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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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Monday, 30 June 14
INDO - INDIA FREIGHT RATES CONTINUE TO WEAK
COALspot.com: The latest dry Index shows that average all-in spot freight declined, the Panamax and Supramax slipping by 9.11 percent and 4% respec ...
Friday, 27 June 14
DRY BULK MARKET STILL LOOKING FOR UPSIDE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has kept up its lacklustre performance during the past week, as evidenced by the course of the Baltic Dry Index (BDI). The BDI ...
Thursday, 26 June 14
PANAMAX : A PACIFIC ROUND PAYS AROUND US$ 3K DAILY - FEARNLEYS AS
Handy
In the Atlantic there has been little activity which again has caused rates to slip across all trades. TA´s are now down to US$ 5,500 ...
Thursday, 26 June 14
KOMIPO INVITES BIDS FOR TOTAL 750K MT OF BITUMINOUS COAL FOR 3CY
COALspot.com: South Korean state-owned utility Korea Midland Power (KOMIPO) has issued a new tender for supply of total 250,000 MT of bituminous co ...
Thursday, 26 June 14
COAL DIVESTMENT CAMPAIGNS COME WITH RISKY UNINTENDED CONSEQUENCES - WCA
Last week I presented to the Expert Group on investments in coal and petroleum companies, the body set up to advise the Norwegian Government on whe ...
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- LBH Netherlands Bv - Netherlands
- Altura Mining Limited, Indonesia
- Ministry of Transport, Egypt
- Minerals Council of Australia
- Petron Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Anglo American - United Kingdom
- Bukit Makmur.PT - Indonesia
- Banpu Public Company Limited - Thailand
- Videocon Industries ltd - India
- Eastern Energy - Thailand
- Meenaskhi Energy Private Limited - India
- Borneo Indobara - Indonesia
- GMR Energy Limited - India
- Kaltim Prima Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Uttam Galva Steels Limited - India
- Renaissance Capital - South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Thai Mozambique Logistica
- Aboitiz Power Corporation - Philippines
- London Commodity Brokers - England
- Salva Resources Pvt Ltd - India
- Antam Resourcindo - Indonesia
- SN Aboitiz Power Inc, Philippines
- The Treasury - Australian Government
- Australian Coal Association
- The University of Queensland
- Lanco Infratech Ltd - India
- ICICI Bank Limited - India
- Rio Tinto Coal - Australia
- Standard Chartered Bank - UAE
- Siam City Cement PLC, Thailand
- GN Power Mariveles Coal Plant, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bayan Resources Tbk. - Indonesia
- Edison Trading Spa - Italy
- Goldman Sachs - Singapore
- Iligan Light & Power Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Marubeni Corporation - India
- Cement Manufacturers Association - India
- Ambuja Cements Ltd - India
- ASAPP Information Group - India
- Indonesian Coal Mining Association
- Vizag Seaport Private Limited - India
- Central Electricity Authority - India
- Kapuas Tunggal Persada - Indonesia
- Bhushan Steel Limited - India
- Ministry of Mines - Canada
- SMC Global Power, Philippines
- Tata Chemicals Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Dalmia Cement Bharat India
- Electricity Authority, New Zealand
- Semirara Mining Corp, Philippines
- MS Steel International - UAE
- Orica Australia Pty. Ltd.
