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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, 26 February 19
THE RELATIVELY DISAPPOINTING SCENE PORTRAYED IN THE DRY BULK MARKET RIGHT NOW - ALLIED SHIPBROKING
The relatively disappointing scene portrayed in the dry bulk market right now (especially in the Capesize segment) is undoubtedly one of the prevai ...
Friday, 22 February 19
AUSTRALIAN HIGH CV THERMAL COAL PRICES AT 19-MONTH LOW, BUT NOT FOR LONG - WOOD MACKENZIE
The benchmark Newcastle high energy thermal coal price has fallen from US$100/tonne at the turn of the new year to US$88/tonne. Thermal coal has be ...
Wednesday, 20 February 19
EFFECTIVE NOTICES OF ARBITRATION - AVOIDING WASTED COSTS AND A POTENTIALLY TIME-BARRED CLAIM
KNOWLEDGE TO ELEVATE
In a recent case, The Amity [2017], charterers successfully set aside an arbitration award on the basis that ow ...
Wednesday, 20 February 19
SHIPPING MARKET INSIGHT - INERMODAL
Market experts mostly agree that the recent dry bulk market downtrend was caused by seasonal slowdown amid the Chinese New Year celebrations in com ...
Tuesday, 19 February 19
AUSTRALIA'S COAL FUTURE UNDER THREAT AS MORE CHANGES HIT FOSSIL FUELS GLOBALLY - ABC
Two disparate decisions from opposite corners of the world have sounded warnings for the future of Australia’s coal industry.
...
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- Trasteel International SA, Italy
- Global Business Power Corporation, Philippines
- SMG Consultants - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Wood Mackenzie - Singapore
- SMC Global Power, Philippines
- Essar Steel Hazira Ltd - India
- Commonwealth Bank - Australia
- Coastal Gujarat Power Limited - India
- Madhucon Powers Ltd - India
- Ministry of Mines - Canada
- Indonesian Coal Mining Association
- Agrawal Coal Company - India
- Straits Asia Resources Limited - Singapore
- Eastern Energy - Thailand
- Global Coal Blending Company Limited - Australia
- CIMB Investment Bank - Malaysia
- Power Finance Corporation Ltd., India
- Kapuas Tunggal Persada - Indonesia
- Port Waratah Coal Services - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Price Waterhouse Coopers - Russia
- Baramulti Group, Indonesia
- Mjunction Services Limited - India
- White Energy Company Limited
- Aditya Birla Group - India
- Renaissance Capital - South Africa
- Xindia Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- Binh Thuan Hamico - Vietnam
- Sarangani Energy Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- The Treasury - Australian Government
- Semirara Mining and Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Grasim Industreis Ltd - India
- Holcim Trading Pte Ltd - Singapore
- SN Aboitiz Power Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
- PTC India Limited - India
- Salva Resources Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Central Electricity Authority - India
- Mercuria Energy - Indonesia
- Cement Manufacturers Association - India
- Dalmia Cement Bharat India
- Meralco Power Generation, Philippines
- CNBM International Corporation - China
- Parry Sugars Refinery, India
- Heidelberg Cement - Germany
- Altura Mining Limited, Indonesia
- Therma Luzon, Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Ambuja Cements Ltd - India
- Electricity Generating Authority of Thailand
- Pendopo Energi Batubara - Indonesia
- Manunggal Multi Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- Orica Australia Pty. Ltd.
