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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, 13 February 19
SHIPPING MARKET INSIGHT - INTERMODAL
If there is one word that can describe the current shipping environment then that this word is most probably “volatility.” The sentimen ...
Saturday, 09 February 19
SUPRAMAX: A 63,000-TONNER WAS REPORTED FIXED DELIVERY FOR AN EAST KALIMANTAN TRIP, REDELIVERY WEST COAST INDIA, AT $9,250 - THE BALTIC BRIEFING
Cape
The Vale disaster weighed heavily on the market for big ships, with uncertainty about shipments/future exports leading to a sharp drop in ...
Friday, 08 February 19
LOWER-QUALITY INDONESIA EXPORTS ROSE 39 MT IN 2018 YOY PRIMARILY IN RESPONSE TO INCREASED DEMAND FROM CHINA AND INDIA - PEABODY
"Underlying seaborne met and thermal coal conditions remain quite positive and the pace of U.S. coal-fueled power plant retirements is expecte ...
Thursday, 07 February 19
QATAR CAN GAIN FROM DECLINING COAL - THE PENINSULA
With North America and Europe closing down their old coal and nuclear plants, major gas exporters like Qatar can and should gain market share. With ...
Wednesday, 06 February 19
FEBRUARY 2019 INDONESIA'S COAL REFERENCE PRICE FELL 8.83 PERCENT YOY
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down again the benchmark price of Indonesian th ...
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- Kobexindo Tractors - Indoneisa
- VISA Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Grasim Industreis Ltd - India
- Ambuja Cements Ltd - India
- New Zealand Coal & Carbon
- Wood Mackenzie - Singapore
- Indika Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Heidelberg Cement - Germany
- Timah Investasi Mineral - Indoneisa
- Energy Link Ltd, New Zealand
- The Treasury - Australian Government
- AsiaOL BioFuels Corp., Philippines
- Bharathi Cement Corporation - India
- Intertek Mineral Services - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Siam City Cement PLC, Thailand
- Salva Resources Pvt Ltd - India
- Deloitte Consulting - India
- Posco Energy - South Korea
- Straits Asia Resources Limited - Singapore
- Ministry of Mines - Canada
- Pendopo Energi Batubara - Indonesia
- Chettinad Cement Corporation Ltd - India
- Thai Mozambique Logistica
- TeaM Sual Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Merrill Lynch Commodities Europe
- Videocon Industries ltd - India
- Jaiprakash Power Ventures ltd
- Baramulti Group, Indonesia
- Mjunction Services Limited - India
- Mercuria Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Miang Besar Coal Terminal - Indonesia
- Power Finance Corporation Ltd., India
- Rio Tinto Coal - Australia
- India Bulls Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Bayan Resources Tbk. - Indonesia
- Global Green Power PLC Corporation, Philippines
- Goldman Sachs - Singapore
- Renaissance Capital - South Africa
- Barasentosa Lestari - Indonesia
- Vedanta Resources Plc - India
- Dalmia Cement Bharat India
- Thiess Contractors Indonesia
- Eastern Coal Council - USA
- Bhatia International Limited - India
- Coalindo Energy - Indonesia
- Altura Mining Limited, Indonesia
- Indo Tambangraya Megah - Indonesia
- CIMB Investment Bank - Malaysia
- Commonwealth Bank - Australia
- Sindya Power Generating Company Private Ltd
- GMR Energy Limited - India
- White Energy Company Limited
- Global Coal Blending Company Limited - Australia
- Borneo Indobara - Indonesia
- The University of Queensland
- Banpu Public Company Limited - Thailand
- South Luzon Thermal Energy Corporation
- Kideco Jaya Agung - Indonesia
- Binh Thuan Hamico - Vietnam
- Interocean Group of Companies - India
- Parliament of New Zealand
- Toyota Tsusho Corporation, Japan
- Semirara Mining Corp, Philippines
- Lanco Infratech Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Samtan Co., Ltd - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kartika Selabumi Mining - Indonesia
- Energy Development Corp, Philippines
- Orica Mining Services - Indonesia
- Aboitiz Power Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Star Paper Mills Limited - India
- GAC Shipping (India) Pvt Ltd
- Kaltim Prima Coal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Aditya Birla Group - India
- LBH Netherlands Bv - Netherlands
- Sical Logistics Limited - India
- PowerSource Philippines DevCo
- Bukit Makmur.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Siam City Cement - Thailand
- Romanian Commodities Exchange
- Marubeni Corporation - India
