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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, 04 March 14
HIGHER PRICES AND STEADY FREIGHT RATES LEAD SHIP OWNERS TO TEMPORARILY HALT SECOND HAND VESSEL PURCHASES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
As the dry bulk market has kept on improving, but at a very slow rate, ship owners have elected to take a step back from the flurry of the S&P m ...
Monday, 03 March 14
SUB-BIT INDONESIA COAL SWAP (FOB) FOR AVERAGE Q115 CLOSED AT $60.28, $ 1.70 HIGHER THAN 2Q14
COALspot.com – Indonesia, the world’s largest exporter of the thermal coal's swaps for delivery April - June 2014 slightly corrected do ...
Monday, 03 March 14
API 8 CFR SOUTH CHINA SWAPS: Q4' 2014 DELIVERY CLOSED US$ 1.40 HIGHER COMPARED TO Q2' 2014 DELIVERY
COALspot.com: API 8 CFR South China Coal swaps for average Q2 14 deliveries lost 1.90 percent month on month and closed at US$ 76.27 per mt as on Fr ...
Monday, 03 March 14
COSTS LIABILITY PASSING DOWN A CHARTERPARTY CHAIN - SKULD
KNOWLEDGE TO ELEVATE
Provided that charterparties are on back to back terms, and the claim is successful, liability for costs incurred shoul ...
Sunday, 02 March 14
THE FREIGHT MARKET WAS STEADY TO FIRM THIS PAST WEEK - CAPT. REDDY
COALspot.com: The freight market was steady to firm this past week. The BDI was up 7.06 pct and closed at 1258 points and the cape index was also fi ...
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- Altura Mining Limited, Indonesia
- Kideco Jaya Agung - Indonesia
- Sindya Power Generating Company Private Ltd
- GMR Energy Limited - India
- SMC Global Power, Philippines
- Orica Mining Services - Indonesia
- Bukit Makmur.PT - Indonesia
- Central Electricity Authority - India
- Vizag Seaport Private Limited - India
- Port Waratah Coal Services - Australia
- Wilmar Investment Holdings
- Global Business Power Corporation, Philippines
- Central Java Power - Indonesia
- Jindal Steel & Power Ltd - India
- Tamil Nadu electricity Board
- Lanco Infratech Ltd - India
- Mercuria Energy - Indonesia
- Carbofer General Trading SA - India
- Price Waterhouse Coopers - Russia
- Renaissance Capital - South Africa
- IHS Mccloskey Coal Group - USA
- White Energy Company Limited
- Marubeni Corporation - India
- Australian Commodity Traders Exchange
- Bulk Trading Sa - Switzerland
- Metalloyd Limited - United Kingdom
- Essar Steel Hazira Ltd - India
- Kumho Petrochemical, South Korea
- GN Power Mariveles Coal Plant, Philippines
- Xindia Steels Limited - India
- Attock Cement Pakistan Limited
- Bahari Cakrawala Sebuku - Indonesia
- Dalmia Cement Bharat India
- ASAPP Information Group - India
- Karaikal Port Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- PetroVietnam Power Coal Import and Supply Company
- Billiton Holdings Pty Ltd - Australia
- Electricity Generating Authority of Thailand
- Jaiprakash Power Ventures ltd
- Miang Besar Coal Terminal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Sree Jayajothi Cements Limited - India
- GVK Power & Infra Limited - India
- Petron Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Goldman Sachs - Singapore
- Meralco Power Generation, Philippines
- Independent Power Producers Association of India
- Ind-Barath Power Infra Limited - India
- Riau Bara Harum - Indonesia
- Therma Luzon, Inc, Philippines
- The University of Queensland
- Makarim & Taira - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Globalindo Alam Lestari - Indonesia
- Mintek Dendrill Indonesia
- Mercator Lines Limited - India
- Power Finance Corporation Ltd., India
- CNBM International Corporation - China
- Intertek Mineral Services - Indonesia
- Standard Chartered Bank - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- LBH Netherlands Bv - Netherlands
- Ministry of Transport, Egypt
- Singapore Mercantile Exchange
- Bharathi Cement Corporation - India
- Global Coal Blending Company Limited - Australia
- Kepco SPC Power Corporation, Philippines
- PTC India Limited - India
- Ceylon Electricity Board - Sri Lanka
- Baramulti Group, Indonesia
- Uttam Galva Steels Limited - India
- Trasteel International SA, Italy
- Star Paper Mills Limited - India
- Gujarat Mineral Development Corp Ltd - India
- London Commodity Brokers - England
- Mjunction Services Limited - India
- Bhatia International Limited - India
- The State Trading Corporation of India Ltd
- Electricity Authority, New Zealand
- PowerSource Philippines DevCo
- Banpu Public Company Limited - Thailand
- Economic Council, Georgia
