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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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Friday, 30 January 15
CAN BULKER CONVERSIONS SPOIL THE TANKER MARKET'S PARTY? - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Oversupply of tonnage has always been in the back of the head of ship owners when it comes to taking advantage of favorable market conditions. As s ...
Thursday, 29 January 15
CHINA ENERGY DEMAND MUST BE REVIEWED DUE TO FUNDAMENTAL ECONOMIC CHANGES - WOOD MACKENZIE
New patterns emerging as energy demand growth decoupled significantly from GDP growth for the first time in 2014
Wood Mackenzie says 2014 was ...
Thursday, 29 January 15
CAPE MARKET IS STILL STRUGGLING WITH LOW DEMAND AND LOW COMMODITY PRICES
Handy
Supramax rates are heading south with slipping rates all across the block. USG activity is slow with mid-week levels in the mid 8.000s, Fea ...
Wednesday, 28 January 15
MARKET INSIGHT - STELIOS KOLLINTZAS
With most traders having returned to action from year end festivities, we have already seen signs of activity in the specialized product markets. L ...
Wednesday, 28 January 15
CAPES CONTINUED THEIR UPWARD MOVEMENT LAST WEEK - INTERMODAL
COALspot.com: The Dry Bulk market displayed a mirror performance of that of the week prior, with the Capesize market correcting further upwards and ...
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- Timah Investasi Mineral - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GAC Shipping (India) Pvt Ltd
- Straits Asia Resources Limited - Singapore
- IHS Mccloskey Coal Group - USA
- Formosa Plastics Group - Taiwan
- Bayan Resources Tbk. - Indonesia
- Star Paper Mills Limited - India
- Indo Tambangraya Megah - Indonesia
- Indika Energy - Indonesia
- Standard Chartered Bank - UAE
- Ministry of Transport, Egypt
- Meenaskhi Energy Private Limited - India
- Kapuas Tunggal Persada - Indonesia
- OPG Power Generation Pvt Ltd - India
- Tamil Nadu electricity Board
- Medco Energi Mining Internasional
- Siam City Cement - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Pendopo Energi Batubara - Indonesia
- South Luzon Thermal Energy Corporation
- PetroVietnam Power Coal Import and Supply Company
- India Bulls Power Limited - India
- Borneo Indobara - Indonesia
- Kaltim Prima Coal - Indonesia
- Gujarat Sidhee Cement - India
- Thiess Contractors Indonesia
- Mintek Dendrill Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Madhucon Powers Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Globalindo Alam Lestari - Indonesia
- Energy Link Ltd, New Zealand
- Therma Luzon, Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Price Waterhouse Coopers - Russia
- Rio Tinto Coal - Australia
- Xindia Steels Limited - India
- Semirara Mining and Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Oldendorff Carriers - Singapore
- Edison Trading Spa - Italy
- Port Waratah Coal Services - Australia
- The State Trading Corporation of India Ltd
- The Treasury - Australian Government
- Cigading International Bulk Terminal - Indonesia
- Merrill Lynch Commodities Europe
- Attock Cement Pakistan Limited
- Minerals Council of Australia
- Grasim Industreis Ltd - India
- White Energy Company Limited
- PTC India Limited - India
- Indogreen Group - Indonesia
- Bhoruka Overseas - Indonesia
- GVK Power & Infra Limited - India
- GN Power Mariveles Coal Plant, Philippines
- CNBM International Corporation - China
- Posco Energy - South Korea
- Electricity Generating Authority of Thailand
- Carbofer General Trading SA - India
- Orica Mining Services - Indonesia
- Dalmia Cement Bharat India
- TeaM Sual Corporation - Philippines
- New Zealand Coal & Carbon
- Antam Resourcindo - Indonesia
- Wilmar Investment Holdings
- Directorate Of Revenue Intelligence - India
- Power Finance Corporation Ltd., India
- Trasteel International SA, Italy
- London Commodity Brokers - England
- ICICI Bank Limited - India
- Larsen & Toubro Limited - India
- Parliament of New Zealand
- Thai Mozambique Logistica
- Central Java Power - Indonesia
- Ministry of Mines - Canada
- Gujarat Mineral Development Corp Ltd - India
- Global Business Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Parry Sugars Refinery, India
- Jaiprakash Power Ventures ltd
- Meralco Power Generation, Philippines
- VISA Power Limited - India
- Wood Mackenzie - Singapore
- Indian Oil Corporation Limited
- Bangladesh Power Developement Board
- Sindya Power Generating Company Private Ltd
- MS Steel International - UAE
