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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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Tuesday, 29 September 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.73 PCT - XINHUA
China Taiyuan coal transaction price index stood at 125.91 points Monday, up 0.73 percent week on week.
The index, released by China ...
Tuesday, 29 September 20
SHIPPING MARKET - ALLIED
Here we are, just a short breath before the final quarter of the year, and many are now debating to what extent we can really expect a firm dry bul ...
Tuesday, 29 September 20
INDONESIAN COAL COMPANIES' EARNINGS TO WEAKEN IN 2H20 - FITCH RATINGS
Rated Indonesian coal miners and contractors will have weaker operating and financial performances in the second half of 2020 than in the first, sa ...
Tuesday, 29 September 20
RUSSIA'S COAL PRODUCTION TO DROP BY 10.5% IN 2020, SAYS MINISTRY - TASS
Russia’s Economic Development Ministry projects a 10.5% decrease in coal production in the country in 2020 compared with last year to 395 mln ...
Monday, 28 September 20
NEW LNG PROJECTS - ALL DRESSED UP AND NO PLACE TO GO - WOOD MACKENZIE
It was meant to be another boom year. After a record 70 mmtpa of new LNG capacity was sanctioned in 2019, at least as much capacity was lined up fo ...
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- Minerals Council of Australia
- CNBM International Corporation - China
- Indogreen Group - Indonesia
- Vizag Seaport Private Limited - India
- Orica Mining Services - Indonesia
- Jindal Steel & Power Ltd - India
- Posco Energy - South Korea
- Port Waratah Coal Services - Australia
- Kaltim Prima Coal - Indonesia
- Ministry of Finance - Indonesia
- Merrill Lynch Commodities Europe
- Ministry of Mines - Canada
- Jorong Barutama Greston.PT - Indonesia
- Kumho Petrochemical, South Korea
- Star Paper Mills Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Renaissance Capital - South Africa
- Kobexindo Tractors - Indoneisa
- Thiess Contractors Indonesia
- Singapore Mercantile Exchange
- Petron Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meralco Power Generation, Philippines
- Bharathi Cement Corporation - India
- Sojitz Corporation - Japan
- India Bulls Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vedanta Resources Plc - India
- Iligan Light & Power Inc, Philippines
- Gujarat Sidhee Cement - India
- Eastern Energy - Thailand
- Africa Commodities Group - South Africa
- Bhatia International Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Medco Energi Mining Internasional
- Mercator Lines Limited - India
- Carbofer General Trading SA - India
- Global Business Power Corporation, Philippines
- London Commodity Brokers - England
- Orica Australia Pty. Ltd.
- Economic Council, Georgia
- Global Green Power PLC Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Central Java Power - Indonesia
- Xindia Steels Limited - India
- Grasim Industreis Ltd - India
- Directorate Of Revenue Intelligence - India
- Manunggal Multi Energi - Indonesia
- Binh Thuan Hamico - Vietnam
- Tamil Nadu electricity Board
- European Bulk Services B.V. - Netherlands
- Marubeni Corporation - India
- Lanco Infratech Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dalmia Cement Bharat India
- PNOC Exploration Corporation - Philippines
- Energy Link Ltd, New Zealand
- Central Electricity Authority - India
- Parry Sugars Refinery, India
- Kalimantan Lumbung Energi - Indonesia
- The University of Queensland
- Bulk Trading Sa - Switzerland
- Aboitiz Power Corporation - Philippines
- Deloitte Consulting - India
- Petrochimia International Co. Ltd.- Taiwan
- Antam Resourcindo - Indonesia
- Borneo Indobara - Indonesia
- Planning Commission, India
- Parliament of New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Therma Luzon, Inc, Philippines
- Anglo American - United Kingdom
- Siam City Cement PLC, Thailand
- Bhushan Steel Limited - India
- Coalindo Energy - Indonesia
- Mercuria Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Wood Mackenzie - Singapore
- Edison Trading Spa - Italy
- The State Trading Corporation of India Ltd
- LBH Netherlands Bv - Netherlands
- GAC Shipping (India) Pvt Ltd
- Metalloyd Limited - United Kingdom
- Cigading International Bulk Terminal - Indonesia
- Uttam Galva Steels Limited - India
- Bhoruka Overseas - Indonesia
- Salva Resources Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Cement Manufacturers Association - India
