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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, 02 December 20
MARKET INSIGHT - INTERMODAL
It has been another busy week in the dry bulk secondhand market; a healthy number of sales reported predominantly from Japanese owners while owner& ...
Thursday, 26 November 20
DECLINE IN COAL EXPORTS ADDS TO NAVAJO-OWNED COMPANY'S PROBLEMS - IEEFA U.S.
Weak demand and low prices are likely creating steep losses for NTEC
U.S. coal exports to Asia—once heralded as the saving gra ...
Thursday, 26 November 20
COAL FINANCING QUICKLY DRYING UP WORLDWIDE - ANALYSTS : REUTERS
Financing for coal projects is drying up at ever increasing rates as more countries target zero carbon emissions amid an energy transition sweeping ...
Wednesday, 25 November 20
LIBOR REPLACEMENT AND SHIP FINANCE - WHERE IS IT HEADING? - WFW
The likely replacement of the LIBOR at the end of 2021 creates difficult technical and practical issues for all sectors of business and finance. Th ...
Wednesday, 25 November 20
DRY BULK SHIPPING: CHINA REMAINS THE DRIVING FACTOR, BUT COAL POLICY IS DISRUPTING THE MARKET - PETER SAND, BIMCO
The second half of the year has provided some cheer for the dry bulk market, with all ships in the spot market averaging earnings above the break-e ...
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- Mjunction Services Limited - India
- Minerals Council of Australia
- Essar Steel Hazira Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Kaltim Prima Coal - Indonesia
- Ministry of Mines - Canada
- IHS Mccloskey Coal Group - USA
- PTC India Limited - India
- Trasteel International SA, Italy
- Maharashtra Electricity Regulatory Commission - India
- Romanian Commodities Exchange
- The University of Queensland
- Videocon Industries ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Jindal Steel & Power Ltd - India
- International Coal Ventures Pvt Ltd - India
- Meralco Power Generation, Philippines
- Meenaskhi Energy Private Limited - India
- Barasentosa Lestari - Indonesia
- Dalmia Cement Bharat India
- Sojitz Corporation - Japan
- Anglo American - United Kingdom
- Heidelberg Cement - Germany
- Bahari Cakrawala Sebuku - Indonesia
- Merrill Lynch Commodities Europe
- Bhushan Steel Limited - India
- Timah Investasi Mineral - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Parliament of New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Finance - Indonesia
- The State Trading Corporation of India Ltd
- Toyota Tsusho Corporation, Japan
- IEA Clean Coal Centre - UK
- OPG Power Generation Pvt Ltd - India
- Singapore Mercantile Exchange
- Ind-Barath Power Infra Limited - India
- Africa Commodities Group - South Africa
- Chamber of Mines of South Africa
- Electricity Authority, New Zealand
- Asmin Koalindo Tuhup - Indonesia
- New Zealand Coal & Carbon
- Semirara Mining Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Cement Manufacturers Association - India
- Oldendorff Carriers - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Simpson Spence & Young - Indonesia
- Binh Thuan Hamico - Vietnam
- Bukit Makmur.PT - Indonesia
- White Energy Company Limited
- Sree Jayajothi Cements Limited - India
- Posco Energy - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Energy Link Ltd, New Zealand
- Mercuria Energy - Indonesia
- Latin American Coal - Colombia
- Agrawal Coal Company - India
- Neyveli Lignite Corporation Ltd, - India
- CIMB Investment Bank - Malaysia
- Indian Oil Corporation Limited
- Orica Australia Pty. Ltd.
