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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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Thursday, 16 October 14
ARE WE GOING TO SHOOT OURSELVES IN THE FOOT ONCE AGAIN? - PANOS MAKRINOS
As the East part of our globe was coming back from its October holidays last week, everyone expected that the Dry Bulk market would follow suit and ...
Wednesday, 15 October 14
PANAMAX: ACTIVITY IN THE PACIFIC WAS UNIMPRESSIVE
The Dry Bulk market noted another weekly decline last week, while the BDI moved below 1,000 points taking down with it expectations that a post hol ...
Wednesday, 15 October 14
INDONESIAN COAL PRICE REFERENCE FELL TO FRESH MULTI-YEAR LOWS IN OCTOBER
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia revised down the coal bench mark price once again in October 2014.
...
Wednesday, 15 October 14
DRY BULK SHIPPING: RATE IMPROVEMENTS ARRIVED AS FORECAST, BUT UNCERTAINTY MOUNTS FOR 2015 DEMAND - BIMCO
BIMCO released its latest short term assessment of the dry bulk market, estimating that over the October-November period, the level of Capesize TC ...
Wednesday, 15 October 14
SHIPOWNER NOT LIABLE FOR CARGO DAMAGE RESULTING FROM POOR STOWAGE - CLYDE & CO
KNOWLEDGE TO ELEVATE
Russian metal trading company Yuzhny Zavod Metall Profil (YZMP), the holder of a CONGEN 1994 bill of lading, took delivery o ...
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- Karbindo Abesyapradhi - Indoneisa
- Anglo American - United Kingdom
- Romanian Commodities Exchange
- PNOC Exploration Corporation - Philippines
- Georgia Ports Authority, United States
- Krishnapatnam Port Company Ltd. - India
- MS Steel International - UAE
- Goldman Sachs - Singapore
- CIMB Investment Bank - Malaysia
- International Coal Ventures Pvt Ltd - India
- Agrawal Coal Company - India
- Sindya Power Generating Company Private Ltd
- Xindia Steels Limited - India
- Thai Mozambique Logistica
- GN Power Mariveles Coal Plant, Philippines
- London Commodity Brokers - England
- Gujarat Electricity Regulatory Commission - India
- GVK Power & Infra Limited - India
- Aditya Birla Group - India
- Coal and Oil Company - UAE
- Central Electricity Authority - India
- Vizag Seaport Private Limited - India
- McConnell Dowell - Australia
- Iligan Light & Power Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Meenaskhi Energy Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Eastern Coal Council - USA
- GMR Energy Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Petron Corporation, Philippines
- Electricity Generating Authority of Thailand
- GAC Shipping (India) Pvt Ltd
- Altura Mining Limited, Indonesia
- Posco Energy - South Korea
- Port Waratah Coal Services - Australia
- Coastal Gujarat Power Limited - India
- Energy Development Corp, Philippines
- Meralco Power Generation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Kaltim Prima Coal - Indonesia
- Indian Energy Exchange, India
- Ministry of Mines - Canada
- Malabar Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- VISA Power Limited - India
- Samtan Co., Ltd - South Korea
- Bharathi Cement Corporation - India
- Kartika Selabumi Mining - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Cement Manufacturers Association - India
- Semirara Mining and Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Mjunction Services Limited - India
- Riau Bara Harum - Indonesia
- Timah Investasi Mineral - Indoneisa
- Sical Logistics Limited - India
- Indo Tambangraya Megah - Indonesia
- Sree Jayajothi Cements Limited - India
- PTC India Limited - India
- IEA Clean Coal Centre - UK
- ASAPP Information Group - India
- Straits Asia Resources Limited - Singapore
- Videocon Industries ltd - India
- Rashtriya Ispat Nigam Limited - India
- Bukit Makmur.PT - Indonesia
- Jindal Steel & Power Ltd - India
- Simpson Spence & Young - Indonesia
- Karaikal Port Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Leighton Contractors Pty Ltd - Australia
- Tata Chemicals Ltd - India
- Global Business Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Antam Resourcindo - Indonesia
- Intertek Mineral Services - Indonesia
- Australian Commodity Traders Exchange
- Energy Link Ltd, New Zealand
- Indika Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Independent Power Producers Association of India
- Chamber of Mines of South Africa
- Bulk Trading Sa - Switzerland
- OPG Power Generation Pvt Ltd - India
- Central Java Power - Indonesia
- Sakthi Sugars Limited - India
