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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, 21 December 20
A REBOUND IN GLOBAL COAL DEMAND IN 2021 IS SET TO BE SHORT-LIVED, BUT NO IMMEDIATE DECLINE IN SIGHT - IEA
After a major drop in recent years, global coal demand is forecast to rise by 2.6% in 2021 before flattening out to 2025
A global ec ...
Friday, 18 December 20
AUSTRALIA PM WARNS OF ‘LOSE-LOSE’ IN ANY CHINA COAL SHIFT - REUTERS
Australian Prime Minister Scott Morrison said any shift by China away from importing high quality Australian coal would be a “lose-lose&rdquo ...
Friday, 18 December 20
BIG OIL AND COAL EXPORTERS FACE RECKONING AS PARIS AGREEMENT TURNS FIVE - CNA
On Dec 12, more than 70 global leaders came together at the UN’s Climate Ambition Summit, marking the fifth anniversary of the Paris Agreemen ...
Friday, 18 December 20
SOUTH AFRICAN COAL EXPORTERS LARGELY DEPENDENT ON THE ASIAN MARKETS - BANCHERO COSTA
South Africa is the fourth largest exporter of coal in the world, after Australia, Indonesia and Russia. In calendar 2019 the country exported a to ...
Thursday, 17 December 20
CHINA'S BAN IS LESS OF A THREAT TO AUSTRALIA'S COAL INDUSTRY THAN INTERNATIONAL CLIMATE AMBITION - IEEFA
Australian coal exporters will survive this near-term political fight but there are longterm structural headwinds
The decision by Ch ...
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- Kideco Jaya Agung - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Oldendorff Carriers - Singapore
- GAC Shipping (India) Pvt Ltd
- Merrill Lynch Commodities Europe
- Semirara Mining and Power Corporation, Philippines
- Eastern Coal Council - USA
- Larsen & Toubro Limited - India
- Bukit Baiduri Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Malabar Cements Ltd - India
- Lanco Infratech Ltd - India
- Port Waratah Coal Services - Australia
- IEA Clean Coal Centre - UK
- Posco Energy - South Korea
- Global Coal Blending Company Limited - Australia
- Makarim & Taira - Indonesia
- Grasim Industreis Ltd - India
- Tata Chemicals Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ceylon Electricity Board - Sri Lanka
- Anglo American - United Kingdom
- Aditya Birla Group - India
- Ministry of Mines - Canada
- Jaiprakash Power Ventures ltd
- Videocon Industries ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- PTC India Limited - India
- OPG Power Generation Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Makmur.PT - Indonesia
- Goldman Sachs - Singapore
- Sakthi Sugars Limited - India
- Indian Oil Corporation Limited
- Chettinad Cement Corporation Ltd - India
- Chamber of Mines of South Africa
- The State Trading Corporation of India Ltd
- Vedanta Resources Plc - India
- McConnell Dowell - Australia
- Iligan Light & Power Inc, Philippines
- Therma Luzon, Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Cement Manufacturers Association - India
- Coal and Oil Company - UAE
- Marubeni Corporation - India
- ICICI Bank Limited - India
- Australian Coal Association
- Bhoruka Overseas - Indonesia
- Karaikal Port Pvt Ltd - India
- Bhatia International Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Savvy Resources Ltd - HongKong
- Sindya Power Generating Company Private Ltd
- Interocean Group of Companies - India
- Jindal Steel & Power Ltd - India
- SMG Consultants - Indonesia
- Energy Development Corp, Philippines
- Sree Jayajothi Cements Limited - India
- CIMB Investment Bank - Malaysia
- Baramulti Group, Indonesia
- Electricity Generating Authority of Thailand
- Economic Council, Georgia
- Mercuria Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Kartika Selabumi Mining - Indonesia
- Central Java Power - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Parliament of New Zealand
- London Commodity Brokers - England
- Medco Energi Mining Internasional
- Miang Besar Coal Terminal - Indonesia
- Planning Commission, India
- Semirara Mining Corp, Philippines
- New Zealand Coal & Carbon
- Neyveli Lignite Corporation Ltd, - India
- India Bulls Power Limited - India
- Orica Mining Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Renaissance Capital - South Africa
- MS Steel International - UAE
- Gujarat Electricity Regulatory Commission - India
- European Bulk Services B.V. - Netherlands
- Indogreen Group - Indonesia
- Bhushan Steel Limited - India
- Ambuja Cements Ltd - India
- Kaltim Prima Coal - Indonesia
- Africa Commodities Group - South Africa
- Mintek Dendrill Indonesia
- Binh Thuan Hamico - Vietnam
- South Luzon Thermal Energy Corporation
- Borneo Indobara - Indonesia
- Bulk Trading Sa - Switzerland
- Ind-Barath Power Infra Limited - India
- Meralco Power Generation, Philippines
- Wilmar Investment Holdings
- Ministry of Finance - Indonesia
- PowerSource Philippines DevCo
- Kohat Cement Company Ltd. - Pakistan
- Mercator Lines Limited - India
- Minerals Council of Australia
- Banpu Public Company Limited - Thailand
- Romanian Commodities Exchange
- Singapore Mercantile Exchange
- Samtan Co., Ltd - South Korea
- GMR Energy Limited - India
- Orica Australia Pty. Ltd.
