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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.
The Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Wednesday, 26 November 14
SHIPPING MARKET INSIGHT - EVA TZIMA
The tanker market has been enjoying some good returns lately. Ok, that may be a big understatement, but with all the ups and downs of the past year ...
Tuesday, 25 November 14
FISCAL BREAKEVEN OIL PRICES SHOW SOVEREIGN VULNERABILITY - FITCH
COALspot.com: The vulnerability of the sovereign credit profiles of net oil exporters, as shown by their fiscal breakeven oil prices, suggests that ...
Tuesday, 25 November 14
UK: TRIBUNAL RULES ON SPEED AND PERFORMANCE CLAIMS UNDER TWO CONSECUTIVE TIME CHARTERPARTIES - REED SMITH
KNOWLEDGE TO ELEVATE
“Owners not to be responsible if the vessel under the currency of this charter party stays at port or anchorage or ...
Tuesday, 25 November 14
FOB RICHARDS BAY COAL SWAP FOR Q4' 15 DELIVERY CLOSED AT US$ 68.20
COALspot.com: API 4 FOB Richards Bay Coal for delivery Q1' 2015 gained month on month, week on week and day over day.
The Q1 swap has gain ...
Tuesday, 25 November 14
SUB-BIT FOB INDONESIA COAL SWAP FOR Q2' 15 DELIVERY CLOSED AT $ 49.55
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 lost month on month, gained week on week.
The Q1 swap has lost US$ 0.12 (-0.24%) ...
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- Thiess Contractors Indonesia
- Trasteel International SA, Italy
- Coastal Gujarat Power Limited - India
- SMG Consultants - Indonesia
- Romanian Commodities Exchange
- The University of Queensland
- Maheswari Brothers Coal Limited - India
- Madhucon Powers Ltd - India
- Global Business Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Kalimantan Lumbung Energi - Indonesia
- Petron Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- South Luzon Thermal Energy Corporation
- Uttam Galva Steels Limited - India
- Commonwealth Bank - Australia
- Semirara Mining and Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Independent Power Producers Association of India
- Petrochimia International Co. Ltd.- Taiwan
- Thai Mozambique Logistica
- Larsen & Toubro Limited - India
- Vedanta Resources Plc - India
- Wood Mackenzie - Singapore
- Miang Besar Coal Terminal - Indonesia
- Indika Energy - Indonesia
- Dalmia Cement Bharat India
- Electricity Generating Authority of Thailand
- Intertek Mineral Services - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Coal and Oil Company - UAE
- Australian Coal Association
- Bhushan Steel Limited - India
- Indo Tambangraya Megah - Indonesia
- ASAPP Information Group - India
- Kohat Cement Company Ltd. - Pakistan
- Australian Commodity Traders Exchange
- Heidelberg Cement - Germany
- Georgia Ports Authority, United States
- Star Paper Mills Limited - India
- Goldman Sachs - Singapore
- Posco Energy - South Korea
- Bayan Resources Tbk. - Indonesia
- Barasentosa Lestari - Indonesia
- Energy Development Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Siam City Cement - Thailand
- Bangladesh Power Developement Board
- Altura Mining Limited, Indonesia
- Bhatia International Limited - India
- Videocon Industries ltd - India
- Jindal Steel & Power Ltd - India
- Marubeni Corporation - India
- Kapuas Tunggal Persada - Indonesia
- TeaM Sual Corporation - Philippines
- Baramulti Group, Indonesia
- IEA Clean Coal Centre - UK
- Chettinad Cement Corporation Ltd - India
- Carbofer General Trading SA - India
- Bharathi Cement Corporation - India
- Tamil Nadu electricity Board
- Rashtriya Ispat Nigam Limited - India
- European Bulk Services B.V. - Netherlands
- Aboitiz Power Corporation - Philippines
- Rio Tinto Coal - Australia
- The Treasury - Australian Government
- Sical Logistics Limited - India
- Gujarat Electricity Regulatory Commission - India
- Economic Council, Georgia
- Ministry of Finance - Indonesia
- GAC Shipping (India) Pvt Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Mjunction Services Limited - India
- Bulk Trading Sa - Switzerland
- Indogreen Group - Indonesia
- Meenaskhi Energy Private Limited - India
- Samtan Co., Ltd - South Korea
- Medco Energi Mining Internasional
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Energy Link Ltd, New Zealand
- White Energy Company Limited
- Jorong Barutama Greston.PT - Indonesia
- Edison Trading Spa - Italy
- Holcim Trading Pte Ltd - Singapore
- Kideco Jaya Agung - Indonesia
- GMR Energy Limited - India
