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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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Monday, 25 January 21
ULTRAMAX YET ANOTHER POSITIVE WEEK FOR THE SECTOR, WHICH SAW INCREASED DEMAND ACROSS ALL BASINS - BALTIC BRIEFING
Capesize
The Capesize market rocked and rolled these past few days. But by weeks end little had changed on the Capesize 5TC as it settled down ...
Monday, 25 January 21
NEW LAW IN CALIFORNIA, USA, AFFECTING SHIPOWNERS' LIABILITY FOR OIL POLLUTION - BIMCO
Members are advised that amendments to the so-called Lempert-Keene-Seastrand Oil Spill Prevention and Response Act of 1990 in the State of Californ ...
Monday, 25 January 21
COAL INDIA SAYS GEARED UP TO MEET SURGE IN FUEL DEMAND FROM POWER SECTOR - PTI
State-owned Coal India Ltd on Saturday said that it is well geared to meet any surge in demand for coal from the power sector.
The s ...
Sunday, 24 January 21
GOVT ASSURES COAL INDIA OF 'FULL SUPPORT', STRESSES ON LEARNING 'NEW THINGS' - PTI
Coal Minister Pralhad Joshi assured Coal India of full government support, even as he said the PSU needs to learn “new things” for impr ...
Saturday, 23 January 21
GOVT PLANNING TO OPEN UP COAL MARKETING TO STREAMLINE PROCESS - THE INDIAN EXPRESS
The government is considering opening up coal marketing, Coal Secretary Anil Kumar Jain said on Thursday. Currently, production by Coal India is al ...
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- Kobexindo Tractors - Indoneisa
- Ambuja Cements Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Cement Manufacturers Association - India
- OPG Power Generation Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Posco Energy - South Korea
- Jorong Barutama Greston.PT - Indonesia
- The University of Queensland
- Jindal Steel & Power Ltd - India
- Port Waratah Coal Services - Australia
- Commonwealth Bank - Australia
- Antam Resourcindo - Indonesia
- Heidelberg Cement - Germany
- Australian Commodity Traders Exchange
- Timah Investasi Mineral - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- SN Aboitiz Power Inc, Philippines
- Bharathi Cement Corporation - India
- Cigading International Bulk Terminal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Miang Besar Coal Terminal - Indonesia
- Petron Corporation, Philippines
- Vizag Seaport Private Limited - India
- Rashtriya Ispat Nigam Limited - India
- GAC Shipping (India) Pvt Ltd
- Sree Jayajothi Cements Limited - India
- San Jose City I Power Corp, Philippines
- Malabar Cements Ltd - India
- Siam City Cement PLC, Thailand
- Sarangani Energy Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Uttam Galva Steels Limited - India
- Goldman Sachs - Singapore
- MS Steel International - UAE
- Central Electricity Authority - India
- Indika Energy - Indonesia
- Mercator Lines Limited - India
- PowerSource Philippines DevCo
- Kartika Selabumi Mining - Indonesia
- Meenaskhi Energy Private Limited - India
- Thai Mozambique Logistica
- Semirara Mining Corp, Philippines
- Renaissance Capital - South Africa
- Orica Australia Pty. Ltd.