- Global Coal Blending Company Limited - Australia
- Ministry of Finance - Indonesia
- Singapore Mercantile Exchange
- Sinarmas Energy and Mining - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Aditya Birla Group - India
- Eastern Coal Council - USA
- European Bulk Services B.V. - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Semirara Mining Corp, Philippines
- Georgia Ports Authority, United States
- Chettinad Cement Corporation Ltd - India
- Economic Council, Georgia
- Maharashtra Electricity Regulatory Commission - India
- Vijayanagar Sugar Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Alfred C Toepfer International GmbH - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Petron Corporation, Philippines
- Vedanta Resources Plc - India
- Bukit Makmur.PT - Indonesia
- Indonesian Coal Mining Association
- Toyota Tsusho Corporation, Japan
- Latin American Coal - Colombia
- CIMB Investment Bank - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Anglo American - United Kingdom
- IEA Clean Coal Centre - UK
- Leighton Contractors Pty Ltd - Australia
- Makarim & Taira - Indonesia
- Interocean Group of Companies - India
- Kobexindo Tractors - Indoneisa
- Kumho Petrochemical, South Korea
- Kartika Selabumi Mining - Indonesia
- Mercator Lines Limited - India
- Videocon Industries ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Petrochimia International Co. Ltd.- Taiwan
- Mjunction Services Limited - India
- Riau Bara Harum - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kideco Jaya Agung - Indonesia
- Ind-Barath Power Infra Limited - India
- Africa Commodities Group - South Africa
- International Coal Ventures Pvt Ltd - India
- Tata Chemicals Ltd - India
- Savvy Resources Ltd - HongKong
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coalindo Energy - Indonesia
- Bharathi Cement Corporation - India
- Marubeni Corporation - India
- Manunggal Multi Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- Commonwealth Bank - Australia
- Electricity Authority, New Zealand
- Altura Mining Limited, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Uttam Galva Steels Limited - India
- Salva Resources Pvt Ltd - India
- Central Electricity Authority - India
- Kepco SPC Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Bukit Asam (Persero) Tbk - Indonesia
- Eastern Energy - Thailand
- Baramulti Group, Indonesia
- Sojitz Corporation - Japan
- Bulk Trading Sa - Switzerland
- Ceylon Electricity Board - Sri Lanka
- Asmin Koalindo Tuhup - Indonesia
- Lanco Infratech Ltd - India
- Intertek Mineral Services - Indonesia
- The University of Queensland
- Indian Energy Exchange, India
- Agrawal Coal Company - India
- Bukit Baiduri Energy - Indonesia
- SMC Global Power, Philippines
- Rashtriya Ispat Nigam Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
- Cement Manufacturers Association - India
- Holcim Trading Pte Ltd - Singapore
- Mercuria Energy - Indonesia
- Coal and Oil Company - UAE
- Neyveli Lignite Corporation Ltd, - India
- Heidelberg Cement - Germany
- Sical Logistics Limited - India
- Bhushan Steel Limited - India
- Essar Steel Hazira Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Bhatia International Limited - India
- Australian Coal Association
- Romanian Commodities Exchange
- Billiton Holdings Pty Ltd - Australia
- Deloitte Consulting - India
- Binh Thuan Hamico - Vietnam
- Sakthi Sugars Limited - India
- SMG Consultants - Indonesia
- Simpson Spence & Young - Indonesia
- Samtan Co., Ltd - South Korea
- Iligan Light & Power Inc, Philippines
- Malabar Cements Ltd - India
- Aboitiz Power Corporation - Philippines
- Planning Commission, India
- Independent Power Producers Association of India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Energy Development Corp, Philippines
- ASAPP Information Group - India
- Jindal Steel & Power Ltd - India
- GMR Energy Limited - India
- Sarangani Energy Corporation, Philippines
- Australian Commodity Traders Exchange
- Ambuja Cements Ltd - India
- Karaikal Port Pvt Ltd - India
- Goldman Sachs - Singapore
- Gujarat Electricity Regulatory Commission - India
- San Jose City I Power Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Chamber of Mines of South Africa
- McConnell Dowell - Australia
- Sree Jayajothi Cements Limited - India
- Banpu Public Company Limited - Thailand
- PNOC Exploration Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Renaissance Capital - South Africa
- Barasentosa Lestari - Indonesia
- Siam City Cement PLC, Thailand
- PowerSource Philippines DevCo
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