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Wednesday, 24 March 21
MARKET INSIGHT - INTERMODAL
 Since the start of the pandemic, the shipping industry has efficiently responded to ensure the continuity of operations and hence the security of supply of goods. We are witnessing an ongoing situation that is still evolving and the effects could be profound and long-term. Accordingly, how the shipping industry will look like post the pandemic is clouded and yet to be seen.
With international transport at the cutting edge of trade and dependent on travel and human interaction, the maritime industry has been wedged both directly and indirectly from the covid-crisis.
Focusing on the EU trade it has been reported that the number of vessel calls at EU ports declined by about 10.2% in 2020 compared to 2019. However, in February 2019, there were 50,823 ship calls at EU ports versus February 2021 that there were 51,157 ship calls. Therefore, it has lately been ascertained that the number of calls have increased by 1% in comparison with 2019, as trade activity in certain shipping sectors has rebounded YTD in 2021.
The most significantly impacted sectors basis vessel’s calls at EU ports between 2019 and 2021, have been the cruise sector, passenger ships, refrigerated cargo vessels and vehicle carriers. In 2020, the ship traffic from Europe to China and the US has declined when compared to same periods in 2019 while this destructive trend continues in 2021 for certain shipping sectors. The EMSA report has indicated that the Cruises’ sector was the most heavily impacted one by the outbreak. Other sectors were also affected, but in general the trade didn’t cease with the main beneficiary over the past few months being the containers sector. As the epidemic continues to roll, ports have faced an unprecedented number of vessels at anchor and vessels queue-up waiting to discharge with logistics disruptions contributing to multi-year high container freight rates.
During 2020, the imports from China to EU were heavily impacted especially since May 2020 and onward with only 36% of their usual volume of port calls coming into the EU from China. In reference to exports from Europe to China the first leading decline occurred in March 2020 with the number of port calls originated by the EU and destined to China, equal to only 58% of the volume of these port calls when compared with May 2019. Furthermore, USA used to be the biggest trading partner of the EU, but volumes were severely impacted, and China emerged instead as its largest trading partner. Asia’s exports to the West have emerged stronger in early 2021 with US containerized imports in particular - from Asia estimated up by approx. 29.0% y-o-y. The trend looks set to continue and is expected to exacerbate container vessels congestion in the west, as demand emerges stronger amid an unprecedented stimulus package in the US.
Unluckily, this worldwide outbreak has imposed urgent challenges for both the import and export trade for most of the ports around the globe. In addition, various disputes arose between Charterers and Owners, in reference to vessels’ hire period, lay-time, and discussions of relevant clauses. Repeatedly, the force majeure of the pandemic and the quarantine time prevented the contract completion as initially agreed and accordingly, the hire period agreement was surpassed in many charter parties worldwide. However, in sequence, the multiplier effect to trade from stimuli across the globe, excess consumer savings and increased congestion at ports has led certain shipping sectors to experience multi-year or record high freight rates with the hope that the new upward cycle that has emerged will be sustained.
As a general comment, despite the difficulties, commercial ship operations, ports and other maritime transport sectors have continued to operate ensuring the movement of products and proving the strategical value of maritime for our livelihoods.
By Katerina Restis,
Tanker Chartering
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms Eva Tzima
Mr.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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Friday, 30 April 21
HIGH-SULPHUR FUEL OIL SALES REBOUND AFTER PRE-IMO 2020 - BIMCO
HSFO sales are up 47.2% from Q1 2020, reaching 3.1m tonnes. This is however still less than a third of high-sulphur fuel sales in Q1 2019, before t ...
Wednesday, 28 April 21
MARKET INSIGHT - INTERMODAL
Despite the current challenges as a result of the global pandemic, 2021 is turning out to be a landmark year for the iron ore market with spot pric ...
