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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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Saturday, 06 March 21
AUSTRALIAN COAL: SOME WEAKNESS COULD MATERIALIZE AFTER THE WINTER - ING
Newcastle coal prices remain well supported for now, however as we move out of the winter months we would expect prices to come under pressure. Mea ...
Saturday, 06 March 21
ASIA SEABORNE COAL PRICES START TO RETREAT, CHINA-AUSTRALIA DISPUTE LINGERS - REUTERS
There are signs that the price and demand surge for coal during the recent colder-than-expected winter across North Asia is starting to ease, even ...
Thursday, 04 March 21
HEAD OF JBIC SAYS THE JAPANESE BANK WILL NOT FUND NEW COAL PLANT DEVELOPMENT - NHK NEWS
The governor of the Japan Bank for International Cooperation has said that the government-owned financial institution will stop funding new coal-fi ...
Wednesday, 03 March 21
MARKET INSIGHT - INTERMODAL
Following the recent rally to multi year highs of metal-based commodities, amid an unprecedented global economic stimulus, discussions of an emergi ...
Saturday, 27 February 21
CHINA'S BENCHMARK POWER COAL PRICE EDGES DOWN - XINHUA
China’s benchmark power coal price dropped slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge ...
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- Vedanta Resources Plc - India
- Cement Manufacturers Association - India
- Singapore Mercantile Exchange
- Orica Mining Services - Indonesia
- Sojitz Corporation - Japan
- Siam City Cement PLC, Thailand
- Sree Jayajothi Cements Limited - India
- Central Java Power - Indonesia
- Minerals Council of Australia
- Intertek Mineral Services - Indonesia
- Karaikal Port Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Altura Mining Limited, Indonesia
- Jaiprakash Power Ventures ltd
- Global Green Power PLC Corporation, Philippines
- MS Steel International - UAE
- Global Coal Blending Company Limited - Australia
- PNOC Exploration Corporation - Philippines
- Orica Australia Pty. Ltd.
- Bhushan Steel Limited - India
- Pendopo Energi Batubara - Indonesia
- Australian Coal Association
- Ceylon Electricity Board - Sri Lanka
- Bhatia International Limited - India
- PTC India Limited - India
- Krishnapatnam Port Company Ltd. - India
- Kalimantan Lumbung Energi - Indonesia
- Manunggal Multi Energi - Indonesia
- Thai Mozambique Logistica
- Ministry of Mines - Canada
- Parry Sugars Refinery, India
- The State Trading Corporation of India Ltd
- Australian Commodity Traders Exchange
- Bulk Trading Sa - Switzerland
- Globalindo Alam Lestari - Indonesia
- Anglo American - United Kingdom
- Malabar Cements Ltd - India
- Heidelberg Cement - Germany
- GN Power Mariveles Coal Plant, Philippines
- CIMB Investment Bank - Malaysia
- Maharashtra Electricity Regulatory Commission - India
- Parliament of New Zealand
- Tamil Nadu electricity Board
- Antam Resourcindo - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Kapuas Tunggal Persada - Indonesia
- Toyota Tsusho Corporation, Japan
- CNBM International Corporation - China
- Samtan Co., Ltd - South Korea
- Petron Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indian Energy Exchange, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Finance - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- ICICI Bank Limited - India
- Xindia Steels Limited - India
- Bhoruka Overseas - Indonesia
- Kideco Jaya Agung - Indonesia
- PowerSource Philippines DevCo
- Bahari Cakrawala Sebuku - Indonesia
- Merrill Lynch Commodities Europe
- Marubeni Corporation - India
- Bukit Makmur.PT - Indonesia
- Timah Investasi Mineral - Indoneisa
- European Bulk Services B.V. - Netherlands
- Petrochimia International Co. Ltd.- Taiwan
- Chamber of Mines of South Africa
- Siam City Cement - Thailand
- Sarangani Energy Corporation, Philippines
- Renaissance Capital - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Latin American Coal - Colombia
- London Commodity Brokers - England
- Indo Tambangraya Megah - Indonesia
- Ambuja Cements Ltd - India
- Bangladesh Power Developement Board
- Kumho Petrochemical, South Korea
- Bayan Resources Tbk. - Indonesia
- Mintek Dendrill Indonesia
- The Treasury - Australian Government
- Africa Commodities Group - South Africa
- Therma Luzon, Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Tata Chemicals Ltd - India
