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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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Sunday, 16 February 14
SUPRAMAX : THE FAR EAST/SE ASIA CHARTER RATES FIRMED UP
COALspot.com: The freight market had a mixed reaction this week with BDI increased by 1.37 pct and closing at 1106 points on Valentine day. The cape ...
Friday, 14 February 14
US COAL PRODUCTION STILL SLIPPING
COALspot.com – United States the world’s second largest coal producer, produced approximately 17.9 million short tons (mmst) of coal in ...
Thursday, 13 February 14
PANAMAX : NOT ENOUGH REQUIREMENTS TO KEEP THE ATLANTIC MARKET FLOATING - FEARNLEYS AS
Handy
After the Chinese holidays the week started on a positive note. Owners are talking higher rates but chrtrs are still somehow reluctant to mov ...
Thursday, 13 February 14
DRY BULK MARKET FACES BETTER PROSPECTS ON THE BACK OF IMPROVING DEMAND AND SUPPLY BALANCE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has started off the New Year on the "left foot", with the strong finish of 2013 proving to be unsustainable, on the ba ...
Wednesday, 12 February 14
NEW BUILDING ORDERS REACHING NEW POST-CRISIS HEIGHTS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Ship owners are looking to take advantage of the last few attractive deals in the new building market, before prices start climbing to new highs and ...
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- Manunggal Multi Energi - Indonesia
- Vizag Seaport Private Limited - India
- Baramulti Group, Indonesia
- Toyota Tsusho Corporation, Japan
- MS Steel International - UAE
- Port Waratah Coal Services - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Australian Coal Association
- Africa Commodities Group - South Africa
- Central Electricity Authority - India
- Singapore Mercantile Exchange
- Uttam Galva Steels Limited - India
- PNOC Exploration Corporation - Philippines
- Deloitte Consulting - India
- Kaltim Prima Coal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Edison Trading Spa - Italy
- Intertek Mineral Services - Indonesia
- Marubeni Corporation - India
- Eastern Coal Council - USA
- Petron Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Timah Investasi Mineral - Indoneisa
- Karaikal Port Pvt Ltd - India
- Agrawal Coal Company - India
- Indogreen Group - Indonesia
- The State Trading Corporation of India Ltd
- Merrill Lynch Commodities Europe
- GMR Energy Limited - India
- Therma Luzon, Inc, Philippines
- GVK Power & Infra Limited - India
- Kideco Jaya Agung - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coastal Gujarat Power Limited - India
- Metalloyd Limited - United Kingdom
- Electricity Authority, New Zealand
- Wood Mackenzie - Singapore
- Wilmar Investment Holdings
- Borneo Indobara - Indonesia
- Orica Mining Services - Indonesia
- India Bulls Power Limited - India
- European Bulk Services B.V. - Netherlands
- Mjunction Services Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Dalmia Cement Bharat India
- Bayan Resources Tbk. - Indonesia
- Directorate Of Revenue Intelligence - India
- Energy Link Ltd, New Zealand
- IHS Mccloskey Coal Group - USA
- Lanco Infratech Ltd - India
- Videocon Industries ltd - India
- Barasentosa Lestari - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- Renaissance Capital - South Africa
- Malabar Cements Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Business Power Corporation, Philippines
- Indian Oil Corporation Limited
- Ministry of Mines - Canada
- Meralco Power Generation, Philippines
- Latin American Coal - Colombia
- Larsen & Toubro Limited - India
- Thiess Contractors Indonesia
- Bukit Baiduri Energy - Indonesia
- Posco Energy - South Korea
- Kartika Selabumi Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Indian Energy Exchange, India
- Siam City Cement - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Semirara Mining Corp, Philippines
- Siam City Cement PLC, Thailand
- Ind-Barath Power Infra Limited - India
- Power Finance Corporation Ltd., India
- Star Paper Mills Limited - India
- SMC Global Power, Philippines
- Coal and Oil Company - UAE
- Central Java Power - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Ministry of Transport, Egypt
- Globalindo Alam Lestari - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- TeaM Sual Corporation - Philippines
- Grasim Industreis Ltd - India
- Ambuja Cements Ltd - India
