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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, 20 March 19
COAL EXPORT FEARS RESURFACE AS RESTRICTIONS HIT MORE CHINESE PORTS AND AUSTRALIAN PRICES COP A 'BELTING' - ABC
Australian thermal coal exports to China are under increasing pressure, with indications import restrictions are spreading to other key ports.
...
Monday, 18 March 19
A 56,000DWT SHIP FIXED DELIVERY FOR A SINGAPORE TRIP VIA INDONESIA, RE-DELIVERY CHINA, AT $10,000 - BALTIC BRIEFING
Capesize
The Baltic Capesize market shrugged off its recent negative sentiment to post daily incremental improvements over the last week. Pacif ...
Saturday, 16 March 19
AUSTRALIAN COAL STILL FACING CHINESE DELAY - AAP
Australian coal exports to China are still facing delays, with protectionism and environmental checks blamed for the slowdown.
Coal ...
Thursday, 14 March 19
SUPRAMAX: INDO COAL CARGOES GETTING FIXED AT AROUND US$ 12000 TO CHINA - FEARNLEYS
Capesize
Average daily earning still well below operating costs, and owners keep bleeding - but nevertheless finally some bright spots for the ...
Monday, 11 March 19
SUPRAMAX: A 61,000 DWT VESSEL WAS BOOKED SINGAPORE FOR A TRIP VIA INDONESIA TO CHINA AT $10,500 - BALTIC BRIEFING
Capesize
A faint glimmer of hope with the suggestion the market may have finally bottomed out, with owners attempting to resist further cuts in ...
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- Ministry of Transport, Egypt
- MS Steel International - UAE
- New Zealand Coal & Carbon
- Chettinad Cement Corporation Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Directorate Of Revenue Intelligence - India
- IHS Mccloskey Coal Group - USA
- Romanian Commodities Exchange
- Global Business Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Siam City Cement - Thailand
- Ministry of Mines - Canada
- Metalloyd Limited - United Kingdom
- Semirara Mining and Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Medco Energi Mining Internasional
- Latin American Coal - Colombia
- Indian Energy Exchange, India
- Timah Investasi Mineral - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Indika Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Orica Mining Services - Indonesia
- Riau Bara Harum - Indonesia
- Formosa Plastics Group - Taiwan
- Wilmar Investment Holdings
- CIMB Investment Bank - Malaysia
- VISA Power Limited - India
- Bangladesh Power Developement Board
- Bukit Baiduri Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bhushan Steel Limited - India
- Kumho Petrochemical, South Korea
- ICICI Bank Limited - India
- Independent Power Producers Association of India
- Electricity Generating Authority of Thailand
- Energy Development Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Sakthi Sugars Limited - India
- Kaltim Prima Coal - Indonesia
- Sarangani Energy Corporation, Philippines
- Lanco Infratech Ltd - India
- Vedanta Resources Plc - India
- Thiess Contractors Indonesia
- Merrill Lynch Commodities Europe
- Petrochimia International Co. Ltd.- Taiwan
- The University of Queensland
- Vijayanagar Sugar Pvt Ltd - India
- Larsen & Toubro Limited - India
- Intertek Mineral Services - Indonesia
- London Commodity Brokers - England
- Kartika Selabumi Mining - Indonesia
- Meenaskhi Energy Private Limited - India
- Agrawal Coal Company - India
- Rashtriya Ispat Nigam Limited - India
- Price Waterhouse Coopers - Russia
- Cigading International Bulk Terminal - Indonesia
- Central Java Power - Indonesia
- The State Trading Corporation of India Ltd
- Karaikal Port Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Ambuja Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Bukit Makmur.PT - Indonesia
- Mintek Dendrill Indonesia
- Barasentosa Lestari - Indonesia
- Kideco Jaya Agung - Indonesia
- Minerals Council of Australia
- Miang Besar Coal Terminal - Indonesia
- Economic Council, Georgia
- Grasim Industreis Ltd - India
- Binh Thuan Hamico - Vietnam
- Bukit Asam (Persero) Tbk - Indonesia
- Posco Energy - South Korea
- Star Paper Mills Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Altura Mining Limited, Indonesia
- Ministry of Finance - Indonesia
- Pendopo Energi Batubara - Indonesia
- San Jose City I Power Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Mjunction Services Limited - India
- TeaM Sual Corporation - Philippines
- Marubeni Corporation - India
- Samtan Co., Ltd - South Korea
- Singapore Mercantile Exchange
