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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, 06 February 19
THE BDI HAS EASED BACK TO 645 BP, ITS LOWEST LEVEL SINCE AUGUST 2016 - ALLIED
The dry bulk sector is in the doldrums, with most market participants seemingly left utterly perplexed, and simultaneously, in pursuit of any posit ...
Monday, 04 February 19
COAL STILL IN HIGH DEMAND GLOBALLY
Although the world is switching to renewable energy there is still a big demand for coal around the globe.
This is according to Cany ...
Friday, 01 February 19
ULTRAMAX WAS FIXED DELIVERY KALIMANTAN, FOR TRIP TO WEST COAST INDIA AT $7,000 - BALTIC BRIEFING
Capesize
The Vale dam tragedy sparked a sharp fall in rates across all regions even where tonnage remained tight. The potential loss of product ...
Friday, 01 February 19
SEMBCORP SELECTS NORDEN FOR LONG-TERM INDIAN CONTRACT
NORDEN A/S has signed a 10-year Panamax Contract of Affreightment (COA) with Indian utility firm Sembcorp Energy India Ltd.
From 1 A ...
Tuesday, 29 January 19
HARD COAL BEARS THE BRUNT OF THE RECOMMENDATIONS OF THE COMMISSION GROWTH STRUCTURAL CHANGE AND EMPLOYMENT - VDKI
Press Release: Hard coal bears the brunt of the recommendations of the Commission Growth Structural change and employment.
In its fi ...
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- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The Treasury - Australian Government
- Kohat Cement Company Ltd. - Pakistan
- Global Business Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- GVK Power & Infra Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Parry Sugars Refinery, India
- Georgia Ports Authority, United States
- GMR Energy Limited - India
- Videocon Industries ltd - India
- Sinarmas Energy and Mining - Indonesia
- South Luzon Thermal Energy Corporation
- Orica Australia Pty. Ltd.
- Ministry of Finance - Indonesia
- Africa Commodities Group - South Africa
- Bukit Baiduri Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Sical Logistics Limited - India
- Planning Commission, India
- Independent Power Producers Association of India
- Coal and Oil Company - UAE
- Global Coal Blending Company Limited - Australia
- TeaM Sual Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Thiess Contractors Indonesia
- Bayan Resources Tbk. - Indonesia
- Standard Chartered Bank - UAE
- Manunggal Multi Energi - Indonesia
- Kaltim Prima Coal - Indonesia
- CIMB Investment Bank - Malaysia
- ICICI Bank Limited - India
- OPG Power Generation Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- McConnell Dowell - Australia
- CNBM International Corporation - China
- Chettinad Cement Corporation Ltd - India
- Ministry of Mines - Canada
- Neyveli Lignite Corporation Ltd, - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indian Energy Exchange, India
- Parliament of New Zealand
- Bukit Makmur.PT - Indonesia
- Gujarat Sidhee Cement - India
- Central Electricity Authority - India
- Asmin Koalindo Tuhup - Indonesia
- Uttam Galva Steels Limited - India
- Madhucon Powers Ltd - India
- Sakthi Sugars Limited - India
- Tata Chemicals Ltd - India
- Posco Energy - South Korea
- The State Trading Corporation of India Ltd
- Indian Oil Corporation Limited
- Attock Cement Pakistan Limited
- ASAPP Information Group - India
- Price Waterhouse Coopers - Russia
- Makarim & Taira - Indonesia
- The University of Queensland
- Kalimantan Lumbung Energi - Indonesia
- Directorate Of Revenue Intelligence - India
- Power Finance Corporation Ltd., India
- MS Steel International - UAE
- Bharathi Cement Corporation - India
- SMC Global Power, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Binh Thuan Hamico - Vietnam
- Sarangani Energy Corporation, Philippines
- Ministry of Transport, Egypt
- Goldman Sachs - Singapore
- Therma Luzon, Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Bhatia International Limited - India
- Billiton Holdings Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- Latin American Coal - Colombia
- Renaissance Capital - South Africa
- Aboitiz Power Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Antam Resourcindo - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Grasim Industreis Ltd - India
- Eastern Coal Council - USA
- Kumho Petrochemical, South Korea
- Samtan Co., Ltd - South Korea
- Simpson Spence & Young - Indonesia
- Petron Corporation, Philippines
- Borneo Indobara - Indonesia
- Commonwealth Bank - Australia
