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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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Saturday, 05 September 20
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- GAC Shipping (India) Pvt Ltd
- Sical Logistics Limited - India
- Eastern Energy - Thailand
- Sarangani Energy Corporation, Philippines
- Siam City Cement - Thailand
- International Coal Ventures Pvt Ltd - India
- Lanco Infratech Ltd - India
- Cement Manufacturers Association - India
- Gujarat Electricity Regulatory Commission - India
- Energy Development Corp, Philippines
- Wilmar Investment Holdings
- Formosa Plastics Group - Taiwan
- Leighton Contractors Pty Ltd - Australia
- Edison Trading Spa - Italy
- Petron Corporation, Philippines
- Altura Mining Limited, Indonesia
- MS Steel International - UAE
- Baramulti Group, Indonesia
- Salva Resources Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Kepco SPC Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Carbofer General Trading SA - India
- Rashtriya Ispat Nigam Limited - India
- Indo Tambangraya Megah - Indonesia
- New Zealand Coal & Carbon
- South Luzon Thermal Energy Corporation
- Gujarat Mineral Development Corp Ltd - India
- CNBM International Corporation - China
- Madhucon Powers Ltd - India
- Maheswari Brothers Coal Limited - India
- Coal and Oil Company - UAE
- Intertek Mineral Services - Indonesia
- Agrawal Coal Company - India
- Ministry of Finance - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bharathi Cement Corporation - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Oldendorff Carriers - Singapore
- GVK Power & Infra Limited - India
- Mintek Dendrill Indonesia
- Latin American Coal - Colombia
- Deloitte Consulting - India
- Uttam Galva Steels Limited - India
- Standard Chartered Bank - UAE
- Medco Energi Mining Internasional
- Essar Steel Hazira Ltd - India
- Toyota Tsusho Corporation, Japan
- Vedanta Resources Plc - India
- Jaiprakash Power Ventures ltd
- PetroVietnam Power Coal Import and Supply Company
- SMC Global Power, Philippines
- Sinarmas Energy and Mining - Indonesia
- CIMB Investment Bank - Malaysia
- European Bulk Services B.V. - Netherlands
- Iligan Light & Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- ASAPP Information Group - India
- Malabar Cements Ltd - India
- Minerals Council of Australia
- Africa Commodities Group - South Africa
- Banpu Public Company Limited - Thailand
- Kaltim Prima Coal - Indonesia
- Bhoruka Overseas - Indonesia
- IEA Clean Coal Centre - UK
- Orica Mining Services - Indonesia
- Aboitiz Power Corporation - Philippines
- Star Paper Mills Limited - India
- Kideco Jaya Agung - Indonesia
- Georgia Ports Authority, United States
- The Treasury - Australian Government
- Romanian Commodities Exchange
- Makarim & Taira - Indonesia
- Parry Sugars Refinery, India
- Trasteel International SA, Italy
- Cigading International Bulk Terminal - Indonesia
- Dalmia Cement Bharat India
- Merrill Lynch Commodities Europe
- Price Waterhouse Coopers - Russia
- Bahari Cakrawala Sebuku - Indonesia
- Bhatia International Limited - India
- Global Green Power PLC Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Posco Energy - South Korea
- Attock Cement Pakistan Limited
- Wood Mackenzie - Singapore
- Goldman Sachs - Singapore
- Coalindo Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Planning Commission, India
- Riau Bara Harum - Indonesia
- Bhushan Steel Limited - India
- Semirara Mining Corp, Philippines
- Mjunction Services Limited - India
- Metalloyd Limited - United Kingdom
- Vizag Seaport Private Limited - India
- Port Waratah Coal Services - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Kumho Petrochemical, South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kartika Selabumi Mining - Indonesia
- Tamil Nadu electricity Board
- Indian Oil Corporation Limited
- Karbindo Abesyapradhi - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Central Electricity Authority - India
- Marubeni Corporation - India
- Mercator Lines Limited - India
- Videocon Industries ltd - India
- Singapore Mercantile Exchange
- Indian Energy Exchange, India
- Commonwealth Bank - Australia
- Indogreen Group - Indonesia
- Australian Commodity Traders Exchange
- PTC India Limited - India
- Ministry of Mines - Canada
- Jindal Steel & Power Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Sindya Power Generating Company Private Ltd
- Larsen & Toubro Limited - India
- LBH Netherlands Bv - Netherlands
- Savvy Resources Ltd - HongKong
- Borneo Indobara - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- India Bulls Power Limited - India
- Economic Council, Georgia
- Kalimantan Lumbung Energi - Indonesia
- Samtan Co., Ltd - South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Krishnapatnam Port Company Ltd. - India
- Sojitz Corporation - Japan
- Indika Energy - Indonesia
- The State Trading Corporation of India Ltd
- Ind-Barath Power Infra Limited - India
- Australian Coal Association
- Bukit Baiduri Energy - Indonesia
- Ministry of Transport, Egypt
- Global Business Power Corporation, Philippines
- Electricity Authority, New Zealand
- Grasim Industreis Ltd - India
- Independent Power Producers Association of India
- Indonesian Coal Mining Association
- Global Coal Blending Company Limited - Australia
- Eastern Coal Council - USA
- Binh Thuan Hamico - Vietnam
- Manunggal Multi Energi - Indonesia
- Gujarat Sidhee Cement - India
- Sakthi Sugars Limited - India
- Parliament of New Zealand
- TeaM Sual Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- McConnell Dowell - Australia
- Timah Investasi Mineral - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Meenaskhi Energy Private Limited - India
- Neyveli Lignite Corporation Ltd, - India
- The University of Queensland
- Central Java Power - Indonesia
- London Commodity Brokers - England
- San Jose City I Power Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Holcim Trading Pte Ltd - Singapore
- Heidelberg Cement - Germany
- Maharashtra Electricity Regulatory Commission - India
- Renaissance Capital - South Africa
- Aditya Birla Group - India
- Mercuria Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Kapuas Tunggal Persada - Indonesia
- Chamber of Mines of South Africa
- VISA Power Limited - India
- Rio Tinto Coal - Australia
- PowerSource Philippines DevCo
- Power Finance Corporation Ltd., India
- Energy Link Ltd, New Zealand
- Kobexindo Tractors - Indoneisa
- Electricity Generating Authority of Thailand
- ICICI Bank Limited - India
- Chettinad Cement Corporation Ltd - India
- Bangladesh Power Developement Board
- Anglo American - United Kingdom
- Interocean Group of Companies - India
- TNB Fuel Sdn Bhd - Malaysia
- IHS Mccloskey Coal Group - USA
- Thai Mozambique Logistica
- Jorong Barutama Greston.PT - Indonesia
- White Energy Company Limited
- Straits Asia Resources Limited - Singapore
- Tata Chemicals Ltd - India
- Xindia Steels Limited - India
- Thiess Contractors Indonesia
- GMR Energy Limited - India
- SMG Consultants - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- PNOC Exploration Corporation - Philippines
- Antam Resourcindo - Indonesia
- Orica Australia Pty. Ltd.
- Meralco Power Generation, Philippines
- Ambuja Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Karaikal Port Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Siam City Cement PLC, Thailand
- Alfred C Toepfer International GmbH - Germany
- Bayan Resources Tbk. - Indonesia
- Simpson Spence & Young - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Coastal Gujarat Power Limited - India
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