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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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Sunday, 18 November 18
COAL STOCKS IN A THIRD OF NTPC PLANTS CLOSE TO NIL - FINANCIAL EXPRESS
Coal supply shortage continues to haunt NTPC, the country’s largest power generator, with latest government data showing 31% of the company&r ...
Thursday, 15 November 18
OIL MARKET REPORT: HEEDING THE WARNINGS - IEA
In last month’s Report, we noted that since the middle of the year oil supply had increased sharply, with gains in the Middle East, Russia an ...
Wednesday, 14 November 18
BIMCO ADOPTS 2020 BUNKER CLAUSES
BIMCO has developed two 2020 bunker clauses that deal with general compliance and the transitional period for an early December release.
...
Wednesday, 14 November 18
SHIPPING MARKET INSIGHT - KONSTANTINOS KONTOMICHIS
The shipping industry is going through an interesting period across all markets. Since the end of last year, the Dry Baltic Index has been showing ...
Tuesday, 13 November 18
INDIA: POWER DEMAND UP; COAL STOCKS AT MINES AT A 5-YEAR LOW - FINANCIAL EXPRESS
Stocks at Coal India mines plunged to a five-year low of 21 million tonne (mt) in October, as a sudden surge in demand for the fuel from the power ...
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- Chettinad Cement Corporation Ltd - India
- Thai Mozambique Logistica
- Indika Energy - Indonesia
- Vizag Seaport Private Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Essar Steel Hazira Ltd - India
- Bulk Trading Sa - Switzerland
- Australian Commodity Traders Exchange
- Global Green Power PLC Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Mercuria Energy - Indonesia
- Interocean Group of Companies - India
- Bukit Asam (Persero) Tbk - Indonesia
- Independent Power Producers Association of India
- Kaltim Prima Coal - Indonesia
- White Energy Company Limited
- ICICI Bank Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PNOC Exploration Corporation - Philippines
- Cement Manufacturers Association - India
- Indian Oil Corporation Limited
- Port Waratah Coal Services - Australia
- Lanco Infratech Ltd - India
- Indogreen Group - Indonesia
- Wood Mackenzie - Singapore
- Simpson Spence & Young - Indonesia
- Kobexindo Tractors - Indoneisa
- Rio Tinto Coal - Australia
- Altura Mining Limited, Indonesia
- European Bulk Services B.V. - Netherlands
- CIMB Investment Bank - Malaysia
- Kumho Petrochemical, South Korea
- Aditya Birla Group - India
- New Zealand Coal & Carbon
- Energy Link Ltd, New Zealand
- Riau Bara Harum - Indonesia
- SMC Global Power, Philippines
- Globalindo Alam Lestari - Indonesia
- Vedanta Resources Plc - India
- Therma Luzon, Inc, Philippines
- Tata Chemicals Ltd - India
- Commonwealth Bank - Australia
- Intertek Mineral Services - Indonesia
- Thiess Contractors Indonesia
- Parry Sugars Refinery, India
- Chamber of Mines of South Africa
- VISA Power Limited - India
- Economic Council, Georgia
- Central Electricity Authority - India
- Price Waterhouse Coopers - Russia
- Salva Resources Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Renaissance Capital - South Africa
- Billiton Holdings Pty Ltd - Australia
- Grasim Industreis Ltd - India
- Sindya Power Generating Company Private Ltd
- Australian Coal Association
- Coal and Oil Company - UAE
- International Coal Ventures Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- TNB Fuel Sdn Bhd - Malaysia
- PetroVietnam Power Coal Import and Supply Company
- Asmin Koalindo Tuhup - Indonesia
- Pendopo Energi Batubara - Indonesia
- The State Trading Corporation of India Ltd
- Borneo Indobara - Indonesia
- Mjunction Services Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Videocon Industries ltd - India
- Standard Chartered Bank - UAE
- Tamil Nadu electricity Board
- Metalloyd Limited - United Kingdom
- Orica Australia Pty. Ltd.
