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