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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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Tuesday, 22 December 20
SOUTHEAST ASIA'S COAL DEMAND IS SET TO EXPAND AFTER THE PANDEMIC-INDUCED HIATUS IN 2020 - IEA
Coal consumption in Southeast Asia has more than doubled in the last decade, with the largest growth in Indonesia and Viet Nam, followed by Malaysi ...
Tuesday, 22 December 20
COAL DEMAND IS RISING QUICKLY IN PAKISTAN AND MORE SLOWLY IN BANGLADESH - IEA
Pakistan had 150 MW of installed coal power capacity in 2015. Since 2017, in addition to a few small plants for industry, Pakistan has commissioned ...
Tuesday, 22 December 20
AFRICA PERSPECTIVE INDICATES NO MAJOR SHIFTS FOR COAL CONSUMPTION - IEA
Overall countries on the African continent consumed 197 Mt of coal in 2019, 12 Mt less (-6%) than 2018.
South Africa, the continent& ...
Monday, 21 December 20
COAL PRICES WITHSTAND DESPITE COVID-19 AND CHINESE IMPORT QUOTAS - IEA
Coal prices vary by region as well as by grade and quality. The price rebound starting in 2016 ended in 2018, moving in a downward trend in 2019. A ...
Monday, 21 December 20
COAL'S PARTIAL RECOVERY IS SET TO FADE AFTER 2021 - IEA
Global coal consumption is estimated to have fallen by 7%, or over 500 million tonnes, between 2018 in 2020. A decline of this size over a two-year ...
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- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vedanta Resources Plc - India
- PowerSource Philippines DevCo
- Siam City Cement - Thailand
- Merrill Lynch Commodities Europe
- Star Paper Mills Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Bukit Makmur.PT - Indonesia
- Australian Coal Association
- Meenaskhi Energy Private Limited - India
- LBH Netherlands Bv - Netherlands
- White Energy Company Limited
- Jorong Barutama Greston.PT - Indonesia
- Madhucon Powers Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Simpson Spence & Young - Indonesia
- Commonwealth Bank - Australia
- Bayan Resources Tbk. - Indonesia
- Banpu Public Company Limited - Thailand
- Gujarat Electricity Regulatory Commission - India
- Aditya Birla Group - India
- GN Power Mariveles Coal Plant, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Indian Oil Corporation Limited
- Wood Mackenzie - Singapore
- AsiaOL BioFuels Corp., Philippines
- Bulk Trading Sa - Switzerland
- Kumho Petrochemical, South Korea
- Eastern Energy - Thailand
- Sarangani Energy Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Deloitte Consulting - India
- Iligan Light & Power Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Mintek Dendrill Indonesia
- Ministry of Transport, Egypt
- Sojitz Corporation - Japan
- Kartika Selabumi Mining - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Economic Council, Georgia
- Antam Resourcindo - Indonesia
- Essar Steel Hazira Ltd - India
- VISA Power Limited - India
- Global Business Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Rashtriya Ispat Nigam Limited - India
- Directorate Of Revenue Intelligence - India
- IHS Mccloskey Coal Group - USA
- TeaM Sual Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Straits Asia Resources Limited - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Videocon Industries ltd - India
- CIMB Investment Bank - Malaysia
- Kohat Cement Company Ltd. - Pakistan
- Salva Resources Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Independent Power Producers Association of India
- Barasentosa Lestari - Indonesia
- OPG Power Generation Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Malabar Cements Ltd - India
- Power Finance Corporation Ltd., India
- Neyveli Lignite Corporation Ltd, - India
- Kapuas Tunggal Persada - Indonesia
- Alfred C Toepfer International GmbH - Germany
- New Zealand Coal & Carbon
- Coalindo Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Vizag Seaport Private Limited - India
- Energy Link Ltd, New Zealand
- Standard Chartered Bank - UAE
- Meralco Power Generation, Philippines
- Renaissance Capital - South Africa
- Samtan Co., Ltd - South Korea
- Eastern Coal Council - USA
- Gujarat Mineral Development Corp Ltd - India
- Cement Manufacturers Association - India
- CNBM International Corporation - China
- Port Waratah Coal Services - Australia
- Agrawal Coal Company - India
- PTC India Limited - India
- Energy Development Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Tata Chemicals Ltd - India
- Global Coal Blending Company Limited - Australia
