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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, 29 May 19
SHIPPING MARKET INSIGHT - INTERMODAL
Reflecting on the first quarter of 2019, the product tanker market was healthy, with average earnings significantly up compared to the first quarte ...
Sunday, 26 May 19
SUPRAMAX: A LIMITED ACTIVITY WAS REPORTED, WITH THE UPCOMING INDONESIAN HOLIDAYS SLOWING COAL MOVEMENTS - BALTIC BRIEFING
Capesize
The past week marked one of the busier periods for Capesizes this year. With a subdued start due to a public holiday in Singapore on M ...
Wednesday, 22 May 19
SHIPPING MARKET INSIGHT - INTERMODAL
The ship repair sector is showing a constant and gradual increase on the workload throughout the past months, with almost all the shipyards worldwi ...
Saturday, 18 May 19
SUPRAMAX: 56,000DWT OPEN PANJANG FIXING AT $10,500 FOR A TRIP VIA INDONESIA, AND REDELIVERY CHINA - BALTIC EXCHANGE
Capesize
The market continues to ebb and flow with a generally positive up trend. The Capesize 5TC opened with upward momentum from last week&r ...
Friday, 17 May 19
CHINA'S BENCHMARK POWER COAL PRICE REMAINS FLAT - XINHUA
China’s benchmark power coal price remained flat during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
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- Iligan Light & Power Inc, Philippines
- Gujarat Sidhee Cement - India
- Central Java Power - Indonesia
- Semirara Mining Corp, Philippines
- The University of Queensland
- Intertek Mineral Services - Indonesia
- GVK Power & Infra Limited - India
- Trasteel International SA, Italy
- Larsen & Toubro Limited - India
- Uttam Galva Steels Limited - India
- OPG Power Generation Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Indian Oil Corporation Limited
- LBH Netherlands Bv - Netherlands
- Therma Luzon, Inc, Philippines
- Bhushan Steel Limited - India
- Siam City Cement - Thailand
- PTC India Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- London Commodity Brokers - England
- Singapore Mercantile Exchange
- Gujarat Mineral Development Corp Ltd - India
- PowerSource Philippines DevCo
- International Coal Ventures Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Essar Steel Hazira Ltd - India
- Edison Trading Spa - Italy
- Bahari Cakrawala Sebuku - Indonesia
- Chettinad Cement Corporation Ltd - India
- Star Paper Mills Limited - India
- Kartika Selabumi Mining - Indonesia
- Electricity Generating Authority of Thailand
- Coastal Gujarat Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Malabar Cements Ltd - India
- Bharathi Cement Corporation - India
- Mintek Dendrill Indonesia
- Aboitiz Power Corporation - Philippines
- Energy Development Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- MS Steel International - UAE
- Latin American Coal - Colombia
- Karaikal Port Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Anglo American - United Kingdom
- Alfred C Toepfer International GmbH - Germany
- Leighton Contractors Pty Ltd - Australia
- GAC Shipping (India) Pvt Ltd
- SMC Global Power, Philippines
- SN Aboitiz Power Inc, Philippines
- Altura Mining Limited, Indonesia
- Jaiprakash Power Ventures ltd
- Holcim Trading Pte Ltd - Singapore
- Indonesian Coal Mining Association
- Oldendorff Carriers - Singapore
- Sindya Power Generating Company Private Ltd
- Formosa Plastics Group - Taiwan
- Kepco SPC Power Corporation, Philippines
- Interocean Group of Companies - India
- Georgia Ports Authority, United States
- Maharashtra Electricity Regulatory Commission - India
- Indika Energy - Indonesia
- Minerals Council of Australia
- Orica Australia Pty. Ltd.
