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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, 16 July 14
WEEKLY SHIPPING MARKET INSIGHT - INTERMODAL
Wake me up when September ends - Theodore Ntalakos
Since last September most thought that the worst was behind us. It looks like the market de ...
Tuesday, 15 July 14
INDONESIA'S TOTAL COAL PRODUCTION REACHED ANOTHER HIGH DURING THE FIRST SIX MONTHS; GOVERNMENT EXPECTED TO RAISE ROYALTIES
COALspot.com: Indonesia's total coal production reached 213 million tons during January through June, up by 7.6 percent y-o-y. Coal output in I ...
Monday, 14 July 14
THE END OF THE ERA OF HEAVY FUEL OIL IN MARITIME SHIPPING - ICCT
KNOWLEDGE TO ELEVATE
Since the 1960s, heavy fuel oil (HFO) has been the king of marine fuels. Viscous, dirty, yet inexpensive and widely avail ...
Monday, 14 July 14
SGX SUB-BIT FOB INDONESIA COAL SWAP FOR Q4' 14 DELIVERY CLOSED AT $ 54.80
COALspot.com: Indonesian coal swaps for average Q3’ 2014 lost on day, week and on month according to AsiaClear OTC coal swap's reports re ...
Monday, 14 July 14
SGX CFR SOUTH CHINA COAL SWAP FOR Q3' 14 LOST 17.29% SINCE EARLY JANUARY 2014
COALspot.com: Coal price falling is continues as the impact oversupply and lower demand. API 8 CFR South China Coal swap for delivery in Q3 drops U ...
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- Ambuja Cements Ltd - India
- Xindia Steels Limited - India
- Eastern Coal Council - USA
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Electricity Generating Authority of Thailand
- LBH Netherlands Bv - Netherlands
- Therma Luzon, Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Indonesian Coal Mining Association
- White Energy Company Limited
- Central Electricity Authority - India
- Standard Chartered Bank - UAE
- Billiton Holdings Pty Ltd - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Aditya Birla Group - India
- PTC India Limited - India
- Riau Bara Harum - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Antam Resourcindo - Indonesia
- Intertek Mineral Services - Indonesia
- Vizag Seaport Private Limited - India
- Kobexindo Tractors - Indoneisa
- Lanco Infratech Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Rio Tinto Coal - Australia
- Thiess Contractors Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- The Treasury - Australian Government
- Merrill Lynch Commodities Europe
- PNOC Exploration Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- OPG Power Generation Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- TeaM Sual Corporation - Philippines
- Heidelberg Cement - Germany
- Rashtriya Ispat Nigam Limited - India
- Semirara Mining Corp, Philippines
- Mintek Dendrill Indonesia
- Medco Energi Mining Internasional
- Oldendorff Carriers - Singapore
- SN Aboitiz Power Inc, Philippines
- Barasentosa Lestari - Indonesia
- Bayan Resources Tbk. - Indonesia
- Indika Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Globalindo Alam Lestari - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- Mercuria Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Coastal Gujarat Power Limited - India
- Straits Asia Resources Limited - Singapore
- Samtan Co., Ltd - South Korea
- Coalindo Energy - Indonesia
- Orica Australia Pty. Ltd.
