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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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Friday, 29 January 21
OPEC+, COVID-19 AND ENERGY TRANSITION - 3 THEMES IMPACTING OIL MARKETS AND REFINING IN 2021 - WOOD MACKENZIE
Wood Mackenzie’s latest outlook report shows that the art of balancing oil markets and the refining sector in 2021 hinges upon three key them ...
Thursday, 28 January 21
STRONG CHINESE THERMAL COAL IMPORTS TO BENEFIT INDONESIAN MINERS IN THE NEAR TERM - FITCH RATINGS
China's thermal coal imports are likely to remain strong ahead of the Chinese New Year in mid-February on robust demand, high utilisation at do ...
Thursday, 28 January 21
WIND PROPULSION FOR DRY BULK CARRIERS - OLDENDORFF
Oldendorff Carriers (OC) has signed a Joint Development Project (JDP) with Anemoi Marine Technologies (Anemoi), Lloyd’s Register (LR) and Sha ...
Thursday, 28 January 21
BUMA PRICED A USD400 MILLION 7.75% 5-YEAR SENIOR NOTES
PT Delta Dunia Makmur Tbk. announced that its subsidiary, PT Bukit Makmur Mandiri Utama priced a USD400 million 5-year (non-callable 2-year)& ...
Wednesday, 27 January 21
MARKET INSIGHT - INTERMODAL
As we have entered the era off renewable energies, all industries globally give max effort to minimize their carbon footprint and consequently thei ...
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- Jindal Steel & Power Ltd - India
- SMC Global Power, Philippines
- Star Paper Mills Limited - India
- PetroVietnam Power Coal Import and Supply Company
- GAC Shipping (India) Pvt Ltd
- SN Aboitiz Power Inc, Philippines
- Salva Resources Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Kartika Selabumi Mining - Indonesia
- Petron Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Straits Asia Resources Limited - Singapore
- Baramulti Group, Indonesia
- Meenaskhi Energy Private Limited - India
- Holcim Trading Pte Ltd - Singapore
- Romanian Commodities Exchange
- Commonwealth Bank - Australia
- Eastern Energy - Thailand
- Coal and Oil Company - UAE
- Karbindo Abesyapradhi - Indoneisa
- Coastal Gujarat Power Limited - India
- Tata Chemicals Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Kumho Petrochemical, South Korea
- Sree Jayajothi Cements Limited - India
- Carbofer General Trading SA - India
- Global Coal Blending Company Limited - Australia
- Heidelberg Cement - Germany
- Singapore Mercantile Exchange
- MS Steel International - UAE
- Thai Mozambique Logistica
- Madhucon Powers Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Vizag Seaport Private Limited - India
- Bukit Baiduri Energy - Indonesia
- Rio Tinto Coal - Australia
- VISA Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Global Business Power Corporation, Philippines
- Electricity Authority, New Zealand
- Posco Energy - South Korea
- Barasentosa Lestari - Indonesia
- International Coal Ventures Pvt Ltd - India
- Deloitte Consulting - India
- Essar Steel Hazira Ltd - India
- Wilmar Investment Holdings
- Indian Energy Exchange, India
- Oldendorff Carriers - Singapore
- SMG Consultants - Indonesia
- IEA Clean Coal Centre - UK
- GN Power Mariveles Coal Plant, Philippines
- PTC India Limited - India
- OPG Power Generation Pvt Ltd - India
- Economic Council, Georgia
- GMR Energy Limited - India
- San Jose City I Power Corp, Philippines
- Mjunction Services Limited - India
- Latin American Coal - Colombia
- European Bulk Services B.V. - Netherlands
- White Energy Company Limited
- Sindya Power Generating Company Private Ltd
- Eastern Coal Council - USA
- Maharashtra Electricity Regulatory Commission - India
- McConnell Dowell - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Wood Mackenzie - Singapore
- IHS Mccloskey Coal Group - USA
- PNOC Exploration Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Ind-Barath Power Infra Limited - India
- ASAPP Information Group - India
- Makarim & Taira - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Chettinad Cement Corporation Ltd - India
- Bangladesh Power Developement Board
- Timah Investasi Mineral - Indoneisa
- Malabar Cements Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Binh Thuan Hamico - Vietnam
- Globalindo Alam Lestari - Indonesia
- Australian Coal Association
- Borneo Indobara - Indonesia
- Xindia Steels Limited - India
- CIMB Investment Bank - Malaysia
- Interocean Group of Companies - India
- Attock Cement Pakistan Limited
