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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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Wednesday, 10 February 21
MARKET INSIGHT - INTERMODAL
We have just entered February, Chinese New Year holidays are about to start and the SnP market for bulkers is so hot as every seller would dream of ...
Tuesday, 09 February 21
SWITCHING COAL PLANTS TO PLN'S BIOMASS COFIRING PLAN IS NO MAGIC BULLET - IEEFA
Implementation risks for Indonesia PLN's switch from coal to biomass cofiring
PLN’s biomass cofiring plan will require not ...
Friday, 05 February 21
THE INDONESIA COAL PRICE REFERENCE FOR FEBRUARY 2021 SETTLES AT US$ 87.79 PER TON FOB VESSEL
COALspot.com: The Indonesia coal price reference for February 2021 settles at US$ 87.79 per ton FOB vessel. The February reference price is the hig ...
Thursday, 04 February 21
WHY BANGLADESH SHOULDN’T COUNT ON A FOSSIL FUEL FUTURE - IEEFA
Around US$50 billion of LNG projects in Asia at risk of cancellation
Two astonishing figures have circulated in the Asian energy sector in the ...
Wednesday, 03 February 21
INDONESIA TO EXPORT 395 MILLION TONS OF COAL IN 2021 - ESDM
Data from the Ministry of Energy and Mineral Resources shows that, Indonesia is planning to produce 550 million Ton of coal in 2021 and as of t ...
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- Indo Tambangraya Megah - Indonesia
- The University of Queensland
- Billiton Holdings Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- Intertek Mineral Services - Indonesia
- Jaiprakash Power Ventures ltd
- Singapore Mercantile Exchange
- Chettinad Cement Corporation Ltd - India
- Sakthi Sugars Limited - India
- Bhoruka Overseas - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Africa Commodities Group - South Africa
- White Energy Company Limited
- Latin American Coal - Colombia
- Anglo American - United Kingdom
- Oldendorff Carriers - Singapore
- Eastern Energy - Thailand
- GMR Energy Limited - India
- ASAPP Information Group - India
- Kapuas Tunggal Persada - Indonesia
- Karaikal Port Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Parry Sugars Refinery, India
- Metalloyd Limited - United Kingdom
- Dalmia Cement Bharat India
- Heidelberg Cement - Germany
- Central Electricity Authority - India
- Globalindo Alam Lestari - Indonesia
- Posco Energy - South Korea
- Sindya Power Generating Company Private Ltd
- Baramulti Group, Indonesia
- Edison Trading Spa - Italy
- Coal and Oil Company - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Mercuria Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Orica Australia Pty. Ltd.
- Orica Mining Services - Indonesia
- SMG Consultants - Indonesia
- Parliament of New Zealand
- Global Green Power PLC Corporation, Philippines
- Mjunction Services Limited - India
- Agrawal Coal Company - India
- Ind-Barath Power Infra Limited - India
- Price Waterhouse Coopers - Russia
- ICICI Bank Limited - India
- Commonwealth Bank - Australia
- Goldman Sachs - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Lanco Infratech Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Xindia Steels Limited - India
- Vizag Seaport Private Limited - India
- Thiess Contractors Indonesia
- Sical Logistics Limited - India
- Iligan Light & Power Inc, Philippines
- Star Paper Mills Limited - India
- Makarim & Taira - Indonesia
- Planning Commission, India
- Independent Power Producers Association of India
- Meenaskhi Energy Private Limited - India
- Semirara Mining and Power Corporation, Philippines
- Bhatia International Limited - India
- Interocean Group of Companies - India
- SMC Global Power, Philippines
- Binh Thuan Hamico - Vietnam
- OPG Power Generation Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Coalindo Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Renaissance Capital - South Africa
- Port Waratah Coal Services - Australia
- GN Power Mariveles Coal Plant, Philippines
- Uttam Galva Steels Limited - India
- Rashtriya Ispat Nigam Limited - India
- International Coal Ventures Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- McConnell Dowell - Australia
- Sinarmas Energy and Mining - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- The Treasury - Australian Government
- Pendopo Energi Batubara - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Electricity Generating Authority of Thailand
- London Commodity Brokers - England
