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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, 21 February 21
ANZ DIVESTING FROM THE WORLD’S LARGEST COAL EXPORT PORT IS 'PRAGMATISM' - IEEFA
The biggest buyers of Australian thermal coal have committed to net-zero emissions
ANZ, Australia’s third largest bank, has decided to s ...
Sunday, 21 February 21
EDITORIAL: TIME FOR BANGLADESH TO FOCUS ON RENEWABLE ENERGY, NOT COAL - DHAKA TRIBUNE
Shifting away from coal is not only desirable, but absolutely necessary in these times.
In spite of being detrimental to environment ...
Wednesday, 17 February 21
STRANDED ASSETS A LONG-TERM RISK FOR MAJOR FOSSIL FUEL EXPORTERS - FITCH RATINGS
Fossil exporters face a loss of GDP, government revenue and export receipts from the transition to a lower-carbon economy over the coming decades. ...
Friday, 12 February 21
U.S: WIND SURPASSED COAL AS NO. 1 FUEL SOURCE IN 2020 FOR SOUTHWEST POWER POOL - IEEFA
Wind energy growth due to geography, design factors, and new installations
Wind surpassed coal as the primary power generation sourc ...
Wednesday, 10 February 21
FY21 COAL DEMAND MAY BE LOWER THAN PREVIOUSLY ESTIMATED DUE TO COVID-19: PRALHAD JOSHI - PTI
Coal demand in the current fiscal may be lower than the initial estimate of 1,085 million tonnes (MT) due to the impact of COVID-19, Parliament was ...
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- Marubeni Corporation - India
- Globalindo Alam Lestari - Indonesia
- Ministry of Finance - Indonesia
- CNBM International Corporation - China
- Kepco SPC Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Thiess Contractors Indonesia
- LBH Netherlands Bv - Netherlands
- Bukit Makmur.PT - Indonesia
- Kumho Petrochemical, South Korea
- Alfred C Toepfer International GmbH - Germany
- Sojitz Corporation - Japan
- Grasim Industreis Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Sakthi Sugars Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Miang Besar Coal Terminal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Cement Manufacturers Association - India
- Videocon Industries ltd - India
- Vedanta Resources Plc - India
- MS Steel International - UAE
- Central Java Power - Indonesia
- Bhushan Steel Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Kalimantan Lumbung Energi - Indonesia
- VISA Power Limited - India
- Jaiprakash Power Ventures ltd
- Price Waterhouse Coopers - Russia
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- Medco Energi Mining Internasional
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- Global Green Power PLC Corporation, Philippines
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- Directorate General of MIneral and Coal - Indonesia
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- International Coal Ventures Pvt Ltd - India
- Siam City Cement - Thailand
- PTC India Limited - India
- Orica Australia Pty. Ltd.
- Vijayanagar Sugar Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- India Bulls Power Limited - India
- Essar Steel Hazira Ltd - India
- Renaissance Capital - South Africa
- Karbindo Abesyapradhi - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- CIMB Investment Bank - Malaysia
- Indian Energy Exchange, India
- Aboitiz Power Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Latin American Coal - Colombia
- Ceylon Electricity Board - Sri Lanka
- Star Paper Mills Limited - India
- Rio Tinto Coal - Australia
- New Zealand Coal & Carbon
- Economic Council, Georgia
- Chamber of Mines of South Africa
- GMR Energy Limited - India
- Petron Corporation, Philippines
- Mintek Dendrill Indonesia
- Deloitte Consulting - India
- Mercator Lines Limited - India
- Interocean Group of Companies - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Romanian Commodities Exchange
- Bayan Resources Tbk. - Indonesia
- Sical Logistics Limited - India
- Coalindo Energy - Indonesia
- Larsen & Toubro Limited - India
- Gujarat Sidhee Cement - India
- GVK Power & Infra Limited - India
- Dalmia Cement Bharat India
- Jindal Steel & Power Ltd - India
- Energy Link Ltd, New Zealand
- GAC Shipping (India) Pvt Ltd
- Cigading International Bulk Terminal - Indonesia
- Barasentosa Lestari - Indonesia
- Meenaskhi Energy Private Limited - India
- Borneo Indobara - Indonesia
- Salva Resources Pvt Ltd - India
- Minerals Council of Australia
- Aditya Birla Group - India
- Parliament of New Zealand
- San Jose City I Power Corp, Philippines
- IEA Clean Coal Centre - UK
- Heidelberg Cement - Germany
