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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, 15 January 21
OVER US$50 BILLION IN GAS POWER PROJECTS AND LNG IMPORT FACILITIES AT RISK OF CANCELLATION IN BANGLADESH, PAKISTAN AND VIETNAM - IEEFA
Pakistan and Bangladesh have already cancelled tenders for LNG imports
Emerging markets such as Vietnam, Pakistan and Bangladesh tha ...
Friday, 15 January 21
VIETNAM'S EXTRAORDINARY ROOFTOP SOLAR SUCCESS DEALS ANOTHER BLOW TO THE REMAINING COAL PIPELINE - IEEFA
9.3 gigawatts peak of solar capacity, equal to 6 coal power plants, installed in less than a year
Vietnam’s solar power indust ...
Friday, 15 January 21
CHINA'S BENCHMARK POWER COAL PRICE EDGES UP - XINHUA
China’s benchmark power coal price rose slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
Thursday, 14 January 21
KOREA MIDLAND POWER INVITED BIDS FOR AUSTRALIAN COAL FOR THREE YEARS SUPPLY
COALspot.com: Korea Midland Power Co. Ltd, issued an International tender for total 1,560,000 MT of Min.5,700 kcal/kg NCV coal of Australian Origin ...
Wednesday, 13 January 21
CHINA THERMAL GENCO PROFITS FACE PRESSURE AMID POWER SHORTAGES - FITHCH WIRE
High coal and gas prices will put near-term pressure on margins for thermal power generators in China, says Fitch Ratings. However, the power short ...
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- Parliament of New Zealand
- Karaikal Port Pvt Ltd - India
- Thai Mozambique Logistica
- Indika Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- Jaiprakash Power Ventures ltd
- Dalmia Cement Bharat India
- Savvy Resources Ltd - HongKong
- Metalloyd Limited - United Kingdom
- Intertek Mineral Services - Indonesia
- Indonesian Coal Mining Association
- Bulk Trading Sa - Switzerland
- Vizag Seaport Private Limited - India
- Bhoruka Overseas - Indonesia
- Commonwealth Bank - Australia
- Miang Besar Coal Terminal - Indonesia
- Attock Cement Pakistan Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhatia International Limited - India
- Latin American Coal - Colombia
- Straits Asia Resources Limited - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhushan Steel Limited - India
- Georgia Ports Authority, United States
- Borneo Indobara - Indonesia
- The State Trading Corporation of India Ltd
- Global Green Power PLC Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Goldman Sachs - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Deloitte Consulting - India
- Sakthi Sugars Limited - India
- OPG Power Generation Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Edison Trading Spa - Italy
- Asmin Koalindo Tuhup - Indonesia
- Interocean Group of Companies - India
- CIMB Investment Bank - Malaysia
- Samtan Co., Ltd - South Korea
- London Commodity Brokers - England
- Ambuja Cements Ltd - India
- Semirara Mining Corp, Philippines
- Coal and Oil Company - UAE
- Jindal Steel & Power Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SMG Consultants - Indonesia
- Directorate Of Revenue Intelligence - India
- GN Power Mariveles Coal Plant, Philippines
- Sinarmas Energy and Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- IHS Mccloskey Coal Group - USA
- Manunggal Multi Energi - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Minerals Council of Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Africa Commodities Group - South Africa
- Alfred C Toepfer International GmbH - Germany
- PNOC Exploration Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Gujarat Sidhee Cement - India
- Iligan Light & Power Inc, Philippines
- Baramulti Group, Indonesia
- Renaissance Capital - South Africa
- Central Java Power - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- ICICI Bank Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Sojitz Corporation - Japan
- Semirara Mining and Power Corporation, Philippines
- Global Business Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Makarim & Taira - Indonesia
- Price Waterhouse Coopers - Russia
- Electricity Authority, New Zealand
- Indian Energy Exchange, India
- New Zealand Coal & Carbon
- Ministry of Mines - Canada
- Toyota Tsusho Corporation, Japan
- Coalindo Energy - Indonesia
- Chamber of Mines of South Africa
- Banpu Public Company Limited - Thailand
- Sical Logistics Limited - India
- Vedanta Resources Plc - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Pendopo Energi Batubara - Indonesia
- PowerSource Philippines DevCo
- Malabar Cements Ltd - India
- ASAPP Information Group - India
- Anglo American - United Kingdom
- Salva Resources Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Kobexindo Tractors - Indoneisa
- Central Electricity Authority - India
- The University of Queensland
- Holcim Trading Pte Ltd - Singapore
- Kideco Jaya Agung - Indonesia
- Power Finance Corporation Ltd., India
- Kartika Selabumi Mining - Indonesia
- Rio Tinto Coal - Australia
- Kepco SPC Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Indo Tambangraya Megah - Indonesia
- Electricity Generating Authority of Thailand
- Mintek Dendrill Indonesia
- SMC Global Power, Philippines
- Leighton Contractors Pty Ltd - Australia
- San Jose City I Power Corp, Philippines
- Wood Mackenzie - Singapore
- Xindia Steels Limited - India
- Gujarat Electricity Regulatory Commission - India
- Billiton Holdings Pty Ltd - Australia
- Merrill Lynch Commodities Europe
- Mercuria Energy - Indonesia
- Kumho Petrochemical, South Korea
- Orica Australia Pty. Ltd.