- Intertek Mineral Services - Indonesia
- Siam City Cement - Thailand
- Sarangani Energy Corporation, Philippines
- Central Electricity Authority - India
- Australian Commodity Traders Exchange
- SMC Global Power, Philippines
- White Energy Company Limited
- GVK Power & Infra Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- International Coal Ventures Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Edison Trading Spa - Italy
- Georgia Ports Authority, United States
- Straits Asia Resources Limited - Singapore
- CNBM International Corporation - China
- Toyota Tsusho Corporation, Japan
- AsiaOL BioFuels Corp., Philippines
- Meenaskhi Energy Private Limited - India
- Trasteel International SA, Italy
- Barasentosa Lestari - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Globalindo Alam Lestari - Indonesia
- Dalmia Cement Bharat India
- Vizag Seaport Private Limited - India
- Antam Resourcindo - Indonesia
- Thiess Contractors Indonesia
- SN Aboitiz Power Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Krishnapatnam Port Company Ltd. - India
- Madhucon Powers Ltd - India
- Independent Power Producers Association of India
- Altura Mining Limited, Indonesia
- Indian Energy Exchange, India
- TeaM Sual Corporation - Philippines
- Formosa Plastics Group - Taiwan
- Salva Resources Pvt Ltd - India
- Agrawal Coal Company - India
- The University of Queensland
- Sinarmas Energy and Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- Global Green Power PLC Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Siam City Cement PLC, Thailand
- Simpson Spence & Young - Indonesia
- Xindia Steels Limited - India
- Billiton Holdings Pty Ltd - Australia
- Alfred C Toepfer International GmbH - Germany
- Maheswari Brothers Coal Limited - India
- Power Finance Corporation Ltd., India
- Deloitte Consulting - India
- The Treasury - Australian Government
- Gujarat Sidhee Cement - India
- PNOC Exploration Corporation - Philippines
- Energy Link Ltd, New Zealand
- ASAPP Information Group - India
- Coastal Gujarat Power Limited - India
- Attock Cement Pakistan Limited
- Pendopo Energi Batubara - Indonesia
- Mjunction Services Limited - India
- Kobexindo Tractors - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Latin American Coal - Colombia
- Price Waterhouse Coopers - Russia
- Bangladesh Power Developement Board
- Sical Logistics Limited - India
- Coalindo Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Indika Energy - Indonesia
- Heidelberg Cement - Germany
- Star Paper Mills Limited - India
- Holcim Trading Pte Ltd - Singapore
- Tamil Nadu electricity Board
- Metalloyd Limited - United Kingdom
- Uttam Galva Steels Limited - India
- Thai Mozambique Logistica
- Rio Tinto Coal - Australia
- Wood Mackenzie - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Indo Tambangraya Megah - Indonesia
- Timah Investasi Mineral - Indoneisa
- Petron Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Sojitz Corporation - Japan
- Standard Chartered Bank - UAE
- Eastern Energy - Thailand
- Bharathi Cement Corporation - India
- Aboitiz Power Corporation - Philippines
- Carbofer General Trading SA - India
- Indonesian Coal Mining Association
- Commonwealth Bank - Australia
- Global Business Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Essar Steel Hazira Ltd - India
- Electricity Authority, New Zealand
- Ministry of Transport, Egypt
- Vijayanagar Sugar Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Kumho Petrochemical, South Korea
- VISA Power Limited - India
- Parry Sugars Refinery, India
- LBH Netherlands Bv - Netherlands
- Maharashtra Electricity Regulatory Commission - India
- San Jose City I Power Corp, Philippines
- Riau Bara Harum - Indonesia
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