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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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Sunday, 08 February 15
BDI FELL CONTINUOUSLY HIT A THREE DECADES LOW
COALspot.com: This week Baltic Exchange Dry Freight Index (BDI) fell continuously hit a three decades low.
The BDI continuously fell and was d ...
Friday, 06 February 15
WEEKLY U.S. COAL PRODUCTION UP AN ESTIMATED 1.1% FROM LAST WEEK - EIA
COALspot.com – United States the world's one of the largest coal producers, produced approximately 20.1 million short tons (mmst) of coal ...
Friday, 06 February 15
SHIP DAMAGED BY FIRE CAUSED BY PIRATES FOUND TO BE CONSTRUCTIVE TOTAL LOSS - TAYLOR WESSING
KNOWLEDGE TO ELEVATE
The High Court was asked to determine a number of preliminary issues, including whether a vessel was a constructive total ...
Thursday, 05 February 15
BDI HAS NOW FALLEN A LEVEL CLOSE TO THE INDEX'S HISTORIC LOW - INTERMODAL
They say a picture is worth a thousand words and in this instance just one look at the tables above is enough to understand the great pressure the ...
Thursday, 05 February 15
ULTRAMAX LEVELS FROM INDIA TO CHINA IN THE MID US$ 5000'S - FEARNLEYS AS
Handy
Despite the overall weak sentiment, there is a scent of optimism in the Atlantic market for ppt dates. Continent is still struggling with o ...
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- GVK Power & Infra Limited - India
- Eastern Coal Council - USA
- Bhoruka Overseas - Indonesia
- Kaltim Prima Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Indian Oil Corporation Limited
- Sakthi Sugars Limited - India
- London Commodity Brokers - England
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mercator Lines Limited - India
- Formosa Plastics Group - Taiwan
- PetroVietnam Power Coal Import and Supply Company
- Bayan Resources Tbk. - Indonesia
- Kartika Selabumi Mining - Indonesia
- Electricity Generating Authority of Thailand
- Meralco Power Generation, Philippines
- Parry Sugars Refinery, India
- MS Steel International - UAE
- Orica Australia Pty. Ltd.
- Intertek Mineral Services - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Trasteel International SA, Italy
- Kobexindo Tractors - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Directorate Of Revenue Intelligence - India
- Coastal Gujarat Power Limited - India
- Interocean Group of Companies - India
- Holcim Trading Pte Ltd - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Riau Bara Harum - Indonesia
- Minerals Council of Australia
- Thiess Contractors Indonesia
- GMR Energy Limited - India
- Goldman Sachs - Singapore
- Kideco Jaya Agung - Indonesia
- Uttam Galva Steels Limited - India
- Cigading International Bulk Terminal - Indonesia
- Siam City Cement - Thailand
- GAC Shipping (India) Pvt Ltd
- Metalloyd Limited - United Kingdom
- Renaissance Capital - South Africa
- The State Trading Corporation of India Ltd
- Rashtriya Ispat Nigam Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Karaikal Port Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Rio Tinto Coal - Australia
- Chamber of Mines of South Africa
- Romanian Commodities Exchange
- Oldendorff Carriers - Singapore
- IHS Mccloskey Coal Group - USA
- PowerSource Philippines DevCo
- Straits Asia Resources Limited - Singapore
- Mintek Dendrill Indonesia
- IEA Clean Coal Centre - UK
- Australian Commodity Traders Exchange
- Price Waterhouse Coopers - Russia
- Petrochimia International Co. Ltd.- Taiwan
- International Coal Ventures Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Jaiprakash Power Ventures ltd
- Grasim Industreis Ltd - India
- Ministry of Mines - Canada
- Iligan Light & Power Inc, Philippines
- Samtan Co., Ltd - South Korea
- India Bulls Power Limited - India
- Gujarat Sidhee Cement - India
- Dalmia Cement Bharat India
- The Treasury - Australian Government
- Borneo Indobara - Indonesia
- Port Waratah Coal Services - Australia
- Wood Mackenzie - Singapore
- Coalindo Energy - Indonesia
- Commonwealth Bank - Australia
- Global Business Power Corporation, Philippines
- Xindia Steels Limited - India
- San Jose City I Power Corp, Philippines
- Agrawal Coal Company - India
- Lanco Infratech Ltd - India
- Banpu Public Company Limited - Thailand
- Sree Jayajothi Cements Limited - India
- Meenaskhi Energy Private Limited - India
- Aditya Birla Group - India
- Videocon Industries ltd - India
- Singapore Mercantile Exchange
- Siam City Cement PLC, Thailand
- Alfred C Toepfer International GmbH - Germany
