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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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Sunday, 18 April 21
INDONESIA LIKELY TO WITNESS 119 OIL AND GAS PROJECTS STARTS ACROSS VALUE CHAIN BY 2025, SAYS GLOBALDATA
Indonesia is expected to witness 119 oil and gas projects commencing their operations across value chain during 2021-2025, accounting for 6% of the ...
Sunday, 18 April 21
WORLDSTEEL RAISES 2021 STEEL DEMAND GROWTH FORECAST TO 5.8% - WORLDSTEEL
The World Steel Association (worldsteel) today released its Short Range Outlook (SRO) for 2021 and 2022. worldsteel forecasts that steel demand wil ...
Sunday, 18 April 21
CHINA'S Q1 COAL OUTPUT RISES 16% ON STRONG DEMAND FOR WINTER HEATING - REUTERS
China’s coal output rose 16% in the first quarter from the same period last year, bolstered by strong demand for winter heating and robust in ...
Wednesday, 14 April 21
INDIA HAS A RECORD LEVEL OF STOCKPILED COAL DAMPENING NEED FOR NEW DOMESTIC MINES - IEEFA
Proposed coal mining expansions at odds with excess supply
India has stockpiled a record 132 million tonnes of coal – enough t ...
Wednesday, 14 April 21
BANGLADESH NEEDS A RENEWABLES FOCUS, NOT A SWITCH FROM 'COAL TO GAS' - IEEFA
Renewables are cheaper and more sustainable than gas imports, and can provide better energy security in developing nations
The emerg ...
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- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Antam Resourcindo - Indonesia
- IHS Mccloskey Coal Group - USA
- Rio Tinto Coal - Australia
- Jindal Steel & Power Ltd - India
- TeaM Sual Corporation - Philippines
- White Energy Company Limited
- Bayan Resources Tbk. - Indonesia
- Therma Luzon, Inc, Philippines
- Australian Commodity Traders Exchange
- Borneo Indobara - Indonesia
- Bhatia International Limited - India
- Savvy Resources Ltd - HongKong
- Salva Resources Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Latin American Coal - Colombia
- Australian Coal Association
- Karaikal Port Pvt Ltd - India
- Edison Trading Spa - Italy
- VISA Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Energy Link Ltd, New Zealand
- Grasim Industreis Ltd - India
- Intertek Mineral Services - Indonesia
- Central Electricity Authority - India
- Indian Oil Corporation Limited
- Madhucon Powers Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Sakthi Sugars Limited - India
- IEA Clean Coal Centre - UK
- Pendopo Energi Batubara - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Carbofer General Trading SA - India
- Mercator Lines Limited - India
- Mercuria Energy - Indonesia
- Indonesian Coal Mining Association
- Chamber of Mines of South Africa
- Xindia Steels Limited - India
- Bulk Trading Sa - Switzerland
- Petrochimia International Co. Ltd.- Taiwan
- CIMB Investment Bank - Malaysia
- Meralco Power Generation, Philippines
- Thai Mozambique Logistica
- Eastern Coal Council - USA
- Indika Energy - Indonesia
- Power Finance Corporation Ltd., India
- Kapuas Tunggal Persada - Indonesia
- Bangladesh Power Developement Board
- Medco Energi Mining Internasional
- Planning Commission, India
- Minerals Council of Australia
- Billiton Holdings Pty Ltd - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Formosa Plastics Group - Taiwan
- Interocean Group of Companies - India
- Barasentosa Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Romanian Commodities Exchange
- Bukit Makmur.PT - Indonesia
- London Commodity Brokers - England
- Mjunction Services Limited - India
- Semirara Mining Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Vedanta Resources Plc - India
- Riau Bara Harum - Indonesia
- Dalmia Cement Bharat India
- Essar Steel Hazira Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Merrill Lynch Commodities Europe
- Ceylon Electricity Board - Sri Lanka
- The State Trading Corporation of India Ltd
- PTC India Limited - India
- Vizag Seaport Private Limited - India
- Port Waratah Coal Services - Australia
- Alfred C Toepfer International GmbH - Germany
- Energy Development Corp, Philippines
- Uttam Galva Steels Limited - India
- Straits Asia Resources Limited - Singapore
- Indogreen Group - Indonesia
- Petron Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Banpu Public Company Limited - Thailand
- LBH Netherlands Bv - Netherlands
- Videocon Industries ltd - India