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sarangani Energy Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Eastern Coal Council - USA
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Timah Investasi Mineral - Indoneisa
- Deloitte Consulting - India
- Marubeni Corporation - India
- Maheswari Brothers Coal Limited - India
- Siam City Cement PLC, Thailand
- Global Coal Blending Company Limited - Australia
- Coastal Gujarat Power Limited - India
- Bhushan Steel Limited - India
- Therma Luzon, Inc, Philippines
- Larsen & Toubro Limited - India
- Bukit Baiduri Energy - Indonesia
- New Zealand Coal & Carbon
- Medco Energi Mining Internasional
- Riau Bara Harum - Indonesia
- Essar Steel Hazira Ltd - India
- Petron Corporation, Philippines
- Antam Resourcindo - Indonesia
- Central Java Power - Indonesia
- Tamil Nadu electricity Board
- Trasteel International SA, Italy
- Leighton Contractors Pty Ltd - Australia
- Energy Link Ltd, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bangladesh Power Developement Board
- Kumho Petrochemical, South Korea
- VISA Power Limited - India
- Directorate Of Revenue Intelligence - India
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Mines - Canada
- Bank of Tokyo Mitsubishi UFJ Ltd
- Romanian Commodities Exchange
- Borneo Indobara - Indonesia
- Power Finance Corporation Ltd., India
- Indika Energy - Indonesia
- Formosa Plastics Group - Taiwan
- IHS Mccloskey Coal Group - USA
- IEA Clean Coal Centre - UK
- Samtan Co., Ltd - South Korea
- Ambuja Cements Ltd - India
- Toyota Tsusho Corporation, Japan
- Kalimantan Lumbung Energi - Indonesia
- Rio Tinto Coal - Australia
- GVK Power & Infra Limited - India
- Holcim Trading Pte Ltd - Singapore
- Grasim Industreis Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Carbofer General Trading SA - India
- GAC Shipping (India) Pvt Ltd
- South Luzon Thermal Energy Corporation
- Australian Commodity Traders Exchange
- PowerSource Philippines DevCo
- Vijayanagar Sugar Pvt Ltd - India
- Economic Council, Georgia
- Salva Resources Pvt Ltd - India
- Wood Mackenzie - Singapore
- Indian Energy Exchange, India
- TeaM Sual Corporation - Philippines
- Ministry of Transport, Egypt
- Siam City Cement - Thailand
- Aditya Birla Group - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- Semirara Mining Corp, Philippines
- Savvy Resources Ltd - HongKong
- Standard Chartered Bank - UAE
- Bharathi Cement Corporation - India
- Kohat Cement Company Ltd. - Pakistan
- Global Business Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Jindal Steel & Power Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Alfred C Toepfer International GmbH - Germany
- Madhucon Powers Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Kaltim Prima Coal - Indonesia
- MS Steel International - UAE
- Malabar Cements Ltd - India
- PNOC Exploration Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Neyveli Lignite Corporation Ltd, - India
- Minerals Council of Australia
- Jorong Barutama Greston.PT - Indonesia
- Mintek Dendrill Indonesia
- Gujarat Electricity Regulatory Commission - India
- CNBM International Corporation - China
- Sojitz Corporation - Japan
- San Jose City I Power Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Attock Cement Pakistan Limited
- PetroVietnam Power Coal Import and Supply Company
- CIMB Investment Bank - Malaysia
- Australian Coal Association
- The State Trading Corporation of India Ltd
- Straits Asia Resources Limited - Singapore
- Indian Oil Corporation Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SN Aboitiz Power Inc, Philippines
- Indonesian Coal Mining Association
- Georgia Ports Authority, United States
- Sree Jayajothi Cements Limited - India
- Thai Mozambique Logistica
- Directorate General of MIneral and Coal - Indonesia
- Merrill Lynch Commodities Europe
- Ministry of Finance - Indonesia
- Videocon Industries ltd - India
- PTC India Limited - India
- Indogreen Group - Indonesia
- Bayan Resources Tbk. - Indonesia
- Altura Mining Limited, Indonesia
- Cement Manufacturers Association - India
- Mercator Lines Limited - India
- AsiaOL BioFuels Corp., Philippines
- Banpu Public Company Limited - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Electricity Authority, New Zealand
- Vedanta Resources Plc - India
- India Bulls Power Limited - India
- Wilmar Investment Holdings
- Kobexindo Tractors - Indoneisa
- Chamber of Mines of South Africa
- Tata Chemicals Ltd - India
- Energy Development Corp, Philippines
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