- Grasim Industreis Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Global Green Power PLC Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Rashtriya Ispat Nigam Limited - India
- Posco Energy - South Korea
- SMG Consultants - Indonesia
- Salva Resources Pvt Ltd - India
- Indian Oil Corporation Limited
- Kobexindo Tractors - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Madhucon Powers Ltd - India
- Bayan Resources Tbk. - Indonesia
- South Luzon Thermal Energy Corporation
- Videocon Industries ltd - India
- Merrill Lynch Commodities Europe
- Alfred C Toepfer International GmbH - Germany
- Bhushan Steel Limited - India
- New Zealand Coal & Carbon
- Savvy Resources Ltd - HongKong
- Bukit Baiduri Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Gujarat Sidhee Cement - India
- IEA Clean Coal Centre - UK
- Barasentosa Lestari - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Eastern Coal Council - USA
- TNB Fuel Sdn Bhd - Malaysia
- Kohat Cement Company Ltd. - Pakistan
- McConnell Dowell - Australia
- Samtan Co., Ltd - South Korea
- Commonwealth Bank - Australia
- Thiess Contractors Indonesia
- Ministry of Finance - Indonesia
- Semirara Mining Corp, Philippines
- Ambuja Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Romanian Commodities Exchange
- Kartika Selabumi Mining - Indonesia
- Iligan Light & Power Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Malabar Cements Ltd - India
- Coastal Gujarat Power Limited - India
- Orica Australia Pty. Ltd.
- European Bulk Services B.V. - Netherlands
- Tata Chemicals Ltd - India
- Manunggal Multi Energi - Indonesia
- Timah Investasi Mineral - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- GAC Shipping (India) Pvt Ltd
- Anglo American - United Kingdom
- Eastern Energy - Thailand
- ICICI Bank Limited - India
- Indonesian Coal Mining Association
- PNOC Exploration Corporation - Philippines
- Aboitiz Power Corporation - Philippines
- VISA Power Limited - India
- Larsen & Toubro Limited - India
- Australian Coal Association
- Parry Sugars Refinery, India
- Sakthi Sugars Limited - India
- Antam Resourcindo - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Kaltim Prima Coal - Indonesia
- Sojitz Corporation - Japan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Edison Trading Spa - Italy
- Africa Commodities Group - South Africa
- Agrawal Coal Company - India
- International Coal Ventures Pvt Ltd - India
- Cement Manufacturers Association - India
- Indogreen Group - Indonesia
- Medco Energi Mining Internasional
- Pendopo Energi Batubara - Indonesia
- TeaM Sual Corporation - Philippines
- Ministry of Mines - Canada
- Formosa Plastics Group - Taiwan
- Bukit Asam (Persero) Tbk - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Planning Commission, India
- Siam City Cement PLC, Thailand
- Thai Mozambique Logistica
- Energy Link Ltd, New Zealand
- Straits Asia Resources Limited - Singapore
- Simpson Spence & Young - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- San Jose City I Power Corp, Philippines
- Deloitte Consulting - India
- Coal and Oil Company - UAE
- Directorate Of Revenue Intelligence - India
- Indika Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Chamber of Mines of South Africa
- Maheswari Brothers Coal Limited - India
- Wood Mackenzie - Singapore
- Energy Development Corp, Philippines
- India Bulls Power Limited - India
- The Treasury - Australian Government
- Siam City Cement - Thailand
- Rio Tinto Coal - Australia
- Vedanta Resources Plc - India
- Vijayanagar Sugar Pvt Ltd - India
- Sical Logistics Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Coalindo Energy - Indonesia
- Borneo Indobara - Indonesia
- Heidelberg Cement - Germany
- MS Steel International - UAE
- Bangladesh Power Developement Board
- Bhoruka Overseas - Indonesia
- Indo Tambangraya Megah - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Sarangani Energy Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Kalimantan Lumbung Energi - Indonesia
- Georgia Ports Authority, United States
- Latin American Coal - Colombia
- Chettinad Cement Corporation Ltd - India
- Interocean Group of Companies - India
- Meenaskhi Energy Private Limited - India
- Indian Energy Exchange, India
- Oldendorff Carriers - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Parliament of New Zealand
- Aditya Birla Group - India
- Maharashtra Electricity Regulatory Commission - India
- Krishnapatnam Port Company Ltd. - India
- Minerals Council of Australia
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