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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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Tuesday, 22 December 20
SOUTHEAST ASIA'S COAL DEMAND IS SET TO EXPAND AFTER THE PANDEMIC-INDUCED HIATUS IN 2020 - IEA
Coal consumption in Southeast Asia has more than doubled in the last decade, with the largest growth in Indonesia and Viet Nam, followed by Malaysi ...
Tuesday, 22 December 20
COAL DEMAND IS RISING QUICKLY IN PAKISTAN AND MORE SLOWLY IN BANGLADESH - IEA
Pakistan had 150 MW of installed coal power capacity in 2015. Since 2017, in addition to a few small plants for industry, Pakistan has commissioned ...
Tuesday, 22 December 20
AFRICA PERSPECTIVE INDICATES NO MAJOR SHIFTS FOR COAL CONSUMPTION - IEA
Overall countries on the African continent consumed 197 Mt of coal in 2019, 12 Mt less (-6%) than 2018.
South Africa, the continent& ...
Monday, 21 December 20
COAL PRICES WITHSTAND DESPITE COVID-19 AND CHINESE IMPORT QUOTAS - IEA
Coal prices vary by region as well as by grade and quality. The price rebound starting in 2016 ended in 2018, moving in a downward trend in 2019. A ...
Monday, 21 December 20
COAL'S PARTIAL RECOVERY IS SET TO FADE AFTER 2021 - IEA
Global coal consumption is estimated to have fallen by 7%, or over 500 million tonnes, between 2018 in 2020. A decline of this size over a two-year ...
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- Kepco SPC Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Indogreen Group - Indonesia
- Global Green Power PLC Corporation, Philippines
- Eastern Coal Council - USA
- Attock Cement Pakistan Limited
- Ministry of Finance - Indonesia
- Planning Commission, India
- Semirara Mining and Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- SMG Consultants - Indonesia
- Parliament of New Zealand
- Meralco Power Generation, Philippines
- Siam City Cement PLC, Thailand
- Power Finance Corporation Ltd., India
- Indian Oil Corporation Limited
- PNOC Exploration Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Marubeni Corporation - India
- Bukit Asam (Persero) Tbk - Indonesia
- Mjunction Services Limited - India
- Intertek Mineral Services - Indonesia
- Coalindo Energy - Indonesia
- Energy Development Corp, Philippines
- Port Waratah Coal Services - Australia
- OPG Power Generation Pvt Ltd - India
- Interocean Group of Companies - India
- Minerals Council of Australia
- London Commodity Brokers - England
- Goldman Sachs - Singapore
- Banpu Public Company Limited - Thailand
- Central Java Power - Indonesia
- McConnell Dowell - Australia
- Uttam Galva Steels Limited - India
- Semirara Mining Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Indika Energy - Indonesia
- Economic Council, Georgia
- Agrawal Coal Company - India
- Dalmia Cement Bharat India
- Vedanta Resources Plc - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Larsen & Toubro Limited - India
- Posco Energy - South Korea
- Samtan Co., Ltd - South Korea
- Holcim Trading Pte Ltd - Singapore
- New Zealand Coal & Carbon
- Siam City Cement - Thailand
- Makarim & Taira - Indonesia
- Trasteel International SA, Italy
- Kohat Cement Company Ltd. - Pakistan
- Formosa Plastics Group - Taiwan
- Bhushan Steel Limited - India
- IEA Clean Coal Centre - UK
- Simpson Spence & Young - Indonesia
- Jaiprakash Power Ventures ltd
- Mercator Lines Limited - India
- AsiaOL BioFuels Corp., Philippines
- Bharathi Cement Corporation - India
- Orica Mining Services - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Baramulti Group, Indonesia
- Karaikal Port Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Sojitz Corporation - Japan
- South Luzon Thermal Energy Corporation
- European Bulk Services B.V. - Netherlands
- GAC Shipping (India) Pvt Ltd
- Merrill Lynch Commodities Europe
- Malabar Cements Ltd - India
- Kaltim Prima Coal - Indonesia
- Global Business Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Barasentosa Lestari - Indonesia
- Vizag Seaport Private Limited - India
- Antam Resourcindo - Indonesia
- Tata Chemicals Ltd - India
- Price Waterhouse Coopers - Russia
- Timah Investasi Mineral - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PetroVietnam Power Coal Import and Supply Company
- Salva Resources Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Riau Bara Harum - Indonesia
- Indonesian Coal Mining Association
- The State Trading Corporation of India Ltd
- Directorate General of MIneral and Coal - Indonesia
- Rio Tinto Coal - Australia
- Singapore Mercantile Exchange
- Globalindo Alam Lestari - Indonesia