- Bangladesh Power Developement Board
- Metalloyd Limited - United Kingdom
- Riau Bara Harum - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Siam City Cement PLC, Thailand
- Eastern Energy - Thailand
- Bharathi Cement Corporation - India
- Kideco Jaya Agung - Indonesia
- Indian Oil Corporation Limited
- Vizag Seaport Private Limited - India
- Power Finance Corporation Ltd., India
- Uttam Galva Steels Limited - India
- Kapuas Tunggal Persada - Indonesia
- IHS Mccloskey Coal Group - USA
- Xindia Steels Limited - India
- Global Coal Blending Company Limited - Australia
- Wilmar Investment Holdings
- Banpu Public Company Limited - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Thai Mozambique Logistica
- Eastern Coal Council - USA
- GN Power Mariveles Coal Plant, Philippines
- Formosa Plastics Group - Taiwan
- OPG Power Generation Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Tamil Nadu electricity Board
- PetroVietnam Power Coal Import and Supply Company
- Edison Trading Spa - Italy
- Karaikal Port Pvt Ltd - India
- Tata Chemicals Ltd - India
- Australian Coal Association
- Krishnapatnam Port Company Ltd. - India
- Pendopo Energi Batubara - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- SMC Global Power, Philippines
- Carbofer General Trading SA - India
- Samtan Co., Ltd - South Korea
- PNOC Exploration Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Agrawal Coal Company - India
- Asmin Koalindo Tuhup - Indonesia
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- Kartika Selabumi Mining - Indonesia
- Goldman Sachs - Singapore
- Iligan Light & Power Inc, Philippines
- Therma Luzon, Inc, Philippines
- Orica Mining Services - Indonesia
- Altura Mining Limited, Indonesia
- Bhatia International Limited - India
- Antam Resourcindo - Indonesia
- Central Electricity Authority - India
- Jorong Barutama Greston.PT - Indonesia
- Straits Asia Resources Limited - Singapore
- ASAPP Information Group - India
- Madhucon Powers Ltd - India
- Ministry of Transport, Egypt
- Bank of Tokyo Mitsubishi UFJ Ltd
- TeaM Sual Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Manunggal Multi Energi - Indonesia
- Coal and Oil Company - UAE
- The Treasury - Australian Government
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Electricity Regulatory Commission - India
- PowerSource Philippines DevCo
- Posco Energy - South Korea
- White Energy Company Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Baramulti Group, Indonesia
- Bukit Baiduri Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Sarangani Energy Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Malabar Cements Ltd - India
- Mjunction Services Limited - India
- Anglo American - United Kingdom
- Ministry of Mines - Canada
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indika Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- McConnell Dowell - Australia
- Oldendorff Carriers - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- SMG Consultants - Indonesia
- Savvy Resources Ltd - HongKong
- Bhoruka Overseas - Indonesia
- ICICI Bank Limited - India
- Global Business Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Chettinad Cement Corporation Ltd - India
- Makarim & Taira - Indonesia
- Lanco Infratech Ltd - India
- Indo Tambangraya Megah - Indonesia
- The University of Queensland
- Intertek Mineral Services - Indonesia
- Standard Chartered Bank - UAE
- Indonesian Coal Mining Association
- Planning Commission, India
- Electricity Authority, New Zealand
- Semirara Mining Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Singapore Mercantile Exchange
- Ind-Barath Power Infra Limited - India
- South Luzon Thermal Energy Corporation
- Africa Commodities Group - South Africa
- Bulk Trading Sa - Switzerland
- Simpson Spence & Young - Indonesia
- Electricity Generating Authority of Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Binh Thuan Hamico - Vietnam
- Commonwealth Bank - Australia
- Georgia Ports Authority, United States
- Energy Development Corp, Philippines
- Independent Power Producers Association of India
- Mercuria Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Wood Mackenzie - Singapore
- European Bulk Services B.V. - Netherlands
- The State Trading Corporation of India Ltd
- Merrill Lynch Commodities Europe
- Trasteel International SA, Italy
- Ambuja Cements Ltd - India
- Meralco Power Generation, Philippines
- London Commodity Brokers - England
- Indogreen Group - Indonesia
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