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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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Wednesday, 13 October 21
MARKET INSIGHT - INTERMODAL
Following up on our insight on May 2021, where we discussed about the Capesize market outlook for the second half of the year, we are pleased to se ...
Wednesday, 13 October 21
FBX INDEX: THE IMPOSSIBILITY OF SHORT-TERM FORECASTING - LARS JENSEN
Will freight rates on Asia-Europe or the Transpacific reach 40.000 USD/FFE in the run-up prior to Chinese New Year 2022? Or will they start droppin ...
Wednesday, 13 October 21
CHINA FLOODS: COAL PRICE HITS FRESH HIGH AS MINES SHUT - BBC
The price of coal used in China’s power plants has surged to a new record high as another of the country’s key mining regions is hit by ...
Tuesday, 12 October 21
BUMA SIGNS CONDITIONAL AGREEMENT FOR AUSTRALIAN ASSET ACQUISITION
PT Tbk. announced that its subsidiary, PT Bukit Makmur Mandiri Utama, through its newly incorporated Australian subsidiary, BUMA International Pty ...
Tuesday, 12 October 21
INDONESIA'S COAL-BASED POWER PLANTS ARE SUBJECT TO CARBON TAX NEXT YEAR, ELECTRICITY COSTS COULD RISE! - CNBC
The Indonesian government is planning plans to implement a carbon tax of IDR 30 per kilogram (kg) of carbon dioxide equivalent (CO2e) or equivalent ...
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- Alfred C Toepfer International GmbH - Germany
- Chamber of Mines of South Africa
- Commonwealth Bank - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Therma Luzon, Inc, Philippines
- TeaM Sual Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Bhatia International Limited - India
- Timah Investasi Mineral - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Petron Corporation, Philippines
- Coalindo Energy - Indonesia
- Goldman Sachs - Singapore
- Coastal Gujarat Power Limited - India
- Trasteel International SA, Italy
- Orica Australia Pty. Ltd.
- Lanco Infratech Ltd - India
- Thiess Contractors Indonesia
- Videocon Industries ltd - India
- Energy Development Corp, Philippines
- London Commodity Brokers - England
- International Coal Ventures Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Global Coal Blending Company Limited - Australia
- Samtan Co., Ltd - South Korea
- Australian Coal Association
- Deloitte Consulting - India
- Africa Commodities Group - South Africa
- Eastern Energy - Thailand
- Georgia Ports Authority, United States
- Agrawal Coal Company - India
- Carbofer General Trading SA - India
- Maheswari Brothers Coal Limited - India
- Bharathi Cement Corporation - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indo Tambangraya Megah - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- ICICI Bank Limited - India
- Meenaskhi Energy Private Limited - India
- Aditya Birla Group - India
- Cement Manufacturers Association - India
- Bangladesh Power Developement Board
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Mines - Canada
- Pipit Mutiara Jaya. PT, Indonesia
- Madhucon Powers Ltd - India
- Simpson Spence & Young - Indonesia
- PowerSource Philippines DevCo
- Sindya Power Generating Company Private Ltd
- Bayan Resources Tbk. - Indonesia
- Ministry of Transport, Egypt
- Standard Chartered Bank - UAE
- Neyveli Lignite Corporation Ltd, - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Meralco Power Generation, Philippines
- Wood Mackenzie - Singapore
- Dalmia Cement Bharat India
- Price Waterhouse Coopers - Russia
- SMG Consultants - Indonesia
- Bulk Trading Sa - Switzerland
- Pendopo Energi Batubara - Indonesia
- Vedanta Resources Plc - India
- GVK Power & Infra Limited - India
- White Energy Company Limited
- Tata Chemicals Ltd - India
- Indika Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Mjunction Services Limited - India
- Borneo Indobara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Power Finance Corporation Ltd., India
- Siam City Cement PLC, Thailand
- Central Electricity Authority - India
- Edison Trading Spa - Italy
- Kideco Jaya Agung - Indonesia
- Mercator Lines Limited - India
- Grasim Industreis Ltd - India
- Tamil Nadu electricity Board
- IHS Mccloskey Coal Group - USA
- Jindal Steel & Power Ltd - India
- Gujarat Sidhee Cement - India
- Global Business Power Corporation, Philippines
- McConnell Dowell - Australia
- Parry Sugars Refinery, India
- Indonesian Coal Mining Association
- Indogreen Group - Indonesia
- Sakthi Sugars Limited - India
- PNOC Exploration Corporation - Philippines
