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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, 10 July 14
SGX EXPANDS ACROSS THE BULKS WITH NEW COAL PRODUCTS
COALspot.com: Singapore Exchange (SGX) is expanding its bulk commodity derivatives offering by launching new coking and thermal coal products on 4 ...
Thursday, 10 July 14
HANDY: SMALL INCREASE; PANAMAX: POSITIVE TONE; CAPESIZE: PAPER VALUES REMAIN WEEK
Handy
It is a general increase in activity in both hemispheres whereas rates have just experienced a small increase. In the Feast we see stable a ...
Wednesday, 09 July 14
SHIP INVESTMENTS ARE TRENDING LOWER
Most ship owners are deeming current ship prices on the high side, refraining from making serious commitments in new acquisitions or newbuilding or ...
Wednesday, 09 July 14
INDIAN GOVERNMENT ADVISED POWER UTILITIES TO INCREASE COAL IMPORTS
COALspot.com: The government of India has advised power utilities to increase coal imports to meet fuel shortages and those that have fuel supply p ...
Wednesday, 09 July 14
PANAMAX MARKET FINALLY CORRECTING UPWARDS; AVERAGE TC MORE THAN DOUBLING WEEK ON WEEK - INTERMODAL
The Dry Bulk market has closed off on Friday on a more positive note, with most segments noting weekly gains and the Panamax market finally correct ...
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- SMC Global Power, Philippines
- Simpson Spence & Young - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Riau Bara Harum - Indonesia
- London Commodity Brokers - England
- The State Trading Corporation of India Ltd
- Indian Oil Corporation Limited
- Petron Corporation, Philippines
- Ministry of Transport, Egypt
- Gujarat Mineral Development Corp Ltd - India
- Carbofer General Trading SA - India
- Economic Council, Georgia
- GAC Shipping (India) Pvt Ltd
- Cigading International Bulk Terminal - Indonesia
- Parry Sugars Refinery, India
- Eastern Energy - Thailand
- Toyota Tsusho Corporation, Japan
- OPG Power Generation Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Aditya Birla Group - India
- Antam Resourcindo - Indonesia
- Pendopo Energi Batubara - Indonesia
- Bhushan Steel Limited - India
- SN Aboitiz Power Inc, Philippines
- Price Waterhouse Coopers - Russia
- Latin American Coal - Colombia
- Global Business Power Corporation, Philippines
- Minerals Council of Australia
- Planning Commission, India
- Baramulti Group, Indonesia
- The Treasury - Australian Government
- Leighton Contractors Pty Ltd - Australia
- Rio Tinto Coal - Australia
- Madhucon Powers Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Thai Mozambique Logistica
- Karaikal Port Pvt Ltd - India
- Orica Mining Services - Indonesia
- Kobexindo Tractors - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- GMR Energy Limited - India
- Sojitz Corporation - Japan
- Cement Manufacturers Association - India
- Banpu Public Company Limited - Thailand
- MS Steel International - UAE
- Mercator Lines Limited - India
- Siam City Cement PLC, Thailand
- Independent Power Producers Association of India
- New Zealand Coal & Carbon
- IHS Mccloskey Coal Group - USA
- CNBM International Corporation - China
- Deloitte Consulting - India
- Australian Commodity Traders Exchange
- Lanco Infratech Ltd - India
- Siam City Cement - Thailand
- Holcim Trading Pte Ltd - Singapore
- Samtan Co., Ltd - South Korea
- McConnell Dowell - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Sree Jayajothi Cements Limited - India
- Xindia Steels Limited - India
- Coalindo Energy - Indonesia
- Ambuja Cements Ltd - India
- ICICI Bank Limited - India
- Mjunction Services Limited - India
- Wood Mackenzie - Singapore
- GVK Power & Infra Limited - India
- Chamber of Mines of South Africa
- Essar Steel Hazira Ltd - India
- Mintek Dendrill Indonesia
- Orica Australia Pty. Ltd.
