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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, 26 August 20
ASIAN COAL PRICES LIKELY TO REMAIN DEPRESSED SAY TRADERS, ANALYSTS - REUTERS
Asian coal prices, which have fallen around 25% this year as power demand slumped due to the coronavirus outbreak, are unlikely to move higher befo ...
Wednesday, 26 August 20
WORLD COAL EXPORTS: INDONESIAN THERMAL COAL EXPORTS HAVE COME UNDER PRESSURE AS THERMAL COAL PRICES WEAKEN - REPORT
Indonesia’s exports to decline sharply from record highs
Indonesia is the world’s largest thermal coal exporter, sellin ...
Wednesday, 26 August 20
JAPAN'S COAL IMPORTS ARE BEING AFFECTED BY COMPETING INFLUENCES - REPORT
Japan is the world’s third largest thermal coal importer, importing an estimated 135 million tonnes of thermal coal in 2019. The country&rsqu ...
Wednesday, 26 August 20
PENDING SOUTH KOREA LEGISLATION COULD FORCE HALT TO COUNTRY’S COAL PLANT EXPORT DEALS - KOREA ECONOMIC DAILY
South Korea’s parliament looks set to pass new legislation to ban financing on foreign coal power projects, putting all overseas coal-fired p ...
Tuesday, 25 August 20
INDIA'S IMPORTS FALL AS LOCKDOWNS IMPACT THE POWER AND INDUSTRIAL SECTORS - REPORT
India is the world’s second largest thermal coal consumer and importer, importing an estimated 211 million tonnes of thermal coal in 2019.&nb ...
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- Star Paper Mills Limited - India
- Binh Thuan Hamico - Vietnam
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Romanian Commodities Exchange
- McConnell Dowell - Australia
- Singapore Mercantile Exchange
- Gujarat Electricity Regulatory Commission - India
- PTC India Limited - India
- Cement Manufacturers Association - India
- SMC Global Power, Philippines
- Sojitz Corporation - Japan
- Essar Steel Hazira Ltd - India
- Deloitte Consulting - India
- Krishnapatnam Port Company Ltd. - India
- Tamil Nadu electricity Board
- Rio Tinto Coal - Australia
- Semirara Mining Corp, Philippines
- Minerals Council of Australia
- ICICI Bank Limited - India
- Global Green Power PLC Corporation, Philippines
- Therma Luzon, Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Edison Trading Spa - Italy
- Bayan Resources Tbk. - Indonesia
- Larsen & Toubro Limited - India
- Coalindo Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Agrawal Coal Company - India
- Sarangani Energy Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Global Coal Blending Company Limited - Australia
- Meenaskhi Energy Private Limited - India
- Malabar Cements Ltd - India
- Tata Chemicals Ltd - India
- Energy Link Ltd, New Zealand
- Indonesian Coal Mining Association
- Price Waterhouse Coopers - Russia
- Simpson Spence & Young - Indonesia
- Vedanta Resources Plc - India
- Chamber of Mines of South Africa
- Holcim Trading Pte Ltd - Singapore
- Energy Development Corp, Philippines
- PNOC Exploration Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Marubeni Corporation - India
- Meralco Power Generation, Philippines
- Sakthi Sugars Limited - India
- VISA Power Limited - India
- Dalmia Cement Bharat India
- Kideco Jaya Agung - Indonesia
- Riau Bara Harum - Indonesia
- Global Business Power Corporation, Philippines
- Wilmar Investment Holdings
- Electricity Authority, New Zealand
- Bangladesh Power Developement Board
- Bukit Baiduri Energy - Indonesia
- CNBM International Corporation - China
- Heidelberg Cement - Germany
- Ambuja Cements Ltd - India
- Bulk Trading Sa - Switzerland
- AsiaOL BioFuels Corp., Philippines
- Bhatia International Limited - India
- Central Electricity Authority - India
- Gujarat Sidhee Cement - India
- Indian Oil Corporation Limited
- Indian Energy Exchange, India
- Maharashtra Electricity Regulatory Commission - India
- Bhoruka Overseas - Indonesia
- Samtan Co., Ltd - South Korea
- Globalindo Alam Lestari - Indonesia
- GAC Shipping (India) Pvt Ltd
- Alfred C Toepfer International GmbH - Germany
- Sindya Power Generating Company Private Ltd
- Aditya Birla Group - India
- Coastal Gujarat Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Oldendorff Carriers - Singapore
- Leighton Contractors Pty Ltd - Australia
- OPG Power Generation Pvt Ltd - India
- Wood Mackenzie - Singapore
- London Commodity Brokers - England
- Barasentosa Lestari - Indonesia
- Jindal Steel & Power Ltd - India
- Kobexindo Tractors - Indoneisa
- Bharathi Cement Corporation - India
- Ministry of Mines - Canada
- Parliament of New Zealand
- Ministry of Transport, Egypt
