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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, 24 October 18
CHINESE POWER PLANT STOCKPILES AT HIGHEST LEVEL SINCE 2015 - JEFFREY LANDSBERG
Chinese power plant coal stockpiles have climbed to approximately 83.3 million tons as of the middle of this month, said Jeffrey Landsberg in his e ...
Tuesday, 23 October 18
WILL THE U.S. COAL DECLINE CONTINUE? - FORBES
What’s Trump’s new coal proposal?
Adding to its controversial plan to leverage federal authority to keep retiring baselo ...
Monday, 22 October 18
CONTINUED HIGH LNG PRICES; TRADE WAR IMPACT LIMITED - FITCH RATINGS
Fitch Ratings expects sustained high spot liquefied natural gas (LNG) and contract prices over the next two quarters on limited investment in LNG e ...
Monday, 22 October 18
WINTER OIL MARKET OUTLOOK - OPEC
The oil market in the winter season is generally characterized by demand for diesel, particularly in the northern hemisphere, leaving product marke ...
Saturday, 20 October 18
PANAMAX: THE PACIFIC SAW A LARGE VOLUME OF FIXING, WITH INDONESIA AGAIN THE DRIVING FORCE - THE BALTIC BRIEFING
Capesize
A positive end to last week after a shaky start, with a Coaltrans taking participants out of the market early on and with rates slippi ...
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- Simpson Spence & Young - Indonesia
- The University of Queensland
- Deloitte Consulting - India
- Kobexindo Tractors - Indoneisa
- Central Electricity Authority - India
- London Commodity Brokers - England
- Attock Cement Pakistan Limited
- Singapore Mercantile Exchange
- Metalloyd Limited - United Kingdom
- Anglo American - United Kingdom
- Ambuja Cements Ltd - India
- Indogreen Group - Indonesia
- Ministry of Finance - Indonesia
- Larsen & Toubro Limited - India
- Altura Mining Limited, Indonesia
- Siam City Cement PLC, Thailand
- Rio Tinto Coal - Australia
- Georgia Ports Authority, United States
- Edison Trading Spa - Italy
- Marubeni Corporation - India
- Africa Commodities Group - South Africa
- Mercuria Energy - Indonesia
- Star Paper Mills Limited - India
- Ministry of Transport, Egypt
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Romanian Commodities Exchange
- Global Coal Blending Company Limited - Australia
- Pendopo Energi Batubara - Indonesia
- Intertek Mineral Services - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- The Treasury - Australian Government
- Bhoruka Overseas - Indonesia
- Gujarat Sidhee Cement - India
- Kaltim Prima Coal - Indonesia
- Wood Mackenzie - Singapore
- Toyota Tsusho Corporation, Japan
- Directorate General of MIneral and Coal - Indonesia
- Jaiprakash Power Ventures ltd
- Posco Energy - South Korea
- CIMB Investment Bank - Malaysia
- GVK Power & Infra Limited - India
- Gujarat Electricity Regulatory Commission - India
- Leighton Contractors Pty Ltd - Australia
- Medco Energi Mining Internasional
- Kapuas Tunggal Persada - Indonesia
- Coal and Oil Company - UAE
- Coalindo Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Banpu Public Company Limited - Thailand
- Meenaskhi Energy Private Limited - India
- Renaissance Capital - South Africa
- CNBM International Corporation - China
- Meralco Power Generation, Philippines
- Manunggal Multi Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Grasim Industreis Ltd - India
- MS Steel International - UAE
- Xindia Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The State Trading Corporation of India Ltd
- Energy Development Corp, Philippines
- Electricity Authority, New Zealand
- Ceylon Electricity Board - Sri Lanka
- White Energy Company Limited
- AsiaOL BioFuels Corp., Philippines
- Goldman Sachs - Singapore
- Mercator Lines Limited - India
- Bulk Trading Sa - Switzerland
- Chettinad Cement Corporation Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Sinarmas Energy and Mining - Indonesia
- Eastern Coal Council - USA
- Australian Coal Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Mineral Development Corp Ltd - India
- Maheswari Brothers Coal Limited - India
- Ministry of Mines - Canada
- Central Java Power - Indonesia
- Power Finance Corporation Ltd., India
- Formosa Plastics Group - Taiwan
- Billiton Holdings Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- Madhucon Powers Ltd - India
- Merrill Lynch Commodities Europe
- TNB Fuel Sdn Bhd - Malaysia
