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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, 18 September 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 ...
Thursday, 17 September 20
LAST HOPES FOR DEMAND GROWTH SET TO DISAPPOINT THERMAL COAL EXPORTERS - IEEFA
Asian thermal coal exporters are fighting an uphill battle even in new markets
The world’s largest thermal coal exporter is eyeing new m ...
Wednesday, 16 September 20
MARKET INSIGHT - INTERMODAL
Another active week in terms of SnP has concluded in the dry bulk market with a diversified array of transactions recorded. Despite the correction ...
Friday, 11 September 20
IMO 2020: A REVIEW OF THE TRANSITION TO VLSFOS - GARD
KNOWLEDGE TO ELEVATE
Many predictions were made in the run up to the imposition of the MARPOL 2020 sulphur cap, none of which was that the tra ...
Thursday, 10 September 20
U.S. COAL PRODUCTION IN 2020 TO BE 511 MMST, 28 PER CENT LOWER THAN IN 2019 - EIA
EIA expects total U.S. coal production in 2020 to be 511 million short tons (MMst), 194 MMst (28%) lower than in 2019. Mitigation efforts related t ...
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- Iligan Light & Power Inc, Philippines
- Orica Australia Pty. Ltd.
- Ind-Barath Power Infra Limited - India
- CIMB Investment Bank - Malaysia
- Posco Energy - South Korea
- White Energy Company Limited
- Mercator Lines Limited - India
- VISA Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Siam City Cement PLC, Thailand
- Australian Commodity Traders Exchange
- Siam City Cement - Thailand
- Renaissance Capital - South Africa
- Neyveli Lignite Corporation Ltd, - India
- Mjunction Services Limited - India
- Essar Steel Hazira Ltd - India
- Heidelberg Cement - Germany
- McConnell Dowell - Australia
- Savvy Resources Ltd - HongKong
- Malabar Cements Ltd - India
- Directorate Of Revenue Intelligence - India
- Meenaskhi Energy Private Limited - India
- Aboitiz Power Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- International Coal Ventures Pvt Ltd - India
- Commonwealth Bank - Australia
- Edison Trading Spa - Italy
- Central Electricity Authority - India
- Krishnapatnam Port Company Ltd. - India
- Bhoruka Overseas - Indonesia
- Indian Oil Corporation Limited
- India Bulls Power Limited - India
- Romanian Commodities Exchange
- Bharathi Cement Corporation - India
- Global Business Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Cement Manufacturers Association - India
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- The Treasury - Australian Government
- Sindya Power Generating Company Private Ltd
- Sarangani Energy Corporation, Philippines
- Parliament of New Zealand
- Petron Corporation, Philippines
- New Zealand Coal & Carbon
- Tamil Nadu electricity Board
- Indian Energy Exchange, India
- Timah Investasi Mineral - Indoneisa
- Riau Bara Harum - Indonesia
- Larsen & Toubro Limited - India
- Kumho Petrochemical, South Korea
- Semirara Mining and Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Deloitte Consulting - India
- PowerSource Philippines DevCo
- Samtan Co., Ltd - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Marubeni Corporation - India
- Miang Besar Coal Terminal - Indonesia
- SMC Global Power, Philippines
- Mercuria Energy - Indonesia
- Eastern Energy - Thailand
- The State Trading Corporation of India Ltd
- Holcim Trading Pte Ltd - Singapore
- Carbofer General Trading SA - India
- Africa Commodities Group - South Africa
- Energy Link Ltd, New Zealand
- Alfred C Toepfer International GmbH - Germany
- Toyota Tsusho Corporation, Japan
- Bayan Resources Tbk. - Indonesia
- Simpson Spence & Young - Indonesia
- Global Coal Blending Company Limited - Australia
- Latin American Coal - Colombia
- Kohat Cement Company Ltd. - Pakistan
- ICICI Bank Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Minerals Council of Australia
- Kaltim Prima Coal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Kartika Selabumi Mining - Indonesia
- Singapore Mercantile Exchange
- AsiaOL BioFuels Corp., Philippines
- GN Power Mariveles Coal Plant, Philippines
- Madhucon Powers Ltd - India
- Trasteel International SA, Italy
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Intertek Mineral Services - Indonesia
- Altura Mining Limited, Indonesia
- Coastal Gujarat Power Limited - India
