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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, 14 October 20
MARKET INSIGHT - INTERMODAL
The tanker market has experienced severe freight rate and asset value declines over the past 5 months. A potential market upturn may arise in the c ...
Friday, 09 October 20
INDIA'S COAL IMPORTS IMPROVE SOMEWHAT, BUT RECOVERY IS UNEVEN - REUTERS
India’s coal imports, depressed by the impact of coronavirus this year, regained ground in September, but in an uneven uptick – shipmen ...
Thursday, 08 October 20
CHINA'S COAL IMPORTS FROM INDONESIA DECLINED 16.4% Y-O-Y, TO 80.2 MLN TONNES IN THE FIRST 9 MONTHS OF 2020 - BANCHERO COSTA
China's coal imports boomed in 2019, surprising many who had expected the government would clamp down strictly on shipments.
...
Thursday, 08 October 20
GLIMMER OF LIGHT FOR COAL, BUT SHORT TERM - FNARENA
Is coal on the rebound? Demand appears stronger and supply reductions have underpinned a tightening market. Certainly, the Newcastle thermal coal p ...
Wednesday, 07 October 20
U.S. COAL PRODUCTION TO DECREASE BY 26 PERCENT IN 2020 COMPARED TO 2019 - EIA
EIA expects total U.S. coal production in 2020 to be 525 million short tons (MMst), compared with 705 MMst in 2019, a 26% decrease.
COVID-19 a ...
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- Metalloyd Limited - United Kingdom
- Anglo American - United Kingdom
- Rashtriya Ispat Nigam Limited - India
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- Aboitiz Power Corporation - Philippines
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- Bhushan Steel Limited - India
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- SN Aboitiz Power Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Chettinad Cement Corporation Ltd - India
- Power Finance Corporation Ltd., India
- Directorate Of Revenue Intelligence - India
- Kaltim Prima Coal - Indonesia
- Georgia Ports Authority, United States
- Kapuas Tunggal Persada - Indonesia
- Carbofer General Trading SA - India
- Renaissance Capital - South Africa
- PowerSource Philippines DevCo
- Kalimantan Lumbung Energi - Indonesia
- Energy Development Corp, Philippines
- New Zealand Coal & Carbon
- Timah Investasi Mineral - Indoneisa
- Ind-Barath Power Infra Limited - India
- Mintek Dendrill Indonesia
- Indogreen Group - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Transport, Egypt
- Electricity Generating Authority of Thailand
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- Medco Energi Mining Internasional
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- The University of Queensland
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- Kepco SPC Power Corporation, Philippines
- Star Paper Mills Limited - India
- Gujarat Sidhee Cement - India
- Minerals Council of Australia
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- OPG Power Generation Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Videocon Industries ltd - India
- Tamil Nadu electricity Board
- Orica Australia Pty. Ltd.
- TeaM Sual Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Romanian Commodities Exchange
- Kideco Jaya Agung - Indonesia
- IHS Mccloskey Coal Group - USA
- International Coal Ventures Pvt Ltd - India
- Cement Manufacturers Association - India
- Merrill Lynch Commodities Europe
- Petrochimia International Co. Ltd.- Taiwan
- South Luzon Thermal Energy Corporation
- Vijayanagar Sugar Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Mjunction Services Limited - India
- Iligan Light & Power Inc, Philippines
- Parry Sugars Refinery, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GVK Power & Infra Limited - India
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- GN Power Mariveles Coal Plant, Philippines
- Formosa Plastics Group - Taiwan
- Baramulti Group, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- IEA Clean Coal Centre - UK
- Latin American Coal - Colombia
- SMC Global Power, Philippines
- Sojitz Corporation - Japan
- Grasim Industreis Ltd - India
- Binh Thuan Hamico - Vietnam
- Coalindo Energy - Indonesia
- London Commodity Brokers - England
- White Energy Company Limited
- Eastern Energy - Thailand
- Xindia Steels Limited - India
- Directorate General of MIneral and Coal - Indonesia
- VISA Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bulk Trading Sa - Switzerland
- Global Coal Blending Company Limited - Australia
- Singapore Mercantile Exchange
- Chamber of Mines of South Africa
- Trasteel International SA, Italy