- Globalindo Alam Lestari - Indonesia
- Agrawal Coal Company - India
- Sojitz Corporation - Japan
- Global Business Power Corporation, Philippines
- Electricity Authority, New Zealand
- Tamil Nadu electricity Board
- Latin American Coal - Colombia
- OPG Power Generation Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Mineral Development Corp Ltd - India
- Trasteel International SA, Italy
- Metalloyd Limited - United Kingdom
- Anglo American - United Kingdom
- Price Waterhouse Coopers - Russia
- Maheswari Brothers Coal Limited - India
- Eastern Energy - Thailand
- SN Aboitiz Power Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Maharashtra Electricity Regulatory Commission - India
- PTC India Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mercator Lines Limited - India
- Riau Bara Harum - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Madhucon Powers Ltd - India
- Krishnapatnam Port Company Ltd. - India
- IHS Mccloskey Coal Group - USA
- Sree Jayajothi Cements Limited - India
- Australian Coal Association
- Bangladesh Power Developement Board
- Bhushan Steel Limited - India
- Indian Oil Corporation Limited
- Sakthi Sugars Limited - India
- Billiton Holdings Pty Ltd - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Tata Chemicals Ltd - India
- Makarim & Taira - Indonesia
- Parry Sugars Refinery, India
- Economic Council, Georgia
- Malabar Cements Ltd - India
- Vizag Seaport Private Limited - India
- Jindal Steel & Power Ltd - India
- ICICI Bank Limited - India
- Xindia Steels Limited - India
- Chamber of Mines of South Africa
- Manunggal Multi Energi - Indonesia
- Uttam Galva Steels Limited - India
- Mintek Dendrill Indonesia
- Indogreen Group - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Finance - Indonesia
- Port Waratah Coal Services - Australia
- Planning Commission, India
- Indian Energy Exchange, India
- GVK Power & Infra Limited - India
- Meenaskhi Energy Private Limited - India
- London Commodity Brokers - England
- MS Steel International - UAE
- Kumho Petrochemical, South Korea
- Cigading International Bulk Terminal - Indonesia
- The State Trading Corporation of India Ltd
- Antam Resourcindo - Indonesia
- McConnell Dowell - Australia
- Asmin Koalindo Tuhup - Indonesia
- Carbofer General Trading SA - India
- San Jose City I Power Corp, Philippines
- Africa Commodities Group - South Africa
- Central Electricity Authority - India
- European Bulk Services B.V. - Netherlands
- Central Java Power - Indonesia
- Indonesian Coal Mining Association
- Georgia Ports Authority, United States
- Bukit Baiduri Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bahari Cakrawala Sebuku - Indonesia
- SMG Consultants - Indonesia
- ASAPP Information Group - India
- Ind-Barath Power Infra Limited - India
- Karaikal Port Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Wilmar Investment Holdings
- Attock Cement Pakistan Limited
- Oldendorff Carriers - Singapore
- Ministry of Transport, Egypt
- SMC Global Power, Philippines
- Minerals Council of Australia
- Australian Commodity Traders Exchange
- Iligan Light & Power Inc, Philippines
- Meralco Power Generation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Formosa Plastics Group - Taiwan
- Coastal Gujarat Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- CNBM International Corporation - China
- Bank of Tokyo Mitsubishi UFJ Ltd
- Medco Energi Mining Internasional
- Alfred C Toepfer International GmbH - Germany
- Electricity Generating Authority of Thailand
- Larsen & Toubro Limited - India
- Edison Trading Spa - Italy
- Essar Steel Hazira Ltd - India
- Directorate Of Revenue Intelligence - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Asam (Persero) Tbk - Indonesia
- IEA Clean Coal Centre - UK
- Directorate General of MIneral and Coal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Orica Australia Pty. Ltd.
- Independent Power Producers Association of India
- Cement Manufacturers Association - India
- Ceylon Electricity Board - Sri Lanka
- Kohat Cement Company Ltd. - Pakistan
- Karbindo Abesyapradhi - Indoneisa
- Standard Chartered Bank - UAE
- Sarangani Energy Corporation, Philippines
- Coal and Oil Company - UAE
- PNOC Exploration Corporation - Philippines
- Singapore Mercantile Exchange
- Gujarat Electricity Regulatory Commission - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Petron Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Kapuas Tunggal Persada - Indonesia
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