- Xindia Steels Limited - India
- GAC Shipping (India) Pvt Ltd
- Global Green Power PLC Corporation, Philippines
- Siam City Cement PLC, Thailand
- Larsen & Toubro Limited - India
- Kaltim Prima Coal - Indonesia
- Heidelberg Cement - Germany
- Bangladesh Power Developement Board
- Minerals Council of Australia
- Interocean Group of Companies - India
- Indogreen Group - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- Bhushan Steel Limited - India
- Jindal Steel & Power Ltd - India
- Parliament of New Zealand
- Goldman Sachs - Singapore
- Coal and Oil Company - UAE
- Holcim Trading Pte Ltd - Singapore
- European Bulk Services B.V. - Netherlands
- PetroVietnam Power Coal Import and Supply Company
- Posco Energy - South Korea
- Tamil Nadu electricity Board
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Anglo American - United Kingdom
- Sakthi Sugars Limited - India
- International Coal Ventures Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Formosa Plastics Group - Taiwan
- Wilmar Investment Holdings
- GMR Energy Limited - India
- Indian Energy Exchange, India
- Kideco Jaya Agung - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Maharashtra Electricity Regulatory Commission - India
- ASAPP Information Group - India
- Borneo Indobara - Indonesia
- Parry Sugars Refinery, India
- ICICI Bank Limited - India
- Mercator Lines Limited - India
- Maheswari Brothers Coal Limited - India
- India Bulls Power Limited - India
- Metalloyd Limited - United Kingdom
- Bhatia International Limited - India
- Makarim & Taira - Indonesia
- Romanian Commodities Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Globalindo Alam Lestari - Indonesia
- Uttam Galva Steels Limited - India
- Central Java Power - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Bukit Baiduri Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- South Luzon Thermal Energy Corporation
- Electricity Authority, New Zealand
- Coastal Gujarat Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Baramulti Group, Indonesia
- Aboitiz Power Corporation - Philippines
- GVK Power & Infra Limited - India
- Chamber of Mines of South Africa
- TNB Fuel Sdn Bhd - Malaysia
- SMC Global Power, Philippines
- Indonesian Coal Mining Association
- MS Steel International - UAE
- IEA Clean Coal Centre - UK
- Kepco SPC Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Ministry of Finance - Indonesia
- Therma Luzon, Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ambuja Cements Ltd - India
- Medco Energi Mining Internasional
- Lanco Infratech Ltd - India
- Latin American Coal - Colombia
- Africa Commodities Group - South Africa
- London Commodity Brokers - England
- Thai Mozambique Logistica
- Riau Bara Harum - Indonesia
- Central Electricity Authority - India
- Mercuria Energy - Indonesia
- Australian Commodity Traders Exchange
- Rio Tinto Coal - Australia
- Toyota Tsusho Corporation, Japan
- Pendopo Energi Batubara - Indonesia
- Intertek Mineral Services - Indonesia
- Orica Australia Pty. Ltd.
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- San Jose City I Power Corp, Philippines
- Edison Trading Spa - Italy
- Georgia Ports Authority, United States
- Savvy Resources Ltd - HongKong
- Ministry of Mines - Canada
- The University of Queensland
- Semirara Mining Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Indo Tambangraya Megah - Indonesia
- Thiess Contractors Indonesia
- Sical Logistics Limited - India
- Petron Corporation, Philippines
- Planning Commission, India
- Gujarat Sidhee Cement - India
- Indika Energy - Indonesia
- McConnell Dowell - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Carbofer General Trading SA - India
- Oldendorff Carriers - Singapore
- Sindya Power Generating Company Private Ltd
- SMG Consultants - Indonesia
- Dalmia Cement Bharat India
- Marubeni Corporation - India
- Price Waterhouse Coopers - Russia
- Bharathi Cement Corporation - India
- Attock Cement Pakistan Limited
- The Treasury - Australian Government
- Electricity Generating Authority of Thailand
- Karbindo Abesyapradhi - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Altura Mining Limited, Indonesia
- Grasim Industreis Ltd - India
- Singapore Mercantile Exchange
- Binh Thuan Hamico - Vietnam
- PNOC Exploration Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Leighton Contractors Pty Ltd - Australia
- SN Aboitiz Power Inc, Philippines
- Trasteel International SA, Italy
- Mjunction Services Limited - India
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