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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, 21 November 18
SHIPPING MARKET INSIGHT - DIMITRIS KOURTESIS
Halfway through the fourth and last quarter of the year, we spot a significant change in freight rates for tankers trading dirty, as well as on the ...
Tuesday, 20 November 18
FREIGHT RATES IN THE CRUDE OIL MARKET HAVE ALREADY PICKED UP OVER THE PAST COUPLE OF WEEKS - YIANNIS VAMVAKAS
Current geopolitical developments between Iran and the US, which have led the latter to re-impose its sanctions, have significantly affected oil pr ...
Tuesday, 20 November 18
GOLDEN ENERGY AND RESOURCES LEADS A$249M BID FOR AUSTRALIA-LISTED STANMORE COAL - THE STRAITS TIMES
Singapore-listed Golden Energy and Resources (GEAR) is leading deals worth up to A$249 million (S$250 million) to acquire Australia-listed Stanmore ...
Monday, 19 November 18
INDONESIA'S LEADING EIGHT COAL MINER'S COAL MINING CONTRACTS ARE EXPECTED TO EXPIRE BETWEEN YEAR 2019 - 2025
The Ministry of Energy and Mineral Resources (ESDM) said, eight Coal Contract of Works (CCoW) will expected to expire between 2019 to 2026, Liputan ...
Monday, 19 November 18
SUPRAMAX: THE BSI CONTINUED TO FALL LAST WEEK, ESPECIALLY THE ASIAN ROUTES - BALTIC BRIEFING
Capesize
After a cut throat couple of weeks, the market finally appeared to have found a floor and rates ticked up. Those analysts that predict ...
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- The Treasury - Australian Government
- Wood Mackenzie - Singapore
- European Bulk Services B.V. - Netherlands
- Attock Cement Pakistan Limited
- Siam City Cement PLC, Thailand
- Uttam Galva Steels Limited - India
- ICICI Bank Limited - India
- Mercator Lines Limited - India
- Bulk Trading Sa - Switzerland
- Star Paper Mills Limited - India
- Electricity Generating Authority of Thailand
- Maharashtra Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
- SMC Global Power, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Chettinad Cement Corporation Ltd - India
- New Zealand Coal & Carbon
- Posco Energy - South Korea
- Leighton Contractors Pty Ltd - Australia
- Gujarat Electricity Regulatory Commission - India
- Indonesian Coal Mining Association
- The State Trading Corporation of India Ltd
- SN Aboitiz Power Inc, Philippines
- Grasim Industreis Ltd - India
- Iligan Light & Power Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Interocean Group of Companies - India
- Oldendorff Carriers - Singapore
- Holcim Trading Pte Ltd - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Binh Thuan Hamico - Vietnam
- Independent Power Producers Association of India
- Bayan Resources Tbk. - Indonesia
- Kideco Jaya Agung - Indonesia
- Kobexindo Tractors - Indoneisa
- McConnell Dowell - Australia
- Karbindo Abesyapradhi - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Makarim & Taira - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- LBH Netherlands Bv - Netherlands
- Sree Jayajothi Cements Limited - India
- Electricity Authority, New Zealand
- Miang Besar Coal Terminal - Indonesia
- Orica Australia Pty. Ltd.
