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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, 18 June 19
TANKER SHIPPING: WHILE WE WAIT FOR 2020 TO KICK IN, IT'S ALL ABOUT POLITICS - BIMCO
Demand drivers and freight rates
Iran, Libya and Venezuela face export limitations because of sanctions and internal political troubles. At the s ...
Saturday, 15 June 19
SUPRAMAX: A 58,000-TONNER, OPEN QINGDAO, WAS BOOKED TO REDELIVER IN EAST COAST INDIA AT $6,500 - BALTIC BRIEFING
Capesize
The market closed on a quiet Friday last week after a few hectic days of mid-week trading. Trade routes from Brazil to the Far East we ...
Friday, 14 June 19
PANAMAX: OUTLOOK IS MIXED - FERNLEYS
Capesize
Sentiment changed to a more nervous tone as pacific cargo volumes failed to deliver as expected, however latest activity indicates res ...
Friday, 14 June 19
ELECTRONIC (PAPERLESS) TRADING - SKULD
KNOWLEDGE TO ELEVATE
Electronic Shipping Solutions: Bolero International Ltd, E-Title Authority Pte Ltd, Global Share S.A. (edoxOnline platfor ...
Wednesday, 12 June 19
KOSPO INVITES BIDS FOR 140,000 MT OF 4,600 NCV COAL FOR SEP. 2019 LOADING
COALspot.com: South Korea state-owned utility Korea Southern Power Co. Ltd (KOSPO) issued a tender for 140,000 MT of minimum 4,600 kcal/kg NCV coal ...
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- Bukit Makmur.PT - Indonesia
- Sakthi Sugars Limited - India
- Holcim Trading Pte Ltd - Singapore
- Semirara Mining and Power Corporation, Philippines
- Tamil Nadu electricity Board
- London Commodity Brokers - England
- Gujarat Mineral Development Corp Ltd - India
- Globalindo Alam Lestari - Indonesia
- Indika Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Singapore Mercantile Exchange
- Jindal Steel & Power Ltd - India
- Mercuria Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Mercator Lines Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Kepco SPC Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Ambuja Cements Ltd - India
- Bulk Trading Sa - Switzerland
- GVK Power & Infra Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Medco Energi Mining Internasional
- TNB Fuel Sdn Bhd - Malaysia
- Global Green Power PLC Corporation, Philippines
- New Zealand Coal & Carbon
- Oldendorff Carriers - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Posco Energy - South Korea
- Miang Besar Coal Terminal - Indonesia
- Chamber of Mines of South Africa
- Timah Investasi Mineral - Indoneisa
- Central Electricity Authority - India
- Borneo Indobara - Indonesia
- Savvy Resources Ltd - HongKong
- India Bulls Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Eastern Energy - Thailand
- Cigading International Bulk Terminal - Indonesia
- Anglo American - United Kingdom
- Therma Luzon, Inc, Philippines
- IEA Clean Coal Centre - UK
- Vizag Seaport Private Limited - India
- CIMB Investment Bank - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- Billiton Holdings Pty Ltd - Australia
- South Luzon Thermal Energy Corporation
- Indian Energy Exchange, India
- Kalimantan Lumbung Energi - Indonesia
- Larsen & Toubro Limited - India
- ASAPP Information Group - India
- Kartika Selabumi Mining - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Commonwealth Bank - Australia
- Indonesian Coal Mining Association
- Dalmia Cement Bharat India
- Wilmar Investment Holdings
- Manunggal Multi Energi - Indonesia
- Standard Chartered Bank - UAE
- Bhushan Steel Limited - India
- White Energy Company Limited
- Maharashtra Electricity Regulatory Commission - India
- Antam Resourcindo - Indonesia
- Trasteel International SA, Italy
- Intertek Mineral Services - Indonesia
- Ind-Barath Power Infra Limited - India
- Meralco Power Generation, Philippines
- Eastern Coal Council - USA
- Petron Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Coalindo Energy - Indonesia
- Ministry of Mines - Canada
- San Jose City I Power Corp, Philippines
- Bharathi Cement Corporation - India
- GMR Energy Limited - India
- Latin American Coal - Colombia
- Siam City Cement - Thailand
- Grasim Industreis Ltd - India
- Electricity Generating Authority of Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kohat Cement Company Ltd. - Pakistan
- Karaikal Port Pvt Ltd - India
- Georgia Ports Authority, United States
- Global Business Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Renaissance Capital - South Africa
- MS Steel International - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Directorate Of Revenue Intelligence - India
