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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, 30 July 14
CAPES SEEMED TO BE STRANDED AT THE SAME LEVELS; PANAMAXES MANAGED TO SLIGHTLY REVIVE - INTERMODAL
COALspot.com: The Dry Bulk market took a breath this past week, as both Panamaxes and Supras started to see a small influx of activity, which was j ...
Tuesday, 29 July 14
TOTAL SELLS ITS SOUTH AFRICAN COAL MINING ASSETS TO EXXARO
Total has signed an agreement with Exxaro Resources Ltd for the sale of its 100% stake in Total Coal South Africa (TCSA), its coal-producing affili ...
Tuesday, 29 July 14
GENCO: DRY BULK SHIPPING VALUATIONS NO LONGER ANCHORED TO DISCOUNTED CASH FLOW METHOD - WEIL
KNOWLEDGE TO ELEVATE
Discounted cash flow analysis is a mainstay among the valuation methodologies used by restructuring professionals and bank ...
Tuesday, 29 July 14
SHIP OWNERS' DEMAND OF NEW VESSELS DENTED AS A RESULT OF LOWER FREIGHT RATES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The sharp downward direction of dry bulk freight rates has had a negative impact on investors’ secondhand buying appetite that wait to see th ...
Monday, 28 July 14
Q3' 14, SUB-BIT FOB INDONESIA COAL SWAP GAINED $ 0.08 DAY ON DAY AND $ 0.68 WEEK ON WEEK
COALspot.com: Indonesian coal swaps for average Q3’ 2014 increased by just US$ 0.08 day on day and US$ 0.68 week on week. The swap was lost U ...
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- LBH Netherlands Bv - Netherlands
- Borneo Indobara - Indonesia
- Bharathi Cement Corporation - India
- Siam City Cement - Thailand
- Directorate General of MIneral and Coal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Global Business Power Corporation, Philippines
- Deloitte Consulting - India
- Formosa Plastics Group - Taiwan
- PNOC Exploration Corporation - Philippines
- ICICI Bank Limited - India
- Miang Besar Coal Terminal - Indonesia
- Australian Coal Association
- Bahari Cakrawala Sebuku - Indonesia
- Chamber of Mines of South Africa
- SMG Consultants - Indonesia
- Samtan Co., Ltd - South Korea
- Timah Investasi Mineral - Indoneisa
- Sree Jayajothi Cements Limited - India
- The University of Queensland
- Wood Mackenzie - Singapore
- Pendopo Energi Batubara - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Madhucon Powers Ltd - India
- Latin American Coal - Colombia
- The State Trading Corporation of India Ltd
- Larsen & Toubro Limited - India
- Binh Thuan Hamico - Vietnam
- Wilmar Investment Holdings
- Metalloyd Limited - United Kingdom
- GMR Energy Limited - India
- Videocon Industries ltd - India
- Independent Power Producers Association of India
- McConnell Dowell - Australia
- Straits Asia Resources Limited - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Marubeni Corporation - India
- Sakthi Sugars Limited - India
- Indonesian Coal Mining Association
- Ministry of Transport, Egypt
- Mjunction Services Limited - India
- International Coal Ventures Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Makmur.PT - Indonesia
- Lanco Infratech Ltd - India
- Bayan Resources Tbk. - Indonesia
- Semirara Mining Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Siam City Cement PLC, Thailand
- Kalimantan Lumbung Energi - Indonesia
- Kobexindo Tractors - Indoneisa
- Manunggal Multi Energi - Indonesia
- Tamil Nadu electricity Board
- TNB Fuel Sdn Bhd - Malaysia
- Merrill Lynch Commodities Europe
- Indo Tambangraya Megah - Indonesia
- Iligan Light & Power Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Carbofer General Trading SA - India
- Bhatia International Limited - India
- GAC Shipping (India) Pvt Ltd
- AsiaOL BioFuels Corp., Philippines
- Trasteel International SA, Italy
- Parliament of New Zealand
- Malabar Cements Ltd - India
- Planning Commission, India
- India Bulls Power Limited - India
- Georgia Ports Authority, United States
- TeaM Sual Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Meenaskhi Energy Private Limited - India
- SMC Global Power, Philippines
- Edison Trading Spa - Italy
- Coalindo Energy - Indonesia
- Jaiprakash Power Ventures ltd
- London Commodity Brokers - England
- Standard Chartered Bank - UAE
- Therma Luzon, Inc, Philippines
- Economic Council, Georgia
- Makarim & Taira - Indonesia
- Ind-Barath Power Infra Limited - India
- Barasentosa Lestari - Indonesia
- ASAPP Information Group - India
- Romanian Commodities Exchange
- Central Java Power - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bukit Asam (Persero) Tbk - Indonesia
- Central Electricity Authority - India
- Riau Bara Harum - Indonesia
- Baramulti Group, Indonesia
- Alfred C Toepfer International GmbH - Germany
- MS Steel International - UAE
- Tata Chemicals Ltd - India
- Savvy Resources Ltd - HongKong
- Gujarat Sidhee Cement - India
- Toyota Tsusho Corporation, Japan
- Energy Development Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Electricity Regulatory Commission - India
- Orica Australia Pty. Ltd.
