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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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Sunday, 23 March 14
THE COAL FREIGHT RATES SEEN SLIGHTLY FIRMING UP THIS WEEK - REDDY
COALspot.com: The freight market firmed up this week. BDI was up 8.26 pct week on week and index was closed at 1599 points. The Cape index was u ...
Saturday, 22 March 14
SHIP OWNERS INVEST $15 BILLION FOR NEWBUILDINGS AND SECONDHAND VESSELS DURING FEBRUARY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Ship owners have kept on their aggressive stance in the investment scene both for newbuildings, as well as for secondhand vessels globally durin ...
Friday, 21 March 14
DRY BULK MARKET STAYS ON RECOVERY MODE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has reached new year heighs, as a result of renewed Capesize demand. The Baltic Dry Index (BDI) ended yesterday's sessio ...
Friday, 21 March 14
US COAL PRODUCTION UP 1.5%; WEST MISSISSIPPI COAL PRODUCTION DOWN 1.85% WEEK ON WEEK
COALspot.com – United States the world's second largest coal producer, produced approximately 19.0 million short tons (mmst) of coal i ...
Friday, 21 March 14
MERCURIA ANNOUNCES ACQUISITION OF J.P. MORGAN PHYSICAL COMMODITIES BUSINESS
COALspot.com: Mercuria Energy Group announced that it has reached a definitive agreement with J.P. Morgan Chase & Co. to acquire its physica ...
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- Central Electricity Authority - India
- Siam City Cement PLC, Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- AsiaOL BioFuels Corp., Philippines
- Eastern Coal Council - USA
- Holcim Trading Pte Ltd - Singapore
- Power Finance Corporation Ltd., India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Ministry of Mines - Canada
- Larsen & Toubro Limited - India
- London Commodity Brokers - England
- Australian Commodity Traders Exchange
- Manunggal Multi Energi - Indonesia
- Agrawal Coal Company - India
- Singapore Mercantile Exchange
- Iligan Light & Power Inc, Philippines
- Ministry of Transport, Egypt
- Meralco Power Generation, Philippines
- Economic Council, Georgia
- SMC Global Power, Philippines
- Chamber of Mines of South Africa
- Makarim & Taira - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Directorate Of Revenue Intelligence - India
- Bahari Cakrawala Sebuku - Indonesia
- Ambuja Cements Ltd - India
- Uttam Galva Steels Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Anglo American - United Kingdom
- Tamil Nadu electricity Board
- International Coal Ventures Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Pendopo Energi Batubara - Indonesia
- Coastal Gujarat Power Limited - India
- Trasteel International SA, Italy
- Bukit Asam (Persero) Tbk - Indonesia
- Price Waterhouse Coopers - Russia
- Star Paper Mills Limited - India
- Baramulti Group, Indonesia
- Standard Chartered Bank - UAE
- Global Coal Blending Company Limited - Australia
- Indian Oil Corporation Limited
- Sical Logistics Limited - India
- Thai Mozambique Logistica
- Wood Mackenzie - Singapore
- Savvy Resources Ltd - HongKong
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Chettinad Cement Corporation Ltd - India
- Indo Tambangraya Megah - Indonesia
- Lanco Infratech Ltd - India
- Electricity Authority, New Zealand
- Cigading International Bulk Terminal - Indonesia
- Indogreen Group - Indonesia
- Marubeni Corporation - India
- Semirara Mining and Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- GN Power Mariveles Coal Plant, Philippines
- Ind-Barath Power Infra Limited - India
- Gujarat Electricity Regulatory Commission - India
- Ceylon Electricity Board - Sri Lanka
- Vijayanagar Sugar Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- IHS Mccloskey Coal Group - USA
- Eastern Energy - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Independent Power Producers Association of India
- Billiton Holdings Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Antam Resourcindo - Indonesia
- Petron Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Medco Energi Mining Internasional
- Attock Cement Pakistan Limited
- Africa Commodities Group - South Africa
- PetroVietnam Power Coal Import and Supply Company
- Dalmia Cement Bharat India
- Bhoruka Overseas - Indonesia
- Orica Australia Pty. Ltd.
