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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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Sunday, 15 June 14
COAL FREIGHT RATES FALL FURTHER ON LACK OF DEMANDS - CAPT. REDDY
COALspot.com: The BDI softened this week as all segments fell this week. The Panamax sector being most affected. The Cape index was down 3.51 pct w ...
Friday, 13 June 14
US COAL PRODUCTION FELL 3% IN WEEK THAT ENDED JUNE 7, SAYS EIA
COALspot.com – United States the world's second largest coal producer, produced approximately 18.6 million short tons (mmst) of coal in a ...
Friday, 13 June 14
DRY BULK MARKET KEEPS ON FALLING, DESPITE RESPITE OF THE CAPESIZE SECTOR - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has kept on its lacklustre performance overall, with the Baltic Dry Index (BDI) still hovering below the 1,000 point mark. Yest ...
Thursday, 12 June 14
INDONESIA SETS HBA FOR MONTH OF JUNE AT US$ 73.64
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia has revised up first time in last four months the coal bench mark price. ...
Thursday, 12 June 14
HANDY : TA MARKET IS CONTINUING SOUTH WITH A DECREASE OF 26% W-O-W
Handy
The week started off with holidays in most European countries and the TA market is continuing south with a decrease of 26% w-o-w. We do see ...
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- Bhatia International Limited - India
- Siam City Cement - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Sindya Power Generating Company Private Ltd
- SN Aboitiz Power Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Energy Development Corp, Philippines
- Jindal Steel & Power Ltd - India
- South Luzon Thermal Energy Corporation
- Indian Energy Exchange, India
- Posco Energy - South Korea
- Madhucon Powers Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Meralco Power Generation, Philippines
- GAC Shipping (India) Pvt Ltd
- Price Waterhouse Coopers - Russia
- Vijayanagar Sugar Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mercator Lines Limited - India
- Merrill Lynch Commodities Europe
- Rio Tinto Coal - Australia
- Ministry of Finance - Indonesia
- International Coal Ventures Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- New Zealand Coal & Carbon
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- India Bulls Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Riau Bara Harum - Indonesia
- Antam Resourcindo - Indonesia
- Ambuja Cements Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Thai Mozambique Logistica
- Meenaskhi Energy Private Limited - India
- San Jose City I Power Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Vizag Seaport Private Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Essar Steel Hazira Ltd - India
- Ministry of Transport, Egypt
- Central Electricity Authority - India
- Marubeni Corporation - India
- Africa Commodities Group - South Africa
- LBH Netherlands Bv - Netherlands
- Georgia Ports Authority, United States
- Australian Commodity Traders Exchange
- Wood Mackenzie - Singapore
- Barasentosa Lestari - Indonesia
- The University of Queensland
- Ministry of Mines - Canada
- IHS Mccloskey Coal Group - USA
- Cigading International Bulk Terminal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- TNB Fuel Sdn Bhd - Malaysia
- Jaiprakash Power Ventures ltd
- Kepco SPC Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Dalmia Cement Bharat India
- Kaltim Prima Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coal and Oil Company - UAE
- Kalimantan Lumbung Energi - Indonesia
- PowerSource Philippines DevCo
- IEA Clean Coal Centre - UK
- The Treasury - Australian Government
- Formosa Plastics Group - Taiwan
- Directorate General of MIneral and Coal - Indonesia
- Thiess Contractors Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Videocon Industries ltd - India
- PTC India Limited - India
- Kumho Petrochemical, South Korea
- Kobexindo Tractors - Indoneisa
- Bharathi Cement Corporation - India
- Ind-Barath Power Infra Limited - India
- Port Waratah Coal Services - Australia
- Commonwealth Bank - Australia
- Bangladesh Power Developement Board
- Therma Luzon, Inc, Philippines
- Eastern Energy - Thailand
- Sojitz Corporation - Japan
- Karaikal Port Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Indian Oil Corporation Limited
- Indo Tambangraya Megah - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Maheswari Brothers Coal Limited - India