- Eastern Coal Council - USA
- Africa Commodities Group - South Africa
- Anglo American - United Kingdom
- Latin American Coal - Colombia
- Pipit Mutiara Jaya. PT, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Parry Sugars Refinery, India
- Borneo Indobara - Indonesia
- Toyota Tsusho Corporation, Japan
- Bukit Baiduri Energy - Indonesia
- Tata Chemicals Ltd - India
- Wilmar Investment Holdings
- Ministry of Transport, Egypt
- CIMB Investment Bank - Malaysia
- Malabar Cements Ltd - India
- Central Electricity Authority - India
- Indian Oil Corporation Limited
- Kaltim Prima Coal - Indonesia
- Aditya Birla Group - India
- Siam City Cement PLC, Thailand
- Leighton Contractors Pty Ltd - Australia
- Pendopo Energi Batubara - Indonesia
- PTC India Limited - India
- Cement Manufacturers Association - India
- Krishnapatnam Port Company Ltd. - India
- ICICI Bank Limited - India
- GVK Power & Infra Limited - India
- AsiaOL BioFuels Corp., Philippines
- Essar Steel Hazira Ltd - India
- Indonesian Coal Mining Association
- CNBM International Corporation - China
- Power Finance Corporation Ltd., India
- LBH Netherlands Bv - Netherlands
- Mercator Lines Limited - India
- Ministry of Mines - Canada
- Gujarat Mineral Development Corp Ltd - India
- Orica Mining Services - Indonesia
- Renaissance Capital - South Africa
- Port Waratah Coal Services - Australia
- Deloitte Consulting - India
- Chamber of Mines of South Africa
- Banpu Public Company Limited - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Grasim Industreis Ltd - India
- Kartika Selabumi Mining - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Agrawal Coal Company - India
- PetroVietnam Power Coal Import and Supply Company
- PowerSource Philippines DevCo
- Price Waterhouse Coopers - Russia
- Sindya Power Generating Company Private Ltd
- Therma Luzon, Inc, Philippines
- Xindia Steels Limited - India
- McConnell Dowell - Australia
- Orica Australia Pty. Ltd.
- Manunggal Multi Energi - Indonesia
- Standard Chartered Bank - UAE
- Kepco SPC Power Corporation, Philippines
- New Zealand Coal & Carbon
- OPG Power Generation Pvt Ltd - India
- Coalindo Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Mercuria Energy - Indonesia
- Attock Cement Pakistan Limited
- Makarim & Taira - Indonesia
- IHS Mccloskey Coal Group - USA
- TNB Fuel Sdn Bhd - Malaysia
- International Coal Ventures Pvt Ltd - India
- Semirara Mining Corp, Philippines
- MS Steel International - UAE
- Central Java Power - Indonesia
- SMC Global Power, Philippines
- PNOC Exploration Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sojitz Corporation - Japan
- Directorate Of Revenue Intelligence - India
- The State Trading Corporation of India Ltd
- Straits Asia Resources Limited - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Savvy Resources Ltd - HongKong
- Parliament of New Zealand
- Antam Resourcindo - Indonesia
- Simpson Spence & Young - Indonesia
- London Commodity Brokers - England
- Neyveli Lignite Corporation Ltd, - India
- Kobexindo Tractors - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- Mintek Dendrill Indonesia
- Binh Thuan Hamico - Vietnam
- San Jose City I Power Corp, Philippines
- Jaiprakash Power Ventures ltd
- Bukit Makmur.PT - Indonesia
- Singapore Mercantile Exchange
- Karaikal Port Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Global Coal Blending Company Limited - Australia
- Interocean Group of Companies - India
- Minerals Council of Australia
- Indian Energy Exchange, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Iligan Light & Power Inc, Philippines
- India Bulls Power Limited - India
- Kumho Petrochemical, South Korea
- Billiton Holdings Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Electricity Authority, New Zealand
- Global Green Power PLC Corporation, Philippines
- Eastern Energy - Thailand
- Oldendorff Carriers - Singapore
- Ambuja Cements Ltd - India
- Sakthi Sugars Limited - India
- Gujarat Sidhee Cement - India
- Sarangani Energy Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Lanco Infratech Ltd - India
- VISA Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Alfred C Toepfer International GmbH - Germany
- Globalindo Alam Lestari - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Formosa Plastics Group - Taiwan
- Ceylon Electricity Board - Sri Lanka
- Meralco Power Generation, Philippines
- Riau Bara Harum - Indonesia
- Planning Commission, India
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