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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, 12 June 19
IMO 2020 - COUNTDOWN TO 1 JANUARY 2020 -HOW WILL THE CHANGES AFFECT REFINING AND SHIPPING? - WOOD MACKENZIE
We know that the IMO’s regulations represent the biggest step change the shipping industry has ever seen and the implications will be felt th ...
Wednesday, 12 June 19
SHIPPING MARKET INSIGHT - INTERMODAL
This year’s tanker S&P activity keeps edging higher compared to the same period in 2018. Year to date we have seen some 143 ships, rangin ...
Tuesday, 11 June 19
INDONESIAN COAL PRICE REFERENCE SET AT $81.48 PER TON IN JUNE, DOWN 15.66 PERCENT YEAR-ON-YEAR
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, 10 June 19
CONSECUTIVE OWNERS OF CARGO: WHO HOLDS TITLE AND THE RIGHT TO SUE? - COLIN BIGGERS & PAISLEY
KNOWLEDGE TO ELEVATE
In Tritton Resources Pty Ltd v Ever Rock Navigation S.A. [2019] FCA 276, the Federal Court considered the application of ...
Monday, 10 June 19
KOSPO INVITES BIDS FOR 1,305,000 MT OF MIN 5600 KCAL/KG NCV COAL FOR SEPT 2019 TO DEC 2021
COALspot.com: South Korea state-owned utility Korea Southern Power Co. Ltd (KOSPO) issued a tender for 435,000 MT (per year) of max 5,600 kcal/kg N ...
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- Chettinad Cement Corporation Ltd - India
- IHS Mccloskey Coal Group - USA
- Salva Resources Pvt Ltd - India
- Indian Oil Corporation Limited
- IEA Clean Coal Centre - UK
- Binh Thuan Hamico - Vietnam
- Kartika Selabumi Mining - Indonesia
- Commonwealth Bank - Australia
- Straits Asia Resources Limited - Singapore
- Chamber of Mines of South Africa
- Power Finance Corporation Ltd., India
- Simpson Spence & Young - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Videocon Industries ltd - India
- Bulk Trading Sa - Switzerland
- Cement Manufacturers Association - India
- Miang Besar Coal Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- Bukit Asam (Persero) Tbk - Indonesia
- Sinarmas Energy and Mining - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Bukit Makmur.PT - Indonesia
- Minerals Council of Australia
- Gujarat Sidhee Cement - India
- Neyveli Lignite Corporation Ltd, - India
- Sojitz Corporation - Japan
- CIMB Investment Bank - Malaysia
- PTC India Limited - India
- Bhatia International Limited - India
- ICICI Bank Limited - India
- Alfred C Toepfer International GmbH - Germany
- Parry Sugars Refinery, India
- Meenaskhi Energy Private Limited - India
- Eastern Coal Council - USA
- Electricity Authority, New Zealand
- Kalimantan Lumbung Energi - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Vijayanagar Sugar Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Energy Link Ltd, New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Merrill Lynch Commodities Europe
- Lanco Infratech Ltd - India
- Economic Council, Georgia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Rashtriya Ispat Nigam Limited - India
- Billiton Holdings Pty Ltd - Australia
- Samtan Co., Ltd - South Korea
- Posco Energy - South Korea
- Karaikal Port Pvt Ltd - India
- SMG Consultants - Indonesia
- Jaiprakash Power Ventures ltd
- Thiess Contractors Indonesia
- Manunggal Multi Energi - Indonesia
- Therma Luzon, Inc, Philippines
- Borneo Indobara - Indonesia
- Larsen & Toubro Limited - India
- Renaissance Capital - South Africa
- Indika Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- VISA Power Limited - India
- Mercuria Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Kideco Jaya Agung - Indonesia
- San Jose City I Power Corp, Philippines
- Bhoruka Overseas - Indonesia
- Globalindo Alam Lestari - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Anglo American - United Kingdom
- Africa Commodities Group - South Africa
- Ceylon Electricity Board - Sri Lanka
- Vizag Seaport Private Limited - India
- Pendopo Energi Batubara - Indonesia
- Uttam Galva Steels Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Kaltim Prima Coal - Indonesia
- Price Waterhouse Coopers - Russia
- Indo Tambangraya Megah - Indonesia
- Electricity Generating Authority of Thailand
- European Bulk Services B.V. - Netherlands
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Iligan Light & Power Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhushan Steel Limited - India
- Orica Australia Pty. Ltd.