- Manunggal Multi Energi - Indonesia
- Bukit Makmur.PT - Indonesia
- Thiess Contractors Indonesia
- Cigading International Bulk Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Bukit Baiduri Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Indika Energy - Indonesia
- Australian Coal Association
- Sojitz Corporation - Japan
- Kobexindo Tractors - Indoneisa
- San Jose City I Power Corp, Philippines
- Uttam Galva Steels Limited - India
- Central Java Power - Indonesia
- Jaiprakash Power Ventures ltd
- Indogreen Group - Indonesia
- MS Steel International - UAE
- Ministry of Finance - Indonesia
- Bulk Trading Sa - Switzerland
- Port Waratah Coal Services - Australia
- Sical Logistics Limited - India
- Indo Tambangraya Megah - Indonesia
- Salva Resources Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Xindia Steels Limited - India
- London Commodity Brokers - England
- Energy Development Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Banpu Public Company Limited - Thailand
- GMR Energy Limited - India
- Vizag Seaport Private Limited - India
- Kideco Jaya Agung - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Transport, Egypt
- Baramulti Group, Indonesia
- Meralco Power Generation, Philippines
- Videocon Industries ltd - India
- Maheswari Brothers Coal Limited - India
- Barasentosa Lestari - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Karaikal Port Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Vedanta Resources Plc - India
- Thai Mozambique Logistica
- TeaM Sual Corporation - Philippines
- Borneo Indobara - Indonesia
- Power Finance Corporation Ltd., India
- Lanco Infratech Ltd - India
- Economic Council, Georgia
- Standard Chartered Bank - UAE
- OPG Power Generation Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Metalloyd Limited - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- GVK Power & Infra Limited - India
- Grasim Industreis Ltd - India
- Antam Resourcindo - Indonesia
- Interocean Group of Companies - India
- Indonesian Coal Mining Association
- Straits Asia Resources Limited - Singapore
- Jindal Steel & Power Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Orica Mining Services - Indonesia
- Oldendorff Carriers - Singapore
- Rashtriya Ispat Nigam Limited - India
- European Bulk Services B.V. - Netherlands
- Agrawal Coal Company - India
- Planning Commission, India
- Ambuja Cements Ltd - India
- Rio Tinto Coal - Australia
- Star Paper Mills Limited - India
- The University of Queensland
- Gujarat Sidhee Cement - India
- Wood Mackenzie - Singapore
- SN Aboitiz Power Inc, Philippines
- PTC India Limited - India
- Coal and Oil Company - UAE
- Sakthi Sugars Limited - India
- CNBM International Corporation - China
- TNB Fuel Sdn Bhd - Malaysia
- Parry Sugars Refinery, India
- Tata Chemicals Ltd - India
- Independent Power Producers Association of India
- Dalmia Cement Bharat India
- Georgia Ports Authority, United States
- Therma Luzon, Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- South Luzon Thermal Energy Corporation
- Semirara Mining Corp, Philippines
- Ministry of Mines - Canada
- Bangladesh Power Developement Board
- PetroVietnam Power Coal Import and Supply Company
- Offshore Bulk Terminal Pte Ltd, Singapore
- Aditya Birla Group - India
- Coalindo Energy - Indonesia
- ASAPP Information Group - India
- Price Waterhouse Coopers - Russia
- SMG Consultants - Indonesia
- Chamber of Mines of South Africa
- Global Green Power PLC Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Goldman Sachs - Singapore
- Bhushan Steel Limited - India
- Billiton Holdings Pty Ltd - Australia
- Bhatia International Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Formosa Plastics Group - Taiwan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Makarim & Taira - Indonesia
- Chettinad Cement Corporation Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Anglo American - United Kingdom
- Merrill Lynch Commodities Europe
- Attock Cement Pakistan Limited
- IHS Mccloskey Coal Group - USA
- IEA Clean Coal Centre - UK
- Electricity Authority, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Medco Energi Mining Internasional
- Wilmar Investment Holdings
- Eastern Coal Council - USA
- Mintek Dendrill Indonesia
- Karbindo Abesyapradhi - Indoneisa
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