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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, 26 May 14
Q3 14 CFR SOUTH CHINA COAL SWAPS LOST 2.24% MONTH ON MONTH
COALspot.com: API 8 CFR South China Coal swaps for average Q3 14 deliveries lost 2.24 percent month on month and closed at US$ 73.88 per mt as on F ...
Monday, 26 May 14
NEWBUILDING ORDERING ACTIVITY RISES BY 78% IN DWT TONNAGE OVER THE FIRST 4 MONTHS OF THE YEARS, AS OWNERS INVEST$40.5 BN - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Ship owners have plunged into newbuilding orders during the first four months of the year, as overall newbuilding business ended for the first four ...
Sunday, 25 May 14
FREIGHT RATES FROM SOUTH KALIMANTAN TO EAST COAST INDIAN PORTS WERE ASSESSED AT $9.50/MT
COALspot.com: The BDI was closed at 964 points down by 6.13 pct week on week. The Cape Index was lost 172 points or 11.24% week on week and closing ...
Saturday, 24 May 14
DRY BULK MARKET'S RECOVERY IS JUST AROUND THE CORNER SAYS SHIPOWNER - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Despite the weaker than expected market sentiment in the dry bulk market over the course of the past few months, analysts and shipowners alike appe ...
Friday, 23 May 14
U.S. WEEKLY COAL PRODUCTION SLIPS 1.8% WEEK ENDED MAY 17, 2014
COALspot.com – United States the world's second largest coal producer, produced approximately 18.6 million short tons (mmst) of coal in a ...
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- Gujarat Sidhee Cement - India
- Latin American Coal - Colombia
- Coalindo Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Bangladesh Power Developement Board
- Price Waterhouse Coopers - Russia
- Jindal Steel & Power Ltd - India
- European Bulk Services B.V. - Netherlands
- Global Green Power PLC Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Central Electricity Authority - India
- Australian Coal Association
- Krishnapatnam Port Company Ltd. - India
- Kumho Petrochemical, South Korea
- Chettinad Cement Corporation Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Iligan Light & Power Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- PetroVietnam Power Coal Import and Supply Company
- IEA Clean Coal Centre - UK
- Sree Jayajothi Cements Limited - India
- Deloitte Consulting - India
- IHS Mccloskey Coal Group - USA
- ICICI Bank Limited - India
- Eastern Coal Council - USA
- International Coal Ventures Pvt Ltd - India
- Anglo American - United Kingdom
- Gujarat Mineral Development Corp Ltd - India
- Coal and Oil Company - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- London Commodity Brokers - England
- CNBM International Corporation - China
- Altura Mining Limited, Indonesia
- Africa Commodities Group - South Africa
- Leighton Contractors Pty Ltd - Australia
- Parry Sugars Refinery, India
- Gujarat Electricity Regulatory Commission - India
- Romanian Commodities Exchange
- India Bulls Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Trasteel International SA, Italy
- Posco Energy - South Korea
- Dalmia Cement Bharat India
- OPG Power Generation Pvt Ltd - India
- PTC India Limited - India
- Kobexindo Tractors - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Electricity Authority, New Zealand
- Cigading International Bulk Terminal - Indonesia
- Mintek Dendrill Indonesia
- LBH Netherlands Bv - Netherlands
- Georgia Ports Authority, United States
- Antam Resourcindo - Indonesia
- Indonesian Coal Mining Association
- Formosa Plastics Group - Taiwan
- Xindia Steels Limited - India
- Sinarmas Energy and Mining - Indonesia
- Agrawal Coal Company - India
- Central Java Power - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Madhucon Powers Ltd - India
- Parliament of New Zealand
- ASAPP Information Group - India
- Manunggal Multi Energi - Indonesia
- SN Aboitiz Power Inc, Philippines
- Star Paper Mills Limited - India
- Kaltim Prima Coal - Indonesia
- Vedanta Resources Plc - India
- Bukit Asam (Persero) Tbk - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- TeaM Sual Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Jaiprakash Power Ventures ltd
- Rio Tinto Coal - Australia
- Bukit Makmur.PT - Indonesia
- Medco Energi Mining Internasional
- Power Finance Corporation Ltd., India
- Standard Chartered Bank - UAE
- VISA Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Sarangani Energy Corporation, Philippines
- Attock Cement Pakistan Limited