- GAC Shipping (India) Pvt Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- McConnell Dowell - Australia
- IHS Mccloskey Coal Group - USA
- SN Aboitiz Power Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Agrawal Coal Company - India
- Oldendorff Carriers - Singapore
- Planning Commission, India
- Vizag Seaport Private Limited - India
- Interocean Group of Companies - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coastal Gujarat Power Limited - India
- Salva Resources Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement - Thailand
- VISA Power Limited - India
- Savvy Resources Ltd - HongKong
- Sical Logistics Limited - India
- Kalimantan Lumbung Energi - Indonesia
- PowerSource Philippines DevCo
- Malabar Cements Ltd - India
- SMG Consultants - Indonesia
- Lanco Infratech Ltd - India
- Bayan Resources Tbk. - Indonesia
- Sindya Power Generating Company Private Ltd
- Makarim & Taira - Indonesia
- PTC India Limited - India
- Thiess Contractors Indonesia
- Carbofer General Trading SA - India
- Sree Jayajothi Cements Limited - India
- Tamil Nadu electricity Board
- Latin American Coal - Colombia
- Vijayanagar Sugar Pvt Ltd - India
- Borneo Indobara - Indonesia
- Port Waratah Coal Services - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Kepco SPC Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Samtan Co., Ltd - South Korea
- Bhushan Steel Limited - India
- Indian Oil Corporation Limited
- Global Green Power PLC Corporation, Philippines
- Sojitz Corporation - Japan
- Electricity Generating Authority of Thailand
- Tata Chemicals Ltd - India
- Videocon Industries ltd - India
- Ind-Barath Power Infra Limited - India
- Rashtriya Ispat Nigam Limited - India
- Price Waterhouse Coopers - Russia
- South Luzon Thermal Energy Corporation
- Uttam Galva Steels Limited - India
- Aditya Birla Group - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- LBH Netherlands Bv - Netherlands
- Orica Australia Pty. Ltd.
- Sakthi Sugars Limited - India
- Indika Energy - Indonesia
- TeaM Sual Corporation - Philippines
- GMR Energy Limited - India
- Bukit Makmur.PT - Indonesia
- Antam Resourcindo - Indonesia
- Thai Mozambique Logistica
- Straits Asia Resources Limited - Singapore
- Karaikal Port Pvt Ltd - India
- Bhatia International Limited - India
- Indian Energy Exchange, India
- Bangladesh Power Developement Board
- Australian Commodity Traders Exchange
- Krishnapatnam Port Company Ltd. - India
- Iligan Light & Power Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Kumho Petrochemical, South Korea
- Chamber of Mines of South Africa
- Parliament of New Zealand
- Trasteel International SA, Italy
- Jorong Barutama Greston.PT - Indonesia
- Petron Corporation, Philippines
- Wilmar Investment Holdings
- GN Power Mariveles Coal Plant, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Independent Power Producers Association of India
- PNOC Exploration Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Binh Thuan Hamico - Vietnam
- Dalmia Cement Bharat India
- Bharathi Cement Corporation - India
- Karbindo Abesyapradhi - Indoneisa
- Jindal Steel & Power Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- OPG Power Generation Pvt Ltd - India
- Heidelberg Cement - Germany
- Timah Investasi Mineral - Indoneisa
- Minerals Council of Australia
- Essar Steel Hazira Ltd - India
- Orica Mining Services - Indonesia
- Global Business Power Corporation, Philippines
- Eastern Energy - Thailand
- Baramulti Group, Indonesia
- Commonwealth Bank - Australia
- San Jose City I Power Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Mjunction Services Limited - India
- Barasentosa Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kartika Selabumi Mining - Indonesia
- New Zealand Coal & Carbon
- Miang Besar Coal Terminal - Indonesia
- IEA Clean Coal Centre - UK
- Indonesian Coal Mining Association
- Cement Manufacturers Association - India
- Semirara Mining Corp, Philippines
- Energy Link Ltd, New Zealand
- India Bulls Power Limited - India
- Vedanta Resources Plc - India
- Mintek Dendrill Indonesia
- Parry Sugars Refinery, India
- SMC Global Power, Philippines
- ASAPP Information Group - India
- Semirara Mining and Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Riau Bara Harum - Indonesia
- ICICI Bank Limited - India
- Globalindo Alam Lestari - Indonesia
- Directorate Of Revenue Intelligence - India
- Economic Council, Georgia
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