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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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Monday, 24 February 14
DRY BULK MARKET TO IMPROVE OVER THE COURSE OF 2014, BUT OVERSUPPLY STILL AN ISSUE SAYS BIMCO'S CHIEF SHIPPING ANALYST
As a gruelling first quarter edges closer to the end, dry bulk ship owners are looking at an improved second quarter demand, which, coupled with slo ...
Monday, 24 February 14
INDONESIAN SUB-BITUMINOUS COAL SWAP FOR DELIVERY APRIL - JUNE 2014 SLIDES TO $ 58.60 PMT
COALspot.com – Indonesia, the world’s the largest exporter of the thermal coal's swaps for delivery April - June 2014 slide week ended ...
Monday, 24 February 14
Q1 2015 DELIVERY COAL SWAP CLOSED AT 2.62% HIGHER THAN Q2 2014 CLOSING SWAPS
COALspot.com: API 8 CFR South China Coal swaps for average Q2 14 deliveries lost 2.68 percent month on month and closed at US$ 76.20 per mt as on Fr ...
Saturday, 22 February 14
SHIPPING POISED TO RALLY AFTER SEVERAL WEEKS OF DROP
COALspot.com: The freight market was steady to firm with the dry bulk index up by 6.24 pct closing at 1,175 points week on week and the cape index w ...
Saturday, 22 February 14
POTEN RAISES THE QUESTION OF ACCURACY IN CALCULATING TANKER FREIGHT RATES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
As the tanker market has grown in complexity over the course of the past few years, the question of whether the traditional methods of assessing rat ...
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- Thai Mozambique Logistica
- Larsen & Toubro Limited - India
- White Energy Company Limited
- Anglo American - United Kingdom
- Kepco SPC Power Corporation, Philippines
- Chamber of Mines of South Africa
- LBH Netherlands Bv - Netherlands
- Kohat Cement Company Ltd. - Pakistan
- Bukit Asam (Persero) Tbk - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Tata Chemicals Ltd - India
- Attock Cement Pakistan Limited
- Kaltim Prima Coal - Indonesia
- Star Paper Mills Limited - India
- Oldendorff Carriers - Singapore
- ASAPP Information Group - India
- Bhatia International Limited - India
- Metalloyd Limited - United Kingdom
- Coalindo Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Central Electricity Authority - India
- Grasim Industreis Ltd - India
- Orica Australia Pty. Ltd.
- Bukit Baiduri Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Price Waterhouse Coopers - Russia
- Thiess Contractors Indonesia
- Bharathi Cement Corporation - India
- Indian Energy Exchange, India
- Asmin Koalindo Tuhup - Indonesia
- Tamil Nadu electricity Board
- Singapore Mercantile Exchange
- Indian Oil Corporation Limited
- Malabar Cements Ltd - India
- London Commodity Brokers - England
- Standard Chartered Bank - UAE
- Sical Logistics Limited - India
- Sakthi Sugars Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Goldman Sachs - Singapore
- Simpson Spence & Young - Indonesia
- Wood Mackenzie - Singapore
- Kobexindo Tractors - Indoneisa
- Australian Coal Association
- Dalmia Cement Bharat India
- Coal and Oil Company - UAE
- Vedanta Resources Plc - India
- Semirara Mining Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Banpu Public Company Limited - Thailand
- The Treasury - Australian Government
- Meenaskhi Energy Private Limited - India
- Cement Manufacturers Association - India
- GMR Energy Limited - India
- Sojitz Corporation - Japan
- Binh Thuan Hamico - Vietnam
- Jindal Steel & Power Ltd - India
- Rio Tinto Coal - Australia
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Finance - Indonesia
- Kumho Petrochemical, South Korea
- TeaM Sual Corporation - Philippines
- New Zealand Coal & Carbon
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vizag Seaport Private Limited - India
- Meralco Power Generation, Philippines
- Ministry of Mines - Canada
- Billiton Holdings Pty Ltd - Australia
- European Bulk Services B.V. - Netherlands
- Posco Energy - South Korea
- MS Steel International - UAE
- Merrill Lynch Commodities Europe
- Semirara Mining and Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Aboitiz Power Corporation - Philippines
- Trasteel International SA, Italy
- Manunggal Multi Energi - Indonesia
- Riau Bara Harum - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Essar Steel Hazira Ltd - India
- Global Green Power PLC Corporation, Philippines
- Bangladesh Power Developement Board
- Global Coal Blending Company Limited - Australia
- Marubeni Corporation - India
- Energy Link Ltd, New Zealand
- Miang Besar Coal Terminal - Indonesia
- Commonwealth Bank - Australia
