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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, 20 February 14
SUPRAMAX: IN ASIA IS IMPROVING SIGNIFICANTLY AND TURNED FROM APS TO DOP MARKET
Handy
The activity is back in the market after Chinese holidays. Supramax in Asia is improving significantly and turned from APS to DOP market. We ...
Wednesday, 19 February 14
NEWCASTLE PORT SHIPPED 30% MORE COAL WEEK ON WEEK
COALspot.com: In the week ended 17 February 2014, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland, totalled ...
Tuesday, 18 February 14
PERUVIAN HIGH COMMISSIONER FOR MINING AFFAIRS WILL BE KEY NOTE SPEAKER AT THE COLOMBIAN COAL CONFERENCE 2014
Press Release: The High Commissioner for Mining Affairs in the Presidency of the Peruvian Council of Ministers, General (R) Daniel Urresti Elera, ha ...
Monday, 17 February 14
US COAL PRODUCTION IN 2013 FELL TO ITS LOWEST LEVEL IN 20 YEARS
COALspot.com: U.S coal production for 2013 totaled an estimated 996 million short tons (MMst), 21 MMst (2%) lower than in 2012. It is the first time ...
Monday, 17 February 14
Q1 2015 COAL SWAPS CLOSED $ 2.21 HIGHER THAN Q2 2014 SWAPS
COALspot.com: API 8 CFR South China Coal swaps for average Q2 14 delivery lost 3.16 percent month on month and closed at US$ 76.12 per mt as o ...
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- GMR Energy Limited - India
- Cement Manufacturers Association - India
- Trasteel International SA, Italy
- Coastal Gujarat Power Limited - India
- Makarim & Taira - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- San Jose City I Power Corp, Philippines
- Electricity Authority, New Zealand
- Xindia Steels Limited - India
- AsiaOL BioFuels Corp., Philippines
- Tata Chemicals Ltd - India
- Indian Oil Corporation Limited
- Rashtriya Ispat Nigam Limited - India
- Ceylon Electricity Board - Sri Lanka
- Bahari Cakrawala Sebuku - Indonesia
- Dalmia Cement Bharat India
- Semirara Mining and Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Thiess Contractors Indonesia
- IHS Mccloskey Coal Group - USA
- Videocon Industries ltd - India
- Gujarat Sidhee Cement - India
- Antam Resourcindo - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mintek Dendrill Indonesia
- Sinarmas Energy and Mining - Indonesia
- Commonwealth Bank - Australia
- CNBM International Corporation - China
- Toyota Tsusho Corporation, Japan
- Globalindo Alam Lestari - Indonesia
- Parry Sugars Refinery, India
- Carbofer General Trading SA - India
- Medco Energi Mining Internasional
- Timah Investasi Mineral - Indoneisa
- Standard Chartered Bank - UAE
- Central Java Power - Indonesia
- Star Paper Mills Limited - India
- Mercator Lines Limited - India
- Goldman Sachs - Singapore
- Wilmar Investment Holdings
- Bhoruka Overseas - Indonesia
- The University of Queensland
- Mjunction Services Limited - India
- Sindya Power Generating Company Private Ltd
- Kumho Petrochemical, South Korea
- Kepco SPC Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Georgia Ports Authority, United States
- Ministry of Mines - Canada
- Samtan Co., Ltd - South Korea
- Kapuas Tunggal Persada - Indonesia
- Baramulti Group, Indonesia
- Therma Luzon, Inc, Philippines
- ASAPP Information Group - India
- Ambuja Cements Ltd - India
- Energy Development Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- TeaM Sual Corporation - Philippines
- Port Waratah Coal Services - Australia
- Agrawal Coal Company - India
- Attock Cement Pakistan Limited
- Orica Mining Services - Indonesia
- Romanian Commodities Exchange
- Semirara Mining Corp, Philippines
- London Commodity Brokers - England
- Merrill Lynch Commodities Europe
- Essar Steel Hazira Ltd - India
- Lanco Infratech Ltd - India
- Economic Council, Georgia
- Karbindo Abesyapradhi - Indoneisa
- Minerals Council of Australia
- Straits Asia Resources Limited - Singapore
- White Energy Company Limited
- New Zealand Coal & Carbon
- Formosa Plastics Group - Taiwan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Deloitte Consulting - India
- Madhucon Powers Ltd - India
- Bhatia International Limited - India
- Mercuria Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- PTC India Limited - India
- Global Business Power Corporation, Philippines
- Indonesian Coal Mining Association
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- VISA Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Karaikal Port Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- European Bulk Services B.V. - Netherlands
- Savvy Resources Ltd - HongKong
- Sical Logistics Limited - India
- Borneo Indobara - Indonesia
- Jaiprakash Power Ventures ltd
- Cigading International Bulk Terminal - Indonesia
- Indogreen Group - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Chettinad Cement Corporation Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Interocean Group of Companies - India
- Power Finance Corporation Ltd., India
- TNB Fuel Sdn Bhd - Malaysia
- Coalindo Energy - Indonesia
- Indian Energy Exchange, India
- Meralco Power Generation, Philippines
- Oldendorff Carriers - Singapore
- Indika Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Larsen & Toubro Limited - India
- Wood Mackenzie - Singapore
- GAC Shipping (India) Pvt Ltd
- Neyveli Lignite Corporation Ltd, - India
- Singapore Mercantile Exchange
- SN Aboitiz Power Inc, Philippines
- India Bulls Power Limited - India
- Orica Australia Pty. Ltd.
