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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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Tuesday, 11 March 14
HOLD HARMLESS CLAUSES ARE NOT ALWAYS MUTUAL! - ITIC
KNOWLEDGE TO ELEVATE
ITIC provides an insurance related contract review service to all of its members. As the leading professional indemnity i ...
Tuesday, 11 March 14
NEWCASTLE SHIPPED 6.98% LESS COAL WEEK ON WEEK
COALspot.com: In the week ended 10 March 2014, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland, total 2 ...
Tuesday, 11 March 14
INDONESIAN SUB-BITUMINOUS COAL SWAPS CONTINUES TO FALL
COALspot.com – Indonesia, the world’s largest exporter of the thermal coal's swaps for delivery April - June 2014 slip again thi ...
Monday, 10 March 14
API 8 CFR SOUTH CHINA COAL SWAPS LOST 4.28 PERCENT MONTH ON MONTH FOR Q2 DELIVERY
COALspot.com: API 8 CFR South China Coal swaps for average Q2 14 deliveries lost 4.28 percent month on month and closed at US$ 73.97 per mt as on Fr ...
Monday, 10 March 14
THE FREIGHT MARKET WAS QUITE FIRM THIS PAST WEEK
COALspot.com: The freight market was quite firm this past week with BDI sharply increased by 22.65 pct week on week and closed at 1543 points, while ...
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- Economic Council, Georgia
- Borneo Indobara - Indonesia
- European Bulk Services B.V. - Netherlands
- Salva Resources Pvt Ltd - India
- Africa Commodities Group - South Africa
- Sinarmas Energy and Mining - Indonesia
- Metalloyd Limited - United Kingdom
- Ministry of Mines - Canada
- Vedanta Resources Plc - India
- South Luzon Thermal Energy Corporation
- Semirara Mining and Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Kobexindo Tractors - Indoneisa
- Goldman Sachs - Singapore
- Makarim & Taira - Indonesia
- Savvy Resources Ltd - HongKong
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mercator Lines Limited - India
- Heidelberg Cement - Germany
- Globalindo Alam Lestari - Indonesia
- GAC Shipping (India) Pvt Ltd
- TeaM Sual Corporation - Philippines
- Gujarat Sidhee Cement - India
- Iligan Light & Power Inc, Philippines
- The State Trading Corporation of India Ltd
- Ceylon Electricity Board - Sri Lanka
- Coal and Oil Company - UAE
- Minerals Council of Australia
- Indian Energy Exchange, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Siam City Cement PLC, Thailand
- Oldendorff Carriers - Singapore
- Cigading International Bulk Terminal - Indonesia
- Coastal Gujarat Power Limited - India
- Maheswari Brothers Coal Limited - India
- Kapuas Tunggal Persada - Indonesia
- Bukit Baiduri Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- ASAPP Information Group - India
- Global Coal Blending Company Limited - Australia
- Interocean Group of Companies - India
- Medco Energi Mining Internasional
- Sindya Power Generating Company Private Ltd
- Standard Chartered Bank - UAE
- Therma Luzon, Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Power Finance Corporation Ltd., India
- Binh Thuan Hamico - Vietnam
- Grasim Industreis Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Sical Logistics Limited - India
- Indika Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Essar Steel Hazira Ltd - India
- Energy Development Corp, Philippines
- Romanian Commodities Exchange
- Merrill Lynch Commodities Europe
- Baramulti Group, Indonesia
- Port Waratah Coal Services - Australia
- MS Steel International - UAE
- Holcim Trading Pte Ltd - Singapore
- Commonwealth Bank - Australia
- Bulk Trading Sa - Switzerland
- Timah Investasi Mineral - Indoneisa
- GVK Power & Infra Limited - India
- Anglo American - United Kingdom
- Ministry of Transport, Egypt
- Bhushan Steel Limited - India
- PTC India Limited - India
- Wood Mackenzie - Singapore
- Lanco Infratech Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Thiess Contractors Indonesia
- Antam Resourcindo - Indonesia
- Global Business Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Kumho Petrochemical, South Korea
- Central Electricity Authority - India
- Planning Commission, India
- Deloitte Consulting - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- SMG Consultants - Indonesia
- LBH Netherlands Bv - Netherlands
- Leighton Contractors Pty Ltd - Australia
- Riau Bara Harum - Indonesia
- Intertek Mineral Services - Indonesia
- Ind-Barath Power Infra Limited - India
- GN Power Mariveles Coal Plant, Philippines