- Gujarat Mineral Development Corp Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Gujarat Electricity Regulatory Commission - India
- Bahari Cakrawala Sebuku - Indonesia
- Central Java Power - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Samtan Co., Ltd - South Korea
- Global Business Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Maheswari Brothers Coal Limited - India
- Indonesian Coal Mining Association
- Uttam Galva Steels Limited - India
- GAC Shipping (India) Pvt Ltd
- Commonwealth Bank - Australia
- Wilmar Investment Holdings
- Kumho Petrochemical, South Korea
- PetroVietnam Power Coal Import and Supply Company
- Posco Energy - South Korea
- McConnell Dowell - Australia
- Salva Resources Pvt Ltd - India
- Meralco Power Generation, Philippines
- Vedanta Resources Plc - India
- Economic Council, Georgia
- Parliament of New Zealand
- ASAPP Information Group - India
- Orica Mining Services - Indonesia
- Global Green Power PLC Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- CNBM International Corporation - China
- Sree Jayajothi Cements Limited - India
- Semirara Mining Corp, Philippines
- Oldendorff Carriers - Singapore
- Intertek Mineral Services - Indonesia
- GMR Energy Limited - India
- MS Steel International - UAE
- Siam City Cement - Thailand
- Tata Chemicals Ltd - India
- Banpu Public Company Limited - Thailand
- Attock Cement Pakistan Limited
- Marubeni Corporation - India
- Ambuja Cements Ltd - India
- Bukit Baiduri Energy - Indonesia
- Standard Chartered Bank - UAE
- Interocean Group of Companies - India
- Australian Coal Association
- Essar Steel Hazira Ltd - India
- Makarim & Taira - Indonesia
- Bangladesh Power Developement Board
- Africa Commodities Group - South Africa
- Eastern Coal Council - USA
- Sarangani Energy Corporation, Philippines
- Thai Mozambique Logistica
- Meenaskhi Energy Private Limited - India
- The State Trading Corporation of India Ltd
- Semirara Mining and Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Therma Luzon, Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Coal and Oil Company - UAE
- Barasentosa Lestari - Indonesia
- Goldman Sachs - Singapore
- Wood Mackenzie - Singapore
- Pendopo Energi Batubara - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bhatia International Limited - India
- CIMB Investment Bank - Malaysia
- Mercuria Energy - Indonesia
- Aditya Birla Group - India
- Bayan Resources Tbk. - Indonesia
- Jindal Steel & Power Ltd - India
- Price Waterhouse Coopers - Russia
- Cigading International Bulk Terminal - Indonesia
- Edison Trading Spa - Italy
- Deloitte Consulting - India
- Krishnapatnam Port Company Ltd. - India
- Ministry of Mines - Canada
- Billiton Holdings Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Madhucon Powers Ltd - India
- ICICI Bank Limited - India
- Riau Bara Harum - Indonesia
- Mercator Lines Limited - India
- Jaiprakash Power Ventures ltd
- Thiess Contractors Indonesia
- Bhoruka Overseas - Indonesia
- Lanco Infratech Ltd - India
- Australian Commodity Traders Exchange
- Malabar Cements Ltd - India
- Altura Mining Limited, Indonesia
- European Bulk Services B.V. - Netherlands
- Kartika Selabumi Mining - Indonesia
- Indika Energy - Indonesia
- Ministry of Finance - Indonesia
- Petron Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- San Jose City I Power Corp, Philippines
- Planning Commission, India
- Antam Resourcindo - Indonesia
- India Bulls Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Straits Asia Resources Limited - Singapore
- Central Electricity Authority - India
- Sakthi Sugars Limited - India
- Dalmia Cement Bharat India
- Larsen & Toubro Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Indian Energy Exchange, India
- Indo Tambangraya Megah - Indonesia
- Indian Oil Corporation Limited
- The Treasury - Australian Government
- Independent Power Producers Association of India
- Rio Tinto Coal - Australia
- Bharathi Cement Corporation - India
- Globalindo Alam Lestari - Indonesia
- Port Waratah Coal Services - Australia
- Maharashtra Electricity Regulatory Commission - India
- Electricity Authority, New Zealand
- Borneo Indobara - Indonesia
- Manunggal Multi Energi - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Savvy Resources Ltd - HongKong
- PNOC Exploration Corporation - Philippines
- SMG Consultants - Indonesia
- Toyota Tsusho Corporation, Japan
- Sical Logistics Limited - India
- Energy Link Ltd, New Zealand
- Miang Besar Coal Terminal - Indonesia
- Siam City Cement PLC, Thailand
- LBH Netherlands Bv - Netherlands
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