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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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Wednesday, 03 July 19
SHIPPING MARKET INSIGHT - INTERMODAL
The global shipping industry is facing numerous challenges at a time when geopolitical turmoil has escalated in view of the recent tension in the M ...
Monday, 01 July 19
COAL DEMAND RISES, BUT REMAINS BELOW PEAK LEVELS - FORBES
This article is the third in a series on BP’s recently-released Statistical Review of World Energy 2019. The Review provides a comprehensive ...
Saturday, 29 June 19
ULTRAMAX: FROM SOUTHEAST ASIA MORE COAL WAS ENTERING THE MARKET - BALTIC BRIEFING
Capesize
The market showed variability over the past week, as most routes were active yet sentiment differed from region to region. The Pacific ...
Wednesday, 26 June 19
SHIPPING MARKET INSIGHT - INTERMODAL
As the first half of the year is almost over, it is worth looking back at the sale and purchase activity during these months, focusing on the segme ...
Tuesday, 25 June 19
THERMAL COAL FUTURES ON THE ZHENGSHOU EXCHANGE ROSE - DANIEL HYNES
Coal markets were buoyed by ongoing supply side issues.
According to Daniel Hynes, Senior Commodity Strategist of ANZ, the the ...
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- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Rio Tinto Coal - Australia
- Manunggal Multi Energi - Indonesia
- Kepco SPC Power Corporation, Philippines
- Aditya Birla Group - India
- MS Steel International - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Eastern Coal Council - USA
- Vizag Seaport Private Limited - India
- Commonwealth Bank - Australia
- Sical Logistics Limited - India
- Indo Tambangraya Megah - Indonesia
- Orica Mining Services - Indonesia
- Ministry of Mines - Canada
- Semirara Mining and Power Corporation, Philippines
- SMG Consultants - Indonesia
- Carbofer General Trading SA - India
- Altura Mining Limited, Indonesia
- Posco Energy - South Korea
- Madhucon Powers Ltd - India
- Global Green Power PLC Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Bayan Resources Tbk. - Indonesia
- IHS Mccloskey Coal Group - USA
- Billiton Holdings Pty Ltd - Australia
- Indika Energy - Indonesia
- Xindia Steels Limited - India
- Kartika Selabumi Mining - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Lanco Infratech Ltd - India
- Mintek Dendrill Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Karaikal Port Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Iligan Light & Power Inc, Philippines
- Central Electricity Authority - India
- Savvy Resources Ltd - HongKong
- Kumho Petrochemical, South Korea
- Ceylon Electricity Board - Sri Lanka
- GMR Energy Limited - India
- Indogreen Group - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Therma Luzon, Inc, Philippines
- Wilmar Investment Holdings
- Baramulti Group, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Global Coal Blending Company Limited - Australia
- Meenaskhi Energy Private Limited - India
- Mercator Lines Limited - India
- White Energy Company Limited
- Planning Commission, India
- Larsen & Toubro Limited - India
- Toyota Tsusho Corporation, Japan
- Parliament of New Zealand
- Chettinad Cement Corporation Ltd - India
- Indian Energy Exchange, India
- Sinarmas Energy and Mining - Indonesia
- SMC Global Power, Philippines
- Independent Power Producers Association of India
- Attock Cement Pakistan Limited
- Coastal Gujarat Power Limited - India
- The Treasury - Australian Government
- Kaltim Prima Coal - Indonesia
- Australian Commodity Traders Exchange
- Gujarat Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- Riau Bara Harum - Indonesia
- Makarim & Taira - Indonesia
- Siam City Cement PLC, Thailand
- Thai Mozambique Logistica
- Bulk Trading Sa - Switzerland
- Ministry of Finance - Indonesia
- Wood Mackenzie - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Coal and Oil Company - UAE
- Star Paper Mills Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Formosa Plastics Group - Taiwan
- Edison Trading Spa - Italy
- Kideco Jaya Agung - Indonesia
- ASAPP Information Group - India
- Economic Council, Georgia
- Ambuja Cements Ltd - India
- GAC Shipping (India) Pvt Ltd
- VISA Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- OPG Power Generation Pvt Ltd - India
- Renaissance Capital - South Africa