- Medco Energi Mining Internasional
- Mintek Dendrill Indonesia
- Aboitiz Power Corporation - Philippines
- Anglo American - United Kingdom
- Toyota Tsusho Corporation, Japan
- Miang Besar Coal Terminal - Indonesia
- Bukit Makmur.PT - Indonesia
- Ambuja Cements Ltd - India
- Electricity Generating Authority of Thailand
- ASAPP Information Group - India
- Indian Oil Corporation Limited
- Attock Cement Pakistan Limited
- Essar Steel Hazira Ltd - India
- Makarim & Taira - Indonesia
- European Bulk Services B.V. - Netherlands
- Offshore Bulk Terminal Pte Ltd, Singapore
- Riau Bara Harum - Indonesia
- Antam Resourcindo - Indonesia
- Eastern Coal Council - USA
- Kumho Petrochemical, South Korea
- GMR Energy Limited - India
- Parliament of New Zealand
- Cigading International Bulk Terminal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- CNBM International Corporation - China
- Petrochimia International Co. Ltd.- Taiwan
- Energy Link Ltd, New Zealand
- Kepco SPC Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Banpu Public Company Limited - Thailand
- Oldendorff Carriers - Singapore
- VISA Power Limited - India
- Heidelberg Cement - Germany
- Sinarmas Energy and Mining - Indonesia
- Indian Energy Exchange, India
- Vizag Seaport Private Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Mercuria Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Latin American Coal - Colombia
- Billiton Holdings Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- Bhoruka Overseas - Indonesia
- Australian Commodity Traders Exchange
- Metalloyd Limited - United Kingdom
- Kalimantan Lumbung Energi - Indonesia
- Formosa Plastics Group - Taiwan
- Sical Logistics Limited - India
- India Bulls Power Limited - India
- Posco Energy - South Korea
- LBH Netherlands Bv - Netherlands
- Vijayanagar Sugar Pvt Ltd - India
- Siam City Cement - Thailand
- Kartika Selabumi Mining - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- IEA Clean Coal Centre - UK
- Sarangani Energy Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Marubeni Corporation - India
- Economic Council, Georgia
- SN Aboitiz Power Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Salva Resources Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Thai Mozambique Logistica
- Independent Power Producers Association of India
- Romanian Commodities Exchange
- Ind-Barath Power Infra Limited - India
- Baramulti Group, Indonesia
- Globalindo Alam Lestari - Indonesia
- New Zealand Coal & Carbon
- Maharashtra Electricity Regulatory Commission - India
- GAC Shipping (India) Pvt Ltd
- Central Java Power - Indonesia
- Kobexindo Tractors - Indoneisa
- Larsen & Toubro Limited - India
- Barasentosa Lestari - Indonesia
- Karaikal Port Pvt Ltd - India
- Ministry of Finance - Indonesia
- Binh Thuan Hamico - Vietnam
- Singapore Mercantile Exchange
- Planning Commission, India
- Bukit Baiduri Energy - Indonesia
- The Treasury - Australian Government
- Global Green Power PLC Corporation, Philippines
- Intertek Mineral Services - Indonesia
- The State Trading Corporation of India Ltd
- Semirara Mining Corp, Philippines
- Directorate Of Revenue Intelligence - India
- CIMB Investment Bank - Malaysia
- Uttam Galva Steels Limited - India
- Merrill Lynch Commodities Europe
- PTC India Limited - India
- Sojitz Corporation - Japan
- Semirara Mining and Power Corporation, Philippines
- Renaissance Capital - South Africa
- Malabar Cements Ltd - India
- The University of Queensland
- San Jose City I Power Corp, Philippines
- Altura Mining Limited, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Xindia Steels Limited - India
- Interocean Group of Companies - India
- Savvy Resources Ltd - HongKong
- Minerals Council of Australia
- Wilmar Investment Holdings
- Bukit Asam (Persero) Tbk - Indonesia
- Electricity Authority, New Zealand
- Coal and Oil Company - UAE
- Port Waratah Coal Services - Australia
- Holcim Trading Pte Ltd - Singapore
- Straits Asia Resources Limited - Singapore
- Kapuas Tunggal Persada - Indonesia
- South Luzon Thermal Energy Corporation
- Asmin Koalindo Tuhup - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Manunggal Multi Energi - Indonesia
- OPG Power Generation Pvt Ltd - India
- MS Steel International - UAE
- Kaltim Prima Coal - Indonesia
- Star Paper Mills Limited - India
- SMC Global Power, Philippines
- Rio Tinto Coal - Australia
- Orica Mining Services - Indonesia
- Iligan Light & Power Inc, Philippines
- Bhushan Steel Limited - India
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