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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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Thursday, 09 May 19
OFFSHORE CARIBBEAN CONGRESS 2019
Offshore Caribbean Congress 2019
Event Date: 4-5th July. 2019t
Location: Georgetown, Guyana
Hess announced a new d ...
Tuesday, 07 May 19
UNDOUBTEDLY A VERY TROUBLED YEAR FOR THE DRY BULK MARKET, SAYS ALLIED SHIPPING
Undoubtedly a very troubled year for the dry bulk market says Allied Shipping in its latest weekly report.
Thomas Chasapis, Re ...
Saturday, 04 May 19
HOW THE 'FAIR VALUE' OF COAL ASSETS IS AFFECTED BY COMMODITY CYCLES - CRU
As with any commodity, valuing coal assets can be tricky due to the cyclical nature of the market. In this insight, CRU discusses how commodity cyc ...
Friday, 03 May 19
SUPRAMAX: WITH WIDESPREAD HOLIDAYS DURING THE WEEK, THE MARKET LACKED IMPETUS - BALTIC BRIEFING
Capesize
The market last week was a tale of two halves, with substantial volatility. Beginning the week on a positive note the C5 West Australi ...
Friday, 03 May 19
COAL INDIA APRIL OUTPUT RISES 1% TO 45.29 MILLION TONNE - PTI
Coal India Ltd (CIL) Wednesday said its coal production in April 2019 rose by 1 per cent to 45.29 million tonne as compared with 44.86 million tonn ...
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- Ind-Barath Power Infra Limited - India
- Mercator Lines Limited - India
- Videocon Industries ltd - India
- Deloitte Consulting - India
- Bukit Makmur.PT - Indonesia
- Agrawal Coal Company - India
- Pendopo Energi Batubara - Indonesia
- Toyota Tsusho Corporation, Japan
- PowerSource Philippines DevCo
- Straits Asia Resources Limited - Singapore
- Heidelberg Cement - Germany
- Mjunction Services Limited - India
- Kobexindo Tractors - Indoneisa
- Medco Energi Mining Internasional
- AsiaOL BioFuels Corp., Philippines
- Antam Resourcindo - Indonesia
- ICICI Bank Limited - India
- Siam City Cement PLC, Thailand
- ASAPP Information Group - India
- Bangladesh Power Developement Board
- Meralco Power Generation, Philippines
- SN Aboitiz Power Inc, Philippines
- Global Business Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Rio Tinto Coal - Australia
- GAC Shipping (India) Pvt Ltd
- Iligan Light & Power Inc, Philippines
- Orica Australia Pty. Ltd.
- Chamber of Mines of South Africa
- Anglo American - United Kingdom
- Bhushan Steel Limited - India
- Ceylon Electricity Board - Sri Lanka
- Essar Steel Hazira Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Directorate Of Revenue Intelligence - India
- Sarangani Energy Corporation, Philippines
- Sojitz Corporation - Japan
- Mintek Dendrill Indonesia
- Aboitiz Power Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Australian Coal Association
- Tamil Nadu electricity Board
- Formosa Plastics Group - Taiwan
- Energy Link Ltd, New Zealand
- Coal and Oil Company - UAE
- South Luzon Thermal Energy Corporation
- Economic Council, Georgia
- Port Waratah Coal Services - Australia
- Uttam Galva Steels Limited - India
- Africa Commodities Group - South Africa
- Cement Manufacturers Association - India
- Indian Oil Corporation Limited
- Baramulti Group, Indonesia
- Indonesian Coal Mining Association
- Bayan Resources Tbk. - Indonesia
- European Bulk Services B.V. - Netherlands
- Intertek Mineral Services - Indonesia
- Energy Development Corp, Philippines
- TeaM Sual Corporation - Philippines
- Singapore Mercantile Exchange
- The State Trading Corporation of India Ltd
- Savvy Resources Ltd - HongKong
- Dalmia Cement Bharat India
- Directorate General of MIneral and Coal - Indonesia
- Meenaskhi Energy Private Limited - India
- Interocean Group of Companies - India
- Pipit Mutiara Jaya. PT, Indonesia
- PTC India Limited - India
- Miang Besar Coal Terminal - Indonesia
- Orica Mining Services - Indonesia
- Karaikal Port Pvt Ltd - India
- McConnell Dowell - Australia
- Electricity Authority, New Zealand
- Makarim & Taira - Indonesia
- New Zealand Coal & Carbon
- Maheswari Brothers Coal Limited - India
- Jindal Steel & Power Ltd - India
- Aditya Birla Group - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Globalindo Alam Lestari - Indonesia
- Planning Commission, India
- GN Power Mariveles Coal Plant, Philippines
- Eastern Energy - Thailand
- Asmin Koalindo Tuhup - Indonesia
