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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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Friday, 13 November 20
SHIPPING OUTLOOK TURNS STABLE ON EBITDA GROWTH, IMPROVING SUPPLY-DEMAND BALANCE - MOODY’S
Outlook revised to stable from negative.
The global shipping industry is on course to perform better overall than we had previously ex ...
Friday, 13 November 20
CHINA'S BENCHMARK POWER COAL PRICE EDGES UP - XINHUA
China’s benchmark power coal price rose slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
Monday, 09 November 20
INDONESIA MAY CUT BIODIESEL USE TARGET AS SUBSIDY FUND DEPLETES - FITCH
The Indonesian government may rein in its push to increase use of biodiesel as it now comes at higher cost following a fall in crude oil prices and ...
Monday, 09 November 20
SOUTH AFRICA: COAL MARKET CONDITIONS HAVE ' DETERIORATED MATERIALLY' - IEEFA
The Asian seaborne thermal coal pool is drying out
Resource Generation Ltd’s proposed but long delayed Boikarabelo coal mine i ...
Friday, 06 November 20
CHINA'S BENCHMARK POWER COAL PRICE EDGES UP - XINHUA
China’s benchmark power coal price rose slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
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- Standard Chartered Bank - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Eastern Energy - Thailand
- Minerals Council of Australia
- Barasentosa Lestari - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Coastal Gujarat Power Limited - India
- Indian Energy Exchange, India
- Globalindo Alam Lestari - Indonesia
- Jaiprakash Power Ventures ltd
- Port Waratah Coal Services - Australia
- Aditya Birla Group - India
- Interocean Group of Companies - India
- Karbindo Abesyapradhi - Indoneisa
- ASAPP Information Group - India
- Siam City Cement - Thailand
- Thiess Contractors Indonesia
- Jindal Steel & Power Ltd - India
- Metalloyd Limited - United Kingdom
- Antam Resourcindo - Indonesia
- Mjunction Services Limited - India
- Orica Mining Services - Indonesia
- Essar Steel Hazira Ltd - India
- CNBM International Corporation - China
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- Gujarat Sidhee Cement - India
- Petron Corporation, Philippines
- Ministry of Finance - Indonesia
- Global Green Power PLC Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Renaissance Capital - South Africa
- PTC India Limited - India
- Ministry of Mines - Canada
- Chettinad Cement Corporation Ltd - India
- Vizag Seaport Private Limited - India
- Indo Tambangraya Megah - Indonesia
- Orica Australia Pty. Ltd.
- SN Aboitiz Power Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Bharathi Cement Corporation - India
- Bukit Baiduri Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Bulk Trading Sa - Switzerland
- Rio Tinto Coal - Australia
- Baramulti Group, Indonesia
- Electricity Generating Authority of Thailand
- The Treasury - Australian Government
- Indogreen Group - Indonesia
- Sojitz Corporation - Japan
- Pendopo Energi Batubara - Indonesia
- Indonesian Coal Mining Association
- Kobexindo Tractors - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- Power Finance Corporation Ltd., India
- Chamber of Mines of South Africa
- International Coal Ventures Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Central Electricity Authority - India
- Agrawal Coal Company - India
- Deloitte Consulting - India
- Lanco Infratech Ltd - India
- Global Coal Blending Company Limited - Australia
- GMR Energy Limited - India
- Goldman Sachs - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Toyota Tsusho Corporation, Japan
- Coal and Oil Company - UAE
- Trasteel International SA, Italy
- SMC Global Power, Philippines
- Africa Commodities Group - South Africa
- The State Trading Corporation of India Ltd
- Jorong Barutama Greston.PT - Indonesia
- The University of Queensland
- Neyveli Lignite Corporation Ltd, - India
- Merrill Lynch Commodities Europe
- Bahari Cakrawala Sebuku - Indonesia
- Parliament of New Zealand
- Singapore Mercantile Exchange
- Mercuria Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Carbofer General Trading SA - India
- McConnell Dowell - Australia
- Semirara Mining and Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Coalindo Energy - Indonesia
- Siam City Cement PLC, Thailand
- Kapuas Tunggal Persada - Indonesia
- Ambuja Cements Ltd - India
- Mintek Dendrill Indonesia