- Eastern Coal Council - USA
- Electricity Generating Authority of Thailand
- Bangladesh Power Developement Board
- Binh Thuan Hamico - Vietnam
- McConnell Dowell - Australia
- Planning Commission, India
- Sakthi Sugars Limited - India
- Ministry of Mines - Canada
- Formosa Plastics Group - Taiwan
- Jindal Steel & Power Ltd - India
- Singapore Mercantile Exchange
- Kepco SPC Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Siam City Cement - Thailand
- Bukit Baiduri Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- IEA Clean Coal Centre - UK
- Madhucon Powers Ltd - India
- Karaikal Port Pvt Ltd - India
- SMG Consultants - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- GAC Shipping (India) Pvt Ltd
- Heidelberg Cement - Germany
- Holcim Trading Pte Ltd - Singapore
- Toyota Tsusho Corporation, Japan
- TeaM Sual Corporation - Philippines
- The Treasury - Australian Government
- Ministry of Transport, Egypt
- Bhatia International Limited - India
- Goldman Sachs - Singapore
- Straits Asia Resources Limited - Singapore
- PowerSource Philippines DevCo
- Global Business Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Ministry of Finance - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Electricity Regulatory Commission - India
- Leighton Contractors Pty Ltd - Australia
- Trasteel International SA, Italy
- Sinarmas Energy and Mining - Indonesia
- Bhushan Steel Limited - India
- CNBM International Corporation - China
- GMR Energy Limited - India
- South Luzon Thermal Energy Corporation
- Energy Development Corp, Philippines
- Larsen & Toubro Limited - India
- Banpu Public Company Limited - Thailand
- Attock Cement Pakistan Limited
- Petron Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Bhoruka Overseas - Indonesia
- Indo Tambangraya Megah - Indonesia
- MS Steel International - UAE
- Semirara Mining Corp, Philippines
- Gujarat Sidhee Cement - India
- Posco Energy - South Korea
- Bharathi Cement Corporation - India
- Meenaskhi Energy Private Limited - India
- Agrawal Coal Company - India
- Minerals Council of Australia
- Edison Trading Spa - Italy
- Maheswari Brothers Coal Limited - India
- Oldendorff Carriers - Singapore
- Central Java Power - Indonesia
- Medco Energi Mining Internasional
- OPG Power Generation Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- LBH Netherlands Bv - Netherlands
- Aboitiz Power Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Krishnapatnam Port Company Ltd. - India
- Gujarat Mineral Development Corp Ltd - India
- Sical Logistics Limited - India
- Deloitte Consulting - India
- Kideco Jaya Agung - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Orica Mining Services - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Meralco Power Generation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Eastern Energy - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Ambuja Cements Ltd - India
- Antam Resourcindo - Indonesia
- Wilmar Investment Holdings
- Electricity Authority, New Zealand
- San Jose City I Power Corp, Philippines
- GVK Power & Infra Limited - India
- The University of Queensland
- Neyveli Lignite Corporation Ltd, - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Mintek Dendrill Indonesia
- PTC India Limited - India
- Merrill Lynch Commodities Europe
- Alfred C Toepfer International GmbH - Germany
- Carbofer General Trading SA - India
- Mercator Lines Limited - India
- Sree Jayajothi Cements Limited - India
- Coalindo Energy - Indonesia
- Africa Commodities Group - South Africa
- Coastal Gujarat Power Limited - India
- Uttam Galva Steels Limited - India
- London Commodity Brokers - England
- Cigading International Bulk Terminal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Kartika Selabumi Mining - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Anglo American - United Kingdom
- Kalimantan Lumbung Energi - Indonesia
- Romanian Commodities Exchange
- Malabar Cements Ltd - India
- Baramulti Group, Indonesia
- Georgia Ports Authority, United States
- ASAPP Information Group - India
- Star Paper Mills Limited - India
- Rashtriya Ispat Nigam Limited - India
- Latin American Coal - Colombia
- Indonesian Coal Mining Association
- Marubeni Corporation - India
- Sojitz Corporation - Japan
- Barasentosa Lestari - Indonesia
- Bayan Resources Tbk. - Indonesia
- Jaiprakash Power Ventures ltd
- India Bulls Power Limited - India
- Ind-Barath Power Infra Limited - India
- Dalmia Cement Bharat India
- Makarim & Taira - Indonesia
- Manunggal Multi Energi - Indonesia
- Siam City Cement PLC, Thailand
- Xindia Steels Limited - India
- Power Finance Corporation Ltd., India
- Parliament of New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Timah Investasi Mineral - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Sarangani Energy Corporation, Philippines
- Directorate Of Revenue Intelligence - India
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