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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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Friday, 13 November 20
SHIPPING OUTLOOK TURNS STABLE ON EBITDA GROWTH, IMPROVING SUPPLY-DEMAND BALANCE - MOODY’S
Outlook revised to stable from negative.
The global shipping industry is on course to perform better overall than we had previously ex ...
Friday, 13 November 20
CHINA'S BENCHMARK POWER COAL PRICE EDGES UP - XINHUA
China’s benchmark power coal price rose slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
Monday, 09 November 20
INDONESIA MAY CUT BIODIESEL USE TARGET AS SUBSIDY FUND DEPLETES - FITCH
The Indonesian government may rein in its push to increase use of biodiesel as it now comes at higher cost following a fall in crude oil prices and ...
Monday, 09 November 20
SOUTH AFRICA: COAL MARKET CONDITIONS HAVE ' DETERIORATED MATERIALLY' - IEEFA
The Asian seaborne thermal coal pool is drying out
Resource Generation Ltd’s proposed but long delayed Boikarabelo coal mine i ...
Friday, 06 November 20
CHINA'S BENCHMARK POWER COAL PRICE EDGES UP - XINHUA
China’s benchmark power coal price rose slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
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- Uttam Galva Steels Limited - India
- Global Business Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Gujarat Sidhee Cement - India
- The Treasury - Australian Government
- Kumho Petrochemical, South Korea
- Eastern Coal Council - USA
- Kartika Selabumi Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- PowerSource Philippines DevCo
- Semirara Mining Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Energy Link Ltd, New Zealand
- Videocon Industries ltd - India
- Riau Bara Harum - Indonesia
- Latin American Coal - Colombia
- Holcim Trading Pte Ltd - Singapore
- International Coal Ventures Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Madhucon Powers Ltd - India
- Vizag Seaport Private Limited - India
- Star Paper Mills Limited - India
- Economic Council, Georgia
- Jaiprakash Power Ventures ltd
- The University of Queensland
- Baramulti Group, Indonesia
- The State Trading Corporation of India Ltd
- Siam City Cement PLC, Thailand
- Jorong Barutama Greston.PT - Indonesia
- White Energy Company Limited
- Thiess Contractors Indonesia
- Commonwealth Bank - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Ceylon Electricity Board - Sri Lanka
- GAC Shipping (India) Pvt Ltd
- Ministry of Transport, Egypt
- Sindya Power Generating Company Private Ltd
- Kobexindo Tractors - Indoneisa
- Maheswari Brothers Coal Limited - India
- Africa Commodities Group - South Africa
- Oldendorff Carriers - Singapore
- Iligan Light & Power Inc, Philippines
- GVK Power & Infra Limited - India
- Edison Trading Spa - Italy
- Vijayanagar Sugar Pvt Ltd - India
- Tamil Nadu electricity Board
- Pipit Mutiara Jaya. PT, Indonesia
- CIMB Investment Bank - Malaysia
- OPG Power Generation Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- ASAPP Information Group - India
- Bhushan Steel Limited - India
- Wood Mackenzie - Singapore
- Billiton Holdings Pty Ltd - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Metalloyd Limited - United Kingdom
- Romanian Commodities Exchange
- Savvy Resources Ltd - HongKong
- Price Waterhouse Coopers - Russia
- Eastern Energy - Thailand
- Bukit Makmur.PT - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Neyveli Lignite Corporation Ltd, - India
- Pendopo Energi Batubara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Energy Development Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Karbindo Abesyapradhi - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- LBH Netherlands Bv - Netherlands
- Wilmar Investment Holdings
- Meenaskhi Energy Private Limited - India
- Standard Chartered Bank - UAE
- SMG Consultants - Indonesia
- Marubeni Corporation - India
- Larsen & Toubro Limited - India
- Timah Investasi Mineral - Indoneisa
- India Bulls Power Limited - India
- PTC India Limited - India
- Formosa Plastics Group - Taiwan
- Posco Energy - South Korea
- GMR Energy Limited - India
- Siam City Cement - Thailand
- Attock Cement Pakistan Limited
- GN Power Mariveles Coal Plant, Philippines
- New Zealand Coal & Carbon
- Straits Asia Resources Limited - Singapore
- SMC Global Power, Philippines
- Bhoruka Overseas - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Kapuas Tunggal Persada - Indonesia
- Agrawal Coal Company - India
- Ind-Barath Power Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- VISA Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Indogreen Group - Indonesia
- Orica Mining Services - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Deloitte Consulting - India
- TeaM Sual Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Alfred C Toepfer International GmbH - Germany
- Manunggal Multi Energi - Indonesia
- Renaissance Capital - South Africa
- Mjunction Services Limited - India
- Power Finance Corporation Ltd., India
- Central Java Power - Indonesia
- Orica Australia Pty. Ltd.