- White Energy Company Limited
- Central Java Power - Indonesia
- Coalindo Energy - Indonesia
- Anglo American - United Kingdom
- Toyota Tsusho Corporation, Japan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Siam City Cement PLC, Thailand
- Mercator Lines Limited - India
- Karaikal Port Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Altura Mining Limited, Indonesia
- Energy Development Corp, Philippines
- Mintek Dendrill Indonesia
- Alfred C Toepfer International GmbH - Germany
- Aditya Birla Group - India
- Miang Besar Coal Terminal - Indonesia
- Carbofer General Trading SA - India
- Minerals Council of Australia
- Gujarat Electricity Regulatory Commission - India
- Indonesian Coal Mining Association
- Chamber of Mines of South Africa
- Krishnapatnam Port Company Ltd. - India
- Kideco Jaya Agung - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Jorong Barutama Greston.PT - Indonesia
- Indo Tambangraya Megah - Indonesia
- Vizag Seaport Private Limited - India
- PNOC Exploration Corporation - Philippines
- Wilmar Investment Holdings
- Marubeni Corporation - India
- PowerSource Philippines DevCo
- Rio Tinto Coal - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Thai Mozambique Logistica
- Banpu Public Company Limited - Thailand
- Port Waratah Coal Services - Australia
- Larsen & Toubro Limited - India
- Orica Mining Services - Indonesia
- Bhushan Steel Limited - India
- Pendopo Energi Batubara - Indonesia
- Star Paper Mills Limited - India
- Straits Asia Resources Limited - Singapore
- Formosa Plastics Group - Taiwan
- San Jose City I Power Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Sree Jayajothi Cements Limited - India
- Edison Trading Spa - Italy
- Kobexindo Tractors - Indoneisa
- Metalloyd Limited - United Kingdom
- Bangladesh Power Developement Board
- Mercuria Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Sojitz Corporation - Japan
- Sindya Power Generating Company Private Ltd
- Malabar Cements Ltd - India
- Bhoruka Overseas - Indonesia
- SN Aboitiz Power Inc, Philippines
- Wood Mackenzie - Singapore
- Ambuja Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Indika Energy - Indonesia
- Vedanta Resources Plc - India
- Kartika Selabumi Mining - Indonesia
- Semirara Mining Corp, Philippines
- Intertek Mineral Services - Indonesia
- PTC India Limited - India
- SMG Consultants - Indonesia
- Australian Commodity Traders Exchange
- Agrawal Coal Company - India
- Kapuas Tunggal Persada - Indonesia
- Ind-Barath Power Infra Limited - India
- Timah Investasi Mineral - Indoneisa
- Jaiprakash Power Ventures ltd
- London Commodity Brokers - England
- Heidelberg Cement - Germany
- European Bulk Services B.V. - Netherlands
- Romanian Commodities Exchange
- Trasteel International SA, Italy
- Jindal Steel & Power Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Meenaskhi Energy Private Limited - India
- Interocean Group of Companies - India
- Maharashtra Electricity Regulatory Commission - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Australian Coal Association
- New Zealand Coal & Carbon
- Leighton Contractors Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- Economic Council, Georgia
- Indogreen Group - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- IEA Clean Coal Centre - UK
- PetroVietnam Power Coal Import and Supply Company
- Energy Link Ltd, New Zealand
- Xindia Steels Limited - India
- Singapore Mercantile Exchange
- Oldendorff Carriers - Singapore
- Savvy Resources Ltd - HongKong
- Merrill Lynch Commodities Europe
- Medco Energi Mining Internasional
- Semirara Mining and Power Corporation, Philippines
- Mjunction Services Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Riau Bara Harum - Indonesia
- Coastal Gujarat Power Limited - India
- Cement Manufacturers Association - India
- VISA Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ceylon Electricity Board - Sri Lanka
- Maheswari Brothers Coal Limited - India
- Deloitte Consulting - India
- Dalmia Cement Bharat India
- Lanco Infratech Ltd - India
- Baramulti Group, Indonesia
- Meralco Power Generation, Philippines
- Eastern Energy - Thailand
- Electricity Authority, New Zealand
- Tamil Nadu electricity Board
- India Bulls Power Limited - India
- Siam City Cement - Thailand
- Barasentosa Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Essar Steel Hazira Ltd - India
- Salva Resources Pvt Ltd - India
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