- CNBM International Corporation - China
- Makarim & Taira - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Star Paper Mills Limited - India
- Iligan Light & Power Inc, Philippines
- ICICI Bank Limited - India
- Wilmar Investment Holdings
- Altura Mining Limited, Indonesia
- Georgia Ports Authority, United States
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Business Power Corporation, Philippines
- Baramulti Group, Indonesia
- Tata Chemicals Ltd - India
- Samtan Co., Ltd - South Korea
- Global Coal Blending Company Limited - Australia
- Cement Manufacturers Association - India
- GAC Shipping (India) Pvt Ltd
- Lanco Infratech Ltd - India
- MS Steel International - UAE
- Sarangani Energy Corporation, Philippines
- Electricity Generating Authority of Thailand
- Singapore Mercantile Exchange
- Aditya Birla Group - India
- Toyota Tsusho Corporation, Japan
- Cigading International Bulk Terminal - Indonesia
- Tamil Nadu electricity Board
- Deloitte Consulting - India
- Renaissance Capital - South Africa
- ASAPP Information Group - India
- Goldman Sachs - Singapore
- Heidelberg Cement - Germany
- Bharathi Cement Corporation - India
- Holcim Trading Pte Ltd - Singapore
- PowerSource Philippines DevCo
- Mintek Dendrill Indonesia
- Standard Chartered Bank - UAE
- Krishnapatnam Port Company Ltd. - India
- Maharashtra Electricity Regulatory Commission - India
- India Bulls Power Limited - India
- Trasteel International SA, Italy
- GMR Energy Limited - India
- Rashtriya Ispat Nigam Limited - India
- International Coal Ventures Pvt Ltd - India
- Anglo American - United Kingdom
- AsiaOL BioFuels Corp., Philippines
- New Zealand Coal & Carbon
- Kumho Petrochemical, South Korea
- Ambuja Cements Ltd - India
- Independent Power Producers Association of India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Thiess Contractors Indonesia
- Binh Thuan Hamico - Vietnam
- Metalloyd Limited - United Kingdom
- Economic Council, Georgia
- PNOC Exploration Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Orica Australia Pty. Ltd.
- Marubeni Corporation - India
- South Luzon Thermal Energy Corporation
- Asmin Koalindo Tuhup - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Sical Logistics Limited - India
- Gujarat Sidhee Cement - India
- The University of Queensland
- Oldendorff Carriers - Singapore
- Globalindo Alam Lestari - Indonesia
- European Bulk Services B.V. - Netherlands
- Africa Commodities Group - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Finance - Indonesia
- Parliament of New Zealand
- Coastal Gujarat Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Manunggal Multi Energi - Indonesia
- Eastern Energy - Thailand
- OPG Power Generation Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Kobexindo Tractors - Indoneisa
- Coalindo Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Simpson Spence & Young - Indonesia
- McConnell Dowell - Australia
- Posco Energy - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sindya Power Generating Company Private Ltd
- SN Aboitiz Power Inc, Philippines
- Sojitz Corporation - Japan
- Malabar Cements Ltd - India
- Bhoruka Overseas - Indonesia
- Orica Mining Services - Indonesia
- Attock Cement Pakistan Limited
- SMG Consultants - Indonesia
- Chettinad Cement Corporation Ltd - India
- Bhushan Steel Limited - India
- Parry Sugars Refinery, India
- SMC Global Power, Philippines
- Aboitiz Power Corporation - Philippines
- Coal and Oil Company - UAE
- Directorate Of Revenue Intelligence - India
- Kohat Cement Company Ltd. - Pakistan
- Sree Jayajothi Cements Limited - India
- Siam City Cement - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- Jaiprakash Power Ventures ltd
- Jorong Barutama Greston.PT - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Siam City Cement PLC, Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Indo Tambangraya Megah - Indonesia
- Ministry of Transport, Egypt
- The Treasury - Australian Government
- Agrawal Coal Company - India
- Wood Mackenzie - Singapore
- Central Java Power - Indonesia
- GVK Power & Infra Limited - India
- Indian Energy Exchange, India
- Vijayanagar Sugar Pvt Ltd - India
- Larsen & Toubro Limited - India
- Meenaskhi Energy Private Limited - India
- Commonwealth Bank - Australia
- Ministry of Mines - Canada
- Electricity Authority, New Zealand
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