- Xindia Steels Limited - India
- Electricity Generating Authority of Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Iligan Light & Power Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Binh Thuan Hamico - Vietnam
- White Energy Company Limited
- Sindya Power Generating Company Private Ltd
- Star Paper Mills Limited - India
- Bhatia International Limited - India
- Standard Chartered Bank - UAE
- SMC Global Power, Philippines
- MS Steel International - UAE
- Global Coal Blending Company Limited - Australia
- PTC India Limited - India
- Videocon Industries ltd - India
- LBH Netherlands Bv - Netherlands
- Thiess Contractors Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Renaissance Capital - South Africa
- Heidelberg Cement - Germany
- Ambuja Cements Ltd - India
- Gujarat Sidhee Cement - India
- Meenaskhi Energy Private Limited - India
- Bhoruka Overseas - Indonesia
- Wilmar Investment Holdings
- Petron Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- GVK Power & Infra Limited - India
- CNBM International Corporation - China
- Australian Coal Association
- Kobexindo Tractors - Indoneisa
- Romanian Commodities Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Aditya Birla Group - India
- Bukit Baiduri Energy - Indonesia
- Anglo American - United Kingdom
- ICICI Bank Limited - India
- San Jose City I Power Corp, Philippines
- Deloitte Consulting - India
- Ministry of Mines - Canada
- CIMB Investment Bank - Malaysia
- The University of Queensland
- Manunggal Multi Energi - Indonesia
- Mercuria Energy - Indonesia
- Sakthi Sugars Limited - India
- Orica Australia Pty. Ltd.
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GN Power Mariveles Coal Plant, Philippines
- Bukit Makmur.PT - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Therma Luzon, Inc, Philippines
- PowerSource Philippines DevCo
- Toyota Tsusho Corporation, Japan
- Gujarat Electricity Regulatory Commission - India
- Chamber of Mines of South Africa
- Madhucon Powers Ltd - India
- Coal and Oil Company - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Bangladesh Power Developement Board
- Edison Trading Spa - Italy
- IHS Mccloskey Coal Group - USA
- Tamil Nadu electricity Board
- Australian Commodity Traders Exchange
- Central Electricity Authority - India
- Ministry of Transport, Egypt
- Miang Besar Coal Terminal - Indonesia
- Coastal Gujarat Power Limited - India
- Kumho Petrochemical, South Korea
- Independent Power Producers Association of India
- Krishnapatnam Port Company Ltd. - India
- Petrochimia International Co. Ltd.- Taiwan
- Vijayanagar Sugar Pvt Ltd - India
- Eastern Energy - Thailand
- Bulk Trading Sa - Switzerland
- Aboitiz Power Corporation - Philippines
- Commonwealth Bank - Australia
- Cement Manufacturers Association - India
- Asmin Koalindo Tuhup - Indonesia
- Sarangani Energy Corporation, Philippines
- India Bulls Power Limited - India
- Africa Commodities Group - South Africa
- Parry Sugars Refinery, India
- Jindal Steel & Power Ltd - India
- Sical Logistics Limited - India
- Ceylon Electricity Board - Sri Lanka
- Energy Link Ltd, New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Mintek Dendrill Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Thai Mozambique Logistica
- Billiton Holdings Pty Ltd - Australia
- Rashtriya Ispat Nigam Limited - India
- TeaM Sual Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Grasim Industreis Ltd - India
- Lanco Infratech Ltd - India
- International Coal Ventures Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Kapuas Tunggal Persada - Indonesia
- Kartika Selabumi Mining - Indonesia
- Kideco Jaya Agung - Indonesia
- ASAPP Information Group - India
- Alfred C Toepfer International GmbH - Germany
- Leighton Contractors Pty Ltd - Australia
- Medco Energi Mining Internasional
- Kalimantan Lumbung Energi - Indonesia
- Altura Mining Limited, Indonesia
- Latin American Coal - Colombia
- Electricity Authority, New Zealand
- Straits Asia Resources Limited - Singapore
- Sinarmas Energy and Mining - Indonesia
- Georgia Ports Authority, United States
- Wood Mackenzie - Singapore
- Carbofer General Trading SA - India
- Karbindo Abesyapradhi - Indoneisa
- The Treasury - Australian Government
- Ind-Barath Power Infra Limited - India
- Maheswari Brothers Coal Limited - India
- GMR Energy Limited - India
- VISA Power Limited - India
- Borneo Indobara - Indonesia
- Indian Energy Exchange, India
- Maharashtra Electricity Regulatory Commission - India
- Essar Steel Hazira Ltd - India
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