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Wednesday, 31 March 21
MARKET INSIGHT - INTERMODAL
 Over the past week, the biggest story has been the blockage of the Suez Canal, as a result of the grounding of the container ship Ever Given. At the time of writing the vessel has been refloated allowing the traffic to resume, albeit the lineup of congestion built up significantly since the incident and may take days to resume to normal levels. More than 450 vessels of all types were waiting at the peak of congestion on either side of the canal to pass, while there were reported cases of ships ordered to deviate through the Cape of Good Hope.
The sectors impacted the most from this situation are those of tankers and containers.
We immediately saw an increase in tanker freight rates on routes which are directly related to the Suez Canal passage, with the increase in some cases being over 80.0% since the accident in 23rd March. The impact was immediate on Suezmax, with Aframax following, while the impact on LR2 and LR1s clean related trades could spill over into the next month, despite the situation being resolved.
The container sector has also been impacted as despite the refloating it is expected that it will take days for the backlog of vessels to pass the canal, while with the containers supply chain already strained, congestion at discharging ports could drive container freight rates back up after their recent easing from close to record high levels.
The impact in the dry bulk sector was expected to be lesser, however certain trades were at “risk”. More specifically mainly grain and iron ore trades out of Black Sea and USA/North Atlantic to the Far East are passing through the canal. More than 95 bulkers were waiting at the canal at the peak of the crisis and despite the fact that we didn’t see an immediate impact on freight, increased congestion when they discharge East might prompt an increase in rates later on.
Even one week of blockage has had an impact in commodities trading, adding to the ton miles through the deviation of Cape of Good Hope for those vessels that decided to do so. Supply chain disruptions via delivery delays and increased congestion at discharging ports at a 2nd stage are expected to extend well beyond the next week. Finally, it is worth noting that such incident might put back into focus the importance of economies of scale of the larger vessel classes, particularly in an increased bunkers consumption context that might be triggered and the relevant asset value differences revisited.
By Vasilis Moiris,
SnP Broker
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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Thursday, 25 March 21
'OMNIBUS LAW' REGULATION ON INDONESIA’S ENERGY AND MINING SECTORS TO BOOST COAL PROCESSING BUT ALSO RAISES QUESTIONS - ABNR
February 2021 saw the issuance of a raft of new government regulations to give effect to the reformist Job Creation Law (colloquially known as the ...
Thursday, 25 March 21
PROPOSED SWITCH FROM COAL TO LNG THREATENS RENEWABLE ENERGY DEVELOPMENT IN ASIA - IEEFA
Renewables offer an ever cheaper, financially sustainable and energy secure alternative, better able to support developing nations
A ...
Thursday, 25 March 21
MAJOR INVESTMENT ADVISORS BLACKROCK AND MEKETA PROVIDE A FIDUCIARY PATH THROUGH THE ENERGY TRANSITION - IEEFA
BlackRock and Meketa say divestment from fossil fuels improves, not weakens, investment returns
Two major financial management firms ...
Thursday, 25 March 21
EUROPE PASSES MILESTONE WITH HALF OF COAL PLANTS CLOSED OR SET TO RETIRE BY 2030 - EURACTIV
Half of Europe’s 324 coal-fueled power plants have either closed or announced a retirement date before 2030, it emerged on Monday (22 March) ...
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 s ...
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- Riau Bara Harum - Indonesia
- Coalindo Energy - Indonesia
- Edison Trading Spa - Italy
- Indika Energy - Indonesia
- Merrill Lynch Commodities Europe
- Billiton Holdings Pty Ltd - Australia
- Malabar Cements Ltd - India
- Timah Investasi Mineral - Indoneisa
- Australian Coal Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Lanco Infratech Ltd - India
- Gujarat Electricity Regulatory Commission - India
- GVK Power & Infra Limited - India
- Georgia Ports Authority, United States
- Larsen & Toubro Limited - India
- SN Aboitiz Power Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Thai Mozambique Logistica
- Globalindo Alam Lestari - Indonesia
- Meenaskhi Energy Private Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Independent Power Producers Association of India
- Cigading International Bulk Terminal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Planning Commission, India
- Neyveli Lignite Corporation Ltd, - India
- Asmin Koalindo Tuhup - Indonesia
- Global Business Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kalimantan Lumbung Energi - Indonesia
- Interocean Group of Companies - India
- Thiess Contractors Indonesia
- New Zealand Coal & Carbon
- GMR Energy Limited - India
- Deloitte Consulting - India
- Bulk Trading Sa - Switzerland
- Port Waratah Coal Services - Australia
- IEA Clean Coal Centre - UK
- Siam City Cement PLC, Thailand
- Bharathi Cement Corporation - India
- Videocon Industries ltd - India
- Minerals Council of Australia
- Singapore Mercantile Exchange
- SMG Consultants - Indonesia
- Orica Mining Services - Indonesia
- Alfred C Toepfer International GmbH - Germany
- LBH Netherlands Bv - Netherlands
- Mercator Lines Limited - India
- Goldman Sachs - Singapore
- Indian Energy Exchange, India
- MS Steel International - UAE
- Marubeni Corporation - India
- PowerSource Philippines DevCo