Monday, 26 April 21
CHINA TO FURTHER CUT COAL USE IN 2021 - XINHUA
China aims to reduce the share of coal in its energy mix to less than 56% this year, according to a guideline released by the National Energy Admin ...
Wednesday, 21 April 21
COAL FINANCING COSTS HAVE SURGED IN PAST 10 YEARS - UNIVERSITY OF OXFORD - THE GUARDIAN
Coal financing costs have surged over the last decade as investors demand returns four times as high as the payoff required from renewable energy p ...
Tuesday, 20 April 21
US DOLLAR LIBOR TRANSITION IN ASSET FINANCE - WHERE ARE WE NOW? - WATSON FARLEY & WILLIAMS
Since our last article, there has been a raft of regulatory and market body announcements relating to the transition away from LIBOR and the follow ...
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- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Karaikal Port Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Indo Tambangraya Megah - Indonesia
- Mintek Dendrill Indonesia
- Bhoruka Overseas - Indonesia
- Central Electricity Authority - India
- Holcim Trading Pte Ltd - Singapore
- Maheswari Brothers Coal Limited - India
- Global Coal Blending Company Limited - Australia
- Binh Thuan Hamico - Vietnam
- Sinarmas Energy and Mining - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Metalloyd Limited - United Kingdom
- Bayan Resources Tbk. - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- ASAPP Information Group - India
- Alfred C Toepfer International GmbH - Germany
- Thiess Contractors Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Borneo Indobara - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Australian Commodity Traders Exchange
- Trasteel International SA, Italy
- Timah Investasi Mineral - Indoneisa
- Independent Power Producers Association of India
- Iligan Light & Power Inc, Philippines
- Ambuja Cements Ltd - India
- Merrill Lynch Commodities Europe
- Larsen & Toubro Limited - India
- VISA Power Limited - India
- Ministry of Mines - Canada
- Energy Development Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Petron Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Interocean Group of Companies - India
- European Bulk Services B.V. - Netherlands
- Kapuas Tunggal Persada - Indonesia
- Port Waratah Coal Services - Australia
- Orica Australia Pty. Ltd.
- Kobexindo Tractors - Indoneisa
- Parliament of New Zealand
- Economic Council, Georgia
- The University of Queensland
- AsiaOL BioFuels Corp., Philippines
- Jaiprakash Power Ventures ltd
- Bangladesh Power Developement Board
- Sojitz Corporation - Japan
- Altura Mining Limited, Indonesia
- Coastal Gujarat Power Limited - India
- India Bulls Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Makmur.PT - Indonesia
- Parry Sugars Refinery, India
- Indian Energy Exchange, India
- Vedanta Resources Plc - India
- Siam City Cement PLC, Thailand
- Wilmar Investment Holdings
- Bharathi Cement Corporation - India
- Billiton Holdings Pty Ltd - Australia
- Ministry of Transport, Egypt
- Globalindo Alam Lestari - Indonesia
- Gujarat Sidhee Cement - India
- Ind-Barath Power Infra Limited - India
- Eastern Energy - Thailand
- International Coal Ventures Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Kideco Jaya Agung - Indonesia
- PTC India Limited - India
- Orica Mining Services - Indonesia
- Intertek Mineral Services - Indonesia
- Africa Commodities Group - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Baramulti Group, Indonesia
- Cement Manufacturers Association - India
- CIMB Investment Bank - Malaysia
- Central Java Power - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Goldman Sachs - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- LBH Netherlands Bv - Netherlands
- Agrawal Coal Company - India
- IHS Mccloskey Coal Group - USA
- Pendopo Energi Batubara - Indonesia
- Bhushan Steel Limited - India
- Madhucon Powers Ltd - India
- Marubeni Corporation - India
- Sical Logistics Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Uttam Galva Steels Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Romanian Commodities Exchange
- Chettinad Cement Corporation Ltd - India
- Savvy Resources Ltd - HongKong
- Power Finance Corporation Ltd., India
