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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, 09 June 14
API 8 CFR SOUTH CHINA COAL SWAP Q3 14 DELIVERIES LOST 4.61% M-O-M
COALspot.com: API 8 CFR South China Coal swaps for average Q3 14 deliveries lost 4.61 percent month on month and closed at US$ 71.62 per mt a ...
Sunday, 08 June 14
DRY BULK MARKET RATES FOR PANAMXES TO REMAIN VOLATILE; NO IMPROVEMENTS SEEN OVER THE WEEK
COALspot.com: Cape index increase pushes BDI index to 989 points week on week. The BDI firmed up by 5.88 pct and closed at 989 points week ended 6 ...
Saturday, 07 June 14
EVERYTHING CHANGES, AND NOTHING ABIDES - HERACLITUS
A couple of weeks ago, and while everyone was focusing on the struggling freight market, Russia and China made history by signing a three-decade lo ...
Saturday, 07 June 14
FIRST BITE AT ANTI-CORRUPTION CLAUSE - BIMCO
In recent years a number of countries have introduced anti-corruption legislation which, unfortunately, fails to recognise the practical implicatio ...
Saturday, 07 June 14
U.S. MONTHLY COAL PRODUCTION SLIGHTLY HIGHER IN MAY 2014
COALspot.com – United States the world's second largest coal producer, produced approximately 19.2 million short tons (mmst) of coal in a ...
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- CIMB Investment Bank - Malaysia
- Dalmia Cement Bharat India
- Sarangani Energy Corporation, Philippines
- Oldendorff Carriers - Singapore
- Sindya Power Generating Company Private Ltd
- Indonesian Coal Mining Association
- Siam City Cement - Thailand
- Karaikal Port Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- The University of Queensland
- Grasim Industreis Ltd - India
- Altura Mining Limited, Indonesia
- Vizag Seaport Private Limited - India
- Parliament of New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Standard Chartered Bank - UAE
- Orica Australia Pty. Ltd.
- Indian Energy Exchange, India
- International Coal Ventures Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Tamil Nadu electricity Board
- SMC Global Power, Philippines
- Indogreen Group - Indonesia
- PowerSource Philippines DevCo
- Chamber of Mines of South Africa
- Larsen & Toubro Limited - India
- Billiton Holdings Pty Ltd - Australia
- Star Paper Mills Limited - India
- Orica Mining Services - Indonesia
- New Zealand Coal & Carbon
- Vijayanagar Sugar Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- VISA Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Borneo Indobara - Indonesia
- Bhushan Steel Limited - India
- Madhucon Powers Ltd - India
- Riau Bara Harum - Indonesia
- Minerals Council of Australia
- Renaissance Capital - South Africa
- Petron Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Baramulti Group, Indonesia
- Independent Power Producers Association of India
- ASAPP Information Group - India
- Formosa Plastics Group - Taiwan
- Iligan Light & Power Inc, Philippines
- Indika Energy - Indonesia
- Coastal Gujarat Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Toyota Tsusho Corporation, Japan
- Sree Jayajothi Cements Limited - India
- GMR Energy Limited - India
- Makarim & Taira - Indonesia
- Attock Cement Pakistan Limited
- Lanco Infratech Ltd - India
- Central Electricity Authority - India
- Samtan Co., Ltd - South Korea
- Cement Manufacturers Association - India
- Aditya Birla Group - India
- Salva Resources Pvt Ltd - India
- Ministry of Finance - Indonesia
- Barasentosa Lestari - Indonesia
- Simpson Spence & Young - Indonesia
- Global Green Power PLC Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Indian Oil Corporation Limited
- MS Steel International - UAE
- Marubeni Corporation - India
- Bangladesh Power Developement Board
- ICICI Bank Limited - India
- Australian Coal Association
- Posco Energy - South Korea
- Port Waratah Coal Services - Australia
- Aboitiz Power Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Rio Tinto Coal - Australia
- Uttam Galva Steels Limited - India
- Straits Asia Resources Limited - Singapore
- Price Waterhouse Coopers - Russia
- Bhoruka Overseas - Indonesia
- Ministry of Transport, Egypt
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Anglo American - United Kingdom
- Goldman Sachs - Singapore
- London Commodity Brokers - England
- Mercuria Energy - Indonesia
- Wilmar Investment Holdings
- McConnell Dowell - Australia
- Gujarat Electricity Regulatory Commission - India
- Merrill Lynch Commodities Europe
