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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.
The Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Sunday, 13 April 14
INDONESIA TO INDIA FREIGHT MARKET DECLINE CONTINUES
COALspot.com: The freight market continued to drop this week and BDI almost touched 1000 points. BDI closed at 1002 points fell 16.85 pct week o ...
Saturday, 12 April 14
HOW DO YOU CALCULATE LOSS OF EARNINGS FOLLOWING A COLLISION? - INCE & CO
KNOWLEDGE TO ELEVATE
The recent case of Astipalaia vs Hanjin Shenzhen [2014] EWHC 120 (Admlty) has revisited the existing case law on asses ...
Friday, 11 April 14
US COAL PRODUCTION IN MARCH INCREASED 9.69% TO 82.6 MMST MONTH ON MONTH
COALspot.com – United States the world's second largest coal producer, produced approximately 19.10 million short tons (mmst) of coal ...
Thursday, 10 April 14
DRY BULK MARKET IS RISING CLAIMS BIMCO - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Despite the recent fall of the Baltic Dry Index (BDI), when one compares the first quarter of 2014, to similar quarters of the recent past, it i ...
Wednesday, 09 April 14
DRY BULK MARKET STRUGGLED THROUGHOUT THE WEEK - INTERMODAL
The Dry Bulk market struggled throughout the week but the poor performance across the board didn't allow for any positive reversal, pushing ...
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- MS Steel International - UAE
- IEA Clean Coal Centre - UK
- Maharashtra Electricity Regulatory Commission - India
- Central Java Power - Indonesia
- Electricity Authority, New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- ASAPP Information Group - India
- Malabar Cements Ltd - India
- Bhatia International Limited - India
- Metalloyd Limited - United Kingdom
- Jorong Barutama Greston.PT - Indonesia
- Meralco Power Generation, Philippines
- Essar Steel Hazira Ltd - India
- The University of Queensland
- Kartika Selabumi Mining - Indonesia
- Mercator Lines Limited - India
- San Jose City I Power Corp, Philippines
- Coastal Gujarat Power Limited - India
- Carbofer General Trading SA - India
- Vijayanagar Sugar Pvt Ltd - India
- Trasteel International SA, Italy
- Parry Sugars Refinery, India
- Energy Development Corp, Philippines
- Coalindo Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Gujarat Sidhee Cement - India
- Sinarmas Energy and Mining - Indonesia
- Posco Energy - South Korea
- Electricity Generating Authority of Thailand
- Medco Energi Mining Internasional
- Bangladesh Power Developement Board
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mjunction Services Limited - India
- CIMB Investment Bank - Malaysia
- Kalimantan Lumbung Energi - Indonesia
- Globalindo Alam Lestari - Indonesia
- Port Waratah Coal Services - Australia
- Larsen & Toubro Limited - India
- Goldman Sachs - Singapore
- Price Waterhouse Coopers - Russia
- Videocon Industries ltd - India
- Thiess Contractors Indonesia
- Semirara Mining Corp, Philippines
- Bhushan Steel Limited - India
- Banpu Public Company Limited - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Tamil Nadu electricity Board
- Bharathi Cement Corporation - India
- Australian Coal Association
- Gujarat Electricity Regulatory Commission - India
- Latin American Coal - Colombia
- McConnell Dowell - Australia
- Therma Luzon, Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Energy Link Ltd, New Zealand
- International Coal Ventures Pvt Ltd - India
- Ministry of Mines - Canada
- Chettinad Cement Corporation Ltd - India
- Central Electricity Authority - India
- Minerals Council of Australia
- Straits Asia Resources Limited - Singapore
- Lanco Infratech Ltd - India
- Orica Mining Services - Indonesia
- SMG Consultants - Indonesia
- OPG Power Generation Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Marubeni Corporation - India
- PTC India Limited - India
- Australian Commodity Traders Exchange
- Baramulti Group, Indonesia
- Orica Australia Pty. Ltd.