- Mercuria Energy - Indonesia
- Medco Energi Mining Internasional
- GMR Energy Limited - India
- India Bulls Power Limited - India
- Power Finance Corporation Ltd., India
- Baramulti Group, Indonesia
- White Energy Company Limited
- Parliament of New Zealand
- PTC India Limited - India
- Billiton Holdings Pty Ltd - Australia
- Binh Thuan Hamico - Vietnam
- Manunggal Multi Energi - Indonesia
- Anglo American - United Kingdom
- Riau Bara Harum - Indonesia
- Toyota Tsusho Corporation, Japan
- Electricity Authority, New Zealand
- Sical Logistics Limited - India
- Aditya Birla Group - India
- IHS Mccloskey Coal Group - USA
- Videocon Industries ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Tata Chemicals Ltd - India
- Coal and Oil Company - UAE
- The State Trading Corporation of India Ltd
- Independent Power Producers Association of India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Straits Asia Resources Limited - Singapore
- Indonesian Coal Mining Association
- GN Power Mariveles Coal Plant, Philippines
- Lanco Infratech Ltd - India
- ICICI Bank Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Interocean Group of Companies - India
- Carbofer General Trading SA - India
- CIMB Investment Bank - Malaysia
- The Treasury - Australian Government
- Ministry of Transport, Egypt
- Essar Steel Hazira Ltd - India
- Edison Trading Spa - Italy
- Pipit Mutiara Jaya. PT, Indonesia
- Planning Commission, India
- GVK Power & Infra Limited - India
- IEA Clean Coal Centre - UK
- Indian Energy Exchange, India
- Maheswari Brothers Coal Limited - India
- SMG Consultants - Indonesia
- Karaikal Port Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Pendopo Energi Batubara - Indonesia
- Sakthi Sugars Limited - India
- Star Paper Mills Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Aboitiz Power Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- South Luzon Thermal Energy Corporation
- Indian Oil Corporation Limited
- Eastern Energy - Thailand
- Central Java Power - Indonesia
- Samtan Co., Ltd - South Korea
- Borneo Indobara - Indonesia
- Merrill Lynch Commodities Europe
- Ministry of Mines - Canada
- Ceylon Electricity Board - Sri Lanka
- Bangladesh Power Developement Board
- Salva Resources Pvt Ltd - India
- SMC Global Power, Philippines
- Indogreen Group - Indonesia
- CNBM International Corporation - China
- Bhoruka Overseas - Indonesia
- Tamil Nadu electricity Board
- Sojitz Corporation - Japan
- Alfred C Toepfer International GmbH - Germany
- Australian Coal Association
- Coastal Gujarat Power Limited - India
- Madhucon Powers Ltd - India
- VISA Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bukit Baiduri Energy - Indonesia
- Bhushan Steel Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Agrawal Coal Company - India
- Semirara Mining and Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Kapuas Tunggal Persada - Indonesia
- Orica Mining Services - Indonesia
- Standard Chartered Bank - UAE
- Metalloyd Limited - United Kingdom
- London Commodity Brokers - England
- Bukit Makmur.PT - Indonesia
- Georgia Ports Authority, United States
- Makarim & Taira - Indonesia
- Global Green Power PLC Corporation, Philippines
- Africa Commodities Group - South Africa
- Chettinad Cement Corporation Ltd - India
- Energy Link Ltd, New Zealand
- Minerals Council of Australia
- Vijayanagar Sugar Pvt Ltd - India
- Rio Tinto Coal - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Globalindo Alam Lestari - Indonesia
- Economic Council, Georgia
- Intertek Mineral Services - Indonesia
- Jaiprakash Power Ventures ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Energy Development Corp, Philippines
- Eastern Coal Council - USA
- Electricity Generating Authority of Thailand
- Sindya Power Generating Company Private Ltd
- Directorate Of Revenue Intelligence - India
- Dalmia Cement Bharat India
- Banpu Public Company Limited - Thailand
- Parry Sugars Refinery, India
- Larsen & Toubro Limited - India
- Bhatia International Limited - India
- Global Business Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- ASAPP Information Group - India
- Formosa Plastics Group - Taiwan
- Bayan Resources Tbk. - Indonesia
- Chamber of Mines of South Africa
- Thiess Contractors Indonesia
- PNOC Exploration Corporation - Philippines
- Trasteel International SA, Italy
- Savvy Resources Ltd - HongKong
- Gujarat Electricity Regulatory Commission - India
- New Zealand Coal & Carbon
- Altura Mining Limited, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PetroVietnam Power Coal Import and Supply Company
- Romanian Commodities Exchange
- Marubeni Corporation - India
- Asmin Koalindo Tuhup - Indonesia
- Siam City Cement - Thailand
- International Coal Ventures Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Xindia Steels Limited - India
- Meralco Power Generation, Philippines
- Deloitte Consulting - India
- Grasim Industreis Ltd - India
- Iligan Light & Power Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Price Waterhouse Coopers - Russia
- Mintek Dendrill Indonesia
- Kaltim Prima Coal - Indonesia
- Indo Tambangraya Megah - Indonesia
- TeaM Sual Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Gujarat Sidhee Cement - India
- Coalindo Energy - Indonesia
- Wood Mackenzie - Singapore
- Attock Cement Pakistan Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Wilmar Investment Holdings
- Kumho Petrochemical, South Korea
- Vedanta Resources Plc - India
- Oldendorff Carriers - Singapore
- Singapore Mercantile Exchange
- Ministry of Finance - Indonesia
- European Bulk Services B.V. - Netherlands
- McConnell Dowell - Australia
- Latin American Coal - Colombia
- Mjunction Services Limited - India
- Therma Luzon, Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
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