- Antam Resourcindo - Indonesia
- Straits Asia Resources Limited - Singapore
- Ind-Barath Power Infra Limited - India
- Singapore Mercantile Exchange
- Sinarmas Energy and Mining - Indonesia
- Sakthi Sugars Limited - India
- Mintek Dendrill Indonesia
- Marubeni Corporation - India
- Thai Mozambique Logistica
- Economic Council, Georgia
- Semirara Mining Corp, Philippines
- Ministry of Finance - Indonesia
- SMG Consultants - Indonesia
- Indo Tambangraya Megah - Indonesia
- Ministry of Transport, Egypt
- Latin American Coal - Colombia
- Semirara Mining and Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Kumho Petrochemical, South Korea
- Mercuria Energy - Indonesia
- Renaissance Capital - South Africa
- GN Power Mariveles Coal Plant, Philippines
- OPG Power Generation Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Intertek Mineral Services - Indonesia
- Meralco Power Generation, Philippines
- Eastern Coal Council - USA
- Essar Steel Hazira Ltd - India
- Heidelberg Cement - Germany
- Agrawal Coal Company - India
- PNOC Exploration Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Tata Chemicals Ltd - India
- Deloitte Consulting - India
- Alfred C Toepfer International GmbH - Germany
- Baramulti Group, Indonesia
- Aditya Birla Group - India
- Jindal Steel & Power Ltd - India
- Thiess Contractors Indonesia
- Bhoruka Overseas - Indonesia
- Minerals Council of Australia
- Merrill Lynch Commodities Europe
- Kalimantan Lumbung Energi - Indonesia
- PTC India Limited - India
- Cement Manufacturers Association - India
- Billiton Holdings Pty Ltd - Australia
- Krishnapatnam Port Company Ltd. - India
- Simpson Spence & Young - Indonesia
- Indian Energy Exchange, India
- Aboitiz Power Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Vizag Seaport Private Limited - India
- San Jose City I Power Corp, Philippines
- Bhatia International Limited - India
- AsiaOL BioFuels Corp., Philippines
- Parry Sugars Refinery, India
- India Bulls Power Limited - India
- Australian Coal Association
- Globalindo Alam Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- Ministry of Mines - Canada
- Madhucon Powers Ltd - India
- Kartika Selabumi Mining - Indonesia
- Borneo Indobara - Indonesia
- Banpu Public Company Limited - Thailand
- MS Steel International - UAE
- GAC Shipping (India) Pvt Ltd
- Asmin Koalindo Tuhup - Indonesia
- Riau Bara Harum - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bukit Baiduri Energy - Indonesia
- Planning Commission, India
- Australian Commodity Traders Exchange
- Lanco Infratech Ltd - India
- Carbofer General Trading SA - India
- Georgia Ports Authority, United States
- Meenaskhi Energy Private Limited - India
- Indogreen Group - Indonesia
- Formosa Plastics Group - Taiwan
- Energy Link Ltd, New Zealand
- Orica Mining Services - Indonesia
- Vedanta Resources Plc - India
- Energy Development Corp, Philippines
- Samtan Co., Ltd - South Korea
- White Energy Company Limited
- Medco Energi Mining Internasional
- Xindia Steels Limited - India
- VISA Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vijayanagar Sugar Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Power Finance Corporation Ltd., India
- TeaM Sual Corporation - Philippines
- Bhushan Steel Limited - India
- Port Waratah Coal Services - Australia
- Sical Logistics Limited - India
- Wilmar Investment Holdings
- Trasteel International SA, Italy
- Anglo American - United Kingdom
- Central Electricity Authority - India
- Ambuja Cements Ltd - India
- Manunggal Multi Energi - Indonesia
- Bangladesh Power Developement Board
- Africa Commodities Group - South Africa
- South Luzon Thermal Energy Corporation
- Gujarat Sidhee Cement - India
- ASAPP Information Group - India
- Indian Oil Corporation Limited
- Directorate Of Revenue Intelligence - India
- GVK Power & Infra Limited - India
- Sarangani Energy Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Karaikal Port Pvt Ltd - India
- Rio Tinto Coal - Australia
- Kepco SPC Power Corporation, Philippines
- PowerSource Philippines DevCo
- Jaiprakash Power Ventures ltd
- Cigading International Bulk Terminal - Indonesia
- Toyota Tsusho Corporation, Japan
- Romanian Commodities Exchange
- Therma Luzon, Inc, Philippines
- London Commodity Brokers - England
- Coal and Oil Company - UAE
- Eastern Energy - Thailand
- Malabar Cements Ltd - India
- Global Green Power PLC Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Gujarat Mineral Development Corp Ltd - India
- The University of Queensland
- Bukit Makmur.PT - Indonesia
- Chamber of Mines of South Africa
- Commonwealth Bank - Australia
- Timah Investasi Mineral - Indoneisa
- Petron Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Central Java Power - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Jorong Barutama Greston.PT - Indonesia
- Pendopo Energi Batubara - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mjunction Services Limited - India
- Rashtriya Ispat Nigam Limited - India
- Videocon Industries ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- IHS Mccloskey Coal Group - USA
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Goldman Sachs - Singapore
- Tamil Nadu electricity Board
- IEA Clean Coal Centre - UK
- Edison Trading Spa - Italy
- Savvy Resources Ltd - HongKong
- Altura Mining Limited, Indonesia
- GMR Energy Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Metalloyd Limited - United Kingdom
- CNBM International Corporation - China
- Global Business Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Parliament of New Zealand
- Sojitz Corporation - Japan
- International Coal Ventures Pvt Ltd - India
- Larsen & Toubro Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Kaltim Prima Coal - Indonesia
- Indika Energy - Indonesia
- Coalindo Energy - Indonesia
- Siam City Cement - Thailand
- Standard Chartered Bank - UAE
- Bharathi Cement Corporation - India
- Dalmia Cement Bharat India
- Sindya Power Generating Company Private Ltd
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