- Alfred C Toepfer International GmbH - Germany
- Straits Asia Resources Limited - Singapore
- Bangladesh Power Developement Board
- Economic Council, Georgia
- Maheswari Brothers Coal Limited - India
- TeaM Sual Corporation - Philippines
- Kumho Petrochemical, South Korea
- Karaikal Port Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Aboitiz Power Corporation - Philippines
- Mercator Lines Limited - India
- Timah Investasi Mineral - Indoneisa
- Bhatia International Limited - India
- Eastern Coal Council - USA
- Kohat Cement Company Ltd. - Pakistan
- IHS Mccloskey Coal Group - USA
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Videocon Industries ltd - India
- Thai Mozambique Logistica
- Altura Mining Limited, Indonesia
- Star Paper Mills Limited - India
- Gujarat Electricity Regulatory Commission - India
- India Bulls Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Sakthi Sugars Limited - India
- Latin American Coal - Colombia
- Billiton Holdings Pty Ltd - Australia
- Sindya Power Generating Company Private Ltd
- Meralco Power Generation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Sical Logistics Limited - India
- PNOC Exploration Corporation - Philippines
- Romanian Commodities Exchange
- Sarangani Energy Corporation, Philippines
- Australian Commodity Traders Exchange
- LBH Netherlands Bv - Netherlands
- Marubeni Corporation - India
- Ministry of Transport, Egypt
- Makarim & Taira - Indonesia
- MS Steel International - UAE
- Kalimantan Lumbung Energi - Indonesia
- Electricity Authority, New Zealand
- Borneo Indobara - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Independent Power Producers Association of India
- Meenaskhi Energy Private Limited - India
- Georgia Ports Authority, United States
- Heidelberg Cement - Germany
- White Energy Company Limited
- Kepco SPC Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- SMG Consultants - Indonesia
- Parry Sugars Refinery, India
- Savvy Resources Ltd - HongKong
- Energy Development Corp, Philippines
- Edison Trading Spa - Italy
- Wood Mackenzie - Singapore
- Simpson Spence & Young - Indonesia
- Larsen & Toubro Limited - India
- Grasim Industreis Ltd - India
- Semirara Mining Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Riau Bara Harum - Indonesia
- PowerSource Philippines DevCo
- Malabar Cements Ltd - India
- Madhucon Powers Ltd - India
- Australian Coal Association
- Planning Commission, India
- Global Business Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Indika Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Posco Energy - South Korea
- Formosa Plastics Group - Taiwan
- Intertek Mineral Services - Indonesia
- Bhushan Steel Limited - India
- Banpu Public Company Limited - Thailand
- New Zealand Coal & Carbon
- OPG Power Generation Pvt Ltd - India
- Dalmia Cement Bharat India
- San Jose City I Power Corp, Philippines
- Therma Luzon, Inc, Philippines
- Tamil Nadu electricity Board
- European Bulk Services B.V. - Netherlands
- Vedanta Resources Plc - India
- Bhoruka Overseas - Indonesia
- Anglo American - United Kingdom
- Kaltim Prima Coal - Indonesia
- IEA Clean Coal Centre - UK
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cigading International Bulk Terminal - Indonesia
- Central Java Power - Indonesia
- CIMB Investment Bank - Malaysia
- Kartika Selabumi Mining - Indonesia
- Attock Cement Pakistan Limited
- Bukit Makmur.PT - Indonesia
- Salva Resources Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Manunggal Multi Energi - Indonesia
- Energy Link Ltd, New Zealand
- Commonwealth Bank - Australia
- Directorate General of MIneral and Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- GVK Power & Infra Limited - India
- Ceylon Electricity Board - Sri Lanka
- VISA Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indian Oil Corporation Limited
- London Commodity Brokers - England
- GN Power Mariveles Coal Plant, Philippines
- ICICI Bank Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Leighton Contractors Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- Samtan Co., Ltd - South Korea
- Xindia Steels Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Cement Manufacturers Association - India
- Tata Chemicals Ltd - India
- Ind-Barath Power Infra Limited - India
- Medco Energi Mining Internasional
- Petrochimia International Co. Ltd.- Taiwan
- Binh Thuan Hamico - Vietnam
- Wilmar Investment Holdings
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