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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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Wednesday, 03 February 21
MARKET INSIGHT - INTERMODAL
"2020 the year from hell for the entire world, had everything for shipowners. The introduction of the sulphur cap and VLSFO, a Pandemic outbre ...
Tuesday, 02 February 21
WILL THE ELECTRONIC B/L BE FULLY IMPLEMENTED? FIVE POINTS TO CONSIDER - MOL
KNOWLEDGE TO ELEVATE
The trend towards digitization of Bills of Lading (B/L) has begun to attract attention in the trade and shipping industrie ...
Monday, 01 February 21
A 56,000-DWT OPEN MANILA WAS FIXED FOR A TRIP VIA INDONESIA REDELIVERY CHINA AT $11,500 - THE BALTIC BRIEFING
Capesize
The Capesize routes endured a week of slippage on rates, bringing the market back down to levels seen at the beginning of the month. D ...
Monday, 01 February 21
PAKISTAN: COAL DEMAND EXPECTED TO SPIKE IN 2021 - DAWN
Coal demand is expected to remain upbeat in 2021 as more coal-fired and captive power plants are coming up in the current year.
Acco ...
Friday, 29 January 21
COAL EXPORTS FROM AUSTRALIA TO MAINLAND CHINA DECLINED BY -22.2% Y-O-Y IN 2020 - BANCHERO COSTA
In the 12 months of 2020, global seaborne coal trade declined by as much as -12.7% year-on-year, according to vessel tracking data from Refinitiv, ...
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- McConnell Dowell - Australia
- Coalindo Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Tamil Nadu electricity Board
- The State Trading Corporation of India Ltd
- Dalmia Cement Bharat India
- Kohat Cement Company Ltd. - Pakistan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Attock Cement Pakistan Limited
- Makarim & Taira - Indonesia
- Vizag Seaport Private Limited - India
- European Bulk Services B.V. - Netherlands
- Globalindo Alam Lestari - Indonesia
- Mjunction Services Limited - India
- Bhoruka Overseas - Indonesia
- Indogreen Group - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Parliament of New Zealand
- London Commodity Brokers - England
- Energy Development Corp, Philippines
- Global Coal Blending Company Limited - Australia
- ICICI Bank Limited - India
- PNOC Exploration Corporation - Philippines
- Baramulti Group, Indonesia
- SMC Global Power, Philippines
- Edison Trading Spa - Italy
- Cigading International Bulk Terminal - Indonesia
- Heidelberg Cement - Germany
- South Luzon Thermal Energy Corporation
- Planning Commission, India
- Bukit Asam (Persero) Tbk - Indonesia
- Commonwealth Bank - Australia
- Karaikal Port Pvt Ltd - India
- Central Electricity Authority - India
- Savvy Resources Ltd - HongKong
- Bayan Resources Tbk. - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Jaiprakash Power Ventures ltd
- Holcim Trading Pte Ltd - Singapore
- Bharathi Cement Corporation - India
- Marubeni Corporation - India
- Indo Tambangraya Megah - Indonesia
- Salva Resources Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Aboitiz Power Corporation - Philippines
- Semirara Mining Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- New Zealand Coal & Carbon
- Banpu Public Company Limited - Thailand
- Wilmar Investment Holdings
- Borneo Indobara - Indonesia
- Renaissance Capital - South Africa
- Electricity Generating Authority of Thailand
- Kideco Jaya Agung - Indonesia
- International Coal Ventures Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Mineral Development Corp Ltd - India
- Videocon Industries ltd - India
- Grasim Industreis Ltd - India
- Jindal Steel & Power Ltd - India
- Ministry of Finance - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Pendopo Energi Batubara - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Sical Logistics Limited - India
- Medco Energi Mining Internasional
- Kobexindo Tractors - Indoneisa
- PTC India Limited - India
- Lanco Infratech Ltd - India
- Bhatia International Limited - India
- Oldendorff Carriers - Singapore
- San Jose City I Power Corp, Philippines
- Intertek Mineral Services - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Trasteel International SA, Italy
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Rashtriya Ispat Nigam Limited - India
- Indian Energy Exchange, India
- Goldman Sachs - Singapore
- Bhushan Steel Limited - India
- Global Business Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Malabar Cements Ltd - India
- Port Waratah Coal Services - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Deloitte Consulting - India
- PetroVietnam Power Coal Import and Supply Company
- CNBM International Corporation - China
- Coal and Oil Company - UAE
- Sindya Power Generating Company Private Ltd
- Coastal Gujarat Power Limited - India
- Therma Luzon, Inc, Philippines
- The University of Queensland
- GN Power Mariveles Coal Plant, Philippines
- Aditya Birla Group - India
- Kapuas Tunggal Persada - Indonesia
- Cement Manufacturers Association - India
- Orica Australia Pty. Ltd.