- Marubeni Corporation - India
- Makarim & Taira - Indonesia
- Star Paper Mills Limited - India
- ASAPP Information Group - India
- Tamil Nadu electricity Board
- Bukit Asam (Persero) Tbk - Indonesia
- Wilmar Investment Holdings
- Bhoruka Overseas - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Uttam Galva Steels Limited - India
- Planning Commission, India
- The State Trading Corporation of India Ltd
- Kaltim Prima Coal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Riau Bara Harum - Indonesia
- Indo Tambangraya Megah - Indonesia
- Georgia Ports Authority, United States
- Jindal Steel & Power Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Kartika Selabumi Mining - Indonesia
- Bhatia International Limited - India
- Ministry of Transport, Egypt
- Gujarat Electricity Regulatory Commission - India
- Leighton Contractors Pty Ltd - Australia
- Interocean Group of Companies - India
- Karaikal Port Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- IHS Mccloskey Coal Group - USA
- Deloitte Consulting - India
- Savvy Resources Ltd - HongKong
- International Coal Ventures Pvt Ltd - India
- Coalindo Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Posco Energy - South Korea
- Thiess Contractors Indonesia
- TeaM Sual Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Rio Tinto Coal - Australia
- Kumho Petrochemical, South Korea
- Sree Jayajothi Cements Limited - India
- Billiton Holdings Pty Ltd - Australia
- Energy Link Ltd, New Zealand
- Aboitiz Power Corporation - Philippines
- Bhushan Steel Limited - India
- Standard Chartered Bank - UAE
- Siam City Cement - Thailand
- GVK Power & Infra Limited - India
- Borneo Indobara - Indonesia
- Larsen & Toubro Limited - India
- Bukit Baiduri Energy - Indonesia
- Malabar Cements Ltd - India
- Chamber of Mines of South Africa
- Bharathi Cement Corporation - India
- VISA Power Limited - India
- Eastern Coal Council - USA
- Barasentosa Lestari - Indonesia
- GMR Energy Limited - India
- Kepco SPC Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Romanian Commodities Exchange
- PowerSource Philippines DevCo
- MS Steel International - UAE
- IEA Clean Coal Centre - UK
- Krishnapatnam Port Company Ltd. - India
- Iligan Light & Power Inc, Philippines
- Singapore Mercantile Exchange
- Petron Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Miang Besar Coal Terminal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Minerals Council of Australia
- Independent Power Producers Association of India
- New Zealand Coal & Carbon
- South Luzon Thermal Energy Corporation
- Directorate Of Revenue Intelligence - India
- Australian Commodity Traders Exchange
- Indian Energy Exchange, India
- Sical Logistics Limited - India
- Bulk Trading Sa - Switzerland
- Anglo American - United Kingdom
- Africa Commodities Group - South Africa
- Gujarat Sidhee Cement - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Carbofer General Trading SA - India
- Neyveli Lignite Corporation Ltd, - India
- Indika Energy - Indonesia
- Central Java Power - Indonesia
- Sojitz Corporation - Japan
- McConnell Dowell - Australia
- Thai Mozambique Logistica
- Karbindo Abesyapradhi - Indoneisa
- Indogreen Group - Indonesia
- Lanco Infratech Ltd - India
- Edison Trading Spa - Italy
- Economic Council, Georgia
- Sakthi Sugars Limited - India
- Global Green Power PLC Corporation, Philippines
- Parliament of New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bangladesh Power Developement Board
- Siam City Cement PLC, Thailand
- Vizag Seaport Private Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Mercator Lines Limited - India
- Coal and Oil Company - UAE
- Kobexindo Tractors - Indoneisa
- Intertek Mineral Services - Indonesia
- PNOC Exploration Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Vedanta Resources Plc - India
- Ceylon Electricity Board - Sri Lanka
- GAC Shipping (India) Pvt Ltd
- Goldman Sachs - Singapore
- European Bulk Services B.V. - Netherlands
- London Commodity Brokers - England
- Petrochimia International Co. Ltd.- Taiwan
- Energy Development Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Samtan Co., Ltd - South Korea
- Tata Chemicals Ltd - India
- Ind-Barath Power Infra Limited - India
- Banpu Public Company Limited - Thailand
- Bukit Makmur.PT - Indonesia
- Jaiprakash Power Ventures ltd
- Antam Resourcindo - Indonesia
- Merrill Lynch Commodities Europe
- Maharashtra Electricity Regulatory Commission - India
- Medco Energi Mining Internasional
- Australian Coal Association
- Bank of Tokyo Mitsubishi UFJ Ltd
- Rashtriya Ispat Nigam Limited - India
- The University of Queensland
- Orica Mining Services - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Attock Cement Pakistan Limited
- Ministry of Finance - Indonesia
- Chettinad Cement Corporation Ltd - India
- Kideco Jaya Agung - Indonesia
- Oldendorff Carriers - Singapore
- Mintek Dendrill Indonesia
- India Bulls Power Limited - India
- Semirara Mining Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Electricity Authority, New Zealand
- Latin American Coal - Colombia
- Cigading International Bulk Terminal - Indonesia
- San Jose City I Power Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- ICICI Bank Limited - India
- Videocon Industries ltd - India
- Maheswari Brothers Coal Limited - India
- Indian Oil Corporation Limited
- GN Power Mariveles Coal Plant, Philippines
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