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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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Tuesday, 23 March 21
LOWER WHOLESALE PRICES PUT PRESSURE ON AUSTRALIAN ENERGY RETAILERS - FITCH RATINGS
Fitch Ratings expects the low wholesale energy prices in the Australian National Energy Market to persist through to 2022, which will affect electr ...
Tuesday, 23 March 21
SCRUBBER-FITTED SHIPS NEARLY DOUBLE AS FUEL SPREAD SETTLES AT $118 PER MT - PETER SAND
As the lion’s share of the world fleet replaced high-sulphur fuel oil (HSFO) with low-sulphur fuel oil (LFSO) as a mean of propulsion to be c ...
Tuesday, 23 March 21
CHINA'S COAL OUTPUT EDGES UP IN FIRST TWO MONTHS - XINHUA
China’s raw coal output rose 25 percent year on year to 620 million tonnes in the first two months of 2021, official data showed.
...
Wednesday, 17 March 21
MARKET INSIGHT - INTERMODAL
Shipping market players are familiar with the inverse correlation between the freight market and demolition activity i.e. when the market picks up ...
Friday, 12 March 21
INDIA SHOULD FOCUS ON REDUCING COAL POWER GENERATION INSTEAD OF CAPACITY - IEEFA
Nearly half of existing coal power in India is more expensive than new renewable power
To get to its ambitious climate targets, Indi ...
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- Manunggal Multi Energi - Indonesia
- Power Finance Corporation Ltd., India
- International Coal Ventures Pvt Ltd - India
- Ministry of Mines - Canada
- Samtan Co., Ltd - South Korea
- Gujarat Sidhee Cement - India
- McConnell Dowell - Australia
- Maheswari Brothers Coal Limited - India
- Lanco Infratech Ltd - India
- Metalloyd Limited - United Kingdom
- Baramulti Group, Indonesia
- Romanian Commodities Exchange
- Central Electricity Authority - India
- Borneo Indobara - Indonesia
- The University of Queensland
- Sarangani Energy Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Chettinad Cement Corporation Ltd - India
- Kepco SPC Power Corporation, Philippines
- Trasteel International SA, Italy
- Africa Commodities Group - South Africa
- Makarim & Taira - Indonesia
- Dalmia Cement Bharat India
- Banpu Public Company Limited - Thailand
- IEA Clean Coal Centre - UK
- Orica Mining Services - Indonesia
- GVK Power & Infra Limited - India
- Kaltim Prima Coal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Singapore Mercantile Exchange
- Kapuas Tunggal Persada - Indonesia
- PNOC Exploration Corporation - Philippines
- Larsen & Toubro Limited - India
- SMC Global Power, Philippines
- MS Steel International - UAE
- Bukit Baiduri Energy - Indonesia
- TeaM Sual Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Australian Commodity Traders Exchange
- Star Paper Mills Limited - India
- Energy Link Ltd, New Zealand
- Madhucon Powers Ltd - India
- Eastern Energy - Thailand
- Global Coal Blending Company Limited - Australia
- Bukit Makmur.PT - Indonesia
- ICICI Bank Limited - India
- Kumho Petrochemical, South Korea
- Videocon Industries ltd - India
- Ceylon Electricity Board - Sri Lanka
- White Energy Company Limited
- Bhushan Steel Limited - India
- Georgia Ports Authority, United States
- Heidelberg Cement - Germany
- Binh Thuan Hamico - Vietnam
- Sical Logistics Limited - India
- The State Trading Corporation of India Ltd
- Vizag Seaport Private Limited - India
- Bangladesh Power Developement Board
- Jaiprakash Power Ventures ltd
- Therma Luzon, Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- PTC India Limited - India
- Simpson Spence & Young - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Cigading International Bulk Terminal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Siam City Cement - Thailand
- Uttam Galva Steels Limited - India
- Agrawal Coal Company - India
- Mercator Lines Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Malabar Cements Ltd - India
- Sojitz Corporation - Japan
- Ministry of Finance - Indonesia
- Australian Coal Association
- Ambuja Cements Ltd - India
- Kideco Jaya Agung - Indonesia
- Coal and Oil Company - UAE
- Toyota Tsusho Corporation, Japan
- Globalindo Alam Lestari - Indonesia
- South Luzon Thermal Energy Corporation
- Karaikal Port Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Aditya Birla Group - India
- AsiaOL BioFuels Corp., Philippines
- India Bulls Power Limited - India
- Independent Power Producers Association of India