- Holcim Trading Pte Ltd - Singapore
- India Bulls Power Limited - India
- Petron Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Directorate Of Revenue Intelligence - India
- Interocean Group of Companies - India
- Latin American Coal - Colombia
- Global Business Power Corporation, Philippines
- Mjunction Services Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Sidhee Cement - India
- Maheswari Brothers Coal Limited - India
- ICICI Bank Limited - India
- Metalloyd Limited - United Kingdom
- Bukit Asam (Persero) Tbk - Indonesia
- Semirara Mining Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- Tamil Nadu electricity Board
- Timah Investasi Mineral - Indoneisa
- Antam Resourcindo - Indonesia
- Bangladesh Power Developement Board
- PowerSource Philippines DevCo
- Central Java Power - Indonesia
- South Luzon Thermal Energy Corporation
- Bhatia International Limited - India
- Leighton Contractors Pty Ltd - Australia
- Electricity Generating Authority of Thailand
- Tata Chemicals Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Power Finance Corporation Ltd., India
- Petrochimia International Co. Ltd.- Taiwan
- SN Aboitiz Power Inc, Philippines
- Indian Oil Corporation Limited
- Electricity Authority, New Zealand
- Trasteel International SA, Italy
- PNOC Exploration Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- The State Trading Corporation of India Ltd
- Straits Asia Resources Limited - Singapore
- Agrawal Coal Company - India
- Banpu Public Company Limited - Thailand
- Standard Chartered Bank - UAE
- Intertek Mineral Services - Indonesia
- Bhushan Steel Limited - India
- Marubeni Corporation - India
- Thiess Contractors Indonesia
- Heidelberg Cement - Germany
- Binh Thuan Hamico - Vietnam
- Oldendorff Carriers - Singapore
- Indonesian Coal Mining Association
- Dalmia Cement Bharat India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- San Jose City I Power Corp, Philippines
- Port Waratah Coal Services - Australia
- Bukit Baiduri Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- New Zealand Coal & Carbon
- Salva Resources Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Directorate General of MIneral and Coal - Indonesia
- Borneo Indobara - Indonesia
- Vedanta Resources Plc - India
- Minerals Council of Australia
- Meralco Power Generation, Philippines
- Sakthi Sugars Limited - India
- Anglo American - United Kingdom
- Jindal Steel & Power Ltd - India
- Sindya Power Generating Company Private Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- London Commodity Brokers - England
- Barasentosa Lestari - Indonesia
- Malabar Cements Ltd - India
- TeaM Sual Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- Ministry of Transport, Egypt
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Price Waterhouse Coopers - Russia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhoruka Overseas - Indonesia
- Energy Development Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Jaiprakash Power Ventures ltd
- Chamber of Mines of South Africa
- Orica Australia Pty. Ltd.
- Parry Sugars Refinery, India
- Goldman Sachs - Singapore
- Alfred C Toepfer International GmbH - Germany
- Eastern Energy - Thailand
- Coalindo Energy - Indonesia
- IEA Clean Coal Centre - UK
- Kohat Cement Company Ltd. - Pakistan
- McConnell Dowell - Australia
- Mercuria Energy - Indonesia
- Deloitte Consulting - India
- Cigading International Bulk Terminal - Indonesia
- Aboitiz Power Corporation - Philippines
- Siam City Cement - Thailand
- The University of Queensland
- PetroVietnam Power Coal Import and Supply Company
- Romanian Commodities Exchange
- Videocon Industries ltd - India
- Bharathi Cement Corporation - India
- Ind-Barath Power Infra Limited - India
- Africa Commodities Group - South Africa
- PTC India Limited - India
- Singapore Mercantile Exchange
- Uttam Galva Steels Limited - India
- Sojitz Corporation - Japan
- GVK Power & Infra Limited - India
- European Bulk Services B.V. - Netherlands
- Bukit Makmur.PT - Indonesia
- CNBM International Corporation - China
- Grasim Industreis Ltd - India
- Merrill Lynch Commodities Europe
- Australian Coal Association
- International Coal Ventures Pvt Ltd - India
- Cement Manufacturers Association - India
- CIMB Investment Bank - Malaysia
- Energy Link Ltd, New Zealand
- Essar Steel Hazira Ltd - India
- Medco Energi Mining Internasional
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