- Banpu Public Company Limited - Thailand
- GAC Shipping (India) Pvt Ltd
- Bukit Makmur.PT - Indonesia
- South Luzon Thermal Energy Corporation
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- White Energy Company Limited
- Siam City Cement - Thailand
- New Zealand Coal & Carbon
- Australian Coal Association
- Intertek Mineral Services - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Renaissance Capital - South Africa
- Rio Tinto Coal - Australia
- TNB Fuel Sdn Bhd - Malaysia
- IEA Clean Coal Centre - UK
- Oldendorff Carriers - Singapore
- Global Business Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Kobexindo Tractors - Indoneisa
- Commonwealth Bank - Australia
- Central Java Power - Indonesia
- Bulk Trading Sa - Switzerland
- Malabar Cements Ltd - India
- GMR Energy Limited - India
- Sakthi Sugars Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Essar Steel Hazira Ltd - India
- Edison Trading Spa - Italy
- Bhushan Steel Limited - India
- Borneo Indobara - Indonesia
- Parliament of New Zealand
- Leighton Contractors Pty Ltd - Australia
- LBH Netherlands Bv - Netherlands
- India Bulls Power Limited - India
- CNBM International Corporation - China
- Latin American Coal - Colombia
- PTC India Limited - India
- Madhucon Powers Ltd - India
- OPG Power Generation Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Riau Bara Harum - Indonesia
- Karaikal Port Pvt Ltd - India
- McConnell Dowell - Australia
- GVK Power & Infra Limited - India
- Toyota Tsusho Corporation, Japan
- Videocon Industries ltd - India
- Indonesian Coal Mining Association
- Heidelberg Cement - Germany
- Sree Jayajothi Cements Limited - India
- Orica Mining Services - Indonesia
- CIMB Investment Bank - Malaysia
- Kartika Selabumi Mining - Indonesia
- San Jose City I Power Corp, Philippines
- Salva Resources Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- TeaM Sual Corporation - Philippines
- Posco Energy - South Korea
- Barasentosa Lestari - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Therma Luzon, Inc, Philippines
- Xindia Steels Limited - India
- Simpson Spence & Young - Indonesia
- Metalloyd Limited - United Kingdom
- Jindal Steel & Power Ltd - India
- Ministry of Finance - Indonesia
- Mjunction Services Limited - India
- ICICI Bank Limited - India
- European Bulk Services B.V. - Netherlands
- Meenaskhi Energy Private Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sarangani Energy Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Asia Pacific Energy Resources Ventures Inc, Philippines
- ASAPP Information Group - India
- Aboitiz Power Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Georgia Ports Authority, United States
- Bangladesh Power Developement Board
- Port Waratah Coal Services - Australia
- Global Green Power PLC Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- The State Trading Corporation of India Ltd
- Interocean Group of Companies - India
- Kaltim Prima Coal - Indonesia
- Electricity Generating Authority of Thailand
- SMG Consultants - Indonesia
- Merrill Lynch Commodities Europe
- Mercator Lines Limited - India
- Bukit Baiduri Energy - Indonesia
- Vizag Seaport Private Limited - India
- Bhatia International Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Tata Chemicals Ltd - India
- Gujarat Sidhee Cement - India
- Mercuria Energy - Indonesia
- Cement Manufacturers Association - India
- The Treasury - Australian Government
- Coalindo Energy - Indonesia
- Romanian Commodities Exchange
- Altura Mining Limited, Indonesia
- Planning Commission, India
- PowerSource Philippines DevCo
- Coal and Oil Company - UAE
- Karbindo Abesyapradhi - Indoneisa
- The University of Queensland
- Sinarmas Energy and Mining - Indonesia
- Bharathi Cement Corporation - India
- Mintek Dendrill Indonesia
- Wilmar Investment Holdings
- Minerals Council of Australia
- Semirara Mining Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Parry Sugars Refinery, India
- Grasim Industreis Ltd - India
- Indian Energy Exchange, India
- VISA Power Limited - India
- Sojitz Corporation - Japan
- MS Steel International - UAE
- Globalindo Alam Lestari - Indonesia
- Jaiprakash Power Ventures ltd
- Neyveli Lignite Corporation Ltd, - India
- Asmin Koalindo Tuhup - Indonesia
- Formosa Plastics Group - Taiwan
- Aditya Birla Group - India
- Krishnapatnam Port Company Ltd. - India
- Thiess Contractors Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Carbofer General Trading SA - India
- Deloitte Consulting - India
- Energy Development Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Indika Energy - Indonesia
- Vedanta Resources Plc - India
- Maheswari Brothers Coal Limited - India
- Goldman Sachs - Singapore
- SN Aboitiz Power Inc, Philippines
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