- Merrill Lynch Commodities Europe
- Sical Logistics Limited - India
- Savvy Resources Ltd - HongKong
- The Treasury - Australian Government
- Semirara Mining Corp, Philippines
- Siam City Cement PLC, Thailand
- Straits Asia Resources Limited - Singapore
- Makarim & Taira - Indonesia
- SMG Consultants - Indonesia
- Videocon Industries ltd - India
- Singapore Mercantile Exchange
- Oldendorff Carriers - Singapore
- Energy Link Ltd, New Zealand
- Indo Tambangraya Megah - Indonesia
- Ministry of Finance - Indonesia
- New Zealand Coal & Carbon
- Karaikal Port Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Kepco SPC Power Corporation, Philippines
- Aditya Birla Group - India
- Binh Thuan Hamico - Vietnam
- Toyota Tsusho Corporation, Japan
- Marubeni Corporation - India
- Bhatia International Limited - India
- Global Business Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Commonwealth Bank - Australia
- Mjunction Services Limited - India
- Directorate General of MIneral and Coal - Indonesia
- The State Trading Corporation of India Ltd
- Ceylon Electricity Board - Sri Lanka
- Sojitz Corporation - Japan
- Ministry of Mines - Canada
- Samtan Co., Ltd - South Korea
- Renaissance Capital - South Africa
- GMR Energy Limited - India
- PNOC Exploration Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Planning Commission, India
- Eastern Energy - Thailand
- GAC Shipping (India) Pvt Ltd
- Petron Corporation, Philippines
- Ministry of Transport, Egypt
- Bharathi Cement Corporation - India
- Chamber of Mines of South Africa
- Sindya Power Generating Company Private Ltd
- Vizag Seaport Private Limited - India
- Orica Mining Services - Indonesia
- Edison Trading Spa - Italy
- Pendopo Energi Batubara - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jorong Barutama Greston.PT - Indonesia
- Borneo Indobara - Indonesia
- Meralco Power Generation, Philippines
- Minerals Council of Australia
- Larsen & Toubro Limited - India
- GVK Power & Infra Limited - India
- Indika Energy - Indonesia
- Australian Commodity Traders Exchange
- Aboitiz Power Corporation - Philippines
- Bhushan Steel Limited - India
- Coastal Gujarat Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Lanco Infratech Ltd - India
- Thiess Contractors Indonesia
- Wood Mackenzie - Singapore
- Cement Manufacturers Association - India
- Siam City Cement - Thailand
- PowerSource Philippines DevCo
- Neyveli Lignite Corporation Ltd, - India
- McConnell Dowell - Australia
- Mercuria Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Uttam Galva Steels Limited - India
- Bayan Resources Tbk. - Indonesia
- Sakthi Sugars Limited - India
- Tamil Nadu electricity Board
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mercator Lines Limited - India
- Electricity Generating Authority of Thailand
- Indian Oil Corporation Limited
- Goldman Sachs - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Bulk Trading Sa - Switzerland
- The University of Queensland
- Directorate Of Revenue Intelligence - India
- Ambuja Cements Ltd - India
- SMC Global Power, Philippines
- Riau Bara Harum - Indonesia
- MS Steel International - UAE
- Malabar Cements Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Economic Council, Georgia
- Indian Energy Exchange, India
- Maheswari Brothers Coal Limited - India
- Tata Chemicals Ltd - India
- White Energy Company Limited
- Billiton Holdings Pty Ltd - Australia
- Karbindo Abesyapradhi - Indoneisa
- Thai Mozambique Logistica
- Meenaskhi Energy Private Limited - India
- Bhoruka Overseas - Indonesia
- Salva Resources Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Intertek Mineral Services - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- Miang Besar Coal Terminal - Indonesia
- Interocean Group of Companies - India
- Independent Power Producers Association of India
- Indogreen Group - Indonesia
- Ind-Barath Power Infra Limited - India
- Baramulti Group, Indonesia
- Metalloyd Limited - United Kingdom
- Kapuas Tunggal Persada - Indonesia
- Grasim Industreis Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Simpson Spence & Young - Indonesia
- Kideco Jaya Agung - Indonesia
- Port Waratah Coal Services - Australia
- Energy Development Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Wilmar Investment Holdings
- Heidelberg Cement - Germany
- Carbofer General Trading SA - India
- Timah Investasi Mineral - Indoneisa
- CIMB Investment Bank - Malaysia
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