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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.
The Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Sunday, 21 February 21
ANZ DIVESTING FROM THE WORLD’S LARGEST COAL EXPORT PORT IS 'PRAGMATISM' - IEEFA
The biggest buyers of Australian thermal coal have committed to net-zero emissions
ANZ, Australia’s third largest bank, has decided to s ...
Sunday, 21 February 21
EDITORIAL: TIME FOR BANGLADESH TO FOCUS ON RENEWABLE ENERGY, NOT COAL - DHAKA TRIBUNE
Shifting away from coal is not only desirable, but absolutely necessary in these times.
In spite of being detrimental to environment ...
Wednesday, 17 February 21
STRANDED ASSETS A LONG-TERM RISK FOR MAJOR FOSSIL FUEL EXPORTERS - FITCH RATINGS
Fossil exporters face a loss of GDP, government revenue and export receipts from the transition to a lower-carbon economy over the coming decades. ...
Friday, 12 February 21
U.S: WIND SURPASSED COAL AS NO. 1 FUEL SOURCE IN 2020 FOR SOUTHWEST POWER POOL - IEEFA
Wind energy growth due to geography, design factors, and new installations
Wind surpassed coal as the primary power generation sourc ...
Wednesday, 10 February 21
FY21 COAL DEMAND MAY BE LOWER THAN PREVIOUSLY ESTIMATED DUE TO COVID-19: PRALHAD JOSHI - PTI
Coal demand in the current fiscal may be lower than the initial estimate of 1,085 million tonnes (MT) due to the impact of COVID-19, Parliament was ...
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- Price Waterhouse Coopers - Russia
- Commonwealth Bank - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Savvy Resources Ltd - HongKong
- Mercator Lines Limited - India
- Sindya Power Generating Company Private Ltd
- The Treasury - Australian Government
- Independent Power Producers Association of India
- Uttam Galva Steels Limited - India
- Port Waratah Coal Services - Australia
- Chettinad Cement Corporation Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- SMC Global Power, Philippines
- Sojitz Corporation - Japan
- PowerSource Philippines DevCo
- Sarangani Energy Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Jaiprakash Power Ventures ltd
- Larsen & Toubro Limited - India
- Mercuria Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Therma Luzon, Inc, Philippines
- Eastern Coal Council - USA
- Gujarat Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
- GAC Shipping (India) Pvt Ltd
- CNBM International Corporation - China
- Coalindo Energy - Indonesia
- Vedanta Resources Plc - India
- Bukit Baiduri Energy - Indonesia
- Mintek Dendrill Indonesia
- Antam Resourcindo - Indonesia
- Orica Mining Services - Indonesia
- Goldman Sachs - Singapore
- Ind-Barath Power Infra Limited - India
- ICICI Bank Limited - India
- Meralco Power Generation, Philippines
- Attock Cement Pakistan Limited
- Timah Investasi Mineral - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Bukit Makmur.PT - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Kalimantan Lumbung Energi - Indonesia
- Makarim & Taira - Indonesia
- Indika Energy - Indonesia
- Samtan Co., Ltd - South Korea
- ASAPP Information Group - India
- Thai Mozambique Logistica
- Cement Manufacturers Association - India
- Orica Australia Pty. Ltd.
