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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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Thursday, 10 September 20
DRY BULK SHIPPING: CHINA'S DEMAND KEEPING THE DRY BULK MARKET GOING - PETER SAND | BIMCO
Overview
An impressive recovery in Chinese dry bulk imports has protected the industry from the effects of falling demand in the rest of the wo ...
Thursday, 10 September 20
TANKER SHIPPING: FREIGHT RATES BACK AT LOSS-MAKING LEVELS AFTER 12 VERY PROFITABLE MONTHS - BIMCO
Overview
A stunningly strong 12 months for the tanker shipping industry is now being replaced by lower freight rates, as lower oil product ...
Thursday, 10 September 20
INDIA'S COAL IMPORTS STUMBLE IN AUGUST, RAISING RISK OF SLOW RECOVERY - REFINITIV | BANCHERO COSTA
After posting a mild recovery in July, India's coal imports have stumbled in August as the South Asian nation battles to restart it ...
Thursday, 10 September 20
THE FIRST 8 MONTHS OF 2020, INDONESIA EXPORTED 217.4 MLN TONNES OF COAL BASED ON REFINITIV - BANCHERO COSTA
The coal market has been hit by a weaker global economy as a result of COVID-19 pandemic and falling industrial electricity demand ...
Wednesday, 09 September 20
MARKET INSIGHT - INTERMODAL
The uneventful summer lull which is coming to an end soon has left its stigma on the newbuilding market, which has already been devastated by the g ...
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- Romanian Commodities Exchange
- PowerSource Philippines DevCo
- Economic Council, Georgia
- Videocon Industries ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Siam City Cement - Thailand
- Power Finance Corporation Ltd., India
- IEA Clean Coal Centre - UK
- Semirara Mining Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GMR Energy Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Renaissance Capital - South Africa
- Kepco SPC Power Corporation, Philippines
- Eastern Coal Council - USA
- Kalimantan Lumbung Energi - Indonesia
- Edison Trading Spa - Italy
- TNB Fuel Sdn Bhd - Malaysia
- Electricity Generating Authority of Thailand
- Uttam Galva Steels Limited - India
- Chettinad Cement Corporation Ltd - India
- Bayan Resources Tbk. - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Mineral Development Corp Ltd - India
- Jaiprakash Power Ventures ltd
- New Zealand Coal & Carbon
- Aboitiz Power Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Rio Tinto Coal - Australia
- Orica Mining Services - Indonesia
- Parliament of New Zealand
- Globalindo Alam Lestari - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Thai Mozambique Logistica
- Gujarat Sidhee Cement - India
- Karaikal Port Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Thiess Contractors Indonesia
- Australian Coal Association
- Kaltim Prima Coal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Indo Tambangraya Megah - Indonesia
- Formosa Plastics Group - Taiwan
- Anglo American - United Kingdom
- Bukit Asam (Persero) Tbk - Indonesia
- Australian Commodity Traders Exchange
- Heidelberg Cement - Germany
- Miang Besar Coal Terminal - Indonesia
- Carbofer General Trading SA - India
- Dalmia Cement Bharat India
- Mintek Dendrill Indonesia
- Eastern Energy - Thailand
- Pendopo Energi Batubara - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
- Riau Bara Harum - Indonesia
- Star Paper Mills Limited - India
- Mercuria Energy - Indonesia
- Marubeni Corporation - India
- Wood Mackenzie - Singapore
- Bhoruka Overseas - Indonesia
- ICICI Bank Limited - India
- Sinarmas Energy and Mining - Indonesia
- Ministry of Mines - Canada
- Manunggal Multi Energi - Indonesia
- Mercator Lines Limited - India
- International Coal Ventures Pvt Ltd - India
- Chamber of Mines of South Africa
- Bharathi Cement Corporation - India
- Holcim Trading Pte Ltd - Singapore
- The State Trading Corporation of India Ltd
- Orica Australia Pty. Ltd.
