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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, 06 August 20
SUPRAMAX MARKET CONTINUED SIDEWAYS TREND, AND LITTLE INSPIRING NEWS APPEAR - FEARNLEYS
Capesize
There is presently a small correction in rates, but overall levels are up from previous week mainly due to increased demand in the Eas ...
Thursday, 06 August 20
KOREA SOUTH-EAST POWER INVITING BIDS FOR MIN 3,600-MAX 3,800 NCV COAL
COALspot.com: South Korea’s KOREA SOUTH-EAST POWER CO., LTD. (KOEN) inviting bids for 80,000 Tons (MT) Min 3,600~Max 3,800 kcal/kg NCV coal f ...
Wednesday, 05 August 20
NO NEW MINING LICENSES - A REMINDER TO GOVERNORS IN INDONESIA - SSEK
Indonesia’s acting Director General of Mining and Coal (“DGMC”) has issued a letter to the country’s provincial Governors t ...
Wednesday, 05 August 20
AUGUST 2020 HBA HITTING ITS LOWEST LEVELS IN HISTORY
COALspot.com: The Indonesia Coal Price Reference for the month of August plunged 30.73% YoY, hitting its lowest levels in history and highlighting ...
Wednesday, 05 August 20
SLUMP IN OIL REVENUE CHALLENGES MIDDLE EAST OIL EXPORTERS - INTERMODAL
The Covid-19 pandemic has had far-reaching consequences on the global capital markets. Despite the US government’s efforts for a quick and de ...
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- Grasim Industreis Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Videocon Industries ltd - India
- Kartika Selabumi Mining - Indonesia
- Medco Energi Mining Internasional
- Sarangani Energy Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Kideco Jaya Agung - Indonesia
- Banpu Public Company Limited - Thailand
- Thai Mozambique Logistica
- Minerals Council of Australia
- Orica Mining Services - Indonesia
- Heidelberg Cement - Germany
- Meralco Power Generation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Central Electricity Authority - India
- Indian Energy Exchange, India
- Jaiprakash Power Ventures ltd
- The University of Queensland
- Essar Steel Hazira Ltd - India
- Miang Besar Coal Terminal - Indonesia
- European Bulk Services B.V. - Netherlands
- Makarim & Taira - Indonesia
- Bhatia International Limited - India
- LBH Netherlands Bv - Netherlands
- Bayan Resources Tbk. - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Vedanta Resources Plc - India
- PTC India Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Gujarat Electricity Regulatory Commission - India
- Energy Link Ltd, New Zealand
- CNBM International Corporation - China
- SMG Consultants - Indonesia
- Antam Resourcindo - Indonesia
- Sree Jayajothi Cements Limited - India
- Lanco Infratech Ltd - India
- Parry Sugars Refinery, India
- Eastern Coal Council - USA
- Ministry of Transport, Egypt
- Coal and Oil Company - UAE
- Anglo American - United Kingdom
- Uttam Galva Steels Limited - India
- Ambuja Cements Ltd - India
- Interocean Group of Companies - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Siam City Cement - Thailand
- Price Waterhouse Coopers - Russia
- Globalindo Alam Lestari - Indonesia
- Electricity Authority, New Zealand
- The Treasury - Australian Government
- Indika Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Agrawal Coal Company - India
- Mjunction Services Limited - India
- Sojitz Corporation - Japan
- Krishnapatnam Port Company Ltd. - India
- The State Trading Corporation of India Ltd
- ICICI Bank Limited - India
- Bangladesh Power Developement Board
- Holcim Trading Pte Ltd - Singapore
- Australian Commodity Traders Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Madhucon Powers Ltd - India
- Deloitte Consulting - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Billiton Holdings Pty Ltd - Australia
- Singapore Mercantile Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Intertek Mineral Services - Indonesia
- Port Waratah Coal Services - Australia
- Ministry of Finance - Indonesia
- Commonwealth Bank - Australia
- Timah Investasi Mineral - Indoneisa
- Chamber of Mines of South Africa
- Africa Commodities Group - South Africa
- Marubeni Corporation - India
- India Bulls Power Limited - India
- White Energy Company Limited
- Neyveli Lignite Corporation Ltd, - India
- Directorate Of Revenue Intelligence - India
- Romanian Commodities Exchange
- Merrill Lynch Commodities Europe
- Electricity Generating Authority of Thailand
- Indian Oil Corporation Limited
- Alfred C Toepfer International GmbH - Germany
- Samtan Co., Ltd - South Korea
