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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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Wednesday, 13 August 14
WEEKLY MARKET INSIGHT - KONSTANTINOS KONTOMICHIS SNP BROKER
Being at the peak of the holiday season, August is, as usual, the quietest month in terms of snp transactions, yet it is also a time very critical ...
Wednesday, 13 August 14
WHAT DOES PROJECT CARGO REALLY MEAN TO INSURERS?
KNOWLEDGE TO ELEVATE
Richard Kamppari-Baker, claims manager of FP Marine Risks, explains the challenges of project cargo risk assessment from ...
Wednesday, 13 August 14
INDONESIAN COAL PRICE REFERENCE FALL AGAIN CLOSE TO 57 MONTHS LOWS
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia revised down the coal bench mark price in August. HBA for the month of A ...
Monday, 11 August 14
LARGEST CHINESE TRADE SURPLUS EVER RECORDED IN JULY - BIMCO
China recorded a trade surplus of USD 47.3 billion in July 2014. The record high surplus came on the back of very strong export growth while import ...
Monday, 11 August 14
INDONESIAN THERMAL COAL SWAPS SEEING SOME POSITIVE TREND
COALspot.com: Indonesian coal swaps for average September 2014 increased US$ 0.20 (+0.36%) day on day and US$ 1.30 (+2.41%) per mt week on week. Th ...
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- Metalloyd Limited - United Kingdom
- European Bulk Services B.V. - Netherlands
- Oldendorff Carriers - Singapore
- Essar Steel Hazira Ltd - India
- Makarim & Taira - Indonesia
- Indogreen Group - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Jaiprakash Power Ventures ltd
- Alfred C Toepfer International GmbH - Germany
- Therma Luzon, Inc, Philippines
- Mercuria Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indo Tambangraya Megah - Indonesia
- Carbofer General Trading SA - India
- Wood Mackenzie - Singapore
- Videocon Industries ltd - India
- Medco Energi Mining Internasional
- Bukit Makmur.PT - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Vizag Seaport Private Limited - India
- Borneo Indobara - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Energy Link Ltd, New Zealand
- Manunggal Multi Energi - Indonesia
- The University of Queensland
- Samtan Co., Ltd - South Korea
- Eastern Energy - Thailand
- India Bulls Power Limited - India
- Standard Chartered Bank - UAE
- Intertek Mineral Services - Indonesia
- Goldman Sachs - Singapore
- Planning Commission, India
- Iligan Light & Power Inc, Philippines
- Bhoruka Overseas - Indonesia
- Parry Sugars Refinery, India
- Rio Tinto Coal - Australia
- Kideco Jaya Agung - Indonesia
- Marubeni Corporation - India
- Trasteel International SA, Italy
- Posco Energy - South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bayan Resources Tbk. - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Petron Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Siam City Cement PLC, Thailand
- San Jose City I Power Corp, Philippines
- Grasim Industreis Ltd - India
- London Commodity Brokers - England
- Kartika Selabumi Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Central Electricity Authority - India
- Ambuja Cements Ltd - India
- Banpu Public Company Limited - Thailand
- Indian Energy Exchange, India
- Interocean Group of Companies - India
- PetroVietnam Power Coal Import and Supply Company
- Electricity Generating Authority of Thailand
- Sojitz Corporation - Japan
- Gujarat Sidhee Cement - India
- TeaM Sual Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Altura Mining Limited, Indonesia
- Sindya Power Generating Company Private Ltd
- Wilmar Investment Holdings
- Siam City Cement - Thailand
- Coal and Oil Company - UAE
- Holcim Trading Pte Ltd - Singapore
- Semirara Mining and Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- The Treasury - Australian Government
- Heidelberg Cement - Germany
- Independent Power Producers Association of India
- Baramulti Group, Indonesia
- Orica Mining Services - Indonesia
- SMC Global Power, Philippines
- Ministry of Mines - Canada
- Singapore Mercantile Exchange
- ICICI Bank Limited - India
- White Energy Company Limited
- Uttam Galva Steels Limited - India
- Kaltim Prima Coal - Indonesia
- GMR Energy Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Directorate General of MIneral and Coal - Indonesia
- Aditya Birla Group - India