- Sinarmas Energy and Mining - Indonesia
- Deloitte Consulting - India
- PetroVietnam Power Coal Import and Supply Company
- Rio Tinto Coal - Australia
- Karbindo Abesyapradhi - Indoneisa
- Straits Asia Resources Limited - Singapore
- Antam Resourcindo - Indonesia
- Vedanta Resources Plc - India
- Pipit Mutiara Jaya. PT, Indonesia
- Carbofer General Trading SA - India
- Bukit Asam (Persero) Tbk - Indonesia
- SN Aboitiz Power Inc, Philippines
- Wood Mackenzie - Singapore
- Bhatia International Limited - India
- Semirara Mining Corp, Philippines
- Thai Mozambique Logistica
- Intertek Mineral Services - Indonesia
- Parliament of New Zealand
- Indian Oil Corporation Limited
- Iligan Light & Power Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Goldman Sachs - Singapore
- Aboitiz Power Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Xindia Steels Limited - India
- Ind-Barath Power Infra Limited - India
- Merrill Lynch Commodities Europe
- Leighton Contractors Pty Ltd - Australia
- The Treasury - Australian Government
- Rashtriya Ispat Nigam Limited - India
- Meralco Power Generation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Cement Manufacturers Association - India
- Coalindo Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Coastal Gujarat Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Bulk Trading Sa - Switzerland
- Marubeni Corporation - India
- Planning Commission, India
- Central Java Power - Indonesia
- European Bulk Services B.V. - Netherlands
- LBH Netherlands Bv - Netherlands
- New Zealand Coal & Carbon
- Vijayanagar Sugar Pvt Ltd - India
- Renaissance Capital - South Africa
- Grasim Industreis Ltd - India
- SMG Consultants - Indonesia
- Thiess Contractors Indonesia
- Indonesian Coal Mining Association
- Tamil Nadu electricity Board
- Indo Tambangraya Megah - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Anglo American - United Kingdom
- Eastern Coal Council - USA
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jindal Steel & Power Ltd - India
- Petron Corporation, Philippines
- GMR Energy Limited - India
- Electricity Authority, New Zealand
- Billiton Holdings Pty Ltd - Australia
- GN Power Mariveles Coal Plant, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- CNBM International Corporation - China
- Port Waratah Coal Services - Australia
- Wilmar Investment Holdings
- Essar Steel Hazira Ltd - India
- Sree Jayajothi Cements Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Medco Energi Mining Internasional
- Mjunction Services Limited - India
- Electricity Generating Authority of Thailand
- Kohat Cement Company Ltd. - Pakistan
- IHS Mccloskey Coal Group - USA
- Maharashtra Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- Pendopo Energi Batubara - Indonesia
- Tata Chemicals Ltd - India
- Salva Resources Pvt Ltd - India
- Latin American Coal - Colombia
- VISA Power Limited - India
- Posco Energy - South Korea
- Jorong Barutama Greston.PT - Indonesia
- Barasentosa Lestari - Indonesia
- Chamber of Mines of South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bharathi Cement Corporation - India
- Energy Development Corp, Philippines
- Sakthi Sugars Limited - India
- GAC Shipping (India) Pvt Ltd
- Oldendorff Carriers - Singapore
- Minerals Council of Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kalimantan Lumbung Energi - Indonesia
- Standard Chartered Bank - UAE
- Economic Council, Georgia
- Savvy Resources Ltd - HongKong
- Riau Bara Harum - Indonesia
- London Commodity Brokers - England
- Directorate Of Revenue Intelligence - India
- Indika Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- PowerSource Philippines DevCo
- Altura Mining Limited, Indonesia
- Sindya Power Generating Company Private Ltd
- Global Business Power Corporation, Philippines
- Parry Sugars Refinery, India
- Bhoruka Overseas - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- San Jose City I Power Corp, Philippines
- Mintek Dendrill Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Krishnapatnam Port Company Ltd. - India
- Kartika Selabumi Mining - Indonesia
- Commonwealth Bank - Australia
- Ministry of Transport, Egypt
- Interocean Group of Companies - India
- ASAPP Information Group - India
- Orica Australia Pty. Ltd.
- Indogreen Group - Indonesia
- Siam City Cement PLC, Thailand
- Edison Trading Spa - Italy
- Attock Cement Pakistan Limited
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