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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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Wednesday, 16 December 20
INDONESIAN COAL RECOVERING - FITCH
Commenting on Indonesian coal, Fitch Ratings, the Indonesian 4,200 kcal index has begun to recover, improving to over USD 29 in November compared t ...
Tuesday, 15 December 20
NEWCASTLE PRICES RECOVER - FITCH
Prices for the benchmark Newcastle 6,000 kcal/kg grade coal have rebounded to over USD 70/tonne since late November as major Asian economies ease l ...
Tuesday, 15 December 20
APAC COAL PRICES REBOUND ON IMPROVED DEMAND AND SUPPLY CUTS - FITCH RATINGS
Prices for the benchmark Newcastle 6,000kcal/kg grade coal have rebounded to over USD70/tonne since late November as major Asian economies ease loc ...
Tuesday, 15 December 20
CHINA EXTENDS FULL OPEN GESTURE TO IMPORTED COAL EXCEPT FOR AUSTRALIA - GLOBAL TIMES
Domestic, overseas suppliers will take up share with easier clearance
China's top economic planner on Saturday gave approval to ...
Monday, 14 December 20
PHILIPPINE BANK RCBC TO STOP LENDING FOR NEW COAL-FIRED POWER PROJECTS - MANILA BULLETIN
Yuchengco-led Rizal Commercial Banking Corporation (RCBC) has forthrightly declared that it will no longer extend financing to new coal-fired power ...
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- Mjunction Services Limited - India
- San Jose City I Power Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Jaiprakash Power Ventures ltd
- Videocon Industries ltd - India
- Medco Energi Mining Internasional
- Indonesian Coal Mining Association
- Australian Coal Association
- PetroVietnam Power Coal Import and Supply Company
- Mercuria Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Madhucon Powers Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Larsen & Toubro Limited - India
- Attock Cement Pakistan Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Planning Commission, India
- Chamber of Mines of South Africa
- Altura Mining Limited, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Trasteel International SA, Italy
- Kumho Petrochemical, South Korea
- Pendopo Energi Batubara - Indonesia
- Sarangani Energy Corporation, Philippines
- Georgia Ports Authority, United States
- Tamil Nadu electricity Board
- Maharashtra Electricity Regulatory Commission - India
- Kepco SPC Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Bank of Tokyo Mitsubishi UFJ Ltd
- Aboitiz Power Corporation - Philippines
- CNBM International Corporation - China
- Posco Energy - South Korea
- SMG Consultants - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- IHS Mccloskey Coal Group - USA
- The Treasury - Australian Government
- Simpson Spence & Young - Indonesia
- New Zealand Coal & Carbon
- IEA Clean Coal Centre - UK
- VISA Power Limited - India
- Indian Oil Corporation Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ambuja Cements Ltd - India
- Marubeni Corporation - India
- Bangladesh Power Developement Board
- Sojitz Corporation - Japan
- Chettinad Cement Corporation Ltd - India
- Manunggal Multi Energi - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Samtan Co., Ltd - South Korea
- OPG Power Generation Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Eastern Energy - Thailand
- SMC Global Power, Philippines
- Wood Mackenzie - Singapore
- Price Waterhouse Coopers - Russia
- AsiaOL BioFuels Corp., Philippines
- Bhushan Steel Limited - India
- Intertek Mineral Services - Indonesia
- Kobexindo Tractors - Indoneisa
- Tata Chemicals Ltd - India
- PowerSource Philippines DevCo
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vedanta Resources Plc - India
- Leighton Contractors Pty Ltd - Australia
- Star Paper Mills Limited - India
- Timah Investasi Mineral - Indoneisa
- Merrill Lynch Commodities Europe
- Aditya Birla Group - India
- Borneo Indobara - Indonesia
- Romanian Commodities Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- McConnell Dowell - Australia
- The State Trading Corporation of India Ltd
- Essar Steel Hazira Ltd - India
- Rashtriya Ispat Nigam Limited - India
- International Coal Ventures Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- Wilmar Investment Holdings
- Kohat Cement Company Ltd. - Pakistan
- Coastal Gujarat Power Limited - India
- Energy Link Ltd, New Zealand
- Global Green Power PLC Corporation, Philippines
- Economic Council, Georgia
- Sindya Power Generating Company Private Ltd
- Cement Manufacturers Association - India
- Antam Resourcindo - Indonesia
