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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, 13 December 20
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- Orica Australia Pty. Ltd.
- Pipit Mutiara Jaya. PT, Indonesia
- Aboitiz Power Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Bhoruka Overseas - Indonesia
- Thiess Contractors Indonesia
- Semirara Mining Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Indogreen Group - Indonesia
- Savvy Resources Ltd - HongKong
- Kartika Selabumi Mining - Indonesia
- Indian Energy Exchange, India
- Billiton Holdings Pty Ltd - Australia
- Agrawal Coal Company - India
- Australian Commodity Traders Exchange
- Mintek Dendrill Indonesia
- Wilmar Investment Holdings
- Parry Sugars Refinery, India
- Miang Besar Coal Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Business Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Sojitz Corporation - Japan
- Kepco SPC Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Mercator Lines Limited - India
- Tata Chemicals Ltd - India
- Merrill Lynch Commodities Europe
- Central Java Power - Indonesia
- Oldendorff Carriers - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Binh Thuan Hamico - Vietnam
- Meenaskhi Energy Private Limited - India
- Vizag Seaport Private Limited - India
- South Luzon Thermal Energy Corporation
- Power Finance Corporation Ltd., India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Larsen & Toubro Limited - India
- Petron Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Singapore Mercantile Exchange
- Indo Tambangraya Megah - Indonesia
- PowerSource Philippines DevCo
- Rio Tinto Coal - Australia
- IEA Clean Coal Centre - UK
- Maheswari Brothers Coal Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Commonwealth Bank - Australia
- Electricity Generating Authority of Thailand
- Posco Energy - South Korea
- Ministry of Mines - Canada
- Bharathi Cement Corporation - India
- Chamber of Mines of South Africa
- Price Waterhouse Coopers - Russia
- GMR Energy Limited - India
- Anglo American - United Kingdom
- Deloitte Consulting - India
- Directorate Of Revenue Intelligence - India
- Indika Energy - Indonesia
- Bulk Trading Sa - Switzerland
- McConnell Dowell - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GVK Power & Infra Limited - India
- Sarangani Energy Corporation, Philippines
- Sakthi Sugars Limited - India
- London Commodity Brokers - England
- The State Trading Corporation of India Ltd
- Barasentosa Lestari - Indonesia
- Lanco Infratech Ltd - India
- Bangladesh Power Developement Board
- Kohat Cement Company Ltd. - Pakistan
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Sidhee Cement - India
- Straits Asia Resources Limited - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Transport, Egypt
- Sinarmas Energy and Mining - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Malabar Cements Ltd - India
- Cement Manufacturers Association - India
- Alfred C Toepfer International GmbH - Germany
- Formosa Plastics Group - Taiwan
- Antam Resourcindo - Indonesia
- Heidelberg Cement - Germany
- Videocon Industries ltd - India
- Samtan Co., Ltd - South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Economic Council, Georgia
- SN Aboitiz Power Inc, Philippines
- Essar Steel Hazira Ltd - India
- IHS Mccloskey Coal Group - USA
- Manunggal Multi Energi - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- OPG Power Generation Pvt Ltd - India
- Goldman Sachs - Singapore
- Globalindo Alam Lestari - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Orica Mining Services - Indonesia
- Siam City Cement - Thailand
- PTC India Limited - India
- Indian Oil Corporation Limited
- Australian Coal Association
- Kalimantan Lumbung Energi - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Star Paper Mills Limited - India
- Interocean Group of Companies - India
- Africa Commodities Group - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Coastal Gujarat Power Limited - India
- Iligan Light & Power Inc, Philippines
- Latin American Coal - Colombia
- Parliament of New Zealand
- Energy Development Corp, Philippines
- Jaiprakash Power Ventures ltd
- SMG Consultants - Indonesia
- Independent Power Producers Association of India
- Attock Cement Pakistan Limited
- Ministry of Finance - Indonesia
- Intertek Mineral Services - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Banpu Public Company Limited - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Asmin Koalindo Tuhup - Indonesia
- Riau Bara Harum - Indonesia
- Port Waratah Coal Services - Australia
- Renaissance Capital - South Africa
- ICICI Bank Limited - India
- Kideco Jaya Agung - Indonesia
- Mjunction Services Limited - India
- Sindya Power Generating Company Private Ltd
- Chettinad Cement Corporation Ltd - India
- Baramulti Group, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Ambuja Cements Ltd - India
- Georgia Ports Authority, United States
- GN Power Mariveles Coal Plant, Philippines
- The University of Queensland
- SMC Global Power, Philippines
- Thai Mozambique Logistica
- Eastern Coal Council - USA
- Sical Logistics Limited - India
- Kobexindo Tractors - Indoneisa
- India Bulls Power Limited - India
- Tamil Nadu electricity Board
- Coal and Oil Company - UAE
- Rashtriya Ispat Nigam Limited - India
- Krishnapatnam Port Company Ltd. - India
- Planning Commission, India
- European Bulk Services B.V. - Netherlands
- Madhucon Powers Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Bhatia International Limited - India
- Standard Chartered Bank - UAE
- Minerals Council of Australia
- Sree Jayajothi Cements Limited - India
- Bhushan Steel Limited - India
- Eastern Energy - Thailand
- Edison Trading Spa - Italy
- Cigading International Bulk Terminal - Indonesia
- Xindia Steels Limited - India
- Global Coal Blending Company Limited - Australia
- Global Green Power PLC Corporation, Philippines
- Kumho Petrochemical, South Korea
- Meralco Power Generation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Holcim Trading Pte Ltd - Singapore
- Trasteel International SA, Italy
- Borneo Indobara - Indonesia
- Pendopo Energi Batubara - Indonesia
- Altura Mining Limited, Indonesia
- Vedanta Resources Plc - India
- New Zealand Coal & Carbon
- Jindal Steel & Power Ltd - India
- Ind-Barath Power Infra Limited - India
- Makarim & Taira - Indonesia
- Electricity Authority, New Zealand
- Romanian Commodities Exchange
- Central Electricity Authority - India
- Bukit Makmur.PT - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Salva Resources Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- ASAPP Information Group - India
- Uttam Galva Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- Therma Luzon, Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Aditya Birla Group - India
- Wood Mackenzie - Singapore
- Mercuria Energy - Indonesia
- VISA Power Limited - India
- Toyota Tsusho Corporation, Japan
- Marubeni Corporation - India
- CIMB Investment Bank - Malaysia
- Simpson Spence & Young - Indonesia
- Energy Link Ltd, New Zealand
- Medco Energi Mining Internasional
- White Energy Company Limited
- Karaikal Port Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- MS Steel International - UAE
- Indonesian Coal Mining Association
- Siam City Cement PLC, Thailand
- Coalindo Energy - Indonesia
- CNBM International Corporation - China
- Grasim Industreis Ltd - India
- Carbofer General Trading SA - India
- The Treasury - Australian Government
- Metalloyd Limited - United Kingdom
- San Jose City I Power Corp, Philippines
- Dalmia Cement Bharat India
- TeaM Sual Corporation - Philippines
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