- OPG Power Generation Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Vedanta Resources Plc - India
- Salva Resources Pvt Ltd - India
- Posco Energy - South Korea
- Planning Commission, India
- Maharashtra Electricity Regulatory Commission - India
- Antam Resourcindo - Indonesia
- Altura Mining Limited, Indonesia
- PTC India Limited - India
- Global Coal Blending Company Limited - Australia
- Maheswari Brothers Coal Limited - India
- Energy Link Ltd, New Zealand
- Globalindo Alam Lestari - Indonesia
- Latin American Coal - Colombia
- Thai Mozambique Logistica
- Economic Council, Georgia
- Kapuas Tunggal Persada - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Edison Trading Spa - Italy
- Aboitiz Power Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Kohat Cement Company Ltd. - Pakistan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bharathi Cement Corporation - India
- SN Aboitiz Power Inc, Philippines
- Central Java Power - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Power Finance Corporation Ltd., India
- Marubeni Corporation - India
- McConnell Dowell - Australia
- South Luzon Thermal Energy Corporation
- Independent Power Producers Association of India
- Directorate General of MIneral and Coal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Attock Cement Pakistan Limited
- Toyota Tsusho Corporation, Japan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Mining Services - Indonesia
- Mercuria Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- VISA Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- Baramulti Group, Indonesia
- Coal and Oil Company - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Bahari Cakrawala Sebuku - Indonesia
- Therma Luzon, Inc, Philippines
- TeaM Sual Corporation - Philippines
- Ambuja Cements Ltd - India
- Makarim & Taira - Indonesia
- Semirara Mining Corp, Philippines
- Indika Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Krishnapatnam Port Company Ltd. - India
- New Zealand Coal & Carbon
- Petron Corporation, Philippines
- Merrill Lynch Commodities Europe
- Africa Commodities Group - South Africa
- Kumho Petrochemical, South Korea
- Gujarat Electricity Regulatory Commission - India
- SMC Global Power, Philippines
- Star Paper Mills Limited - India
- Essar Steel Hazira Ltd - India
- Jindal Steel & Power Ltd - India
- Sarangani Energy Corporation, Philippines
- Eastern Energy - Thailand
- Sinarmas Energy and Mining - Indonesia
- Georgia Ports Authority, United States
- Bhatia International Limited - India
- Chettinad Cement Corporation Ltd - India
- Pendopo Energi Batubara - Indonesia
- Standard Chartered Bank - UAE
- SMG Consultants - Indonesia
- PNOC Exploration Corporation - Philippines
- Parliament of New Zealand
- Central Electricity Authority - India
- Ministry of Finance - Indonesia
- Global Green Power PLC Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Bukit Makmur.PT - Indonesia
- Carbofer General Trading SA - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Deloitte Consulting - India
- Energy Development Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Indogreen Group - Indonesia
- White Energy Company Limited
- Heidelberg Cement - Germany
- Bangladesh Power Developement Board
- Ind-Barath Power Infra Limited - India
- Anglo American - United Kingdom
- Wilmar Investment Holdings
- Barasentosa Lestari - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Australian Coal Association
- Vijayanagar Sugar Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Tata Chemicals Ltd - India
- CIMB Investment Bank - Malaysia
- Larsen & Toubro Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Simpson Spence & Young - Indonesia
- Malabar Cements Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vizag Seaport Private Limited - India
- Ceylon Electricity Board - Sri Lanka
- Bulk Trading Sa - Switzerland
- Sical Logistics Limited - India
- Indonesian Coal Mining Association
- Cement Manufacturers Association - India
- Medco Energi Mining Internasional
- AsiaOL BioFuels Corp., Philippines
- Electricity Authority, New Zealand
- Manunggal Multi Energi - Indonesia
- Tamil Nadu electricity Board
- GN Power Mariveles Coal Plant, Philippines
- The University of Queensland
- Indian Energy Exchange, India
- ICICI Bank Limited - India
- Mjunction Services Limited - India
- CNBM International Corporation - China
- Sojitz Corporation - Japan
- Bhushan Steel Limited - India
- ASAPP Information Group - India
- Madhucon Powers Ltd - India
- Binh Thuan Hamico - Vietnam
- Ministry of Transport, Egypt
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