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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, 12 June 14
CONSOLIDATION IS THE ' NAME OF THE GAME' WHEN IT COMES TO SHIPYARDS ACROSS ASIA - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Intense competition, a swelling of new greenfield shipyards over the past few years mainly in China, especially prior to the 2008 global financial ...
Wednesday, 11 June 14
INDONESIA'S COAL EXPORT VOLUME AND REVENUE SLIPS 2.75% AND 6.73% RESPECTIVELY IN APRIL
COALspot.com: Indonesia, one of the world's largest coal producer and the global largest multi grade coal exporter shipped around $1.8* b ...
Wednesday, 11 June 14
BPI TOUCHING A NEW LOW FOR THE YEAR
The Dry Bulk market closed off the week positively, on the back of firming Capesize rates, while the market overall continues to face a very challe ...
Monday, 09 June 14
GOVT GETS TOUGH ON ILLEGAL MINING, SUSPENDS LICENSES - THE JAKARTA POST
The government has temporarily suspended the licenses of 62 mineral and coal transportation companies as part of its efforts to curb illegal mining ...
Monday, 09 June 14
INDO SUB-BIT COAL SWAPS FOR Q3,Q4 OF 2014 AND Q1 2015: LOST ON DAY AND MONTH
COALspot.com: Indonesian coal swaps for average Q3’ 2014 continue last week’s trend or lost on day, week and on month according to Asia ...
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- Antam Resourcindo - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Romanian Commodities Exchange
- Samtan Co., Ltd - South Korea
- Merrill Lynch Commodities Europe
- Sinarmas Energy and Mining - Indonesia
- Parry Sugars Refinery, India
- Price Waterhouse Coopers - Russia
- Holcim Trading Pte Ltd - Singapore
- Krishnapatnam Port Company Ltd. - India
- Globalindo Alam Lestari - Indonesia
- International Coal Ventures Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Jindal Steel & Power Ltd - India
- Attock Cement Pakistan Limited
- Karaikal Port Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Standard Chartered Bank - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Tamil Nadu electricity Board
- CIMB Investment Bank - Malaysia
- The State Trading Corporation of India Ltd
- Makarim & Taira - Indonesia
- Uttam Galva Steels Limited - India
- LBH Netherlands Bv - Netherlands
- PetroVietnam Power Coal Import and Supply Company
- Port Waratah Coal Services - Australia
- Oldendorff Carriers - Singapore
- Tata Chemicals Ltd - India
- Australian Coal Association
- Electricity Generating Authority of Thailand
- Asmin Koalindo Tuhup - Indonesia
- Posco Energy - South Korea
- Sindya Power Generating Company Private Ltd
- Banpu Public Company Limited - Thailand
- Madhucon Powers Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Meralco Power Generation, Philippines
- Videocon Industries ltd - India
- Kobexindo Tractors - Indoneisa
- Minerals Council of Australia
- PNOC Exploration Corporation - Philippines
- Medco Energi Mining Internasional
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Orica Australia Pty. Ltd.
- Bukit Baiduri Energy - Indonesia
- Latin American Coal - Colombia
- Bhatia International Limited - India
- Siam City Cement - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Essar Steel Hazira Ltd - India
- Savvy Resources Ltd - HongKong
- Kepco SPC Power Corporation, Philippines
- Mercator Lines Limited - India
- Bukit Makmur.PT - Indonesia
- Bhoruka Overseas - Indonesia
- Directorate Of Revenue Intelligence - India
- GAC Shipping (India) Pvt Ltd
- Vedanta Resources Plc - India
- Therma Luzon, Inc, Philippines
- Bharathi Cement Corporation - India
- Bulk Trading Sa - Switzerland
- Africa Commodities Group - South Africa
- Intertek Mineral Services - Indonesia
- Power Finance Corporation Ltd., India
- ICICI Bank Limited - India
- Indogreen Group - Indonesia
- Sojitz Corporation - Japan
- Parliament of New Zealand
- Eastern Energy - Thailand
- Electricity Authority, New Zealand
- Mjunction Services Limited - India
- Sree Jayajothi Cements Limited - India
- SMC Global Power, Philippines
- Vizag Seaport Private Limited - India
- Aditya Birla Group - India
- Bayan Resources Tbk. - Indonesia
- Star Paper Mills Limited - India
- Aboitiz Power Corporation - Philippines
- GVK Power & Infra Limited - India
- Pendopo Energi Batubara - Indonesia
- Salva Resources Pvt Ltd - India
- Singapore Mercantile Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Malabar Cements Ltd - India
- Manunggal Multi Energi - Indonesia
- Toyota Tsusho Corporation, Japan
- Xindia Steels Limited - India