- Binh Thuan Hamico - Vietnam
- Iligan Light & Power Inc, Philippines
- Malabar Cements Ltd - India
- Antam Resourcindo - Indonesia
- Salva Resources Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Central Electricity Authority - India
- White Energy Company Limited
- Toyota Tsusho Corporation, Japan
- Wilmar Investment Holdings
- Vizag Seaport Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- CIMB Investment Bank - Malaysia
- PNOC Exploration Corporation - Philippines
- Indian Energy Exchange, India
- SMG Consultants - Indonesia
- Merrill Lynch Commodities Europe
- GN Power Mariveles Coal Plant, Philippines
- Bangladesh Power Developement Board
- Metalloyd Limited - United Kingdom
- Samtan Co., Ltd - South Korea
- Sojitz Corporation - Japan
- Bahari Cakrawala Sebuku - Indonesia
- Larsen & Toubro Limited - India
- Banpu Public Company Limited - Thailand
- Therma Luzon, Inc, Philippines
- Tata Chemicals Ltd - India
- Sakthi Sugars Limited - India
- Medco Energi Mining Internasional
- Global Green Power PLC Corporation, Philippines
- Coastal Gujarat Power Limited - India
- The Treasury - Australian Government
- Vedanta Resources Plc - India
- Intertek Mineral Services - Indonesia
- Grasim Industreis Ltd - India
- Oldendorff Carriers - Singapore
- Deloitte Consulting - India
- Jorong Barutama Greston.PT - Indonesia
- Borneo Indobara - Indonesia
- Indogreen Group - Indonesia
- Indonesian Coal Mining Association
- Siam City Cement PLC, Thailand
- PetroVietnam Power Coal Import and Supply Company
- Electricity Authority, New Zealand
- Bukit Baiduri Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Planning Commission, India
- Indika Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- European Bulk Services B.V. - Netherlands
- Parry Sugars Refinery, India
- SN Aboitiz Power Inc, Philippines
- Coal and Oil Company - UAE
- Meralco Power Generation, Philippines
- Posco Energy - South Korea
- Karbindo Abesyapradhi - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Energy Link Ltd, New Zealand
- Makarim & Taira - Indonesia
- Agrawal Coal Company - India
- India Bulls Power Limited - India
- Straits Asia Resources Limited - Singapore
- Alfred C Toepfer International GmbH - Germany
- Pipit Mutiara Jaya. PT, Indonesia
- Port Waratah Coal Services - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Trasteel International SA, Italy
- Semirara Mining and Power Corporation, Philippines
- VISA Power Limited - India
- PTC India Limited - India
- The University of Queensland
- Commonwealth Bank - Australia
- Sindya Power Generating Company Private Ltd
- Directorate Of Revenue Intelligence - India
- Aditya Birla Group - India
- Meenaskhi Energy Private Limited - India
- Baramulti Group, Indonesia
- Jindal Steel & Power Ltd - India
- Ministry of Finance - Indonesia
- Petron Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Neyveli Lignite Corporation Ltd, - India
- Directorate General of MIneral and Coal - Indonesia
- London Commodity Brokers - England
- Kapuas Tunggal Persada - Indonesia
- CNBM International Corporation - China
- Madhucon Powers Ltd - India
- IHS Mccloskey Coal Group - USA
- Africa Commodities Group - South Africa
- Mjunction Services Limited - India
- Sree Jayajothi Cements Limited - India
- Gujarat Electricity Regulatory Commission - India
- Goldman Sachs - Singapore
- Minerals Council of Australia
- LBH Netherlands Bv - Netherlands
- Lanco Infratech Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Altura Mining Limited, Indonesia
- Global Coal Blending Company Limited - Australia
- Tamil Nadu electricity Board
- Independent Power Producers Association of India
- AsiaOL BioFuels Corp., Philippines
- SMC Global Power, Philippines
- Central Java Power - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bhatia International Limited - India
- Kideco Jaya Agung - Indonesia
- Simpson Spence & Young - Indonesia
- Energy Development Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Barasentosa Lestari - Indonesia
- MS Steel International - UAE
- Ambuja Cements Ltd - India
- Coalindo Energy - Indonesia
- Ministry of Transport, Egypt
- Essar Steel Hazira Ltd - India
- Bhushan Steel Limited - India
- GAC Shipping (India) Pvt Ltd
- Standard Chartered Bank - UAE
- McConnell Dowell - Australia
- Billiton Holdings Pty Ltd - Australia
- South Luzon Thermal Energy Corporation
- Savvy Resources Ltd - HongKong
- Attock Cement Pakistan Limited
- Latin American Coal - Colombia
- Timah Investasi Mineral - Indoneisa
- Georgia Ports Authority, United States
- Sarangani Energy Corporation, Philippines
- Indian Oil Corporation Limited
- Singapore Mercantile Exchange
- Interocean Group of Companies - India
- Cement Manufacturers Association - India
- GVK Power & Infra Limited - India
- Bulk Trading Sa - Switzerland
- Kobexindo Tractors - Indoneisa
- Ind-Barath Power Infra Limited - India
- Sical Logistics Limited - India
- ASAPP Information Group - India
- Xindia Steels Limited - India
- Kumho Petrochemical, South Korea
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