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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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Tuesday, 16 July 19
SUPRAMAX: THE ASIAN ARENA WAS SPLIT, WITH A BUILD-UP OF TONNAGE AND LACK OF ENQUIRY IN THE NORTH - BALTIC BRIEFING
Capesize
It was a Brazilian affair with a strong splash of bunkers characterising the Capesize market over the past week. Largely traded in Eur ...
Wednesday, 10 July 19
KOREA SOUTH-EAST POWER INVITES BIDS FOR HCV AND LCV COAL FOR AUGUST 2019 LOADING
COALspot.com: South Korea’s Korea South-East Power Co., Ltd. (KOEN) has issued an international tender for total 460,000 to 500,000 Metric To ...
Wednesday, 10 July 19
SHIPPING MARKET INSIGHT - INTERMODAL
In contrast with the general expectations for the dry bulk market, the sector was not positive or even stable during the past 6 months. The warning ...
Monday, 08 July 19
INDONESIAN COAL PRICE REFERENCE POSTS BIGGEST MONTHLY LOSS SINCE JANUARY 2017
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down again the benchmark price of Indonesian th ...
Monday, 08 July 19
ULTRAMAX: A 52,000-TONNER OPEN CJK FIXED FOR A TRIP VIA INDONESIA WITH RE-DELIVERY CHINA AT $6,100 - BALTIC BRIEFING
Capesize
The Capesize market surged over the past week, reaching highs not seen since August last year. Widespread activity in both basins saw ...
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- Standard Chartered Bank - UAE
- Metalloyd Limited - United Kingdom
- CNBM International Corporation - China
- Petrochimia International Co. Ltd.- Taiwan
- Anglo American - United Kingdom
- London Commodity Brokers - England
- PNOC Exploration Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Xindia Steels Limited - India
- Posco Energy - South Korea
- The University of Queensland
- Sree Jayajothi Cements Limited - India
- Jindal Steel & Power Ltd - India
- Tata Chemicals Ltd - India
- Alfred C Toepfer International GmbH - Germany
- GAC Shipping (India) Pvt Ltd
- Global Business Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Bhoruka Overseas - Indonesia
- Gujarat Sidhee Cement - India
- White Energy Company Limited
- Banpu Public Company Limited - Thailand
- Bangladesh Power Developement Board
- Vizag Seaport Private Limited - India
- Cement Manufacturers Association - India
- Power Finance Corporation Ltd., India
- Iligan Light & Power Inc, Philippines
- GMR Energy Limited - India
- Romanian Commodities Exchange
- Bukit Baiduri Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- IEA Clean Coal Centre - UK
- Larsen & Toubro Limited - India
- Lanco Infratech Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Bukit Makmur.PT - Indonesia
- Australian Commodity Traders Exchange
- Directorate Of Revenue Intelligence - India
- Indian Oil Corporation Limited
- Thai Mozambique Logistica
- Gujarat Mineral Development Corp Ltd - India
- IHS Mccloskey Coal Group - USA
- Kapuas Tunggal Persada - Indonesia
- Manunggal Multi Energi - Indonesia
- Independent Power Producers Association of India
- Price Waterhouse Coopers - Russia
- Energy Link Ltd, New Zealand
- Coastal Gujarat Power Limited - India
- Edison Trading Spa - Italy
- Coalindo Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Altura Mining Limited, Indonesia
- LBH Netherlands Bv - Netherlands
- Bharathi Cement Corporation - India
- Central Java Power - Indonesia
- Ambuja Cements Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Intertek Mineral Services - Indonesia
- Indika Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Attock Cement Pakistan Limited
- VISA Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Bhushan Steel Limited - India
- San Jose City I Power Corp, Philippines
- India Bulls Power Limited - India
- Oldendorff Carriers - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Eastern Energy - Thailand
- SMC Global Power, Philippines
- Sarangani Energy Corporation, Philippines
- Grasim Industreis Ltd - India
- Indian Energy Exchange, India
- Ministry of Transport, Egypt
- Gujarat Electricity Regulatory Commission - India
- SMG Consultants - Indonesia
- Marubeni Corporation - India
- PowerSource Philippines DevCo
- GN Power Mariveles Coal Plant, Philippines
- Semirara Mining and Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Mercator Lines Limited - India
- Rio Tinto Coal - Australia
- Global Coal Blending Company Limited - Australia
- Siam City Cement - Thailand
- Krishnapatnam Port Company Ltd. - India
- Makarim & Taira - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Madhucon Powers Ltd - India
- Heidelberg Cement - Germany
- Essar Steel Hazira Ltd - India
- Sojitz Corporation - Japan
- Kaltim Prima Coal - Indonesia
- Sindya Power Generating Company Private Ltd
- Aboitiz Power Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Sakthi Sugars Limited - India
- Cigading International Bulk Terminal - Indonesia
- Commonwealth Bank - Australia
- Formosa Plastics Group - Taiwan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Planning Commission, India
- Pipit Mutiara Jaya. PT, Indonesia
- Uttam Galva Steels Limited - India
- Eastern Coal Council - USA
- Rashtriya Ispat Nigam Limited - India
- Baramulti Group, Indonesia
- McConnell Dowell - Australia
- Mintek Dendrill Indonesia
- Goldman Sachs - Singapore
- Indo Tambangraya Megah - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Central Electricity Authority - India
- Coal and Oil Company - UAE
- Ministry of Finance - Indonesia
- Orica Mining Services - Indonesia
- Renaissance Capital - South Africa
- ICICI Bank Limited - India
- Parliament of New Zealand
- Wilmar Investment Holdings
- Orica Australia Pty. Ltd.
