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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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Monday, 26 November 18
SUPRAMAX: THE ASIAN MARKET STALLED THIS WEEK WITH A BUILD-UP OF TONNAGE - BALTIC BRIEFING
Capesize
It was a positive end to the week, with West Australia/China making significant gains and firing owners’ resolve. There was talk ...
Friday, 23 November 18
GOLDEN ENERGY'S POTENTIAL ACQUISITION OF STANMORE CREDIT POSITIVE - FITCH RATINGS
Golden Energy and Resources Limited's (GEAR, B+/Positive) potential acquisition of Stanmore Coal will help the company diversify its coal opera ...
Friday, 23 November 18
ASSOCIATION CALLS FOR REVISION OF DMO SCHEME FOR COAL - JP
The Indonesian Coal Mining Association (APBI) has called on the government to revise the domestic market obligation (DMO) scheme for coal, which re ...
Friday, 23 November 18
INDONESIA'S REVENUES FROM MINERAL AND COAL INCREASE TO US$ 2.858 BILLION - ANTARA
Indonesia`s non-tax state revenues from the mineral and coal sub-sector reached Rp 41.77 trillion (approximately US$ 2.858 Billion) as of Nov 16, 2 ...
Thursday, 22 November 18
SHUT OUT OF CHINA, U.S. COAL EXPORTERS FIND FAVOUR IN INDIA, FOR NOW - REUTERS
U.S. coal exporters have effectively lost a promising market in China since the imposition of tariffs as part of the ongoing trade dispute, but so ...
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- Minerals Council of Australia
- GN Power Mariveles Coal Plant, Philippines
- PTC India Limited - India
- ASAPP Information Group - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indogreen Group - Indonesia
- Sindya Power Generating Company Private Ltd
- San Jose City I Power Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Therma Luzon, Inc, Philippines
- Orica Mining Services - Indonesia
- Georgia Ports Authority, United States
- LBH Netherlands Bv - Netherlands
- India Bulls Power Limited - India
- Jindal Steel & Power Ltd - India
- Bangladesh Power Developement Board
- Pendopo Energi Batubara - Indonesia
- Renaissance Capital - South Africa
- New Zealand Coal & Carbon
- Thai Mozambique Logistica
- Chettinad Cement Corporation Ltd - India
- Siam City Cement PLC, Thailand
- Jaiprakash Power Ventures ltd
- Makarim & Taira - Indonesia
- Kaltim Prima Coal - Indonesia
- PowerSource Philippines DevCo
- Orica Australia Pty. Ltd.
- Dalmia Cement Bharat India
- Ministry of Transport, Egypt
- Binh Thuan Hamico - Vietnam
- Standard Chartered Bank - UAE
- Siam City Cement - Thailand
- Riau Bara Harum - Indonesia
- Samtan Co., Ltd - South Korea
- Global Coal Blending Company Limited - Australia
- European Bulk Services B.V. - Netherlands
- Bhushan Steel Limited - India
- Kideco Jaya Agung - Indonesia
- Trasteel International SA, Italy
- South Luzon Thermal Energy Corporation
- Bukit Makmur.PT - Indonesia
- Sical Logistics Limited - India
- Vedanta Resources Plc - India
- Interocean Group of Companies - India
- Independent Power Producers Association of India
- Latin American Coal - Colombia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Finance - Indonesia
- Commonwealth Bank - Australia
- Thiess Contractors Indonesia
- Kobexindo Tractors - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Petron Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- SMC Global Power, Philippines
- Sojitz Corporation - Japan
- Mercator Lines Limited - India
- Sinarmas Energy and Mining - Indonesia
- Sree Jayajothi Cements Limited - India
- Mintek Dendrill Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Energy Development Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Karbindo Abesyapradhi - Indoneisa
- Anglo American - United Kingdom
- Eastern Energy - Thailand
- Semirara Mining and Power Corporation, Philippines
- Xindia Steels Limited - India
- Africa Commodities Group - South Africa
- IEA Clean Coal Centre - UK
- Madhucon Powers Ltd - India
- TeaM Sual Corporation - Philippines
- Indika Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Wilmar Investment Holdings
- Bharathi Cement Corporation - India
- Coalindo Energy - Indonesia
- Coal and Oil Company - UAE
- Australian Commodity Traders Exchange
- Parry Sugars Refinery, India
- Aditya Birla Group - India
- McConnell Dowell - Australia
- Electricity Generating Authority of Thailand
- Maheswari Brothers Coal Limited - India
- Gujarat Sidhee Cement - India