- VISA Power Limited - India
- Price Waterhouse Coopers - Russia
- Jindal Steel & Power Ltd - India
- The Treasury - Australian Government
- Coalindo Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Renaissance Capital - South Africa
- Indogreen Group - Indonesia
- Meenaskhi Energy Private Limited - India
- Thai Mozambique Logistica
- Vijayanagar Sugar Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Siam City Cement - Thailand
- Sojitz Corporation - Japan
- Bangladesh Power Developement Board
- Mintek Dendrill Indonesia
- Kohat Cement Company Ltd. - Pakistan
- SMC Global Power, Philippines
- Global Green Power PLC Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Marubeni Corporation - India
- New Zealand Coal & Carbon
- Neyveli Lignite Corporation Ltd, - India
- Videocon Industries ltd - India
- Edison Trading Spa - Italy
- Singapore Mercantile Exchange
- Cement Manufacturers Association - India
- Chamber of Mines of South Africa
- Agrawal Coal Company - India
- Orica Mining Services - Indonesia
- Australian Commodity Traders Exchange
- Aditya Birla Group - India
- McConnell Dowell - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Ambuja Cements Ltd - India
- Aboitiz Power Corporation - Philippines
- Petron Corporation, Philippines
- Tata Chemicals Ltd - India
- Vizag Seaport Private Limited - India
- Uttam Galva Steels Limited - India
- Attock Cement Pakistan Limited
- Madhucon Powers Ltd - India
- Formosa Plastics Group - Taiwan
- Eastern Energy - Thailand
- Miang Besar Coal Terminal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Mjunction Services Limited - India
- AsiaOL BioFuels Corp., Philippines
- Chettinad Cement Corporation Ltd - India
- Straits Asia Resources Limited - Singapore
- Trasteel International SA, Italy
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- OPG Power Generation Pvt Ltd - India
- ICICI Bank Limited - India
- Star Paper Mills Limited - India
- Energy Link Ltd, New Zealand
- International Coal Ventures Pvt Ltd - India
- Sakthi Sugars Limited - India
- Xindia Steels Limited - India
- Electricity Generating Authority of Thailand
- Billiton Holdings Pty Ltd - Australia
- Rio Tinto Coal - Australia
- Parry Sugars Refinery, India
- Sree Jayajothi Cements Limited - India
- Jaiprakash Power Ventures ltd
- Kaltim Prima Coal - Indonesia
- IHS Mccloskey Coal Group - USA
- Independent Power Producers Association of India
- The University of Queensland
- White Energy Company Limited
- Sarangani Energy Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Orica Australia Pty. Ltd.
- IEA Clean Coal Centre - UK
- Pendopo Energi Batubara - Indonesia
- Electricity Authority, New Zealand
- Semirara Mining Corp, Philippines
- Bhoruka Overseas - Indonesia
- Central Java Power - Indonesia
- Posco Energy - South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- PowerSource Philippines DevCo
- Simpson Spence & Young - Indonesia
- London Commodity Brokers - England
- Dalmia Cement Bharat India
- Meralco Power Generation, Philippines
- Eastern Coal Council - USA
- Ministry of Finance - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bayan Resources Tbk. - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Malabar Cements Ltd - India
- Indian Oil Corporation Limited
- Larsen & Toubro Limited - India
- Australian Coal Association
- Bhatia International Limited - India
- Georgia Ports Authority, United States
- Kideco Jaya Agung - Indonesia
- Carbofer General Trading SA - India
- San Jose City I Power Corp, Philippines
- India Bulls Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Makmur.PT - Indonesia
- Parliament of New Zealand
- CNBM International Corporation - China
- Manunggal Multi Energi - Indonesia
- Mercuria Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Latin American Coal - Colombia
- Wilmar Investment Holdings
- CIMB Investment Bank - Malaysia
- SN Aboitiz Power Inc, Philippines
- Barasentosa Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- Samtan Co., Ltd - South Korea
- Tamil Nadu electricity Board
- Alfred C Toepfer International GmbH - Germany
- GMR Energy Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indonesian Coal Mining Association
- Toyota Tsusho Corporation, Japan
- Kartika Selabumi Mining - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- PNOC Exploration Corporation - Philippines
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