- OPG Power Generation Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- New Zealand Coal & Carbon
- Simpson Spence & Young - Indonesia
- PowerSource Philippines DevCo
- Power Finance Corporation Ltd., India
- Karaikal Port Pvt Ltd - India
- Australian Commodity Traders Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Sical Logistics Limited - India
- Antam Resourcindo - Indonesia
- Straits Asia Resources Limited - Singapore
- VISA Power Limited - India
- Xindia Steels Limited - India
- Ceylon Electricity Board - Sri Lanka
- Indonesian Coal Mining Association
- AsiaOL BioFuels Corp., Philippines
- Dalmia Cement Bharat India
- IEA Clean Coal Centre - UK
- Central Java Power - Indonesia
- Minerals Council of Australia
- Bharathi Cement Corporation - India
- Savvy Resources Ltd - HongKong
- Economic Council, Georgia
- Tamil Nadu electricity Board
- Jorong Barutama Greston.PT - Indonesia
- Bukit Baiduri Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Mintek Dendrill Indonesia
- Global Coal Blending Company Limited - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Indika Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bhushan Steel Limited - India
- Gujarat Mineral Development Corp Ltd - India
- ASAPP Information Group - India
- Australian Coal Association
- Madhucon Powers Ltd - India
- Ministry of Transport, Egypt
- TNB Fuel Sdn Bhd - Malaysia
- Sree Jayajothi Cements Limited - India
- Deloitte Consulting - India
- Toyota Tsusho Corporation, Japan
- Latin American Coal - Colombia
- Merrill Lynch Commodities Europe
- Agrawal Coal Company - India
- Energy Development Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Semirara Mining Corp, Philippines
- Vedanta Resources Plc - India
- Chettinad Cement Corporation Ltd - India
- CNBM International Corporation - China
- Electricity Authority, New Zealand
- Thiess Contractors Indonesia
- Binh Thuan Hamico - Vietnam
- Larsen & Toubro Limited - India
- Coastal Gujarat Power Limited - India
- SMG Consultants - Indonesia
- Coalindo Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Attock Cement Pakistan Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PTC India Limited - India
- Kobexindo Tractors - Indoneisa
- Thai Mozambique Logistica
- Timah Investasi Mineral - Indoneisa
- Bulk Trading Sa - Switzerland
- GN Power Mariveles Coal Plant, Philippines
- Bhatia International Limited - India
- Aboitiz Power Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Georgia Ports Authority, United States
- Barasentosa Lestari - Indonesia
- Renaissance Capital - South Africa
- Maheswari Brothers Coal Limited - India
- Cement Manufacturers Association - India
- GAC Shipping (India) Pvt Ltd
- Tata Chemicals Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Meralco Power Generation, Philippines
- LBH Netherlands Bv - Netherlands
- Salva Resources Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Sarangani Energy Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Bangladesh Power Developement Board
- Formosa Plastics Group - Taiwan
- PNOC Exploration Corporation - Philippines
- Malabar Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- IHS Mccloskey Coal Group - USA
- McConnell Dowell - Australia
- Mjunction Services Limited - India
- Mercator Lines Limited - India
- Price Waterhouse Coopers - Russia
- Romanian Commodities Exchange
- Lanco Infratech Ltd - India
- Port Waratah Coal Services - Australia
- Commonwealth Bank - Australia
- Parliament of New Zealand
- South Luzon Thermal Energy Corporation
- The State Trading Corporation of India Ltd
- Riau Bara Harum - Indonesia
- Chamber of Mines of South Africa
- Global Green Power PLC Corporation, Philippines
- Eastern Coal Council - USA
- Leighton Contractors Pty Ltd - Australia
- Sakthi Sugars Limited - India
- Ministry of Finance - Indonesia
- Orica Australia Pty. Ltd.
- Kepco SPC Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Africa Commodities Group - South Africa
- Anglo American - United Kingdom
- Edison Trading Spa - Italy
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Star Paper Mills Limited - India
- Global Business Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Meenaskhi Energy Private Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Globalindo Alam Lestari - Indonesia
- GVK Power & Infra Limited - India
- MS Steel International - UAE
- Indian Oil Corporation Limited
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