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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, 19 December 14
U.S WEEKLY COAL PRODUCTION REACHED APPROXIMATELY 19.8 MMST; UP 1.0% WOW
COALspot.com – United States the world's one of the largest coal producers, produced approximately 19.8 million short tons (mmst) of coal ...
Friday, 19 December 14
HANDY: SOFTER TONE; PANAMAX: QUIET WEEK; CAPESIZE; PAINFUL WEEK
Handy
A softer tone for rates and volumes for the Supras, perhaps less apparent in the Pacific the last week before the season holidays and good ...
Thursday, 18 December 14
INDONESIA TO REVISE UP COAL OUTPUT TARGET TO 460 MILLION TONS IN 2015
COALspot.com: Indonesian government has revised up its next year coal output forecast to 460 million tons from its previous forecast of 421 million ...
Wednesday, 17 December 14
CAPES RATES SLIPPED BELOW $5,600/DAY, FELL 84% YOY
COALspot.com: In the very rare occurrence when the BCI stands below the BDI, words to describe market sentiment are probably poor, said Intermodal ...
Wednesday, 17 December 14
MARKET INSIGHT - INTERMODAL SHANGHAI, SNP TEAM
As the end of the fourth quarter is approaching, we are all witness to the second hand market prices softening day by day. Any new deal surfacing t ...
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- Tata Chemicals Ltd - India
- Rio Tinto Coal - Australia
- International Coal Ventures Pvt Ltd - India
- Australian Coal Association
- Bulk Trading Sa - Switzerland
- Vizag Seaport Private Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Mineral Development Corp Ltd - India
- Global Business Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Riau Bara Harum - Indonesia
- SMC Global Power, Philippines
- Kartika Selabumi Mining - Indonesia
- Larsen & Toubro Limited - India
- European Bulk Services B.V. - Netherlands
- Vijayanagar Sugar Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Krishnapatnam Port Company Ltd. - India
- Indonesian Coal Mining Association
- Bukit Makmur.PT - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Indogreen Group - Indonesia
- Posco Energy - South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Karaikal Port Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Simpson Spence & Young - Indonesia
- IHS Mccloskey Coal Group - USA
- Commonwealth Bank - Australia
- Kideco Jaya Agung - Indonesia
- Baramulti Group, Indonesia
- Edison Trading Spa - Italy
- Mercuria Energy - Indonesia
- SMG Consultants - Indonesia
- GMR Energy Limited - India
- Coal and Oil Company - UAE
- The Treasury - Australian Government
- GAC Shipping (India) Pvt Ltd
- Deloitte Consulting - India
- Carbofer General Trading SA - India
- Merrill Lynch Commodities Europe
- Sarangani Energy Corporation, Philippines
- Cement Manufacturers Association - India
- India Bulls Power Limited - India
- Romanian Commodities Exchange
- Antam Resourcindo - Indonesia
- Jaiprakash Power Ventures ltd
- Semirara Mining Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Goldman Sachs - Singapore
- Maharashtra Electricity Regulatory Commission - India
- VISA Power Limited - India
- Parliament of New Zealand
- Electricity Authority, New Zealand
- Independent Power Producers Association of India
- Kaltim Prima Coal - Indonesia
- Meenaskhi Energy Private Limited - India
- Price Waterhouse Coopers - Russia
- Attock Cement Pakistan Limited
- Petrochimia International Co. Ltd.- Taiwan
- Africa Commodities Group - South Africa
- Alfred C Toepfer International GmbH - Germany
- Directorate General of MIneral and Coal - Indonesia
- Bhatia International Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coalindo Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Parry Sugars Refinery, India
- Gujarat Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- Power Finance Corporation Ltd., India
- Interocean Group of Companies - India
- Siam City Cement - Thailand
- Central Electricity Authority - India
- Bukit Baiduri Energy - Indonesia
- White Energy Company Limited
- Barasentosa Lestari - Indonesia
- PTC India Limited - India
- ICICI Bank Limited - India
- Kumho Petrochemical, South Korea
- Savvy Resources Ltd - HongKong
- Georgia Ports Authority, United States
- Sojitz Corporation - Japan
- Indika Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Mjunction Services Limited - India
- Straits Asia Resources Limited - Singapore
- Binh Thuan Hamico - Vietnam
- Global Coal Blending Company Limited - Australia
- Mintek Dendrill Indonesia
- Salva Resources Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Samtan Co., Ltd - South Korea
- Indian Energy Exchange, India
- Standard Chartered Bank - UAE
- Globalindo Alam Lestari - Indonesia
- CIMB Investment Bank - Malaysia
- Uttam Galva Steels Limited - India
- Bhushan Steel Limited - India
- Marubeni Corporation - India
- LBH Netherlands Bv - Netherlands
- Oldendorff Carriers - Singapore
- Petron Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Malabar Cements Ltd - India
- Central Java Power - Indonesia
- South Luzon Thermal Energy Corporation
- Karbindo Abesyapradhi - Indoneisa
- Banpu Public Company Limited - Thailand
- Thai Mozambique Logistica
- Sindya Power Generating Company Private Ltd
- Planning Commission, India
- Jindal Steel & Power Ltd - India
- Energy Link Ltd, New Zealand
- Grasim Industreis Ltd - India
- Energy Development Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- London Commodity Brokers - England
- Orica Australia Pty. Ltd.