- Mercator Lines Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Salva Resources Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Cigading International Bulk Terminal - Indonesia
- London Commodity Brokers - England
- Karaikal Port Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Petron Corporation, Philippines
- Wilmar Investment Holdings
- Petrochimia International Co. Ltd.- Taiwan
- Iligan Light & Power Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Riau Bara Harum - Indonesia
- PNOC Exploration Corporation - Philippines
- Georgia Ports Authority, United States
- Gujarat Sidhee Cement - India
- GAC Shipping (India) Pvt Ltd
- Indogreen Group - Indonesia
- Renaissance Capital - South Africa
- Aditya Birla Group - India
- Aboitiz Power Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Energy Development Corp, Philippines
- Dalmia Cement Bharat India
- Coalindo Energy - Indonesia
- Trasteel International SA, Italy
- McConnell Dowell - Australia
- Bukit Baiduri Energy - Indonesia
- Planning Commission, India
- GMR Energy Limited - India
- TeaM Sual Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- MS Steel International - UAE
- Coastal Gujarat Power Limited - India
- Indonesian Coal Mining Association
- Jorong Barutama Greston.PT - Indonesia
- Tata Chemicals Ltd - India
- Mintek Dendrill Indonesia
- Xindia Steels Limited - India
- Simpson Spence & Young - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Attock Cement Pakistan Limited
- OPG Power Generation Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Chettinad Cement Corporation Ltd - India
- Wood Mackenzie - Singapore
- Bhushan Steel Limited - India
- Indo Tambangraya Megah - Indonesia
- Manunggal Multi Energi - Indonesia
- Altura Mining Limited, Indonesia
- Global Business Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Latin American Coal - Colombia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Baramulti Group, Indonesia
- Power Finance Corporation Ltd., India
- Therma Luzon, Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Australian Coal Association
- Straits Asia Resources Limited - Singapore
- Semirara Mining and Power Corporation, Philippines
- Carbofer General Trading SA - India
- Metalloyd Limited - United Kingdom
- International Coal Ventures Pvt Ltd - India
- Eastern Energy - Thailand
- Kobexindo Tractors - Indoneisa
- VISA Power Limited - India
- Jindal Steel & Power Ltd - India
- Pendopo Energi Batubara - Indonesia
- Siam City Cement PLC, Thailand
- Goldman Sachs - Singapore
- Sindya Power Generating Company Private Ltd
- Independent Power Producers Association of India
- Malabar Cements Ltd - India
- South Luzon Thermal Energy Corporation
- Global Green Power PLC Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Standard Chartered Bank - UAE
- Leighton Contractors Pty Ltd - Australia
- ASAPP Information Group - India
- Tamil Nadu electricity Board
- Binh Thuan Hamico - Vietnam
- Formosa Plastics Group - Taiwan
- Kalimantan Lumbung Energi - Indonesia
- Kaltim Prima Coal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Central Java Power - Indonesia
- IEA Clean Coal Centre - UK
- Bukit Makmur.PT - Indonesia
- New Zealand Coal & Carbon
- Kepco SPC Power Corporation, Philippines
- Thiess Contractors Indonesia
- Borneo Indobara - Indonesia
- Bulk Trading Sa - Switzerland
- Edison Trading Spa - Italy
- Sical Logistics Limited - India
- Bharathi Cement Corporation - India
- Barasentosa Lestari - Indonesia
- Kumho Petrochemical, South Korea
- GVK Power & Infra Limited - India
- Semirara Mining Corp, Philippines
- Rio Tinto Coal - Australia
- SMC Global Power, Philippines
- Sakthi Sugars Limited - India
- Posco Energy - South Korea
- IHS Mccloskey Coal Group - USA
- Gujarat Mineral Development Corp Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Mercuria Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Maheswari Brothers Coal Limited - India
- PowerSource Philippines DevCo
- Larsen & Toubro Limited - India
- Cement Manufacturers Association - India
- Orica Australia Pty. Ltd.
- Economic Council, Georgia
- AsiaOL BioFuels Corp., Philippines
- Maharashtra Electricity Regulatory Commission - India
- Parliament of New Zealand
- Bhoruka Overseas - Indonesia
- Star Paper Mills Limited - India
- Savvy Resources Ltd - HongKong
- Ministry of Mines - Canada
- Ind-Barath Power Infra Limited - India
- Rashtriya Ispat Nigam Limited - India
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