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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, 12 February 15
INDONESIAN COAL PRICE REFERENCE INCHED DOWN 1.44% IN FEBRUARY
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia revised down Indonesian coal bench mark price this month to US$ 62.92 pe ...
Thursday, 12 February 15
NEWBUILDING ORDERING ACTIVITY DRAGS ON, AS OWNERS ARE LOOKING FOR LOWER PRICES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Ship owners appear to be waiting for lower prices in their dealings with Asian shipyards, as the dry bulk market is at historical lows. According t ...
Wednesday, 11 February 15
DRY BULK MARKET REMAINED UNDER PRESSURE : STABILIZING CAPE MARKET HARDLY HELPED SENTIMENT
COALspot.com: The Dry Bulk market remained under pressure last week, while the stabilizing Cape market hardly helped sentiment.
Greece based s ...
Wednesday, 11 February 15
BDI HITTING THE ALL-TIME LOW; FFA MARKETS NOT SHOWING ANY POSITIVE SIGNS
With the BDI hitting the all-time low and with FFA markets not showing any positive signs for a possible recovery in the near future, pessimism is ...
Tuesday, 10 February 15
IRON ORE MARKET TO REMAIN OVERSUPPLIED IN 2015: PRICE FORECAST $70/T - WOOD MACKENZIE
COALspot.com: With January witnessing the price of iron ore falling to its lowest levels since May 2009, Roger Emslie, Principal Metals & ...
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- Tata Chemicals Ltd - India
- Central Electricity Authority - India
- Gujarat Electricity Regulatory Commission - India
- Indo Tambangraya Megah - Indonesia
- Kaltim Prima Coal - Indonesia
- Anglo American - United Kingdom
- Pipit Mutiara Jaya. PT, Indonesia
- Goldman Sachs - Singapore
- Miang Besar Coal Terminal - Indonesia
- Therma Luzon, Inc, Philippines
- Vedanta Resources Plc - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Commonwealth Bank - Australia
- Aboitiz Power Corporation - Philippines
- Singapore Mercantile Exchange
- Africa Commodities Group - South Africa
- Thiess Contractors Indonesia
- Bhatia International Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- GMR Energy Limited - India
- Krishnapatnam Port Company Ltd. - India
- Kideco Jaya Agung - Indonesia
- Ambuja Cements Ltd - India
- Australian Commodity Traders Exchange
- Jaiprakash Power Ventures ltd
- Altura Mining Limited, Indonesia
- Coal and Oil Company - UAE
- Baramulti Group, Indonesia
- Global Green Power PLC Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Iligan Light & Power Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Malabar Cements Ltd - India
- Global Business Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- CIMB Investment Bank - Malaysia
- TeaM Sual Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Standard Chartered Bank - UAE
- Interocean Group of Companies - India
- Power Finance Corporation Ltd., India
- Coastal Gujarat Power Limited - India
- Semirara Mining Corp, Philippines
- Indika Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Australian Coal Association
- Manunggal Multi Energi - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Indogreen Group - Indonesia
- Merrill Lynch Commodities Europe
- Sindya Power Generating Company Private Ltd
- Straits Asia Resources Limited - Singapore
- GN Power Mariveles Coal Plant, Philippines
- PetroVietnam Power Coal Import and Supply Company
- IEA Clean Coal Centre - UK
- PNOC Exploration Corporation - Philippines
- Ministry of Transport, Egypt
- Sical Logistics Limited - India
- Independent Power Producers Association of India
- ICICI Bank Limited - India
- Sinarmas Energy and Mining - Indonesia
- Meralco Power Generation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Kumho Petrochemical, South Korea
- Oldendorff Carriers - Singapore
- Toyota Tsusho Corporation, Japan
- Trasteel International SA, Italy
- Chamber of Mines of South Africa
- Tamil Nadu electricity Board
- Dalmia Cement Bharat India
- Sakthi Sugars Limited - India
- Sojitz Corporation - Japan
- Electricity Authority, New Zealand
- Deloitte Consulting - India
- IHS Mccloskey Coal Group - USA
- Chettinad Cement Corporation Ltd - India
- Directorate Of Revenue Intelligence - India
- Price Waterhouse Coopers - Russia
- Mercuria Energy - Indonesia
- Central Java Power - Indonesia
- Renaissance Capital - South Africa
- Jindal Steel & Power Ltd - India
- Banpu Public Company Limited - Thailand
- Madhucon Powers Ltd - India
- McConnell Dowell - Australia
- Bukit Makmur.PT - Indonesia
- Binh Thuan Hamico - Vietnam
