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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, 14 November 14
MORE NATURAL GAS FROM RUSSIA TO HELP STABILISE CHINA PRICES - FITCH RATINGS
COALspot.com: Fitch Ratings has said possible additional natural gas supplies from Russia's OAO Gazprom to China via the Altai pipeline would h ...
Thursday, 13 November 14
SLOWER AND LOWER HAS BEEN THE TREND OF THE PANAMAX IN BOTH HEMISPHERES - FEARNLEYS
Handy
We are experiencing an oversupply of tonnage in the Atlantic which is out numbering the amount of cargoes, Fearnleys broker says in its lat ...
Thursday, 13 November 14
DRY BULK MARKET'S REBOUND HINGES ON IRON ORE OVERSUPPLY ISSUES MOVING FORWARD - HELLENIC SHIPPING NEWS
“One man’s benefit, is another man’s demise” is a phrase which can be used to describe today’s situation in the dry b ...
Thursday, 13 November 14
COAL MINISTER WANTS INDIA TO STOP COAL IMPORTS IN TWO OR THREE YEARS
COALspot.com: India to ramp up coal production to a billion tonnes by 2019 from its current level of 490 million tones. According to Power and Coal ...
Thursday, 13 November 14
MODERN DRY BULK SHIPS' PRICES START FIRMING UP - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
While the main story of the past few weeks has been the rebound of the dry bulk market, which has been a result of increased Chinese iron ore impor ...
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- Meralco Power Generation, Philippines
- Economic Council, Georgia
- Sindya Power Generating Company Private Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Sojitz Corporation - Japan
- Altura Mining Limited, Indonesia
- Wilmar Investment Holdings
- CNBM International Corporation - China
- Medco Energi Mining Internasional
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Global Coal Blending Company Limited - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Billiton Holdings Pty Ltd - Australia
- White Energy Company Limited
- The Treasury - Australian Government
- Eastern Energy - Thailand
- Mjunction Services Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Directorate Of Revenue Intelligence - India
- Aditya Birla Group - India
- Cigading International Bulk Terminal - Indonesia
- Eastern Coal Council - USA
- Makarim & Taira - Indonesia
- Coalindo Energy - Indonesia
- McConnell Dowell - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Energy Link Ltd, New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Edison Trading Spa - Italy
- Vijayanagar Sugar Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Singapore Mercantile Exchange
- San Jose City I Power Corp, Philippines
- SMG Consultants - Indonesia
- Australian Commodity Traders Exchange
- Sarangani Energy Corporation, Philippines
- Merrill Lynch Commodities Europe
- PNOC Exploration Corporation - Philippines
- Electricity Authority, New Zealand
- Bhoruka Overseas - Indonesia
- Indonesian Coal Mining Association
- OPG Power Generation Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Ministry of Finance - Indonesia
- Electricity Generating Authority of Thailand
- Ambuja Cements Ltd - India
- Videocon Industries ltd - India
- Ministry of Transport, Egypt
- Australian Coal Association
- Mercator Lines Limited - India
- Formosa Plastics Group - Taiwan
- PetroVietnam Power Coal Import and Supply Company
- South Luzon Thermal Energy Corporation
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Therma Luzon, Inc, Philippines
- Jindal Steel & Power Ltd - India
- Salva Resources Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Parliament of New Zealand
- LBH Netherlands Bv - Netherlands
- Offshore Bulk Terminal Pte Ltd, Singapore
- The State Trading Corporation of India Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Borneo Indobara - Indonesia
- Bhushan Steel Limited - India
- Kumho Petrochemical, South Korea
- Iligan Light & Power Inc, Philippines
- Barasentosa Lestari - Indonesia
- IHS Mccloskey Coal Group - USA
- London Commodity Brokers - England
- Star Paper Mills Limited - India
- Dalmia Cement Bharat India
- Romanian Commodities Exchange
- Ministry of Mines - Canada
- Global Business Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Georgia Ports Authority, United States
- Binh Thuan Hamico - Vietnam
- Alfred C Toepfer International GmbH - Germany
- Commonwealth Bank - Australia
- Maheswari Brothers Coal Limited - India
- Vizag Seaport Private Limited - India
- Madhucon Powers Ltd - India
- Karaikal Port Pvt Ltd - India
- Indian Oil Corporation Limited