- San Jose City I Power Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Formosa Plastics Group - Taiwan
- Standard Chartered Bank - UAE
- Binh Thuan Hamico - Vietnam
- Gujarat Mineral Development Corp Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- ASAPP Information Group - India
- South Luzon Thermal Energy Corporation
- Medco Energi Mining Internasional
- Port Waratah Coal Services - Australia
- VISA Power Limited - India
- Aditya Birla Group - India
- Meralco Power Generation, Philippines
- Ind-Barath Power Infra Limited - India
- Energy Development Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coalindo Energy - Indonesia
- Carbofer General Trading SA - India
- SN Aboitiz Power Inc, Philippines
- Deloitte Consulting - India
- Romanian Commodities Exchange
- Rio Tinto Coal - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dalmia Cement Bharat India
- Agrawal Coal Company - India
- Grasim Industreis Ltd - India
- Wood Mackenzie - Singapore
- Videocon Industries ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Kepco SPC Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- GVK Power & Infra Limited - India
- Coastal Gujarat Power Limited - India
- Trasteel International SA, Italy
- Karbindo Abesyapradhi - Indoneisa
- Interocean Group of Companies - India
- Straits Asia Resources Limited - Singapore
- Indika Energy - Indonesia
- Posco Energy - South Korea
- Directorate General of MIneral and Coal - Indonesia
- New Zealand Coal & Carbon
- IEA Clean Coal Centre - UK
- Energy Link Ltd, New Zealand
- Eastern Coal Council - USA
- Gujarat Sidhee Cement - India
- Madhucon Powers Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Mercator Lines Limited - India
- Power Finance Corporation Ltd., India
- Holcim Trading Pte Ltd - Singapore
- Mercuria Energy - Indonesia
- McConnell Dowell - Australia
- Semirara Mining and Power Corporation, Philippines
- Mjunction Services Limited - India
- Independent Power Producers Association of India
- Electricity Generating Authority of Thailand
- Edison Trading Spa - Italy
- Billiton Holdings Pty Ltd - Australia
- Economic Council, Georgia
- International Coal Ventures Pvt Ltd - India
- Indogreen Group - Indonesia
- Larsen & Toubro Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Miang Besar Coal Terminal - Indonesia
- TeaM Sual Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Goldman Sachs - Singapore
- Coal and Oil Company - UAE
- Vizag Seaport Private Limited - India
- GAC Shipping (India) Pvt Ltd
- Oldendorff Carriers - Singapore
- Kaltim Prima Coal - Indonesia
- Electricity Authority, New Zealand
- Baramulti Group, Indonesia
- White Energy Company Limited
- Georgia Ports Authority, United States
- Commonwealth Bank - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Transport, Egypt
- Makarim & Taira - Indonesia
- Planning Commission, India
- The University of Queensland
- Thiess Contractors Indonesia
- Bharathi Cement Corporation - India
- Pipit Mutiara Jaya. PT, Indonesia
- Sical Logistics Limited - India
- Savvy Resources Ltd - HongKong
- Essar Steel Hazira Ltd - India
- Central Electricity Authority - India
- Lanco Infratech Ltd - India
- SMC Global Power, Philippines
- Bukit Baiduri Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- GMR Energy Limited - India
- Attock Cement Pakistan Limited
- OPG Power Generation Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Uttam Galva Steels Limited - India
- Leighton Contractors Pty Ltd - Australia
- Rashtriya Ispat Nigam Limited - India
- Indonesian Coal Mining Association
- Maheswari Brothers Coal Limited - India
- Indian Oil Corporation Limited
- Sinarmas Energy and Mining - Indonesia
- Eastern Energy - Thailand
- Chettinad Cement Corporation Ltd - India
- Global Business Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Wilmar Investment Holdings
- Gujarat Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- Kobexindo Tractors - Indoneisa
- Riau Bara Harum - Indonesia
- Semirara Mining Corp, Philippines
- SMG Consultants - Indonesia
- Aboitiz Power Corporation - Philippines
- Star Paper Mills Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Cigading International Bulk Terminal - Indonesia
- LBH Netherlands Bv - Netherlands
- Sindya Power Generating Company Private Ltd
- Banpu Public Company Limited - Thailand
- Borneo Indobara - Indonesia
- India Bulls Power Limited - India
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