- TeaM Sual Corporation - Philippines
- Deloitte Consulting - India
- Global Green Power PLC Corporation, Philippines
- Riau Bara Harum - Indonesia
- Sical Logistics Limited - India
- Wood Mackenzie - Singapore
- Petron Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Siam City Cement PLC, Thailand
- Thiess Contractors Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Barasentosa Lestari - Indonesia
- Ministry of Mines - Canada
- Jaiprakash Power Ventures ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Borneo Indobara - Indonesia
- Merrill Lynch Commodities Europe
- Vedanta Resources Plc - India
- Agrawal Coal Company - India
- Meralco Power Generation, Philippines
- Star Paper Mills Limited - India
- ASAPP Information Group - India
- Electricity Generating Authority of Thailand
- The State Trading Corporation of India Ltd
- Africa Commodities Group - South Africa
- Georgia Ports Authority, United States
- Kartika Selabumi Mining - Indonesia
- PTC India Limited - India
- Tamil Nadu electricity Board
- MS Steel International - UAE
- Directorate General of MIneral and Coal - Indonesia
- Indogreen Group - Indonesia
- The Treasury - Australian Government
- Antam Resourcindo - Indonesia
- Medco Energi Mining Internasional
- Bank of Tokyo Mitsubishi UFJ Ltd
- Latin American Coal - Colombia
- Carbofer General Trading SA - India
- TNB Fuel Sdn Bhd - Malaysia
- Salva Resources Pvt Ltd - India
- Mercuria Energy - Indonesia
- Dalmia Cement Bharat India
- Maheswari Brothers Coal Limited - India
- Kobexindo Tractors - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Pendopo Energi Batubara - Indonesia
- Malabar Cements Ltd - India
- Parry Sugars Refinery, India
- Ind-Barath Power Infra Limited - India
- Samtan Co., Ltd - South Korea
- Meenaskhi Energy Private Limited - India
- Toyota Tsusho Corporation, Japan
- Chamber of Mines of South Africa
- Chettinad Cement Corporation Ltd - India
- Kideco Jaya Agung - Indonesia
- New Zealand Coal & Carbon
- Simpson Spence & Young - Indonesia
- Economic Council, Georgia
- Kohat Cement Company Ltd. - Pakistan
- Energy Development Corp, Philippines
- Port Waratah Coal Services - Australia
- Savvy Resources Ltd - HongKong
- Videocon Industries ltd - India
- Indonesian Coal Mining Association
- Semirara Mining Corp, Philippines
- Electricity Authority, New Zealand
- Holcim Trading Pte Ltd - Singapore
- Karbindo Abesyapradhi - Indoneisa
- South Luzon Thermal Energy Corporation
- Trasteel International SA, Italy
- CIMB Investment Bank - Malaysia
- Globalindo Alam Lestari - Indonesia
- Interocean Group of Companies - India
- Karaikal Port Pvt Ltd - India
- Mjunction Services Limited - India
- Aditya Birla Group - India
- Kepco SPC Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- SN Aboitiz Power Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Binh Thuan Hamico - Vietnam
- Bayan Resources Tbk. - Indonesia
- Kumho Petrochemical, South Korea
- Australian Coal Association
- GVK Power & Infra Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Minerals Council of Australia
- Neyveli Lignite Corporation Ltd, - India
- Leighton Contractors Pty Ltd - Australia
- Singapore Mercantile Exchange
- Therma Luzon, Inc, Philippines
- Bhatia International Limited - India
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