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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, 07 April 14
API 8 CFR SOUTH CHINA COAL SWAPS GAINED 2.09% M-O-M
COALspot.com: API 8 CFR South China Coal swaps for average Q2 14 deliveries gained 2.09 percent month on month and closed at US$ 75.68 per ...
Sunday, 06 April 14
THE FREIGHT MARKET KEEPS SLIDING
COALspot.com: The freight market continued to drop this week. The BDI (Baltic Dry Index) is a widely followed metric that reflects the overall r ...
Friday, 04 April 14
UNITED STATES COAL OUTPUT UP 5.4% IN PAST WEEK
COALspot.com – United States the world's second largest coal producer, produced approximately 19.9 million short tons (mmst) of coal i ...
Thursday, 03 April 14
PANAMAX SECTOR IS WATCHING A SEVERE DROP IN RATES - FEARNLEYS
Handy
A further weaker sentiment for the Supras as well in both hemispheres this week with oversupply of tonnage being the major headline. Tra ...
Wednesday, 02 April 14
CHINA: ARBITRATION CLAUSES IN BILLS OF LADING UNDER CHINESE LEGAL PRACTICE - SKULD
KNOWLEDGE TO ELEVATE
Successful incorporation of a charterparty arbitration clause into the bills of lading is not a straight forward matte ...
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- Meenaskhi Energy Private Limited - India
- Bangladesh Power Developement Board
- CIMB Investment Bank - Malaysia
- Deloitte Consulting - India
- Cigading International Bulk Terminal - Indonesia
- Interocean Group of Companies - India
- Lanco Infratech Ltd - India
- Baramulti Group, Indonesia
- Formosa Plastics Group - Taiwan
- Directorate Of Revenue Intelligence - India
- GN Power Mariveles Coal Plant, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Bank of Tokyo Mitsubishi UFJ Ltd
- Savvy Resources Ltd - HongKong
- Bayan Resources Tbk. - Indonesia
- Ind-Barath Power Infra Limited - India
- Karbindo Abesyapradhi - Indoneisa
- SMG Consultants - Indonesia
- Oldendorff Carriers - Singapore
- Uttam Galva Steels Limited - India
- Pendopo Energi Batubara - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kobexindo Tractors - Indoneisa
- Power Finance Corporation Ltd., India
- Bukit Asam (Persero) Tbk - Indonesia
- Coalindo Energy - Indonesia
- Thai Mozambique Logistica
- GAC Shipping (India) Pvt Ltd
- Electricity Authority, New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Essar Steel Hazira Ltd - India
- Eastern Coal Council - USA
- Trasteel International SA, Italy
- Carbofer General Trading SA - India
- GMR Energy Limited - India
- PNOC Exploration Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Latin American Coal - Colombia
- Aditya Birla Group - India
- Larsen & Toubro Limited - India
- Krishnapatnam Port Company Ltd. - India
- Goldman Sachs - Singapore
- SN Aboitiz Power Inc, Philippines
- PTC India Limited - India
- Sarangani Energy Corporation, Philippines
- Tamil Nadu electricity Board
- Sree Jayajothi Cements Limited - India
- Petron Corporation, Philippines
- India Bulls Power Limited - India
- Energy Development Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Kideco Jaya Agung - Indonesia
- Sindya Power Generating Company Private Ltd
- Therma Luzon, Inc, Philippines
- Intertek Mineral Services - Indonesia
- Global Coal Blending Company Limited - Australia
- Anglo American - United Kingdom
- Tata Chemicals Ltd - India
- Medco Energi Mining Internasional
- Ministry of Mines - Canada
- Holcim Trading Pte Ltd - Singapore
- Sinarmas Energy and Mining - Indonesia
- Standard Chartered Bank - UAE
- Parliament of New Zealand
- Indika Energy - Indonesia
- Parry Sugars Refinery, India
- Siam City Cement PLC, Thailand
- VISA Power Limited - India
- Ministry of Finance - Indonesia
- Australian Coal Association
- Central Electricity Authority - India
- Rio Tinto Coal - Australia
- Heidelberg Cement - Germany
- Orica Australia Pty. Ltd.