- Directorate General of MIneral and Coal - Indonesia
- Siam City Cement - Thailand
- Indogreen Group - Indonesia
- Ambuja Cements Ltd - India
- Parliament of New Zealand
- Manunggal Multi Energi - Indonesia
- Ind-Barath Power Infra Limited - India
- Indian Energy Exchange, India
- Salva Resources Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- London Commodity Brokers - England
- Timah Investasi Mineral - Indoneisa
- Kumho Petrochemical, South Korea
- Tata Chemicals Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- SMC Global Power, Philippines
- Thai Mozambique Logistica
- AsiaOL BioFuels Corp., Philippines
- Pendopo Energi Batubara - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vedanta Resources Plc - India
- Edison Trading Spa - Italy
- Bukit Makmur.PT - Indonesia
- Madhucon Powers Ltd - India
- Ceylon Electricity Board - Sri Lanka
- The State Trading Corporation of India Ltd
- Heidelberg Cement - Germany
- Jaiprakash Power Ventures ltd
- VISA Power Limited - India
- Georgia Ports Authority, United States
- TNB Fuel Sdn Bhd - Malaysia
- Karaikal Port Pvt Ltd - India
- Africa Commodities Group - South Africa
- Commonwealth Bank - Australia
- Deloitte Consulting - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PNOC Exploration Corporation - Philippines
- Power Finance Corporation Ltd., India
- Wood Mackenzie - Singapore
- Kepco SPC Power Corporation, Philippines
- GMR Energy Limited - India
- Rashtriya Ispat Nigam Limited - India
- Iligan Light & Power Inc, Philippines
- Samtan Co., Ltd - South Korea
- Agrawal Coal Company - India
- Kobexindo Tractors - Indoneisa
- Kideco Jaya Agung - Indonesia
- Binh Thuan Hamico - Vietnam
- Cigading International Bulk Terminal - Indonesia
- Rio Tinto Coal - Australia
- Miang Besar Coal Terminal - Indonesia
- Indian Oil Corporation Limited
- Riau Bara Harum - Indonesia
- Interocean Group of Companies - India
- Coal and Oil Company - UAE
- Singapore Mercantile Exchange
- IHS Mccloskey Coal Group - USA
- Aditya Birla Group - India
- Borneo Indobara - Indonesia
- White Energy Company Limited
- GN Power Mariveles Coal Plant, Philippines
- Grasim Industreis Ltd - India
- Bhoruka Overseas - Indonesia
- Indo Tambangraya Megah - Indonesia
- Anglo American - United Kingdom
- ICICI Bank Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- SN Aboitiz Power Inc, Philippines
- Eastern Coal Council - USA
- Global Coal Blending Company Limited - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Xindia Steels Limited - India
- New Zealand Coal & Carbon
- Indonesian Coal Mining Association
- PetroVietnam Power Coal Import and Supply Company
- Merrill Lynch Commodities Europe
- Maheswari Brothers Coal Limited - India
- Barasentosa Lestari - Indonesia
- Mintek Dendrill Indonesia
- Bulk Trading Sa - Switzerland
- Oldendorff Carriers - Singapore
- Krishnapatnam Port Company Ltd. - India
- Independent Power Producers Association of India
- Billiton Holdings Pty Ltd - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Sarangani Energy Corporation, Philippines
- Siam City Cement PLC, Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Leighton Contractors Pty Ltd - Australia
- Wilmar Investment Holdings
- Dalmia Cement Bharat India
- Jindal Steel & Power Ltd - India
- Economic Council, Georgia
- GVK Power & Infra Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Sakthi Sugars Limited - India
- Ministry of Finance - Indonesia
- Renaissance Capital - South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Star Paper Mills Limited - India
- CNBM International Corporation - China
- Petron Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Bukit Baiduri Energy - Indonesia
- Makarim & Taira - Indonesia
- South Luzon Thermal Energy Corporation
- Simpson Spence & Young - Indonesia
- LBH Netherlands Bv - Netherlands
- Kapuas Tunggal Persada - Indonesia
- The Treasury - Australian Government
- European Bulk Services B.V. - Netherlands
- Sindya Power Generating Company Private Ltd
- Aboitiz Power Corporation - Philippines
- Attock Cement Pakistan Limited
- Ministry of Transport, Egypt
- Global Business Power Corporation, Philippines
- PowerSource Philippines DevCo
- Eastern Energy - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Romanian Commodities Exchange
- Global Green Power PLC Corporation, Philippines
- India Bulls Power Limited - India
- Vizag Seaport Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Planning Commission, India
- Cement Manufacturers Association - India
- Savvy Resources Ltd - HongKong
- Antam Resourcindo - Indonesia
- Meenaskhi Energy Private Limited - India
- Altura Mining Limited, Indonesia
- GAC Shipping (India) Pvt Ltd
- Standard Chartered Bank - UAE
- Semirara Mining and Power Corporation, Philippines
- Chamber of Mines of South Africa
- Sojitz Corporation - Japan
- Sical Logistics Limited - India
- Toyota Tsusho Corporation, Japan
- Mercuria Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Formosa Plastics Group - Taiwan
- Indika Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Uttam Galva Steels Limited - India
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