- Tata Chemicals Ltd - India
- Marubeni Corporation - India
- International Coal Ventures Pvt Ltd - India
- Central Java Power - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bukit Makmur.PT - Indonesia
- Vedanta Resources Plc - India
- Rio Tinto Coal - Australia
- Bharathi Cement Corporation - India
- Latin American Coal - Colombia
- Antam Resourcindo - Indonesia
- Bangladesh Power Developement Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- Siam City Cement PLC, Thailand
- The University of Queensland
- TNB Fuel Sdn Bhd - Malaysia
- Malabar Cements Ltd - India
- Straits Asia Resources Limited - Singapore
- Parry Sugars Refinery, India
- Sree Jayajothi Cements Limited - India
- GVK Power & Infra Limited - India
- CIMB Investment Bank - Malaysia
- Pendopo Energi Batubara - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Sical Logistics Limited - India
- Central Electricity Authority - India
- Thai Mozambique Logistica
- Attock Cement Pakistan Limited
- Kartika Selabumi Mining - Indonesia
- Renaissance Capital - South Africa
- Indika Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Heidelberg Cement - Germany
- Kepco SPC Power Corporation, Philippines
- Trasteel International SA, Italy
- Grasim Industreis Ltd - India
- Lanco Infratech Ltd - India
- ASAPP Information Group - India
- Larsen & Toubro Limited - India
- Uttam Galva Steels Limited - India
- Riau Bara Harum - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Essar Steel Hazira Ltd - India
- Xindia Steels Limited - India
- Chamber of Mines of South Africa
- Bulk Trading Sa - Switzerland
- Petron Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Savvy Resources Ltd - HongKong
- Kapuas Tunggal Persada - Indonesia
- Independent Power Producers Association of India
- Tamil Nadu electricity Board
- Standard Chartered Bank - UAE
- Indogreen Group - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Wood Mackenzie - Singapore
- Chettinad Cement Corporation Ltd - India
- Interocean Group of Companies - India
- Samtan Co., Ltd - South Korea
- Oldendorff Carriers - Singapore
- Port Waratah Coal Services - Australia
- Cement Manufacturers Association - India
- Holcim Trading Pte Ltd - Singapore
- Agrawal Coal Company - India
- PTC India Limited - India
- AsiaOL BioFuels Corp., Philippines
- Kalimantan Lumbung Energi - Indonesia
- Sakthi Sugars Limited - India
- Bukit Baiduri Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Kideco Jaya Agung - Indonesia
- Posco Energy - South Korea
- Ind-Barath Power Infra Limited - India
- Goldman Sachs - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Globalindo Alam Lestari - Indonesia
- Semirara Mining Corp, Philippines
- Mintek Dendrill Indonesia
- TeaM Sual Corporation - Philippines
- Deloitte Consulting - India
- Indo Tambangraya Megah - Indonesia
- Semirara Mining and Power Corporation, Philippines
- VISA Power Limited - India
- PowerSource Philippines DevCo
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Africa Commodities Group - South Africa
- Banpu Public Company Limited - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Aboitiz Power Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Orica Mining Services - Indonesia
- Timah Investasi Mineral - Indoneisa
- Anglo American - United Kingdom
- MS Steel International - UAE
- Siam City Cement - Thailand
- Coastal Gujarat Power Limited - India
- Meenaskhi Energy Private Limited - India
- GMR Energy Limited - India
- Orica Australia Pty. Ltd.
- GAC Shipping (India) Pvt Ltd
- Kobexindo Tractors - Indoneisa
- Bhatia International Limited - India
- Gujarat Sidhee Cement - India
- GN Power Mariveles Coal Plant, Philippines
- Power Finance Corporation Ltd., India
- Indian Energy Exchange, India
- IEA Clean Coal Centre - UK
- Metalloyd Limited - United Kingdom
- Planning Commission, India
- Thiess Contractors Indonesia
- Intertek Mineral Services - Indonesia
- Energy Development Corp, Philippines
- Simpson Spence & Young - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- European Bulk Services B.V. - Netherlands
- Coal and Oil Company - UAE
- Baramulti Group, Indonesia
- ICICI Bank Limited - India
- Price Waterhouse Coopers - Russia
- India Bulls Power Limited - India
- SMC Global Power, Philippines
- Mercuria Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- New Zealand Coal & Carbon
- Minerals Council of Australia
- Carbofer General Trading SA - India
- Bayan Resources Tbk. - Indonesia
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