- Electricity Authority, New Zealand
- Lanco Infratech Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Binh Thuan Hamico - Vietnam
- Aditya Birla Group - India
- Parliament of New Zealand
- Parry Sugars Refinery, India
- Karaikal Port Pvt Ltd - India
- Interocean Group of Companies - India
- Xindia Steels Limited - India
- Bulk Trading Sa - Switzerland
- Leighton Contractors Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Samtan Co., Ltd - South Korea
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Electricity Regulatory Commission - India
- Kaltim Prima Coal - Indonesia
- MS Steel International - UAE
- Mercuria Energy - Indonesia
- Medco Energi Mining Internasional
- Anglo American - United Kingdom
- Singapore Mercantile Exchange
- Borneo Indobara - Indonesia
- Cigading International Bulk Terminal - Indonesia
- San Jose City I Power Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- IEA Clean Coal Centre - UK
- Vedanta Resources Plc - India
- Trasteel International SA, Italy
- Sakthi Sugars Limited - India
- Port Waratah Coal Services - Australia
- Ambuja Cements Ltd - India
- Makarim & Taira - Indonesia
- Bhatia International Limited - India
- Ministry of Finance - Indonesia
- Indika Energy - Indonesia
- Mercator Lines Limited - India
- Salva Resources Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Asmin Koalindo Tuhup - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Malabar Cements Ltd - India
- Essar Steel Hazira Ltd - India
- Independent Power Producers Association of India
- Coalindo Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Indonesian Coal Mining Association
- Aboitiz Power Corporation - Philippines
- Planning Commission, India
- London Commodity Brokers - England
- Goldman Sachs - Singapore
- Barasentosa Lestari - Indonesia
- Australian Coal Association
- Altura Mining Limited, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Coal and Oil Company - UAE
- Coastal Gujarat Power Limited - India
- Central Electricity Authority - India
- Therma Luzon, Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Indian Energy Exchange, India
- Cement Manufacturers Association - India
- Indian Oil Corporation Limited
- Gujarat Mineral Development Corp Ltd - India
- Sree Jayajothi Cements Limited - India
- Electricity Generating Authority of Thailand
- Sical Logistics Limited - India
- Rio Tinto Coal - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Petron Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Mintek Dendrill Indonesia
- Kideco Jaya Agung - Indonesia
- Sojitz Corporation - Japan
- Dalmia Cement Bharat India
- Intertek Mineral Services - Indonesia
- Australian Commodity Traders Exchange
- Georgia Ports Authority, United States
- Jindal Steel & Power Ltd - India
- Merrill Lynch Commodities Europe
- Bayan Resources Tbk. - Indonesia
- South Luzon Thermal Energy Corporation
- Antam Resourcindo - Indonesia
- Bharathi Cement Corporation - India
- Carbofer General Trading SA - India
- Ministry of Mines - Canada
- Meralco Power Generation, Philippines
- Thai Mozambique Logistica
- McConnell Dowell - Australia
- Bangladesh Power Developement Board
- CNBM International Corporation - China
- Banpu Public Company Limited - Thailand
- Tata Chemicals Ltd - India
- IHS Mccloskey Coal Group - USA
- Heidelberg Cement - Germany
- Simpson Spence & Young - Indonesia
- PNOC Exploration Corporation - Philippines
- ICICI Bank Limited - India
- Directorate Of Revenue Intelligence - India
- Chamber of Mines of South Africa
- Minerals Council of Australia
- Global Coal Blending Company Limited - Australia
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