- Parliament of New Zealand
- Bukit Baiduri Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Star Paper Mills Limited - India
- Grasim Industreis Ltd - India
- Planning Commission, India
- South Luzon Thermal Energy Corporation
- ASAPP Information Group - India
- Malabar Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- SMC Global Power, Philippines
- Riau Bara Harum - Indonesia
- Deloitte Consulting - India
- Kapuas Tunggal Persada - Indonesia
- International Coal Ventures Pvt Ltd - India
- Orica Mining Services - Indonesia
- GMR Energy Limited - India
- Barasentosa Lestari - Indonesia
- Mjunction Services Limited - India
- GAC Shipping (India) Pvt Ltd
- Tamil Nadu electricity Board
- GVK Power & Infra Limited - India
- Meralco Power Generation, Philippines
- Ministry of Transport, Egypt
- Holcim Trading Pte Ltd - Singapore
- Goldman Sachs - Singapore
- Central Java Power - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- The State Trading Corporation of India Ltd
- Rio Tinto Coal - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Sakthi Sugars Limited - India
- Singapore Mercantile Exchange
- Dalmia Cement Bharat India
- The University of Queensland
- Oldendorff Carriers - Singapore
- Indian Energy Exchange, India
- Ind-Barath Power Infra Limited - India
- Coal and Oil Company - UAE
- Madhucon Powers Ltd - India
- Ministry of Mines - Canada
- Timah Investasi Mineral - Indoneisa
- The Treasury - Australian Government
- Agrawal Coal Company - India
- PNOC Exploration Corporation - Philippines
- Tata Chemicals Ltd - India
- Sarangani Energy Corporation, Philippines
- Bangladesh Power Developement Board
- Heidelberg Cement - Germany
- Maharashtra Electricity Regulatory Commission - India
- PowerSource Philippines DevCo
- Port Waratah Coal Services - Australia
- Vedanta Resources Plc - India
- Trasteel International SA, Italy
- MS Steel International - UAE
- Eastern Energy - Thailand
- Coastal Gujarat Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- McConnell Dowell - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- White Energy Company Limited
- Global Coal Blending Company Limited - Australia
- New Zealand Coal & Carbon
- Romanian Commodities Exchange
- Metalloyd Limited - United Kingdom
- Latin American Coal - Colombia
- Coalindo Energy - Indonesia
- Bharathi Cement Corporation - India
- Bayan Resources Tbk. - Indonesia
- Energy Development Corp, Philippines
- Baramulti Group, Indonesia
- Standard Chartered Bank - UAE
- Edison Trading Spa - Italy
- Formosa Plastics Group - Taiwan
- Karbindo Abesyapradhi - Indoneisa
- Essar Steel Hazira Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aditya Birla Group - India
- LBH Netherlands Bv - Netherlands
- Aboitiz Power Corporation - Philippines
- Mercator Lines Limited - India
- Global Business Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Marubeni Corporation - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Green Power PLC Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Cigading International Bulk Terminal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Ministry of Finance - Indonesia
- Independent Power Producers Association of India
- Ambuja Cements Ltd - India
- Toyota Tsusho Corporation, Japan
- Intertek Mineral Services - Indonesia
- Interocean Group of Companies - India
- Petron Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Australian Commodity Traders Exchange
- Attock Cement Pakistan Limited
- Indogreen Group - Indonesia
- Wilmar Investment Holdings
- Medco Energi Mining Internasional
- Makarim & Taira - Indonesia
- Carbofer General Trading SA - India
- Kobexindo Tractors - Indoneisa
- Antam Resourcindo - Indonesia
- London Commodity Brokers - England
- Xindia Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- Indonesian Coal Mining Association
- Banpu Public Company Limited - Thailand
- India Bulls Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Australian Coal Association
- Semirara Mining Corp, Philippines
- Kumho Petrochemical, South Korea
- Thai Mozambique Logistica
- SN Aboitiz Power Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Georgia Ports Authority, United States
- CNBM International Corporation - China
- Sree Jayajothi Cements Limited - India
- Siam City Cement PLC, Thailand
- Siam City Cement - Thailand
- Maheswari Brothers Coal Limited - India
- Altura Mining Limited, Indonesia
- Sical Logistics Limited - India
- Central Electricity Authority - India
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