- Standard Chartered Bank - UAE
- Petron Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GN Power Mariveles Coal Plant, Philippines
- LBH Netherlands Bv - Netherlands
- Parry Sugars Refinery, India
- Salva Resources Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Uttam Galva Steels Limited - India
- Essar Steel Hazira Ltd - India
- Manunggal Multi Energi - Indonesia
- Meralco Power Generation, Philippines
- Therma Luzon, Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- PowerSource Philippines DevCo
- Straits Asia Resources Limited - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Power Finance Corporation Ltd., India
- Leighton Contractors Pty Ltd - Australia
- Cement Manufacturers Association - India
- Eastern Coal Council - USA
- Antam Resourcindo - Indonesia
- Indonesian Coal Mining Association
- Gujarat Electricity Regulatory Commission - India
- Tamil Nadu electricity Board
- Jaiprakash Power Ventures ltd
- Krishnapatnam Port Company Ltd. - India
- Coalindo Energy - Indonesia
- Edison Trading Spa - Italy
- Videocon Industries ltd - India
- Electricity Authority, New Zealand
- Anglo American - United Kingdom
- Siam City Cement PLC, Thailand
- India Bulls Power Limited - India
- Energy Link Ltd, New Zealand
- Tata Chemicals Ltd - India
- Rio Tinto Coal - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- ASAPP Information Group - India
- Iligan Light & Power Inc, Philippines
- European Bulk Services B.V. - Netherlands
- McConnell Dowell - Australia
- Global Green Power PLC Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- South Luzon Thermal Energy Corporation
- Parliament of New Zealand
- GAC Shipping (India) Pvt Ltd
- PNOC Exploration Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Trasteel International SA, Italy
- Coal and Oil Company - UAE
- Australian Commodity Traders Exchange
- Simpson Spence & Young - Indonesia
- Bayan Resources Tbk. - Indonesia
- Dalmia Cement Bharat India
- PTC India Limited - India
- Bhoruka Overseas - Indonesia
- IEA Clean Coal Centre - UK
- Wood Mackenzie - Singapore
- Thai Mozambique Logistica
- Kalimantan Lumbung Energi - Indonesia
- Heidelberg Cement - Germany
- Indian Oil Corporation Limited
- Central Electricity Authority - India
- Holcim Trading Pte Ltd - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indogreen Group - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Bhatia International Limited - India
- Toyota Tsusho Corporation, Japan
- Georgia Ports Authority, United States
- Ind-Barath Power Infra Limited - India
- Aboitiz Power Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Kapuas Tunggal Persada - Indonesia
- Sical Logistics Limited - India
- Carbofer General Trading SA - India
- Bahari Cakrawala Sebuku - Indonesia
- Global Coal Blending Company Limited - Australia
- Gujarat Mineral Development Corp Ltd - India
- Xindia Steels Limited - India
- International Coal Ventures Pvt Ltd - India
- Madhucon Powers Ltd - India
- Aditya Birla Group - India
- Eastern Energy - Thailand
- Attock Cement Pakistan Limited
- White Energy Company Limited
- Borneo Indobara - Indonesia
- Port Waratah Coal Services - Australia
- CNBM International Corporation - China
- Mercuria Energy - Indonesia
- Sojitz Corporation - Japan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GMR Energy Limited - India
- Malabar Cements Ltd - India
- Maheswari Brothers Coal Limited - India
- Planning Commission, India
- GVK Power & Infra Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Baramulti Group, Indonesia
- Makarim & Taira - Indonesia
- Interocean Group of Companies - India
- Chamber of Mines of South Africa
- Africa Commodities Group - South Africa
- Banpu Public Company Limited - Thailand
- Commonwealth Bank - Australia
- Goldman Sachs - Singapore
- Sree Jayajothi Cements Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Orica Australia Pty. Ltd.
- Semirara Mining Corp, Philippines
- SMC Global Power, Philippines
- Australian Coal Association
- SMG Consultants - Indonesia
- Deloitte Consulting - India
- The Treasury - Australian Government
- Renaissance Capital - South Africa
- Maharashtra Electricity Regulatory Commission - India
- Bharathi Cement Corporation - India
- Kobexindo Tractors - Indoneisa
- Vizag Seaport Private Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Sidhee Cement - India
- Oldendorff Carriers - Singapore
- Mercator Lines Limited - India
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