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Makmur.PT - Indonesia
- Meralco Power Generation, Philippines
- Agrawal Coal Company - India
- Thiess Contractors Indonesia
- OPG Power Generation Pvt Ltd - India
- Africa Commodities Group - South Africa
- Thai Mozambique Logistica
- Intertek Mineral Services - Indonesia
- The State Trading Corporation of India Ltd
- Eastern Energy - Thailand
- Ind-Barath Power Infra Limited - India
- Kaltim Prima Coal - Indonesia
- San Jose City I Power Corp, Philippines
- Central Java Power - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Interocean Group of Companies - India
- Metalloyd Limited - United Kingdom
- Jaiprakash Power Ventures ltd
- Mjunction Services Limited - India
- Banpu Public Company Limited - Thailand
- Economic Council, Georgia
- Mercator Lines Limited - India
- IHS Mccloskey Coal Group - USA
- GVK Power & Infra Limited - India
- SN Aboitiz Power Inc, Philippines
- Tata Chemicals Ltd - India
- Carbofer General Trading SA - India
- SMG Consultants - Indonesia
- Electricity Authority, New Zealand
- Therma Luzon, Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Xindia Steels Limited - India
- Bhatia International Limited - India
- Jindal Steel & Power Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Eastern Coal Council - USA
- PetroVietnam Power Coal Import and Supply Company
- Commonwealth Bank - Australia
- Wood Mackenzie - Singapore
- Videocon Industries ltd - India
- CNBM International Corporation - China
- Chettinad Cement Corporation Ltd - India
- Sakthi Sugars Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Edison Trading Spa - Italy
- Coal and Oil Company - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bulk Trading Sa - Switzerland
- Kalimantan Lumbung Energi - Indonesia
- Kepco SPC Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Energy Link Ltd, New Zealand
- Heidelberg Cement - Germany
- Sical Logistics Limited - India
- Timah Investasi Mineral - Indoneisa
- Directorate Of Revenue Intelligence - India
- Bukit Asam (Persero) Tbk - Indonesia
- Siam City Cement PLC, Thailand
- Ambuja Cements Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Indo Tambangraya Megah - Indonesia
- Global Coal Blending Company Limited - Australia
- Global Business Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Kohat Cement Company Ltd. - Pakistan
- LBH Netherlands Bv - Netherlands
- Sojitz Corporation - Japan
- Medco Energi Mining Internasional
- Georgia Ports Authority, United States
- AsiaOL BioFuels Corp., Philippines
- Alfred C Toepfer International GmbH - Germany
- Savvy Resources Ltd - HongKong
- Malabar Cements Ltd - India
- Gujarat Sidhee Cement - India
- PNOC Exploration Corporation - Philippines
- The Treasury - Australian Government
- Trasteel International SA, Italy
- PTC India Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- India Bulls Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Miang Besar Coal Terminal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bharathi Cement Corporation - India
- Deloitte Consulting - India
- Latin American Coal - Colombia
- Kideco Jaya Agung - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Asmin Koalindo Tuhup - Indonesia
- South Luzon Thermal Energy Corporation
- Australian Commodity Traders Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Energy Development Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Manunggal Multi Energi - Indonesia
- Antam Resourcindo - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Power Finance Corporation Ltd., India
- White Energy Company Limited
- Romanian Commodities Exchange
- Binh Thuan Hamico - Vietnam
- Coalindo Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- European Bulk Services B.V. - Netherlands
- Rashtriya Ispat Nigam Limited - India
- Globalindo Alam Lestari - Indonesia
- Meenaskhi Energy Private Limited - India
- Ministry of Mines - Canada
- Mintek Dendrill Indonesia
- Vedanta Resources Plc - India
- Jorong Barutama Greston.PT - Indonesia
- Singapore Mercantile Exchange
- Cigading International Bulk Terminal - Indonesia
- Semirara Mining Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Electricity Generating Authority of Thailand
- Kumho Petrochemical, South Korea
- Parry Sugars Refinery, India
- Planning Commission, India
- Kartika Selabumi Mining - Indonesia
- Semirara Mining and Power Corporation, Philippines
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