- Heidelberg Cement - Germany
- Jaiprakash Power Ventures ltd
- Singapore Mercantile Exchange
- Kideco Jaya Agung - Indonesia
- India Bulls Power Limited - India
- Savvy Resources Ltd - HongKong
- Indian Oil Corporation Limited
- Asmin Koalindo Tuhup - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMC Global Power, Philippines
- Medco Energi Mining Internasional
- Oldendorff Carriers - Singapore
- Aboitiz Power Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- ICICI Bank Limited - India
- Merrill Lynch Commodities Europe
- Ministry of Transport, Egypt
- Africa Commodities Group - South Africa
- Carbofer General Trading SA - India
- Parliament of New Zealand
- Salva Resources Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Miang Besar Coal Terminal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Economic Council, Georgia
- Vijayanagar Sugar Pvt Ltd - India
- Rio Tinto Coal - Australia
- Bangladesh Power Developement Board
- IHS Mccloskey Coal Group - USA
- New Zealand Coal & Carbon
- Wilmar Investment Holdings
- San Jose City I Power Corp, Philippines
- Attock Cement Pakistan Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Latin American Coal - Colombia
- Banpu Public Company Limited - Thailand
- Price Waterhouse Coopers - Russia
- Power Finance Corporation Ltd., India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Essar Steel Hazira Ltd - India
- Lanco Infratech Ltd - India
- Orica Australia Pty. Ltd.
- Eastern Energy - Thailand
- Bhushan Steel Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Metalloyd Limited - United Kingdom
- Sinarmas Energy and Mining - Indonesia
- Bhoruka Overseas - Indonesia
- Formosa Plastics Group - Taiwan
- Pendopo Energi Batubara - Indonesia
- European Bulk Services B.V. - Netherlands
- Thiess Contractors Indonesia
- AsiaOL BioFuels Corp., Philippines
- Dalmia Cement Bharat India
- Electricity Authority, New Zealand
- Manunggal Multi Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- The State Trading Corporation of India Ltd
- Toyota Tsusho Corporation, Japan
- Billiton Holdings Pty Ltd - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Australian Coal Association
- Global Green Power PLC Corporation, Philippines
- Indonesian Coal Mining Association
- Indogreen Group - Indonesia
- SN Aboitiz Power Inc, Philippines
- Interocean Group of Companies - India
- Semirara Mining Corp, Philippines
- Edison Trading Spa - Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- White Energy Company Limited
- The Treasury - Australian Government
- Vedanta Resources Plc - India
- Directorate Of Revenue Intelligence - India
- SMG Consultants - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PowerSource Philippines DevCo
- Minerals Council of Australia
- Chettinad Cement Corporation Ltd - India
- Mintek Dendrill Indonesia
- Star Paper Mills Limited - India
- Kumho Petrochemical, South Korea
- Ceylon Electricity Board - Sri Lanka
- Gujarat Mineral Development Corp Ltd - India
- Madhucon Powers Ltd - India
- Deloitte Consulting - India
- Bukit Baiduri Energy - Indonesia
- Uttam Galva Steels Limited - India
- Baramulti Group, Indonesia
- Wood Mackenzie - Singapore
- LBH Netherlands Bv - Netherlands
- Sojitz Corporation - Japan
- Globalindo Alam Lestari - Indonesia
- South Luzon Thermal Energy Corporation
- Borneo Indobara - Indonesia
- Maheswari Brothers Coal Limited - India
- Standard Chartered Bank - UAE
- Bhatia International Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Commonwealth Bank - Australia
- Trasteel International SA, Italy
- Marubeni Corporation - India
- Ambuja Cements Ltd - India
- The University of Queensland
- Planning Commission, India
- Renaissance Capital - South Africa
- Mercator Lines Limited - India
- CNBM International Corporation - China
- TeaM Sual Corporation - Philippines
- Larsen & Toubro Limited - India
- Orica Mining Services - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Coal Blending Company Limited - Australia
- Makarim & Taira - Indonesia
- Ministry of Finance - Indonesia
- Kobexindo Tractors - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Gujarat Sidhee Cement - India
- Therma Luzon, Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Tamil Nadu electricity Board
- Parry Sugars Refinery, India
- Siam City Cement - Thailand
- Ind-Barath Power Infra Limited - India
- Grasim Industreis Ltd - India
- Coalindo Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
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