, India
- Singapore Mercantile Exchange
- Videocon Industries ltd - India
- Eastern Coal Council - USA
- SMC Global Power, Philippines
- India Bulls Power Limited - India
- The Treasury - Australian Government
- Wilmar Investment Holdings
- Semirara Mining Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Savvy Resources Ltd - HongKong
- Riau Bara Harum - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Directorate General of MIneral and Coal - Indonesia
- Formosa Plastics Group - Taiwan
- Billiton Holdings Pty Ltd - Australia
- SMG Consultants - Indonesia
- ASAPP Information Group - India
- Lanco Infratech Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Maharashtra Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Antam Resourcindo - Indonesia
- Sindya Power Generating Company Private Ltd
- Sical Logistics Limited - India
- Mintek Dendrill Indonesia
- Pendopo Energi Batubara - Indonesia
- Aditya Birla Group - India
- Kumho Petrochemical, South Korea
- CIMB Investment Bank - Malaysia
- Bhatia International Limited - India
- Therma Luzon, Inc, Philippines
- Essar Steel Hazira Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Interocean Group of Companies - India
- Karbindo Abesyapradhi - Indoneisa
- Australian Coal Association
- Coalindo Energy - Indonesia
- Malabar Cements Ltd - India
- Thiess Contractors Indonesia
- Meenaskhi Energy Private Limited - India
- Mercuria Energy - Indonesia
- Grasim Industreis Ltd - India
- Thai Mozambique Logistica
- Makarim & Taira - Indonesia
- Indian Energy Exchange, India
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