- Petrochimia International Co. Ltd.- Taiwan
- Indogreen Group - Indonesia
- Bangladesh Power Developement Board
- VISA Power Limited - India
- Coastal Gujarat Power Limited - India
- Georgia Ports Authority, United States
- ASAPP Information Group - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indian Energy Exchange, India
- Metalloyd Limited - United Kingdom
- Oldendorff Carriers - Singapore
- AsiaOL BioFuels Corp., Philippines
- Jindal Steel & Power Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Semirara Mining Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Coal and Oil Company - UAE
- Central Java Power - Indonesia
- Wilmar Investment Holdings
- Iligan Light & Power Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Merrill Lynch Commodities Europe
- White Energy Company Limited
- Kohat Cement Company Ltd. - Pakistan
- Semirara Mining and Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Gujarat Electricity Regulatory Commission - India
- Rashtriya Ispat Nigam Limited - India
- Anglo American - United Kingdom
- Central Electricity Authority - India
- Singapore Mercantile Exchange
- Meralco Power Generation, Philippines
- Barasentosa Lestari - Indonesia
- SMG Consultants - Indonesia
- Power Finance Corporation Ltd., India
- Aboitiz Power Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Grasim Industreis Ltd - India
- IEA Clean Coal Centre - UK
- Globalindo Alam Lestari - Indonesia
- Kideco Jaya Agung - Indonesia
- Uttam Galva Steels Limited - India
- Formosa Plastics Group - Taiwan
- Star Paper Mills Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Eastern Coal Council - USA
- Bharathi Cement Corporation - India
- PTC India Limited - India
- Directorate General of MIneral and Coal - Indonesia
- LBH Netherlands Bv - Netherlands
- Krishnapatnam Port Company Ltd. - India
- Sical Logistics Limited - India
- CIMB Investment Bank - Malaysia
- Electricity Generating Authority of Thailand
- Videocon Industries ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bulk Trading Sa - Switzerland
- Maheswari Brothers Coal Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Borneo Indobara - Indonesia
- Bukit Baiduri Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Jaiprakash Power Ventures ltd
- Tamil Nadu electricity Board
- Africa Commodities Group - South Africa
- GN Power Mariveles Coal Plant, Philippines
- Standard Chartered Bank - UAE
- Marubeni Corporation - India
- Energy Link Ltd, New Zealand
- Directorate Of Revenue Intelligence - India
- The University of Queensland
- Dalmia Cement Bharat India
- Indonesian Coal Mining Association
- Bayan Resources Tbk. - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Kaltim Prima Coal - Indonesia
- Port Waratah Coal Services - Australia
- Posco Energy - South Korea
- Sindya Power Generating Company Private Ltd
- Straits Asia Resources Limited - Singapore
- Intertek Mineral Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Electricity Authority, New Zealand
- Ind-Barath Power Infra Limited - India
- Ministry of Finance - Indonesia
- Timah Investasi Mineral - Indoneisa
- Savvy Resources Ltd - HongKong
- Makarim & Taira - Indonesia
- Energy Development Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Edison Trading Spa - Italy
- Medco Energi Mining Internasional
- Tata Chemicals Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- PowerSource Philippines DevCo
- Thiess Contractors Indonesia
- Indo Tambangraya Megah - Indonesia
- Salva Resources Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Gujarat Sidhee Cement - India
- Goldman Sachs - Singapore
- TeaM Sual Corporation - Philippines
- Altura Mining Limited, Indonesia
- Indika Energy - Indonesia
- Malabar Cements Ltd - India
- Mercuria Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Vedanta Resources Plc - India
- Agrawal Coal Company - India
- Kepco SPC Power Corporation, Philippines
- Romanian Commodities Exchange
- Kartika Selabumi Mining - Indonesia
- India Bulls Power Limited - India
- Kumho Petrochemical, South Korea
- Larsen & Toubro Limited - India
- Billiton Holdings Pty Ltd - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Trasteel International SA, Italy
- Commonwealth Bank - Australia
- Heidelberg Cement - Germany
- Chettinad Cement Corporation Ltd - India
- Bhatia International Limited - India
- Parliament of New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Therma Luzon, Inc, Philippines
- San Jose City I Power Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Australian Coal Association
- International Coal Ventures Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Interocean Group of Companies - India
- Maharashtra Electricity Regulatory Commission - India
- South Luzon Thermal Energy Corporation
- Jorong Barutama Greston.PT - Indonesia
- European Bulk Services B.V. - Netherlands
- Vizag Seaport Private Limited - India
- Bhoruka Overseas - Indonesia
- Manunggal Multi Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Mines - Canada
- Attock Cement Pakistan Limited
- Renaissance Capital - South Africa
- Global Coal Blending Company Limited - Australia
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