- Edison Trading Spa - Italy
- Coal and Oil Company - UAE
- Sarangani Energy Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- PowerSource Philippines DevCo
- Pendopo Energi Batubara - Indonesia
- SMC Global Power, Philippines
- Bukit Baiduri Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Sree Jayajothi Cements Limited - India
- Australian Commodity Traders Exchange
- International Coal Ventures Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Posco Energy - South Korea
- Siam City Cement PLC, Thailand
- Holcim Trading Pte Ltd - Singapore
- Petron Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Jindal Steel & Power Ltd - India
- Central Electricity Authority - India
- Kideco Jaya Agung - Indonesia
- Metalloyd Limited - United Kingdom
- Independent Power Producers Association of India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vizag Seaport Private Limited - India
- South Luzon Thermal Energy Corporation
- Australian Coal Association
- Bukit Makmur.PT - Indonesia
- Electricity Generating Authority of Thailand
- Directorate Of Revenue Intelligence - India
- Anglo American - United Kingdom
- Salva Resources Pvt Ltd - India
- Africa Commodities Group - South Africa
- Tamil Nadu electricity Board
- Marubeni Corporation - India
- Planning Commission, India
- Intertek Mineral Services - Indonesia
- Vedanta Resources Plc - India
- Billiton Holdings Pty Ltd - Australia
- Ministry of Finance - Indonesia
- McConnell Dowell - Australia
- Jorong Barutama Greston.PT - Indonesia
- Eastern Coal Council - USA
- Energy Link Ltd, New Zealand
- Aditya Birla Group - India
- Bayan Resources Tbk. - Indonesia
- SMG Consultants - Indonesia
- Eastern Energy - Thailand
- Ministry of Transport, Egypt
- Kalimantan Lumbung Energi - Indonesia
- Parliament of New Zealand
- Latin American Coal - Colombia
- Bhushan Steel Limited - India
- MS Steel International - UAE
- The State Trading Corporation of India Ltd
- CIMB Investment Bank - Malaysia
- Uttam Galva Steels Limited - India
- Indo Tambangraya Megah - Indonesia
- Meenaskhi Energy Private Limited - India
- ICICI Bank Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Manunggal Multi Energi - Indonesia
- Siam City Cement - Thailand
- PNOC Exploration Corporation - Philippines
- Rio Tinto Coal - Australia
- Price Waterhouse Coopers - Russia
- The Treasury - Australian Government
- Chamber of Mines of South Africa
- Thai Mozambique Logistica
- Alfred C Toepfer International GmbH - Germany
- Altura Mining Limited, Indonesia
- Renaissance Capital - South Africa
- Malabar Cements Ltd - India
- Sojitz Corporation - Japan
- Sakthi Sugars Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Grasim Industreis Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Kaltim Prima Coal - Indonesia
- GVK Power & Infra Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Krishnapatnam Port Company Ltd. - India
- Barasentosa Lestari - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Heidelberg Cement - Germany
- Leighton Contractors Pty Ltd - Australia
- Gujarat Electricity Regulatory Commission - India
- Gujarat Mineral Development Corp Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- IEA Clean Coal Centre - UK
- Bulk Trading Sa - Switzerland
- Aboitiz Power Corporation - Philippines
- Bangladesh Power Developement Board
- Global Coal Blending Company Limited - Australia
- Iligan Light & Power Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
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