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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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Sunday, 14 September 14
FREIGHT RATES RALLY AS DEMAND INCREASED
COALspot.com: The Baltic Dry Index (BDI) is a number (in US$) issued daily by the London-based Baltic Exchange up 2.25 percent week on week. BDI cl ...
Friday, 12 September 14
U.S. YEAR-TO-DATE COAL PRODUCTION TOTALED 673.3 MMST, SAYS EIA
COALspot.com – United States the world's second largest coal producer, produced approximately 19.20 million short tons (mmst) of coal in ...
Thursday, 11 September 14
THE PANAMAX MARKET IS TAKING A BREATHER - FEARNLEYS
Handy
We have experienced more activity in both hemispheres this week, said Fearnleys in this week's weekly report.
"We see rates c ...
Wednesday, 10 September 14
ARE GREEK BANKS ON THE VERGE TO START LENDING AGAIN? - JOHN N. COTZIAS
It is well known that Greek Banks had suffered severely after the economic crisis of 2008. From that period onwards, major changes have occur ...
Tuesday, 09 September 14
WEAK M&A DESPITE ABUNDANT DISTRESSED INDONESIA COAL ASSETS - FITCH RATINGS
COALspot.com: Fitch Ratings says that a meaningful level of merger and acquisition (M&A) activity leading to a consolidation of the coal sector ...
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- Standard Chartered Bank - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ambuja Cements Ltd - India
- Manunggal Multi Energi - Indonesia
- Global Green Power PLC Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Bhushan Steel Limited - India
- Thiess Contractors Indonesia
- Tamil Nadu electricity Board
- Mercator Lines Limited - India
- Ministry of Mines - Canada
- Georgia Ports Authority, United States
- MS Steel International - UAE
- Toyota Tsusho Corporation, Japan
- Indo Tambangraya Megah - Indonesia
- Bayan Resources Tbk. - Indonesia
- Madhucon Powers Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Aditya Birla Group - India
- PTC India Limited - India
- Banpu Public Company Limited - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Power Finance Corporation Ltd., India
- Petron Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Oldendorff Carriers - Singapore
- Leighton Contractors Pty Ltd - Australia
- Indian Oil Corporation Limited
- Maheswari Brothers Coal Limited - India
- Sical Logistics Limited - India
- Gujarat Electricity Regulatory Commission - India
- Global Coal Blending Company Limited - Australia
- San Jose City I Power Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Semirara Mining Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Videocon Industries ltd - India
- Attock Cement Pakistan Limited
- Sakthi Sugars Limited - India
- Deloitte Consulting - India
- The State Trading Corporation of India Ltd
- AsiaOL BioFuels Corp., Philippines
- Renaissance Capital - South Africa
- Kideco Jaya Agung - Indonesia
- Price Waterhouse Coopers - Russia
- Alfred C Toepfer International GmbH - Germany
- Riau Bara Harum - Indonesia
- Larsen & Toubro Limited - India
- PNOC Exploration Corporation - Philippines
- Ministry of Finance - Indonesia
- Goldman Sachs - Singapore
- Globalindo Alam Lestari - Indonesia
- Siam City Cement PLC, Thailand
- Mintek Dendrill Indonesia
- The University of Queensland
- Kobexindo Tractors - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Baramulti Group, Indonesia
- Malabar Cements Ltd - India
- Bukit Baiduri Energy - Indonesia
- Tata Chemicals Ltd - India
- Independent Power Producers Association of India
- Straits Asia Resources Limited - Singapore
- Central Electricity Authority - India
- Jindal Steel & Power Ltd - India
- India Bulls Power Limited - India
- Electricity Generating Authority of Thailand
- Kumho Petrochemical, South Korea
- Makarim & Taira - Indonesia
- Interocean Group of Companies - India
- Bhatia International Limited - India
- Trasteel International SA, Italy
- London Commodity Brokers - England
- SN Aboitiz Power Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Indonesian Coal Mining Association
- Meralco Power Generation, Philippines
- Mercuria Energy - Indonesia
- Marubeni Corporation - India
- Eastern Energy - Thailand
- Grasim Industreis Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Posco Energy - South Korea
- Aboitiz Power Corporation - Philippines
- Coastal Gujarat Power Limited - India