- Deloitte Consulting - India
- Sindya Power Generating Company Private Ltd
- Tata Chemicals Ltd - India
- Singapore Mercantile Exchange
- Banpu Public Company Limited - Thailand
- Chamber of Mines of South Africa
- ASAPP Information Group - India
- Petron Corporation, Philippines
- IEA Clean Coal Centre - UK
- Electricity Authority, New Zealand
- Wood Mackenzie - Singapore
- VISA Power Limited - India
- Aboitiz Power Corporation - Philippines
- Energy Development Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Altura Mining Limited, Indonesia
- Siam City Cement PLC, Thailand
- Bangladesh Power Developement Board
- Trasteel International SA, Italy
- Mercator Lines Limited - India
- Karaikal Port Pvt Ltd - India
- Baramulti Group, Indonesia
- Interocean Group of Companies - India
- Savvy Resources Ltd - HongKong
- Gujarat Mineral Development Corp Ltd - India
- Wilmar Investment Holdings
- GAC Shipping (India) Pvt Ltd
- Bhushan Steel Limited - India
- Uttam Galva Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Pendopo Energi Batubara - Indonesia
- San Jose City I Power Corp, Philippines
- Borneo Indobara - Indonesia
- Africa Commodities Group - South Africa
- ICICI Bank Limited - India
- Jorong Barutama Greston.PT - Indonesia
- CIMB Investment Bank - Malaysia
- South Luzon Thermal Energy Corporation
- Grasim Industreis Ltd - India
- Ministry of Transport, Egypt
- Cigading International Bulk Terminal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Siam City Cement - Thailand
- Renaissance Capital - South Africa
- Economic Council, Georgia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bhatia International Limited - India
- Kartika Selabumi Mining - Indonesia
- Ministry of Mines - Canada
- Pipit Mutiara Jaya. PT, Indonesia
- Latin American Coal - Colombia
- Kaltim Prima Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- Bukit Asam (Persero) Tbk - Indonesia
- Bukit Makmur.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Malabar Cements Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Power Finance Corporation Ltd., India
- Central Java Power - Indonesia
- Indian Energy Exchange, India
- Sakthi Sugars Limited - India
- Bharathi Cement Corporation - India
- PowerSource Philippines DevCo
- Alfred C Toepfer International GmbH - Germany
- Kapuas Tunggal Persada - Indonesia
- Price Waterhouse Coopers - Russia
- Jindal Steel & Power Ltd - India
- Mjunction Services Limited - India
- New Zealand Coal & Carbon
- Goldman Sachs - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Anglo American - United Kingdom
- Port Waratah Coal Services - Australia
- Vedanta Resources Plc - India
- Global Coal Blending Company Limited - Australia
- CNBM International Corporation - China
- McConnell Dowell - Australia
- Gujarat Sidhee Cement - India
- Global Business Power Corporation, Philippines
- SMC Global Power, Philippines
- Tamil Nadu electricity Board
- Kepco SPC Power Corporation, Philippines
- Commonwealth Bank - Australia
- Thai Mozambique Logistica
- Romanian Commodities Exchange
- Kalimantan Lumbung Energi - Indonesia
- SMG Consultants - Indonesia
- IHS Mccloskey Coal Group - USA
- Georgia Ports Authority, United States
- Larsen & Toubro Limited - India
- Jaiprakash Power Ventures ltd
- Independent Power Producers Association of India
- Energy Link Ltd, New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Makarim & Taira - Indonesia
- Indian Oil Corporation Limited
- Bukit Baiduri Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Ceylon Electricity Board - Sri Lanka
- Meenaskhi Energy Private Limited - India
- Cement Manufacturers Association - India
- Marubeni Corporation - India
- Minerals Council of Australia
- Attock Cement Pakistan Limited
- Coal and Oil Company - UAE
- Essar Steel Hazira Ltd - India
- Global Green Power PLC Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Ministry of Finance - Indonesia
- Eastern Energy - Thailand
- London Commodity Brokers - England
- Kideco Jaya Agung - Indonesia
- Bhoruka Overseas - Indonesia
- Indo Tambangraya Megah - Indonesia
- The University of Queensland
- Ind-Barath Power Infra Limited - India
- Sojitz Corporation - Japan
- TNB Fuel Sdn Bhd - Malaysia
- Edison Trading Spa - Italy
- Videocon Industries ltd - India
- Kumho Petrochemical, South Korea
- Salva Resources Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Simpson Spence & Young - Indonesia
- Posco Energy - South Korea
- Sinarmas Energy and Mining - Indonesia
- Sical Logistics Limited - India
- Carbofer General Trading SA - India
- Agrawal Coal Company - India
- MS Steel International - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Star Paper Mills Limited - India
- Holcim Trading Pte Ltd - Singapore
- Dalmia Cement Bharat India
- Australian Coal Association
- Madhucon Powers Ltd - India
- GMR Energy Limited - India
- Orica Mining Services - Indonesia
- Iligan Light & Power Inc, Philippines
- The State Trading Corporation of India Ltd
- Australian Commodity Traders Exchange
- Parry Sugars Refinery, India
- Meralco Power Generation, Philippines
- Planning Commission, India
- Parliament of New Zealand
- Indogreen Group - Indonesia
- AsiaOL BioFuels Corp., Philippines
- GVK Power & Infra Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Manunggal Multi Energi - Indonesia
- Chettinad Cement Corporation Ltd - India
- Metalloyd Limited - United Kingdom
- International Coal Ventures Pvt Ltd - India
- India Bulls Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bulk Trading Sa - Switzerland
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