- Pendopo Energi Batubara - Indonesia
- Africa Commodities Group - South Africa
- Iligan Light & Power Inc, Philippines
- Sakthi Sugars Limited - India
- Trasteel International SA, Italy
- Indogreen Group - Indonesia
- Indian Energy Exchange, India
- Madhucon Powers Ltd - India
- Romanian Commodities Exchange
- Coal and Oil Company - UAE
- Gujarat Mineral Development Corp Ltd - India
- Global Business Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- OPG Power Generation Pvt Ltd - India
- Planning Commission, India
- TNB Fuel Sdn Bhd - Malaysia
- Sree Jayajothi Cements Limited - India
- Manunggal Multi Energi - Indonesia
- Merrill Lynch Commodities Europe
- Eastern Energy - Thailand
- Directorate Of Revenue Intelligence - India
- Asmin Koalindo Tuhup - Indonesia
- Parliament of New Zealand
- Grasim Industreis Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Simpson Spence & Young - Indonesia
- Renaissance Capital - South Africa
- Rashtriya Ispat Nigam Limited - India
- PNOC Exploration Corporation - Philippines
- Barasentosa Lestari - Indonesia
- MS Steel International - UAE
- Bulk Trading Sa - Switzerland
- Ministry of Finance - Indonesia
- GVK Power & Infra Limited - India
- Tamil Nadu electricity Board
- Bangladesh Power Developement Board
- Indian Oil Corporation Limited
- The University of Queensland
- CIMB Investment Bank - Malaysia
- Edison Trading Spa - Italy
- Binh Thuan Hamico - Vietnam
- Globalindo Alam Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Indo Tambangraya Megah - Indonesia
- London Commodity Brokers - England
- GN Power Mariveles Coal Plant, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Sidhee Cement - India
- Intertek Mineral Services - Indonesia
- VISA Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Thiess Contractors Indonesia
- Tata Chemicals Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Semirara Mining and Power Corporation, Philippines
- Electricity Authority, New Zealand
- Economic Council, Georgia
- Interocean Group of Companies - India
- Marubeni Corporation - India
- Latin American Coal - Colombia
- Aboitiz Power Corporation - Philippines
- Ministry of Transport, Egypt
- Coastal Gujarat Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Videocon Industries ltd - India
- Parry Sugars Refinery, India
- Bhushan Steel Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Central Java Power - Indonesia
- Baramulti Group, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Mines - Canada
- Kumho Petrochemical, South Korea
- Chamber of Mines of South Africa
- Kohat Cement Company Ltd. - Pakistan
- Siam City Cement PLC, Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Star Paper Mills Limited - India
- Ambuja Cements Ltd - India
- IHS Mccloskey Coal Group - USA
- Banpu Public Company Limited - Thailand
- Energy Link Ltd, New Zealand
- Posco Energy - South Korea
- Kaltim Prima Coal - Indonesia
- IEA Clean Coal Centre - UK
- Meenaskhi Energy Private Limited - India
- White Energy Company Limited
- Medco Energi Mining Internasional
- Central Electricity Authority - India
- Electricity Generating Authority of Thailand
- San Jose City I Power Corp, Philippines
- Bhoruka Overseas - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Petron Corporation, Philippines
- Australian Coal Association
- Indonesian Coal Mining Association
- Bharathi Cement Corporation - India
- Sical Logistics Limited - India
- Carbofer General Trading SA - India
- Kartika Selabumi Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Altura Mining Limited, Indonesia
- New Zealand Coal & Carbon
- Siam City Cement - Thailand
- Essar Steel Hazira Ltd - India
- Power Finance Corporation Ltd., India
- Petrochimia International Co. Ltd.- Taiwan
- Toyota Tsusho Corporation, Japan
- Malabar Cements Ltd - India
- Kobexindo Tractors - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kapuas Tunggal Persada - Indonesia
- Standard Chartered Bank - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- McConnell Dowell - Australia
- Leighton Contractors Pty Ltd - Australia
- Karaikal Port Pvt Ltd - India
- GMR Energy Limited - India
- Energy Development Corp, Philippines
- Aditya Birla Group - India
- Billiton Holdings Pty Ltd - Australia
- Jindal Steel & Power Ltd - India
- Mjunction Services Limited - India
- Wilmar Investment Holdings
- Borneo Indobara - Indonesia
- Rio Tinto Coal - Australia
- LBH Netherlands Bv - Netherlands
- Riau Bara Harum - Indonesia
- Semirara Mining Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Deloitte Consulting - India
- The State Trading Corporation of India Ltd
- Oldendorff Carriers - Singapore
- Global Coal Blending Company Limited - Australia
- Georgia Ports Authority, United States
- Australian Commodity Traders Exchange
- Formosa Plastics Group - Taiwan
- SMG Consultants - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- TeaM Sual Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Vizag Seaport Private Limited - India
- AsiaOL BioFuels Corp., Philippines
- Lanco Infratech Ltd - India
- Agrawal Coal Company - India
- Heidelberg Cement - Germany
- Kepco SPC Power Corporation, Philippines
- PTC India Limited - India
- Straits Asia Resources Limited - Singapore
- Kideco Jaya Agung - Indonesia
- India Bulls Power Limited - India
- Salva Resources Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Dalmia Cement Bharat India
- Minerals Council of Australia
- Xindia Steels Limited - India
- Wood Mackenzie - Singapore
- Bhatia International Limited - India
- Ceylon Electricity Board - Sri Lanka
- Bank of Tokyo Mitsubishi UFJ Ltd
- Metalloyd Limited - United Kingdom
- European Bulk Services B.V. - Netherlands
- Anglo American - United Kingdom
- Singapore Mercantile Exchange
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