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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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Friday, 07 March 14
US PRODUCED 19.4 MMST OF COAL IN PAST 7 DAYS, SAYS EIA
COALspot.com – United States the world’s second largest coal producer, produced approximately 19.4 million short tons (mmst) of coal in ...
Thursday, 06 March 14
PANAMAX MARKET IS STRUGGLING IN BOTH HEMISPHERES - FEARNRESEARCH
Handy
The Handy/Supra market experienced a rate increase in the Pacific. The activity itself is not too big, but spot tonnage is clearing up and ow ...
Wednesday, 05 March 14
THE BIG BULKERS HAVE IN FACT WITNESSED SIGNIFICANT IMPROVEMENTS IN BOTH BASINS
The BDI continues to gain back some of the lost ground, although in reality there isn't a lot to celebrate abou ...
Wednesday, 05 March 14
LEAVE IT TO CAPES TO CHANGE THE DIRECTION OF THE DRY BULK MARKET - INTERMODAL
Chartering (Wet: Stable- / Dry: Stable+)
Leave it to Capes to change the direction of the Dry Bulk market. The big bulkers managed to drag the BDI ...
Tuesday, 04 March 14
AUSTRALIA'S NPC TO SHIP 11.85 MMT OF COAL IN MARCH
COALspot.com: In the week ended 3 March 2014, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland, total 3.15 m ...
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- Africa Commodities Group - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Indian Energy Exchange, India
- Neyveli Lignite Corporation Ltd, - India
- OPG Power Generation Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Iligan Light & Power Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Ministry of Mines - Canada
- Pendopo Energi Batubara - Indonesia
- Singapore Mercantile Exchange
- Mintek Dendrill Indonesia
- Bayan Resources Tbk. - Indonesia
- Goldman Sachs - Singapore
- Oldendorff Carriers - Singapore
- Straits Asia Resources Limited - Singapore
- Wood Mackenzie - Singapore
- Chettinad Cement Corporation Ltd - India
- Malabar Cements Ltd - India
- ASAPP Information Group - India
- Aditya Birla Group - India
- Gujarat Sidhee Cement - India
- Karbindo Abesyapradhi - Indoneisa
- Larsen & Toubro Limited - India
- Wilmar Investment Holdings
- Salva Resources Pvt Ltd - India
- Chamber of Mines of South Africa
- Coastal Gujarat Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- ICICI Bank Limited - India
- GN Power Mariveles Coal Plant, Philippines
- SN Aboitiz Power Inc, Philippines
- Intertek Mineral Services - Indonesia
- Indogreen Group - Indonesia
- IHS Mccloskey Coal Group - USA
- Formosa Plastics Group - Taiwan
- Sindya Power Generating Company Private Ltd
- Indonesian Coal Mining Association
- Barasentosa Lestari - Indonesia
- Central Java Power - Indonesia
- Power Finance Corporation Ltd., India
- Samtan Co., Ltd - South Korea
- PNOC Exploration Corporation - Philippines
- CNBM International Corporation - China
- Metalloyd Limited - United Kingdom
- Minerals Council of Australia
- Directorate Of Revenue Intelligence - India
- Globalindo Alam Lestari - Indonesia
- Timah Investasi Mineral - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Eastern Energy - Thailand
- Meenaskhi Energy Private Limited - India
- Leighton Contractors Pty Ltd - Australia
- Antam Resourcindo - Indonesia
- Lanco Infratech Ltd - India
- Meralco Power Generation, Philippines
- Deloitte Consulting - India
- Eastern Coal Council - USA
- Port Waratah Coal Services - Australia
- Australian Coal Association
- Bukit Asam (Persero) Tbk - Indonesia
- Karaikal Port Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- PetroVietnam Power Coal Import and Supply Company
- Sakthi Sugars Limited - India
- Attock Cement Pakistan Limited
- Mjunction Services Limited - India
- Bhoruka Overseas - Indonesia
- Energy Development Corp, Philippines
- VISA Power Limited - India
- Thiess Contractors Indonesia
- Central Electricity Authority - India
- Edison Trading Spa - Italy
- Kepco SPC Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- London Commodity Brokers - England
- Romanian Commodities Exchange
- Jaiprakash Power Ventures ltd
- Jorong Barutama Greston.PT - Indonesia
- Bulk Trading Sa - Switzerland
- Sinarmas Energy and Mining - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Siam City Cement PLC, Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Xindia Steels Limited - India
- Indika Energy - Indonesia
- Thai Mozambique Logistica