- Siam City Cement - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Australian Coal Association
- Star Paper Mills Limited - India
- Sarangani Energy Corporation, Philippines
- Wilmar Investment Holdings
- Neyveli Lignite Corporation Ltd, - India
- Kapuas Tunggal Persada - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Tata Chemicals Ltd - India
- Bangladesh Power Developement Board
- Eastern Energy - Thailand
- Eastern Coal Council - USA
- Barasentosa Lestari - Indonesia
- Ministry of Finance - Indonesia
- Aboitiz Power Corporation - Philippines
- Port Waratah Coal Services - Australia
- Kaltim Prima Coal - Indonesia
- Energy Development Corp, Philippines
- Antam Resourcindo - Indonesia
- Altura Mining Limited, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Riau Bara Harum - Indonesia
- Sindya Power Generating Company Private Ltd
- VISA Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Medco Energi Mining Internasional
- Bukit Makmur.PT - Indonesia
- Tamil Nadu electricity Board
- Sree Jayajothi Cements Limited - India
- Global Coal Blending Company Limited - Australia
- Mercator Lines Limited - India
- Meenaskhi Energy Private Limited - India
- Mjunction Services Limited - India
- Uttam Galva Steels Limited - India
- Ind-Barath Power Infra Limited - India
- Parry Sugars Refinery, India
- Lanco Infratech Ltd - India
- Romanian Commodities Exchange
- Trasteel International SA, Italy
- Maheswari Brothers Coal Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Binh Thuan Hamico - Vietnam
- Carbofer General Trading SA - India
- Oldendorff Carriers - Singapore
- The Treasury - Australian Government
- White Energy Company Limited
- GVK Power & Infra Limited - India
- CNBM International Corporation - China
- Videocon Industries ltd - India
- Petron Corporation, Philippines
- Bharathi Cement Corporation - India
- Cement Manufacturers Association - India
- Indian Oil Corporation Limited
- GMR Energy Limited - India
- LBH Netherlands Bv - Netherlands
- PTC India Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Australian Commodity Traders Exchange
- PetroVietnam Power Coal Import and Supply Company
- Larsen & Toubro Limited - India
- Agrawal Coal Company - India
- Siam City Cement PLC, Thailand
- Thiess Contractors Indonesia
- Maharashtra Electricity Regulatory Commission - India
- International Coal Ventures Pvt Ltd - India
- Aditya Birla Group - India
- Indogreen Group - Indonesia
- Independent Power Producers Association of India
- Kalimantan Lumbung Energi - Indonesia
- Planning Commission, India
- Marubeni Corporation - India
- Orica Mining Services - Indonesia
- Ministry of Transport, Egypt
- Madhucon Powers Ltd - India
- GAC Shipping (India) Pvt Ltd
- Standard Chartered Bank - UAE
- MS Steel International - UAE
- Energy Link Ltd, New Zealand
- Heidelberg Cement - Germany
- Singapore Mercantile Exchange
- Formosa Plastics Group - Taiwan
- Therma Luzon, Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Meralco Power Generation, Philippines
- India Bulls Power Limited - India
- TeaM Sual Corporation - Philippines
- Essar Steel Hazira Ltd - India
- McConnell Dowell - Australia
- Posco Energy - South Korea
- Rashtriya Ispat Nigam Limited - India
- Bayan Resources Tbk. - Indonesia
- South Luzon Thermal Energy Corporation
- Grasim Industreis Ltd - India
- IEA Clean Coal Centre - UK
- Economic Council, Georgia
- Chettinad Cement Corporation Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
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