- Formosa Plastics Group - Taiwan
- Orica Mining Services - Indonesia
- ICICI Bank Limited - India
- SMG Consultants - Indonesia
- IHS Mccloskey Coal Group - USA
- Eastern Coal Council - USA
- Central Java Power - Indonesia
- Economic Council, Georgia
- South Luzon Thermal Energy Corporation
- Indogreen Group - Indonesia
- Mjunction Services Limited - India
- Kapuas Tunggal Persada - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Wilmar Investment Holdings
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bulk Trading Sa - Switzerland
- Georgia Ports Authority, United States
- Heidelberg Cement - Germany
- OPG Power Generation Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Agrawal Coal Company - India
- Bayan Resources Tbk. - Indonesia
- Toyota Tsusho Corporation, Japan
- SN Aboitiz Power Inc, Philippines
- Edison Trading Spa - Italy
- Jorong Barutama Greston.PT - Indonesia
- Energy Development Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Power Finance Corporation Ltd., India
- Petron Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- McConnell Dowell - Australia
- Xindia Steels Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Samtan Co., Ltd - South Korea
- Antam Resourcindo - Indonesia
- SMC Global Power, Philippines
- Independent Power Producers Association of India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Parry Sugars Refinery, India
- Deloitte Consulting - India
- Latin American Coal - Colombia
- The University of Queensland
- CNBM International Corporation - China
- GVK Power & Infra Limited - India
- Sarangani Energy Corporation, Philippines
- Port Waratah Coal Services - Australia
- Indo Tambangraya Megah - Indonesia
- Madhucon Powers Ltd - India
- Barasentosa Lestari - Indonesia
- Savvy Resources Ltd - HongKong
- Interocean Group of Companies - India
- Makarim & Taira - Indonesia
- PNOC Exploration Corporation - Philippines
- Gujarat Sidhee Cement - India
- Electricity Authority, New Zealand
- Medco Energi Mining Internasional
- Altura Mining Limited, Indonesia
- Timah Investasi Mineral - Indoneisa
- Lanco Infratech Ltd - India
- India Bulls Power Limited - India
- Borneo Indobara - Indonesia
- Baramulti Group, Indonesia
- Sindya Power Generating Company Private Ltd
- International Coal Ventures Pvt Ltd - India
- Videocon Industries ltd - India
- Parliament of New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- PTC India Limited - India
- Mercuria Energy - Indonesia
- Siam City Cement PLC, Thailand
- Maheswari Brothers Coal Limited - India
- CIMB Investment Bank - Malaysia
- Iligan Light & Power Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Intertek Mineral Services - Indonesia
- Kideco Jaya Agung - Indonesia
- Mercator Lines Limited - India
- Therma Luzon, Inc, Philippines
- Bhushan Steel Limited - India
- AsiaOL BioFuels Corp., Philippines
- Jaiprakash Power Ventures ltd
- Ministry of Transport, Egypt
- Renaissance Capital - South Africa
- Uttam Galva Steels Limited - India
- Romanian Commodities Exchange
- Ambuja Cements Ltd - India
- Electricity Generating Authority of Thailand
- Coastal Gujarat Power Limited - India
- Indika Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- PowerSource Philippines DevCo
- Karaikal Port Pvt Ltd - India
- Minerals Council of Australia
- Straits Asia Resources Limited - Singapore
- Gujarat Electricity Regulatory Commission - India
- Maharashtra Electricity Regulatory Commission - India
- Carbofer General Trading SA - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Australian Commodity Traders Exchange
- Globalindo Alam Lestari - Indonesia
- Cigading International Bulk Terminal - Indonesia
- VISA Power Limited - India
- Africa Commodities Group - South Africa
- Siam City Cement - Thailand
- Bukit Makmur.PT - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Indonesian Coal Mining Association
- GAC Shipping (India) Pvt Ltd
- San Jose City I Power Corp, Philippines
- Mintek Dendrill Indonesia
- Eastern Energy - Thailand
- Directorate Of Revenue Intelligence - India
- Aditya Birla Group - India
- Kalimantan Lumbung Energi - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Salva Resources Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Kartika Selabumi Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Planning Commission, India
- The State Trading Corporation of India Ltd
- Global Business Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Mineral Development Corp Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Bhoruka Overseas - Indonesia
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