- Bukit Makmur.PT - Indonesia
- Miang Besar Coal Terminal - Indonesia
- New Zealand Coal & Carbon
- Bukit Baiduri Energy - Indonesia
- PowerSource Philippines DevCo
- PetroVietnam Power Coal Import and Supply Company
- Larsen & Toubro Limited - India
- Banpu Public Company Limited - Thailand
- Sree Jayajothi Cements Limited - India
- Bangladesh Power Developement Board
- Bahari Cakrawala Sebuku - Indonesia
- Savvy Resources Ltd - HongKong
- OPG Power Generation Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Leighton Contractors Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- San Jose City I Power Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- MS Steel International - UAE
- Maharashtra Electricity Regulatory Commission - India
- SN Aboitiz Power Inc, Philippines
- Sakthi Sugars Limited - India
- Meenaskhi Energy Private Limited - India
- Agrawal Coal Company - India
- Chamber of Mines of South Africa
- McConnell Dowell - Australia
- Karaikal Port Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Holcim Trading Pte Ltd - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- ASAPP Information Group - India
- Ind-Barath Power Infra Limited - India
- Sarangani Energy Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Ministry of Transport, Egypt
- Coastal Gujarat Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kepco SPC Power Corporation, Philippines
- VISA Power Limited - India
- Trasteel International SA, Italy
- Price Waterhouse Coopers - Russia
- Sinarmas Energy and Mining - Indonesia
- Power Finance Corporation Ltd., India
- Georgia Ports Authority, United States
- Riau Bara Harum - Indonesia
- Videocon Industries ltd - India
- Goldman Sachs - Singapore
- International Coal Ventures Pvt Ltd - India
- Romanian Commodities Exchange
- Sindya Power Generating Company Private Ltd
- Bayan Resources Tbk. - Indonesia
- GVK Power & Infra Limited - India
- SMG Consultants - Indonesia
- Toyota Tsusho Corporation, Japan
- Siam City Cement - Thailand
- Oldendorff Carriers - Singapore
- Kideco Jaya Agung - Indonesia
- The Treasury - Australian Government
- Rio Tinto Coal - Australia
- Madhucon Powers Ltd - India
- Interocean Group of Companies - India
- Asmin Koalindo Tuhup - Indonesia
- PTC India Limited - India
- Baramulti Group, Indonesia
- Energy Development Corp, Philippines
- Standard Chartered Bank - UAE
- Ceylon Electricity Board - Sri Lanka
- Jaiprakash Power Ventures ltd
- Krishnapatnam Port Company Ltd. - India
- Indo Tambangraya Megah - Indonesia
- Electricity Generating Authority of Thailand
- Aditya Birla Group - India
- Wilmar Investment Holdings
- Globalindo Alam Lestari - Indonesia
- Latin American Coal - Colombia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- White Energy Company Limited
- Commonwealth Bank - Australia
- IEA Clean Coal Centre - UK
- Barasentosa Lestari - Indonesia
- Eastern Coal Council - USA
- Sical Logistics Limited - India
- SMC Global Power, Philippines
- Karbindo Abesyapradhi - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- ICICI Bank Limited - India
- Samtan Co., Ltd - South Korea
- IHS Mccloskey Coal Group - USA
- Rashtriya Ispat Nigam Limited - India
- Semirara Mining Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- TeaM Sual Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Electricity Authority, New Zealand
- Altura Mining Limited, Indonesia
- Maheswari Brothers Coal Limited - India
- Thai Mozambique Logistica
- Australian Commodity Traders Exchange
- Ambuja Cements Ltd - India
- Indian Oil Corporation Limited
- Coal and Oil Company - UAE
- Independent Power Producers Association of India
- Pipit Mutiara Jaya. PT, Indonesia
- GMR Energy Limited - India
- Malabar Cements Ltd - India
- Makarim & Taira - Indonesia
- Indika Energy - Indonesia
- Mintek Dendrill Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Indian Energy Exchange, India
- South Luzon Thermal Energy Corporation
- Mjunction Services Limited - India
- AsiaOL BioFuels Corp., Philippines
- Essar Steel Hazira Ltd - India
- Global Coal Blending Company Limited - Australia
- Kohat Cement Company Ltd. - Pakistan
- Attock Cement Pakistan Limited
- Indonesian Coal Mining Association
- Simpson Spence & Young - Indonesia
- Tata Chemicals Ltd - India
- Heidelberg Cement - Germany
- Australian Coal Association
- Formosa Plastics Group - Taiwan
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