- Borneo Indobara - Indonesia
- PNOC Exploration Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bayan Resources Tbk. - Indonesia
- Global Business Power Corporation, Philippines
- Carbofer General Trading SA - India
- Kumho Petrochemical, South Korea
- Straits Asia Resources Limited - Singapore
- OPG Power Generation Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- MS Steel International - UAE
- Indian Oil Corporation Limited
- Krishnapatnam Port Company Ltd. - India
- Pipit Mutiara Jaya. PT, Indonesia
- Heidelberg Cement - Germany
- Gujarat Mineral Development Corp Ltd - India
- Barasentosa Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Semirara Mining Corp, Philippines
- Simpson Spence & Young - Indonesia
- Attock Cement Pakistan Limited
- Planning Commission, India
- SN Aboitiz Power Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Meenaskhi Energy Private Limited - India
- Singapore Mercantile Exchange
- Energy Link Ltd, New Zealand
- Malabar Cements Ltd - India
- Metalloyd Limited - United Kingdom
- Medco Energi Mining Internasional
- Billiton Holdings Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Agrawal Coal Company - India
- Baramulti Group, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Ambuja Cements Ltd - India
- Rio Tinto Coal - Australia
- Altura Mining Limited, Indonesia
- Tata Chemicals Ltd - India
- Antam Resourcindo - Indonesia
- Bhatia International Limited - India
- Savvy Resources Ltd - HongKong
- CIMB Investment Bank - Malaysia
- Iligan Light & Power Inc, Philippines
- Price Waterhouse Coopers - Russia
- Holcim Trading Pte Ltd - Singapore
- Edison Trading Spa - Italy
- Kapuas Tunggal Persada - Indonesia
- Aboitiz Power Corporation - Philippines
- Parliament of New Zealand
- Manunggal Multi Energi - Indonesia
- Karaikal Port Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- London Commodity Brokers - England
- The State Trading Corporation of India Ltd
- Posco Energy - South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Toyota Tsusho Corporation, Japan
- International Coal Ventures Pvt Ltd - India
- Ministry of Mines - Canada
- Mjunction Services Limited - India
- Videocon Industries ltd - India
- ICICI Bank Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Central Electricity Authority - India
- Globalindo Alam Lestari - Indonesia
- Merrill Lynch Commodities Europe
- Essar Steel Hazira Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Electricity Authority, New Zealand
- Romanian Commodities Exchange
- SMG Consultants - Indonesia
- GMR Energy Limited - India
- Goldman Sachs - Singapore
- Meralco Power Generation, Philippines
- IHS Mccloskey Coal Group - USA
- Neyveli Lignite Corporation Ltd, - India
- Maharashtra Electricity Regulatory Commission - India
- Miang Besar Coal Terminal - Indonesia
- Uttam Galva Steels Limited - India
- CNBM International Corporation - China
- Bhoruka Overseas - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sarangani Energy Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- VISA Power Limited - India
- Larsen & Toubro Limited - India
- The University of Queensland
- Wood Mackenzie - Singapore
- Sakthi Sugars Limited - India
- Cement Manufacturers Association - India
- Intertek Mineral Services - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Salva Resources Pvt Ltd - India
- Deloitte Consulting - India
- Chamber of Mines of South Africa
- Economic Council, Georgia
- Directorate Of Revenue Intelligence - India
- GVK Power & Infra Limited - India
- Indian Energy Exchange, India
- White Energy Company Limited
- Global Green Power PLC Corporation, Philippines
- Mercuria Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Banpu Public Company Limited - Thailand
- Grasim Industreis Ltd - India
- Tamil Nadu electricity Board
- The Treasury - Australian Government
- Indonesian Coal Mining Association
- Central Java Power - Indonesia
- Australian Coal Association
- Bulk Trading Sa - Switzerland
- Port Waratah Coal Services - Australia
- Kepco SPC Power Corporation, Philippines
- Eastern Coal Council - USA
- Marubeni Corporation - India
- Vizag Seaport Private Limited - India
- Gujarat Electricity Regulatory Commission - India
- Star Paper Mills Limited - India
- Leighton Contractors Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Power Finance Corporation Ltd., India
- Lanco Infratech Ltd - India
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