- Ministry of Finance - Indonesia
- Attock Cement Pakistan Limited
- Bahari Cakrawala Sebuku - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sree Jayajothi Cements Limited - India
- Orica Mining Services - Indonesia
- Interocean Group of Companies - India
- Mintek Dendrill Indonesia
- Planning Commission, India
- Cigading International Bulk Terminal - Indonesia
- Posco Energy - South Korea
- Merrill Lynch Commodities Europe
- Gujarat Mineral Development Corp Ltd - India
- Straits Asia Resources Limited - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Mercuria Energy - Indonesia
- Parry Sugars Refinery, India
- Kartika Selabumi Mining - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- The State Trading Corporation of India Ltd
- Siam City Cement PLC, Thailand
- Kepco SPC Power Corporation, Philippines
- White Energy Company Limited
- Petron Corporation, Philippines
- Vizag Seaport Private Limited - India
- Kaltim Prima Coal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Goldman Sachs - Singapore
- Indo Tambangraya Megah - Indonesia
- IHS Mccloskey Coal Group - USA
- Coal and Oil Company - UAE
- Metalloyd Limited - United Kingdom
- Directorate General of MIneral and Coal - Indonesia
- Lanco Infratech Ltd - India
- SMG Consultants - Indonesia
- Bukit Makmur.PT - Indonesia
- SN Aboitiz Power Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Savvy Resources Ltd - HongKong
- Power Finance Corporation Ltd., India
- The Treasury - Australian Government
- Manunggal Multi Energi - Indonesia
- Videocon Industries ltd - India
- South Luzon Thermal Energy Corporation
- GMR Energy Limited - India
- Anglo American - United Kingdom
- Kumho Petrochemical, South Korea
- Indogreen Group - Indonesia
- PowerSource Philippines DevCo
- Pendopo Energi Batubara - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- San Jose City I Power Corp, Philippines
- TeaM Sual Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Antam Resourcindo - Indonesia
- Baramulti Group, Indonesia
- Thiess Contractors Indonesia
- Iligan Light & Power Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Ind-Barath Power Infra Limited - India
- India Bulls Power Limited - India
- Latin American Coal - Colombia
- Thai Mozambique Logistica
- Salva Resources Pvt Ltd - India
- Carbofer General Trading SA - India
- New Zealand Coal & Carbon
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Pipit Mutiara Jaya. PT, Indonesia
- Trasteel International SA, Italy
- Mjunction Services Limited - India
- Bhushan Steel Limited - India
- Kapuas Tunggal Persada - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Xindia Steels Limited - India
- Central Java Power - Indonesia
- Commonwealth Bank - Australia
- Renaissance Capital - South Africa
- CIMB Investment Bank - Malaysia
- MS Steel International - UAE
- Eastern Coal Council - USA
- Australian Commodity Traders Exchange
- Electricity Generating Authority of Thailand
- Orica Australia Pty. Ltd.
- Toyota Tsusho Corporation, Japan
- Formosa Plastics Group - Taiwan
- Medco Energi Mining Internasional
- Semirara Mining and Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Uttam Galva Steels Limited - India
- Sical Logistics Limited - India
- Independent Power Producers Association of India
- Rashtriya Ispat Nigam Limited - India
- Chettinad Cement Corporation Ltd - India
- Africa Commodities Group - South Africa
- Economic Council, Georgia
- Directorate Of Revenue Intelligence - India
- Standard Chartered Bank - UAE
- Georgia Ports Authority, United States
- Offshore Bulk Terminal Pte Ltd, Singapore
- Eastern Energy - Thailand
- Intertek Mineral Services - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Maheswari Brothers Coal Limited - India
- The University of Queensland
- IEA Clean Coal Centre - UK
- ASAPP Information Group - India
- GN Power Mariveles Coal Plant, Philippines
- Madhucon Powers Ltd - India
- Indika Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Banpu Public Company Limited - Thailand
- Sinarmas Energy and Mining - Indonesia
- Aboitiz Power Corporation - Philippines
- GVK Power & Infra Limited - India
- Karaikal Port Pvt Ltd - India
- Siam City Cement - Thailand
- Jaiprakash Power Ventures ltd
- Port Waratah Coal Services - Australia
- Makarim & Taira - Indonesia
- Mercator Lines Limited - India
- Altura Mining Limited, Indonesia
- Borneo Indobara - Indonesia
- Australian Coal Association
- Grasim Industreis Ltd - India
- International Coal Ventures Pvt Ltd - India
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