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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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Monday, 24 August 20
A COMBINATION OF DEVELOPMENTS DROVE THE FALLOFF COAL PRICES - CHIEF ECONOMIST’ OFFICE, AUSTRALIA
China, rising domestic production combined with subdued power demand;
India, a lockdown coupled with government directives that fav ...
Monday, 24 August 20
AUSTRALIA'S THERMAL COAL EXPORTS ARE FORECAST TO DROP FROM AN ESTIMATED $20 BILLION IN 2019-20 TO $16 BILLION IN 2020-21: REPORT
Thermal coal spot prices have fallen sharply as the impact of COVID-19 drives a contraction in seaborne trade for only the second time this century ...
Saturday, 22 August 20
REPORT SEES INDIA’S RELIANCE ON THERMAL POWER DROPPING TO 50% IN 2021, 43% IN 2026 - ET ENERGY | IEEFA
India’s dependence on thermal power will reduce to 50 per cent by 2021-22 and 43 per cent by 2026-27 on the back of renewable energy (RE) cap ...
Friday, 21 August 20
323 MILLION ELECTRIC VEHICLES WILL BE ON THE ROADS BY 2040 - WOOD MACKENZIE
Electric vehicle (EV) sales are expected to reach 45 million units per year by 2040, with a total global EV stock of 323 million, according to new ...
Friday, 21 August 20
BHP COMMITS TO SELLING ITS THERMAL COALMINES WITHIN TWO YEARS - THE GUARDIAN
Move follows pressure from investors but company stops short of full exit from coalmining
BHP has announced it plans to sell off its ...
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- Mercuria Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Wood Mackenzie - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Eastern Energy - Thailand
- Goldman Sachs - Singapore
- Wilmar Investment Holdings
- SMC Global Power, Philippines
- Global Business Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Bulk Trading Sa - Switzerland
- Aditya Birla Group - India
- Billiton Holdings Pty Ltd - Australia
- OPG Power Generation Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Bhoruka Overseas - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Minerals Council of Australia
- Uttam Galva Steels Limited - India
- Sree Jayajothi Cements Limited - India
- Independent Power Producers Association of India
- Mjunction Services Limited - India
- Ind-Barath Power Infra Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Kepco SPC Power Corporation, Philippines
- Malabar Cements Ltd - India
- Banpu Public Company Limited - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- LBH Netherlands Bv - Netherlands
- Central Java Power - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Samtan Co., Ltd - South Korea
- Leighton Contractors Pty Ltd - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Timah Investasi Mineral - Indoneisa
- South Luzon Thermal Energy Corporation
- AsiaOL BioFuels Corp., Philippines
- GVK Power & Infra Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Parliament of New Zealand
- Electricity Authority, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Georgia Ports Authority, United States
- Dalmia Cement Bharat India
- Sojitz Corporation - Japan
- Australian Coal Association
- Videocon Industries ltd - India
- Australian Commodity Traders Exchange
- Agrawal Coal Company - India
- Gujarat Electricity Regulatory Commission - India
- Carbofer General Trading SA - India
- Ministry of Transport, Egypt
- Kumho Petrochemical, South Korea
- McConnell Dowell - Australia
- PowerSource Philippines DevCo
- Barasentosa Lestari - Indonesia
- TeaM Sual Corporation - Philippines
- PTC India Limited - India
- Maheswari Brothers Coal Limited - India
- White Energy Company Limited
- Sical Logistics Limited - India
- Iligan Light & Power Inc, Philippines
- Bhatia International Limited - India
- GMR Energy Limited - India
- Oldendorff Carriers - Singapore
- Ministry of Mines - Canada
- Kaltim Prima Coal - Indonesia
- Kobexindo Tractors - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- ASAPP Information Group - India
- Global Green Power PLC Corporation, Philippines
- Savvy Resources Ltd - HongKong
- CNBM International Corporation - China
- Neyveli Lignite Corporation Ltd, - India
- Altura Mining Limited, Indonesia
- Binh Thuan Hamico - Vietnam
- Bangladesh Power Developement Board
- Aboitiz Power Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Power Finance Corporation Ltd., India
- Karbindo Abesyapradhi - Indoneisa
- The Treasury - Australian Government
- Manunggal Multi Energi - Indonesia
- London Commodity Brokers - England
- Global Coal Blending Company Limited - Australia
- Planning Commission, India
- Price Waterhouse Coopers - Russia
- Indian Energy Exchange, India
- Coastal Gujarat Power Limited - India
- Vizag Seaport Private Limited - India
- Riau Bara Harum - Indonesia
- Lanco Infratech Ltd - India
- Orica Australia Pty. Ltd.
