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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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Sunday, 13 December 20
LONGSTANDING DOWNSIDE RISKS TO TRADE OUTLOOK - BALTIC EXCHANGE
The OECD has attempted to put a positive spin on the trade message emanating from its latest economic outlook, released last week.
The ...
Sunday, 13 December 20
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Thursday, 10 December 20
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- Central Java Power - Indonesia
- Indo Tambangraya Megah - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- PetroVietnam Power Coal Import and Supply Company
- Asmin Koalindo Tuhup - Indonesia
- Mercator Lines Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Kideco Jaya Agung - Indonesia
- Attock Cement Pakistan Limited
- Malabar Cements Ltd - India
- Banpu Public Company Limited - Thailand
- Billiton Holdings Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- Bulk Trading Sa - Switzerland
- Globalindo Alam Lestari - Indonesia
- Central Electricity Authority - India
- Ministry of Finance - Indonesia
- Siam City Cement PLC, Thailand
- Wood Mackenzie - Singapore
- Cement Manufacturers Association - India
- Kapuas Tunggal Persada - Indonesia
- Deloitte Consulting - India
- Indian Oil Corporation Limited
- TNB Fuel Sdn Bhd - Malaysia
- Videocon Industries ltd - India
- Holcim Trading Pte Ltd - Singapore
- Barasentosa Lestari - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Madhucon Powers Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Makmur.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- European Bulk Services B.V. - Netherlands
- Australian Commodity Traders Exchange
- The State Trading Corporation of India Ltd
- Agrawal Coal Company - India
- Port Waratah Coal Services - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Jindal Steel & Power Ltd - India
- Mjunction Services Limited - India
- Bharathi Cement Corporation - India
- Salva Resources Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Wilmar Investment Holdings
- Thai Mozambique Logistica
- Kepco SPC Power Corporation, Philippines
- SMC Global Power, Philippines
- GMR Energy Limited - India
- Aditya Birla Group - India
- Anglo American - United Kingdom
- GN Power Mariveles Coal Plant, Philippines
- Coal and Oil Company - UAE
- New Zealand Coal & Carbon
- SMG Consultants - Indonesia
- Bhatia International Limited - India
- VISA Power Limited - India
- Dalmia Cement Bharat India
- ASAPP Information Group - India
- OPG Power Generation Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- The Treasury - Australian Government
- Indonesian Coal Mining Association
- PowerSource Philippines DevCo
- Marubeni Corporation - India
- Interocean Group of Companies - India
- Sarangani Energy Corporation, Philippines
- Electricity Generating Authority of Thailand
- Sinarmas Energy and Mining - Indonesia
- Sindya Power Generating Company Private Ltd
- Karaikal Port Pvt Ltd - India
- Trasteel International SA, Italy
- Kaltim Prima Coal - Indonesia
- Africa Commodities Group - South Africa
- Timah Investasi Mineral - Indoneisa
- Makarim & Taira - Indonesia
- CIMB Investment Bank - Malaysia
- Planning Commission, India
- IEA Clean Coal Centre - UK
- London Commodity Brokers - England
- Ministry of Mines - Canada
- The University of Queensland
- Iligan Light & Power Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Antam Resourcindo - Indonesia
- PNOC Exploration Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Independent Power Producers Association of India
- Alfred C Toepfer International GmbH - Germany
- Bhushan Steel Limited - India
- Lanco Infratech Ltd - India
- TeaM Sual Corporation - Philippines
- Sakthi Sugars Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Romanian Commodities Exchange
- GAC Shipping (India) Pvt Ltd
- Samtan Co., Ltd - South Korea
- Bayan Resources Tbk. - Indonesia
- Orica Australia Pty. Ltd.
