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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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Thursday, 21 January 21
LNG MARKET RIDING HIGH, BUT WILL THE GAINS CONTINUE? - DREWRY
The LNG market started 2021 on a high note with Asian spot prices crossing $30 per MMBtu while LNG shipping rates recorded a high $350k per day due ...
Thursday, 21 January 21
CHINA'S SPOT THERMAL COAL PRICES REFRESH RECORD HIGH - MYSTEEL
Despite the moderate rebound in temperatures across most regions of China after late December’s deep-freeze, thermal coal prices in the count ...
Wednesday, 20 January 21
CORONAVIRUS OUTBREAK IN HEBEI HAS LIMITED IMPACT ON CHINA'S STEEL INDUSTRY - FITCH RATINGS
The recent Covid-19 outbreak in the steel producing hub Hebei will not have material impact on China’s steel industry, Fitch Ratings says.
...
Wednesday, 20 January 21
MARKET INSIGHT - INTERMODAL
While 2020 is finally behind us, its negative impacts are still hovering over the shipping market. That being said, it is still too early to even s ...
Saturday, 16 January 21
SEABORNE TRADE IN STEAM COAL DECREASED BY 11.6% FROM 937 MILLION TONNES IN 2019 TO 828 MILLION TONNES IN 2020 - COAL IMPORTERS ASSOCIATION, GERMANY
According to preliminary calculations by the German Coal Importers Association (Verein der Kohlenimporteure e. V.), global hard coal production dec ...
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- Maheswari Brothers Coal Limited - India
- Indo Tambangraya Megah - Indonesia
- Bayan Resources Tbk. - Indonesia
- Jindal Steel & Power Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- GAC Shipping (India) Pvt Ltd
- IEA Clean Coal Centre - UK
- Energy Link Ltd, New Zealand
- Alfred C Toepfer International GmbH - Germany
- Goldman Sachs - Singapore
- Deloitte Consulting - India
- Meenaskhi Energy Private Limited - India
- Georgia Ports Authority, United States
- Wilmar Investment Holdings
- Lanco Infratech Ltd - India
- Bhushan Steel Limited - India
- Indika Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Bukit Makmur.PT - Indonesia
- Sakthi Sugars Limited - India
- Planning Commission, India
- Riau Bara Harum - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Finance - Indonesia
- Indogreen Group - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Singapore Mercantile Exchange
- McConnell Dowell - Australia
- White Energy Company Limited
- Bulk Trading Sa - Switzerland
- Holcim Trading Pte Ltd - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Cigading International Bulk Terminal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Mercator Lines Limited - India
- The State Trading Corporation of India Ltd
- Chamber of Mines of South Africa
- GMR Energy Limited - India
- Kapuas Tunggal Persada - Indonesia
- Grasim Industreis Ltd - India
- Renaissance Capital - South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- New Zealand Coal & Carbon
- Kaltim Prima Coal - Indonesia
- TeaM Sual Corporation - Philippines
- Latin American Coal - Colombia
- Thiess Contractors Indonesia
- Malabar Cements Ltd - India
- Mintek Dendrill Indonesia
- Sree Jayajothi Cements Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- OPG Power Generation Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Essar Steel Hazira Ltd - India
- Vedanta Resources Plc - India
- India Bulls Power Limited - India
- Uttam Galva Steels Limited - India
- Power Finance Corporation Ltd., India
- Attock Cement Pakistan Limited
- Ministry of Mines - Canada
- Karaikal Port Pvt Ltd - India
- Aditya Birla Group - India
- PTC India Limited - India
- Carbofer General Trading SA - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Interocean Group of Companies - India
- Chettinad Cement Corporation Ltd - India
- Electricity Authority, New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Intertek Mineral Services - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Bangladesh Power Developement Board
- Asmin Koalindo Tuhup - Indonesia
- Indian Energy Exchange, India
- Iligan Light & Power Inc, Philippines
- Xindia Steels Limited - India
- Port Waratah Coal Services - Australia
- Ministry of Transport, Egypt
- Orica Mining Services - Indonesia
- Minerals Council of Australia
- Agrawal Coal Company - India
- Vizag Seaport Private Limited - India
- Savvy Resources Ltd - HongKong
- CNBM International Corporation - China
- PowerSource Philippines DevCo
- Ind-Barath Power Infra Limited - India
- Bhatia International Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Indian Oil Corporation Limited
- Krishnapatnam Port Company Ltd. - India
- Sindya Power Generating Company Private Ltd
- MS Steel International - UAE
- Eastern Energy - Thailand
- Australian Commodity Traders Exchange
- Petron Corporation, Philippines
- Eastern Coal Council - USA
- Parliament of New Zealand
- Sical Logistics Limited - India
- Bhoruka Overseas - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Altura Mining Limited, Indonesia
- Africa Commodities Group - South Africa
- Electricity Generating Authority of Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coalindo Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Barasentosa Lestari - Indonesia
- SMG Consultants - Indonesia
- Siam City Cement PLC, Thailand
- Banpu Public Company Limited - Thailand
- Semirara Mining Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Videocon Industries ltd - India
- Australian Coal Association
- The Treasury - Australian Government
- Therma Luzon, Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Central Electricity Authority - India
- Independent Power Producers Association of India
- Jorong Barutama Greston.PT - Indonesia
- Orica Australia Pty. Ltd.
