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