- Semirara Mining and Power Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- VISA Power Limited - India
- Port Waratah Coal Services - Australia
- The Treasury - Australian Government
- Eastern Coal Council - USA
- Kalimantan Lumbung Energi - Indonesia
- Salva Resources Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Thai Mozambique Logistica
- Indian Oil Corporation Limited
- SN Aboitiz Power Inc, Philippines
- Makarim & Taira - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Wilmar Investment Holdings
- Indonesian Coal Mining Association
- Globalindo Alam Lestari - Indonesia
- New Zealand Coal & Carbon
- CNBM International Corporation - China
- Bharathi Cement Corporation - India
- Energy Development Corp, Philippines
- GVK Power & Infra Limited - India
- Rio Tinto Coal - Australia
- PTC India Limited - India
- LBH Netherlands Bv - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- Petron Corporation, Philippines
- Xindia Steels Limited - India
- Latin American Coal - Colombia
- ASAPP Information Group - India
- Larsen & Toubro Limited - India
- Global Coal Blending Company Limited - Australia
- Wood Mackenzie - Singapore
- Kartika Selabumi Mining - Indonesia
- GAC Shipping (India) Pvt Ltd
- San Jose City I Power Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Carbofer General Trading SA - India
- Romanian Commodities Exchange
- Siam City Cement PLC, Thailand
- Formosa Plastics Group - Taiwan
- Sarangani Energy Corporation, Philippines
- Ministry of Finance - Indonesia
- Bangladesh Power Developement Board
- Ind-Barath Power Infra Limited - India
- Mintek Dendrill Indonesia
- Rashtriya Ispat Nigam Limited - India
- Ministry of Mines - Canada
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Medco Energi Mining Internasional
- TNB Fuel Sdn Bhd - Malaysia
- International Coal Ventures Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Eastern Energy - Thailand
- Bhushan Steel Limited - India
- The University of Queensland
- Maheswari Brothers Coal Limited - India
- Minerals Council of Australia
- Ceylon Electricity Board - Sri Lanka
- Lanco Infratech Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Parliament of New Zealand
- White Energy Company Limited
- Meenaskhi Energy Private Limited - India
- Riau Bara Harum - Indonesia
- Posco Energy - South Korea
- Videocon Industries ltd - India
- Orica Mining Services - Indonesia
- The State Trading Corporation of India Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Antam Resourcindo - Indonesia
- SMC Global Power, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Intertek Mineral Services - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Indian Energy Exchange, India
- Siam City Cement - Thailand
- Georgia Ports Authority, United States
- AsiaOL BioFuels Corp., Philippines
- Samtan Co., Ltd - South Korea
- Parry Sugars Refinery, India
- Electricity Generating Authority of Thailand
- Kapuas Tunggal Persada - Indonesia
- Planning Commission, India
- SMG Consultants - Indonesia
- Sree Jayajothi Cements Limited - India
- Marubeni Corporation - India
- Aditya Birla Group - India
- Directorate General of MIneral and Coal - Indonesia
- Savvy Resources Ltd - HongKong
- Cigading International Bulk Terminal - Indonesia
- London Commodity Brokers - England
- Orica Australia Pty. Ltd.
- Bulk Trading Sa - Switzerland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mercator Lines Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Agrawal Coal Company - India
- Bayan Resources Tbk. - Indonesia
- MS Steel International - UAE
- European Bulk Services B.V. - Netherlands
- Attock Cement Pakistan Limited
- PowerSource Philippines DevCo
- Bukit Baiduri Energy - Indonesia
- Borneo Indobara - Indonesia
- Simpson Spence & Young - Indonesia
- Vizag Seaport Private Limited - India
- OPG Power Generation Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- India Bulls Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Star Paper Mills Limited - India
- Gujarat Sidhee Cement - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Holcim Trading Pte Ltd - Singapore
- Cement Manufacturers Association - India
- Pendopo Energi Batubara - Indonesia
- Coalindo Energy - Indonesia
- Grasim Industreis Ltd - India
- Economic Council, Georgia
- Heidelberg Cement - Germany
- Bhoruka Overseas - Indonesia
- Karaikal Port Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Mjunction Services Limited - India
- Edison Trading Spa - Italy
- Barasentosa Lestari - Indonesia
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