- Leighton Contractors Pty Ltd - Australia
- Rio Tinto Coal - Australia
- Therma Luzon, Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Renaissance Capital - South Africa
- Manunggal Multi Energi - Indonesia
- Meralco Power Generation, Philippines
- Carbofer General Trading SA - India
- Posco Energy - South Korea
- Tamil Nadu electricity Board
- Sical Logistics Limited - India
- Jaiprakash Power Ventures ltd
- Indika Energy - Indonesia
- Parliament of New Zealand
- Ceylon Electricity Board - Sri Lanka
- Meenaskhi Energy Private Limited - India
- Economic Council, Georgia
- Thiess Contractors Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Parry Sugars Refinery, India
- Star Paper Mills Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Riau Bara Harum - Indonesia
- Larsen & Toubro Limited - India
- India Bulls Power Limited - India
- Global Coal Blending Company Limited - Australia
- Toyota Tsusho Corporation, Japan
- Uttam Galva Steels Limited - India
- Savvy Resources Ltd - HongKong
- Bukit Baiduri Energy - Indonesia
- Xindia Steels Limited - India
- Energy Development Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Krishnapatnam Port Company Ltd. - India
- Chamber of Mines of South Africa
- Gujarat Sidhee Cement - India
- CNBM International Corporation - China
- Vijayanagar Sugar Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Formosa Plastics Group - Taiwan
- Oldendorff Carriers - Singapore
- Bhoruka Overseas - Indonesia
- Price Waterhouse Coopers - Russia
- PTC India Limited - India
- Standard Chartered Bank - UAE
- Coastal Gujarat Power Limited - India
- Siam City Cement - Thailand
- LBH Netherlands Bv - Netherlands
- Bukit Asam (Persero) Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Metalloyd Limited - United Kingdom
- Gujarat Mineral Development Corp Ltd - India
- Essar Steel Hazira Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Georgia Ports Authority, United States
- Directorate Of Revenue Intelligence - India
- Binh Thuan Hamico - Vietnam
- Jorong Barutama Greston.PT - Indonesia
- GVK Power & Infra Limited - India
- Aboitiz Power Corporation - Philippines
- Indogreen Group - Indonesia
- Orica Mining Services - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Medco Energi Mining Internasional
- Eastern Coal Council - USA
- Australian Coal Association
- AsiaOL BioFuels Corp., Philippines
- Commonwealth Bank - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Edison Trading Spa - Italy
- Altura Mining Limited, Indonesia
- Singapore Mercantile Exchange
- Latin American Coal - Colombia
- MS Steel International - UAE
- Ambuja Cements Ltd - India
- Simpson Spence & Young - Indonesia
- Eastern Energy - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Vedanta Resources Plc - India
- Heidelberg Cement - Germany
- Offshore Bulk Terminal Pte Ltd, Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coalindo Energy - Indonesia
- White Energy Company Limited
- Baramulti Group, Indonesia
- International Coal Ventures Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Minerals Council of Australia
- Tata Chemicals Ltd - India
- Sojitz Corporation - Japan
- Semirara Mining and Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Global Green Power PLC Corporation, Philippines
- Vizag Seaport Private Limited - India
- Intertek Mineral Services - Indonesia
- Grasim Industreis Ltd - India
- IHS Mccloskey Coal Group - USA
- Bangladesh Power Developement Board
- Rashtriya Ispat Nigam Limited - India
- Petron Corporation, Philippines
- Borneo Indobara - Indonesia
- Ministry of Transport, Egypt
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Business Power Corporation, Philippines
- Goldman Sachs - Singapore
- Mintek Dendrill Indonesia
- Semirara Mining Corp, Philippines
- Electricity Authority, New Zealand
- Power Finance Corporation Ltd., India
- McConnell Dowell - Australia
- Energy Link Ltd, New Zealand
- ICICI Bank Limited - India
- Kumho Petrochemical, South Korea
- Chettinad Cement Corporation Ltd - India
- Indian Energy Exchange, India
- Mercuria Energy - Indonesia
- Straits Asia Resources Limited - Singapore
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