- Economic Council, Georgia
- Indonesian Coal Mining Association
- MS Steel International - UAE
- The Treasury - Australian Government
- OPG Power Generation Pvt Ltd - India
- Anglo American - United Kingdom
- Kartika Selabumi Mining - Indonesia
- Ministry of Mines - Canada
- GAC Shipping (India) Pvt Ltd
- Xindia Steels Limited - India
- Electricity Authority, New Zealand
- India Bulls Power Limited - India
- Standard Chartered Bank - UAE
- Directorate Of Revenue Intelligence - India
- Posco Energy - South Korea
- SMG Consultants - Indonesia
- Indian Oil Corporation Limited
- Gujarat Sidhee Cement - India
- Meralco Power Generation, Philippines
- Romanian Commodities Exchange
- Singapore Mercantile Exchange
- Binh Thuan Hamico - Vietnam
- Larsen & Toubro Limited - India
- Timah Investasi Mineral - Indoneisa
- Merrill Lynch Commodities Europe
- Iligan Light & Power Inc, Philippines
- Tata Chemicals Ltd - India
- Metalloyd Limited - United Kingdom
- Australian Commodity Traders Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sarangani Energy Corporation, Philippines
- Siam City Cement - Thailand
- Billiton Holdings Pty Ltd - Australia
- Directorate General of MIneral and Coal - Indonesia
- Minerals Council of Australia
- Kepco SPC Power Corporation, Philippines
- Sojitz Corporation - Japan
- Eastern Coal Council - USA
- Latin American Coal - Colombia
- Independent Power Producers Association of India
- Georgia Ports Authority, United States
- Bangladesh Power Developement Board
- Semirara Mining and Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Ministry of Transport, Egypt
- Agrawal Coal Company - India
- IEA Clean Coal Centre - UK
- Miang Besar Coal Terminal - Indonesia
- Orica Mining Services - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Formosa Plastics Group - Taiwan
- Simpson Spence & Young - Indonesia
- Australian Coal Association
- Bulk Trading Sa - Switzerland
- ASAPP Information Group - India
- Kalimantan Lumbung Energi - Indonesia
- Price Waterhouse Coopers - Russia
- IHS Mccloskey Coal Group - USA
- Star Paper Mills Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Antam Resourcindo - Indonesia
- Kaltim Prima Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- Mercator Lines Limited - India
- TeaM Sual Corporation - Philippines
- Thai Mozambique Logistica
- Petron Corporation, Philippines
- Altura Mining Limited, Indonesia
- Mercuria Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- PowerSource Philippines DevCo
- GVK Power & Infra Limited - India
- Barasentosa Lestari - Indonesia
- Indika Energy - Indonesia
- Mintek Dendrill Indonesia
- Jorong Barutama Greston.PT - Indonesia
- CIMB Investment Bank - Malaysia
- Bukit Makmur.PT - Indonesia
- Carbofer General Trading SA - India
- Vijayanagar Sugar Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Eastern Energy - Thailand
- SN Aboitiz Power Inc, Philippines
- Africa Commodities Group - South Africa
- Energy Link Ltd, New Zealand
- Vedanta Resources Plc - India
- White Energy Company Limited
- Ambuja Cements Ltd - India
- Central Java Power - Indonesia
- Interocean Group of Companies - India
- Parry Sugars Refinery, India
- Rio Tinto Coal - Australia
- Siam City Cement PLC, Thailand
- Manunggal Multi Energi - Indonesia
- GMR Energy Limited - India
- Ceylon Electricity Board - Sri Lanka
- Asmin Koalindo Tuhup - Indonesia
- Toyota Tsusho Corporation, Japan
- Sakthi Sugars Limited - India
- LBH Netherlands Bv - Netherlands
- Madhucon Powers Ltd - India
- Uttam Galva Steels Limited - India
- Riau Bara Harum - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Meenaskhi Energy Private Limited - India
- Thiess Contractors Indonesia
- Sree Jayajothi Cements Limited - India
- Maheswari Brothers Coal Limited - India
- Chettinad Cement Corporation Ltd - India
- Wood Mackenzie - Singapore
- Chamber of Mines of South Africa
- Essar Steel Hazira Ltd - India
- VISA Power Limited - India
- Samtan Co., Ltd - South Korea
- Power Finance Corporation Ltd., India
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