- White Energy Company Limited
- Coal and Oil Company - UAE
- Eastern Coal Council - USA
- Australian Commodity Traders Exchange
- Cement Manufacturers Association - India
- CIMB Investment Bank - Malaysia
- SMG Consultants - Indonesia
- Lanco Infratech Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- ICICI Bank Limited - India
- Therma Luzon, Inc, Philippines
- Agrawal Coal Company - India
- VISA Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Star Paper Mills Limited - India
- Barasentosa Lestari - Indonesia
- Wood Mackenzie - Singapore
- International Coal Ventures Pvt Ltd - India
- Rio Tinto Coal - Australia
- Electricity Authority, New Zealand
- Planning Commission, India
- Sinarmas Energy and Mining - Indonesia
- SMC Global Power, Philippines
- Economic Council, Georgia
- Gujarat Sidhee Cement - India
- Borneo Indobara - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Parry Sugars Refinery, India
- Essar Steel Hazira Ltd - India
- Wilmar Investment Holdings
- Carbofer General Trading SA - India
- GMR Energy Limited - India
- Anglo American - United Kingdom
- Kaltim Prima Coal - Indonesia
- Sarangani Energy Corporation, Philippines
- Uttam Galva Steels Limited - India
- Chamber of Mines of South Africa
- Pendopo Energi Batubara - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- IEA Clean Coal Centre - UK
- McConnell Dowell - Australia
- TeaM Sual Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Intertek Mineral Services - Indonesia
- IHS Mccloskey Coal Group - USA
- GN Power Mariveles Coal Plant, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jaiprakash Power Ventures ltd
- Parliament of New Zealand
- Rashtriya Ispat Nigam Limited - India
- Energy Link Ltd, New Zealand
- Ind-Barath Power Infra Limited - India
- Dalmia Cement Bharat India
- Altura Mining Limited, Indonesia
- Siam City Cement - Thailand
- Australian Coal Association
- Edison Trading Spa - Italy
- Bharathi Cement Corporation - India
- Bahari Cakrawala Sebuku - Indonesia
- Central Java Power - Indonesia
- Formosa Plastics Group - Taiwan
- Karaikal Port Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Indian Energy Exchange, India
- The Treasury - Australian Government
- South Luzon Thermal Energy Corporation
- Indika Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Merrill Lynch Commodities Europe
- Chettinad Cement Corporation Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Thai Mozambique Logistica
- Ceylon Electricity Board - Sri Lanka
- Binh Thuan Hamico - Vietnam
- Singapore Mercantile Exchange
- Kohat Cement Company Ltd. - Pakistan
- Africa Commodities Group - South Africa
- LBH Netherlands Bv - Netherlands
- ASAPP Information Group - India
- Commonwealth Bank - Australia
- Simpson Spence & Young - Indonesia
- Vedanta Resources Plc - India
- CNBM International Corporation - China
- PetroVietnam Power Coal Import and Supply Company
- Heidelberg Cement - Germany
- GVK Power & Infra Limited - India
- Bangladesh Power Developement Board
- Karbindo Abesyapradhi - Indoneisa
- Energy Development Corp, Philippines
- Coalindo Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Timah Investasi Mineral - Indoneisa
- New Zealand Coal & Carbon
- Latin American Coal - Colombia
- Bhoruka Overseas - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Neyveli Lignite Corporation Ltd, - India
- Directorate General of MIneral and Coal - Indonesia
- Salva Resources Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Vizag Seaport Private Limited - India
- GAC Shipping (India) Pvt Ltd
- Savvy Resources Ltd - HongKong
- Sojitz Corporation - Japan
- Mjunction Services Limited - India
- PowerSource Philippines DevCo
- Ministry of Transport, Egypt
- Kapuas Tunggal Persada - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Minerals Council of Australia
- Romanian Commodities Exchange
- Samtan Co., Ltd - South Korea
- Kartika Selabumi Mining - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Xindia Steels Limited - India
- Orica Australia Pty. Ltd.
- Orica Mining Services - Indonesia
- Port Waratah Coal Services - Australia
- Antam Resourcindo - Indonesia
- Global Business Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indogreen Group - Indonesia
- Meenaskhi Energy Private Limited - India
- Medco Energi Mining Internasional
- Metalloyd Limited - United Kingdom
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