- Barasentosa Lestari - Indonesia
- Vedanta Resources Plc - India
- Siam City Cement - Thailand
- Sinarmas Energy and Mining - Indonesia
- Baramulti Group, Indonesia
- Binh Thuan Hamico - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Madhucon Powers Ltd - India
- Bhatia International Limited - India
- Planning Commission, India
- Interocean Group of Companies - India
- CIMB Investment Bank - Malaysia
- Vijayanagar Sugar Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Posco Energy - South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Xindia Steels Limited - India
- Meralco Power Generation, Philippines
- Electricity Generating Authority of Thailand
- TeaM Sual Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- The State Trading Corporation of India Ltd
- Central Java Power - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Rashtriya Ispat Nigam Limited - India
- Sree Jayajothi Cements Limited - India
- Kumho Petrochemical, South Korea
- GAC Shipping (India) Pvt Ltd
- Bangladesh Power Developement Board
- Mjunction Services Limited - India
- Trasteel International SA, Italy
- Sakthi Sugars Limited - India
- Manunggal Multi Energi - Indonesia
- Jaiprakash Power Ventures ltd
- Bharathi Cement Corporation - India
- IHS Mccloskey Coal Group - USA
- Global Business Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Maheswari Brothers Coal Limited - India
- Global Coal Blending Company Limited - Australia
- Africa Commodities Group - South Africa
- VISA Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Riau Bara Harum - Indonesia
- Larsen & Toubro Limited - India
- Kepco SPC Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Parliament of New Zealand
- OPG Power Generation Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Coastal Gujarat Power Limited - India
- Ministry of Finance - Indonesia
- India Bulls Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Chettinad Cement Corporation Ltd - India
- Agrawal Coal Company - India
- Merrill Lynch Commodities Europe
- Coalindo Energy - Indonesia
- Sical Logistics Limited - India
- PNOC Exploration Corporation - Philippines
- Chamber of Mines of South Africa
- Cigading International Bulk Terminal - Indonesia
- Gujarat Sidhee Cement - India
- Grasim Industreis Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Indo Tambangraya Megah - Indonesia
- Jindal Steel & Power Ltd - India
- International Coal Ventures Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate Of Revenue Intelligence - India
- Kobexindo Tractors - Indoneisa
- Samtan Co., Ltd - South Korea
- Leighton Contractors Pty Ltd - Australia
- McConnell Dowell - Australia
- Bukit Baiduri Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Latin American Coal - Colombia
- Power Finance Corporation Ltd., India
- Neyveli Lignite Corporation Ltd, - India
- GVK Power & Infra Limited - India
- Indika Energy - Indonesia
- Attock Cement Pakistan Limited
- Star Paper Mills Limited - India
- Makarim & Taira - Indonesia
- Essar Steel Hazira Ltd - India
- Economic Council, Georgia
- AsiaOL BioFuels Corp., Philippines
- Eastern Coal Council - USA
- Metalloyd Limited - United Kingdom
- CNBM International Corporation - China
- Heidelberg Cement - Germany
- Miang Besar Coal Terminal - Indonesia
- Indogreen Group - Indonesia
- Therma Luzon, Inc, Philippines
- Commonwealth Bank - Australia
- Australian Commodity Traders Exchange
- Toyota Tsusho Corporation, Japan
- Oldendorff Carriers - Singapore
- Timah Investasi Mineral - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Coal and Oil Company - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Energy Development Corp, Philippines
- Thiess Contractors Indonesia
- Independent Power Producers Association of India
- Orica Mining Services - Indonesia
- Georgia Ports Authority, United States
- Ind-Barath Power Infra Limited - India
- Mintek Dendrill Indonesia
- Pendopo Energi Batubara - Indonesia
- Mercator Lines Limited - India
- Wilmar Investment Holdings
- Kideco Jaya Agung - Indonesia
- PTC India Limited - India
- Gujarat Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- PowerSource Philippines DevCo
- Ceylon Electricity Board - Sri Lanka
- Petrochimia International Co. Ltd.- Taiwan
- Wood Mackenzie - Singapore
- Tamil Nadu electricity Board
- Asmin Koalindo Tuhup - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Singapore Mercantile Exchange
- IEA Clean Coal Centre - UK
- White Energy Company Limited
- Deloitte Consulting - India
- Alfred C Toepfer International GmbH - Germany
- PetroVietnam Power Coal Import and Supply Company
- Billiton Holdings Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- San Jose City I Power Corp, Philippines
- Price Waterhouse Coopers - Russia
- Simpson Spence & Young - Indonesia
- Energy Link Ltd, New Zealand
- Port Waratah Coal Services - Australia
- Aditya Birla Group - India
- New Zealand Coal & Carbon
- Sarangani Energy Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- SMG Consultants - Indonesia
- Indian Oil Corporation Limited
- South Luzon Thermal Energy Corporation
- Jorong Barutama Greston.PT - Indonesia
- Indian Energy Exchange, India
- Kohat Cement Company Ltd. - Pakistan
- Mercuria Energy - Indonesia
- Malabar Cements Ltd - India
- Carbofer General Trading SA - India
- Bulk Trading Sa - Switzerland
- Medco Energi Mining Internasional
- Romanian Commodities Exchange
- Sojitz Corporation - Japan
- Parry Sugars Refinery, India
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