- Chamber of Mines of South Africa
- Rashtriya Ispat Nigam Limited - India
- IEA Clean Coal Centre - UK
- GAC Shipping (India) Pvt Ltd
- Electricity Generating Authority of Thailand
- Alfred C Toepfer International GmbH - Germany
- Siam City Cement PLC, Thailand
- Renaissance Capital - South Africa
- Energy Development Corp, Philippines
- Intertek Mineral Services - Indonesia
- Commonwealth Bank - Australia
- Mintek Dendrill Indonesia
- Africa Commodities Group - South Africa
- Holcim Trading Pte Ltd - Singapore
- Medco Energi Mining Internasional
- Parry Sugars Refinery, India
- Bhushan Steel Limited - India
- Trasteel International SA, Italy
- Mercator Lines Limited - India
- Directorate Of Revenue Intelligence - India
- Vedanta Resources Plc - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The State Trading Corporation of India Ltd
- ICICI Bank Limited - India
- The University of Queensland
- India Bulls Power Limited - India
- Merrill Lynch Commodities Europe
- Port Waratah Coal Services - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coalindo Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- CIMB Investment Bank - Malaysia
- Borneo Indobara - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Meralco Power Generation, Philippines
- Makarim & Taira - Indonesia
- Toyota Tsusho Corporation, Japan
- Baramulti Group, Indonesia
- Madhucon Powers Ltd - India
- SN Aboitiz Power Inc, Philippines
- Tamil Nadu electricity Board
- Star Paper Mills Limited - India
- Ceylon Electricity Board - Sri Lanka
- European Bulk Services B.V. - Netherlands
- VISA Power Limited - India
- Karaikal Port Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Thai Mozambique Logistica
- Central Electricity Authority - India
- Petron Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Latin American Coal - Colombia
- Gujarat Sidhee Cement - India
- Indonesian Coal Mining Association
- MS Steel International - UAE
- Cement Manufacturers Association - India
- Indian Oil Corporation Limited
- Indogreen Group - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Miang Besar Coal Terminal - Indonesia
- Coal and Oil Company - UAE
- Attock Cement Pakistan Limited
- Sarangani Energy Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Marubeni Corporation - India
- SMG Consultants - Indonesia
- Rio Tinto Coal - Australia
- Romanian Commodities Exchange
- IHS Mccloskey Coal Group - USA
- Edison Trading Spa - Italy
- Asmin Koalindo Tuhup - Indonesia
- Metalloyd Limited - United Kingdom
- Salva Resources Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Heidelberg Cement - Germany
- Deloitte Consulting - India
- Xindia Steels Limited - India
- Ambuja Cements Ltd - India
- Meenaskhi Energy Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Makmur.PT - Indonesia
- Thiess Contractors Indonesia
- Indika Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Grasim Industreis Ltd - India
- Sindya Power Generating Company Private Ltd
- Chettinad Cement Corporation Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Eastern Coal Council - USA
- Bayan Resources Tbk. - Indonesia
- Ministry of Finance - Indonesia
- Anglo American - United Kingdom
- Bharathi Cement Corporation - India
- San Jose City I Power Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Energy Link Ltd, New Zealand
- Jindal Steel & Power Ltd - India
- Pendopo Energi Batubara - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Economic Council, Georgia
- Kartika Selabumi Mining - Indonesia
- New Zealand Coal & Carbon
- Larsen & Toubro Limited - India
- Straits Asia Resources Limited - Singapore
- Semirara Mining Corp, Philippines
- Singapore Mercantile Exchange
- Globalindo Alam Lestari - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Orica Mining Services - Indonesia
- Siam City Cement - Thailand
- Kideco Jaya Agung - Indonesia
- Interocean Group of Companies - India
- Formosa Plastics Group - Taiwan
- Posco Energy - South Korea
- Kohat Cement Company Ltd. - Pakistan
- Essar Steel Hazira Ltd - India
- Tata Chemicals Ltd - India
- Sakthi Sugars Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jaiprakash Power Ventures ltd
- Jorong Barutama Greston.PT - Indonesia
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