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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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Friday, 23 May 14
DRY BULK NEWBUILDING CANCELLATIONS COULD HELP SUPPORT MARKET IN THE COMING WEEKS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market's demise over the past few months maybe has come as a surprise to many, but analysts and shipbrokers are looking forward to ...
Thursday, 22 May 14
HEAR SUCCESSFUL CASE STUDIES FROM 10 INDEPENDENT UNCONVENTIONAL GAS OPERATORS
Unconventional Gas Asia 2014 will provide a unique opportunity for Asia’s unconventional gas leaders to share their experience and expertise ...
Thursday, 22 May 14
CNPC-GAZPROM DEAL A MEDIUM - TERM POSITIVE FOR CHINA'S GAS SECTOR
Fitch Ratings says a 30-year deal in which Russia's OAO Gazprom (BBB/Negative) will supply gas to China National Petroleum Corporation (CNPC; A ...
Thursday, 22 May 14
CAPESIZE : RATES ARE STILL UNDER PRESSURE
Handy
A quiet start into the week in Far East, some fresh Indonesian coal order in the market. For trips within S.E. Asia, Supras are trading aro ...
Wednesday, 21 May 14
SHIPPING: MARKET INSIGHT - GEORGE LAZARIDIS
The recent revision by the OECD of its global growth forecast has sparked a debate as to the potential outcome these new figures will have on seabo ...
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- Vijayanagar Sugar Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Orica Mining Services - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Indian Oil Corporation Limited
- AsiaOL BioFuels Corp., Philippines
- Maharashtra Electricity Regulatory Commission - India
- Coalindo Energy - Indonesia
- Eastern Coal Council - USA
- London Commodity Brokers - England
- Billiton Holdings Pty Ltd - Australia
- Chamber of Mines of South Africa
- Tamil Nadu electricity Board
- Formosa Plastics Group - Taiwan
- Commonwealth Bank - Australia
- Ministry of Mines - Canada
- Planning Commission, India
- Heidelberg Cement - Germany
- Thiess Contractors Indonesia
- IHS Mccloskey Coal Group - USA
- VISA Power Limited - India
- Posco Energy - South Korea
- Kartika Selabumi Mining - Indonesia
- TeaM Sual Corporation - Philippines
- Mercator Lines Limited - India
- Essar Steel Hazira Ltd - India
- Sojitz Corporation - Japan
- Power Finance Corporation Ltd., India
- Central Electricity Authority - India
- Savvy Resources Ltd - HongKong
- Global Green Power PLC Corporation, Philippines
- Thai Mozambique Logistica
- Georgia Ports Authority, United States
- Attock Cement Pakistan Limited
- Kobexindo Tractors - Indoneisa
- Xindia Steels Limited - India
- Kideco Jaya Agung - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Altura Mining Limited, Indonesia
- Jaiprakash Power Ventures ltd
- SN Aboitiz Power Inc, Philippines
- Vedanta Resources Plc - India
- PowerSource Philippines DevCo
- Larsen & Toubro Limited - India
- Kalimantan Lumbung Energi - Indonesia
- ASAPP Information Group - India
- Bulk Trading Sa - Switzerland
- Sical Logistics Limited - India
- Banpu Public Company Limited - Thailand
- Miang Besar Coal Terminal - Indonesia
- Dalmia Cement Bharat India
- Krishnapatnam Port Company Ltd. - India
- Oldendorff Carriers - Singapore
- Energy Development Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Trasteel International SA, Italy
- Ministry of Finance - Indonesia
- Africa Commodities Group - South Africa
- Bhushan Steel Limited - India
- SMC Global Power, Philippines
- Petron Corporation, Philippines
- Economic Council, Georgia
- Sree Jayajothi Cements Limited - India
- Minerals Council of Australia
- New Zealand Coal & Carbon
- Iligan Light & Power Inc, Philippines
- Wood Mackenzie - Singapore
- Therma Luzon, Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Mintek Dendrill Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Energy Link Ltd, New Zealand
- Antam Resourcindo - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Videocon Industries ltd - India
- Manunggal Multi Energi - Indonesia
- Ambuja Cements Ltd - India
- GVK Power & Infra Limited - India
- Star Paper Mills Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- McConnell Dowell - Australia
- Meralco Power Generation, Philippines
- Bhatia International Limited - India
- White Energy Company Limited
- Jindal Steel & Power Ltd - India
- Siam City Cement - Thailand
- International Coal Ventures Pvt Ltd - India
- Baramulti Group, Indonesia