- Larsen & Toubro Limited - India
- International Coal Ventures Pvt Ltd - India
- Dalmia Cement Bharat India
- Simpson Spence & Young - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Kartika Selabumi Mining - Indonesia
- Bharathi Cement Corporation - India
- Antam Resourcindo - Indonesia
- Siam City Cement - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Central Java Power - Indonesia
- Global Green Power PLC Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Salva Resources Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Coastal Gujarat Power Limited - India
- Baramulti Group, Indonesia
- GVK Power & Infra Limited - India
- LBH Netherlands Bv - Netherlands
- Makarim & Taira - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- The University of Queensland
- IHS Mccloskey Coal Group - USA
- Binh Thuan Hamico - Vietnam
- TNB Fuel Sdn Bhd - Malaysia
- Samtan Co., Ltd - South Korea
- London Commodity Brokers - England
- San Jose City I Power Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Indonesian Coal Mining Association
- Miang Besar Coal Terminal - Indonesia
- Medco Energi Mining Internasional
- Vijayanagar Sugar Pvt Ltd - India
- Ambuja Cements Ltd - India
- Commonwealth Bank - Australia
- Standard Chartered Bank - UAE
- Directorate Of Revenue Intelligence - India
- Madhucon Powers Ltd - India
- Mjunction Services Limited - India
- Billiton Holdings Pty Ltd - Australia
- Thai Mozambique Logistica
- Straits Asia Resources Limited - Singapore
- Parry Sugars Refinery, India
- Price Waterhouse Coopers - Russia
- CIMB Investment Bank - Malaysia
- Sinarmas Energy and Mining - Indonesia
- Tamil Nadu electricity Board
- Borneo Indobara - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Rashtriya Ispat Nigam Limited - India
- Kideco Jaya Agung - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PNOC Exploration Corporation - Philippines
- Aboitiz Power Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Trasteel International SA, Italy
- VISA Power Limited - India
- Tata Chemicals Ltd - India
- ASAPP Information Group - India
- European Bulk Services B.V. - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- SMC Global Power, Philippines
- Anglo American - United Kingdom
- Ceylon Electricity Board - Sri Lanka
- Wood Mackenzie - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sojitz Corporation - Japan
- PetroVietnam Power Coal Import and Supply Company
- Formosa Plastics Group - Taiwan
- SN Aboitiz Power Inc, Philippines
- Romanian Commodities Exchange
- Merrill Lynch Commodities Europe
- Kumho Petrochemical, South Korea
- Jaiprakash Power Ventures ltd
- Mercuria Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Meralco Power Generation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Heidelberg Cement - Germany
- Global Business Power Corporation, Philippines
- Cement Manufacturers Association - India
- Pendopo Energi Batubara - Indonesia
- Edison Trading Spa - Italy
- Coal and Oil Company - UAE
- ICICI Bank Limited - India
- Marubeni Corporation - India
- Oldendorff Carriers - Singapore
- Global Coal Blending Company Limited - Australia
- Rio Tinto Coal - Australia
- Gujarat Mineral Development Corp Ltd - India
- Star Paper Mills Limited - India
- Energy Development Corp, Philippines
- Posco Energy - South Korea
- Economic Council, Georgia
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