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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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Thursday, 13 March 14
HANDY: THE FAR EAST MARKET IS IN AN UPWARD TREND - FEARNRESEARCH
Handy
Atlantic is a bit under pressure for spot tonnage, but the underlying sentiment is positive for the short medium future. 2-3 legs are do ...
Thursday, 13 March 14
MARKET INSIGHT - CHRISTOPHER T. WHITTY
By Christopher T. Whitty
Marketing Manager
Cotzias Intermodal Shipping Inc.
During the last year we have noticed that a fair number of ...
Wednesday, 12 March 14
ADARO ENERGY IMPROVES EFFICIENCY AND GENERATED STRONG EBITDA IN 2013
COALspot.com: PT Adaro Energy Tbk, Indonesia's single largest coal miner posted revenue of US$ 3.28 billion and cost of revenue of US$ 2.54 ...
Wednesday, 12 March 14
DGOMC OF INDONESIA REVISED DOWN THE BENCHMARK PRICES FOR COAL BY 4.26% IN MARCH
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia has revised down the government's declared coal bench mark price ...
Wednesday, 12 March 14
DRY BULK VESSELS STILL THE CREAM OF THE CROP FOR SHIP OWNERS
Dry bulk carriers have remained the most popular vessel type among ship owners as proven by the sheer number of second hand vessel sales and new ...
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- Jorong Barutama Greston.PT - Indonesia
- Goldman Sachs - Singapore
- Salva Resources Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Interocean Group of Companies - India
- Parliament of New Zealand
- VISA Power Limited - India
- Intertek Mineral Services - Indonesia
- Ministry of Finance - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Edison Trading Spa - Italy
- Indo Tambangraya Megah - Indonesia
- Lanco Infratech Ltd - India
- Formosa Plastics Group - Taiwan
- SMC Global Power, Philippines
- Central Java Power - Indonesia
- Vedanta Resources Plc - India
- Dalmia Cement Bharat India
- Grasim Industreis Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Wood Mackenzie - Singapore
- Toyota Tsusho Corporation, Japan
- Siam City Cement PLC, Thailand
- Anglo American - United Kingdom
- European Bulk Services B.V. - Netherlands
- Vijayanagar Sugar Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Globalindo Alam Lestari - Indonesia
- Makarim & Taira - Indonesia
- Sarangani Energy Corporation, Philippines
- Malabar Cements Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Sojitz Corporation - Japan
- PowerSource Philippines DevCo
- Bukit Makmur.PT - Indonesia
- Ministry of Mines - Canada
- Star Paper Mills Limited - India
- Indonesian Coal Mining Association
- Deloitte Consulting - India
- Neyveli Lignite Corporation Ltd, - India
- Karbindo Abesyapradhi - Indoneisa
- Sree Jayajothi Cements Limited - India
- Africa Commodities Group - South Africa
- Georgia Ports Authority, United States
- Tata Chemicals Ltd - India
- Vizag Seaport Private Limited - India
- Electricity Authority, New Zealand
- India Bulls Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Carbofer General Trading SA - India
- Manunggal Multi Energi - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Timah Investasi Mineral - Indoneisa
- Sindya Power Generating Company Private Ltd
- South Luzon Thermal Energy Corporation
- Cement Manufacturers Association - India
- Planning Commission, India
- Tamil Nadu electricity Board
- Meenaskhi Energy Private Limited - India
- Romanian Commodities Exchange
- Attock Cement Pakistan Limited
- Meralco Power Generation, Philippines
- Wilmar Investment Holdings
- Antam Resourcindo - Indonesia
- Rio Tinto Coal - Australia
- Bhatia International Limited - India
- Global Coal Blending Company Limited - Australia
- Petron Corporation, Philippines
- Global Business Power Corporation, Philippines
- ICICI Bank Limited - India
- Indika Energy - Indonesia
- Singapore Mercantile Exchange
- Metalloyd Limited - United Kingdom
- Energy Link Ltd, New Zealand
- Kaltim Prima Coal - Indonesia
- Power Finance Corporation Ltd., India
- Rashtriya Ispat Nigam Limited - India
- PTC India Limited - India
- Minerals Council of Australia
- LBH Netherlands Bv - Netherlands
- Ministry of Transport, Egypt
- GAC Shipping (India) Pvt Ltd
- Eastern Coal Council - USA
- Aditya Birla Group - India
- Sakthi Sugars Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Bulk Trading Sa - Switzerland
- Gujarat Mineral Development Corp Ltd - India
- Chamber of Mines of South Africa