- Cement Manufacturers Association - India
- Ind-Barath Power Infra Limited - India
- Parliament of New Zealand
- Madhucon Powers Ltd - India
- Samtan Co., Ltd - South Korea
- The Treasury - Australian Government
- GN Power Mariveles Coal Plant, Philippines
- Australian Commodity Traders Exchange
- Sakthi Sugars Limited - India
- Meenaskhi Energy Private Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Rashtriya Ispat Nigam Limited - India
- Malabar Cements Ltd - India
- Sindya Power Generating Company Private Ltd
- Kohat Cement Company Ltd. - Pakistan
- Pendopo Energi Batubara - Indonesia
- Bhoruka Overseas - Indonesia
- Intertek Mineral Services - Indonesia
- Indonesian Coal Mining Association
- Carbofer General Trading SA - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bangladesh Power Developement Board
- Sarangani Energy Corporation, Philippines
- Interocean Group of Companies - India
- Straits Asia Resources Limited - Singapore
- Leighton Contractors Pty Ltd - Australia
- Indika Energy - Indonesia
- Merrill Lynch Commodities Europe
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Bukit Baiduri Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Uttam Galva Steels Limited - India
- Global Business Power Corporation, Philippines
- Marubeni Corporation - India
- Independent Power Producers Association of India
- Global Coal Blending Company Limited - Australia
- Orica Australia Pty. Ltd.
- Directorate General of MIneral and Coal - Indonesia
- Eastern Energy - Thailand
- Vizag Seaport Private Limited - India
- Romanian Commodities Exchange
- ICICI Bank Limited - India
- Wilmar Investment Holdings
- Rio Tinto Coal - Australia
- Maheswari Brothers Coal Limited - India
- Medco Energi Mining Internasional
- Anglo American - United Kingdom
- Gujarat Sidhee Cement - India
- Cigading International Bulk Terminal - Indonesia
- Goldman Sachs - Singapore
- Grasim Industreis Ltd - India
- San Jose City I Power Corp, Philippines
- IEA Clean Coal Centre - UK
- Siam City Cement PLC, Thailand
- Metalloyd Limited - United Kingdom
- India Bulls Power Limited - India
- Deloitte Consulting - India
- GAC Shipping (India) Pvt Ltd
- Kepco SPC Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- CIMB Investment Bank - Malaysia
- Kapuas Tunggal Persada - Indonesia
- Ministry of Transport, Egypt
- European Bulk Services B.V. - Netherlands
- Lanco Infratech Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Standard Chartered Bank - UAE
- Bukit Makmur.PT - Indonesia
- Latin American Coal - Colombia
- Mercuria Energy - Indonesia
- Bharathi Cement Corporation - India
- PNOC Exploration Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Electricity Authority, New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- TNB Fuel Sdn Bhd - Malaysia
- Edison Trading Spa - Italy
- Karbindo Abesyapradhi - Indoneisa
- LBH Netherlands Bv - Netherlands
- Timah Investasi Mineral - Indoneisa
- Singapore Mercantile Exchange
- Agrawal Coal Company - India
- Central Java Power - Indonesia
- Binh Thuan Hamico - Vietnam
- Aditya Birla Group - India
- Riau Bara Harum - Indonesia
- Mjunction Services Limited - India
- Chettinad Cement Corporation Ltd - India
- OPG Power Generation Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Renaissance Capital - South Africa
- Port Waratah Coal Services - Australia
- Kaltim Prima Coal - Indonesia
- Makarim & Taira - Indonesia
- Coal and Oil Company - UAE
- Australian Coal Association
- The University of Queensland
- Borneo Indobara - Indonesia
- Globalindo Alam Lestari - Indonesia
- The State Trading Corporation of India Ltd
- Tata Chemicals Ltd - India
- Semirara Mining Corp, Philippines
- Parry Sugars Refinery, India
- GMR Energy Limited - India
- Price Waterhouse Coopers - Russia
- Indogreen Group - Indonesia
- Simpson Spence & Young - Indonesia
- CNBM International Corporation - China
- MS Steel International - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- South Luzon Thermal Energy Corporation
- Kumho Petrochemical, South Korea
- Ceylon Electricity Board - Sri Lanka
- Holcim Trading Pte Ltd - Singapore
- Electricity Generating Authority of Thailand
- PTC India Limited - India
- SMG Consultants - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Semirara Mining and Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Barasentosa Lestari - Indonesia
- Indian Energy Exchange, India
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