- Antam Resourcindo - Indonesia
- Planning Commission, India
- Madhucon Powers Ltd - India
- Altura Mining Limited, Indonesia
- SN Aboitiz Power Inc, Philippines
- Thiess Contractors Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Coal and Oil Company - UAE
- Siam City Cement PLC, Thailand
- Kobexindo Tractors - Indoneisa
- McConnell Dowell - Australia
- Billiton Holdings Pty Ltd - Australia
- Metalloyd Limited - United Kingdom
- Central Java Power - Indonesia
- Ministry of Transport, Egypt
- Sindya Power Generating Company Private Ltd
- Tamil Nadu electricity Board
- LBH Netherlands Bv - Netherlands
- Australian Commodity Traders Exchange
- Kartika Selabumi Mining - Indonesia
- Formosa Plastics Group - Taiwan
- Rashtriya Ispat Nigam Limited - India
- Interocean Group of Companies - India
- Samtan Co., Ltd - South Korea
- South Luzon Thermal Energy Corporation
- Indonesian Coal Mining Association
- Lanco Infratech Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Wilmar Investment Holdings
- Kalimantan Lumbung Energi - Indonesia
- MS Steel International - UAE
- Parry Sugars Refinery, India
- Makarim & Taira - Indonesia
- Pendopo Energi Batubara - Indonesia
- Gujarat Sidhee Cement - India
- Deloitte Consulting - India
- PowerSource Philippines DevCo
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Savvy Resources Ltd - HongKong
- Malabar Cements Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Economic Council, Georgia
- Electricity Generating Authority of Thailand
- Banpu Public Company Limited - Thailand
- Commonwealth Bank - Australia
- Medco Energi Mining Internasional
- Riau Bara Harum - Indonesia
- Georgia Ports Authority, United States
- Xindia Steels Limited - India
- Marubeni Corporation - India
- Port Waratah Coal Services - Australia
- Mintek Dendrill Indonesia
- Larsen & Toubro Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Sical Logistics Limited - India
- Global Green Power PLC Corporation, Philippines
- Bangladesh Power Developement Board
- London Commodity Brokers - England
- Vedanta Resources Plc - India
- Indo Tambangraya Megah - Indonesia
- Kideco Jaya Agung - Indonesia
- Kumho Petrochemical, South Korea
- Alfred C Toepfer International GmbH - Germany
- SMG Consultants - Indonesia
- Uttam Galva Steels Limited - India
- Holcim Trading Pte Ltd - Singapore
- GAC Shipping (India) Pvt Ltd
- Coalindo Energy - Indonesia
- GVK Power & Infra Limited - India
- Aditya Birla Group - India
- Attock Cement Pakistan Limited
- VISA Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- CNBM International Corporation - China
- Sarangani Energy Corporation, Philippines
- Petron Corporation, Philippines
- Wood Mackenzie - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Eastern Coal Council - USA
- ICICI Bank Limited - India
- Kohat Cement Company Ltd. - Pakistan
- ASAPP Information Group - India
- PNOC Exploration Corporation - Philippines
- Grasim Industreis Ltd - India
- AsiaOL BioFuels Corp., Philippines
- European Bulk Services B.V. - Netherlands
- Gujarat Electricity Regulatory Commission - India
- Intertek Mineral Services - Indonesia
- Indika Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Indian Energy Exchange, India
- GMR Energy Limited - India
- Energy Development Corp, Philippines
- SMC Global Power, Philippines
- Price Waterhouse Coopers - Russia
- Sakthi Sugars Limited - India
- Carbofer General Trading SA - India
- Tata Chemicals Ltd - India
- Indogreen Group - Indonesia
- Eastern Energy - Thailand
- Mercator Lines Limited - India
- Kapuas Tunggal Persada - Indonesia
- Karaikal Port Pvt Ltd - India
- Baramulti Group, Indonesia
- Central Electricity Authority - India
- The Treasury - Australian Government
- Bukit Baiduri Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Global Coal Blending Company Limited - Australia
- Iligan Light & Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Sinarmas Energy and Mining - Indonesia
- Bulk Trading Sa - Switzerland
- Manunggal Multi Energi - Indonesia
- Siam City Cement - Thailand
- Coastal Gujarat Power Limited - India
- Standard Chartered Bank - UAE
- TeaM Sual Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Therma Luzon, Inc, Philippines
- Rio Tinto Coal - Australia
- Krishnapatnam Port Company Ltd. - India
- Straits Asia Resources Limited - Singapore
- Ambuja Cements Ltd - India
- Edison Trading Spa - Italy
- Star Paper Mills Limited - India
- Kepco SPC Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Borneo Indobara - Indonesia
- Aboitiz Power Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Renaissance Capital - South Africa
- Thai Mozambique Logistica
- Bhatia International Limited - India
- Salva Resources Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bharathi Cement Corporation - India
- Directorate Of Revenue Intelligence - India
- Chettinad Cement Corporation Ltd - India
- Goldman Sachs - Singapore
- India Bulls Power Limited - India
- Power Finance Corporation Ltd., India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Business Power Corporation, Philippines
- Independent Power Producers Association of India
- Bayan Resources Tbk. - Indonesia
- Orica Mining Services - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- San Jose City I Power Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Australian Coal Association
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