- Electricity Generating Authority of Thailand
- The Treasury - Australian Government
- Price Waterhouse Coopers - Russia
- International Coal Ventures Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Kepco SPC Power Corporation, Philippines
- White Energy Company Limited
- Billiton Holdings Pty Ltd - Australia
- San Jose City I Power Corp, Philippines
- Oldendorff Carriers - Singapore
- Banpu Public Company Limited - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Merrill Lynch Commodities Europe
- TeaM Sual Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Renaissance Capital - South Africa
- Parry Sugars Refinery, India
- Mercuria Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Pendopo Energi Batubara - Indonesia
- Semirara Mining Corp, Philippines
- Bharathi Cement Corporation - India
- Thiess Contractors Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Development Corp, Philippines
- Australian Coal Association
- CIMB Investment Bank - Malaysia
- Bangladesh Power Developement Board
- Borneo Indobara - Indonesia
- Ind-Barath Power Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Marubeni Corporation - India
- GMR Energy Limited - India
- Samtan Co., Ltd - South Korea
- Directorate Of Revenue Intelligence - India
- Global Green Power PLC Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indian Energy Exchange, India
- Iligan Light & Power Inc, Philippines
- Madhucon Powers Ltd - India
- Savvy Resources Ltd - HongKong
- Trasteel International SA, Italy
- Kohat Cement Company Ltd. - Pakistan
- Latin American Coal - Colombia
- Indogreen Group - Indonesia
- London Commodity Brokers - England
- Mintek Dendrill Indonesia
- Thai Mozambique Logistica
- Offshore Bulk Terminal Pte Ltd, Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Videocon Industries ltd - India
- Siam City Cement - Thailand
- Eastern Energy - Thailand
- Posco Energy - South Korea
- Australian Commodity Traders Exchange
- New Zealand Coal & Carbon
- Mercator Lines Limited - India
- Central Electricity Authority - India
- IEA Clean Coal Centre - UK
- Semirara Mining and Power Corporation, Philippines
- SMG Consultants - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Orica Mining Services - Indonesia
- Straits Asia Resources Limited - Singapore
- Independent Power Producers Association of India
- Standard Chartered Bank - UAE
- Karaikal Port Pvt Ltd - India
- ASAPP Information Group - India
- GN Power Mariveles Coal Plant, Philippines
- GVK Power & Infra Limited - India
- Sical Logistics Limited - India
- CNBM International Corporation - China
- Mjunction Services Limited - India
- Economic Council, Georgia
- MS Steel International - UAE
- Simpson Spence & Young - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- PNOC Exploration Corporation - Philippines
- The State Trading Corporation of India Ltd
- McConnell Dowell - Australia
- Jindal Steel & Power Ltd - India
- Indian Oil Corporation Limited
- Binh Thuan Hamico - Vietnam
- Cigading International Bulk Terminal - Indonesia
- Coastal Gujarat Power Limited - India
- Heidelberg Cement - Germany
- Kumho Petrochemical, South Korea
- Directorate General of MIneral and Coal - Indonesia
- IHS Mccloskey Coal Group - USA
- Holcim Trading Pte Ltd - Singapore
- Chettinad Cement Corporation Ltd - India
- Jaiprakash Power Ventures ltd
- Kobexindo Tractors - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Xindia Steels Limited - India
- Essar Steel Hazira Ltd - India
- Ambuja Cements Ltd - India
- Maheswari Brothers Coal Limited - India
- Kartika Selabumi Mining - Indonesia
- Baramulti Group, Indonesia
- Bhushan Steel Limited - India
- Kideco Jaya Agung - Indonesia
- Agrawal Coal Company - India
- Alfred C Toepfer International GmbH - Germany
- Gujarat Sidhee Cement - India
- Larsen & Toubro Limited - India
- Ceylon Electricity Board - Sri Lanka
- The University of Queensland
- Uttam Galva Steels Limited - India
- Barasentosa Lestari - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Miang Besar Coal Terminal - Indonesia
- Riau Bara Harum - Indonesia
- Coal and Oil Company - UAE
- Bhoruka Overseas - Indonesia
- Commonwealth Bank - Australia
- Coalindo Energy - Indonesia
- Port Waratah Coal Services - Australia
- OPG Power Generation Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Medco Energi Mining Internasional
- PetroVietnam Power Coal Import and Supply Company
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