- TeaM Sual Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- ICICI Bank Limited - India
- Maheswari Brothers Coal Limited - India
- Indika Energy - Indonesia
- Aditya Birla Group - India
- London Commodity Brokers - England
- Central Java Power - Indonesia
- Orica Mining Services - Indonesia
- Sojitz Corporation - Japan
- Metalloyd Limited - United Kingdom
- Iligan Light & Power Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Larsen & Toubro Limited - India
- Semirara Mining Corp, Philippines
- Parry Sugars Refinery, India
- Alfred C Toepfer International GmbH - Germany
- Kohat Cement Company Ltd. - Pakistan
- Indogreen Group - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Antam Resourcindo - Indonesia
- Pendopo Energi Batubara - Indonesia
- Videocon Industries ltd - India
- Siam City Cement - Thailand
- Port Waratah Coal Services - Australia
- Kideco Jaya Agung - Indonesia
- Gujarat Sidhee Cement - India
- The Treasury - Australian Government
- Simpson Spence & Young - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Uttam Galva Steels Limited - India
- Independent Power Producers Association of India
- Agrawal Coal Company - India
- Orica Australia Pty. Ltd.
- Ministry of Mines - Canada
- Edison Trading Spa - Italy
- Siam City Cement PLC, Thailand
- Therma Luzon, Inc, Philippines
- Dalmia Cement Bharat India
- Kaltim Prima Coal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Mercuria Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Bukit Asam (Persero) Tbk - Indonesia
- Bharathi Cement Corporation - India
- Ministry of Transport, Egypt
- Riau Bara Harum - Indonesia
- Coalindo Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Lanco Infratech Ltd - India
- Sarangani Energy Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Renaissance Capital - South Africa
- Indonesian Coal Mining Association
- Planning Commission, India
- Georgia Ports Authority, United States
- India Bulls Power Limited - India
- Altura Mining Limited, Indonesia
- Directorate Of Revenue Intelligence - India
- Semirara Mining and Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Chamber of Mines of South Africa
- Australian Commodity Traders Exchange
- Medco Energi Mining Internasional
- Ministry of Finance - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Grasim Industreis Ltd - India
- Merrill Lynch Commodities Europe
- Banpu Public Company Limited - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mercator Lines Limited - India
- Bhoruka Overseas - Indonesia
- Kepco SPC Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Meralco Power Generation, Philippines
- Manunggal Multi Energi - Indonesia
- Price Waterhouse Coopers - Russia
- Samtan Co., Ltd - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GVK Power & Infra Limited - India
- Mintek Dendrill Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Anglo American - United Kingdom
- Savvy Resources Ltd - HongKong
- Indian Oil Corporation Limited
- Karaikal Port Pvt Ltd - India
- Ambuja Cements Ltd - India
- The University of Queensland
- Goldman Sachs - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Sical Logistics Limited - India
- Vedanta Resources Plc - India
- Bukit Makmur.PT - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Cement Manufacturers Association - India
- Ceylon Electricity Board - Sri Lanka
- Miang Besar Coal Terminal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Petrochimia International Co. Ltd.- Taiwan
- Formosa Plastics Group - Taiwan
- The State Trading Corporation of India Ltd
- New Zealand Coal & Carbon
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Marubeni Corporation - India
- CNBM International Corporation - China
- Cigading International Bulk Terminal - Indonesia
- Trasteel International SA, Italy
- Parliament of New Zealand
- Energy Development Corp, Philippines
- Bulk Trading Sa - Switzerland
- Bhatia International Limited - India
- Minerals Council of Australia
- Kobexindo Tractors - Indoneisa
- Energy Link Ltd, New Zealand
- Indo Tambangraya Megah - Indonesia
- South Luzon Thermal Energy Corporation
- Electricity Generating Authority of Thailand
- Neyveli Lignite Corporation Ltd, - India
- Sakthi Sugars Limited - India
- PowerSource Philippines DevCo
- Central Electricity Authority - India
- Bhushan Steel Limited - India
- Africa Commodities Group - South Africa
- Tamil Nadu electricity Board
- Thiess Contractors Indonesia
- Aboitiz Power Corporation - Philippines
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