- Madhucon Powers Ltd - India
- Binh Thuan Hamico - Vietnam
- Semirara Mining Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Anglo American - United Kingdom
- Alfred C Toepfer International GmbH - Germany
- South Luzon Thermal Energy Corporation
- San Jose City I Power Corp, Philippines
- Rio Tinto Coal - Australia
- Bukit Makmur.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Finance - Indonesia
- Medco Energi Mining Internasional
- Posco Energy - South Korea
- Electricity Authority, New Zealand
- Therma Luzon, Inc, Philippines
- Borneo Indobara - Indonesia
- Simpson Spence & Young - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Riau Bara Harum - Indonesia
- Essar Steel Hazira Ltd - India
- PTC India Limited - India
- MS Steel International - UAE
- Maheswari Brothers Coal Limited - India
- Billiton Holdings Pty Ltd - Australia
- Latin American Coal - Colombia
- Directorate General of MIneral and Coal - Indonesia
- Electricity Generating Authority of Thailand
- Dalmia Cement Bharat India
- Sarangani Energy Corporation, Philippines
- Bharathi Cement Corporation - India
- Rashtriya Ispat Nigam Limited - India
- IEA Clean Coal Centre - UK
- India Bulls Power Limited - India
- Toyota Tsusho Corporation, Japan
- Star Paper Mills Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Mining Services - Indonesia
- Bhatia International Limited - India
- Petron Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Bukit Baiduri Energy - Indonesia
- Energy Link Ltd, New Zealand
- Indian Oil Corporation Limited
- Standard Chartered Bank - UAE
- Bhushan Steel Limited - India
- Gujarat Electricity Regulatory Commission - India
- Kaltim Prima Coal - Indonesia
- Price Waterhouse Coopers - Russia
- Coal and Oil Company - UAE
- Mercator Lines Limited - India
- GMR Energy Limited - India
- Interocean Group of Companies - India
- The University of Queensland
- Renaissance Capital - South Africa
- Indo Tambangraya Megah - Indonesia
- Planning Commission, India
- Vizag Seaport Private Limited - India
- GAC Shipping (India) Pvt Ltd
- PowerSource Philippines DevCo
- GVK Power & Infra Limited - India
- Australian Commodity Traders Exchange
- Global Coal Blending Company Limited - Australia
- Sree Jayajothi Cements Limited - India
- Independent Power Producers Association of India
- SMC Global Power, Philippines
- Tata Chemicals Ltd - India
- Baramulti Group, Indonesia
- Ambuja Cements Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Agrawal Coal Company - India
- New Zealand Coal & Carbon
- Vedanta Resources Plc - India
- The State Trading Corporation of India Ltd
- Ceylon Electricity Board - Sri Lanka
- Jindal Steel & Power Ltd - India
- Carbofer General Trading SA - India
- Global Business Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Grasim Industreis Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Manunggal Multi Energi - Indonesia
- Kartika Selabumi Mining - Indonesia
- Commonwealth Bank - Australia
- Petrochimia International Co. Ltd.- Taiwan
- TeaM Sual Corporation - Philippines
- Sojitz Corporation - Japan
- Tamil Nadu electricity Board
- Miang Besar Coal Terminal - Indonesia
- Sical Logistics Limited - India
- SMG Consultants - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- White Energy Company Limited
- Heidelberg Cement - Germany
- Savvy Resources Ltd - HongKong
- European Bulk Services B.V. - Netherlands
- The Treasury - Australian Government
- Trasteel International SA, Italy
- LBH Netherlands Bv - Netherlands
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Transport, Egypt
- Kideco Jaya Agung - Indonesia
- Videocon Industries ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parliament of New Zealand
- Marubeni Corporation - India
- Banpu Public Company Limited - Thailand
- Makarim & Taira - Indonesia
- Siam City Cement - Thailand
- Cement Manufacturers Association - India
- Orica Australia Pty. Ltd.
- CIMB Investment Bank - Malaysia
- McConnell Dowell - Australia
- Altura Mining Limited, Indonesia
- Parry Sugars Refinery, India
- Coalindo Energy - Indonesia
- Uttam Galva Steels Limited - India
- Bangladesh Power Developement Board
- Aboitiz Power Corporation - Philippines
- Economic Council, Georgia
- Merrill Lynch Commodities Europe
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Georgia Ports Authority, United States
- Mercuria Energy - Indonesia
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