- Manunggal Multi Energi - Indonesia
- Australian Coal Association
- PNOC Exploration Corporation - Philippines
- Bulk Trading Sa - Switzerland
- GN Power Mariveles Coal Plant, Philippines
- CIMB Investment Bank - Malaysia
- Lanco Infratech Ltd - India
- CNBM International Corporation - China
- Coal and Oil Company - UAE
- Bhoruka Overseas - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Billiton Holdings Pty Ltd - Australia
- Banpu Public Company Limited - Thailand
- Bayan Resources Tbk. - Indonesia
- Attock Cement Pakistan Limited
- Commonwealth Bank - Australia
- Rashtriya Ispat Nigam Limited - India
- Xindia Steels Limited - India
- Heidelberg Cement - Germany
- Price Waterhouse Coopers - Russia
- Sinarmas Energy and Mining - Indonesia
- VISA Power Limited - India
- White Energy Company Limited
- European Bulk Services B.V. - Netherlands
- Kohat Cement Company Ltd. - Pakistan
- New Zealand Coal & Carbon
- GMR Energy Limited - India
- Global Business Power Corporation, Philippines
- Eastern Coal Council - USA
- Pendopo Energi Batubara - Indonesia
- Orica Mining Services - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Indian Energy Exchange, India
- Ambuja Cements Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Australian Commodity Traders Exchange
- Kumho Petrochemical, South Korea
- Africa Commodities Group - South Africa
- Power Finance Corporation Ltd., India
- Dalmia Cement Bharat India
- Thiess Contractors Indonesia
- Sakthi Sugars Limited - India
- Marubeni Corporation - India
- AsiaOL BioFuels Corp., Philippines
- Barasentosa Lestari - Indonesia
- Mercuria Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- India Bulls Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Madhucon Powers Ltd - India
- South Luzon Thermal Energy Corporation
- Central Electricity Authority - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kideco Jaya Agung - Indonesia
- Thai Mozambique Logistica
- Grasim Industreis Ltd - India
- Goldman Sachs - Singapore
- Vedanta Resources Plc - India
- Mjunction Services Limited - India
- Tamil Nadu electricity Board
- ICICI Bank Limited - India
- Bhatia International Limited - India
- Kobexindo Tractors - Indoneisa
- Borneo Indobara - Indonesia
- Romanian Commodities Exchange
- TeaM Sual Corporation - Philippines
- Parry Sugars Refinery, India
- Simpson Spence & Young - Indonesia
- Meenaskhi Energy Private Limited - India
- Ministry of Transport, Egypt
- Indogreen Group - Indonesia
- Jindal Steel & Power Ltd - India
- Chamber of Mines of South Africa
- Bukit Makmur.PT - Indonesia
- Bangladesh Power Developement Board
- Ministry of Finance - Indonesia
- San Jose City I Power Corp, Philippines
- Mercator Lines Limited - India
- The State Trading Corporation of India Ltd
- Global Green Power PLC Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Bukit Baiduri Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Riau Bara Harum - Indonesia
- Toyota Tsusho Corporation, Japan
- Vizag Seaport Private Limited - India
- Standard Chartered Bank - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Port Waratah Coal Services - Australia
- Global Coal Blending Company Limited - Australia
- Coalindo Energy - Indonesia
- Merrill Lynch Commodities Europe
- Semirara Mining and Power Corporation, Philippines
- SMG Consultants - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Kaltim Prima Coal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Deloitte Consulting - India
- IEA Clean Coal Centre - UK
- Sarangani Energy Corporation, Philippines
- Makarim & Taira - Indonesia
- Parliament of New Zealand
- Sojitz Corporation - Japan
- Carbofer General Trading SA - India
- ASAPP Information Group - India
- Cigading International Bulk Terminal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Sical Logistics Limited - India
- Rio Tinto Coal - Australia
- Metalloyd Limited - United Kingdom
- Agrawal Coal Company - India
- Economic Council, Georgia
- Baramulti Group, Indonesia
- Independent Power Producers Association of India
- Siam City Cement PLC, Thailand
- Tata Chemicals Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Straits Asia Resources Limited - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Binh Thuan Hamico - Vietnam
- Videocon Industries ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Wilmar Investment Holdings
- Posco Energy - South Korea
- Wood Mackenzie - Singapore
- Petron Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Directorate Of Revenue Intelligence - India
- Ministry of Mines - Canada
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Renaissance Capital - South Africa
- The Treasury - Australian Government
- Aditya Birla Group - India
- McConnell Dowell - Australia
- Planning Commission, India
- Eastern Energy - Thailand
- Meralco Power Generation, Philippines
- Medco Energi Mining Internasional
- Cement Manufacturers Association - India
- Savvy Resources Ltd - HongKong
- Antam Resourcindo - Indonesia
- Salva Resources Pvt Ltd - India
- Energy Link Ltd, New Zealand
- IHS Mccloskey Coal Group - USA
- Neyveli Lignite Corporation Ltd, - India
- Miang Besar Coal Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- Electricity Authority, New Zealand
- Krishnapatnam Port Company Ltd. - India
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