- GMR Energy Limited - India
- Alfred C Toepfer International GmbH - Germany
- Economic Council, Georgia
- Miang Besar Coal Terminal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Siam City Cement PLC, Thailand
- Indika Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Larsen & Toubro Limited - India
- Tata Chemicals Ltd - India
- Cement Manufacturers Association - India
- Indogreen Group - Indonesia
- Wilmar Investment Holdings
- Bahari Cakrawala Sebuku - Indonesia
- Manunggal Multi Energi - Indonesia
- Oldendorff Carriers - Singapore
- Bukit Makmur.PT - Indonesia
- SMC Global Power, Philippines
- Mjunction Services Limited - India
- Deloitte Consulting - India
- Electricity Generating Authority of Thailand
- White Energy Company Limited
- CNBM International Corporation - China
- Chamber of Mines of South Africa
- Global Business Power Corporation, Philippines
- Indonesian Coal Mining Association
- Attock Cement Pakistan Limited
- Interocean Group of Companies - India
- Semirara Mining and Power Corporation, Philippines
- MS Steel International - UAE
- London Commodity Brokers - England
- Carbofer General Trading SA - India
- Standard Chartered Bank - UAE
- GVK Power & Infra Limited - India
- Power Finance Corporation Ltd., India
- Medco Energi Mining Internasional
- Makarim & Taira - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Tamil Nadu electricity Board
- TeaM Sual Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- The State Trading Corporation of India Ltd
- VISA Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Straits Asia Resources Limited - Singapore
- Xindia Steels Limited - India
- Billiton Holdings Pty Ltd - Australia
- Star Paper Mills Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Iligan Light & Power Inc, Philippines
- Parliament of New Zealand
- Mercuria Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Parry Sugars Refinery, India
- Samtan Co., Ltd - South Korea
- Eastern Coal Council - USA
- Coalindo Energy - Indonesia
- Orica Mining Services - Indonesia
- European Bulk Services B.V. - Netherlands
- Banpu Public Company Limited - Thailand
- Savvy Resources Ltd - HongKong
- Energy Link Ltd, New Zealand
- Aditya Birla Group - India
- Goldman Sachs - Singapore
- Agrawal Coal Company - India
- Anglo American - United Kingdom
- Offshore Bulk Terminal Pte Ltd, Singapore
- Minerals Council of Australia
- Malabar Cements Ltd - India
- Global Coal Blending Company Limited - Australia
- Asmin Koalindo Tuhup - Indonesia
- Chettinad Cement Corporation Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- ICICI Bank Limited - India
- Edison Trading Spa - Italy
- Intertek Mineral Services - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- SMG Consultants - Indonesia
- Sical Logistics Limited - India
- Borneo Indobara - Indonesia
- Trasteel International SA, Italy
- Kideco Jaya Agung - Indonesia
- Sakthi Sugars Limited - India
- CIMB Investment Bank - Malaysia
- Globalindo Alam Lestari - Indonesia
- Simpson Spence & Young - Indonesia
- Kartika Selabumi Mining - Indonesia
- Salva Resources Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Planning Commission, India
- Sree Jayajothi Cements Limited - India
- Bayan Resources Tbk. - Indonesia
- Electricity Authority, New Zealand
- Latin American Coal - Colombia
- Renaissance Capital - South Africa
- Romanian Commodities Exchange
- Rashtriya Ispat Nigam Limited - India
- Independent Power Producers Association of India
- Uttam Galva Steels Limited - India
- Orica Australia Pty. Ltd.
- ASAPP Information Group - India
- Global Green Power PLC Corporation, Philippines
- Singapore Mercantile Exchange
- Grasim Industreis Ltd - India
- Aboitiz Power Corporation - Philippines
- Altura Mining Limited, Indonesia
- Metalloyd Limited - United Kingdom
- Directorate Of Revenue Intelligence - India
- Bulk Trading Sa - Switzerland
- Baramulti Group, Indonesia
- McConnell Dowell - Australia
- Bhushan Steel Limited - India
- Central Java Power - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Australian Coal Association
- Krishnapatnam Port Company Ltd. - India
- Toyota Tsusho Corporation, Japan
- Mintek Dendrill Indonesia
- Ceylon Electricity Board - Sri Lanka
- Heidelberg Cement - Germany
- Semirara Mining Corp, Philippines
- Petron Corporation, Philippines
- Vedanta Resources Plc - India
- Lanco Infratech Ltd - India
- Bhoruka Overseas - Indonesia
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