- ASAPP Information Group - India
- Bukit Makmur.PT - Indonesia
- Grasim Industreis Ltd - India
- Edison Trading Spa - Italy
- Makarim & Taira - Indonesia
- Latin American Coal - Colombia
- Bayan Resources Tbk. - Indonesia
- PNOC Exploration Corporation - Philippines
- White Energy Company Limited
- Mintek Dendrill Indonesia
- Indika Energy - Indonesia
- Petron Corporation, Philippines
- Singapore Mercantile Exchange
- Global Business Power Corporation, Philippines
- Central Electricity Authority - India
- Miang Besar Coal Terminal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Goldman Sachs - Singapore
- Salva Resources Pvt Ltd - India
- Energy Development Corp, Philippines
- Uttam Galva Steels Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Finance - Indonesia
- Port Waratah Coal Services - Australia
- Sakthi Sugars Limited - India
- Iligan Light & Power Inc, Philippines
- Malabar Cements Ltd - India
- Bhatia International Limited - India
- Coal and Oil Company - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Indo Tambangraya Megah - Indonesia
- Global Coal Blending Company Limited - Australia
- Krishnapatnam Port Company Ltd. - India
- Ministry of Transport, Egypt
- Rio Tinto Coal - Australia
- Sree Jayajothi Cements Limited - India
- Neyveli Lignite Corporation Ltd, - India
- The University of Queensland
- Gujarat Mineral Development Corp Ltd - India
- Dalmia Cement Bharat India
- Standard Chartered Bank - UAE
- Kaltim Prima Coal - Indonesia
- Eastern Coal Council - USA
- Africa Commodities Group - South Africa
- Banpu Public Company Limited - Thailand
- Siam City Cement PLC, Thailand
- Bharathi Cement Corporation - India
- Mercator Lines Limited - India
- Thai Mozambique Logistica
- India Bulls Power Limited - India
- Barasentosa Lestari - Indonesia
- TeaM Sual Corporation - Philippines
- Semirara Mining Corp, Philippines
- Gujarat Sidhee Cement - India
- Meenaskhi Energy Private Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Therma Luzon, Inc, Philippines
- CIMB Investment Bank - Malaysia
- Interocean Group of Companies - India
- Electricity Authority, New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Anglo American - United Kingdom
- Coalindo Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Baramulti Group, Indonesia
- Minerals Council of Australia
- Independent Power Producers Association of India
- Oldendorff Carriers - Singapore
- Jindal Steel & Power Ltd - India
- Binh Thuan Hamico - Vietnam
- Xindia Steels Limited - India
- Kapuas Tunggal Persada - Indonesia
- Globalindo Alam Lestari - Indonesia
- GAC Shipping (India) Pvt Ltd
- Directorate Of Revenue Intelligence - India
- Directorate General of MIneral and Coal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Meralco Power Generation, Philippines
- Straits Asia Resources Limited - Singapore
- South Luzon Thermal Energy Corporation
- PTC India Limited - India
- Renaissance Capital - South Africa
- Riau Bara Harum - Indonesia
- Bhoruka Overseas - Indonesia
- Parry Sugars Refinery, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Lanco Infratech Ltd - India
- Australian Commodity Traders Exchange
- Metalloyd Limited - United Kingdom
- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement - Thailand
- Indian Energy Exchange, India
- Parliament of New Zealand
- Ministry of Mines - Canada
- Heidelberg Cement - Germany
- Asmin Koalindo Tuhup - Indonesia
- Formosa Plastics Group - Taiwan
- London Commodity Brokers - England
- GMR Energy Limited - India
- MS Steel International - UAE
- Karaikal Port Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- ICICI Bank Limited - India
- Billiton Holdings Pty Ltd - Australia
- Toyota Tsusho Corporation, Japan
- Vizag Seaport Private Limited - India
- Bukit Baiduri Energy - Indonesia
- Carbofer General Trading SA - India
- European Bulk Services B.V. - Netherlands
- Thiess Contractors Indonesia
- LBH Netherlands Bv - Netherlands
- TNB Fuel Sdn Bhd - Malaysia
- Indogreen Group - Indonesia
- Bulk Trading Sa - Switzerland
- Sical Logistics Limited - India
- Central Java Power - Indonesia
- Kideco Jaya Agung - Indonesia
- Power Finance Corporation Ltd., India
- Electricity Generating Authority of Thailand
- GVK Power & Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- Deloitte Consulting - India
- Ceylon Electricity Board - Sri Lanka
- Orica Australia Pty. Ltd.
- Alfred C Toepfer International GmbH - Germany
- Agrawal Coal Company - India
- Commonwealth Bank - Australia
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