- Energy Development Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- San Jose City I Power Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Georgia Ports Authority, United States
- Sical Logistics Limited - India
- Indian Oil Corporation Limited
- Indonesian Coal Mining Association
- Chettinad Cement Corporation Ltd - India
- Semirara Mining Corp, Philippines
- Agrawal Coal Company - India
- Independent Power Producers Association of India
- Planning Commission, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Altura Mining Limited, Indonesia
- CNBM International Corporation - China
- SMG Consultants - Indonesia
- TeaM Sual Corporation - Philippines
- London Commodity Brokers - England
- Sakthi Sugars Limited - India
- Edison Trading Spa - Italy
- Petrochimia International Co. Ltd.- Taiwan
- Marubeni Corporation - India
- Ministry of Transport, Egypt
- Bahari Cakrawala Sebuku - Indonesia
- The Treasury - Australian Government
- Mintek Dendrill Indonesia
- Indian Energy Exchange, India
- Larsen & Toubro Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Dalmia Cement Bharat India
- Ambuja Cements Ltd - India
- Heidelberg Cement - Germany
- Cement Manufacturers Association - India
- Coal and Oil Company - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Central Electricity Authority - India
- AsiaOL BioFuels Corp., Philippines
- Lanco Infratech Ltd - India
- Global Business Power Corporation, Philippines
- Commonwealth Bank - Australia
- Ind-Barath Power Infra Limited - India
- Grasim Industreis Ltd - India
- McConnell Dowell - Australia
- SN Aboitiz Power Inc, Philippines
- Wilmar Investment Holdings
- Kartika Selabumi Mining - Indonesia
- Maheswari Brothers Coal Limited - India
- White Energy Company Limited
- OPG Power Generation Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Energy Link Ltd, New Zealand
- Cigading International Bulk Terminal - Indonesia
- The University of Queensland
- Metalloyd Limited - United Kingdom
- Bhushan Steel Limited - India
- Trasteel International SA, Italy
- Offshore Bulk Terminal Pte Ltd, Singapore
- Eastern Coal Council - USA
- Kumho Petrochemical, South Korea
- Economic Council, Georgia
- Ministry of Finance - Indonesia
- Binh Thuan Hamico - Vietnam
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bangladesh Power Developement Board
- Straits Asia Resources Limited - Singapore
- Gujarat Sidhee Cement - India
- Mercuria Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Indo Tambangraya Megah - Indonesia
- Kaltim Prima Coal - Indonesia
- Goldman Sachs - Singapore
- Jaiprakash Power Ventures ltd
- Jorong Barutama Greston.PT - Indonesia
- Orica Mining Services - Indonesia
- Ministry of Mines - Canada
- Leighton Contractors Pty Ltd - Australia
- Karbindo Abesyapradhi - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- IEA Clean Coal Centre - UK
- MS Steel International - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Renaissance Capital - South Africa
- Simpson Spence & Young - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Sarangani Energy Corporation, Philippines
- PTC India Limited - India
- Interocean Group of Companies - India
- IHS Mccloskey Coal Group - USA
- Rio Tinto Coal - Australia
- Riau Bara Harum - Indonesia
- GMR Energy Limited - India
- South Luzon Thermal Energy Corporation
- New Zealand Coal & Carbon
- Deloitte Consulting - India
- Central Java Power - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Chamber of Mines of South Africa
- Kapuas Tunggal Persada - Indonesia
- Thiess Contractors Indonesia
- Indika Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Wood Mackenzie - Singapore
- PowerSource Philippines DevCo
- Baramulti Group, Indonesia
- Global Coal Blending Company Limited - Australia
- Carbofer General Trading SA - India
- Coalindo Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Iligan Light & Power Inc, Philippines
- Anglo American - United Kingdom
- Coastal Gujarat Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Borneo Indobara - Indonesia
- Global Green Power PLC Corporation, Philippines
- India Bulls Power Limited - India
- Formosa Plastics Group - Taiwan
- Siam City Cement PLC, Thailand
- Petron Corporation, Philippines
- Australian Commodity Traders Exchange
- Barasentosa Lestari - Indonesia
- Kideco Jaya Agung - Indonesia
- VISA Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- ASAPP Information Group - India
- Gujarat Electricity Regulatory Commission - India
- Thai Mozambique Logistica
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