- Karbindo Abesyapradhi - Indoneisa
- IEA Clean Coal Centre - UK
- The Treasury - Australian Government
- Directorate General of MIneral and Coal - Indonesia
- San Jose City I Power Corp, Philippines
- Formosa Plastics Group - Taiwan
- Heidelberg Cement - Germany
- Australian Coal Association
- Sree Jayajothi Cements Limited - India
- Renaissance Capital - South Africa
- Gujarat Electricity Regulatory Commission - India
- New Zealand Coal & Carbon
- Planning Commission, India
- Electricity Authority, New Zealand
- McConnell Dowell - Australia
- Medco Energi Mining Internasional
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining Corp, Philippines
- Grasim Industreis Ltd - India
- Chamber of Mines of South Africa
- Meralco Power Generation, Philippines
- Dalmia Cement Bharat India
- Eastern Coal Council - USA
- London Commodity Brokers - England
- Makarim & Taira - Indonesia
- Directorate Of Revenue Intelligence - India
- Oldendorff Carriers - Singapore
- Bhatia International Limited - India
- Price Waterhouse Coopers - Russia
- Latin American Coal - Colombia
- OPG Power Generation Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Aboitiz Power Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Gujarat Mineral Development Corp Ltd - India
- Samtan Co., Ltd - South Korea
- Singapore Mercantile Exchange
- South Luzon Thermal Energy Corporation
- TeaM Sual Corporation - Philippines
- Mercuria Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Simpson Spence & Young - Indonesia
- Indika Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Mercator Lines Limited - India
- Anglo American - United Kingdom
- Thai Mozambique Logistica
- Posco Energy - South Korea
- Kaltim Prima Coal - Indonesia
- Salva Resources Pvt Ltd - India
- White Energy Company Limited
- Sarangani Energy Corporation, Philippines
- Coalindo Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Vizag Seaport Private Limited - India
- GMR Energy Limited - India
- Indonesian Coal Mining Association
- Barasentosa Lestari - Indonesia
- Attock Cement Pakistan Limited
- Kalimantan Lumbung Energi - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Straits Asia Resources Limited - Singapore
- Essar Steel Hazira Ltd - India
- Kumho Petrochemical, South Korea
- Minerals Council of Australia
- Lanco Infratech Ltd - India
- Sakthi Sugars Limited - India
- Therma Luzon, Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Standard Chartered Bank - UAE
- Malabar Cements Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Ministry of Finance - Indonesia
- Rio Tinto Coal - Australia
- Miang Besar Coal Terminal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Deloitte Consulting - India
- Aditya Birla Group - India
- Commonwealth Bank - Australia
- The State Trading Corporation of India Ltd
- Banpu Public Company Limited - Thailand
- Ceylon Electricity Board - Sri Lanka
- MS Steel International - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SMG Consultants - Indonesia
- Mjunction Services Limited - India
- Rashtriya Ispat Nigam Limited - India
- Manunggal Multi Energi - Indonesia
- Riau Bara Harum - Indonesia
- GVK Power & Infra Limited - India
- Siam City Cement - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Tamil Nadu electricity Board
- Toyota Tsusho Corporation, Japan
- Edison Trading Spa - Italy
- Bukit Asam (Persero) Tbk - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Electricity Generating Authority of Thailand
- ICICI Bank Limited - India
- Tata Chemicals Ltd - India
- Xindia Steels Limited - India
- Global Business Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Georgia Ports Authority, United States
- Indian Oil Corporation Limited
- Carbofer General Trading SA - India
- Coal and Oil Company - UAE
- Jindal Steel & Power Ltd - India
- CNBM International Corporation - China
- Indogreen Group - Indonesia
- SMC Global Power, Philippines
- Wood Mackenzie - Singapore
- PowerSource Philippines DevCo
- Videocon Industries ltd - India
- Star Paper Mills Limited - India
- Sindya Power Generating Company Private Ltd
- Neyveli Lignite Corporation Ltd, - India
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