- Savvy Resources Ltd - HongKong
- Salva Resources Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- GAC Shipping (India) Pvt Ltd
- Star Paper Mills Limited - India
- Energy Development Corp, Philippines
- Cement Manufacturers Association - India
- Electricity Generating Authority of Thailand
- San Jose City I Power Corp, Philippines
- Manunggal Multi Energi - Indonesia
- PTC India Limited - India
- Rashtriya Ispat Nigam Limited - India
- Jaiprakash Power Ventures ltd
- Kideco Jaya Agung - Indonesia
- Madhucon Powers Ltd - India
- Binh Thuan Hamico - Vietnam
- Parliament of New Zealand
- Bhatia International Limited - India
- Siam City Cement - Thailand
- Energy Link Ltd, New Zealand
- Ministry of Mines - Canada
- Oldendorff Carriers - Singapore
- Straits Asia Resources Limited - Singapore
- Baramulti Group, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Indonesian Coal Mining Association
- Meralco Power Generation, Philippines
- Kobexindo Tractors - Indoneisa
- Australian Commodity Traders Exchange
- CIMB Investment Bank - Malaysia
- Indogreen Group - Indonesia
- Krishnapatnam Port Company Ltd. - India
- PetroVietnam Power Coal Import and Supply Company
- Sakthi Sugars Limited - India
- Kartika Selabumi Mining - Indonesia
- Kumho Petrochemical, South Korea
- The University of Queensland
- Aboitiz Power Corporation - Philippines
- Gujarat Sidhee Cement - India
- Ministry of Transport, Egypt
- Eastern Energy - Thailand
- Grasim Industreis Ltd - India
- Borneo Indobara - Indonesia
- Bukit Makmur.PT - Indonesia
- Simpson Spence & Young - Indonesia
- Romanian Commodities Exchange
- Global Green Power PLC Corporation, Philippines
- Power Finance Corporation Ltd., India
- VISA Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Maharashtra Electricity Regulatory Commission - India
- South Luzon Thermal Energy Corporation
- Wood Mackenzie - Singapore
- CNBM International Corporation - China
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The Treasury - Australian Government
- ICICI Bank Limited - India
- Parry Sugars Refinery, India
- Antam Resourcindo - Indonesia
- Chamber of Mines of South Africa
- Samtan Co., Ltd - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Central Electricity Authority - India
- Medco Energi Mining Internasional
- Semirara Mining Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Dalmia Cement Bharat India
- Barasentosa Lestari - Indonesia
- Iligan Light & Power Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Africa Commodities Group - South Africa
- Mercuria Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Mineral Development Corp Ltd - India
- Makarim & Taira - Indonesia
- London Commodity Brokers - England
- TeaM Sual Corporation - Philippines
- The State Trading Corporation of India Ltd
- Petron Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Posco Energy - South Korea
- Heidelberg Cement - Germany
- Altura Mining Limited, Indonesia
- IHS Mccloskey Coal Group - USA
- Formosa Plastics Group - Taiwan
- Bahari Cakrawala Sebuku - Indonesia
- Directorate Of Revenue Intelligence - India
- Trasteel International SA, Italy
- Jindal Steel & Power Ltd - India
- International Coal Ventures Pvt Ltd - India
- Standard Chartered Bank - UAE
- Kohat Cement Company Ltd. - Pakistan
- Sojitz Corporation - Japan
- Directorate General of MIneral and Coal - Indonesia
- Uttam Galva Steels Limited - India
- European Bulk Services B.V. - Netherlands
- Global Coal Blending Company Limited - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Sical Logistics Limited - India
- Coastal Gujarat Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Wilmar Investment Holdings
- Latin American Coal - Colombia
- Vizag Seaport Private Limited - India
- Ministry of Finance - Indonesia
- Renaissance Capital - South Africa
- Mintek Dendrill Indonesia
- Eastern Coal Council - USA
- Tamil Nadu electricity Board
- Sree Jayajothi Cements Limited - India
- Chettinad Cement Corporation Ltd - India
- Xindia Steels Limited - India
- India Bulls Power Limited - India
- Economic Council, Georgia
- Attock Cement Pakistan Limited
- Kepco SPC Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Ambuja Cements Ltd - India
- Indian Oil Corporation Limited
- ASAPP Information Group - India
- Essar Steel Hazira Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Toyota Tsusho Corporation, Japan
- Kaltim Prima Coal - Indonesia
- Coal and Oil Company - UAE
- Orica Australia Pty. Ltd.
- Vedanta Resources Plc - India
- Intertek Mineral Services - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Leighton Contractors Pty Ltd - Australia
- Bhushan Steel Limited - India
- Banpu Public Company Limited - Thailand
- Agrawal Coal Company - India
- Karbindo Abesyapradhi - Indoneisa
- Rio Tinto Coal - Australia
- Tata Chemicals Ltd - India
- Maheswari Brothers Coal Limited - India
- Carbofer General Trading SA - India
- White Energy Company Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Aditya Birla Group - India
- SMC Global Power, Philippines
- Bangladesh Power Developement Board
- Commonwealth Bank - Australia
- Semirara Mining and Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Anglo American - United Kingdom
- Bayan Resources Tbk. - Indonesia
- Central Java Power - Indonesia
- Bhoruka Overseas - Indonesia
- Electricity Authority, New Zealand
- Metalloyd Limited - United Kingdom
- OPG Power Generation Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Indo Tambangraya Megah - Indonesia
- PNOC Exploration Corporation - Philippines
- Mjunction Services Limited - India
- Bukit Baiduri Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- McConnell Dowell - Australia
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