- Global Green Power PLC Corporation, Philippines
- Coal and Oil Company - UAE
- Orica Mining Services - Indonesia
- Maheswari Brothers Coal Limited - India
- Essar Steel Hazira Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Mercator Lines Limited - India
- CNBM International Corporation - China
- IHS Mccloskey Coal Group - USA
- CIMB Investment Bank - Malaysia
- Sical Logistics Limited - India
- Simpson Spence & Young - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Interocean Group of Companies - India
- Goldman Sachs - Singapore
- Kaltim Prima Coal - Indonesia
- Indogreen Group - Indonesia
- Vizag Seaport Private Limited - India
- Billiton Holdings Pty Ltd - Australia
- Port Waratah Coal Services - Australia
- Krishnapatnam Port Company Ltd. - India
- Rashtriya Ispat Nigam Limited - India
- Rio Tinto Coal - Australia
- Globalindo Alam Lestari - Indonesia
- Medco Energi Mining Internasional
- Kumho Petrochemical, South Korea
- Eastern Energy - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Attock Cement Pakistan Limited
- Bangladesh Power Developement Board
- Ceylon Electricity Board - Sri Lanka
- GVK Power & Infra Limited - India
- Singapore Mercantile Exchange
- Bukit Baiduri Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Cement Manufacturers Association - India
- OPG Power Generation Pvt Ltd - India
- Star Paper Mills Limited - India
- Indian Energy Exchange, India
- Africa Commodities Group - South Africa
- Price Waterhouse Coopers - Russia
- GN Power Mariveles Coal Plant, Philippines
- Leighton Contractors Pty Ltd - Australia
- San Jose City I Power Corp, Philippines
- Xindia Steels Limited - India
- Thiess Contractors Indonesia
- Thai Mozambique Logistica
- Sojitz Corporation - Japan
- Sarangani Energy Corporation, Philippines
- Grasim Industreis Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Power Finance Corporation Ltd., India
- PTC India Limited - India
- Heidelberg Cement - Germany
- SN Aboitiz Power Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Asmin Koalindo Tuhup - Indonesia
- Aditya Birla Group - India
- Mercuria Energy - Indonesia
- New Zealand Coal & Carbon
- Bhushan Steel Limited - India
- IEA Clean Coal Centre - UK
- Ministry of Finance - Indonesia
- Australian Commodity Traders Exchange
- Anglo American - United Kingdom
- Salva Resources Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- VISA Power Limited - India
- Petron Corporation, Philippines
- Energy Link Ltd, New Zealand
- PowerSource Philippines DevCo
- Kideco Jaya Agung - Indonesia
- Meralco Power Generation, Philippines
- Ministry of Mines - Canada
- Bulk Trading Sa - Switzerland
- Aboitiz Power Corporation - Philippines
- Altura Mining Limited, Indonesia
- Dalmia Cement Bharat India
- Parry Sugars Refinery, India
- Cigading International Bulk Terminal - Indonesia
- Renaissance Capital - South Africa
- Minerals Council of Australia
- Mintek Dendrill Indonesia
- Eastern Coal Council - USA
- Posco Energy - South Korea
- Indian Oil Corporation Limited
- The Treasury - Australian Government
- Indika Energy - Indonesia
- Electricity Generating Authority of Thailand
- Coastal Gujarat Power Limited - India
- Oldendorff Carriers - Singapore
- Jindal Steel & Power Ltd - India
- Kepco SPC Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Electricity Authority, New Zealand
- Chettinad Cement Corporation Ltd - India
- Sindya Power Generating Company Private Ltd
- Kartika Selabumi Mining - Indonesia
- Uttam Galva Steels Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- White Energy Company Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Ambuja Cements Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Antam Resourcindo - Indonesia
- Vedanta Resources Plc - India
- Agrawal Coal Company - India
- Intertek Mineral Services - Indonesia
- South Luzon Thermal Energy Corporation
- Commonwealth Bank - Australia
- Global Coal Blending Company Limited - Australia
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