- Salva Resources Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Cigading International Bulk Terminal - Indonesia
- GVK Power & Infra Limited - India
- Xindia Steels Limited - India
- Bulk Trading Sa - Switzerland
- Independent Power Producers Association of India
- OPG Power Generation Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Sindya Power Generating Company Private Ltd
- Commonwealth Bank - Australia
- Kideco Jaya Agung - Indonesia
- Marubeni Corporation - India
- Borneo Indobara - Indonesia
- Grasim Industreis Ltd - India
- IHS Mccloskey Coal Group - USA
- Sical Logistics Limited - India
- Siam City Cement - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Finance - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Petrochimia International Co. Ltd.- Taiwan
- Barasentosa Lestari - Indonesia
- San Jose City I Power Corp, Philippines
- MS Steel International - UAE
- Samtan Co., Ltd - South Korea
- Leighton Contractors Pty Ltd - Australia
- Sakthi Sugars Limited - India
- Vizag Seaport Private Limited - India
- Bhatia International Limited - India
- VISA Power Limited - India
- Manunggal Multi Energi - Indonesia
- Semirara Mining Corp, Philippines
- Riau Bara Harum - Indonesia
- Vedanta Resources Plc - India
- Ambuja Cements Ltd - India
- Thiess Contractors Indonesia
- Central Java Power - Indonesia
- Parry Sugars Refinery, India
- Larsen & Toubro Limited - India
- Indian Energy Exchange, India
- Thai Mozambique Logistica
- White Energy Company Limited
- London Commodity Brokers - England
- Attock Cement Pakistan Limited
- International Coal Ventures Pvt Ltd - India
- Tata Chemicals Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Malabar Cements Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- The Treasury - Australian Government
- Romanian Commodities Exchange
- Electricity Generating Authority of Thailand
- Oldendorff Carriers - Singapore
- Merrill Lynch Commodities Europe
- The University of Queensland
- Wilmar Investment Holdings
- Krishnapatnam Port Company Ltd. - India
- LBH Netherlands Bv - Netherlands
- Latin American Coal - Colombia
- Global Green Power PLC Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Power Finance Corporation Ltd., India
- CNBM International Corporation - China
- Metalloyd Limited - United Kingdom
- Minerals Council of Australia
- Bahari Cakrawala Sebuku - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Semirara Mining and Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Trasteel International SA, Italy
- Central Electricity Authority - India
- Gujarat Sidhee Cement - India
- Lanco Infratech Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- GMR Energy Limited - India
- Parliament of New Zealand
- Bhoruka Overseas - Indonesia
- Ministry of Transport, Egypt
- India Bulls Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Holcim Trading Pte Ltd - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kapuas Tunggal Persada - Indonesia
- Altura Mining Limited, Indonesia
- Therma Luzon, Inc, Philippines
- Ministry of Mines - Canada
- SMC Global Power, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indogreen Group - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- Carbofer General Trading SA - India
- Edison Trading Spa - Italy
- Renaissance Capital - South Africa
- Goldman Sachs - Singapore
- Simpson Spence & Young - Indonesia
- Kaltim Prima Coal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Indika Energy - Indonesia
- Standard Chartered Bank - UAE
- Australian Commodity Traders Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Petron Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Star Paper Mills Limited - India
- Posco Energy - South Korea
- Mercuria Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- IEA Clean Coal Centre - UK
- Bharathi Cement Corporation - India
- SMG Consultants - Indonesia
- Madhucon Powers Ltd - India
- Eastern Coal Council - USA
- Kumho Petrochemical, South Korea
- CIMB Investment Bank - Malaysia
- Indo Tambangraya Megah - Indonesia
- Coalindo Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Price Waterhouse Coopers - Russia
- Binh Thuan Hamico - Vietnam
- PetroVietnam Power Coal Import and Supply Company
- Jaiprakash Power Ventures ltd
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