- TeaM Sual Corporation - Philippines
- PNOC Exploration Corporation - Philippines
- Essar Steel Hazira Ltd - India
- OPG Power Generation Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- CNBM International Corporation - China
- Sakthi Sugars Limited - India
- Metalloyd Limited - United Kingdom
- Siam City Cement PLC, Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Anglo American - United Kingdom
- AsiaOL BioFuels Corp., Philippines
- IEA Clean Coal Centre - UK
- Xindia Steels Limited - India
- Bhoruka Overseas - Indonesia
- Global Green Power PLC Corporation, Philippines
- Gujarat Sidhee Cement - India
- PowerSource Philippines DevCo
- Economic Council, Georgia
- Manunggal Multi Energi - Indonesia
- SN Aboitiz Power Inc, Philippines
- Thiess Contractors Indonesia
- Medco Energi Mining Internasional
- Eastern Energy - Thailand
- GVK Power & Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Australian Commodity Traders Exchange
- Latin American Coal - Colombia
- Maheswari Brothers Coal Limited - India
- Ind-Barath Power Infra Limited - India
- Cigading International Bulk Terminal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Indo Tambangraya Megah - Indonesia
- Therma Luzon, Inc, Philippines
- Videocon Industries ltd - India
- The University of Queensland
- Trasteel International SA, Italy
- Agrawal Coal Company - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dalmia Cement Bharat India
- Madhucon Powers Ltd - India
- Minerals Council of Australia
- Bangladesh Power Developement Board
- New Zealand Coal & Carbon
- Eastern Coal Council - USA
- GN Power Mariveles Coal Plant, Philippines
- McConnell Dowell - Australia
- Billiton Holdings Pty Ltd - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- ASAPP Information Group - India
- Wilmar Investment Holdings
- Meralco Power Generation, Philippines
- Renaissance Capital - South Africa
- Orica Mining Services - Indonesia
- Indian Oil Corporation Limited
- Vedanta Resources Plc - India
- Ministry of Finance - Indonesia
- Timah Investasi Mineral - Indoneisa
- Aboitiz Power Corporation - Philippines
- Ministry of Transport, Egypt
- Sical Logistics Limited - India
- Mercator Lines Limited - India
- PetroVietnam Power Coal Import and Supply Company
- The State Trading Corporation of India Ltd
- Aditya Birla Group - India
- Asmin Koalindo Tuhup - Indonesia
- Borneo Indobara - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Ministry of Mines - Canada
- Ambuja Cements Ltd - India
- Heidelberg Cement - Germany
- Pipit Mutiara Jaya. PT, Indonesia
- Star Paper Mills Limited - India
- Electricity Generating Authority of Thailand
- Altura Mining Limited, Indonesia
- Makarim & Taira - Indonesia
- Directorate Of Revenue Intelligence - India
- Iligan Light & Power Inc, Philippines
- Bharathi Cement Corporation - India
- Jorong Barutama Greston.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Tamil Nadu electricity Board
- Kobexindo Tractors - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Kepco SPC Power Corporation, Philippines
- MS Steel International - UAE
- Chamber of Mines of South Africa
- Singapore Mercantile Exchange
- Intertek Mineral Services - Indonesia
- Port Waratah Coal Services - Australia
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