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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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- Dr Ramakrishna Prasad Power Pvt Ltd - India
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- The University of Queensland
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- Ministry of Mines - Canada
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- Medco Energi Mining Internasional
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- Interocean Group of Companies - India
- Georgia Ports Authority, United States
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- Independent Power Producers Association of India
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- Sical Logistics Limited - India
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- New Zealand Coal & Carbon
- Larsen & Toubro Limited - India
- Ceylon Electricity Board - Sri Lanka
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- Vedanta Resources Plc - India
- GAC Shipping (India) Pvt Ltd
- Sinarmas Energy and Mining - Indonesia
- Marubeni Corporation - India
- Directorate Of Revenue Intelligence - India
- London Commodity Brokers - England
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- Carbofer General Trading SA - India
- Parry Sugars Refinery, India
- McConnell Dowell - Australia
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- Videocon Industries ltd - India
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- Jorong Barutama Greston.PT - Indonesia
- Ministry of Finance - Indonesia
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- Australian Commodity Traders Exchange
- Directorate General of MIneral and Coal - Indonesia
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- Bhushan Steel Limited - India
- Binh Thuan Hamico - Vietnam
- Neyveli Lignite Corporation Ltd, - India
- Minerals Council of Australia
- Bayan Resources Tbk. - Indonesia
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- Ambuja Cements Ltd - India
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- Alfred C Toepfer International GmbH - Germany
- Merrill Lynch Commodities Europe
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- Kideco Jaya Agung - Indonesia
- Indian Oil Corporation Limited
- Bulk Trading Sa - Switzerland
- Bharathi Cement Corporation - India
- Singapore Mercantile Exchange
- Petron Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Bangladesh Power Developement Board
- SMG Consultants - Indonesia
- European Bulk Services B.V. - Netherlands
- Barasentosa Lestari - Indonesia
- Makarim & Taira - Indonesia
- Lanco Infratech Ltd - India
- Energy Development Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Anglo American - United Kingdom
- IHS Mccloskey Coal Group - USA
- Simpson Spence & Young - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Indian Energy Exchange, India
- Standard Chartered Bank - UAE
- Attock Cement Pakistan Limited
- Baramulti Group, Indonesia
- Bhatia International Limited - India
- Indonesian Coal Mining Association
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- Chettinad Cement Corporation Ltd - India
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- Kapuas Tunggal Persada - Indonesia
- Mintek Dendrill Indonesia
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- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kartika Selabumi Mining - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Economic Council, Georgia
- Romanian Commodities Exchange
- Goldman Sachs - Singapore
- Planning Commission, India
- Wilmar Investment Holdings
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The State Trading Corporation of India Ltd
- Commonwealth Bank - Australia
- International Coal Ventures Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- PTC India Limited - India
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- Coal and Oil Company - UAE
- Energy Link Ltd, New Zealand
- Ind-Barath Power Infra Limited - India
- MS Steel International - UAE
- Sakthi Sugars Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Xindia Steels Limited - India
- Maheswari Brothers Coal Limited - India
- Electricity Authority, New Zealand
- Gujarat Sidhee Cement - India
- South Luzon Thermal Energy Corporation
- Coastal Gujarat Power Limited - India
- Therma Luzon, Inc, Philippines
- Edison Trading Spa - Italy
- Siam City Cement PLC, Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sojitz Corporation - Japan
- Miang Besar Coal Terminal - Indonesia
- Agrawal Coal Company - India
- Dalmia Cement Bharat India
- Straits Asia Resources Limited - Singapore
- PNOC Exploration Corporation - Philippines
- Thai Mozambique Logistica
- Billiton Holdings Pty Ltd - Australia
- Globalindo Alam Lestari - Indonesia
- Intertek Mineral Services - Indonesia
- Africa Commodities Group - South Africa
- Port Waratah Coal Services - Australia
- PowerSource Philippines DevCo
- VISA Power Limited - India
- Metalloyd Limited - United Kingdom
- Deloitte Consulting - India
- Semirara Mining Corp, Philippines
- Meralco Power Generation, Philippines
- Aboitiz Power Corporation - Philippines
- Coalindo Energy - Indonesia
- IEA Clean Coal Centre - UK
- ASAPP Information Group - India
- GMR Energy Limited - India
- GVK Power & Infra Limited - India
- Manunggal Multi Energi - Indonesia
- Eastern Energy - Thailand
- Sindya Power Generating Company Private Ltd
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- Trasteel International SA, Italy
- Power Finance Corporation Ltd., India
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- Petrochimia International Co. Ltd.- Taiwan
- Salva Resources Pvt Ltd - India
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- ICICI Bank Limited - India
- India Bulls Power Limited - India
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- The Treasury - Australian Government
- Gujarat Mineral Development Corp Ltd - India
- Mercator Lines Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Makmur.PT - Indonesia
- LBH Netherlands Bv - Netherlands
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