- Kaltim Prima Coal - Indonesia
- Samtan Co., Ltd - South Korea
- McConnell Dowell - Australia
- Sakthi Sugars Limited - India
- Chettinad Cement Corporation Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Indogreen Group - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Globalindo Alam Lestari - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhushan Steel Limited - India
- Semirara Mining Corp, Philippines
- Kumho Petrochemical, South Korea
- Romanian Commodities Exchange
- Wood Mackenzie - Singapore
- Independent Power Producers Association of India
- Xindia Steels Limited - India
- Borneo Indobara - Indonesia
- New Zealand Coal & Carbon
- MS Steel International - UAE
- Bukit Makmur.PT - Indonesia
- The State Trading Corporation of India Ltd
- Banpu Public Company Limited - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Antam Resourcindo - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Price Waterhouse Coopers - Russia
- Timah Investasi Mineral - Indoneisa
- Energy Link Ltd, New Zealand
- Vedanta Resources Plc - India
- Leighton Contractors Pty Ltd - Australia
- Bukit Baiduri Energy - Indonesia
- Merrill Lynch Commodities Europe
- Gujarat Electricity Regulatory Commission - India
- Toyota Tsusho Corporation, Japan
- Commonwealth Bank - Australia
- Gujarat Sidhee Cement - India
- Bahari Cakrawala Sebuku - Indonesia
- Electricity Generating Authority of Thailand
- Indian Energy Exchange, India
- Petrochimia International Co. Ltd.- Taiwan
- Riau Bara Harum - Indonesia
- Kartika Selabumi Mining - Indonesia
- PowerSource Philippines DevCo
- Manunggal Multi Energi - Indonesia
- Makarim & Taira - Indonesia
- Binh Thuan Hamico - Vietnam
- Indonesian Coal Mining Association
- Agrawal Coal Company - India
- Aboitiz Power Corporation - Philippines
- Sojitz Corporation - Japan
- Iligan Light & Power Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Indo Tambangraya Megah - Indonesia
- ICICI Bank Limited - India
- Straits Asia Resources Limited - Singapore
- Mjunction Services Limited - India
- Orica Mining Services - Indonesia
- Malabar Cements Ltd - India
- South Luzon Thermal Energy Corporation
- Ceylon Electricity Board - Sri Lanka
- Meralco Power Generation, Philippines
- Africa Commodities Group - South Africa
- Sical Logistics Limited - India
- GVK Power & Infra Limited - India
- Posco Energy - South Korea
- Jindal Steel & Power Ltd - India
- Altura Mining Limited, Indonesia
- Bhatia International Limited - India
- Indian Oil Corporation Limited
- Australian Commodity Traders Exchange
- Kalimantan Lumbung Energi - Indonesia
- Central Java Power - Indonesia
- Mintek Dendrill Indonesia
- Minerals Council of Australia
- Georgia Ports Authority, United States
- Karaikal Port Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Singapore Mercantile Exchange
- Vizag Seaport Private Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jaiprakash Power Ventures ltd
- Renaissance Capital - South Africa
- Siam City Cement - Thailand
- Grasim Industreis Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Global Business Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Ministry of Transport, Egypt
- Neyveli Lignite Corporation Ltd, - India
- OPG Power Generation Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- IHS Mccloskey Coal Group - USA
- IEA Clean Coal Centre - UK
- The University of Queensland
- Miang Besar Coal Terminal - Indonesia
- Economic Council, Georgia
- Global Green Power PLC Corporation, Philippines
- Bharathi Cement Corporation - India
- SMC Global Power, Philippines
- LBH Netherlands Bv - Netherlands
- Cement Manufacturers Association - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Metalloyd Limited - United Kingdom
- Mercuria Energy - Indonesia
- Bhoruka Overseas - Indonesia
- ASAPP Information Group - India
- Salva Resources Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Eastern Energy - Thailand
- Edison Trading Spa - Italy
- Star Paper Mills Limited - India
- Coastal Gujarat Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- White Energy Company Limited
- AsiaOL BioFuels Corp., Philippines
- London Commodity Brokers - England
- International Coal Ventures Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Dalmia Cement Bharat India
- Gujarat Mineral Development Corp Ltd - India
- Attock Cement Pakistan Limited
- Bulk Trading Sa - Switzerland
- Madhucon Powers Ltd - India
- Planning Commission, India
- Videocon Industries ltd - India
- Mercator Lines Limited - India
- Thiess Contractors Indonesia
- Rashtriya Ispat Nigam Limited - India
- Coal and Oil Company - UAE
- Alfred C Toepfer International GmbH - Germany
- Asmin Koalindo Tuhup - Indonesia
- San Jose City I Power Corp, Philippines
- Wilmar Investment Holdings
- Maheswari Brothers Coal Limited - India
- Simpson Spence & Young - Indonesia
- Port Waratah Coal Services - Australia
- Chamber of Mines of South Africa
- Marubeni Corporation - India
- CNBM International Corporation - China
- The Treasury - Australian Government
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