- Anglo American - United Kingdom
- Iligan Light & Power Inc, Philippines
- Ministry of Finance - Indonesia
- Parry Sugars Refinery, India
- Eastern Energy - Thailand
- Independent Power Producers Association of India
- Indonesian Coal Mining Association
- Meenaskhi Energy Private Limited - India
- Vedanta Resources Plc - India
- Trasteel International SA, Italy
- Gujarat Electricity Regulatory Commission - India
- San Jose City I Power Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- CIMB Investment Bank - Malaysia
- Goldman Sachs - Singapore
- GAC Shipping (India) Pvt Ltd
- New Zealand Coal & Carbon
- Aboitiz Power Corporation - Philippines
- Energy Development Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Maheswari Brothers Coal Limited - India
- Alfred C Toepfer International GmbH - Germany
- Minerals Council of Australia
- Kepco SPC Power Corporation, Philippines
- White Energy Company Limited
- Sindya Power Generating Company Private Ltd
- Gujarat Mineral Development Corp Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Sidhee Cement - India
- Sical Logistics Limited - India
- Makarim & Taira - Indonesia
- Formosa Plastics Group - Taiwan
- Mercator Lines Limited - India
- Bangladesh Power Developement Board
- Essar Steel Hazira Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Australian Commodity Traders Exchange
- Electricity Generating Authority of Thailand
- Samtan Co., Ltd - South Korea
- Sree Jayajothi Cements Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Savvy Resources Ltd - HongKong
- Tata Chemicals Ltd - India
- PTC India Limited - India
- Kohat Cement Company Ltd. - Pakistan
- The University of Queensland
- Chamber of Mines of South Africa
- Medco Energi Mining Internasional
- South Luzon Thermal Energy Corporation
- Jindal Steel & Power Ltd - India
- Aditya Birla Group - India
- SMG Consultants - Indonesia
- ASAPP Information Group - India
- Sakthi Sugars Limited - India
- CNBM International Corporation - China
- Kobexindo Tractors - Indoneisa
- Kumho Petrochemical, South Korea
- McConnell Dowell - Australia
- Xindia Steels Limited - India
- Straits Asia Resources Limited - Singapore
- Cement Manufacturers Association - India
- Bulk Trading Sa - Switzerland
- Standard Chartered Bank - UAE
- Georgia Ports Authority, United States
- OPG Power Generation Pvt Ltd - India
- The Treasury - Australian Government
- LBH Netherlands Bv - Netherlands
- Orica Australia Pty. Ltd.
- VISA Power Limited - India
- Thai Mozambique Logistica
- Sojitz Corporation - Japan
- Sarangani Energy Corporation, Philippines
- Commonwealth Bank - Australia
- Rashtriya Ispat Nigam Limited - India
- Romanian Commodities Exchange
- Economic Council, Georgia
- Carbofer General Trading SA - India
- ICICI Bank Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Jorong Barutama Greston.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Planning Commission, India
- Sinarmas Energy and Mining - Indonesia
- Altura Mining Limited, Indonesia
- Attock Cement Pakistan Limited
- Kapuas Tunggal Persada - Indonesia
- Parliament of New Zealand
- Tamil Nadu electricity Board
- Salva Resources Pvt Ltd - India
- Madhucon Powers Ltd - India
- Indika Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Global Green Power PLC Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Rio Tinto Coal - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhushan Steel Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- London Commodity Brokers - England
- Karbindo Abesyapradhi - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Interocean Group of Companies - India
- Neyveli Lignite Corporation Ltd, - India
- Binh Thuan Hamico - Vietnam
- Riau Bara Harum - Indonesia
- PowerSource Philippines DevCo
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jaiprakash Power Ventures ltd
- Maharashtra Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- AsiaOL BioFuels Corp., Philippines
- Heidelberg Cement - Germany
- Bukit Makmur.PT - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- IEA Clean Coal Centre - UK
- Bhoruka Overseas - Indonesia
- Oldendorff Carriers - Singapore
- Mercuria Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Coalindo Energy - Indonesia
- Mintek Dendrill Indonesia
- Banpu Public Company Limited - Thailand
- Bhatia International Limited - India
- Bharathi Cement Corporation - India
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