- SMC Global Power, Philippines
- Wood Mackenzie - Singapore
- Central Java Power - Indonesia
- Ministry of Transport, Egypt
- OPG Power Generation Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- IHS Mccloskey Coal Group - USA
- Lanco Infratech Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Romanian Commodities Exchange
- Makarim & Taira - Indonesia
- Simpson Spence & Young - Indonesia
- Samtan Co., Ltd - South Korea
- Planning Commission, India
- The Treasury - Australian Government
- Kideco Jaya Agung - Indonesia
- Bukit Baiduri Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Vedanta Resources Plc - India
- Madhucon Powers Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Economic Council, Georgia
- Leighton Contractors Pty Ltd - Australia
- Thiess Contractors Indonesia
- Marubeni Corporation - India
- Independent Power Producers Association of India
- Binh Thuan Hamico - Vietnam
- Bangladesh Power Developement Board
- Sree Jayajothi Cements Limited - India
- Star Paper Mills Limited - India
- Parliament of New Zealand
- Rio Tinto Coal - Australia
- Port Waratah Coal Services - Australia
- Indian Oil Corporation Limited
- Power Finance Corporation Ltd., India
- Salva Resources Pvt Ltd - India
- Bhatia International Limited - India
- Africa Commodities Group - South Africa
- Australian Coal Association
- AsiaOL BioFuels Corp., Philippines
- Pendopo Energi Batubara - Indonesia
- Banpu Public Company Limited - Thailand
- SMG Consultants - Indonesia
- Sojitz Corporation - Japan
- Energy Link Ltd, New Zealand
- Gujarat Electricity Regulatory Commission - India
- SN Aboitiz Power Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Essar Steel Hazira Ltd - India
- Siam City Cement PLC, Thailand
- Krishnapatnam Port Company Ltd. - India
- Mjunction Services Limited - India
- CNBM International Corporation - China
- European Bulk Services B.V. - Netherlands
- Videocon Industries ltd - India
- Heidelberg Cement - Germany
- Offshore Bulk Terminal Pte Ltd, Singapore
- PowerSource Philippines DevCo
- Aboitiz Power Corporation - Philippines
- ICICI Bank Limited - India
- Aditya Birla Group - India
- Thai Mozambique Logistica
- Xindia Steels Limited - India
- Barasentosa Lestari - Indonesia
- Baramulti Group, Indonesia
- Sindya Power Generating Company Private Ltd
- McConnell Dowell - Australia
- Agrawal Coal Company - India
- Ceylon Electricity Board - Sri Lanka
- Ministry of Finance - Indonesia
- Sarangani Energy Corporation, Philippines
- Bhoruka Overseas - Indonesia
- The State Trading Corporation of India Ltd
- PTC India Limited - India
- Kumho Petrochemical, South Korea
- Neyveli Lignite Corporation Ltd, - India
- Deloitte Consulting - India
- Malabar Cements Ltd - India
- Kobexindo Tractors - Indoneisa
- VISA Power Limited - India
- Maheswari Brothers Coal Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Cement Manufacturers Association - India
- LBH Netherlands Bv - Netherlands
- Parry Sugars Refinery, India
- Sinarmas Energy and Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- TeaM Sual Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Altura Mining Limited, Indonesia
- Orica Australia Pty. Ltd.
- Edison Trading Spa - Italy
- Toyota Tsusho Corporation, Japan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Energy Development Corp, Philippines
- Minerals Council of Australia
- Jaiprakash Power Ventures ltd
- Attock Cement Pakistan Limited
- Chettinad Cement Corporation Ltd - India
- Electricity Authority, New Zealand
- Indogreen Group - Indonesia
- Tata Chemicals Ltd - India
- Price Waterhouse Coopers - Russia
- The University of Queensland
- Sical Logistics Limited - India
- Metalloyd Limited - United Kingdom
- Mintek Dendrill Indonesia
- Bayan Resources Tbk. - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Uttam Galva Steels Limited - India
- Straits Asia Resources Limited - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Carbofer General Trading SA - India
- Australian Commodity Traders Exchange
- Riau Bara Harum - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Coal and Oil Company - UAE
- Formosa Plastics Group - Taiwan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Goldman Sachs - Singapore
- Semirara Mining Corp, Philippines
- Gujarat Sidhee Cement - India
- Interocean Group of Companies - India
- PNOC Exploration Corporation - Philippines
- Orica Mining Services - Indonesia
- Directorate General of MIneral and Coal - Indonesia
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